10-K

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TABLE OF CONTENTS
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

(Mark one)
ý	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2016
OR
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to

Commission file number 0-52423

AECOM
(Exact name of Registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization) 61-1088522
(I.R.S. Employer
Identification No.)

1999 Avenue of the Stars, Suite 2600
Los Angeles, California 90067
(Address of principal executive offices, including zip code)

(213) 593-8000
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Exchange on Which Registered
Common Stock, par value $0.01 per share	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

         Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ý Yes    o No

         Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. o Yes    ý No

         Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ý Yes    o No

         Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ý Yes    o No

         Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

         Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ý Accelerated filer o Non-accelerated filer o
(Do not check if a
smaller reporting company) Smaller reporting company o

         Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes    ý No

         The aggregate market value of registrant's common stock held by non-affiliates on April 1, 2016 (the last business day of the registrant's most recently completed second fiscal quarter), based upon the closing price of a share of the registrant's common stock on such date as reported on the New York Stock Exchange was approximately $3.8 billion.

         Number of shares of the registrant's common stock outstanding as of November 2, 2016: 153,947,620

DOCUMENTS INCORPORATED BY REFERENCE

         Part III incorporates information by reference from the registrant's definitive proxy statement for the 2017 Annual Meeting of Stockholders, to be filed within 120 days of the registrant's fiscal 2016 year end.

TABLE OF CONTENTS

		Page
ITEM 1.	BUSINESS		2
ITEM 1A.	RISK FACTORS		14
ITEM 1B.	UNRESOLVED STAFF COMMENTS		31
ITEM 2.	PROPERTIES		31
ITEM 3.	LEGAL PROCEEDINGS		31
ITEM 4.	MINE SAFETY DISCLOSURE		32
ITEM 5.	MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES		32
ITEM 6.	SELECTED FINANCIAL EQUITY DATA		35
ITEM 7.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		37
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		68
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA		70
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE		135
ITEM 9A.	CONTROLS AND PROCEDURES		135
ITEM 9B.	OTHER INFORMATION		136
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE		136
ITEM 11.	EXECUTIVE COMPENSATION		136
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS		136
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE		136
ITEM 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES		136
ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES		137

1

PART I

ITEM 1.    BUSINESS

In this report, we use the terms "the Company," "we," "us" and "our" to refer to AECOM and its consolidated subsidiaries. Unless otherwise noted, references to years are for fiscal years. Our fiscal year consists of 52 or 53 weeks, ending on the Friday closest to September 30. For clarity of presentation, we present all periods as if the year ended on September 30. We refer to the fiscal year ended September 30, 2015 as "fiscal 2015" and the fiscal year ended September 30, 2016 as "fiscal 2016."

Overview

        We are a leading fully integrated firm positioned to design, build, finance and operate infrastructure assets for governments, businesses and organizations in more than 150 countries. We provide planning, consulting, architectural and engineering design services to commercial and government clients worldwide in major end markets such as transportation, facilities, environmental, energy, water and government markets. We also provide construction services, including building construction and energy, infrastructure and industrial construction. In addition, we provide program and facilities management and maintenance, training, logistics, consulting, technical assistance, and systems integration and information technology services, primarily for agencies of the U.S. government and also for national governments around the world. According to Engineering News-Record's (ENR's) 2016 Design Survey, we are the largest general architectural and engineering design firm in the world, ranked by 2015 design revenue. In addition, we are ranked by ENR as the leading firm in a number of design end markets, including transportation and general building.

        We were formed in 1980 as Ashland Technology Company, a Delaware corporation and a wholly-owned subsidiary of Ashland, Inc., an oil and gas refining and distribution company. Since becoming independent of Ashland Inc., we have grown by a combination of organic growth and strategic mergers and acquisitions from approximately 3,300 employees and $387 million in revenue in fiscal 1991, the first full fiscal year of independent operations, to approximately 87,000 employees at September 30, 2016 and $17.4 billion in revenue for fiscal 2016. We completed the initial public offering of our common stock in May 2007 and these shares are traded on the New York Stock Exchange.

        As mentioned above, we have grown in part by strategic mergers and acquisitions. These acquisitions have included URS Corporation, a leading provider of engineering, construction, and technical services for public agencies and private sector companies around the world, in October 2014. URS provides services for federal, oil and gas, infrastructure, power, and industrial projects and programs. Other acquisitions included Hunt Construction Group, a leading commercial construction firm, in July 2014.

        We also have formed AECOM Capital, an investment fund to invest in public-private partnership (P3) and private-sector real estate projects for which we can provide a fully integrated solution that includes equity capital, design, engineering, construction services and operations and maintenance. In addition, we leverage our practical knowledge of P3s and other forms of alternative delivery to enable clients to fund their projects without direct investment by AECOM.

        Our business strategy focuses on leveraging our competitive strengths, leadership positions in our core markets, and client relationships across all major geographies. We have created an integrated delivery platform with superior capabilities to design, build, finance and operate infrastructure assets around the world. By integrating and providing a broad range of services, we deliver maximum value to our clients at competitive costs. Also, by coordinating and consolidating our knowledge base, we believe we have the ability to export our leading edge technical skills to any region in the world in which our clients may need them.

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Our Business Segments

        In fiscal 2014, we operated our business under two primary business segments: Professional Technical Services and Management Support Services which included the following services:

•

Professional Technical Services.  Planning, consulting, architectural and engineering design, and program and construction management services to commercial and government clients worldwide in major end markets such as transportation, facilities, environmental, energy, water and government.

•

Management Support Services.  Program and facilities management and maintenance, training, logistics, consulting, technical assistance and systems integration services, primarily for agencies of the U.S. government.

        After the acquisition of URS Corporation in our first quarter of fiscal 2015, we realigned our business into three primary business segments to reflect the operations of the combined company, which included expanded ability to deliver fully integrated project execution. The realigned business segments are organized by the types of services provided, the differing specialized needs of the respective clients, and how we manage our business. We have aggregated various operating segments into reportable business segments based on their similar characteristics, including similar long-term financial performance, the nature of services provided, internal processes for delivering those services, and types of customers. The three realigned business segments are: Design and Consulting Services (DCS), Construction Services (CS), and Management Services (MS), which include the following services:

•

Design and Consulting Services (DCS):  Planning, consulting, architectural and engineering design services to commercial and government clients worldwide in major end markets such as transportation, facilities, environmental, energy, water and government.

•

Construction Services (CS):  Construction services, including building construction and energy, infrastructure and industrial construction, primarily in the Americas.

•

Management Services (MS):  Program and facilities management and maintenance, training, logistics, consulting, technical assistance, and systems integration and information technology services, primarily for agencies of the U.S. government and other national governments around the world.

Our Design and Consulting Services Segment

        Our DCS segment comprises a broad array of services, generally provided on a fee-for-service basis. These services include planning, consulting, architectural and engineering design, program management and construction management for industrial, commercial, institutional and government clients worldwide. For each of these services, our technical expertise includes civil, structural, process, mechanical, geotechnical systems and electrical engineering, architectural, landscape and interior design, urban and regional planning, project economics, cost consulting and environmental, health and safety work.

        With our technical and management expertise, we are able to provide our clients a broad spectrum of services. For example, within our environmental management service offerings, we provide remediation, regulatory compliance planning and management, environmental modeling, environmental impact assessment and environmental permitting for major capital/infrastructure projects.

        Our services may be sequenced over multiple phases. For example, in the area of program management and construction management services, our work for a client may begin with a small consulting or planning contract, and may later develop into an overall management role for the project or a series of projects, which we refer to as a program. Program and construction management contracts typically employ a staff of 10 to more than 100 and, in many cases, operate as an outsourcing arrangement with our staff located at the project site.

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        We provide the services in our DCS segment both directly and through joint ventures or similar partner arrangements to the following end markets or business sectors:

Transportation.

•

Transit and Rail.  Light rail, heavy rail (including high-speed, commuter and freight) and multimodal transit projects.

•

Marine, Ports and Harbors.  Wharf facilities and container port facilities for private and public port operators.

•

Highways, Bridges and Tunnels.  Interstate, primary and secondary urban and rural highway systems and bridge projects.

•

Aviation.  Landside terminal and airside facilities, runways and taxiways.

Facilities.

•

Government.  Emergency response services for the U.S. Department of Homeland Security, including the Federal Emergency Management Agency and engineering and program management services for agencies of the Department of Defense and Department of Energy.

•

Industrial.  Industrial facilities for a variety of niche end markets such as manufacturing, distribution, aviation, aerospace, communications, media, pharmaceuticals, renewable energy, chemical, and food and beverage facilities.

•

Urban Master Planning/Design.  Strategic planning and master planning services for new cities and major mixed use developments in India, China, Southeast Asia, the Middle East, North Africa, the United Kingdom and the United States.

•

Commercial and Leisure Facilities.  Corporate headquarters, high-rise office towers, historic buildings, hotels, leisure, sports and entertainment facilities and corporate campuses.

•

Educational.  College and university campuses.

•

Health Care.  Private and public health facilities.

•

Correctional.  Detention and correction facilities throughout the world.

Environmental.

•

Water and Wastewater.  Treatment facilities as well as supply, distribution and collection systems, stormwater management, desalinization, and other water re-use technologies for metropolitan governments.

•

Environmental Management.  Remediation, waste handling, testing and monitoring of environmental conditions and environmental construction management for private sector clients.

•

Water Resources.  Regional-scale floodplain mapping and analysis for public agencies, along with the analysis and development of protected groundwater resources for companies in the bottled water industry.

Energy/Power.

•

Demand Side Management.  Public K-12 schools and universities, health care facilities, and courthouses and other public buildings, as well as energy conservation systems for utilities.

•

Transmission and Distribution.  Power stations and electric transmissions and distribution and co-generation systems.

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•

Alternative/Renewable Energy.  Production facilities such as ethanol plants, wind farms and micro hydropower and geothermal subsections of regional power grids.

•

Hydropower/Dams.  Hydroelectric power stations, dams, spillways, and flood control systems.

•

Solar.  Solar photovoltaic projects and environmental permitting services.

Our Construction Services Segment

        Through our CS segment, we provide construction, program and construction management services, including building construction and energy, infrastructure and industrial construction, primarily in the Americas.

        We provide the services in our CS segment both directly and through joint ventures or similar partner arrangements, to the following end markets and business sectors:

        Building.    We provide construction, program and construction management services for large scale building and facility construction projects around the world including:

•

Sports arenas;

•

Modern office towers;

•

Hotel and gaming facilities;

•

Meeting and exhibition spaces;

•

Performance venues;

•

Education facilities;

•

Mass transit terminals; and

•

Data centers.

        Energy.    We plan, design, engineer, construct, retrofit and maintain a wide range of power-generating facilities, as well as the systems that transmit and distribute electricity. We provide these services to utilities, industrial co-generators, independent power producers, original equipment manufacturers and government utilities including:

•

Fossil fuel power generating facilities;

•

Nuclear power generating facilities and decommissioning;

•

Hydroelectric power generating facilities;

•

Alternative and renewable energy sources, including biomass, geothermal, solar energy and wind systems;

•

Transmission and distribution systems; and

•

Emissions control systems.

        We also provide a wide range of planning, design, engineering, construction, production, and operations and maintenance services across the oil and gas upstream, midstream and downstream supply chain. For downstream refining and processing operations, we design and construct gas treatment and processing, refining and petrochemical facilities, and provide asset management and maintenance services for oil sands production facilities, oil refineries and related chemical, energy, power and processing plants. For oil and gas exploration and production, we provide transportation, engineering, construction,

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fabrication and installation, commissioning and maintenance services for drilling and well site facilities, equipment and process modules, site infrastructure and off-site support facilities including:

•

Construction of access roads and well pads, and field production facilities;

•

Pipeline planning, design, construction, installation, maintenance and repair;

•

Oil field services; and

•

Equipment and process module fabrication, installation and maintenance.

        Infrastructure and Industrial.    We provide construction, program and construction management services for large scale infrastructure projects around the world. We also provide a wide range of engineering, procurement and construction services for industrial and process facilities and the expansion, modification and upgrade of existing facilities. We provide these services to local, state, federal and national governments as well as corporations including:

•

Highways, airports, rail and other transit projects;

•

Maritime and terminal facilities;

•

Dams, water and waste water projects;

•

Biotechnology and pharmaceutical research laboratories, pilot plants and production facilities;

•

Petrochemical, specialty chemical and polymer facilities;

•

Consumer products and food and beverage production facilities;

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Automotive and other manufacturing facilities; and

•

Mines and mining facilities.

Our Management Services Segment

        Through our MS segment, we are a major contractor to the U.S. federal government and we serve a wide variety of government departments and agencies, including the Department of Defense (DOD), the Department of Energy (DOE) and other U.S. federal agencies. We also serve departments and agencies of other national governments, such as the U.K. Nuclear Decommissioning Authority (NDA) and the U.K. Ministry of Defense. Our services range from program and facilities management, training, logistics, consulting, systems engineering and technical assistance, and systems integration and information technology.

        We provide a wide array of services in our MS segment, both directly and through joint ventures or similar partner arrangements, including:

•

Operation and maintenance of complex government installations, including military bases and test ranges;

•

Network and communications engineering, software engineering, IT infrastructure design and implementation, cyber defense and cloud computing technologies;

•

Deactivation, decommissioning and disposal of nuclear weapons stockpiles and other nuclear waste;

•

Management and operations and maintenance services for complex DOE and NDA programs and facilities;

•

Testing and development of new components and platforms, as well as engineering and technical support for the modernization of aging weapon systems;

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•

Logistics support for government supply and distribution networks, including warehousing, packaging, delivery and traffic management;

•

Acquisition support for new weapons platforms;

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Maintenance planning to extend the service life of weapons systems and other military equipment;

•

Maintenance, modification and overhaul of military aircraft and ground vehicles;

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Safety analyses for high-hazard facilities and licensing for DOE sites;

•

Threat assessments of public facilities and the development of force protection and security systems;

•

Planning and conducting emergency preparedness exercises;

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First responder training for the military and other government agencies;

•

Management and operations and maintenance of chemical agent and chemical weapon disposal facilities;

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Installation of monitoring technology to detect the movement of nuclear and radiological materials across national borders;

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Planning, design and construction of aircraft hangars, barracks, military hospitals and other government buildings; and

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Environmental remediation and restoration for the redevelopment of military bases and other government installations.

Financial Information by Segment

        The following table sets forth the revenue attributable to our business segments for the periods indicated:

	Year-Ended September 30, (in millions)
	2016		2015		2014
Design and Consulting Services (DCS)	$	7,655.8	$	7,962.9	$	5,443.1
Construction Services (CS)		6,501.3		6,676.7		2,004.3
Management Services (MS)		3,253.7		3,350.3		909.4
Total	$	17,410.8	$	17,989.9	$	8,356.8

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Our Clients

        Our clients consist primarily of national, state, regional and local governments, public and private institutions and major corporations. The following table sets forth our total revenue attributable to these categories of clients for each of the periods indicated:

	Year Ended September 30, ($ in millions)
	2016				2015				2014
U.S. Federal Government
DCS	$	704.4	4	%	$	764.5	4	%	$	358.0	4	%
CS		239.1	1			291.1	2			—	—
MS		3,032.8	18			3,172.5	18			891.3	11
Subtotal U.S. Federal Government		3,976.3	23			4,228.1	24			1,249.3	15
U.S. State and Local Governments		2,598.0	15			2,592.4	14			1,390.2	17
Non-U.S. Governments		1,641.5	9			2,198.4	12			2,030.2	24
Subtotal Governments		8,215.8	47			9,018.9	50			4,669.7	56
Private Entities (worldwide)		9,195.0	53			8,971.0	50			3,687.1	44
Total	$	17,410.8	100	%	$	17,989.9	100	%	$	8,356.8	100	%

        Other than the U.S. federal government, no single client accounted for 10% or more of our revenue in any of the past five fiscal years. Approximately 23%, 24% and 15% of our revenue was derived through direct contracts with agencies of the U.S. federal government in the years ended September 30, 2016, 2015 and 2014, respectively. One of these contracts accounted for approximately 3%, 2% and 3% of our revenue in the years ended September 30, 2016, 2015 and 2014, respectively. The work attributed to the U.S. federal government includes our work for the Department of Defense, Department of Energy, Department of Justice and the Department of Homeland Security.

Contracts

        The price provisions of the contracts we undertake can be grouped into several broad categories: cost-reimbursable contracts, guaranteed maximum price contracts, and fixed-price contracts.

Cost-Reimbursable Contracts

        Cost-reimbursable contracts consist of two similar contract types: (1) cost-plus contracts and (2) time and material price contracts.

        Cost-Plus Contracts.    We enter into two major types of cost-plus contracts:

        Cost-Plus Fixed Fee.    Under cost-plus fixed fee contracts, we charge clients for our costs, including both direct and indirect costs, plus a fixed negotiated fee. The total estimated cost plus the fixed negotiated fee represents the total contract value. We recognize revenue based on the actual labor and other direct costs incurred, plus the portion of the fixed fee earned to date.

        Cost-Plus Fixed Rate.    Under cost-plus fixed rate contracts, we charge clients for our direct and indirect costs based upon a negotiated rate. We recognize revenue based on the actual total costs expended and the applicable fixed rate.

        Some cost-plus contracts provide for award fees or a penalty based on performance criteria in lieu of a fixed fee or fixed rate. Other contracts include a base fee component plus a performance-based award fee. In addition, we may share award fees with subcontractors. We record accruals for fee-sharing as fees are earned. We generally recognize revenue to the extent of costs actually incurred plus a proportionate

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amount of the fee expected to be earned. We take the award fee or penalty on contracts into consideration when estimating revenue and profit rates, and record revenue related to the award fees when there is sufficient information to assess anticipated contract performance. On contracts that represent higher than normal risk or technical difficulty, we may defer all award fees until an award fee letter is received. Once an award fee letter is received, the estimated or accrued fees are adjusted to the actual award amount.

        Some cost-plus contracts provide for incentive fees based on performance against contractual milestones. The amount of the incentive fees varies, depending on whether we achieve above, at, or below target results. We originally recognize revenue on these contracts based upon expected results. These estimates are revised when necessary based upon additional information that becomes available as the contract progresses.

        Time and Material Price Contracts.    Time and material contracts are common for smaller scale engineering and consulting services. Under these types of contracts, we negotiate hourly billing rates and charge our clients based upon actual hours expended on a project. Unlike cost-plus contracts, however, there is no predetermined fee. In addition, any direct project expenditures are passed through to the client and are reimbursed. These contracts may also have a fixed-price element in the form of not-to-exceed or guaranteed maximum price provisions.

Guaranteed Maximum Price Contracts

        Guaranteed maximum price contracts (GMP) are common for design-build and commercial and residential projects. GMP contracts share many of the same contract provisions as cost-plus and fixed-price contracts. A contractor performing work pursuant to a cost-plus, GMP or fixed-price contract will all enter into trade contracts directly. Both cost-plus and GMP contracts generally include an agreed lump sum or percentage fee which is called out and separately identified and the contracts are considered 'open' book providing the owner with full disclosure of the project costs. A fixed-price contract provides the owner with a single lump sum amount without specifically identifying the breakdown of fee or costs and is typically 'closed' book thereby providing the owner with little detail as to the project costs. In a GMP contract, unlike the cost-plus contract, we provide the owner with a guaranteed price for the overall construction (adjusted for change orders issued by the owner) and with a schedule which includes a completion date for the project. In addition, cost overruns in a GMP contract would generally be our responsibility and in the event our actions or inactions result in delays to the project, we may be responsible to the owner for costs associated with such delay. For many of our commercial and residential GMP contracts, the final price is generally not established until we have awarded a substantial percentage of the trade contracts and we have negotiated additional contractual limitations, such as mutual waivers of consequential damages as well as aggregate caps on liabilities and liquidated damages.

Fixed-Price Contracts

        There are typically two types of fixed-price contracts. Lump sum contracts involve performing all of the work under the contract for a specified lump sum fee and are typically subject to price adjustments if the scope of the project changes or unforeseen conditions arise. In such cases, we will submit formal requests for adjustment of the lump sum via formal change orders or contract amendments. The second type, fixed-unit price, involves performing an estimated number of units of work at an agreed price per unit, with the total payment under the contract determined by the actual number of units delivered.

        Our fixed-price contracts are typically negotiated and arise in the design or construction of a project with a specified scope rather than hard bid where the client primarily selects the lowest qualified bidder. Fixed-price contracts often arise in the areas of construction management and design-build services. Construction management services are typically in the form of general administrative oversight (in which we do not assume responsibility for construction means and methods). Under our design-build projects, we are typically responsible for the design or construction of a project with the fixed contract price negotiated

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after we have had the opportunity to secure specific bids from various subcontractors including a contingency fee.

        We may attempt to mitigate the risks of fixed-price design-build contracts by contracting to complete the projects based on our design as opposed to a third party's design, by not guaranteeing new or untested processes or technologies and by working only with experienced subcontractors with sufficient bonding capacity.

        Some of our fixed-price contracts require us to provide surety bonds or parent company guarantees to assure our clients that their project will be completed in accordance with the terms of the contracts as further disclosed in Note 18—Commitments and Contingencies. In such cases, we may require our primary subcontractors to provide similar performance bonds and guarantees and to be adequately insured, and we may flow down the terms and conditions set forth in our agreement on to our subcontractors. There may be risks associated with completing these projects profitably if we are not able to perform our services within the fixed-price contract terms.

        At September 30, 2016, our contracted backlog was comprised of 44%, 33%, and 23% cost-reimbursable, guaranteed maximum price, and fixed-price contracts, respectively.

Joint Ventures

        Some of our larger contracts may operate under joint ventures or other arrangements under which we team with other reputable companies, typically companies with which we have worked for many years. This is often done where the scale of the project dictates such an arrangement or when we want to strengthen either our market position or our technical skills.

Backlog

        Backlog represents revenue we expect to realize for work completed by our consolidated subsidiaries and our proportionate share of work to be performed by unconsolidated joint ventures. Backlog is expressed in terms of gross revenue and therefore may include significant estimated amounts of third party or pass-through costs to subcontractors and other parties. Backlog for our consolidated subsidiaries is comprised of contracted backlog and awarded backlog. Our contracted backlog includes revenue we expect to record in the future from signed contracts, and in the case of a public client, where the project has been funded. Our awarded backlog includes revenue we expect to record in the future where we have been awarded the work, but the contractual agreement has not yet been signed. The net results of our unconsolidated joint ventures are recognized as equity earnings, and awarded and contracted backlog representing our proportionate share of work to be performed by unconsolidated joint ventures is not presented as revenue in our Consolidated Statements of Operations. For non-government contracts, our backlog includes future revenue at contract rates, excluding contract renewals or extensions that are at the discretion of the client. For contracts with a not-to-exceed maximum amount, we include revenue from such contracts in backlog to the extent of the remaining estimated amount. We calculate backlog without regard to possible project reductions or expansions or potential cancellations until such changes or cancellations occur. No assurance can be given that we will ultimately realize our full backlog. Backlog fluctuates due to the timing of when contracts are awarded and contracted and when contract revenue is recognized. Many of our contracts require us to provide services over more than one year. Our backlog for the year ended September 30, 2016 decreased $0.3 billion, or 0.7%, to $42.8 billion as compared to $43.1 billion for the corresponding period last year, primarily due to the decrease in our MS segment.

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        The following summarizes contracted and awarded backlog (in billions):

	September 30,
	2016		2015
Contracted backlog:
DCS segment	$	8.0	$	8.6
CS segment		12.0		11.2
MS segment		3.7		4.7
Total contracted backlog	$	23.7	$	24.5
Awarded backlog:
DCS segment	$	6.4	$	5.7
CS segment		5.1		5.6
MS segment		3.9		4.4
Total awarded backlog	$	15.4	$	15.7
Unconsolidated joint venture backlog:
CS segment		2.6		0.9
MS segment		1.1		2.0
Total unconsolidated joint venture backlog	$	3.7	$	2.9
Total backlog:
DCS segment	$	14.4	$	14.3
CS segment		19.7		17.7
MS segment		8.7		11.1
Total backlog	$	42.8	$	43.1

Competition

        The markets we serve are highly fragmented and we compete with a large number of regional, national and international companies. We have numerous competitors, ranging from small private firms to multi-billion dollar companies, some of which have greater financial resources or that are more specialized and concentrate their resources in particular areas of expertise. The extent of our competition varies according to the particular markets and geographic area. The degree and type of competition we face is also influenced by the type and scope of a particular project. The technical and professional aspects of our services generally do not require large upfront capital expenditures and, therefore, provide limited barriers against new competitors.

        We believe that we are well positioned to compete in our markets because of our reputation, our cost effectiveness, our long-term client relationships, our extensive network of offices, our employee expertise, and our broad range of services. In addition, as a result of our extensive national and international network, we are able to offer our clients localized knowledge and expertise, as well as the support of our worldwide professional staff.

Seasonality

        We experience seasonal trends in our business. Our revenue is typically higher in the last half of the fiscal year. The fourth quarter of our fiscal year (July 1 to September 30) is typically our strongest quarter. We find that the U.S. federal government tends to authorize more work during the period preceding the end of our fiscal year, September 30. In addition, many U.S. state governments with fiscal years ending on June 30 tend to accelerate spending during their first quarter, when new funding becomes available. Further, our construction management revenue typically increases during the high construction season of

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the summer months. Within the United States, as well as other parts of the world, our business generally benefits from milder weather conditions in our fiscal fourth quarter, which allows for more productivity from our on-site civil services. Our construction and project management services also typically expand during the high construction season of the summer months. The first quarter of our fiscal year (October 1 to December 31) is typically our weakest quarter. The harsher weather conditions impact our ability to complete work in parts of North America and the holiday season schedule affects our productivity during this period. For these reasons, coupled with the number and significance of client contracts commenced and completed during a particular period, as well as the timing of expenses incurred for corporate initiatives, it is not unusual for us to experience seasonal changes or fluctuations in our quarterly operating results.

Risk Management and Insurance

        Risk management is an integral part of our project management approach and our project execution process. We have an Office of Risk Management that reviews and oversees the risk profile of our operations. Also, pursuant to our internal delegations of authority, we have an internal process whereby a group of senior members of our risk management team evaluate risk through internal risk analyses of higher-risk projects, contracts or other business decisions. We maintain insurance covering professional liability and claims involving bodily injury and property damage. Wherever possible, we endeavor to eliminate or reduce the risk of loss on a project through the use of quality assurance/control, risk management, workplace safety and similar methods.

Regulations

        Our business is impacted by environmental, health and safety, government procurement, anti-bribery and other government regulations and requirements. Below is a summary of some of the significant regulations that impact our business.

        Environmental, Health and Safety.    Our business involves the planning, design, program management, construction and construction management, and operations and maintenance at various project sites, including but not limited to pollution control systems, nuclear facilities, hazardous waste and Superfund sites, contract mining sites, hydrocarbon production, distribution and transport sites, military bases and other infrastructure-related facilities. We also regularly perform work, including oil field and pipeline construction services in and around sensitive environmental areas, such as rivers, lakes and wetlands. In addition, we have contracts with U.S. federal government entities to destroy hazardous materials, including chemical agents and weapons stockpiles, as well as to decontaminate and decommission nuclear facilities. These activities may require us to manage, handle, remove, treat, transport and dispose of toxic or hazardous substances.

        Significant fines, penalties and other sanctions may be imposed for non-compliance with environmental and health and safety laws and regulations, and some laws provide for joint and several strict liabilities for remediation of releases of hazardous substances, rendering a person liable for environmental damage, without regard to negligence or fault on the part of such person. These laws and regulations may expose us to liability arising out of the conduct of operations or conditions caused by others, or for our acts that were in compliance with all applicable laws at the time these acts were performed. For example, there are a number of governmental laws that strictly regulate the handling, removal, treatment, transportation and disposal of toxic and hazardous substances, such as the Comprehensive Environmental Response Compensation and Liability Act of 1980, and comparable national and state laws, that impose strict, joint and several liabilities for the entire cost of cleanup, without regard to whether a company knew of or caused the release of hazardous substances. In addition, some environmental regulations can impose liability for the entire clean-up upon owners, operators, generators, transporters and other persons arranging for the treatment or disposal of such hazardous substances costs related to contaminated facilities or project sites. Other federal environmental, health and safety laws

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affecting us include, but are not limited to, the Resource Conservation and Recovery Act, the National Environmental Policy Act, the Clean Air Act, the Clean Air Mercury Rule, the Occupational Safety and Health Act, the Toxic Substances Control Act and the Superfund Amendments and Reauthorization Act, as well as other comparable national and state laws. Liabilities related to environmental contamination or human exposure to hazardous substances, comparable national and state laws or a failure to comply with applicable regulations could result in substantial costs to us, including cleanup costs, fines and civil or criminal sanctions, third-party claims for property damage or personal injury, or cessation of remediation activities.

        Some of our business operations are covered by Public Law 85-804, which provides for indemnification by the U.S federal government against claims and damages arising out of unusually hazardous or nuclear activities performed at the request of the U.S. federal government. Should public policies and laws change, however, U.S. federal government indemnification may not be available in the case of any future claims or liabilities relating to hazardous activities that we undertake to perform.

        Government Procurement.    The services we provide to the U.S. federal government are subject to Federal Acquisition Regulation (FAR), the Truth in Negotiations Act, Cost Accounting Standards (CAS), the Services Contract Act, export controls rules and DOD security regulations, as well as many other laws and regulations. These laws and regulations affect how we transact business with our clients and, in some instances, impose additional costs on our business operations. A violation of specific laws and regulations could lead to fines, contract termination or suspension of future contracts. Our government clients can also terminate, renegotiate, or modify any of their contracts with us at their convenience; and many of our government contracts are subject to renewal or extension annually.

        Anti-Bribery and other regulations.    We are subject to the U.S. Foreign Corrupt Practices Act and similar anti-bribery laws, which generally prohibit companies and their intermediaries from making improper payments to foreign government officials for the purpose of obtaining or retaining business. The U.K. Bribery Act of 2010 prohibits both domestic and international bribery, as well as bribery across both private and public sectors. In addition, an organization that "fails to prevent bribery" committed by anyone associated with the organization can be charged under the U.K. Bribery Act unless the organization can establish the defense of having implemented "adequate procedures" to prevent bribery. To the extent we export technical services, data and products outside of the U.S., we are subject to U.S. and international laws and regulations governing international trade and exports, including but not limited to the International Traffic in Arms Regulations, the Export Administration Regulations and trade sanctions against embargoed countries. We provide services to the DOD and other defense-related entities that often require specialized professional qualifications and security clearances. In addition, as engineering design services professionals, we are subject to a variety of local, state, federal and foreign licensing and permit requirements and ethics rules.

Personnel

        Our principal asset is our employees and large percentages of our employees have technical and professional backgrounds and undergraduate and/or advanced degrees. At the end of our fiscal 2016, we employed approximately 87,000 persons, of whom approximately 46,000 were employed in the United States. Over 10,000 of our domestic employees are covered by collective bargaining agreements or by specific labor agreements, which expire upon completion of the relevant project.

Geographic Information

        For financial geographic information, please refer to Note 19 to the notes to our consolidated financial statements found elsewhere in this Form 10-K.

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Raw Materials

        We purchase most of the raw materials and components necessary to operate our business from numerous sources. However, the price and availability of raw materials and components may vary from year to year due to customer demand, production capacity, market conditions and material shortages. While we do not currently foresee the lack of availability of any particular raw materials in the near term, prolonged unavailability of raw materials necessary to our projects and services or significant price increases for those raw materials could have a material adverse effect on our business in the near term.

Government Contracts

        Generally, our government contracts are subject to renegotiation or termination of contracts or subcontracts at the discretion of the U.S. federal, state or local governments, and national governments of other countries.

Trade Secrets and Other Intellectual Property

        We rely principally on trade secrets, confidentiality policies and other contractual arrangements to protect much of our intellectual property.

Available Information

        The reports we file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy materials, including any amendments, are available free of charge on our website at www.aecom.com. You may read and copy any materials filed with the SEC at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information about the public reference room. The SEC also maintains a web site (www.sec.gov) containing reports, proxy, and other information that we file with the SEC. Our Corporate Governance Guidelines and our Code of Ethics are available on our website at www.aecom.com under the "Investors" section. Copies of the information identified above may be obtained without charge from us by writing to AECOM, 1999 Avenue of the Stars, Suite 2600, Los Angeles, California 90067, Attention: Corporate Secretary.

ITEM 1A.    RISK FACTORS

We operate in a changing environment that involves numerous known and unknown risks and uncertainties that could materially adversely affect our operations. The risks described below highlight some of the factors that have affected, and in the future could affect our operations. Additional risks we do not yet know of or that we currently think are immaterial may also affect our business operations. If any of the events or circumstances described in the following risks actually occurs, our business, financial condition or results of operations could be materially adversely affected.

Demand for our services is cyclical and may be vulnerable to sudden economic downturns and reductions in government and private industry spending. If economic conditions remain weak and decline further, our revenue and profitability could be adversely affected.

        Demand for our services is cyclical and may be vulnerable to sudden economic downturns and reductions in government and private industry spending that result in clients delaying, curtailing or canceling proposed and existing projects. For example, commodity price volatility has negatively impacted our oil and gas business and business regions whose economies are substantially dependent on commodities prices such as the Middle East and has also impacted North American oil and gas clients' investment decisions. Economic conditions in a number of countries and regions, including Canada, the United Kingdom, China and the Middle East, remain weak and may remain difficult for the foreseeable future. If global economic and financial market conditions continue to remain weak or decline further,

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some of our clients may face considerable budget shortfalls that may limit their overall demand for our services. In addition, our clients may find it more difficult to raise capital in the future to fund their projects due to uncertainty in the municipal and general credit markets.

        Where economies are weakening, our clients may demand more favorable pricing or other terms while their ability to pay our invoices or to pay them in a timely manner may be adversely affected. Our government clients may face budget deficits that prohibit them from funding proposed and existing projects. If economic conditions remain uncertain and/or weaken and/or government spending is reduced, our revenue and profitability could be adversely affected.

We depend on long-term government contracts, some of which are only funded on an annual basis. If appropriations for funding are not made in subsequent years of a multiple-year contract, we may not be able to realize all of our anticipated revenue and profits from that project.

        A substantial majority of our revenue is derived from contracts with agencies and departments of national, state and local governments. During fiscal 2016 and 2015, approximately 47% and 50% , respectively, of our revenue was derived from contracts with government entities.

        Most government contracts are subject to the government's budgetary approval process. Legislatures typically appropriate funds for a given program on a year-by-year basis, even though contract performance may take more than one year. In addition, public-supported financing such as state and local municipal bonds may be only partially raised to support existing infrastructure projects. As a result, at the beginning of a program, the related contract is only partially funded, and additional funding is normally committed only as appropriations are made in each fiscal year. These appropriations, and the timing of payment of appropriated amounts, may be influenced by, among other things, the state of the economy, competing priorities for appropriation, changes in administration or control of legislatures and the timing and amount of tax receipts and the overall level of government expenditures. Similarly, the impact of an economic downturn on state and local governments may make it more difficult for them to fund infrastructure projects. If appropriations are not made in subsequent years on our government contracts, then we will not realize all of our potential revenue and profit from that contract.

The Budget Control Act of 2011 could significantly reduce U.S. government spending for the services we provide.

        Under the Budget Control Act of 2011, an automatic sequestration process, or across-the-board budget cuts (a large portion of which was defense-related), was triggered when the Joint Select Committee on Deficit Reduction, a committee of twelve members of Congress, failed to agree on a deficit reduction plan for the U.S. federal budget. The sequestration began on March 1, 2013. Although the Bipartisan Budget Act of 2013 provides some sequester relief until the end of 2017, absent additional legislative or other remedial action, the sequestration requires reduced U.S. federal government spending from 2017 through 2025. A significant reduction in federal government spending or a change in budgetary priorities could reduce demand for our services, cancel or delay federal projects, and result in the closure of federal facilities and significant personnel reductions, which could have a material adverse effect on our results of operations and financial condition.

If we are unable to win or renew government contracts during regulated procurement processes, our operations and financial results would be harmed.

        Government contracts are awarded through a regulated procurement process. The federal government has awarded multi-year contracts with pre-established terms and conditions, such as indefinite delivery contracts, that generally require those contractors that have previously been awarded the indefinite delivery contract to engage in an additional competitive bidding process before a task order is issued. In addition, the federal government has also awarded federal contracts based on a low-price, technically acceptable criteria emphasizing price over qualitative factors, such as past performance. As a

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result of these competitive pricing pressures, our profit margins on future federal contracts may be reduced and may require us to make sustained efforts to reduce costs in order to realize revenues and profits under government contracts. If we are not successful in reducing the amount of costs we incur, our profitability on government contracts will be negatively impacted. In addition, we may not be awarded government contracts because of existing government policies designed to protect small businesses and under-represented minority contractors. Our inability to win or renew government contracts during regulated procurement processes could harm our operations and reduce our profits and revenues.

Governmental agencies may modify, curtail or terminate our contracts at any time prior to their completion and, if we do not replace them, we may suffer a decline in revenue.

        Most government contracts may be modified, curtailed or terminated by the government either at its discretion or upon the default of the contractor. If the government terminates a contract at its discretion, then we typically are able to recover only costs incurred or committed, settlement expenses and profit on work completed prior to termination, which could prevent us from recognizing all of our potential revenue and profits from that contract. In addition, for certain assignments, the U.S. government may attempt to "insource" the services to government employees rather than outsource to a contractor. If a government terminates a contract due to our default, we could be liable for excess costs incurred by the government in obtaining services from another source.

Our contracts with governmental agencies are subject to audit, which could result in adjustments to reimbursable contract costs or, if we are charged with wrongdoing, possible temporary or permanent suspension from participating in government programs.

        Our books and records are subject to audit by the various governmental agencies we serve and their representatives. These audits can result in adjustments to the amount of contract costs we believe are reimbursable by the agencies and the amount of our overhead costs allocated to the agencies. If such matters are not resolved in our favor, they could have a material adverse effect on our business. In addition, if one of our subsidiaries is charged with wrongdoing as a result of an audit, that subsidiary, and possibly our company as a whole, could be temporarily suspended or could be prohibited from bidding on and receiving future government contracts for a period of time. Furthermore, as a government contractor, we are subject to an increased risk of investigations, criminal prosecution, civil fraud actions, whistleblower lawsuits and other legal actions and liabilities to which purely private sector companies are not, the results of which could materially adversely impact our business. For example, we are named from time to time in suits brought under the qui tam provisions of the False Claims Act and comparable state laws. These suits typically allege that we have made false statements or certifications in connection with claims for payment, or improperly retained overpayments, from the government. These suits may remain under seal (and hence, be unknown to us) for some time while the government decides whether to intervene on behalf of the qui tam plaintiff.

The United Kingdom's proposed withdrawal from the European Union could have an adverse effect on our business and financial results.

        In June 2016, the United Kingdom held a referendum in which voters approved an exit from the European Union, commonly referred to as Brexit. It is expected that the United Kingdom government will initiate a process to withdraw from the EU and begin negotiating the terms of its separation. Our United Kingdom business is a significant part of our European operations with over 8,000 employees and revenues representing approximately 5% of our total revenue for the fiscal year ended September 30, 2016. In addition, our United Kingdom affiliates have liabilities denominated in pounds sterling such as defined benefit pension plan assets and liabilities that could be impacted by Brexit. Brexit may cause our customers to closely monitor their costs and reduce demand for our services which could adversely affect our United Kingdom and overall business and financial results.

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An impairment charge of goodwill could have a material adverse impact on our financial condition and results of operations.

        Because we have grown in part through acquisitions, goodwill and intangible assets-net represent a substantial portion of our assets. Under GAAP, we are required to test goodwill carried in our Consolidated Balance Sheets for possible impairment on an annual basis based upon a fair value approach and whenever events occur that indicate impairment could exist. These events or circumstances could include a significant change in the business climate, including a significant sustained decline in a reporting unit's market value, legal factors, operating performance indicators, competition, sale or disposition of a significant portion of our business, a significant sustained decline in our market capitalization and other factors.

        In addition, if we experience a decrease in our stock price and market capitalization over a sustained period, we would have to record an impairment charge in the future. The amount of any impairment could be significant and could have a material adverse impact on our financial condition and results of operations for the period in which the charge is taken.

Our substantial leverage and significant debt service obligations could adversely affect our financial condition and our ability to fulfill our obligations and operate our business.

        We had approximately $4.1 billion of indebtedness (excluding intercompany indebtedness) outstanding as of September 30, 2016, of which $2.1 billion was secured obligations (exclusive of $92.3 million of outstanding undrawn letters of credit) and we have an additional $888.4 million of availability under our Credit Agreement (after giving effect to outstanding letters of credit), all of which would be secured debt, if drawn. Our financial performance could be adversely affected by our substantial leverage. We may also incur significant additional indebtedness in the future, subject to certain conditions.

        This high level of indebtedness could have important negative consequences to us, including, but not limited to:

•

we may have difficulty satisfying our obligations with respect to outstanding debt obligations;

•

we may have difficulty obtaining financing in the future for working capital, acquisitions, capital expenditures or other purposes;

•

we may need to use all, or a substantial portion, of our available excess cash flow to pay interest and principal on our debt, which will reduce the amount of money available to finance our operations and other business activities, including, but not limited to, working capital requirements, acquisitions, capital expenditures or other general corporate or business activities;

•

our debt level increases our vulnerability to general economic downturns and adverse industry conditions;

•

our debt level could limit our flexibility in planning for, or reacting to, changes in our business and in our industry in general;

•

our substantial amount of debt and the amount we must pay to service our debt obligations could place us at a competitive disadvantage compared to our competitors that have less debt;

•

we may have increased borrowing costs;

•

our clients, surety providers or insurance carriers may react adversely to our significant debt level;

•

we may have insufficient funds, and our debt level may also restrict us from raising the funds necessary, to retire certain of our debt instruments tendered to us upon maturity of our debt or the occurrence of a change of control, which would constitute an event of default under certain of our debt instruments; and

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•

our failure to comply with the financial and other restrictive covenants in our debt instruments which, among other things, require us to maintain specified financial ratios and limit our ability to incur debt and sell assets, could result in an event of default that, if not cured or waived, could have a material adverse effect on our business or prospects.

        Our high level of indebtedness requires that we use a substantial portion of our cash flow from operations to pay principal of, and interest on, our indebtedness, which will reduce the availability of cash to fund working capital requirements, future acquisitions, capital expenditures or other general corporate or business activities.

        In addition, a substantial portion of our indebtedness bears interest at variable rates, including borrowings under our Credit Agreement. If market interest rates increase, debt service on our variable-rate debt will rise, which could adversely affect our cash flow, results of operations and financial position. Although we may employ hedging strategies such that a portion of the aggregate principal amount of our term loans carries a fixed rate of interest, any hedging arrangement put in place may not offer complete protection from this risk. Additionally, the remaining portion of borrowings under our Credit Agreement that is not hedged will be subject to changes in interest rates.

Our operations worldwide expose us to legal, political and economic risks in different countries as well as currency exchange rate fluctuations that could harm our business and financial results.

        During fiscal 2016, revenue attributable to our services provided outside of the United States to non-U.S. clients was approximately 28% of our total revenue. There are risks inherent in doing business internationally, including:

•

imposition of governmental controls and changes in laws, regulations or policies;

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political and economic instability;

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civil unrest, acts of terrorism, force majeure, war, or other armed conflict;

•

changes in U.S. and other national government trade policies affecting the markets for our services;

•

changes in regulatory practices, tariffs and taxes;

•

potential non-compliance with a wide variety of laws and regulations, including anti-corruption, export control and anti-boycott laws and similar non-U.S. laws and regulations;

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changes in labor conditions;

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logistical and communication challenges; and

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currency exchange rate fluctuations, devaluations and other conversion restrictions.

        Any of these factors could have a material adverse effect on our business, results of operations or financial condition.

Political, economic and military conditions in the Middle East, Africa and other regions could negatively impact our business.

        In recent years, there has been a substantial amount of hostilities, civil unrest and other political uncertainty in certain areas in the Middle East, North Africa and beyond. If civil unrest were to disrupt our business in any of these regions, and particularly if political activities were to result in prolonged hostilities, unrest or civil war, it could result in operating losses and asset write downs and our financial condition could be adversely affected.

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We operate in many different jurisdictions and we could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-corruption laws.

        The U.S. Foreign Corrupt Practices Act (FCPA) and similar worldwide anti-corruption laws, including the U.K. Bribery Act of 2010, generally prohibit companies and their intermediaries from making improper payments to non-U.S. officials for the purpose of obtaining or retaining business. Our internal policies mandate compliance with these anti-corruption laws, including the requirements to maintain accurate information and internal controls which may fall within the purview of the FCPA, its books and records provisions or its anti-bribery provisions. We operate in many parts of the world that have experienced governmental corruption to some degree; and, in certain circumstances, strict compliance with anti-corruption laws may conflict with local customs and practices. Despite our training and compliance programs, we cannot assure that our internal control policies and procedures always will protect us from reckless or criminal acts committed by our employees or agents. Our continued expansion outside the U.S., including in developing countries, could increase the risk of such violations in the future. In addition, from time to time, government investigations of corruption in construction-related industries affect us and our peers. Violations of these laws, or allegations of such violations, could disrupt our business and result in a material adverse effect on our results of operations or financial condition.

Many of our project sites are inherently dangerous workplaces. Failure to maintain safe work sites and equipment could result in environmental disasters, employee deaths or injuries, reduced profitability, the loss of projects or clients and possible exposure to litigation.

        Our project sites often put our employees and others in close proximity with mechanized equipment, moving vehicles, chemical and manufacturing processes, and highly regulated materials. On some project sites, we may be responsible for safety and, accordingly, we have an obligation to implement effective safety procedures. If we fail to implement these procedures or if the procedures we implement are ineffective, we may suffer the loss of or injury to our employees, as well as expose ourselves to possible litigation. As a result, our failure to maintain adequate safety standards and equipment could result in reduced profitability or the loss of projects or clients, and could have a material adverse impact on our business, financial condition, and results of operations.

We work in international locations where there are high security risks, which could result in harm to our employees and contractors or material costs to us.

        Some of our services are performed in high-risk locations, such as the Middle East, Iraq, North Africa, and Southwest Asia, where the country or location is suffering from political, social or economic problems, or war or civil unrest. In those locations where we have employees or operations, we may incur material costs to maintain the safety of our personnel. Despite these precautions, the safety of our personnel in these locations may continue to be at risk. Acts of terrorism and threats of armed conflicts in or around various areas in which we operate could limit or disrupt markets and our operations, including disruptions resulting from the evacuation of personnel, cancellation of contracts, or the loss of key employees, contractors or assets.

Cyber security breaches of our systems and information technology could adversely impact our ability to operate.

        We develop, install and maintain information technology systems for ourselves, as well as for customers. Client contracts for the performance of information technology services, as well as various privacy and securities laws, require us to manage and protect sensitive and confidential information, including federal and other government information, from disclosure. We also need to protect our own internal trade secrets and other business confidential information from disclosure. We face the threat to our computer systems of unauthorized access, computer hackers, computer viruses, malicious code, organized cyber-attacks and other security problems and system disruptions, including possible unauthorized access to our and our clients' proprietary or classified information. We rely on industry-

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accepted security measures and technology to securely maintain all confidential and proprietary information on our information systems. We have devoted and will continue to devote significant resources to the security of our computer systems, but they may still be vulnerable to these threats. A user who circumvents security measures could misappropriate confidential or proprietary information, including information regarding us, our personnel and/or our clients, or cause interruptions or malfunctions in operations. As a result, we may be required to expend significant resources to protect against the threat of these system disruptions and security breaches or to alleviate problems caused by these disruptions and breaches. Any of these events could damage our reputation and have a material adverse effect on our business, financial condition, results of operations and cash flows.

Our business and operating results could be adversely affected by losses under fixed-price or guaranteed maximum price contracts.

        Fixed-price contracts require us to either perform all work under the contract for a specified lump-sum or to perform an estimated number of units of work at an agreed price per unit, with the total payment determined by the actual number of units performed. In addition, we may enter guaranteed maximum price contracts where we guarantee a price or delivery date. Fixed-price contracts expose us to a number of risks not inherent in cost-plus, time and material, and guaranteed maximum price contracts, including underestimation of costs, ambiguities in specifications, unforeseen costs or difficulties, problems with new technologies, delays beyond our control, failures of subcontractors to perform and economic or other changes that may occur during the contract period. In addition, our exposure to construction cost overruns may increase over time as we increase our construction services. Losses under fixed-price or guaranteed contracts could be substantial and adversely impact our results of operations.

Our failure to meet contractual schedule or performance requirements that we have guaranteed could adversely affect our operating results.

        In certain circumstances, we can incur liquidated or other damages if we do not achieve project completion by a scheduled date. If we or an entity for which we have provided a guarantee subsequently fails to complete the project as scheduled and the matter cannot be satisfactorily resolved with the client, we may be responsible for cost impacts to the client resulting from any delay or the cost to complete the project. Our costs generally increase from schedule delays and/or could exceed our projections for a particular project. In addition, project performance can be affected by a number of factors beyond our control, including unavoidable delays from governmental inaction, public opposition, inability to obtain financing, weather conditions, unavailability of vendor materials, changes in the project scope of services requested by our clients, industrial accidents, environmental hazards, labor disruptions and other factors. Material performance problems for existing and future contracts could cause actual results of operations to differ from those anticipated by us and also could cause us to suffer damage to our reputation within our industry and client base.

We may not be able to maintain adequate surety and financial capacity necessary for us to successfully bid on and win contracts.

        In line with industry practice, we are often required to provide surety bonds, standby letters of credit or corporate guarantees to our clients that indemnify the customer should our affiliate fail to perform its obligations under the terms of a contract. A surety may issue a performance or payment bond to guarantee to the client that our affiliate will perform under the terms of a contract. If our affiliate fails to perform under the terms of the contract, then the client may demand that the surety provide the contracted services under the performance or payment bond. In addition, we would typically have obligations to indemnify the surety for any loss incurred in connection with the bond. If a surety bond or a letter of credit is required for a particular project and we are unable to obtain an appropriate surety bond or letter of credit, we may not

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be able to pursue that project which in turn could have a material adverse impact on our business, financial condition, results of operations, and cash flows.

We participate in certain joint ventures where we provide guarantees and may be adversely impacted by the failure of the joint venture or its participants to fulfill their obligations.

        We have investments in and commitments to certain joint ventures with unrelated parties, including in connection with construction services, government services, and the investment activities of AECOM Capital. These joint ventures from time to time borrow money to help finance their activities and in certain circumstances, we are required to provide guarantees of certain obligations of our affiliated entities, including guarantees for completion of projects, repayment of debt, environmental indemnity obligations and acts of willful misconduct. If these entities are not able to honor their obligations under the guarantees, we may be required to expend additional resources or suffer losses, which could be significant.

We conduct a portion of our operations through joint venture entities, over which we may have limited control.

        Approximately 14% of our fiscal 2016 revenue was derived from our operations through joint ventures or similar partnership arrangements, where control may be shared with unaffiliated third parties. As with most joint venture arrangements, differences in views among the joint venture participants may result in delayed decisions or disputes. We also cannot control the actions of our joint venture partners; and we typically have joint and several liability with our joint venture partners under the applicable contracts for joint venture projects. These factors could potentially adversely impact the business and operations of a joint venture and, in turn, our business and operations.

        Operating through joint ventures in which we are minority holders results in us having limited control over many decisions made with respect to projects and internal controls relating to projects. Sales of our services provided to our unconsolidated joint ventures were approximately 3% of our fiscal 2016 revenue. We generally do not have control of these unconsolidated joint ventures. These joint ventures may not be subject to the same requirements regarding internal controls and internal control over financial reporting that we follow. As a result, internal control problems may arise with respect to these joint ventures, which could have a material adverse effect on our financial condition and results of operations and could also affect our reputation in the industries we serve.

Systems and information technology interruption and unexpected data or vendor loss could adversely impact our ability to operate.

        We rely heavily on computer, information and communications technology and related systems to properly operate. From time to time, we experience occasional system interruptions and delays. If we are unable to effectively upgrade our systems and network infrastructure and take other steps to protect our systems, the operation of our systems could be interrupted or delayed. Our computer and communications systems and operations could be damaged or interrupted by natural disasters, telecommunications failures, acts of war or terrorism and similar events or disruptions. Any of these or other events could cause system interruption, delays and loss of critical data, or delay or prevent operations, and adversely affect our operating results.

        We also rely in part on third-party internal and outsourced software to run our critical accounting, project management and financial information systems. We depend on our software vendors to provide long-term software maintenance support for our information systems. Software vendors may decide to discontinue further development, integration or long-term software maintenance support for our information systems, in which case we may need to abandon one or more of our current information systems and migrate some or all of our accounting, project management and financial information to other systems, thus increasing our operational expense, as well as disrupting the management of our business operations.

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Misconduct by our employees, partners or consultants or our failure to comply with laws or regulations applicable to our business could cause us to lose customers or lose our ability to contract with government agencies.

        As a government contractor, misconduct, fraud or other improper activities caused by our employees', partners' or consultants' failure to comply with laws or regulations could have a significant negative impact on our business and reputation. Such misconduct could include the failure to comply with procurement regulations, environmental regulations, regulations regarding the protection of sensitive government information, legislation regarding the pricing of labor and other costs in government contracts, regulations on lobbying or similar activities, and anti-corruption, anti-competition, export control and other applicable laws or regulations. Our failure to comply with applicable laws or regulations, misconduct by any of our employees or consultants or our failure to make timely and accurate certifications to government agencies regarding misconduct or potential misconduct could subject us to fines and penalties, loss of government granted eligibility, cancellation of contracts and suspension or debarment from contracting with government agencies, any of which may adversely affect our business.

We may be required to contribute additional cash to meet our significant underfunded benefit obligations associated with pension benefit plans we manage or multiemployer pension plans in which we participate.

        We have defined benefit pension plans for employees in the United States, United Kingdom, Canada, Australia, and Ireland. At September 30, 2016, our defined benefit pension plans had an aggregate deficit (the excess of projected benefit obligations over the fair value of plan assets) of approximately $696.1 million. In the future, our pension deficits may increase or decrease depending on changes in the levels of interest rates, pension plan performance and other factors that may require us to make additional cash contributions to our pension plans and recognize further increases in our net pension cost to satisfy our funding requirements. If we are forced or elect to make up all or a portion of the deficit for unfunded benefit plans, our results of operations could be materially and adversely affected.

        A multiemployer pension plan is typically established under a collective bargaining agreement with a union to cover the union-represented workers of various unrelated companies. Our collective bargaining agreements with unions will require us to contribute to various multiemployer pension plans; however, we do not control or manage these plans. For the year ended September 30, 2016, we contributed $49.5 million to multiemployer pension plans. Under the Employee Retirement Income Security Act, an employer who contributes to a multiemployer pension plan, absent an applicable exemption, may also be liable, upon termination or withdrawal from the plan, for its proportionate share of the multiemployer pension plan's unfunded vested benefit. If we terminate or withdraw from a multiemployer plan, absent an applicable exemption (such as for some plans in the building and construction industry), we could be required to contribute a significant amount of cash to fund the multiemployer plan's unfunded vested benefit, which could materially and adversely affect our financial results; however, since we do not control the multiemployer plans, we are unable to estimate any potential contributions that could be required.

New legal requirements could adversely affect our operating results.

        Our business and results of operations could be adversely affected by the passage of new climate change, defense, environmental, infrastructure and other laws, policies and regulations. Growing concerns about climate change and greenhouse gases, such as those adopted under the United Nations COP-21 Paris Agreement or the EPA Clean Power Plan, may result in the imposition of additional environmental regulations for our clients' fossil fuel projects. For example, legislation, international protocols, regulation or other restrictions on emissions regulations could increase the costs of projects for our clients or, in some cases, prevent a project from going forward, thereby potentially reducing the need for our services. In addition, relaxation or repeal of laws and regulations, or changes in governmental policies regarding environmental, defense, infrastructure or other industries we serve could result in a decline in demand for our services, which could in turn negatively impact our revenues. We cannot predict when or whether any of these various proposals may be enacted or what their effect will be on us or on our customers.

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We may be subject to substantial liabilities under environmental laws and regulations.

        Our services are subject to numerous environmental protection laws and regulations that are complex and stringent. Our business involves in part the planning, design, program management, construction and construction management, and operations and maintenance at various sites, including but not limited to, pollution control systems, nuclear facilities, hazardous waste and Superfund sites, contract mining sites, hydrocarbon production, distribution and transport sites, military bases and other infrastructure-related facilities. We also regularly perform work, including oil field and pipeline construction services in and around sensitive environmental areas, such as rivers, lakes and wetlands. In addition, we have contracts with U.S. federal government entities to destroy hazardous materials, including chemical agents and weapons stockpiles, as well as to decontaminate and decommission nuclear facilities. These activities may require us to manage, handle, remove, treat, transport and dispose of toxic or hazardous substances. We also own and operate several properties in the U.S. and Canada that have been used for the storage and maintenance of equipment and upon which hydrocarbons or other wastes may have been disposed or released. Past business practices at companies that we have acquired may also expose us to future unknown environmental liabilities.

        Significant fines, penalties and other sanctions may be imposed for non-compliance with environmental laws and regulations, and some environmental laws provide for joint and several strict liabilities for remediation of releases of hazardous substances, rendering a person liable for environmental damage, without regard to negligence or fault on the part of such person. These laws and regulations may expose us to liability arising out of the conduct of operations or conditions caused by others, or for our acts that were in compliance with all applicable laws at the time these acts were performed. For example, there are a number of governmental laws that strictly regulate the handling, removal, treatment, transportation and disposal of toxic and hazardous substances, such as Comprehensive Environmental Response Compensation and Liability Act of 1980, and comparable state laws, that impose strict, joint and several liabilities for the entire cost of cleanup, without regard to whether a company knew of or caused the release of hazardous substances. In addition, some environmental regulations can impose liability for the entire cleanup upon owners, operators, generators, transporters and other persons arranging for the treatment or disposal of such hazardous substances related to contaminated facilities or project sites. Other federal environmental, health and safety laws affecting us include, but are not limited to, the Resource Conservation and Recovery Act, the National Environmental Policy Act, the Clean Air Act, the Clean Air Mercury Rule, the Occupational Safety and Health Act, the Toxic Substances Control Act and the Superfund Amendments and Reauthorization Act and the Energy Reorganization Act of 1974, as well as other comparable national and state laws. Liabilities related to environmental contamination or human exposure to hazardous substances, or a failure to comply with applicable regulations could result in substantial costs to us, including cleanup costs, fines and civil or criminal sanctions, third-party claims for property damage or personal injury or cessation of remediation activities. Our continuing work in the areas governed by these laws and regulations exposes us to the risk of substantial liability.

Demand for our oil and gas services fluctuates.

        Demand for our oil and natural gas services fluctuates, and we depend on our customers' willingness to make future expenditures to explore for, develop and produce oil and natural gas in the U.S. and Canada. For example, the past volatility in the price of oil and natural gas has significantly decreased existing and future projects. Our customers' willingness to undertake future projects depends largely upon prevailing industry conditions that are influenced by numerous factors over which we have no control, such as the anticipated future prices for natural gas and crude oil. The multi-year decline in oil and natural gas prices has decreased spending and drilling activity, which has caused declines in demand for our services and in the prices we are able to charge for our services.

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Failure to successfully execute our acquisition strategy may inhibit our growth.

        We have grown in part as a result of our acquisitions over the last several years, and we expect continued growth in the form of additional acquisitions and expansion into new markets. If we are unable to pursue suitable acquisition opportunities, as a result of global economic uncertainty or other factors, our growth may be inhibited. We cannot assure that suitable acquisitions or investment opportunities will continue to be identified or that any of these transactions can be consummated on favorable terms or at all. Any future acquisitions will involve various inherent risks, such as:

•

our ability to accurately assess the value, strengths, weaknesses, liabilities and potential profitability of acquisition candidates;

•

the potential loss of key personnel of an acquired business;

•

increased burdens on our staff and on our administrative, internal control and operating systems, which may hinder our legal and regulatory compliance activities;

•

liabilities related to pre-acquisition activities of an acquired business and the burdens on our staff and resources to comply with, conduct or resolve investigations into such activities;

•

post-acquisition integration challenges; and

•

post-acquisition deterioration in an acquired business that could result in lower or negative earnings contribution and/or goodwill impairment charges.

        Furthermore, during the acquisition process and thereafter, our management may need to assume significant transaction-related responsibilities, which may cause them to divert their attention from our existing operations. If our management is unable to successfully integrate acquired companies or implement our growth strategy, our operating results could be harmed. In addition, even if the operations of an acquisition are integrated successfully, we may not realize the full benefits of the acquisition, including the synergies, cost savings, or sales or growth opportunities that we expect. These benefits may not be achieved within the anticipated time frame, or at all. Moreover, we cannot assure that we will continue to successfully expand or that growth or expansion will result in profitability.

Although we expect to realize certain benefits as a result of our acquisitions, there is the possibility that we may be unable to successfully integrate our businesses in order to realize the anticipated benefits of the acquisitions or do so within the intended timeframe.

        As a result of recent acquisitions, we have been, and will continue to be, required to devote significant management attention and resources to integrating the business practices and operations of the acquired companies with our business. Difficulties we may encounter as part of the integration process include the following:

•

the consequences of a change in tax treatment, including the costs of integration and compliance and the possibility that the full benefits anticipated from the acquisition will not be realized;

•

any delay in the integration of management teams, strategies, operations, products and services;

•

diversion of the attention of each company's management as a result of the acquisition;

•

differences in business backgrounds, corporate cultures and management philosophies that may delay successful integration;

•

the ability to retain key employees;

•

the ability to create and enforce uniform standards, controls, procedures, policies and information systems;

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•

the challenge of integrating complex systems, technology, networks and other assets into those of ours in a seamless manner that minimizes any adverse impact on customers, suppliers, employees and other constituencies;

•

potential unknown liabilities and unforeseen increased expenses or delays associated with the acquisition, including costs to integrate beyond current estimates;

•

the ability to deduct or claim certain tax attributes or benefits such as operating losses, business or foreign tax credits; and

•

the disruption of, or the loss of momentum in, each company's ongoing businesses or inconsistencies in standards, controls, procedures and policies.

        Any of these factors could adversely affect each company's ability to maintain relationships with customers, suppliers, employees and other constituencies or our ability to achieve the anticipated benefits of the acquisition or could reduce each company's earnings or otherwise adversely affect our business and financial results.

The agreements governing our debt contain a number of restrictive covenants which will limit our ability to finance future operations, acquisitions or capital needs or engage in other business activities that may be in our interest.

        The Credit Agreement and the indentures governing our debt contain a number of significant covenants that impose operating and other restrictions on us and our subsidiaries. Such restrictions affect or will affect, and in many respects limit or prohibit, among other things, our ability and the ability of certain of our subsidiaries to:

•

incur additional indebtedness;

•

create liens;

•

pay dividends and make other distributions in respect of our equity securities;

•

redeem our equity securities;

•

distribute excess cash flow from foreign to domestic subsidiaries;

•

make certain investments or certain other restricted payments;

•

sell certain kinds of assets;

•

enter into certain types of transactions with affiliates; and

•

effect mergers or consolidations.

        In addition, our Credit Agreement also requires us to comply with a consolidated interest coverage ratio and consolidated leverage ratio. Our ability to comply with these ratios may be affected by events beyond our control.

        These restrictions could limit our ability to plan for or react to market or economic conditions or meet capital needs or otherwise restrict our activities or business plans, and could adversely affect our ability to finance our operations, acquisitions, investments or strategic alliances or other capital needs or to engage in other business activities that would be in our interest.

        A breach of any of these covenants or our inability to comply with the required financial ratios could result in a default under all or certain of our debt instruments. If an event of default occurs, our creditors could elect to:

•

declare all borrowings outstanding, together with accrued and unpaid interest, to be immediately due and payable;

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•

require us to apply all of our available cash to repay the borrowings; or

•

prevent us from making debt service payments on certain of our borrowings.

        If we were unable to repay or otherwise refinance these borrowings when due, the applicable creditors could sell the collateral securing certain of our debt instruments, which constitutes substantially all of our domestic and foreign, wholly owned subsidiaries' assets.

Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.

        Borrowings under our Credit Agreement are at variable rates of interest and expose us to interest rate risk. If interest rates increase, our debt service obligations on the variable rate indebtedness will increase even though the amount borrowed remains the same, and our net income and cash flows, including cash available for servicing our indebtedness, will correspondingly decrease. A 1.00% increase in such interest rates would increase total interest expense under our Credit Agreement for the year ended September 30, 2016 by $20.9 million, including the effect of our interest rate swaps. We may, from time to time, enter into additional interest rate swaps that involve the exchange of floating for fixed rate interest payments in order to reduce interest rate volatility. However, we may not maintain interest rate swaps with respect to all of our variable rate indebtedness, and any swaps we enter into may not fully mitigate our interest rate risk and could be subject to credit risk themselves.

If we are unable to continue to access credit on acceptable terms, our business may be adversely affected.

        The state of the global credit markets could make it more difficult for us to access funds, refinance our existing indebtedness, enter into agreements for uncommitted bond facilities and new indebtedness, replace our existing revolving and term credit agreements or obtain funding through the issuance of our securities. We use credit facilities to support our working capital and acquisition needs. There is no guarantee that we can continue to renew our credit facility on terms as favorable as those in our existing credit facility and, if we are unable to do so, our costs of borrowing and our business may be adversely affected.

Our ability to grow and to compete in our industry will be harmed if we do not retain the continued services of our key technical and management personnel and identify, hire, and retain additional qualified personnel.

        There is strong competition for qualified technical and management personnel in the sectors in which we compete. We may not be able to continue to attract and retain qualified technical and management personnel, such as engineers, architects and project managers, who are necessary for the development of our business or to replace qualified personnel in the timeframe demanded by our clients. Our planned growth may place increased demands on our resources and will likely require the addition of technical and management personnel and the development of additional expertise by existing personnel. In addition, we may occasionally enter into contracts before we have hired or retained appropriate staffing for that project. Also, some of our personnel hold government granted eligibility that may be required to obtain certain government projects. If we were to lose some or all of these personnel, they would be difficult to replace. In addition, we rely heavily upon the expertise and leadership of our senior management. If we are unable to retain executives and other key personnel, the roles and responsibilities of those employees will need to be filled, which may require that we devote time and resources to identify, hire and integrate new employees. Loss of the services of, or failure to recruit, key technical and management personnel could limit our ability to successfully complete existing projects and compete for new projects.

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Our revenue and growth prospects may be harmed if we or our employees are unable to obtain government granted eligibility or other qualifications we and they need to perform services for our customers.

        A number of government programs require contractors to have certain kinds of government granted eligibility, such as security clearance credentials. Depending on the project, eligibility can be difficult and time-consuming to obtain. If we or our employees are unable to obtain or retain the necessary eligibility, including local ownership requirements, we may not be able to win new business, and our existing customers could terminate their contracts with us or decide not to renew them. To the extent we cannot obtain or maintain the required security clearances for our employees working on a particular contract, we may not derive the revenue or profit anticipated from such contract.

Our industry is highly competitive and we may be unable to compete effectively, which could result in reduced revenue, profitability and market share.

        We are engaged in a highly competitive business. The markets we serve are highly fragmented and we compete with a large number of regional, national and international companies. Certain of these competitors have greater financial and other resources than we do. Others are smaller and more specialized, and concentrate their resources in particular areas of expertise. The extent of our competition varies according to the particular markets and geographic area. In addition, the technical and professional aspects of some of our services generally do not require large upfront capital expenditures and provide limited barriers against new competitors.

        The degree and type of competition we face is also influenced by the type and scope of a particular project. Our clients make competitive determinations based upon qualifications, experience, performance, reputation, technology, customer relationships and ability to provide the relevant services in a timely, safe and cost-efficient manner. Increased competition may result in our inability to win bids for future projects and loss of revenue, profitability and market share.

If we extend a significant portion of our credit to clients in a specific geographic area or industry, we may experience disproportionately high levels of collection risk and nonpayment if those clients are adversely affected by factors particular to their geographic area or industry.

        Our clients include public and private entities that have been, and may continue to be, negatively impacted by the changing landscape in the global economy. While outside of the U.S. federal government, no one client accounted for over 10% of our revenue for fiscal 2016, we face collection risk as a normal part of our business where we perform services and subsequently bill our clients for such services, or when we make equity investments in majority or minority controlled large-scale client projects and other long-term capital projects before the project completes operational status or completes its project financing. In the event that we have concentrated credit risk from clients in a specific geographic area or industry, continuing negative trends or a worsening in the financial condition of that specific geographic area or industry could make us susceptible to disproportionately high levels of default by those clients. Such defaults could materially adversely impact our revenues and our results of operations.

Our services expose us to significant risks of liability and our insurance policies may not provide adequate coverage.

        Our services involve significant risks of professional and other liabilities that may substantially exceed the fees that we derive from our services. In addition, we sometimes contractually assume liability to clients on projects under indemnification agreements. We cannot predict the magnitude of potential liabilities from the operation of our business. In addition, in the ordinary course of our business, we frequently make professional judgments and recommendations about environmental and engineering conditions of project sites for our clients. We may be deemed to be responsible for these judgments and recommendations if such judgments and recommendations are later determined to be inaccurate. Any unfavorable legal ruling against us could result in substantial monetary damages or even criminal violations.

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        Our professional liability policies cover only claims made during the term of the policy. Additionally, our insurance policies may not protect us against potential liability due to various exclusions in the policies and self-insured retention amounts. Partially or completely uninsured claims, if successful and of significant magnitude, could have a material adverse effect on our business.

Unavailability or cancellation of third-party insurance coverage would increase our overall risk exposure as well as disrupt the management of our business operations.

        We maintain insurance coverage from third-party insurers as part of our overall risk management strategy and because some of our contracts require us to maintain specific insurance coverage limits. If any of our third-party insurers fail, suddenly cancel our coverage or otherwise are unable to provide us with adequate insurance coverage, then our overall risk exposure and our operational expenses would increase and the management of our business operations would be disrupted. In addition, there can be no assurance that any of our existing insurance coverage will be renewable upon the expiration of the coverage period or that future coverage will be affordable at the required limits.

If we do not have adequate indemnification for our services related to nuclear materials, it could adversely affect our business and financial condition.

        We provide services to the Department of Energy relating to our nuclear weapons facilities and the nuclear energy industry in the ongoing maintenance and modification, as well as the decontamination and decommissioning, of our nuclear energy plants. Indemnification provisions under the Price-Anderson Act available to nuclear energy plant operators and Department of Energy contractors do not apply to all liabilities that we might incur while performing services as a radioactive materials cleanup contractor for the Department of Energy and the nuclear energy industry. If the Price-Anderson Act's indemnification protection does not apply to our services or if our exposure occurs outside the U.S., our business and financial condition could be adversely affected either by our client's refusal to retain us, by our inability to obtain commercially adequate insurance and indemnification, or by potentially significant monetary damages we may incur.

        We also provide services to the United Kingdom's Nuclear Decommissioning Authority (NDA) relating to clean-up and decommissioning of the United Kingdom's public sector nuclear sites. Indemnification provisions under the Nuclear Installations Act 1965 available to nuclear site licensees, the Atomic Energy Authority, and the Crown, and contractual indemnification from the NDA do not apply to all liabilities that we might incur while performing services as a clean-up and decommissioning contractor for the NDA. If the Nuclear Installations Act 1965 and contractual indemnification protection does not apply to our services or if our exposure occurs outside the United Kingdom, our business and financial condition could be adversely affected either by our client's refusal to retain us, by our inability to obtain commercially adequate insurance and indemnification, or by potentially significant monetary damages we may incur.

Our backlog of uncompleted projects under contract is subject to unexpected adjustments and cancellations and, thus may not accurately reflect future revenue and profits.

        At September 30, 2016, our contracted backlog was approximately $23.7 billion, our awarded backlog was approximately $15.4 billion and our unconsolidated joint venture backlog was approximately $3.7 billion for a total backlog of $42.8 billion. Our contracted backlog includes revenue we expect to record in the future from signed contracts and, in the case of a public sector client, where the project has been funded. Our awarded backlog includes revenue we expect to record in the future where we have been awarded the work, but the contractual agreement has not yet been signed. We cannot guarantee that future revenue will be realized from either category of backlog or, if realized, will result in profits. Many projects may remain in our backlog for an extended period of time because of the size or long-term nature of the contract. In addition, from time to time, projects are delayed, scaled back or canceled. These types of

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backlog reductions adversely affect the revenue and profits that we ultimately receive from contracts reflected in our backlog.

We have submitted claims to clients for work we performed beyond the initial scope of some of our contracts. If these clients do not approve these claims, our results of operations could be adversely impacted.

        We typically have pending claims submitted under some of our contracts for payment of work performed beyond the initial contractual requirements for which we have already recorded revenue. In general, we cannot guarantee that such claims will be approved in whole, in part, or at all. Often, these claims can be the subject of lengthy arbitration or litigation proceedings, and it is difficult to accurately predict when these claims will be fully resolved. When these types of events occur and unresolved claims are pending, we have used working capital in projects to cover cost overruns pending the resolution of the relevant claims. If these claims are not approved, our revenue may be reduced in future periods.

In conducting our business, we depend on other contractors, subcontractors and equipment and material providers. If these parties fail to satisfy their obligations to us or other parties or if we are unable to maintain these relationships, our revenue, profitability and growth prospects could be adversely affected.

        We depend on contractors, subcontractors and equipment and material providers in conducting our business. There is a risk that we may have disputes with our subcontractors arising from, among other things, the quality and timeliness of work performed by the subcontractor, customer concerns about the subcontractor, or our failure to extend existing task orders or issue new task orders under a subcontract. Also, to the extent that we cannot acquire equipment and materials at reasonable costs, or if the amount we are required to pay exceeds our estimates, our ability to complete a project in a timely fashion or at a profit may be impaired. In addition, if any of our subcontractors fail to deliver on a timely basis the agreed-upon supplies and/or perform the agreed-upon services, our ability to fulfill our obligations as a prime contractor may be jeopardized; we could be held responsible for such failures and/or we may be required to purchase the supplies or services from another source at a higher price. This may reduce the profit to be realized or result in a loss on a project for which the supplies or services are needed.

        We also rely on relationships with other contractors when we act as their subcontractor or joint venture partner. Our future revenue and growth prospects could be adversely affected if other contractors eliminate or reduce their subcontracts or joint venture relationships with us, or if a government agency terminates or reduces these other contractors' programs, does not award them new contracts or refuses to pay under a contract. In addition, due to "pay when paid" provisions that are common in subcontracts in certain countries, including the U.S., we could experience delays in receiving payment if the prime contractor experiences payment delays.

If clients use our reports or other work product without appropriate disclaimers or in a misleading or incomplete manner, or if our reports or other work product are not in compliance with professional standards and other regulations, our business could be adversely affected.

        The reports and other work product we produce for clients sometimes include projections, forecasts and other forward-looking statements. Such information by its nature is subject to numerous risks and uncertainties, any of which could cause the information produced by us to ultimately prove inaccurate. While we include appropriate disclaimers in the reports that we prepare for our clients, once we produce such written work product, we do not always have the ability to control the manner in which our clients use such information. As a result, if our clients reproduce such information to solicit funds from investors for projects without appropriate disclaimers and the information proves to be incorrect, or if our clients reproduce such information for potential investors in a misleading or incomplete manner, our clients or such investors may threaten to or file suit against us for, among other things, securities law violations. For example, in August 2016, AECOM Australia and other parties entered into a settlement related to, among

29

other things, alleged deficiencies in AECOM Australia's traffic forecast. If we were found to be liable for any claims related to our client work product, our business could be adversely affected.

        In addition, our reports and other work product may need to comply with professional standards, licensing requirements, securities regulations and other laws and rules governing the performance of professional services in the jurisdiction where the services are performed. We could be liable to third parties who use or rely upon our reports and other work product even if we are not contractually bound to those third parties. These events could in turn result in monetary damages and penalties.

Failure to adequately protect, maintain, or enforce our rights in our intellectual property may adversely limit our competitive position.

        Our success depends, in part, upon our ability to protect our intellectual property. We rely on a combination of intellectual property policies and other contractual arrangements to protect much of our intellectual property where we do not believe that trademark, patent or copyright protection is appropriate or obtainable. Trade secrets are generally difficult to protect. Although our employees are subject to confidentiality obligations, this protection may be inadequate to deter or prevent misappropriation of our confidential information and/or the infringement of our patents and copyrights. Further, we may be unable to detect unauthorized use of our intellectual property or otherwise take appropriate steps to enforce our rights. Failure to adequately protect, maintain, or enforce our intellectual property rights may adversely limit our competitive position.

Negotiations with labor unions and possible work actions could divert management attention and disrupt operations. In addition, new collective bargaining agreements or amendments to agreements could increase our labor costs and operating expenses.

        We regularly negotiate with labor unions and enter into collective bargaining agreements. The outcome of any future negotiations relating to union representation or collective bargaining agreements may not be favorable to us. We may reach agreements in collective bargaining that increase our operating expenses and lower our net income as a result of higher wages or benefit expenses. In addition, negotiations with unions could divert management attention and disrupt operations, which may adversely affect our results of operations. If we are unable to negotiate acceptable collective bargaining agreements, we may have to address the threat of union-initiated work actions, including strikes. Depending on the nature of the threat or the type and duration of any work action, these actions could disrupt our operations and adversely affect our operating results.

Our charter documents contain provisions that may delay, defer or prevent a change of control.

        Provisions of our certificate of incorporation and bylaws could make it more difficult for a third party to acquire control of us, even if the change in control would be beneficial to stockholders. These provisions include the following:

•

removal of directors for cause only;

•

ability of our Board of Directors to authorize the issuance of preferred stock in series without stockholder approval;

•

two-thirds stockholder vote requirement to approve specified business combinations, which include a sale of substantially all of our assets;

•

vesting of exclusive authority in our Board of Directors to determine the size of the board (subject to limited exceptions) and to fill vacancies;

•

advance notice requirements for stockholder proposals and nominations for election to our Board of Directors; and

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•

prohibitions on our stockholders from acting by written consent and limitations on calling special meetings.

Changes in tax laws could increase our worldwide tax rate and materially affect our results of operations

        Many international legislative and regulatory bodies have proposed legislation and begun investigations of the tax practices of multinational companies and, in the European Union (EU), the tax policies of certain EU member states. One of these efforts has been led by the OECD, an international association of 34 countries including the United States, which has finalized recommendations to revise corporate tax, transfer pricing, and tax treaty provisions in member countries. Since 2013, the European Commission (EC) has been investigating tax rulings granted by tax authorities in a number of EU member states with respect to specific multinational corporations to determine whether such rulings comply with EU rules on state aid, as well as more recent investigations of the tax regimes of certain EU member states. If the EC determines that a tax ruling or tax regime violates the state aid restrictions, the tax authorities of the affected EU member state may be required to collect back taxes for the period of time covered by the ruling. In late 2015 and 2016, the EC declared that tax rulings by tax authorities in Luxembourg, the Netherlands, Belgium and Ireland did not comply with the EU state aid restrictions. Due to the large scale of our U.S. and international business activities, many of these proposed changes to the taxation of our activities, if enacted, could increase our worldwide effective tax rate and harm results of operations.

ITEM 1B.    UNRESOLVED STAFF COMMENTS

        None.

ITEM 2.    PROPERTIES

        Our corporate offices are located in approximately 31,500 square feet of space at 1999 Avenue of the Stars, Los Angeles, California. Our other offices consist of an aggregate of approximately 13.5 million square feet worldwide. We also maintain smaller administrative or project offices. Virtually all of our offices are leased. See Note 11 in the notes to our consolidated financial statements for information regarding our lease obligations. We believe our current properties are adequate for our business operations and are not currently underutilized. We may add additional facilities from time to time in the future as the need arises.

ITEM 3.    LEGAL PROCEEDINGS

        As a government contractor, we are subject to various laws and regulations that are more restrictive than those applicable to non-government contractors. Intense government scrutiny of contractors' compliance with those laws and regulations through audits and investigations is inherent in government contracting and, from time to time, we receive inquiries, subpoenas, and similar demands related to our ongoing business with government entities. Violations can result in civil or criminal liability as well as suspension or debarment from eligibility for awards of new government contracts or option renewals.

        We are involved in various investigations, claims and lawsuits in the normal conduct of our business. We are not always aware if we or our affiliates are under investigation or the status of such matters. Although the outcome of our legal proceedings cannot be predicted with certainty and no assurances can be provided, in the opinion of our management, based upon current information and discussions with counsel, with the exception of the matters noted in Note 18, Commitments and Contingencies, to the financial statements contained in this report to the extent stated therein, none of the investigations, claims and lawsuits in which we are involved is expected to have a material adverse effect on our consolidated financial position, results of operations, cash flows or our ability to conduct business. See Note 18, "Commitments and Contingencies," to the financial statements contained in this report for a discussion of

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certain matters to which we are a party. The information set forth in such note is incorporated by reference into this Item 3. From time to time, we establish reserves for litigation when we consider it probable that a loss will occur.

ITEM 4.    MINE SAFETY DISCLOSURES

        The Company does not act as the owner of any mines, but we may act as a mining operator as defined under the Federal Mine Safety and Health Act of 1977 where we may be a lessee of a mine, a person who operates, controls or supervises such mine, or an independent contractor performing services or construction of such mine. Information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95.

PART II

ITEM 5.    MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

        Our common stock is listed on the New York Stock Exchange (NYSE). According to the records of our transfer agent, there were 2,555 stockholders of record as of November 2, 2016. The following table sets forth the low and high closing sales prices of a share of our common stock during each of the fiscal quarters presented, based upon quotations on the NYSE consolidated reporting system:

	Low Sales Price ($)		High Sales Price ($)
Fiscal 2016:
First quarter		28.08		33.12
Second quarter		22.80		31.90
Third quarter		29.06		34.05
Fourth quarter		27.56		36.20

	Low Sales Price ($)		High Sales Price ($)
Fiscal 2015:
First quarter		27.23		34.24
Second quarter		24.82		31.45
Third quarter		30.30		35.40
Fourth quarter		24.04		32.91

        We have not paid a cash dividend since our inception and our Credit Agreement restricts the Company's ability to pay cash dividends.

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Equity Compensation Plans

        The following table presents certain information about shares of AECOM common stock that may be issued under our equity compensation plans as of September 30, 2016:

	Column A			Column B			Column C
Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants, and rights(1)			Weighted-average exercise price of outstanding options, warrants, and rights			Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in Column A)
Equity compensation plans not approved by stockholders:		N/A			N/A			N/A
Equity compensation plans approved by stockholders:
AECOM Stock Incentive Plans		6,664,899	(2)	$	30.36	(3)		10,881,790
AECOM Employee Stock Purchase Plan(4)		N/A			N/A			3,891,374
Total		6,664,899		$	30.36			14,773,164

(1)

The table does not include information for the 462,964 shares issued under the URS Corporation 2008 Equity Incentive Plan (URS Incentive Plan) assumed by AECOM in connection with its acquisition of URS Corporation. No additional equity awards may be granted under the URS Incentive Plan.

(2)

Includes 876,795 shares issuable upon the exercise of stock options, 3,569,321 shares issuable upon the vesting of Restricted Stock Units and 2,218,783 shares issuable if specified performance targets are met under Performance Earnings Program Awards (PEP).

(3)

Weighted-average exercise price of outstanding options only.

(4)

Amounts only reflected in column (c) and include all shares available for future issuance and subject to outstanding rights.

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Performance Measurement Comparison(1)

        The following chart compares the cumulative total stockholder return of AECOM stock (ACM) with the cumulative total return of the S&P MidCap 400 and the S&P Composite 1500 Construction & Engineering(2) indices from October 1, 2011 to September 30, 2016. We believe the S&P MidCap 400, on which we are listed, is an appropriate independent broad market index, since it measures the performance of similar mid-sized companies in numerous sectors. In addition, we believe the S&P Composite 1500 Construction & Engineering Index is an appropriate published industry index since it measures the performance of engineering and construction companies.

Comparison of Cumulative Total Return
October 1, 2011—September 30, 2016

Stock Repurchase Program

        The Company's Board of Directors has authorized the repurchase of up to $1.0 billion in Company stock. Stock repurchases can be made through open market purchases or other methods, including pursuant to a Rule 10b5-1 plan. From the inception of the stock repurchase program, the Company has purchased a total of 27.4 million shares at an average price of $24.10 per share, for a total cost of $660.1 million through September 30, 2014. No stock repurchases were made under the stock repurchase program for the years ended September 30, 2016 and 2015.

(1)

This section is not "soliciting material," is not deemed "filed" with the SEC and is not incorporated by reference in any of our filings under the Securities Act or Exchange Act whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

(2)

The S&P Composite 1500 Construction & Engineering Index contains the following public companies:

AECOM
Aegion Corporation
Comfort Systems USA, Inc.
Dycom Industries, Inc. EMCOR Group, Inc.
Fluor Corporation
Granite Construction Incorporated
Jacobs Engineering Group Inc. KBR, Inc.
MYR Group, Inc.
Orion Marine Group, Inc.
Quanta Services, Inc.
Valmont Industries, Inc.

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ITEM 6.    SELECTED FINANCIAL DATA

SELECTED CONSOLIDATED FINANCIAL DATA

        You should read the following selected consolidated financial data along with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the accompanying notes, which are included in this Form 10-K. We derived the selected consolidated financial data from our audited consolidated financial statements.

	Year Ended September 30,
	2016			2015			2014			2013			2012
	(in millions, except share data)
Consolidated Statement of Operations Data:
Revenue	$	17,411		$	17,990		$	8,357		$	8,153		$	8,218
Cost of revenue		16,768			17,455			7,954			7,703			7,796
Gross profit		643			535			403			450			422
Equity in earnings of joint ventures		104			106			58			24			49
General and administrative expenses		(115	)		(114	)		(81	)		(97	)		(81	)
Acquisition and integration expenses		(214	)		(398	)		(27	)		—			—
Loss on disposal activities		(43	)		—			—			—			—
Goodwill impairment		—			—			—			—			(336	)
Income from operations		375			129			353			377			54
Other income		8			19			3			4			11
Interest expense		(258	)		(299	)		(41	)		(45	)		(47	)
Income (loss) before income tax expense		125			(151	)		315			336			18
Income tax (benefit) expense		(38	)		(80	)		82			93			75
Net income (loss)		163			(71	)		233			243			(57	)
Noncontrolling interests in income of consolidated subsidiaries, net of tax		(67	)		(84	)		(3	)		(4	)		(2	)
Net income (loss) attributable to AECOM	$	96		$	(155	)	$	230		$	239		$	(59	)
Net income (loss) attributable to AECOM per share:
Basic	$	0.62		$	(1.04	)	$	2.36		$	2.38		$	(0.52	)
Diluted	$	0.62		$	(1.04	)	$	2.33		$	2.35		$	(0.52	)
Weighted average shares outstanding: (in millions)
Basic		155			150			97			101			112
Diluted		156			150			99			102			112

	Year Ended September 30,
	2016		2015		2014		2013		2012
	(in millions, except employee data)
Other Data:
Depreciation and amortization(1)	$	399	$	599	$	95	$	94	$	103
Amortization expense of acquired intangible assets(2)		202		391		24		21		24
Capital expenditures, net of disposals		137		69		63		52		63
Contracted backlog	$	23,710	$	24,468	$	11,349	$	8,753	$	8,499
Number of full-time and part-time employees		87,000		92,000		43,300		45,500		46,800

(1)

Includes amortization of deferred debt issuance costs.

(2)

Included in depreciation and amortization above.

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	As of September 30,
	2016		2015		2014		2013		2012
	(in millions)
Consolidated Balance Sheet Data:
Cash and cash equivalents	$	692	$	684	$	574	$	601	$	594
Working capital		696		1,410		978		1,078		1,069
Total assets		13,727		14,014		6,123		5,666		5,665
Long-term debt excluding current portion		3,759		4,447		940		1,089		907
AECOM Stockholders' equity		3,367		3,408		2,187		2,021		2,169

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ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Annual Report on Form 10-K contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect the Company's current beliefs, expectations or intentions regarding future events. These statements include forward-looking statements with respect to the Company, including the Company's business and operations, and the engineering and construction industry. Statements that are not historical facts, without limitation, including statements that use terms such as "anticipates," "believes," "expects," "intends," "plans," "projects," and "will" and that relate to our plans and objectives for future operations, are forward-looking statements. In light of the risks and uncertainties inherent in all forward-looking statements, the inclusion of such statements in this Annual Report should not be considered as a representation by us or any other person that our objectives or plans will be achieved. Although management believes that the assumptions underlying the forward-looking statements are reasonable, these assumptions and the forward-looking statements are subject to various factors, risks and uncertainties, many of which are beyond our control, including, but not limited to, the fact that demand for our services is cyclical and vulnerable to economic downturns and reduction in government and private industry spending; our dependence on long-term government contracts, which are subject to uncertainties concerning the government's budgetary approval process; the possibility that our government contracts may be terminated by the government; the risk of employee misconduct or our failure to comply with laws and regulations; legal, security, political, and economic risks in the countries in which we operate; competition in our industry; maintaining adequate surety and financial capacity; cyber security breaches; information technology interruptions or data losses; liabilities under environmental laws; fluctuations in demand for oil and gas services; our substantial indebtedness; the ability to retain key personnel; global tax compliance; changes in financial markets, interest rates and foreign currency exchange rates; and those additional risks and factors discussed in this Annual Report on Form 10-K and any subsequent reports we file with the SEC. Accordingly, actual results could differ materially from those contemplated by any forward-looking statement.

All subsequent written and oral forward-looking statements concerning the Company or other matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. You are cautioned not to place undue reliance on these forward-looking statements, which speak only to the date they are made. The Company is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise. Please review "Part I, Item 1A—Risk Factors" in this Annual Report for a discussion of the factors, risks and uncertainties that could affect our future results.

Our fiscal year consists of 52 or 53 weeks, ending on the Friday closest to September 30. For clarity of presentation, we present all periods as if the year ended on September 30. We refer to the fiscal year ended September 30, 2015 as "fiscal 2015" and the fiscal year ended September 30, 2016 as "fiscal 2016."

Overview

        We are a leading provider of planning, consulting, architectural and engineering design services for public and private clients around the world. We provide our services in a broad range of end markets.

        Our business focuses primarily on providing fee-based planning, consulting, architectural and engineering design services and, therefore, our business is labor and not capital intensive. We derive income from our ability to generate revenue and collect cash from our clients through the billing of our employees' time spent on client projects and our ability to manage our costs.

        We report our business through three segments: Design and Consulting Services (DCS), Construction Services (CS), and Management Services (MS). Such segments are organized by the types of services provided, the differing specialized needs of the respective clients, and how we manage the business. We

37

have aggregated various operating segments into our reportable segments based on their similar characteristics, including similar long-term financial performance, the nature of services provided, internal processes for delivering those services, and types of customers.

        Our DCS segment delivers planning, consulting, architectural and engineering design services to commercial and government clients worldwide in major end markets such as transportation, facilities, environmental, energy, water and government. DCS revenue is primarily derived from fees from services that we provide, as opposed to pass-through costs from subcontractors.

        Our CS segment provides construction services, including building construction and energy, infrastructure and industrial construction, primarily in the Americas. CS revenue typically includes a significant amount of pass-through costs from subcontractors.

        Our MS segment provides program and facilities management and maintenance, training, logistics, consulting, technical assistance, and systems integration and information technology services, primarily for agencies of the U.S. government and also for national governments around the world. MS revenue typically includes a significant amount of pass-through costs from subcontractors.

        Our revenue is dependent on our ability to attract and retain qualified and productive employees, identify business opportunities, integrate and maximize the value of our recent acquisitions, allocate our labor resources to profitable and high growth markets, secure new contracts and renew existing client agreements. Demand for our services is cyclical and may be vulnerable to sudden economic downturns and reductions in government and private industry spending, which may result in clients delaying, curtailing or canceling proposed and existing projects. Moreover, as a professional services company, maintaining the high quality of the work generated by our employees is integral to our revenue generation and profitability.

        Our costs consist primarily of the compensation we pay to our employees, including salaries, fringe benefits, the costs of hiring subcontractors, other project-related expenses and sales, general and administrative costs.

        We define revenue provided by acquired companies as revenue included in the current period up to twelve months subsequent to their acquisition date. Throughout this section, we refer to companies we acquired in the last twelve months as "acquired companies."

        Commodity price volatility has negatively impacted our oil and gas business especially in North American and other petro-dollar funded markets and we expect that existing and future projects will be deferred, suspended or terminated.

        In December 2015, the federal legislation referred to as the Fixing America's Surface Transportation Act (the FAST Act) was authorized. The FAST Act is a five-year federal program expected to provide infrastructure spending on roads, bridges, and public transit and rail systems. While client spending patterns are likely to remain uneven, we expect that the passage of the FAST Act will positively impact our transportation services business in the next several years.

        Our MS segment fiscal 2016 results benefited from favorable project, pension and legal resolutions, which we do not expect to repeat in fiscal 2017. Also, the MS segment wound down several government projects in fiscal 2016, such as our contract to manage the Sellafield nuclear site in the United Kingdom, which could impact near-term performance.

        We expect to benefit from the return on a portion of our AECOM Capital investments in the next twelve months.

        We cannot determine if future climate change and greenhouse gas laws and policies, such as the United Nation's COP-21 Paris Agreement, will have a material impact on our business or our clients' business; however, we expect future environmental laws and policies could negatively impact demand for

38

our services related to fossil fuel projects and positively impact demand for our services related to environmental, infrastructure, nuclear and alternative energy projects.

Acquisitions

        The aggregate value of all consideration for our acquisitions consummated during the year ended September 30, 2016, 2015 and 2014 was $5.5 million, $5,147.9 million, and $88.5 million, respectively.

        All of our acquisitions have been accounted for as business combinations and the results of operations of the acquired companies have been included in our consolidated results since the dates of the acquisitions.

Components of Income and Expense

	Year Ended September 30,
	2016			2015			2014			2013			2012
	(in millions)
Other Financial Data:
Revenue	$	17,411		$	17,990		$	8,357		$	8,153		$	8,218
Cost of revenue		16,768			17,455			7,954			7,703			7,796
Gross profit		643			535			403			450			422
Equity in earnings of joint ventures		104			106			58			24			49
General and administrative expenses		(115	)		(114	)		(81	)		(97	)		(81	)
Acquisition and integration expenses		(214	)		(398	)		(27	)		—			—
Loss on disposal activities		(43	)		—			—			—			—
Goodwill impairment		—			—			—			—			(336	)
Income from operations	$	375		$	129		$	353		$	377		$	54

Revenue

        We generate revenue primarily by providing planning, consulting, architectural and engineering design services to commercial and government clients around the world. Our revenue consists of both services provided by our employees and pass-through fees from subcontractors and other direct costs. We generally utilize a cost-to-cost approach in applying the percentage-of-completion method of revenue recognition. Under this approach, revenue is earned in proportion to total costs incurred, divided by total costs expected to be incurred.

Cost of Revenue

        Cost of revenue reflects the cost of our own personnel (including fringe benefits and overhead expense) associated with revenue.

Amortization Expense of Acquired Intangible Assets

        Included in our cost of revenue is amortization of acquired intangible assets. We have ascribed value to identifiable intangible assets other than goodwill in our purchase price allocations for companies we have acquired. These assets include, but are not limited to, backlog and customer relationships. To the extent we ascribe value to identifiable intangible assets that have finite lives, we amortize those values over the estimated useful lives of the assets. Such amortization expense, although non-cash in the period expensed, directly impacts our results of operations. It is difficult to predict with any precision the amount of expense we may record relating to acquired intangible assets.

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Equity in Earnings of Joint Ventures

        Equity in earnings of joint ventures includes our portion of fees charged by our unconsolidated joint ventures to clients for services performed by us and other joint venture partners along with earnings we receive from investments in unconsolidated joint ventures.

General and Administrative Expenses

        General and administrative expenses include corporate overhead expenses, including personnel, occupancy, and administrative expenses.

Acquisition and Integration Expenses

        Acquisition and integration expenses are comprised of transaction costs, professional fees, and personnel costs, including due diligence and integration activities, primarily related to the acquisition of URS Corporation.

Goodwill Impairment

        See Critical Accounting Policies and Consolidated Results below.

Income Tax (Benefit) Expense

        As a global enterprise, income tax (benefit)/expense and our effective tax rates can be affected by many factors, including changes in our worldwide mix of pre-tax losses/earnings, the effect of non-controlling interest in income of consolidated subsidiaries, the extent to which the earnings are indefinitely reinvested outside of the United States, our acquisition strategy, tax incentives and credits available to us, changes in judgment regarding the realizability of our deferred tax assets, changes in existing tax laws and our assessment of uncertain tax positions. Our tax returns are routinely audited by the taxing authorities and settlements of issues raised in these audits can also sometimes affect our effective tax rate.

Critical Accounting Policies

        Our financial statements are presented in accordance with accounting principles generally accepted in the United States (GAAP). Highlighted below are the accounting policies that management considers significant to understanding the operations of our business.

Revenue Recognition

        We generally utilize a cost-to-cost approach in applying the percentage-of-completion method of revenue recognition, under which revenue is earned in proportion to total costs incurred, divided by total costs expected to be incurred. Recognition of revenue and profit under this method is dependent upon a number of factors, including the accuracy of a variety of estimates, including engineering progress, material quantities, the achievement of milestones, penalty provisions, labor productivity and cost estimates. Due to uncertainties inherent in the estimation process, it is possible that actual completion costs may vary from estimates. If estimated total costs on contracts indicate a loss, we recognize that estimated loss in the period the estimated loss first becomes known.

Claims Recognition

        Claims are amounts in excess of the agreed contract price (or amounts not included in the original contract price) that we seek to collect from customers or others for delays, errors in specifications and designs, contract terminations, change orders in dispute or unapproved contracts as to both scope and price or other causes of unanticipated additional costs. We record contract revenue related to claims only if

40

it is probable that the claim will result in additional contract revenue and if the amount can be reliably estimated. In such cases, we record revenue only to the extent that contract costs relating to the claim have been incurred. The amounts recorded, if material, are disclosed in the notes to the financial statements. Costs attributable to claims are treated as costs of contract performance as incurred.

Government Contract Matters

        Our federal government and certain state and local agency contracts are subject to, among other regulations, regulations issued under the Federal Acquisition Regulations (FAR). These regulations can limit the recovery of certain specified indirect costs on contracts and subject us to ongoing multiple audits by government agencies such as the Defense Contract Audit Agency (DCAA). In addition, most of our federal and state and local contracts are subject to termination at the discretion of the client.

        Audits by the DCAA and other agencies consist of reviews of our overhead rates, operating systems and cost proposals to ensure that we account for such costs in accordance with the Cost Accounting Standards of the FAR (CAS). If the DCAA determines we have not accounted for such costs consistent with CAS, the DCAA may disallow these costs. There can be no assurance that audits by the DCAA or other governmental agencies will not result in material cost disallowances in the future.

Allowance for Doubtful Accounts

        We record accounts receivable net of an allowance for doubtful accounts. This allowance for doubtful accounts is estimated based on management's evaluation of the contracts involved and the financial condition of our clients. The factors we consider in our contract evaluations include, but are not limited to:

•

Client type—federal or state and local government or commercial client;

•

Historical contract performance;

•

Historical collection and delinquency trends;

•

Client credit worthiness; and

•

General economic conditions.

Unbilled Accounts Receivable and Billings in Excess of Costs on Uncompleted Contracts

        Unbilled accounts receivable represents the contract revenue recognized but not yet billed pursuant to contract terms or accounts billed after the period end.

        Billings in excess of costs on uncompleted contracts represent the billings to date, as allowed under the terms of a contract, but not yet recognized as contract revenue using the percentage-of-completion accounting method.

Investments in Unconsolidated Joint Ventures

        We have noncontrolling interests in joint ventures accounted for under the equity method. Fees received for and the associated costs of services performed by us and billed to joint ventures with respect to work done by us for third-party customers are recorded as our revenues and costs in the period in which such services are rendered. In certain joint ventures, a fee is added to the respective billings from both ourselves and the other joint venture partners on the amounts billed to the third-party customers. These fees result in earnings to the joint venture and are split with each of the joint venture partners and paid to the joint venture partners upon collection from the third-party customer. We record our allocated share of these fees as equity in earnings of joint ventures.

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Income Taxes

        We provide for income taxes in accordance with principles contained in ASC Topic 740, Income Taxes. Under these principles, we recognize the amount of income tax payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in our financial statements or tax returns.

        Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period when the new rate is enacted. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance if it is more likely than not that a portion will not be realized.

        We measure and recognize the amount of tax benefit that should be recorded for financial statement purposes for uncertain tax positions taken or expected to be taken in a tax return. With respect to uncertain tax positions, we evaluate the recognized tax benefits for recognition, measurement, derecognition, classification, interest and penalties, interim period accounting and disclosure requirements. Judgment is required in assessing the future tax consequences of events that have been recognized in our financial statements or tax returns.

        Valuation Allowance.    Deferred income taxes are provided on the liability method whereby deferred tax assets and liabilities are established for the difference between the financial reporting and income tax basis of assets and liabilities, as well as for tax attributes such as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and tax rates on the date of enactment of such changes to laws and tax rates.

        Deferred tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not that some portion or all of the deferred tax assets may not be realized. The evaluation of the recoverability of the deferred tax asset requires the Company to weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax assets will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified. Whether a deferred tax asset may be realized requires considerable judgment by us. In considering the need for a valuation allowance, we consider a number of factors including the nature, frequency, and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset that would otherwise expire. Whether a deferred tax asset will ultimately be realized is also dependent on varying factors, including, but not limited to, changes in tax laws and audits by tax jurisdictions in which we operate.

        If future changes in judgment regarding the realizability of our deferred tax assets lead us to determine that it is more likely than not that we will not realize all or part of our deferred tax asset in the future, we will record an additional valuation allowance. Conversely, if a valuation allowance exists and we determine that the ultimate realizability of all or part of the net deferred tax asset is more likely than not to be realized, then the amount of the valuation allowance will be reduced. This adjustment will increase or decrease income tax expense in the period of such determination.

        Undistributed Non-U.S. Earnings.    The results of our operations outside of the United States are consolidated for financial reporting; however, earnings from investments in non-U.S. operations are included in domestic U.S. taxable income only when actually or constructively received. No deferred taxes have been provided on the undistributed gross book-tax basis differences of our non-U.S. operations of approximately $1.6 billion because we have the ability to and intend to permanently reinvest these basis

42

differences overseas. If we were to repatriate these basis differences, additional taxes could be due at that time.

        We continually explore initiatives to better align our tax and legal entity structure with the footprint of our non-U.S. operations and we recognize the tax impact of these initiatives, including changes in assessment of its uncertain tax positions, indefinite reinvestment exception assertions and realizability of deferred tax assets earliest in the period when management believes all necessary internal and external approvals associated with such initiatives have been obtained, or when the initiatives are materially complete.

Goodwill and Acquired Intangible Assets

        Goodwill represents the excess of amounts paid over the fair value of net assets acquired from an acquisition. In order to determine the amount of goodwill resulting from an acquisition, we perform an assessment to determine the value of the acquired company's tangible and identifiable intangible assets and liabilities. In our assessment, we determine whether identifiable intangible assets exist, which typically include backlog and customer relationships.

        We test goodwill for impairment annually for each reporting unit in the fourth quarter of the fiscal year, and between annual tests if events occur or circumstances change which suggest that goodwill should be evaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. A reporting unit is defined as an operating segment or one level below an operating segment. Our impairment tests are performed at the operating segment level as they represent our reporting units.

        The impairment test is a two-step process. During the first step, we estimate the fair value of the reporting unit using income and market approaches, and compare that amount to the carrying value of that reporting unit. In the event the fair value of the reporting unit is determined to be less than the carrying value, a second step is required. The second step requires us to perform a hypothetical purchase allocation for that reporting unit and to compare the resulting current implied fair value of the goodwill to the current carrying value of the goodwill for that reporting unit. In the event that the current implied fair value of the goodwill is less than the carrying value, an impairment charge is recognized.

        During the fourth quarter, we conduct our annual goodwill impairment test. The impairment evaluation process includes, among other things, making assumptions about variables such as revenue growth rates, profitability, discount rates, and industry market multiples, which are subject to a high degree of judgment.

        Material assumptions used in the impairment analysis included the weighted average cost of capital (WACC) percent and terminal growth rates. For example, as of September 30, 2016, a 1% increase in the WACC rate represents a $800 million decrease to the fair value of our reporting units. As of September 30, 2016, a 1% decrease in the terminal growth rate represents a $400 million decrease to the fair value of our reporting units.

Pension Benefit Obligations

        A number of assumptions are necessary to determine our pension liabilities and net periodic costs. These liabilities and net periodic costs are sensitive to changes in those assumptions. The assumptions include discount rates, long-term rates of return on plan assets and inflation levels limited to the United Kingdom and are generally determined based on the current economic environment in each host country at the end of each respective annual reporting period. We evaluate the funded status of each of our retirement plans using these current assumptions and determine the appropriate funding level considering applicable regulatory requirements, tax deductibility, reporting considerations and other factors. Based upon current assumptions, we expect to contribute $24 million to our international plans in fiscal 2017. We have a required minimum contribution of $0.4 million for one of our U.S. qualified plans. In addition, we

43

may make additional discretionary contributions. We currently expect to contribute $9.8 million to our U.S. plans (including benefit payments to nonqualified plans and postretirement medical plans) in fiscal 2017. If the discount rate was reduced by 25 basis points, plan liabilities would increase by approximately $93.3 million. If the discount rate and return on plan assets were reduced by 25 basis points, plan expense would decrease by approximately $0.1 million and increase by approximately $3.2 million, respectively. If inflation increased by 25 basis points, plan liabilities in the United Kingdom would increase by approximately $45.8 million and plan expense would increase by approximately $2.7 million.

        At each measurement date, all assumptions are reviewed and adjusted as appropriate. With respect to establishing the return on assets assumption, we consider the long term capital market expectations for each asset class held as an investment by the various pension plans. In addition to expected returns for each asset class, we take into account standard deviation of returns and correlation between asset classes. This is necessary in order to generate a distribution of possible returns which reflects diversification of assets. Based on this information, a distribution of possible returns is generated based on the plan's target asset allocation.

        Capital market expectations for determining the long term rate of return on assets are based on forward-looking assumptions which reflect a 20-year view of the capital markets. In establishing those capital market assumptions and expectations, we rely on the assistance of our actuaries and our investment consultants. We and the plan trustees review whether changes to the various plans' target asset allocations are appropriate. A change in the plans' target asset allocations would likely result in a change in the expected return on asset assumptions. In assessing a plan's asset allocation strategy, we and the plan trustees consider factors such as the structure of the plan's liabilities, the plan's funded status, and the impact of the asset allocation to the volatility of the plan's funded status, so that the overall risk level resulting from our defined benefit plans is appropriate within our risk management strategy.

        Between September 30, 2015 and September 30, 2016, the aggregate worldwide pension deficit increased from $572.6 million to $696.1 million. Although funding rules are subject to local laws and regulations and vary by location, we expect to reduce this deficit over a period of 7 to 10 years. If the various plans do not experience future investment gains to reduce this shortfall, the deficit will be reduced by additional contributions.

Accrued Professional Liability Costs

        We carry professional liability insurance policies or self-insure for our initial layer of professional liability claims under our professional liability insurance policies and for a deductible for each claim even after exceeding the self-insured retention. We accrue for our portion of the estimated ultimate liability for the estimated potential incurred losses. We establish our estimate of loss for each potential claim in consultation with legal counsel handling the specific matters and based on historic trends taking into account recent events. We also use an outside actuarial firm to assist us in estimating our future claims exposure. It is possible that our estimate of loss may be revised based on the actual or revised estimate of liability of the claims.

Foreign Currency Translation

        Our functional currency is the U.S. dollar. Results of operations for foreign entities are translated to U.S. dollars using the average exchange rates during the period. Assets and liabilities for foreign entities are translated using the exchange rates in effect as of the date of the balance sheet. Resulting translation adjustments are recorded as a foreign currency translation adjustment into other accumulated comprehensive income/(loss) in stockholders' equity.

        We limit exposure to foreign currency fluctuations in most of our contracts through provisions that require client payments in currencies corresponding to the currency in which costs are incurred. As a result of this natural hedge, we generally do not need to hedge foreign currency cash flows for contract work performed. However, we will use foreign exchange derivative financial instruments from time to time to mitigate foreign currency risk. The functional currency of all significant foreign operations is the respective local currency.

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Fiscal year ended September 30, 2016 compared to the fiscal year ended September 30, 2015

Consolidated Results

	Fiscal Year Ended
							Change
	September 30, 2016			September 30, 2015
							$			%
	($ in millions)
Revenue	$	17,410.8		$	17,989.9		$	(579.1	)		(3.2	)%
Cost of revenue		16,768.0			17,454.7			(686.7	)		(3.9	)
Gross profit		642.8			535.2			107.6			20.1
Equity in earnings of joint ventures		104.0			106.2			(2.2	)		(2.1	)
General and administrative expenses		(115.1	)		(114.0	)		(1.1	)		1.0
Acquisition and integration expenses		(213.6	)		(398.4	)		184.8			(46.4	)
Loss on disposal activities		(42.6	)		—			(42.6	)		NM	*
Income from operations		375.5			129.0			246.5			191.1
Other income		8.2			19.1			(10.9	)		(57.1	)
Interest expense		(258.1	)		(299.6	)		41.5			(13.9	)
Income (loss) before income tax expense		125.6			(151.5	)		277.1			(182.9	)
Income tax (benefit) expense		(37.9	)		(80.3	)		42.4			(52.8	)
Net income (loss)		163.5			(71.2	)		234.7			(329.6	)
Noncontrolling interests in income of consolidated subsidiaries, net of tax		(67.4	)		(83.6	)		16.2			(19.4	)
Net income (loss) attributable to AECOM	$	96.1		$	(154.8	)	$	250.9			(162.1	)%

*

NM—Not meaningful

        The following table presents the percentage relationship of certain items to revenue:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
Revenue		100.0	%		100.0	%
Cost of revenue		96.3			97.0
Gross profit		3.7			3.0
Equity in earnings of joint ventures		0.6			0.6
General and administrative expenses		(0.7	)		(0.7	)
Acquisition and integration expenses		(1.2	)		(2.2	)
Loss on disposal activities		(0.2	)		—
Income from operations		2.2			0.7
Other income		—			0.1
Interest expense		(1.5	)		(1.6	)
Income (loss) before income tax expense		0.7			(0.8	)
Income tax (benefit) expense		(0.2	)		(0.4	)
Net income (loss)		0.9			(0.4	)
Noncontrolling interests in income of consolidated subsidiaries, net of tax		(0.3	)		(0.5	)
Net income (loss) attributable to AECOM		0.6	%		(0.9	)%

45

Revenue

        Our revenue for the year ended September 30, 2016 decreased $579.1 million, or 3.2%, to $17,410.8 million as compared to $17,989.9 million for the corresponding period last year. Revenue provided by acquired companies was $302.0 million. Excluding the revenue provided by acquired companies, revenue decreased $881.1 million, or 4.9%, from the year ended September 30, 2015.

        The decrease in revenue for the year ended September 30, 2016 was primarily attributable to a decrease in our DCS segment of $307.1 million, a decrease in our MS segment of $96.6 million, and a decrease in our CS segment of $175.4 million, as discussed further below.

        In the course of providing our services, we routinely subcontract for services and incur other direct costs on behalf of our clients. These costs are passed through to clients and, in accordance with industry practice and GAAP, are included in our revenue and cost of revenue. Because subcontractor and other direct costs can change significantly from project to project and period to period, changes in revenue may not be indicative of business trends. Subcontractor and other direct costs for the years ended September 30, 2016 and 2015 were $8.4 billion and $8.3 billion, respectively. Subcontractor costs and other direct costs as a percentage of revenue, increased to 48% during the year ended September 30, 2016 from 46% during the year ended September 30, 2015 due to increased construction of high-rise buildings and sports arenas in our CS segment, as discussed below.

Gross Profit

        Our gross profit for the year ended September 30, 2016 increased $107.6 million, or 20.1%, to $642.8 million as compared to $535.2 million for the corresponding period last year. For the year ended September 30, 2016, gross profit, as a percentage of revenue, increased to 3.7% from 3.0% in the year ended September 30, 2015.

        Billings in excess of costs on uncompleted contracts includes a margin fair value liability associated with long-term contracts acquired in connection with the acquisition of URS on October 17, 2014. Revenue and the related income from operations related to the margin fair value liability recognized during the year ended September 30, 2016 was $37.2 million, compared with $96.9 million during the year ended September 30, 2015. This amount was offset by a decrease in amortization of intangible assets of $183.3 million during the year ended September 30, 2016, compared with $361.6 million during the year ended September 30, 2015.

        Gross profit changes were also due to the reasons noted in DCS, CS and MS Reportable Segments below.

Equity in Earnings of Joint Ventures

        Our equity in earnings of joint ventures for the year ended September 30, 2016 was $104.0 million as compared to $106.2 million in the corresponding period last year.

        The decrease in earnings of joint ventures for the year ended September 30, 2016 was primarily due to decreased earnings from a United Kingdom nuclear cleanup project.

General and Administrative Expenses

        Our general and administrative expenses for the year ended September 30, 2016 increased $1.1 million, or 1.0%, to $115.1 million as compared to $114.0 million for the corresponding period last year. As a percentage of revenue, general and administrative expenses was 0.7% for each of the years ended September 30, 2016 and 2015.

46

Acquisition and Integration Expenses

        Acquisition and integration expenses, resulting from the acquisition of URS, were comprised of the following (in millions):

	Year Ended September 30,
	2016		2015
Severance and personnel costs	$	23.4	$	223.8
Professional services, real estate-related, and other expenses		190.2		174.6
Total	$	213.6	$	398.4

        Severance and personnel costs above include employee termination costs related to reduction-in-force initiatives as a result of the integration of URS. Real estate expenses relate to costs incurred to exit redundant facilities as a result of the URS integration. Professional services and other expenses relate to integration activities such as consolidating and implementing our IT platforms. The severance, real estate, and other disposal activities commenced upon the acquisition of URS and are expected to result in estimated annual costs savings of approximately $325 million by the end of fiscal 2017.

        As of September 30, 2016, our annual run-rate was approximately $290 million in cost savings. Incremental cost savings to achieve our $325 million cost savings target are expected to come primarily from non-labor cost savings. As of September 30, 2016, we had realized approximately $200 million in cumulative labor-related cost savings and approximately $160 million in cumulative real estate-related and all other non-labor cost savings. These cost savings are materially consistent with our prior expectations with respect to amounts and timing.

Loss on Disposal Activities

        Loss on disposal activities of $42.6 million in the accompanying statements of operations for the year ended September 30, 2016 included losses on the disposition of non-core energy related businesses, equipment and other assets acquired with URS within the CS segment, which were substantially completed in the quarter ended December 31, 2015.

Other Income

        Our other income for the year ended September 30, 2016 decreased $10.9 million to $8.2 million as compared to $19.1 million for the year ended September 30, 2015.

        The decrease in other income for the year ended September 30, 2016 was primarily due to the sale of an infrastructure fund in the prior period.

Interest Expense

        Our interest expense for the year ended September 30, 2016 was $258.1 million as compared to $299.6 million for the year ended September 30, 2015.

        The decrease in interest expense for the year ended September 30, 2016 was primarily due to the absence of a $55.6 million penalty upon prepayment of unsecured senior notes paid in the prior fiscal year.

Income Tax Benefit

        Our income tax benefit for the year ended September 30, 2016 was $37.9 million compared to $80.3 million for the year ended September 30, 2015. The effective tax rate was (30.2)% and (53.0)% for the years ended September 30, 2016 and 2015, respectively.

47

        A comparison of the income tax benefit for the year ended September 30, 2016 to the prior year is not meaningful due to the presence of a pretax loss in the prior year compared to the year ended September 30, 2016, a change in mix of pretax (loss)/income, and due to the change in judgment regarding realizability of certain deferred tax assets in the United Kingdom and Australia during the current year.

        On December 18, 2015, President Obama signed The Protecting Americans from Tax Hikes Act into law. This legislation extended various temporary tax provisions expiring on December 31, 2015, including the permanent extension of the United States federal research credit. We recognized a discrete net benefit in the first quarter of 2016 and 2015 for $10.1 million and $19.4 million, respectively, attributable to the retroactive impact of the extended provisions.

        Based on a review of positive and negative evidence available to us, we have previously recorded valuation allowances against our deferred tax assets in the United Kingdom, Canada and Australia to reduce them to the amount that in our judgment is more likely than not realizable.

        Certain valuation allowances in the amount of $23.3 million in the United Kingdom have been released due to sufficient positive evidence obtained during the third quarter of 2016. We evaluated the new positive evidence against any negative evidence and determined the valuation allowance was no longer necessary. This new positive evidence includes reaching a position of cumulative income over a three year period and the use of net operating losses on a taxable basis. In addition, our United Kingdom affiliate has strong projected earnings in the United Kingdom.

        During the third quarter of 2016, our Australian affiliate made an election in Australia to combine the tax results of the URS Australia business with the AECOM Australia business. This election resulted in the ability to utilize the URS Australia businesses' deferred tax assets against the combined future earnings of the Australian group and accordingly, the valuation allowance of $12.9 million was released.

        Given the current and forecasted earnings trend, and anticipated coming out of cumulative losses in recent years for the remainder of our legal entities in the United Kingdom, sufficient positive evidence in the form of sustained earnings may become available in 2017 to release all (approximately $38 million) or a portion of the related valuation allowance in the United Kingdom for those remaining legal entities. A reversal could result in a significant benefit to tax expense in the quarter released.

        Certain operations in Canada continue to have losses and the associated valuation allowances could be reduced if and when our current and forecast profits trend turns and sufficient evidence exists to support the release of the related valuation allowance (approximately $12 million).

        We regularly integrate and consolidate our business operations and legal entity structure, and such internal initiatives could impact the assessment of uncertain tax positions, indefinite reinvestment assertions and the realizability of deferred tax assets.

Net Income (Loss) Attributable to AECOM

        The factors described above resulted in the net income attributable to AECOM of $96.1 million for the year ended September 30, 2016, as compared to the net loss attributable to AECOM of $154.8 million for the year ended September 30, 2015.

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Results of Operations by Reportable Segment

Design and Consulting Services

	Fiscal Year Ended
					Change
	September 30, 2016		September 30, 2015
					$			%
	($ in millions)
Revenue	$	7,655.8	$	7,962.9	$	(307.1	)		(3.9	)%
Cost of revenue		7,273.3		7,663.6		(390.3	)		(5.1	)
Gross profit	$	382.5	$	299.3	$	83.2			27.8	%

        The following table presents the percentage relationship of certain items to revenue:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
Revenue		100.0	%		100.0	%
Cost of revenue		95.0			96.2
Gross profit		5.0	%		3.8	%

Revenue

        Revenue for our DCS segment for the year ended September 30, 2016 decreased $307.1 million, or 3.9%, to $7,655.8 million as compared to $7,962.9 million for the corresponding period last year. Revenue provided by acquired companies was $119.2 million. Excluding revenue provided by acquired companies, revenue decreased $426.3 million, or 5.4%, from the year ended September 30, 2015.

        The decrease in revenue, excluding revenue provided by acquired companies, for the year ended September 30, 2016 was primarily attributable to a negative foreign currency impact of $200 million, mostly due to the strengthening of the U.S. dollar against the Australian and Canadian dollars and the British pound. Additionally, we experienced a decrease in the Europe, Middle East, and Africa region of approximately $120 million and in the Americas region of approximately $90 million across its end markets, including the transportation, water, and environment segments due to a decrease in public spending on capital projects.

Gross Profit

        Gross profit for our DCS segment for the year ended September 30, 2016 increased $83.2 million, or 27.8%, to $382.5 million as compared to $299.3 million for the corresponding period last year. As a percentage of revenue, gross profit increased to 5.0% of revenue for the year ended September 30, 2016 from 3.8% in the corresponding period last year.

        The increase in gross profit and gross profit as a percentage of revenue for the year ended September 30, 2016 was primarily attributable to decreased intangible amortization expense, net of the margin fair value adjustment of $71.7 million, primarily from URS.

49

Construction Services

	Fiscal Year Ended
					Change
	September 30, 2016		September 30, 2015
					$			%
	($ in millions)
Revenue	$	6,501.3	$	6,676.7	$	(175.4	)		(2.6	)%
Cost of revenue		6,470.2		6,633.9		(163.7	)		(2.5	)
Gross profit	$	31.1	$	42.8	$	(11.7	)		(27.3	)%

        The following table presents the percentage relationship of certain items to revenue:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
Revenue		100.0	%		100.0	%
Cost of revenue		99.5			99.4
Gross profit		0.5	%		0.6	%

Revenue

        Revenue for our CS segment for the year ended September 30, 2016 decreased $175.4 million, or 2.6%, to $6,501.3 million as compared to $6,676.7 million for the corresponding period last year. Revenue provided by acquired companies was $90.8 million. Excluding revenue provided by acquired companies, revenue decreased $266.2 million, or 4.0%, from the year ended September 30, 2015.

        The decrease in revenue, excluding the impact of revenue provided by acquired companies, for the year ended September 30, 2016 was primarily attributable to decreased revenue of approximately $600 million primarily driven by weak oil and gas markets in the Americas, $200 million from disposed businesses, and a negative foreign currency impact of $30 million, mostly due to the strengthening of the U.S. dollar against the Canadian dollar. These decreases were partially offset by approximately $570 million in increased revenue due to the construction of residential high-rise buildings in the city of New York and the construction of sports arenas in the Americas.

Gross Profit

        Gross profit for our CS segment for the year ended September 30, 2016 decreased $11.7 million, or 27.3%, to $31.1 million as compared to $42.8 million for the corresponding period last year. As a percentage of revenue, gross profit decreased to 0.5% of revenue for the year ended September 30, 2016 from 0.6% in the corresponding period last year.

        The decrease in gross profit for the year ended September 30, 2016 was primarily due to weak oil and gas markets in the Americas and a decline in award fees on power projects in the Americas, partially offset by decreased intangible amortization expense, net of the margin fair value adjustment of $24 million and favorable resolution of an acquisition related project matter of approximately $8 million for the year ended September 30, 2016.

50

Management Services

	Fiscal Year Ended
					Change
	September 30, 2016		September 30, 2015
					$			%
	($ in millions)
Revenue	$	3,253.7	$	3,350.3	$	(96.6	)		(2.9	)%
Cost of revenue		3,024.5		3,157.2		(132.7	)		(4.2	)
Gross profit	$	229.2	$	193.1	$	36.1			18.7	%

        The following table presents the percentage relationship of certain items to revenue:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
Revenue		100.0	%		100.0	%
Cost of revenue		93.0			94.2
Gross profit		7.0	%		5.8	%

Revenue

        Revenue for our MS segment for the year ended September 30, 2016 decreased $96.6 million, or 2.9%, to $3,253.7 million as compared to $3,350.3 million for the corresponding period last year. Revenue provided by acquired companies was $92.0 million. Excluding revenue provided by acquired companies, revenue decreased $188.6 million, or 5.6%, from the year ended September 30, 2015.

        The decrease in revenue for the year ended September 30, 2016 was primarily due to decreased services provided to the U.S. government in the Middle East and reduced revenue from chemical demilitarization projects for the Department of Defense, partially offset by the expected recovery of a pension related entitlement as discussed below.

Gross Profit

        Gross profit for our MS segment for the year ended September 30, 2016 increased $36.1 million, or 18.7%, to $229.2 million as compared to $193.1 million for the corresponding period last year. As a percentage of revenue, gross profit increased to 7.0% of revenue for the year ended September 30, 2016 from 5.8% in the corresponding period last year.

        Gross profit and gross profit as a percentage of revenue for the year ended September 30, 2016 benefited by approximately $50 million from the expected accelerated recovery of a pension related entitlement from the federal government, approximately $30 million from the reduction of acquisition related liabilities pertaining to the reassessment of legal matters associated with Department of Energy (DOE) nuclear sites, and $16 million of other favorable adjustments from acquisition related project and legal matters. Additionally, the increase was due to a performance incentive of $27 million related to an ongoing DOE contract and a $23 million decrease in intangible amortization expense, net of the margin fair value adjustment. These increases were partially offset by approximately $40 million in reduced award fees from chemical demilitarization projects for the DOD, approximately $40 million of reduced gross profit from services for the U.S government related to the Affordable Care Act and activities in the Middle East, and approximately $10 million from the favorable resolution of a project related liability in Libya in the prior year.

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Fiscal year ended September 30, 2015 compared to the fiscal year ended September 30, 2014

Consolidated Results

	Fiscal Year Ended
							Change
	September 30, 2015			September 30, 2014
							$			%
	($ in millions)
Revenue	$	17,989.9		$	8,356.8		$	9,633.1			115.3	%
Cost of revenue		17,454.7			7,953.6			9,501.1			119.5
Gross profit		535.2			403.2			132.0			32.7
Equity in earnings of joint ventures		106.2			57.9			48.3			83.4
General and administrative expenses		(114.0	)		(80.9	)		(33.1	)		40.9
Acquisition and integration expenses		(398.4	)		(27.3	)		(371.1	)		1,359.3
Income from operations		129.0			352.9			(223.9	)		(63.4	)
Other income		19.1			2.7			16.4			607.4
Interest expense		(299.6	)		(40.8	)		(258.8	)		634.3
Income before income tax expense		(151.5	)		314.8			(466.3	)		(148.1	)
Income tax (benefit) expense		(80.3	)		82.0			(162.3	)		(197.9	)
Net income		(71.2	)		232.8			(304.0	)		(130.6	)
Noncontrolling interests in income of consolidated subsidiaries, net of tax		(83.6	)		(2.9	)		(80.7	)		2,782.8
Net income attributable to AECOM	$	(154.8	)	$	229.9		$	(384.7	)		(167.3	)%

        The following table presents the percentage relationship of certain items to revenue:

	Fiscal Year Ended
	September 30, 2015			September 30, 2014
Revenue		100.0	%		100.0	%
Cost of revenue		97.0			95.2
Gross profit		3.0			4.8
Equity in earnings of joint ventures		0.6			0.7
General and administrative expenses		(0.7	)		(1.0	)
Acquisition and integration expenses		(2.2	)		(0.3	)
Income from operations		0.7			4.2
Other income		0.1			—
Interest expense		(1.6	)		(0.5	)
Income before income tax expense		(0.8	)		3.7
Income tax (benefit) expense		(0.4	)		1.0
Net income		(0.4	)		2.7
Noncontrolling interests in income of consolidated subsidiaries, net of tax		(0.5	)		—
Net income attributable to AECOM		(0.9	)%		2.7	%

Revenue

        Our revenue for the year ended September 30, 2015 increased $9,633.1 million, or 115.3%, to $17,989.9 million as compared to $8,356.8 million for the year ended September 30, 2014. Revenue

52

provided by acquired companies was $9,635.4 million for the year ended September 30, 2015. Excluding the revenue provided by acquired companies, revenue decreased $2.3 million, or 0.0%, from the year ended September 30, 2014.

        The decrease in revenue, excluding acquired companies, for the year ended September 30, 2015 was primarily attributable to a negative foreign currency impact of $260 million due to the strengthening of the U.S. dollar against the Australian and Canadian dollars and the British pound, coupled with a decrease in the DCS Americas region of $220 million across its end markets, a decrease in the MS segment of $148.8 million, excluding acquired companies, and a decrease in the DCS Asia Pacific region of approximately $110 million. These decreases were offset by an increase in the CS segment of $639.4 million primarily from construction management services provided on high-rise buildings in the city of New York, and an increase in the DCS Europe, Middle East, and Africa region of approximately $100 million.

        In the course of providing our services, we routinely subcontract for services and incur other direct costs on behalf of our clients. These costs are passed through to clients and, in accordance with industry practice and GAAP, are included in our revenue and cost of revenue. Because subcontractor and other direct costs can change significantly from project to project and period to period, changes in revenue may not always be indicative of business trends. Subcontractor and other direct costs for the years ended September 30, 2015 and 2014 were $8.3 billion and $3.5 billion, respectively. Subcontractor costs and other direct costs as a percentage of revenue, increased from 42% during the year ended September 30, 2014 to 46% during the year ended September 30, 2015 because URS has proportionately more construction oriented projects, and these projects utilize more subcontractors.

Gross Profit

        Our gross profit for the year ended September 30, 2015 increased $132.0 million, or 32.7%, to $535.2 million as compared to $403.2 million for the year ended September 30, 2014. Gross profit provided by acquired companies was $206.3 million. For the year ended September 30, 2015, gross profit, as a percentage of revenue, decreased to 3.0% from 4.8% in the year ended September 30, 2014. Excluding gross profit provided by acquired companies, gross profit decreased $74.3 million, or 18.4%, from the year ended September 30, 2014.

        The decreases in gross profit, excluding acquired companies, and gross profit, as a percentage of revenue, for the year ended September 30, 2015 were primarily due to factors impacting our segments as described below, including a decrease in revenue in the Americas region in our DCS segment.

Equity in Earnings of Joint Ventures

        Our equity in earnings of joint ventures for the year ended September 30, 2015 was $106.2 million as compared to $57.9 million for the year ended September 30, 2014. Equity in earnings of joint ventures provided by acquired companies was $80.1 million. Excluding earnings provided by acquired companies, earnings decreased $31.8 million, or 54.8%, from the year ended September 30, 2014.

        The decrease in earnings of joint ventures for the year ended September 30, 2015, excluding acquisitions, was primarily due to the prior year $37.4 million gain on change in control of an unconsolidated joint venture that performs engineering and program management services in the Middle East and is included in our DCS segment. The gain related to the excess of fair value over the carrying value of the previously held equity interest in the unconsolidated joint venture. The gain on change in control was partially offset by an impairment of an unrelated joint venture investment.

General and Administrative Expenses

        Our general and administrative expenses for the year ended September 30, 2015 increased $33.1 million, or 40.9%, to $114.0 million as compared to $80.9 million for the year ended September 30, 2014. As a percentage of revenue, general and administrative expenses decreased to 0.7% for the year ended September 30, 2015 from 1.0% for the year ended September 30, 2014.

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        The increase in general and administrative expenses for the year ended September 30, 2015 was primarily due to increased personnel and related costs associated with the acquisition of URS.

Acquisition and Integration Expenses

        Acquisition and integration expenses, resulting from the acquisition of URS, were comprised of the following (in millions):

	Year Ended September 30,
	2015		2014
Severance and personnel costs	$	223.8	$	15.2
Professional services, real estate-related, and other expenses		174.6		12.1
Total	$	398.4	$	27.3

Other Income

        Our other income for the year ended September 30, 2015 increased $16.4 million to $19.1 million as compared to $2.7 million for the year ended September 30, 2014.

        The increase in other income for the year ended September 30, 2015 was primarily due to the sale of an infrastructure fund investment.

Interest Expense

        Our interest expense for the year ended September 30, 2015 was $299.6 million as compared to $40.8 million for the year ended September 30, 2014.

        The increase in interest expense for the year ended September 30, 2015 was primarily due to a $55.6 million penalty upon prepayment of unsecured senior notes, the increase in interest expense generated by the Company's $3.8 billion increase in debt incurred in connection the acquisition of URS, and the write-off of capitalized debt issuance costs from our previous debt facilities.

Income Tax (Benefit) Expense

        Our income tax benefit for the year ended September 30, 2015 was $80.3 million compared to income tax expense of $82.0 million for the year ended September 30, 2014. The effective tax rate was (53.0)% and 26.1% for the years ended September 30, 2015 and 2014, respectively.

        The decrease in income tax expense for the year ended September 30, 2015 was primarily due to $29.3 million of the effect of non-controlling interests in income of consolidated subsidiaries from the acquisition of URS, $160 million of a change in the geographical mix of earnings/losses primarily attributable to the acquisition and integration costs incurred in the United States which attracts a higher tax rate than our foreign jurisdictions, $5.7 million of energy-related and other tax incentives, and an incremental tax benefit of $8.3 million related to the reinstatement of expiring tax provisions such as the research and development tax credit during the period, partially offset by a $23.7 million increase in valuation allowances regarding realizability of certain current year foreign losses, and an $11.7 million decrease in the domestic production activities deduction.

Net (Loss) Income Attributable to AECOM

        The factors described above resulted in the net loss attributable to AECOM of $154.8 million for the year ended September 30, 2015, as compared to the net income attributable to AECOM of $229.9 million

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for the year ended September 30, 2014. This decrease was primarily due to the acquisition and integration expenses of $398.4 million associated with the URS Corporation acquisition.

Results of Operations by Reportable Segment

Design and Consulting Services

	Fiscal Year Ended
					Change
	September 30, 2015		September 30, 2014
					$			%
	($ in millions)
Revenue	$	7,962.9	$	5,443.1	$	2,519.8			46.3	%
Cost of revenue		7,663.6		5,112.8		2,550.8			49.9
Gross profit	$	299.3	$	330.3	$	(31.0	)		(9.4	)%

        The following table presents the percentage relationship of certain items to revenue:

	Fiscal Year Ended
	September 30, 2015			September 30, 2014
Revenue		100.0	%		100.0	%
Cost of revenue		96.2			93.9
Gross profit		3.8	%		6.1	%

Revenue

        Revenue for our DCS segment for the year ended September 30, 2015 increased $2,519.8 million, or 46.3%, to $7,962.9 million as compared to $5,443.1 million for the year ended September 30, 2014. Revenue provided by acquired companies was $3,012.7 million. Excluding revenue provided by acquired companies, revenue decreased $492.9 million, or 9.1%, from the year ended September 30, 2014.

        The decrease in revenue, excluding acquired companies, for the year ended September 30, 2015 was primarily attributable to a negative foreign currency impact of $260 million mostly due to the strengthening of the U.S. dollar against the Australian and Canadian dollars and the British pound. Additionally, we experienced a decrease in the Americas region of $220 million across its end markets, including the transportation, water, and environment segments due to a decrease in public spending on capital projects, and a decrease in the Asia Pacific region of approximately $110 million due to an economic slowdown in mainland China. These decreases were partially offset by an increase in the Europe, Middle East, and Africa region of approximately $100 million due to the recovery and strengthening of economic conditions in Europe and the Middle East.

Gross Profit

        Gross profit for our DCS segment for the year ended September 30, 2015 decreased $31.0 million, or 9.4%, to $299.3 million as compared to $330.3 million for the year ended September 30, 2014. Gross profit provided by acquired companies was $48.0 million. Excluding gross profit provided by acquired companies, gross profit decreased $79.0 million, or 23.9%, from the year ended September 30, 2014. As a percentage of revenue, gross profit decreased to 3.8% of revenue for the year ended September 30, 2015 from 6.1% for the year ended September 30, 2014.

        The decrease in gross profit and gross profit as a percentage of revenue for the year ended September 30, 2015 was primarily attributable to a decrease in revenue in the Americas region as discussed above. Specifically. as a result of the revenue decline, we experienced declines in profitability primarily

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within our transportation, water, and environmental-related projects in the Americas. Additionally, the decrease in gross profit as a percentage of revenue was due to fixed costs in the Americas, including indirect labor, office lease, and business development costs, that did not decrease proportionately with revenue. Also, the decreases in gross profit and gross profit as a percentage of revenue were partly attributable to an approximately $12 million benefit recognized in the prior year from the collection of a previously reserved Americas design services-related project receivable.

        Billings in excess of costs on uncompleted contracts includes a margin fair value liability associated with long-term contracts acquired in connection with the acquisition of URS on October 17, 2014. Revenue and the related income from operations related to the margin fair value liability recognized during the year ended September 30, 2015, since the acquisition date, was $45.0 million. This amount was offset by amortization of intangible assets relating to URS of $180.6 million during the year ended September 30, 2015 since the acquisition date.

Construction Services

	Fiscal Year Ended
					Change
	September 30, 2015		September 30, 2014
					$		%
	($ in millions)
Revenue	$	6,676.7	$	2,004.3	$	4,672.4		233.1	%
Cost of revenue		6,633.9		1,975.0		4,658.9		235.9
Gross profit	$	42.8	$	29.3	$	13.5		46.1	%

        The following table presents the percentage relationship of certain items to revenue:

	Fiscal Year Ended
	September 30, 2015			September 30, 2014
Revenue		100.0	%		100.0	%
Cost of revenue		99.4			98.5
Gross profit		0.6	%		1.5	%

Revenue

        Revenue for our CS segment for the year ended September 30, 2015 increased $4,672.4 million, or 233.1%, to $6,676.7 million as compared to $2,004.3 million for the year ended September 30, 2014. Revenue provided by acquired companies was $4,033.0 million. Excluding revenue provided by acquired companies, revenue increased $639.4 million, or 31.9%, from the year ended September 30, 2014.

        The increase in revenue, excluding revenue provided by acquired companies, for the year ended September 30, 2015 was primarily attributable to construction management services provided on high-rise buildings in the city of New York. Revenues provided by acquired companies in the year ended September 30, 2015 were negatively impacted by weak oil, gas, and power trends.

Gross Profit

        Gross profit for our CS segment for the year ended September 30, 2015 increased $13.5 million, or 46.1%, to $42.8 million as compared to $29.3 million for the year ended September 30, 2014. Gross profit provided by acquired companies was $6.8 million. Excluding gross profit provided by acquired companies, gross profit increased $6.7 million, or 23.0%, from the year ended September 30, 2014. As a percentage of revenue, gross profit decreased to 0.6% of revenue for the year ended September 30, 2015 from 1.5% for the year ended September 30, 2014.

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Management Services

	Fiscal Year Ended
					Change
	September 30, 2015		September 30, 2014
					$		%
	($ in millions)
Revenue	$	3,350.3	$	909.4	$	2,440.9		268.4	%
Cost of revenue		3,157.2		865.8		2,291.4		264.7
Gross profit	$	193.1	$	43.6	$	149.5		342.9	%

        The following table presents the percentage relationship of certain items to revenue:

	Fiscal Year Ended
	September 30, 2015			September 30, 2014
Revenue		100.0	%		100.0	%
Cost of revenue		94.2			95.2
Gross profit		5.8	%		4.8	%

Revenue

        Revenue for our MS segment for the year ended September 30, 2015 increased $2,440.9 million, or 268.4%, to $3,350.3 million as compared to $909.4 million for the year ended September 30, 2014. Revenue provided by acquired companies was $2,589.7 million. Excluding revenue provided by acquired companies, revenue decreased $148.8 million, or 16.4%, from the year ended September 30, 2014.

        The decrease in revenue, excluding revenue provided by acquired companies, for the year ended September 30, 2015 was primarily due to decreased services provided to the U.S. government in the Middle East and Africa.

Gross Profit

        Gross profit for our MS segment for the year ended September 30, 2015 was $193.1 million as compared to $43.6 million for the year ended September 30, 2014. Gross profit provided by acquired companies was $151.5 million. Excluding gross profit provided by acquired companies, gross profit decreased $2.0 million, or 4.6%, from the year ended September 30, 2014. As a percentage of revenue, gross profit increased to 5.8% of revenue for the year ended September 30, 2015 from 4.8% for the year ended September 30, 2014.

Seasonality

        We experience seasonal trends in our business. Our revenue is typically higher in the last half of the fiscal year. The fourth quarter of our fiscal year (July 1 to September 30) is typically our strongest quarter. We find that the U.S. Federal Government tends to authorize more work during the period preceding the end of our fiscal year, September 30. In addition, many U.S. state governments with fiscal years ending on June 30 tend to accelerate spending during their first quarter, when new funding becomes available. Further, our construction management revenue typically increases during the high construction season of the summer months. Within the United States, as well as other parts of the world, our business generally benefits from milder weather conditions in our fiscal fourth quarter, which allows for more productivity from our on-site civil services. Our construction and project management services also typically expand during the high construction season of the summer months. The first quarter of our fiscal year (October 1 to December 31) is typically our weakest quarter. The harsher weather conditions impact our ability to complete work in parts of North America and the holiday season schedule affects our productivity during

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this period. For these reasons, coupled with the number and significance of client contracts commenced and completed during a particular period, as well as the timing of expenses incurred for corporate initiatives, it is not unusual for us to experience seasonal changes or fluctuations in our quarterly operating results.

Liquidity and Capital Resources

Cash Flow

        Our principal sources of liquidity are cash flows from operations, borrowings under our credit facilities, and access to financial markets. Our principal uses of cash are operating expenses, capital expenditures, working capital requirements, acquisitions, and repayment of debt. We believe our anticipated sources of liquidity including operating cash flows, existing cash and cash equivalents, borrowing capacity under our revolving credit facility and our ability to issue debt or equity, if required, will be sufficient to meet our projected cash requirements for at least the next 12 months.

        Generally, we do not provide for U.S. taxes or foreign withholding taxes on gross book-tax basis differences in our non-U.S. subsidiaries because such basis differences are able to and intended to be reinvested indefinitely. Determination of the amount of any unrecognized deferred income tax liability on this temporary difference is not practicable because of the complexities of the hypothetical calculation. We have a deferred tax liability in the amount of $113.2 million relating to certain foreign subsidiaries for which the basis difference is not intended to be reinvested indefinitely as part of the liabilities assumed in connection with the acquisition of URS. Based on the available sources of cash flows discussed above, we anticipate we will continue to have the ability to permanently reinvest these remaining amounts.

        At September 30, 2016, cash and cash equivalents were $692.1 million, an increase of $8.2 million, or 1.2%, from $683.9 million at September 30, 2015. The increase in cash and cash equivalents was primarily attributable to cash provided by operating activities and proceeds from the disposal of business and property and equipment, partially offset by net repayments of borrowings under credit agreements, payments for capital expenditures, net distributions to noncontrolling interest, and investment in unconsolidated joint ventures.

        Net cash provided by operating activities was $814.2 million for the year ended September 30, 2016, an increase of $49.8 million, or 6.5%, from $764.4 million for the year ended September 30, 2015. The increase was primarily attributable to the timing of receipts and payments of working capital, which include accounts receivable, accounts payable, accrued expenses, and billings in excess of costs on uncompleted contracts. The sale of trade receivables to financial institutions during the year ended September 30, 2016 provided a net benefit of $120.1 million as compared to $108.9 million during the year ended September 30, 2015. We expect to continue to sell trade receivables in the future as long as the terms continue to remain favorable to the Company.

        Net cash used in investing activities was $162.6 million for the year ended September 30, 2016, as compared to net cash used in investing activities of $3,345.7 million for the year ended September 30, 2015. This change was primarily attributable to the payments for business acquisitions, net of cash acquired during the three months ended December 31, 2014 related to the acquisition of URS as more fully described in Note 3 to the accompanying financial statements. Payments for this acquisition included cash paid to stockholders and the payment of URS debt.

        Net cash used in financing activities was $638.0 million for the year ended September 30, 2016, as compared to net cash provided by financing activities of $2,719.8 million for the year ended September 30, 2015. This change was primarily attributable to debt issued to finance the acquisition of URS during the three months ended December 31, 2014, as more fully described in Note 8 to the accompanying financial statements. Approximately $180.1 million of our URS 3.85% Senior Notes are due in April 2017 and we

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expect to pay off the notes from cash flow from operations, borrowings under our Credit Agreement or capital market financings.

URS Financing and Acquisition and Integration Expenses

        During year ended September 30, 2016, we incurred approximately $183.3 million amortization of intangible assets expense (including the effects of amortization included in equity in earnings of joint ventures and noncontrolling interests), and approximately $213.6 million of acquisition and integration expenses. During the year ended September 30, 2015, acquisition related financing expenses were recognized in interest expense and primarily consisted of a pre-payment penalty of $55.6 million, from the repayment of our unsecured senior notes, and $9.0 million related to the write-off of capitalized debt issuance costs from our unsecured senior notes, and secured 2014 Credit Agreement. Acquisition and integration expenses comprised of the following (in millions):

	Twelve Months Ended
	Sept 30, 2016		Sept 30, 2015
Severance and personnel costs	$	23.4	$	223.8
Professional service, real estate-related, and other expenses		190.2		174.6
Total	$	213.6	$	398.4

        We expect to incur approximately $95 million of amortization of intangible assets expense (including the effects of amortization included in equity in earnings of joint ventures and noncontrolling interests), and approximately $30 million of acquisition and integration expenses in fiscal 2017.

Working Capital

        Working capital, or current assets less current liabilities, decreased $714.0 million, or 50.6%, to $696.0 million at September 30, 2016 from $1,410.0 million at September 30, 2015. The decrease was primarily due to the adoption of accounting guidance resulting in a reclassification of net current deferred tax assets and net current deferred tax liabilities to net non-current deferred tax assets and net non-current deferred tax liabilities and an increase in current portion of long-term debt due to the maturity of the 2017 URS Senior Notes in April 2017. Net accounts receivable, which includes billed and unbilled costs and fees, net of billings in excess of costs on uncompleted contracts, decreased $288.1 million, or 6.9%, to $3,899.5 million at September 30, 2016 from $4,187.6 million at September 30, 2015.

        Days Sales Outstanding (DSO), which includes accounts receivable, net of billings in excess of costs on uncompleted contracts, and excludes the effects of recent acquisitions, was 82 days at September 30, 2016 compared to 82 days at September 30, 2015.

        In Note 4, Accounts Receivable—Net, in the notes to our consolidated financial statements, a comparative analysis of the various components of accounts receivable is provided. Substantially all unbilled receivables are expected to be billed and collected within twelve months.

        Unbilled receivables related to claims are recorded only if it is probable that the claim will result in additional contract revenue and if the amount can be reliably estimated. In such cases, revenue is recorded only to the extent that contract costs relating to the claim have been incurred. Other than as disclosed, there are no material net receivables related to contract claims as of September 30, 2016 and 2015. Award fees in unbilled receivables are accrued only when there is sufficient information to assess contract performance. On contracts that represent higher than normal risk or technical difficulty, award fees are generally deferred until an award fee letter is received.

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        Because our revenue depends to a great extent on billable labor hours, most of our charges are invoiced following the end of the month in which the hours were worked, the majority usually within 15 days. Other direct costs are normally billed along with labor hours. However, as opposed to salary costs, which are generally paid on either a bi-weekly or monthly basis, other direct costs are generally not paid until payment is received (in some cases, in the form of advances) from the customers.

Debt

        Debt consisted of the following:

	September 30, 2016			September 30, 2015
	(in millions)
2014 Credit Agreement	$	1,954.9		$	2,414.3
2014 Senior Notes		1,600.0			1,600.0
URS Senior Notes		427.7			429.4
Other debt		142.7			163.2
Total debt		4,125.3			4,606.9
Less: Current portion of debt and short-term borrowings		(366.3	)		(160.4	)
Long-term debt, less current portion	$	3,759.0		$	4,446.5

        The following table presents, in millions, our scheduled maturities as of September 30, 2016:

Fiscal Year
2017	$	366.3
2018		126.6
2019		117.4
2020		111.8
2021		1,455.2
Thereafter		1,948.0
Total	$	4,125.3

2014 Credit Agreement

        We entered into a credit agreement (Credit Agreement) on October 17, 2014, as amended, consisting of (i) a term loan A facility in an aggregate principal amount of $1.925 billion, (ii) a term loan B facility in an aggregate principal amount of $0.76 billion and (iii) a revolving credit facility in an aggregate principal amount of $1.05 billion. These facilities under the Credit Agreement may be increased by an additional amount of up to $500 million. The Credit Agreement's term extends to September 29, 2021 with respect to the revolving credit facility and the term loan A facility and October 17, 2021 with respect to the term loan B facility. Some subsidiaries of the Company (Guarantors) have guaranteed the obligations of the borrowers under the Credit Agreement. The borrowers' obligations under the Credit Agreement are secured by a lien on substantially all of the assets of the Company and the Guarantors pursuant to a security and pledge agreement (Security Agreement). The collateral under the Security Agreement is subject to release upon fulfillment of certain conditions specified in the Credit Agreement and Security Agreement.

        The Credit Agreement contains covenants that limit our ability and certain of our subsidiaries to, among other things: (i) create, incur, assume, or suffer to exist liens; (ii) incur or guarantee indebtedness; (iii) pay dividends or repurchase stock; (iv) enter into transactions with affiliates; (v) consummate asset

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sales, acquisitions or mergers; (vi) enter into certain types of burdensome agreements; or (vii) make investments.

        On July 1, 2015, the Credit Agreement was amended to revise the definition of "Consolidated EBITDA" to increase the allowance for acquisition and integration expenses related to the acquisition of URS.

        On December 22, 2015, the Credit Agreement was amended to further revise the definition of "Consolidated EBITDA" by further increasing the allowance for acquisition and integration expenses related to the acquisition of URS and to allow for an internal corporate restructuring primarily involving our international subsidiaries.

        On September 29, 2016, the Credit Agreement and the Security Agreement were amended to (1) lower the applicable interest rate margins for the term loan A and the revolving credit facilities, and lower the applicable letter of credit fees and commitment fees to the revised consolidated leverage levels; (2) extend the term of the term loan A and the revolving credit facility to September 29, 2021; (3) add a new delayed draw term loan A facility tranche in the amount of $185.0 million; (4) replace the then existing $500 million performance letter of credit facility with a $500 million basket to enter into secured letters of credit outside the Credit Agreement; and (5) revise certain covenants, including the Maximum Consolidated Leverage Ratio so that the step down from a 5.00 to a 4.75 leverage ratio is effective as of March 31, 2017 as well as the investment basket for our AECOM Capital business.

        Under the Credit Agreement, we are subject to a maximum consolidated leverage ratio and minimum consolidated interest coverage ratio at the end of each fiscal quarter. Our Consolidated Leverage Ratio was 4.3 at September 30, 2016. As of September 30, 2016, we were in compliance with the covenants of the Credit Agreement.

        At September 30, 2016 and 2015, outstanding standby letters of credit totaled $92.3 million and $92.5 million, respectively, under our revolving credit facilities. As of September 30, 2016 and 2015, we had $888.4 million and $947.6 million, respectively, available under our revolving credit facility.

2014 Senior Notes

        On October 6, 2014, we completed a private placement offering of $800,000,000 aggregate principal amount of our 5.750% Senior Notes due 2022 (2022 Notes) and $800,000,000 aggregate principal amount of our 5.875% Senior Notes due 2024 (the 2024 Notes and, together with the 2022 Notes, the 2014 Senior Notes or Notes).

        As of September 30, 2016, the estimated fair market value of our 2014 Senior Notes was approximately $838.0 million for the 2022 Notes and $850.0 million for the 2024 Notes. The fair value of the Notes as of September 30, 2016 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of its Notes.

        At any time prior to October 15, 2017, we may redeem all or part of the 2022 Notes, at a redemption price equal to 100% of their principal amount, plus a "make whole" premium as of the redemption date, and accrued and unpaid interest (subject to the rights of holders of record on the relevant record date to receive interest due on the relevant interest payment date). In addition, at any time prior to October 15, 2017, we may redeem up to 35% of the original aggregate principal amount of the 2022 Notes with the proceeds of one or more equity offerings, at a redemption price equal to 105.750%, plus accrued and unpaid interest. Furthermore, at any time on or after October 15, 2017, we may redeem the 2022 Notes, in whole or in part, at once or over time, at the specified redemption prices plus accrued and unpaid interest thereon to the redemption date. At any time prior to July 15, 2024, we may redeem on one or more occasions all or part of the 2024 Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a "make-whole" premium as of the date of the redemption, plus any accrued and

61

unpaid interest to the date of redemption. In addition, on or after July 15, 2024, the 2024 Notes may be redeemed at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest to the date of redemption.

        The indenture pursuant to which the 2014 Senior Notes were issued contains customary events of default, including, among other things, payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The indenture also contains customary negative covenants.

        In connection with the offering of the Notes, the Company and the Guarantors entered into a Registration Rights Agreement, dated as of October 6, 2014 to exchange the Notes for registered notes having terms substantially identical in all material respects (except certain transfer restrictions, registration rights and additional interest provisions relating to the Notes will not apply to the registered notes). We filed an initial registration statement on Form S-4 with the SEC on July 6, 2015 that was declared effective by the SEC on September 29, 2015. On November 2, 2015, we completed our exchange offer which exchanged the Notes for the registered notes, as well as all related guarantees.

        We were in compliance with the covenants relating to the Notes as of September 30, 2016.

URS Senior Notes

        In connection with the URS acquisition, we assumed URS's 3.85% Senior Notes due 2017 (2017 URS Senior Notes) and its 5.00% Senior Notes due 2022 (2022 URS Senior Notes), totaling $1.0 billion (URS Senior Notes). The URS acquisition triggered change in control provisions in the URS Senior Notes that allowed the holders of the URS Senior Notes to redeem their URS Senior Notes at a cash price equal to 101% of the principal amount and, accordingly, we redeemed $572.3 million of the URS Senior Notes on October 24, 2014. The URS Senior Notes are general unsecured senior obligations of AECOM Global II, LLC (as successor in interest to URS) and URS Fox US LP and are fully and unconditionally guaranteed on a joint-and-several basis by certain former URS domestic subsidiary guarantors.

        As of September 30, 2016, the estimated fair market value of the URS Senior Notes was approximately $180.1 million for the 2017 URS Senior Notes and $243.6 million for the 2022 URS Senior Notes. The carrying value of the URS Senior Notes on our Consolidated Balance Sheets as of September 30, 2016 was $180.1 million for the 2017 URS Senior Notes and $247.6 million for the 2022 URS Senior Notes. The fair value of the URS Senior Notes as of September 30, 2016 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of the URS Senior Notes.

        As of September 30, 2016, we were in compliance with the covenants relating to the URS Senior Notes.

Other Debt

        Other debt consists primarily of obligations under capital leases and loans, and unsecured credit facilities. Our unsecured credit facilities are primarily used for standby letters of credit issued for payment of performance guarantees. At September 30, 2016 and 2015, these outstanding standby letters of credit totaled $382.2 million and $344.0 million, respectively. As of September 30, 2016, we had $546.2 million available under these unsecured credit facilities.

Effective Interest Rate

        Our average effective interest rate on our total debt, including the effects of the interest rate swap agreements, during the years ended September 30, 2016, 2015 and 2014 was 4.4%, 4.2% and 2.8%, respectively.

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Joint Venture Arrangements and Other Commitments

        We enter into various joint venture arrangements to provide architectural, engineering, program management, construction management and operations and maintenance services. The ownership percentage of these joint ventures is typically representative of the work to be performed or the amount of risk assumed by each joint venture partner. Some of these joint ventures are considered variable interest. We have consolidated all joint ventures for which we have control. For all others, our portion of the earnings is recorded in equity in earnings of joint ventures. See Note 6 in the notes to our consolidated financial statements.

        Other than normal property and equipment additions and replacements, expenditures to further the implementation of our Enterprise Resource Planning system, commitments under our incentive compensation programs, amounts we may expend to repurchase stock under our stock repurchase program and acquisitions from time to time, we currently do not have any significant capital expenditures or outlays planned except as described below. However, if we acquire additional businesses in the future or if we embark on other capital-intensive initiatives, additional working capital may be required.

        Under our secured revolving credit facility and other facilities discussed in Other Debt above, as of September 30, 2016, there was approximately $474.5 million outstanding under standby letters of credit issued primarily in connection with general and professional liability insurance programs and for contract performance guarantees. For those projects for which we have issued a performance guarantee, if the project subsequently fails to meet guaranteed performance standards, we may either incur significant additional costs or be held responsible for the costs incurred by the client to achieve the required performance standards.

        We recognized on our balance sheet the funded status (measured as the difference between the fair value of plan assets and the projected benefit obligation) of our pension benefit plans. The total amounts of employer contributions paid for the year ended September 30, 2016 were $18.5 million for U.S. plans and $20.2 million for non-U.S. plans. Funding requirements for each plan are determined based on the local laws of the country where such plan resides. In certain countries, the funding requirements are mandatory while in other countries, they are discretionary. There is a required minimum contribution for one of our domestic plans; however, we may make additional discretionary contributions. In the future, such pension funding may increase or decrease depending on changes in the levels of interest rates, pension plan performance and other factors. In addition, we have collective bargaining agreements with unions that require us to contribute to various third party multiemployer pension plans that we do not control or manage.

Commitments and Contingencies

        We record amounts representing our probable estimated liabilities relating to claims, guarantees, litigation, audits and investigations. We rely in part on qualified actuaries to assist us in determining the level of reserves to establish for insurance-related claims that are known and have been asserted against the Company, and for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to our claims administrators as of the respective balance sheet dates. We include any adjustments to such insurance reserves in our consolidated results of operations. Our reasonably possible loss disclosures are presented on a gross basis prior to the consideration of insurance recoveries. We do not record gain contingencies until they are realized. In the ordinary course of business, we may not be aware that we or our affiliates are under investigation and may not be aware of whether or not a known investigation has been concluded.

        In the ordinary course of business, we may enter into various arrangements providing financial or performance assurance to clients, lenders, or partners. Such arrangements include standby letters of credit, surety bonds, and corporate guarantees to support the creditworthiness or the project execution commitments of our affiliates, partnerships and joint ventures. Performance arrangements typically have

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various expiration dates ranging from the completion of the project contract and extending beyond contract completion in certain circumstances such as for warranties. We may also guarantee that a project, when complete, will achieve specified performance standards. If the project subsequently fails to meet guaranteed performance standards, we may incur additional costs, pay liquidated damages or be held responsible for the costs incurred by the client to achieve the required performance standards. The potential payment amount of an outstanding performance arrangement is typically the remaining cost of work to be performed by or on behalf of third parties. Generally, under joint venture arrangements, if a partner is financially unable to complete its share of the contract, the other partner(s) may be required to complete those activities.

        At September 30, 2016 and 2015, we were contingently liable in the amount of $474.5 million and $436.5 million, respectively, in issued standby letters of credit and $3.3 billion and $2.3 billion, respectively, in issued surety bonds primarily to support project execution.

        In connection with the investment activities of AECOM Capital, we provide guarantees of certain obligations, including guarantees for completion of projects, repayment of debt, environmental indemnity obligations and acts of willful misconduct.

DOE Deactivation, Demolition, and Removal Project

        Washington Group International, an Ohio company (WGI Ohio), an affiliate of URS, executed a cost-reimbursable task order with the Department of Energy (DOE) in 2007 to provide deactivation, demolition and removal services at a New York State project site that, during 2010, experienced contamination and performance issues and remains uncompleted. In February 2011, WGI Ohio and the DOE executed a Task Order Modification that changed some cost-reimbursable contract provisions to at-risk. The Task Order Modification, including subsequent amendments, requires the DOE to pay all project costs up to $106 million, requires WGI Ohio and the DOE to equally share in all project costs incurred from $106 million to $146 million, and requires WGI Ohio to pay all project costs exceeding $146 million.

        Due to unanticipated requirements and permitting delays by federal and state agencies, as well as delays and related ground stabilization activities caused by Hurricane Irene in 2011, WGI Ohio has been required to perform work outside the scope of the Task Order Modification. In December 2014, WGI Ohio submitted claims against the DOE pursuant to the Contracts Disputes Acts seeking recovery of $103 million, including additional fees on changed work scope.

        Due to significant delays and uncertainties about responsibilities for the scope of remaining work, final project completion costs and other associated costs may exceed $100 million over the contracted amounts. In addition, WGI Ohio assets and liabilities, including the value of the above costs and claims, were also measured at their fair value on October 17, 2014, the date AECOM acquired WGI Ohio's parent company, see Note 3, which is reevaluated to account for developments pertaining to this matter.

        WGI Ohio can provide no certainty that it will recover the DOE claims and fees submitted in December 2014, as well as any other project costs after December 2014 that WGI Ohio may be obligated to incur including the remaining project completion costs, which could have a material adverse effect on the Company's results of operations.

AECOM Australia

        In 2005 and 2006, the Company's main Australian subsidiary, AECOM Australia Pty Ltd (AECOM Australia), performed a traffic forecast assignment for a client consortium as part of the client's project to design, build, finance and operate a tolled motorway tunnel in Australia. To fund the motorway's design and construction, the client formed certain special purpose vehicles (SPVs) that raised approximately $700 million Australian dollars through an initial public offering (IPO) of equity units in 2006 and

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approximately an additional $1.4 billion Australian dollars in long term bank loans. The SPVs went into insolvency administrations in February 2011.

        KordaMentha, the receivers for the SPVs (the RCM Applicants), caused a lawsuit to be filed against AECOM Australia by the RCM Applicants in the Federal Court of Australia on May 14, 2012. Portigon AG (formerly WestLB AG), one of the lending banks to the SPVs, filed a lawsuit in the Federal Court of Australia against AECOM Australia on May 18, 2012. Separately, a class action lawsuit, which has been amended to include approximately 770 of the IPO investors, was filed against AECOM Australia in the Federal Court of Australia on May 31, 2012.

        All of the lawsuits claim damages that purportedly resulted from AECOM Australia's role in connection with the above described traffic forecast. On July 10, 2015, AECOM Australia, the RCM Applicants and Portigon AG entered into a Deed of Release settling the respective lawsuits for $205 million (U.S. dollars).

        On May 31, 2016, AECOM Australia and other parties to the class action lawsuit entered into a conditional settlement aggregating to $91 million (U.S. Dollars) with the class action applicants on a "no admissions" basis. The Federal Court of Australia conducted a hearing on August 10, 2016 and approved the settlement amount and all claims among the parties have been released. The class action settlement did not have a material impact on the Company's financial results.

DOE Hanford Nuclear Reservation

        URS Energy and Construction, Washington River Protection Solutions LLC and Washington Closure Hanford LLC (collectively the URS Affiliates) perform services under multiple contracts (including under the Waste Treatment Plant contract, the Tank Farm contract and the River Corridor contract) at the DOE's Hanford nuclear reservation that have been subject to various government investigations or litigation matters:

•

Waste Treatment Plant government investigation: The federal government is conducting an investigation into the Company's affiliate, URS Energy & Construction, a subcontractor on the Waste Treatment Plant, regarding contractual compliance and various technical issues in the design, development and construction of the Waste Treatment Plant. The federal government and URS Energy & Construction have engaged in settlement discussions towards the resolution of this matter.

•

Tank Farms government investigation: The federal government is conducting an investigation regarding the time keeping of employees at the Company's joint venture, Washington River Protection Solutions LLC, when the joint venture took over as the prime contractor from another federal contractor. The federal government and Washington River Protection Solutions LLC have engaged in advanced settlement discussions and Washington River Protection Solutions LLC reassessed its estimate of the matter, which is not expected to have a material impact.

•

River Corridor litigation: The federal government has partially intervened with a relator in a Qui Tam complaint filed in the Eastern District of Washington in December 2013 against the Company's joint venture, Washington Closure Hanford LLC, alleging that its contracting procedures under the Small Business Act violated the False Claims Act. On October 2015, Washington Closure Hanford LLC's motion to dismiss the claim was partially denied.

        The URS Affiliates periodically reevaluate the estimated fair value of liabilities assumed from URS Corporation, including the legal related liabilities described above and in Note 3, to account for developments related to the Hanford matters. The URS Affiliates dispute the Waste Treatment Plant and River Corridor matters and intend to continue to defend these ongoing matters vigorously, although the URS Affiliates are engaging in the settlement discussions noted above. The URS Affiliates cannot provide assurances that they will be successful in these defense or settlement efforts. The potential range of loss

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and any difference from the current accrual cannot be reasonably estimated at this time, primarily due to the fact that these matters involve complex and unique environmental and regulatory issues; each project site contains multiple parties, including various local, state and federal government agencies; conflicts of law between local, state and federal regulations; substantial uncertainty regarding any alleged damages; and the various stages of the government investigations or litigation matters.

Securities Litigation Matter

        On September 1, 2016, William Graves, an AECOM stockholder, filed a securities class action complaint in the United States District Court for the Central District of California alleging that the Company and its senior executives made materially false and misleading statements in violation of the federal securities laws. The Company believes the complaint is without merit and intends to vigorously defend against it. While no assurance can be given as to the ultimate outcome of this action, the Company believes that the final resolution of this action will not have a material adverse effect on our consolidated financial position, results of operations, cash flows or our ability to conduct business.

Contractual Obligations and Commitments

        The following summarizes our contractual obligations and commercial commitments as of September 30, 2016:

Contractual Obligations and Commitments	Total		Less than One Year		One to Three Years		Three to Five Years		More than Five Years
	(in millions)
Debt	$	4,125.3	$	366.3	$	244.0	$	1,567.0	$	1,948.0
Interest on debt		1,044.7		179.6		340.3		327.5		197.3
Operating leases		1,464.3		279.4		427.4		293.4		464.1
Pension funding obligations(1)		33.8		33.8		—		—		—
Total contractual obligations and commitments	$	6,668.1	$	859.1	$	1,011.7	$	2,187.9	$	2,609.4

(1)

Represents expected fiscal 2017 contributions to fund our defined benefit pension and other postretirement plans. Contributions beyond one year have not been included as amounts are not determinable.

New Accounting Pronouncements and Changes in Accounting

        In May 2014, the Financial Accounting Standards Board (FASB) issued new accounting guidance which amended the existing accounting standards for revenue recognition. The new accounting guidance establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. We continue to evaluate the impact and method of the adoption of the new accounting guidance on our consolidated financial statements and expect to adopt the new guidance at October 1, 2018.

        In February 2015, the FASB issued amended guidance to the consolidation standard which updates the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, among other provisions. This amended guidance will be effective for our fiscal year beginning October 1, 2016. We do not expect the adoption of this amended guidance will have a material impact on our consolidated financial statements.

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        In April 2015, the FASB issued new accounting guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. The guidance requires retrospective application and represents a change in accounting principle. We do not expect the guidance to have a material impact on our consolidated financial statements, as the application of this guidance affects classification only. This guidance will be effective for our fiscal year beginning October 1, 2016.

        In April 2015, the FASB issued new accounting guidance which provides the use of a practical expedient that permits the entity to measure defined benefit plans assets and obligations using the month-end date that is closest to the entity's fiscal year-end date and apply that practical expedient consistently from year to year. The adoption of this guidance will not have a material impact on our consolidated financial statements. This guidance will be effective for our fiscal year beginning October 1, 2016.

        In September 2015, the FASB issued new accounting guidance which simplifies the accounting for measurement-period adjustments in connection with business combinations. The new guidance requires that the cumulative impact of a measurement-period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment amount is determined and, therefore, eliminates the requirement to retrospectively account for the adjustment in prior periods presented. This guidance was effective for fiscal years and interim periods beginning after December 15, 2015 and was to be applied prospectively to measurement-period adjustments that occur after the effective date. Early adoption was permitted. We early adopted this guidance for the quarter ended December 31, 2015, which did not have a material impact on our financial statements.

        In the first quarter of fiscal 2016, we adopted new accounting guidance which raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This adoption did not have a material impact on our consolidated financial statements.

        In November 2015, the FASB issued new accounting guidance which simplifies the presentation of deferred income taxes. This guidance requires that deferred tax assets and liabilities be classified as non-current in the balance sheet. We elected early adoption of this standard on a prospective basis in the first quarter of fiscal 2016. This resulted in a reclassification of our net current deferred tax asset and net current deferred tax liability to the net non-current deferred tax asset and to our net non-current deferred tax liability in our consolidated balance sheet as of December 31, 2015. Prior periods were not retrospectively adjusted. The adoption of this guidance had no impact on our consolidated results of income or comprehensive income.

        In February 2016, the FASB issued new accounting guidance which changes accounting for leases. The new guidance requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet. It also requires disclosure of key information about leasing arrangements to increase transparency and comparability among organizations. The guidance will be effective for our fiscal year beginning October 1, 2019 with early adoption permitted. The new guidance must be adopted using a modified retrospective transition approach and provides for certain practical expedients. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

        In March 2016, the FASB issued new accounting guidance which simplifies the accounting for employee share-based payments. The new guidance will require all income tax effects of awards to be recognized in the statement of operations when the awards vest or are settled. It will also allow an employer to repurchase more of an employee's shares for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. This guidance

67

will be effective for our fiscal year beginning October 1, 2017 and early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

        In June 2016, the FASB issued a new credit loss standard that changes the impairment model for most financial assets and certain other instruments. The new guidance will replace the current "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

        In August 2016, the FASB issued new guidance clarifying how entities should classify certain cash receipts and cash payments on the statement of cash flows. The guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The guidance will be effective for us in our fiscal year beginning October 1, 2018, and early adoption is permitted. We are currently evaluating the impact that the new guidance will have on our consolidated statement of cash flows.

Off-Balance Sheet Arrangements

        We enter into various joint venture arrangements to provide architectural, engineering, program management, construction management and operations and maintenance services. The ownership percentage of these joint ventures is typically representative of the work to be performed or the amount of risk assumed by each joint venture partner. Some of these joint ventures are considered variable interest entities. We have consolidated all joint ventures for which we have control. For all others, our portion of the earnings are recorded in equity in earnings of joint ventures. See Note 6 in the notes to our consolidated financial statements. We do not believe that we have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that would be material to investors.

ITEM 7A.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Financial Market Risks

        We are exposed to market risk, primarily related to foreign currency exchange rates and interest rate exposure of our debt obligations that bear interest based on floating rates. We actively monitor these exposures. Our objective is to reduce, where we deem appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign exchange rates and interest rates. In order to accomplish this objective, we sometimes enter into derivative financial instruments, such as forward contracts and interest rate hedge contracts. It is our policy and practice to use derivative financial instruments only to the extent necessary to manage our exposures. We do not use derivative financial instruments for trading purposes.

Foreign Exchange Rates

        We are exposed to foreign currency exchange rate risk resulting from our operations outside of the U.S. We use foreign currency forward contracts from time to time to mitigate foreign currency risk. We limit exposure to foreign currency fluctuations in most of our contracts through provisions that require client payments in currencies corresponding to the currency in which costs are incurred. As a result of this natural hedge, we generally do not need to hedge foreign currency cash flows for contract work performed. The functional currency of our significant foreign operations is the respective local currency.

Interest Rates

        Our Credit Agreement and certain other debt obligations are subject to variable rate interest which could be adversely affected by an increase in interest rates. As of September 30, 2016 and 2015, we had

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$1,954.9 million and $2,414.3 million, respectively, in outstanding borrowings under our term credit agreements and our revolving credit facility. Interest on amounts borrowed under these agreements is subject to adjustment based on certain levels of financial performance. The applicable margin that is added to the borrowing's base rate can range from 0.50% to 3.00%. For the year ended September 30, 2016, our weighted average floating rate borrowings were $2,685.1 million, or $2,085.1 million excluding borrowings with effective fixed interest rates due to interest rate swap agreements. If short term floating interest rates had increased or decreased by 0.125%, our interest expense for the year ended September 30, 2016 would have increased or decreased by $2.6 million. We invest our cash in a variety of financial instruments, consisting principally of money market securities or other highly liquid, short-term securities that are subject to minimal credit and market risk.

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ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

AECOM
Index to Consolidated Financial Statements
September 30, 2016

Audited Annual Financial Statements
Reports of Independent Registered Public Accounting Firm	71
Consolidated Balance Sheets at September 30, 2016 and 2015	73
Consolidated Statements of Operations for the Years Ended September 30, 2016, 2015, and 2014	74
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended September 30, 2016, 2015, and 2014	75
Consolidated Statements of Stockholders' Equity for the Years Ended September 30, 2016, 2015, and 2014	76
Consolidated Statements of Cash Flows for the Years Ended September 30, 2016, 2015, and 2014	77
Notes to Consolidated Financial Statements	78

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Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of AECOM

        We have audited the accompanying consolidated balance sheets of AECOM (the "Company") as of September 30, 2016 and 2015, and the related consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows for each of the three years in the period ended September 30, 2016. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

        We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

        In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of AECOM at September 30, 2016 and 2015, and the consolidated results of its operations and its cash flows for each of the three years in the period ended September 30, 2016, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein.

        We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), AECOM's internal control over financial reporting as of September 30, 2016, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated November 15, 2016 expressed an unqualified opinion thereon.

/s/ ERNST & YOUNG LLP

Los Angeles, California
November 15, 2016

71

Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of AECOM

        We have audited AECOM's (the "Company") internal control over financial reporting as of September 30, 2016, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the "COSO criteria"). AECOM's management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit.

        We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

        A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

        Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

        In our opinion, AECOM maintained, in all material respects, effective internal control over financial reporting as of September 30, 2016, based on the COSO criteria.

        We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of AECOM as of September 30, 2016 and 2015, and the related consolidated statements of operations, comprehensive income (loss), stockholders' equity and cash flows for each of the three years in the period ended September 30, 2016 and our report dated November 15, 2016 expressed an unqualified opinion thereon.

/s/ ERNST & YOUNG LLP

Los Angeles, California
November 15, 2016

72

AECOM

Consolidated Balance Sheets

(in thousands, except share data)

	September 30, 2016			September 30, 2015
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	588,644		$	543,016
Cash in consolidated joint ventures		103,501			140,877
Total cash and cash equivalents		692,145			683,893
Accounts receivable—net		4,531,460			4,841,450
Prepaid expenses and other current assets		730,101			388,982
Income taxes receivable		47,065			81,161
Deferred tax assets—net		—			250,599
TOTAL CURRENT ASSETS		6,000,771			6,246,085
PROPERTY AND EQUIPMENT—NET		644,992			699,322
DEFERRED TAX ASSETS—NET		171,508			—
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES		330,485			321,625
GOODWILL		5,823,843			5,820,692
INTANGIBLE ASSETS—NET		479,439			659,438
OTHER NON-CURRENT ASSETS		275,707			267,136
TOTAL ASSETS	$	13,726,745		$	14,014,298
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term debt	$	26,303		$	2,788
Accounts payable		1,910,915			1,853,993
Accrued expenses and other current liabilities		2,384,815			2,167,771
Income taxes payable		10,774			—
Billings in excess of costs on uncompleted contracts		631,928			653,877
Current portion of long-term debt		340,021			157,623
TOTAL CURRENT LIABILITIES		5,304,756			4,836,052
OTHER LONG-TERM LIABILITIES		403,364			305,485
DEFERRED TAX LIABILITY—NET		13,097			230,037
PENSION BENEFIT OBLIGATIONS		694,073			565,254
LONG-TERM DEBT		3,758,966			4,446,527
TOTAL LIABILITIES		10,174,256			10,383,355
COMMITMENTS AND CONTINGENCIES (Note 18)
AECOM STOCKHOLDERS' EQUITY:
Common stock—authorized, 300,000,000 shares of $0.01 par value as of September 30, 2016 and 2015; issued and outstanding 153,901,500 and 151,263,650 shares as of September 30, 2016 and 2015, respectively		1,539			1,513
Additional paid-in capital		3,604,519			3,518,999
Accumulated other comprehensive loss		(857,582	)		(635,100	)
Retained earnings		618,445			522,336
TOTAL AECOM STOCKHOLDERS' EQUITY		3,366,921			3,407,748
Noncontrolling interests		185,568			223,195
TOTAL STOCKHOLDERS' EQUITY		3,552,489			3,630,943
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	13,726,745		$	14,014,298

See accompanying Notes to Consolidated Financial Statements.

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AECOM

Consolidated Statements of Operations

(in thousands, except per share data)

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			September 30, 2014
Revenue	$	17,410,825		$	17,989,880		$	8,356,783
Cost of revenue		16,768,001			17,454,692			7,953,607
Gross profit		642,824			535,188			403,176
Equity in earnings of joint ventures		104,032			106,245			57,924
General and administrative expenses		(115,088	)		(113,975	)		(80,908	)
Acquisition and integration expenses		(213,642	)		(398,440	)		(27,310	)
Loss on disposal activities		(42,589	)		—			—
Income from operations		375,537			129,018			352,882
Other income		8,180			19,139			2,748
Interest expense		(258,162	)		(299,627	)		(40,842	)
Income (loss) before income tax (benefit) expense		125,555			(151,470	)		314,788
Income tax (benefit) expense		(37,917	)		(80,237	)		82,024
Net income (loss)		163,472			(71,233	)		232,764
Noncontrolling interests in income of consolidated subsidiaries, net of tax		(67,363	)		(83,612	)		(2,910	)
Net income (loss) attributable to AECOM	$	96,109		$	(154,845	)	$	229,854
Net income (loss) attributable to AECOM per share:
Basic	$	0.62		$	(1.04	)	$	2.36
Diluted	$	0.62		$	(1.04	)	$	2.33
Weighted average shares outstanding:
Basic		154,772			149,605			97,226
Diluted		156,073			149,605			98,657

See accompanying Notes to Consolidated Financial Statements.

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AECOM

Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			September 30, 2014
Net income (loss)	$	163,472		$	(71,233	)	$	232,764
Other comprehensive (loss) income, net of tax:
Net unrealized gain (loss) on derivatives, net of tax		5,987			(9,196	)		315
Foreign currency translation adjustments		(65,224	)		(285,520	)		(72,715	)
Pension adjustments, net of tax		(164,911	)		12,953			(24,161	)
Other comprehensive loss, net of tax		(224,148	)		(281,763	)		(96,561	)
Comprehensive (loss) income, net of tax		(60,676	)		(352,996	)		136,203
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax		(65,697	)		(80,347	)		(1,652	)
Comprehensive (loss) income attributable to AECOM, net of tax	$	(126,373	)	$	(433,343	)	$	134,551

See accompanying Notes to Consolidated Financial Statements.

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AECOM

Consolidated Statements of Stockholders' Equity

(in thousands)

	Common Stock			Additional Paid-In Capital			Accumulated Other Comprehensive Loss			Retained Earnings			Total AECOM Stockholders' Equity			Non- Controlling Interests			Total Stockholder's Equity
BALANCE AT SEPTEMBER 30, 2013	$	960		$	1,809,627		$	(261,299	)	$	472,155		$	2,021,443		$	52,651		$	2,074,094
Net income											229,854			229,854			2,910			232,764
Other comprehensive loss								(95,303	)					(95,303	)		(1,258	)		(96,561	)
Issuance of stock		4			13,882									13,886						13,886
Repurchases of stock		(14	)		(6,778	)					(24,828	)		(31,620	)					(31,620	)
Proceeds from exercise of options		6			13,411									13,417						13,417
Tax benefit from exercise of stock options					402									402						402
Stock based compensation		11			34,427									34,438						34,438
Other transactions with noncontrolling interests																	61,913			61,913
Contributions from noncontrolling interests
Distributions to noncontrolling interests																	(30,253	)		(30,253	)
BALANCE AT SEPTEMBER 30, 2014		967			1,864,971			(356,602	)		677,181			2,186,517			85,963			2,272,480
Net income											(154,845	)		(154,845	)		83,612			(71,233	)
Other comprehensive loss								(278,498	)					(278,498	)		(3,265	)		(281,763	)
Issuance of stock		525			1,577,456									1,577,981						1,577,981
Repurchases of stock		16			(23,129	)								(23,113	)					(23,113	)
Proceeds from exercise of options		5			11,068									11,073						11,073
Tax benefit from exercise of stock options					2,781									2,781						2,781
Stock based compensation					85,852									85,852						85,852
Other transactions with noncontrolling interests																	201,154			201,154
Contributions from noncontrolling interests																	133			133
Distributions to noncontrolling interests																	(144,402	)		(144,402	)
BALANCE AT SEPTEMBER 30, 2015		1,513			3,518,999			(635,100	)		522,336			3,407,748			223,195			3,630,943
Net income											96,109			96,109			67,363			163,472
Other comprehensive loss								(222,482	)					(222,482	)		(1,666	)		(224,148	)
Issuance of stock		21			28,065									28,086						28,086
Repurchases of stock		1			(25,893	)								(25,892	)					(25,892	)
Proceeds from exercise of options		4			9,942									9,946						9,946
Tax benefit from exercise of stock options
Stock based compensation					73,406									73,406						73,406
Other transactions with noncontrolling interests																	(155	)		(155	)
Contributions from noncontrolling interests																	2,006			2,006
Distributions to noncontrolling interests																	(105,175	)		(105,175	)
BALANCE AT SEPTEMBER 30, 2016	$	1,539		$	3,604,519		$	(857,582	)	$	618,445		$	3,366,921		$	185,568		$	3,552,489

See accompanying Notes to Consolidated Financial Statements.

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Consolidated Statements of Cash Flows

(in thousands)

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			September 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	163,472		$	(71,233	)	$	232,764
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		398,730			599,265			95,394
Equity in earnings of unconsolidated joint ventures		(104,032	)		(106,245	)		(57,924	)
Distribution of earnings from unconsolidated joint ventures		149,215			157,616			23,839
Non-cash stock compensation		73,406			85,852			34,438
Prepayment penalty on unsecured senior notes		—			55,639			—
Excess tax benefit from share-based payment		—			(3,642	)		(748	)
Foreign currency translation		(25,494	)		(19,632	)		(20,794	)
Write-off of debt issuance costs		7,749			8,997			—
Deferred income tax expense (benefit)		(110,122	)		(53,034	)		27,155
Pension curtailment and settlement gains		(7,818	)		—			—
Loss on disposal activities		42,589			—			—
Other		2,430			(18,248	)		1,460
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable		337,291			369,600			(14,405	)
Prepaid expenses and other current and non-current assets		(16,257	)		7,988			(31,103	)
Accounts payable		16,616			142,126			91,955
Accrued expenses and other current liabilities		(154,096	)		(118,488	)		3,283
Billings in excess of costs on uncompleted contracts		(22,949	)		(128,371	)		3,095
Other long-term liabilities		53,411			(143,757	)		(23,702	)
Income taxes payable		10,014			—			(4,082	)
Net cash provided by operating activities		814,155			764,433			360,625
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired		(5,534	)		(3,293,284	)		(53,099	)
Cash acquired from consolidation of joint venture		—			—			18,955
Proceeds from disposal of businesses		39,699			15,127			3,646
Net investment in unconsolidated joint ventures		(71,547	)		(32,705	)		(52,173	)
Proceeds from sales of investments		11,745			126,370			58,076
Payments for purchase of investments		(214	)		(91,810	)		(55,349	)
Proceeds from disposal of property and equipment		54,622			44,906			4,396
Payments for capital expenditures		(191,386	)		(114,332	)		(67,248	)
Net cash used in investing activities		(162,615	)		(3,345,728	)		(142,796	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements		4,706,225			6,581,703			1,809,187
Repayments of borrowings under credit agreements		(5,199,961	)		(5,158,254	)		(1,976,352	)
Issuance of unsecured senior notes		—			1,600,000			—
Prepayment penalty on unsecured senior notes		—			(55,639	)		—
Cash paid for debt and equity issuance costs		(10,447	)		(89,567	)		(8,067	)
Proceeds from issuance of common stock		28,192			25,561			13,886
Proceeds from exercise of stock options		9,946			11,073			13,417
Payments to repurchase common stock		(25,892	)		(23,113	)		(34,924	)
Excess tax benefit from share-based payment		—			3,642			748
Net distributions to noncontrolling interests		(103,169	)		(144,269	)		(30,253	)
Other financing activities		(42,873	)		(31,373	)		(21,399	)
Net cash (used in) provided by financing activities		(637,979	)		2,719,764			(233,757	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(5,309	)		(28,764	)		(10,561	)
NET INCREASE(DECREASE) IN CASH AND CASH EQUIVALENTS		8,252			109,705			(26,489	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		683,893			574,188			600,677
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	692,145		$	683,893		$	574,188
SUPPLEMENTAL CASH FLOW INFORMATION:
Common stock issued in acquisitions	$	—		$	1,554,912		$	—
Debt assumed from acquisitions	$	1,805		$	567,657		$	—
Interest paid	$	216,125		$	179,939		$	43,362
Net income (taxes paid) tax refunds received	$	(13,109	)	$	27,349		$	(68,797	)

See accompanying Notes to Consolidated Financial Statements.

77

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Significant Accounting Policies

        Organization—Effective January 5, 2015, the name of the Company changed from AECOM Technology Corporation to AECOM. AECOM and its consolidated subsidiaries design, build, finance and operate infrastructure assets for governments, businesses and organizations around the world. The Company provides planning, consulting, architectural and engineering design services to commercial and government clients worldwide in major end markets such as transportation, facilities, environmental, energy, water and government markets. The Company also provides construction services, including building construction and energy, infrastructure and industrial construction. In addition, the Company provides program and facilities management and maintenance, training, logistics, consulting, technical assistance, and systems integration and information technology services, primarily for agencies of the U.S. government and also for national governments around the world.

        Fiscal Year—The Company reports results of operations based on 52 or 53-week periods ending on the Friday nearest September 30. For clarity of presentation, all periods are presented as if the year ended on September 30. Fiscal years 2016, 2015 and 2014 contained 52, 52 and 53 weeks, respectively, and ended on September 30, October 2, and October 3, respectively.

        Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant estimates affecting amounts reported in the consolidated financial statements relate to revenues under long-term contracts and self-insurance accruals. Actual results could differ from those estimates.

        Principles of Consolidation and Presentation—The consolidated financial statements include the accounts of all majority-owned subsidiaries and joint ventures in which the Company is the primary beneficiary. All inter-company accounts have been eliminated in consolidation. Also see Note 6 regarding joint ventures and variable interest entities.

        Revenue Recognition—The Company generally utilizes a cost-to-cost approach in applying the percentage-of-completion method of revenue recognition. Under this approach, revenue is earned in proportion to total costs incurred, divided by total costs expected to be incurred. Recognition of revenue and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet date, engineering progress, materials quantities, the achievement of milestones, penalty provisions, labor productivity and cost estimates made at the balance sheet date. Due to uncertainties inherent in the estimation process, actual completion costs may vary from estimates. If estimated total costs on contracts indicate a loss, the Company recognizes that estimated loss within cost of revenues in the period the estimated loss first becomes known. Liabilities recorded related to accrued contract losses were not material as of September 30, 2016 and 2015.

        In the course of providing its services, the Company routinely subcontracts for services and incurs other direct costs on behalf of its clients. These costs are passed through to clients and, in accordance with industry practice and GAAP, are included in the Company's revenue and cost of revenue. Because subcontractor services and other direct costs can change significantly from project to project and period to period, changes in revenue may not be indicative of business trends. These other direct costs for the years ended September 30, 2016, 2015 and 2014 were $8.4 billion, $8.3 billion and $3.5 billion, respectively.

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AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

Cost-Reimbursable Contracts

        Cost-reimbursable contracts consists of two similar contract types: (1) cost-plus contracts and (2) time-and-materials price contracts.

        Cost-Plus Contracts.    The Company enters into two major types of cost-plus contracts:

        Cost-Plus Fixed Fee.    Under cost-plus fixed fee contracts, the Company charges clients for its costs, including both direct and indirect costs, plus a fixed negotiated fee. The total estimated cost plus the fixed negotiated fee represents the total contract value. The Company recognizes revenue based on the actual labor and other direct costs incurred, plus the portion of the fixed fee it has earned to date.

        Cost-Plus Fixed Rate.    Under the Company's cost-plus fixed rate contracts, the Company charges clients for its direct and indirect costs based upon a negotiated rate. The Company recognizes revenue based on the actual total costs it has expended and the applicable fixed rate.

        Certain cost-plus contracts provide for award fees or a penalty based on performance criteria in lieu of a fixed fee or fixed rate. Other contracts include a base fee component plus a performance-based award fee. In addition, the Company may share award fees with subcontractors. The Company records accruals for fee-sharing as fees are earned. The Company generally recognizes revenue to the extent of costs actually incurred plus a proportionate amount of the fee expected to be earned. The Company takes the award fee or penalty on contracts into consideration when estimating revenue and profit rates, and it records revenue related to the award fees when there is sufficient information to assess anticipated contract performance. On contracts that represent higher than normal risk or technical difficulty, the Company may defer all award fees until an award fee letter is received. Once an award fee letter is received, the estimated or accrued fees are adjusted to the actual award amount.

        Certain cost-plus contracts provide for incentive fees based on performance against contractual milestones. The amount of the incentive fees varies, depending on whether the Company achieves above, at, or below target results. The Company originally recognizes revenue on these contracts based upon expected results. These estimates are revised when necessary based upon additional information that becomes available as the contract progresses.

Time-and-Materials Price Contracts

        Time-and-Materials Price Contracts.    Under time-and-materials contracts, the Company negotiates hourly billing rates and charges its clients based on the actual time that it expends on a project. In addition, clients reimburse the Company for its actual out-of-pocket costs of materials and other direct incidental expenditures that it incurs in connection with its performance under the contract. Profit margins on time-and-materials contracts fluctuate based on actual labor and overhead costs that it directly charges or allocates to contracts compared to negotiated billing rates. Many of the Company's time-and-materials contracts are subject to maximum contract values and, accordingly, revenue relating to these contracts is recognized as if these contracts were a fixed-price contract.

Guaranteed Maximum Price Contracts

        Guaranteed Maximum Price.    Guaranteed maximum price contracts (GMP) are common for design-build and commercial and residential projects. GMP contracts share many of the same contract provisions as cost-plus and fixed-price contracts. A contractor performing work pursuant to a cost-plus, GMP or

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AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

fixed-price contract will all enter into trade contracts directly. Both cost-plus and GMP contracts generally include an agreed lump sum or percentage fee which is called out and separately identified and the contracts are considered 'open' book providing the owner with full disclosure of the project costs. A fixed-price contract provides the owner with a single lump sum amount without specifically identifying the breakdown of fee or costs and is typically 'closed' book thereby providing the owner with little detail as to the project costs. In a GMP contract, unlike the cost-plus contract, the Company provides the owner with a guaranteed price for the overall construction (adjusted for change orders issued by the owner) and with a schedule which includes a completion date for the project. In addition, cost overruns in a GMP contract would generally be the Company's responsibility and in the event the Company's actions or inactions result in delays to the project, the Company may be responsible to the owner for costs associated with such delay. For many of the Company's commercial and residential GMP contracts, the final price is generally not established until the Company have awarded a substantial percentage of the trade contracts and it has negotiated additional contractual limitations, such as mutual waivers of consequential damages as well as aggregate caps on liabilities and liquidated damages.

Fixed-Price Contracts

        Fixed-Price.    Fixed-price contracting is the predominant contracting method outside of the United States. There are typically two types of fixed-price contracts. The first and more common type, lump-sum, involves performing all of the work under the contract for a specified lump-sum fee. Lump-sum contracts are typically subject to price adjustments if the scope of the project changes or unforeseen conditions arise. The second type, fixed-unit price, involves performing an estimated number of units of work at an agreed price per unit, with the total payment under the contract determined by the actual number of units delivered. The Company recognizes revenue on fixed-price contracts using the percentage-of-completion method described above. Prior to completion, recognized profit margins on any fixed-price contract depend on the accuracy of the Company's estimates and will increase to the extent that its actual costs are below the estimated amounts. Conversely, if the Company's costs exceed these estimates, its profit margins will decrease and the Company may realize a loss on a project. The Company recognizes anticipated losses on contracts in the period in which they become evident.

        During the years ended September 30, 2016, 2015 and 2014, the types of contracts comprising the Company's revenue were as follows:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			September 30, 2014
Cost reimbursable		53	%		57	%		46	%
Guaranteed maximum price		15	%		15	%		14	%
Fixed price		32	%		28	%		40	%

        Cost reimburseable contracts include cost-plus and time-and-materials price contracts.

        Contract Claims—Claims are amounts in excess of the agreed contract price (or amounts not included in the original contract price) that the Company seeks to collect from customers or others for delays, errors in specifications and designs, contract terminations, change orders in dispute or unapproved as to both scope and price or other causes of unanticipated additional costs. The Company records contract revenue related to claims only if it is probable that the claim will result in additional contract revenue and if the

80

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

amount can be reliably estimated. In such cases, the Company records revenue only to the extent that contract costs relating to the claim have been incurred. As of September 30, 2016 and 2015, the Company had no significant net receivables related to contract claims.

        Government Contract Matters—The Company's federal government and certain state and local agency contracts are subject to, among other regulations, regulations issued under the Federal Acquisition Regulations (FAR). These regulations can limit the recovery of certain specified indirect costs on contracts and subjects the Company to ongoing multiple audits by government agencies such as the Defense Contract Audit Agency (DCAA). In addition, most of the Company's federal and state and local contracts are subject to termination at the discretion of the client.

        Audits by the DCAA and other agencies consist of reviews of the Company's overhead rates, operating systems and cost proposals to ensure that the Company accounted for such costs in accordance with the Cost Accounting Standards of the FAR (CAS). If the DCAA determines the Company has not accounted for such costs consistent with CAS, the DCAA may disallow these costs. There can be no assurance that audits by the DCAA or other governmental agencies will not result in material cost disallowances in the future.

        Cash and Cash Equivalents—The Company's cash equivalents include highly liquid investments which have an initial maturity of three months or less.

        Allowance for Doubtful Accounts—The Company records its accounts receivable net of an allowance for doubtful accounts. This allowance for doubtful accounts is estimated based on management's evaluation of the contracts involved and the financial condition of its clients. The factors the Company considers in its contract evaluations include, but are not limited to:

•

Client type—federal or state and local government or commercial client;

•

Historical contract performance;

•

Historical collection and delinquency trends;

•

Client credit worthiness; and

•

General economic conditions.

        Derivative Financial Instruments—The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value.

        For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income in stockholders' equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions.

        The net gain or loss on the effective portion of a derivative instrument that is designated as an economic hedge of the foreign currency translation exposure generated by the re-measurement of certain assets and liabilities denominated in a non-functional currency in a foreign operation is reported in the

81

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

same manner as a foreign currency translation adjustment. Accordingly, any gains or losses related to these derivative instruments are recognized in current income.

        Derivatives that do not qualify as hedges are adjusted to fair value through current income.

        Fair Value of Financial Instruments—The Company determines the fair values of its financial instruments, including short-term investments, debt instruments and derivative instruments, and pension and post-retirement plan assets based on inputs or assumptions that market participants would use in pricing an asset or a liability. The Company categorizes its instruments using a valuation hierarchy for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; Level 3 inputs are unobservable inputs based on the Company's assumptions used to measure assets and liabilities at fair value. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

        The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturities of these instruments. The carrying amount of the revolving credit facility approximates fair value because the interest rates are based upon variable reference rates.

        The Company's fair value measurement methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Although the Company believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to determine fair value could result in a different fair value measurement at the reporting date.

        Property and Equipment—Property and equipment are recorded at cost and are depreciated over their estimated useful lives using the straight-line method. Expenditures for maintenance and repairs are expensed as incurred. Typically, estimated useful lives range from three to ten years for equipment, furniture and fixtures. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the remaining terms of the underlying lease agreement.

        Long-lived Assets—Long-lived assets to be held and used are reviewed for impairment whenever events or circumstances indicate that the assets may be impaired. For assets to be held and used, impairment losses are recognized based upon the excess of the asset's carrying amount over the fair value of the asset. For long-lived assets to be disposed, impairment losses are recognized at the lower of the carrying amount or fair value less cost to sell.

        Goodwill and Acquired Intangible Assets—Goodwill represents the excess of amounts paid over the fair value of net assets acquired from an acquisition. In order to determine the amount of goodwill resulting from an acquisition, the Company performs an assessment to determine the value of the acquired company's tangible and identifiable intangible assets and liabilities. In its assessment, the Company determines whether identifiable intangible assets exist, which typically include backlog and customer relationships. Intangible assets are amortized over the period in which the contractual or economic benefits of the intangible assets are expected to be realized.

82

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

        The Company tests goodwill for impairment annually for each reporting unit in the fourth quarter of the fiscal year, and between annual tests if events occur or circumstances change which suggest that goodwill should be evaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. A reporting unit is defined as an operating segment or one level below an operating segment. The Company's impairment tests are performed at the operating segment level as they represent the Company's reporting units.

        The impairment test is a two-step process. During the first step, the Company estimates the fair value of the reporting unit using income and market approaches, and compares that amount to the carrying value of that reporting unit. In the event the fair value of the reporting unit is determined to be less than the carrying value, a second step is required. The second step requires the Company to perform a hypothetical purchase allocation for that reporting unit and to compare the resulting current implied fair value of the goodwill to the current carrying value of the goodwill for that reporting unit. In the event that the current implied fair value of the goodwill is less than the carrying value, an impairment charge is recognized. See also Note 3.

        Pension Plans—The Company has certain defined benefit pension plans. The Company calculates the market-related value of assets, which is used to determine the return-on-assets component of annual pension expense and the cumulative net unrecognized gain or loss subject to amortization. This calculation reflects the Company's anticipated long-term rate of return and amortization of the difference between the actual return (including capital, dividends, and interest) and the expected return over a five-year period. Cumulative net unrecognized gains or losses that exceed 10% of the greater of the projected benefit obligation or the market related value of plan assets are subject to amortization.

        Insurance Reserves—The Company maintains insurance for certain insurable business risks. Insurance coverage contains various retention and deductible amounts for which the Company accrues a liability based upon reported claims and an actuarially determined estimated liability for certain claims incurred but not reported. It is generally the Company's policy not to accrue for any potential legal expense to be incurred in defending the Company's position. The Company believes that its accruals for estimated liabilities associated with professional and other liabilities are sufficient and any excess liability beyond the accrual is not expected to have a material adverse effect on the Company's results of operations or financial position.

        Foreign Currency Translation—The Company's functional currency is the U.S. dollar. Results of operations for foreign entities are translated to U.S. dollars using the average exchange rates during the period. Assets and liabilities for foreign entities are translated using the exchange rates in effect as of the date of the balance sheet. Resulting translation adjustments are recorded as a foreign currency translation adjustment into other accumulated comprehensive income/(loss) in stockholders' equity.

        The Company uses foreign currency forward contracts from time to time to mitigate foreign currency risk. The Company limits exposure to foreign currency fluctuations in most of its contracts through provisions that require client payments in currencies corresponding to the currency in which costs are incurred. As a result of this natural hedge, the Company generally does not need to hedge foreign currency cash flows for contract work performed. The functional currency of all significant foreign operations is the respective local currency.

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AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

1. Significant Accounting Policies (Continued)

        Noncontrolling Interests—Noncontrolling interests represent the equity investments of the minority owners in the Company's joint ventures and other subsidiary entities that the Company consolidates in its financial statements.

        Income Taxes—The Company files a consolidated U.S. federal corporate income tax return and combined / consolidated state tax returns and separate company state tax returns. The Company accounts for certain income and expense items differently for financial reporting and income tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. In determining the need for a valuation allowance, management reviews both positive and negative evidence, including the nature, frequency, and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset that would otherwise expire. Based upon management's assessment of all available evidence, the Company has concluded that it is more likely than not that the deferred tax assets, net of valuation allowance, will be realized.

2. New Accounting Pronouncements and Changes in Accounting

        In May 2014, the Financial Accounting Standards Board (FASB) issued new accounting guidance which amended the existing accounting standards for revenue recognition. The new accounting guidance establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company continues to evaluate the impact and method of the adoption of the new accounting guidance on its consolidated financial statements and expects to adopt the new guidance on October 1, 2018.

        In February 2015, the FASB issued amended guidance to the consolidation standard which updates the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, among other provisions. This amended guidance will be effective for the Company's fiscal year beginning October 1, 2016. The Company does not expect the adoption of this amended guidance will have a material impact on its consolidated financial statements.

        In April 2015, the FASB issued new accounting guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. The guidance requires retrospective application and represents a change in accounting principle. The Company does not expect the guidance to have a material impact on its consolidated financial statements, as the application of this guidance affects classification only. This guidance will be effective for the Company's fiscal year beginning October 1, 2016.

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AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2. New Accounting Pronouncements and Changes in Accounting (Continued)

        In April 2015, the FASB issued new accounting guidance which provides the use of a practical expedient that permits the entity to measure defined benefit plans assets and obligations using the month-end date that is closest to the entity's fiscal year-end date and apply that practical expedient consistently from year to year. The adoption of this guidance will not have a material impact on its consolidated financial statements. This guidance will be effective for the Company's fiscal year beginning October 1, 2016.

        In September 2015, the FASB issued new accounting guidance which simplifies the accounting for measurement-period adjustments in connection with business combinations. The new guidance requires that the cumulative impact of a measurement-period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment amount is determined and, therefore, eliminates the requirement to retrospectively account for the adjustment in prior periods presented. This guidance was effective for fiscal years and interim periods beginning after December 15, 2015 and was to be applied prospectively to measurement-period adjustments that occur after the effective date. Early adoption was permitted. The Company early adopted this guidance during the first quarter of fiscal 2016, which did not have a material impact on the Company's financial statements.

        In the first quarter of fiscal 2016, the Company adopted new accounting guidance which raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This adoption did not have a material impact on the Company's consolidated financial statements.

        In November 2015, the FASB issued new accounting guidance which simplifies the presentation of deferred income taxes. This guidance requires that deferred tax assets and liabilities be classified as non-current in the balance sheet. The Company has elected early adoption of this standard on a prospective basis in the first quarter of fiscal 2016. This resulted in a reclassification of the Company's net current deferred tax asset and net current deferred tax liability to the net non-current deferred tax asset and to its net non-current deferred tax liability in the Company's consolidated balance sheet as of December 31, 2015. Prior periods were not retrospectively adjusted. The adoption of this guidance had no impact on the Company's consolidated results of income or comprehensive income.

        In February 2016, the FASB issued new accounting guidance which changes accounting for leases. The new guidance requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet. It also requires disclosure of key information about leasing arrangements to increase transparency and comparability among organizations. The guidance will be effective for the Company's fiscal year beginning October 1, 2019 with early adoption permitted. The new guidance must be adopted using a modified retrospective transition approach and provides for certain practical expedients. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements.

        In March 2016, the FASB issued new accounting guidance which simplifies the accounting for employee share-based payments. The new guidance will require all income tax effects of awards to be recognized in the statement of operations when the awards vest or are settled. It will also allow an employer to repurchase more of an employee's shares for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. This guidance will be effective for the Company in its fiscal year beginning October 1, 2017 and early adoption is

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2. New Accounting Pronouncements and Changes in Accounting (Continued)

permitted. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements.

        In June 2016, the FASB issued a new credit loss standard that changes the impairment model for most financial assets and certain other instruments. The new guidance will replace the current "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements.

        In August 2016, the FASB issued new guidance clarifying how entities should classify certain cash receipts and cash payments on the statement of cash flows. The guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The guidance will be effective for the Company in its fiscal year beginning October 1, 2018, and early adoption is permitted. The Company is currently evaluating the impact that the new guidance will have on its consolidated statement of cash flows.

3. Business Acquisitions, Goodwill, and Intangible Assets

        On October 17, 2014, the Company completed the acquisition of the U.S. headquartered URS Corporation (URS), an international provider of engineering, construction, and technical services, by purchasing 100% of the outstanding shares of URS common stock. The purpose of the acquisition was to further diversify the Company's market presence and accelerate the Company's strategy to create an integrated delivery platform for customers. The Company paid total consideration of approximately $2.3 billion in cash and issued approximately $1.6 billion of AECOM common stock to the former stockholders and certain equity award holders of URS. In connection with the acquisition, the Company also assumed URS's senior notes totaling $1.0 billion, and upon the occurrence of a change in control of URS, the URS senior noteholders had the right to redeem their notes at a cash price equal to 101% of the principal amount of the notes. Accordingly, on October 24, 2014, the Company purchased $0.6 billion of URS's senior notes from the noteholders. See also Note 8, Debt. Additionally, the Company repaid in full URS's $0.6 billion 2011 term loan and $0.1 billion of URS's revolving line of credit.

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3. Business Acquisitions, Goodwill, and Intangible Assets (Continued)

        The following summarizes the estimated fair values of URS assets acquired and liabilities assumed (in millions), as of the acquisition date:

Cash and cash equivalents	$	284.9
Accounts receivable		2,512.8
Prepaid expenses and other current assets		421.0
Property and equipment		570.9
Identifiable intangible assets:
Customer relationships, contracts and backlog		973.8
Tradename		7.8
Total identifiable intangible assets		981.6
Goodwill		4,059.8
Other non-current assets		329.8
Accounts payable		(656.7	)
Accrued expenses and other current liabilities		(1,403.7	)
Billings in excess of costs on uncompleted contracts		(398.8	)
Current portion of long-term debt		(47.4	)
Other long-term liabilities		(406.1	)
Pension benefit obligations		(406.3	)
Long-term debt		(520.2	)
Noncontrolling interests		(201.0	)
Net assets acquired	$	5,120.6

        Backlog and customer relationships represent the fair value of existing contracts and the underlying customer relationships, and have lives ranging from 1 to 11 years (weighted average lives of approximately 3 years). Other intangible assets primarily consist of the fair value of office leases. Goodwill recognized largely results from a substantial assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. Accrued expenses and other current liabilities above include URS project liabilities and approximately $240 million related to estimated URS legal settlements and uninsured legal damages; see Note 18, Commitments and Contingencies including legal matters related to former URS affiliates.

        The following presents summarized unaudited pro forma operating results assuming that the Company had acquired URS at October 1, 2013. These pro forma operating results are presented for

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3. Business Acquisitions, Goodwill, and Intangible Assets (Continued)

illustrative purposes only and are not indicative of the operating results that would have been achieved had the related events occurred.

	Twelve Months Ended
	Sept 30, 2015		Sept 30, 2014
	(in millions)
Revenue	$	18,288	$	18,776
Income from continuing operations		509		(144	)
Net income		325		1
Net income (loss) attributable to AECOM		229		(65	)
Net income (loss) attributable to AECOM per share:
Basic	$	1.51	$	(0.43	)
Diluted	$	1.50	$	(0.43	)

        Amortization of intangible assets relating to URS was $183.3 million and $361.6 million during the twelve months ended September 30, 2016 and 2015, respectively. Additionally, included in equity in earnings of joint ventures and noncontrolling interests was intangible amortization expense of $23.0 million and $(13.8) million, respectively, during the twelve months ended September 30, 2016 and $37.3 million and $(26.6) million, respectively, during the twelve months ended September 30, 2015 related to joint venture fair value adjustments.

        Billings in excess of costs on uncompleted contracts includes a margin fair value liability associated with long-term contracts acquired in connection with the acquisition of URS on October 17, 2014. This margin fair value liability was $149.1 million at the acquisition date, and its carrying value was $14.9 million at September 30, 2016, and is recognized as revenue on a percentage-of-completion basis as the applicable projects progress. The Company anticipates the remaining liability will be recognized as revenue over five years, with the majority over the first two years. Revenue and the related income from operations related to the margin fair value liability recognized during the twelve months ended September 30, 2016 and 2015 was $37.2 million and $96.9 million, respectively.

        Acquisition and integration expenses, resulting from the acquisition of URS, in the accompanying consolidated statements of operations comprised of the following (in millions):

	Twelve Months Ended
	Sept 30, 2016		Sept 30, 2015
Severance and personnel costs	$	23.4	$	223.8
Professional service, real estate-related, and other expenses		190.2		174.6
Total	$	213.6	$	398.4

        Included in severance and personnel costs for the twelve months ended September 30, 2016 and 2015 was $21.8 million and $101.9 million of severance expenses, respectively, of which $19.3 million and $83.6 million was paid as of September 30, 2016 and 2015, respectively. All acquisition and integration expenses are classified within Corporate, as presented in Note 19.

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3. Business Acquisitions, Goodwill, and Intangible Assets (Continued)

        Interest expense in the consolidated statements of operations for the twelve months ended September 30, 2015 included a $55.6 million penalty from the prepayment of the Company's unsecured senior notes and $9.0 million related to the write-off of capitalized debt issuance costs from its unsecured senior notes, and 2014 Credit Agreement.

        The Company completed one, one and two business acquisitions during the years ended September 30, 2016, 2015 and 2014, respectively. These other business acquisitions did not meet the quantitative thresholds to require pro forma disclosures of operating results, either individually or in the aggregate, based on the Company's consolidated assets, investments and net income. The Company also obtained control of an unconsolidated joint venture that resulted in its consolidation during the year ended September 30, 2014, as further discussed in Note 6.

        Business acquisitions during the year ended September 30, 2014 included Hunt Construction Group, a United States-based commercial construction management firm which serves clients in both the public and private sectors, and Spain-based ACE International Consultants S.L., a leading consulting firm specializing in economic and social development cooperation and private sector development.

        Excluding URS, the aggregate value of all consideration for acquisitions consummated during the years ended September 30, 2016, 2015 and 2014 were $5.5 million, $27.3 million and $88.5 million, respectively. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions consummated during the fiscal years presented, excluding URS:

	Fiscal Year Ended
	September 30, 2015			September 30, 2014
	(in millions)
Cash acquired	$	0.6		$	17.1
Other current assets		13.8			256.2
Identifiable intangible assets:
Customer relationships, contracts and backlog		1.3			10.4
Trademark / tradename		—			1.5
Total intangible assets	$	1.3		$	11.9
Goodwill		23.6			72.7
Other non-current assets		—			16.5
Current liabilities		(12.0	)		(274.1	)
Non-current liabilities		—			(11.8	)
Net assets acquired	$	27.3		$	88.5

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3. Business Acquisitions, Goodwill, and Intangible Assets (Continued)

        Consideration for acquisitions above, excluding URS, includes the following:

	Fiscal Year Ended
	September 30, 2015		September 30, 2014
	(in millions)
Cash paid	$	4.8	$	70.2
Contingent consideration / promissory notes		22.5		18.3
Total consideration	$	27.3	$	88.5

        All of the above acquisitions were accounted for under the purchase method of accounting. As such, the purchase consideration of each acquired company was allocated to acquired tangible and intangible assets and liabilities based upon their fair values. The excess of the purchase consideration over the fair value of the net tangible and identifiable intangible assets acquired was recorded as goodwill. The determination of fair values of assets and liabilities acquired requires the Company to make estimates and use valuation techniques when market value is not readily available. The results of operations of each company acquired have been included in the Company's financial statements from the date of acquisition. Transaction costs associated with business acquisitions are expensed as they are incurred.

        At the time of acquisition, the Company preliminarily estimates the amount of the identifiable intangible assets acquired based upon historical valuations of similar acquisitions and the facts and circumstances available at the time. The Company determines the final value of the identifiable intangible assets as soon as information is available, but not more than 12 months from the date of acquisition. Post-acquisition adjustments primarily relate to project related liabilities.

        Loss on disposal activities of $42.6 million in the accompanying statements of operations for the twelve months ended September 30, 2016 included losses on the disposition of non-core energy related businesses, equipment and other assets acquired with URS and reported within the Construction Services segment. Net assets related to the loss on disposal activities were $112.8 million. Income from operations included losses incurred by non-core businesses of $36.9 million during the twelve months ended September 30, 2016.

        The changes in the carrying value of goodwill by reportable segment for the fiscal years ended September 30, 2016 and 2015 were as follows:

	Fiscal Year 2016
	September 30, 2015		Post- Acquisition Adjustments		Foreign Exchange Impact			Disposed			September 30, 2016
	(in millions)
Design and Consulting Services	$	3,163.3	$	26.7	$	8.2		$	—		$	3,198.2
Construction Services		918.5		8.7		(0.7	)		(11.3	)		915.2
Management Services		1,738.9		4.0		(32.5	)		—			1,710.4
Total	$	5,820.7	$	39.4	$	(25.0	)	$	(11.3	)	$	5,823.8

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3. Business Acquisitions, Goodwill, and Intangible Assets (Continued)

	Fiscal Year 2015
	September 30, 2014		Post- Acquisition Adjustments		Foreign Exchange Impact			Acquired		September 30, 2015
	(in millions)
Design and Consulting Services	$	1,479.2	$	5.5	$	(96.0	)	$	1,774.6	$	3,163.3
Construction Services		276.9		0.6		(34.0	)		675.0		918.5
Management Services		181.2		—		(38.1	)		1,595.8		1,738.9
Total	$	1,937.3	$	6.1	$	(168.1	)	$	4,045.4	$	5,820.7

        The gross amounts and accumulated amortization of the Company's acquired identifiable intangible assets with finite useful lives as of September 30, 2016 and 2015, included in intangible assets—net, in the accompanying consolidated balance sheets, were as follows:

	September 30, 2016							September 30, 2015
	Gross Amount		Accumulated Amortization			Intangible Assets, Net		Gross Amount		Accumulated Amortization			Intangible Assets, Net		Amortization Period (years)
	(in millions)
Backlog and customer relationships	$	1,247.1	$	(767.7	)	$	479.4	$	1,224.7	$	(565.3	)	$	659.4	1 - 11
Trademark / tradename		16.4		(16.4	)		—		16.4		(16.4	)		—	0.3 - 2
Total	$	1,263.5	$	(784.1	)	$	479.4	$	1,241.1	$	(581.7	)	$	659.4

        Amortization expense of acquired intangible assets included within cost of revenue was $202.4 million, $391.0 million, and $24.0 million for the years ended September 30, 2016, 2015 and 2014, respectively. The following table presents estimated amortization expense of existing intangible assets for the succeeding years:

Fiscal Year	(in millions)
2017	$	96.3
2018		82.1
2019		76.7
2020		64.8
2021		55.1
Thereafter		104.4
Total	$	479.4

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4. Accounts Receivable

        Accounts receivable consisted of the following:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
	(in millions)
Billed	$	2,267.6		$	2,426.2
Unbilled		1,890.2			2,099.8
Contract retentions		434.1			379.6
Total accounts receivable—gross		4,591.9			4,905.6
Allowance for doubtful accounts		(60.4	)		(64.1	)
Total accounts receivable—net	$	4,531.5		$	4,841.5

        Billed accounts receivable represent amounts billed to clients that have yet to be collected. Unbilled accounts receivable represents the contract revenue recognized but not yet billed pursuant to contract terms or accounts billed after the period end. Substantially all unbilled receivables as of September 30, 2016 and 2015 are expected to be billed and collected within twelve months. Contract retentions represent amounts invoiced to clients where payments have been withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. These retention agreements vary from project to project and could be outstanding for several months or years.

        Allowances for doubtful accounts have been determined through specific identification of amounts considered to be uncollectible and potential write-offs, plus a non-specific allowance for other amounts for which some potential loss has been determined to be probable based on current and past experience.

        Other than the U.S. government, no single client accounted for more than 10% of the Company's outstanding receivables at September 30, 2016 and 2015.

        The Company sold trade receivables to financial institutions, of which $356.3 million and $240.8 million were outstanding as of September 30, 2016 and 2015, respectively. The Company does not retain financial or legal obligations for these receivables that would result in material losses. The Company's ongoing involvement is limited to the remittance of customer payments to the financial institutions with respect to the sold trade receivables.

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5. Property and Equipment

        Property and equipment, at cost, consists of the following:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			Useful Lives (years)
	(in millions)
Building and land	$	57.9		$	105.7		10 - 45
Leasehold improvements		381.4			349.3		1 - 20
Computer systems and equipment		652.0			627.7		3 - 12
Furniture and fixtures		129.7			125.8		3 - 10
Total		1,221.0			1,208.5
Accumulated depreciation and amortization		(576.0	)		(509.2	)
Property and equipment, net	$	645.0		$	699.3

        Depreciation expense for the fiscal years ended September 30, 2016, 2015 and 2014 were $171.7 million, $191.3 million, and $69.1 million, respectively. Depreciation is calculated using primarily the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements and capitalized leases, the lesser of the remaining term of the lease or its estimated useful life. Included in payments for capital expenditures presented within the Consolidated Statements of Cash Flows, were proceeds from disposals of property and equipment of $54.6 million, $44.9 million, and $4.4 million for the years ended September 30, 2016, 2015 and 2014, respectively.

6. Joint Ventures and Variable Interest Entities

        The Company's joint ventures provide architecture, engineering, program management, construction management and operations and maintenance services. Joint ventures, the combination of two or more partners, are generally formed for a specific project. Management of the joint venture is typically controlled by a joint venture executive committee, comprised of representatives from the joint venture partners. The joint venture executive committee normally provides management oversight and controls decisions which could have a significant impact on the joint venture.

        Some of the Company's joint ventures have no employees and minimal operating expenses. For these joint ventures, the Company's employees perform work for the joint venture, which is then billed to a third-party customer by the joint venture. These joint ventures function as pass through entities to bill the third-party customer. For consolidated joint ventures of this type, the Company records the entire amount of the services performed and the costs associated with these services, including the services provided by the other joint venture partners, in the Company's result of operations. For certain of these joint ventures where a fee is added by an unconsolidated joint venture to client billings, the Company's portion of that fee is recorded in equity in earnings of joint ventures.

        The Company also has joint ventures that have their own employees and operating expenses, and to which the Company generally makes a capital contribution. The Company accounts for these joint ventures either as consolidated entities or equity method investments based on the criteria further discussed below.

        The Company follows guidance on the consolidation of variable interest entities (VIEs) that requires companies to utilize a qualitative approach to determine whether it is the primary beneficiary of a VIE. The process for identifying the primary beneficiary of a VIE requires consideration of the factors that

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6. Joint Ventures and Variable Interest Entities (Continued)

indicate a party has the power to direct the activities that most significantly impact the joint ventures' economic performance, including powers granted to the joint venture's program manager, powers contained in the joint venture governing board and, to a certain extent, a company's economic interest in the joint venture. The Company analyzes its joint ventures and classifies them as either:

•

a VIE that must be consolidated because the Company is the primary beneficiary or the joint venture is not a VIE and the Company holds the majority voting interest with no significant participative rights available to the other partners; or

•

a VIE that does not require consolidation and is treated as an equity method investment because the Company is not the primary beneficiary or the joint venture is not a VIE and the Company does not hold the majority voting interest.

        As part of the above analysis, if it is determined that the Company has the power to direct the activities that most significantly impact the joint venture's economic performance, the Company considers whether or not it has the obligation to absorb losses or rights to receive benefits of the VIE that could potentially be significant to the VIE.

        Contractually required support provided to the Company's joint ventures is discussed in Note 18.

        Summary of financial information of the consolidated joint ventures is as follows:

	September 30, 2016		September 30, 2015
	(in millions)
Current assets	$	684.1	$	727.8
Non-current assets		230.8		282.8
Total assets	$	914.9	$	1,010.6
Current liabilities	$	407.4	$	441.5
Non-current liabilities		12.4		0.2
Total liabilities		419.8		441.7
Total AECOM equity		318.0		354.7
Noncontrolling interests		177.1		214.2
Total owners' equity		495.1		568.9
Total liabilities and owners' equity	$	914.9	$	1,010.6

        Total revenue of the consolidated joint ventures was $1,935.2 million, $2,368.0 million, and $614.5 million for the years ended September 30, 2016, 2015 and 2014, respectively. The assets of the Company's consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the general operations of the Company.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

6. Joint Ventures and Variable Interest Entities (Continued)

        Summary of financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements, is as follows:

	September 30, 2016		September 30, 2015
	(in millions)
Current assets	$	1,407.0	$	1,200.7
Non-current assets		499.4		527.3
Total assets	$	1,906.4	$	1,728.0
Current liabilities	$	977.3	$	936.7
Non-current liabilities		146.2		87.0
Total liabilities		1,123.5		1,023.7
Joint venturers' equity		782.9		704.3
Total liabilities and joint venturers' equity	$	1,906.4	$	1,728.0
AECOM's investment in joint ventures	$	330.5	$	321.6

	Twelve Months Ended
	September 30, 2016		September 30, 2015
	(in millions)
Revenue	$	4,871.8	$	4,754.6
Cost of revenue		4,618.3		4,476.8
Gross profit	$	253.5	$	277.8
Net income	$	233.9	$	231.2

        Summary of AECOM's equity in earnings of unconsolidated joint ventures is as follows:

	Fiscal Year Ended
	September 30, 2016		September 30, 2015		September 30, 2014
	(in millions)
Pass through joint ventures	$	21.9	$	26.2	$	10.2
Other joint ventures		82.1		80.0		47.7
Total	$	104.0	$	106.2	$	57.9

        Included in equity in earnings above is a $37.4 million gain recognized upon change in control ($23.4 million, net of tax) of an unconsolidated joint venture in the year ended September 30, 2014. The Company obtained control of the joint venture through modifications to the joint venture's operating agreement, which required the Company to consolidate the joint venture. The acquisition date fair value of the previously held equity interest was $58.0 million, excluding the control premium. The measurement of the fair value of the equity interest immediately before obtaining control of the joint venture resulted in the pre-tax gain of $37.4 million. The Company utilized income and market approaches, in addition to obtaining an independent third party valuation, in determining the joint venture's fair value, which includes making assumptions about variables such as revenue growth rates, profitability, discount rates,

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6. Joint Ventures and Variable Interest Entities (Continued)

and industry market multiples. These assumptions are subject to a high degree of judgment. Total assets and liabilities of this entity included in the accompanying consolidated balance sheet at the acquisition date were $207.8 million and $48.1 million, respectively. This acquisition did not meet the quantitative thresholds to require pro forma disclosures of operating results based on the Company's consolidated assets, investments and net income. This joint venture performs engineering and program management services in the Middle East and is included in the Company's DCS segment.

7. Pension Benefit Obligations

        In the U.S., the Company sponsors various qualified defined benefit pension plans. The legacy AECOM defined benefit plan covers substantially all permanent AECOM employees hired as of March 1, 1998. The other recently acquired plans cover employees of URS and the Hunt Corporation at the time of their acquisition. Benefits under these plans generally are based on the employee's years of creditable service and compensation. The Company adopted an amendment to freeze benefits under the URS Federal Services, Inc. Employees Retirement Plan during the three months ended December 31, 2015, which resulted in the curtailment gain listed below. All defined benefit plans are closed to new participants and all defined benefit plans have frozen accruals.

        The Company also sponsors various non-qualified plans in the U.S.; all of these plans are frozen. Outside the U.S., the Company sponsors various pension plans, which are appropriate to the country in which the Company operates, some of which are government mandated.

        The following tables provide reconciliations of the changes in the U.S. and international plans' benefit obligations, reconciliations of the changes in the fair value of assets for the last three years ended September 30, and reconciliations of the funded status as of September 30 of each year.

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Change in benefit obligation:
Benefit obligation at beginning of year	$	718.2		$	1,239.2		$	217.0		$	676.6		$	180.3		$	622.1
Service cost		4.3			1.0			6.8			1.1			—			0.7
Participant contributions		0.1			0.5			0.4			0.5			0.4			0.2
Interest cost		22.0			39.2			28.2			47.1			7.8			27.9
Benefits and expenses paid		(37.4	)		(41.9	)		(33.9	)		(41.0	)		(12.8	)		(23.3	)
Actuarial (gain) loss		52.3			377.1			(41.0	)		10.6			23.2			62.3
Plan settlements		(32.9	)		(0.7	)		(20.1	)		(2.5	)		—			(2.0	)
Plan amendments		0.2			—			—			—			—			—
Plan curtailments		(6.8	)		—			—			—			—			—
Net transfer in/(out)/acquisitions		—			—			560.8			618.6			18.1			—
Foreign currency translation (gain) loss		—			(208.2	)		—			(71.8	)		—			(11.3	)
Benefit obligation at end of year	$	720.0		$	1,406.2		$	718.2		$	1,239.2		$	217.0		$	676.6

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7. Pension Benefit Obligations (Continued)

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Change in plan assets
Fair value of plan assets at beginning of year	$	459.0		$	925.8		$	139.7		$	532.6		$	119.8		$	489.9
Actual return on plan assets		49.6			215.9			(2.8	)		49.9			14.2			60.4
Employer contributions		18.5			20.2			42.1			24.4			4.9			16.4
Participant contributions		0.1			0.5			0.4			0.5			0.4			0.2
Benefits and expenses paid		(37.4	)		(41.9	)		(33.9	)		(41.0	)		(12.8	)		(23.3	)
Plan settlements		(32.9	)		(0.7	)		(20.1	)		(2.5	)		—			(2.0	)
Net transfer in/(out)/acquisitions		—			—			333.6			415.5			13.2			—
Foreign currency translation (loss) gain		—			(146.6	)		—			(53.6	)		—			(9.0	)
Fair value of plan assets at end of year	$	456.9		$	973.2		$	459.0		$	925.8		$	139.7		$	532.6

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Reconciliation of funded status:
Funded status at end of year	$	(263.1	)	$	(433.0	)	$	(259.2	)	$	(313.4	)	$	(77.3	)	$	(144.0	)
Contribution made after measurement date		N/A			N/A			N/A			N/A			N/A			N/A
Net amount recognized at end of year	$	(263.1	)	$	(433.0	)	$	(259.2	)	$	(313.4	)	$	(77.3	)	$	(144.0	)

        The following table sets forth the amounts recognized in the consolidated balance sheets as of September 30, 2016, 2015 and 2014:

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Amounts recognized in the consolidated balance sheets:
Other non-current assets	$	2.0		$	5.3		$	1.6		$	1.7		$	—		$	1.1
Accrued expenses and other current liabilities		(9.3	)		—			(10.6	)		—			(1.7	)		—
Pension benefit obligations		(255.8	)		(438.3	)		(250.2	)		(315.1	)		(75.6	)		(145.1	)
Net amount recognized in the balance sheet	$	(263.1	)	$	(433.0	)	$	(259.2	)	$	(313.4	)	$	(77.3	)	$	(144.0	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

7. Pension Benefit Obligations (Continued)

        The following table details the reconciliation of amounts in the consolidated statements of stockholders' equity for the fiscal years ended September 30, 2016, 2015 and 2014:

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Reconciliation of amounts in consolidated statements of stockholders' equity:
Prior service credit (cost)	$	(0.2	)	$	4.4		$	—		$	5.3		$	—		$	5.8
Net (loss)		(129.6	)		(343.3	)		(99.3	)		(183.6	)		(113.0	)		(190.1	)
Total recognized in accumulated other comprehensive (loss)	$	(129.8	)	$	(338.9	)	$	(99.3	)	$	(178.3	)	$	(113.0	)	$	(184.3	)

        The following table details the components of net periodic benefit cost for the Company's pension plans for years ended 2016, 2015 and 2014:

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Components of net periodic (benefit) cost:
Service costs	$	4.3		$	1.0		$	6.8		$	1.1		$	—		$	0.7
Interest cost on projected benefit obligation		22.0			39.2			28.2			47.1			7.8			27.9
Expected return on plan assets		(30.8	)		(48.0	)		(29.4	)		(49.4	)		(8.6	)		(26.1	)
Amortization of prior service credits		—			(0.2	)		—			(0.2	)		—			(0.2	)
Amortization of net loss		4.0			5.4			4.3			5.9			4.0			4.9
Curtailment gain recognized		(6.8	)		—			—			—			—			—
Settlement (gain) loss recognized		(0.9	)		0.1			0.6			0.7			—			0.4
Net periodic (benefit) cost	$	(8.2	)	$	(2.5	)	$	10.5		$	5.2		$	3.2		$	7.6

        The amount, net of applicable deferred income taxes, included in other comprehensive income arising from a change in net prior service cost and net gain/loss was $26.2 million, $6.9 million, and $7.6 million in the years ended September 30, 2016, 2015 and 2014, respectively.

        Amounts included in accumulated other comprehensive loss as of September 30, 2016 that are expected to be recognized as components of net periodic benefit cost during fiscal 2017 are (in millions):

	U.S.			Int'l
Amortization of prior service credit	$	—		$	0.2
Amortization of net actuarial losses		(4.3	)		(13.4	)
Total	$	(4.3	)	$	(13.2	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

7. Pension Benefit Obligations (Continued)

        The table below provides additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets.

	Fiscal Year Ended
	September 30, 2016				September 30, 2015				September 30, 2014
	U.S.		Int'l		U.S.		Int'l		U.S.		Int'l
	(in millions)
Projected benefit obligation	$	694.8	$	1,220.3	$	692.5	$	1,226.2	$	217.0	$	658.5
Accumulated benefit obligation		694.8		1,215.7		686.5		1,222.0		217.0		656.3
Fair value of plan assets		453.2		782.1		455.6		911.2		139.7		513.4

        Funding requirements for each pension plan are determined based on the local laws of the country where such pension plan resides. In certain countries, the funding requirements are mandatory while in other countries, they are discretionary. The Company currently intends to contribute $24.0 million to the international plans in fiscal 2017. There is a required minimum contribution of $0.4 million for one of the U.S. plans. In addition, the Company may make discretionary contributions. The Company currently intends to contribute $9.8 million to U.S. plans in fiscal 2017.

        The table below provides the expected future benefit payments, in millions:

Year Ending September 30,	U.S.		Int'l
2017	$	40.6	$	38.9
2018		41.3		39.3
2019		40.9		42.1
2020		41.9		42.1
2021		42.0		44.2
2022 - 2026		207.5		240.2
Total	$	414.2	$	446.8

        The underlying assumptions for the pension plans are as follows:

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
Weighted-average assumptions to determine benefit obligation:
Discount rate		3.41	%		2.35	%		4.10	%		3.80	%		4.00	%		3.94	%
Salary increase rate		N/A			2.61	%		3.81	%		2.51	%		N/A			2.38	%
Weighted-average assumptions to determine net periodic benefit cost:
Discount rate		4.10	%		3.80	%		3.88	%		3.92	%		4.40	%		4.44	%
Salary increase rate		N/A			2.65	%		4.50	%		2.65	%		N/A			2.58	%
Expected long-term rate of return on plan assets		6.72	%		5.74	%		6.73	%		6.00	%		7.50	%		5.40	%

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

7. Pension Benefit Obligations (Continued)

        Pension costs are determined using the assumptions as of the beginning of the plan year. The funded status is determined using the assumptions as of the end of the plan year.

        The following table summarizes the Company's target allocation for 2016 and pension plan asset allocation, both U.S. and international, as of September 30, 2016 and 2015:

							Percentage of Plan Assets as of September 30,
	Target Allocations
							2016						2015
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
Asset Category:
Equities		42	%		28	%		42	%		28	%		37	%		27	%
Debt		48			30			49			34			59			30
Cash		1			10			1			7			1			4
Property and other		9			32			8			31			3			39
Total		100	%		100	%		100	%		100	%		100	%		100	%

        The Company's domestic and foreign plans seek a competitive rate of return relative to an appropriate level of risk depending on the funded status and obligations of each plan and typically employ both active and passive investment management strategies. The Company's risk management practices include diversification across asset classes and investment styles and periodic rebalancing toward asset allocation targets. The target asset allocation selected for each plan reflects a risk/return profile that the Company believes is appropriate relative to each plan's liability structure and return goals.

        To develop the expected long-term rate of return on assets assumption, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio and the diversification of the portfolio. This resulted in the selection of a 6.72% and 5.74% weighted-average long-term rate of return on assets assumption for the fiscal year ended September 30, 2016 for U.S. and non-U.S. plans, respectively.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

7. Pension Benefit Obligations (Continued)

        As of September 30, 2016, the fair values of the Company's post-retirement benefit plan assets by major asset categories were as follows:

			Fair Value Measurement as of September 30, 2016
	Total Carrying Value as of September 30, 2016		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash and cash equivalents	$	70.6	$	14.3	$	56.3	$	—
Equity securities
Global equity securities		49.4		—		49.4		—
Domestic equity securities		57.1		—		57.1		—
Investment funds
Diversified funds		223.1		—		223.1		—
Equity funds		362.0		5.1		356.9		—
Fixed income funds		548.5		3.7		544.8		—
Hedge funds		62.5		—		48.4		14.1
Assets held by insurance company		32.3		—		32.3		—
Other		24.6		—		24.6		—
Total	$	1,430.1	$	23.1	$	1,392.9	$	14.1

        As of September 30, 2015, the fair values of the Company's post-retirement benefit plan assets by major asset categories are as follows:

			Fair Value Measurement as of September 30, 2015
	Total Carrying Value as of September 30, 2015		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash and cash equivalents	$	44.4	$	11.0	$	33.4	$	—
Equity securities
Global equity securities		52.8		—		52.8		—
Domestic equity securities		60.0		—		60.0		—
Investment funds
Diversified funds		287.4		—		287.4		—
Equity funds		309.6		—		309.6		—
Fixed income funds		542.5		—		542.5		—
Hedge funds		53.0		—		39.4		13.6
Assets held by insurance company		35.1		—		35.1		—
Total	$	1,384.8	$	11.0	$	1,360.2	$	13.6

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

7. Pension Benefit Obligations (Continued)

        Changes for the year ended September 30, 2016, in the fair value of the Company's recurring post-retirement plan Level 3 assets are as follows:

	September 30, 2015 Beginning balance		Actual return on plan assets, relating to assets still held at reporting date		Actual return on plan assets, relating to assets sold during the period		Purchases, sales and settlements		Transfer into / (out of) Level 3		Change due to exchange rate changes		September 30, 2016 Ending balance
	(in millions)
Investment funds
Hedge funds	$	13.6	$	0.5	$	—	$	—	$	—	$	—	$	14.1

        Changes for the year ended September 30, 2015, in the fair value of the Company's recurring post-retirement plan Level 3 assets are as follows:

	September 30, 2014 Beginning balance		Actual return on plan assets, relating to assets still held at reporting date			Actual return on plan assets, relating to assets sold during the period		Purchases, sales and settlements		Transfer into / (out of) Level 3		Change due to exchange rate changes		September 30, 2015 Ending balance
	(in millions)
Investment funds
Hedge funds	$	13.7	$	(0.1	)	$	—	$	—	$	—	$	—	$	13.6

        Cash equivalents are mostly comprised of short-term money-market instruments and are valued at cost, which approximates fair value.

        For equity investment funds not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker, or investment manager. These funds are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as Level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager.

        Fixed income investment funds categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers, or quoted prices of securities with similar characteristics.

        Hedge funds categorized as Level 3 are valued based on valuation models that include significant unobservable inputs and cannot be corroborated using verifiable observable market data. Hedge funds are valued by independent administrators. Depending on the nature of the assets, the general partners or independent administrators use both the income and market approaches in their models. The market approach consists of analyzing market transactions for comparable assets while the income approach uses earnings or the net present value of estimated future cash flows adjusted for liquidity and other risk factors. As of September 30, 2016, there were no material changes to the valuation techniques.

Multiemployer Pension Plans

        The Company participates in over 200 construction-industry multiemployer pension plans. Generally, the plans provide defined benefits to substantially all employees covered by collective bargaining

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7. Pension Benefit Obligations (Continued)

agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is liable, upon termination or withdrawal from a plan, for its proportionate share of a plan's unfunded vested liability. The Company's aggregate contributions to these multiemployer plans were $49.5 million and $54.5 million for the years ended September 30, 2016 and 2015, respectively. At September 30, 2016 and 2015, none of the plans in which the Company participates are individually significant to its consolidated financial statements.

8. Debt

        Debt consisted of the following:

	September 30, 2016			September 30, 2015
	(in millions)
2014 Credit Agreement	$	1,954.9		$	2,414.3
2014 Senior Notes		1,600.0			1,600.0
URS Senior Notes		427.7			429.4
Other debt		142.7			163.2
Total debt		4,125.3			4,606.9
Less: Current portion of debt and short-term borrowings		(366.3	)		(160.4	)
Long-term debt, less current portion	$	3,759.0		$	4,446.5

        The following table presents, in millions, scheduled maturities of the Company's debt as of September 30, 2016:

Fiscal Year
2017	$	366.3
2018		126.6
2019		117.4
2020		111.8
2021		1,455.2
Thereafter		1,948.0
Total	$	4,125.3

2014 Credit Agreement

        The Company entered into a credit agreement (Credit Agreement) on October 17, 2014, as amended, consisting of (i) a term loan A facility in an aggregate principal amount of $1.925 billion, (ii) a term loan B facility in an aggregate principal amount of $0.76 billion and (iii) a revolving credit facility in an aggregate principal amount of $1.05 billion. These facilities under the Credit Agreement may be increased by an additional amount of up to $500 million. The Credit Agreement's term extends to September 29, 2021 with respect to the revolving credit facility and the term loan A facility and October 17, 2021 with respect to the term loan B facility. Some subsidiaries of the Company (Guarantors) have guaranteed the obligations of the borrowers under the Credit Agreement. The borrowers' obligations under the Credit Agreement are secured by a lien on substantially all of the assets of the Company and the Guarantors pursuant to a

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8. Debt (Continued)

security and pledge agreement (Security Agreement). The collateral under the Security Agreement is subject to release upon fulfillment of certain conditions specified in the Credit Agreement and Security Agreement.

        The Credit Agreement contains covenants that limit the Company's ability and certain of its subsidiaries to, among other things: (i) create, incur, assume, or suffer to exist liens; (ii) incur or guarantee indebtedness; (iii) pay dividends or repurchase stock; (iv) enter into transactions with affiliates; (v) consummate asset sales, acquisitions or mergers; (vi) enter into certain types of burdensome agreements; or (vii) make investments.

        On July 1, 2015, the Credit Agreement was amended to revise the definition of "Consolidated EBITDA" to increase the allowance for acquisition and integration expenses related to the acquisition of URS.

        On December 22, 2015, the Credit Agreement was amended to further revise the definition of "Consolidated EBITDA" by further increasing the allowance for acquisition and integration expenses related to the acquisition of URS and to allow for an internal corporate restructuring primarily involving its international subsidiaries.

        On September 29, 2016, the Credit Agreement and the Security Agreement were amended to (1) lower the applicable interest rate margins for the term loan A and the revolving credit facilities, and lower the applicable letter of credit fees and commitment fees to the revised consolidated leverage levels; (2) extend the term of the term loan A and the revolving credit facility to September 29, 2021; (3) add a new delayed draw term loan A facility tranche in the amount of $185.0 million; (4) replace the then existing $500 million performance letter of credit facility with a $500 million basket to enter into secured letters of credit outside the Credit Agreement; and (5) revise certain covenants, including the Maximum Consolidated Leverage Ratio so that the step down from a 5.00 to a 4.75 leverage ratio is effective as of March 31, 2017 as well as the investment basket for its AECOM Capital business.

        Under the Credit Agreement, the Company is subject to a maximum consolidated leverage ratio and minimum consolidated interest coverage ratio at the end of each fiscal quarter. The Company's Consolidated Leverage Ratio was 4.3 at September 30, 2016. As of September 30, 2016, the Company was in compliance with the covenants of the Credit Agreement.

        At September 30, 2016 and 2015, outstanding standby letters of credit totaled $92.3 million and $92.5 million, respectively, under the Company's revolving credit facilities. As of September 30, 2016 and 2015, the Company had $888.4 million and $947.6 million, respectively, available under its revolving credit facility.

2014 Senior Notes

        On October 6, 2014, the Company completed a private placement offering of $800,000,000 aggregate principal amount of its 5.750% Senior Notes due 2022 (2022 Notes) and $800,000,000 aggregate principal amount of its 5.875% Senior Notes due 2024 (the 2024 Notes and, together with the 2022 Notes, the 2014 Senior Notes or Notes).

        As of September 30, 2016, the estimated fair value of its 2014 Senior Notes was approximately $838.0 million for the 2022 Notes and $850.0 million for the 2024 Notes. The fair value of the Notes as of

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

8. Debt (Continued)

September 30, 2016 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of its Notes.

        At any time prior to October 15, 2017, the Company may redeem all or part of the 2022 Notes, at a redemption price equal to 100% of their principal amount, plus a "make whole" premium as of the redemption date, and accrued and unpaid interest (subject to the rights of holders of record on the relevant record date to receive interest due on the relevant interest payment date). In addition, at any time prior to October 15, 2017, the Company may redeem up to 35% of the original aggregate principal amount of the 2022 Notes with the proceeds of one or more equity offerings, at a redemption price equal to 105.750%, plus accrued and unpaid interest. Furthermore, at any time on or after October 15, 2017, the Company may redeem the 2022 Notes, in whole or in part, at once or over time, at the specified redemption prices plus accrued and unpaid interest thereon to the redemption date. At any time prior to July 15, 2024, the Company may redeem on one or more occasions all or part of the 2024 Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a "make-whole" premium as of the date of the redemption, plus any accrued and unpaid interest to the date of redemption. In addition, on or after July 15, 2024, the 2024 Notes may be redeemed at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest to the date of redemption.

        The indenture pursuant to which the 2014 Senior Notes were issued contains customary events of default, including, among other things, payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The indenture also contains customary negative covenants.

        In connection with the offering of the Notes, the Company and the Guarantors entered into a Registration Rights Agreement, dated as of October 6, 2014 to exchange the Notes for registered notes having terms substantially identical in all material respects (except certain transfer restrictions, registration rights and additional interest provisions relating to the Notes will not apply to the registered notes). The Company filed an initial registration statement on Form S-4 with the SEC on July 6, 2015 that was declared effective by the SEC on September 29, 2015. On November 2, 2015, the Company completed its exchange offer which exchanged the Notes for the registered notes, as well as all related guarantees.

        The Company was in compliance with the covenants relating to the Notes as of September 30, 2016.

URS Senior Notes

        In connection with the URS acquisition, the Company assumed URS's 3.85% Senior Notes due 2017 (2017 URS Senior Notes) and its 5.00% Senior Notes due 2022 (2022 URS Senior Notes), totaling $1.0 billion (URS Senior Notes). The URS acquisition triggered change in control provisions in the URS Senior Notes that allowed the holders of the URS Senior Notes to redeem their URS Senior Notes at a cash price equal to 101% of the principal amount and, accordingly, the Company redeemed $572.3 million of the URS Senior Notes on October 24, 2014. The URS Senior Notes are general unsecured senior obligations of AECOM Global II, LLC (as successor in interest to URS) and URS Fox US LP and are fully and unconditionally guaranteed on a joint-and-several basis by certain former URS domestic subsidiary guarantors.

        As of September 30, 2016, the estimated fair value of the URS Senior Notes was approximately $180.1 million for the 2017 URS Senior Notes and $243.6 million for the 2022 URS Senior Notes. The carrying value of the URS Senior Notes on the Company's Consolidated Balance Sheets as of

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

8. Debt (Continued)

September 30, 2016 was $180.1 million for the 2017 URS Senior Notes and $247.6 million for the 2022 URS Senior Notes. The fair value of the URS Senior Notes as of September 30, 2016 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of the URS Senior Notes.

        As of September 30, 2016, the Company was in compliance with the covenants relating to the URS Senior Notes.

Other Debt

        Other debt consists primarily of obligations under capital leases and loans, and unsecured credit facilities. The Company's unsecured credit facilities are primarily used for standby letters of credit issued for payment of performance guarantees. At September 30, 2016 and 2015, these outstanding standby letters of credit totaled $382.2 million and $344.0 million, respectively. As of September 30, 2016, the Company had $546.2 million available under these unsecured credit facilities.

Effective Interest Rate

        The Company's average effective interest rate on its total debt, including the effects of the interest rate swap agreements, during the year ended September 30, 2016 and 2015 was 4.4% and 4.2%, respectively.

9. Derivative Financial Instruments and Fair Value Measurements

        The Company uses certain interest rate derivative contracts to hedge interest rate exposures on the Company's variable rate debt. The Company enters into foreign currency derivative contracts with financial institutions to reduce the risk that its cash flows and earnings will be adversely affected by foreign currency exchange rate fluctuations. The Company's hedging program is not designated for trading or speculative purposes.

        The Company recognizes derivative instruments as either assets or liabilities on the accompanying consolidated balance sheets at fair value. The Company records changes in the fair value (i.e., gains or losses) of the derivatives that have been designated as accounting hedges in the accompanying consolidated statements of operations as cost of revenue, interest expense or to accumulated other comprehensive loss in the accompanying consolidated balance sheets.

Cash Flow Hedges

        The Company uses interest rate swap agreements designated as cash flow hedges to fix the variable interest rates on portions of the Company's debt. The Company also uses foreign currency contracts designated as cash flow hedges to hedge forecasted revenue transactions denominated in currencies other than the U.S. dollar. The Company initially reports any gain on the effective portion of a cash flow hedge as a component of accumulated other comprehensive loss. Depending on the type of cash flow hedge, the gain is subsequently reclassified to either interest expense when the interest expense on the variable rate debt is recognized, or to cost of revenue when the hedged revenues are recorded. If the hedged transaction becomes probable of not occurring, any gain or loss related to interest rate swap agreements or foreign currency contracts would be recognized in other income (expense). Further, the Company excludes the change in the time value of the foreign currency contracts from the assessment of hedge effectiveness. The

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

9. Derivative Financial Instruments and Fair Value Measurements (Continued)

Company records the premium paid or time value of a contract on the date of purchase as an asset. Thereafter, the Company recognizes any change to this time value in cost of revenue.

        The notional principal, fixed rates and related expiration dates of the Company's outstanding interest rate swap agreements were as follows:

September 30, 2016
Notional Amount (in millions)		Fixed Rate			Expiration Date
$	300.0		1.63	%	June 2018
	300.0		1.54	%	September 2018

September 30, 2015
Notional Amount (in millions)		Fixed Rate			Expiration Date
$	300.0		1.63	%	June 2018
	300.0		1.54	%	September 2018

        The notional principal of outstanding foreign currency contracts to purchase Australian dollars (AUD) was AUD 58.6 million (or $43.4 million) at September 30, 2016. The notional principal of outstanding foreign currency contracts to purchase Australian dollars with U.S. dollars was AUD 98.1 million (or $74.1 million) at September 30, 2015.

Other Foreign Currency Forward Contracts

        The Company uses foreign currency forward contracts which are not designated as accounting hedges to hedge intercompany transactions and other monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary. Gains and losses on these contracts were not material for the years ended September 30, 2016, 2015 and 2014.

Fair Value Measurements

        The Company's non-pension financial assets and liabilities recorded at fair values relate to derivative instruments and were not material at September 30, 2016 or 2015.

        See Note 17 for accumulated balances and reporting period activities of derivatives related to reclassifications out of accumulated other comprehensive income or loss for the years ended September 30, 2016, 2015 and 2014. Amounts recognized in accumulated other comprehensive loss from the Company's foreign currency options were immaterial for all years presented. Amounts reclassified from accumulated other comprehensive loss into income from the foreign currency options were immaterial for all years presented. Additionally, there were no losses recognized in income due to amounts excluded from effectiveness testing from the Company's interest rate swap agreements.

        During the years ended September 30, 2016 and 2015, the Company entered into two contingent consideration arrangements in connection with business acquisitions. Under the arrangements, the Company agreed to pay cash to the sellers if certain financial performance thresholds are achieved in the future. The fair value of the contingent consideration liability as of September 30, 2016 and 2015 was $39 million and $39 million, respectively, and is a Level 3 fair value measurement recorded within other

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9. Derivative Financial Instruments and Fair Value Measurements (Continued)

accrued liabilities. It was valued based on estimated future net cash flows. After the initial recording of this liability as a part of purchase accounting, there were no material subsequent changes in fair value through September 30, 2016. Any future changes in the fair value of this contingent consideration liability will be recognized in earnings during the applicable period.

10. Concentration of Credit Risk

        Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash investments and trade receivables. The Company's cash balances and short-term investments are maintained in accounts held by major banks and financial institutions located primarily in the U.S., Canada, Europe, Australia, Middle East and Hong Kong. If the Company extends significant credit to clients in a specific geographic area or industry, the Company may experience disproportionately high levels of default if those clients are adversely affected by factors particular to their geographic area or industry. Concentrations of credit risk with respect to trade receivables are limited due to the large number of customers comprising the Company's customer base, including, in large part, governments, government agencies and quasi-government organizations, and their dispersion across many different industries and geographies. See Note 19 regarding the Company's foreign revenues. In order to mitigate credit risk, the Company continually reviews the credit worthiness of its major private clients.

11. Leases

        The Company and its subsidiaries are lessees in non-cancelable leasing agreements for office buildings and equipment. The related payments are expensed on a straight-line basis over the lease term, including, as applicable, any free-rent period during which the Company has the right to use the asset. For leases with renewal options where the renewal is reasonably assured, the lease term, including the renewal period is used to determine the appropriate lease classification and to compute periodic rental expense. The following table presents, in millions, amounts payable under non-cancelable operating lease commitments during the following fiscal years:

Year Ending September 30,
2017	$	279.4
2018		232.4
2019		195.0
2020		161.5
2021		131.9
Thereafter		464.1
Total	$	1,464.3

        Rent expense for leases for the years ended September 30, 2016, 2015 and 2014 was approximately $383.7 million, $395.9 million, and $210.4 million, respectively. When the Company is required to restore leased facilities to original condition, provisions are made over the period of the lease.

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12. Stockholders' Equity

        Common Stock Units—Common stock units are only redeemable for common stock. In the event of liquidation of the Company, holders of stock units are entitled to no greater rights than holders of common stock. See also Note 13.

13. Share-Based Payments

        Defined Contribution Plans—Substantially all permanent employees are eligible to participate in defined contribution plans provided by the Company. Under these plans, participants may make contributions into a variety of funds, including a fund that is fully invested in Company stock. Employees are not required to allocate any funds to Company stock. Employees may generally reallocate their account balances on a daily basis; however, employees classified as insiders are restricted under the Company's insider trading policy. Compensation expense relating to these employer contributions under defined contribution plans for fiscal years ended September 30, 2016, 2015 and 2014 was $26.8 million, $13.3 million, and $14.4 million, respectively.

        Stock Incentive Plans—Under the 2016 Stock Incentive Plan, the Company has up to 10.9 million securities remaining available for future issuance as of September 30, 2016. Stock options may be granted to employees and non-employee directors with an exercise price not less than the fair market value of the stock on the date of grant. Unexercised options expire seven years after date of grant.

        During the three years in the period ended September 30, 2016, option activity was as follows:

	Number of Options (in millions)			Weighted Average Exercise Price
Balance, September 30, 2013		1.6			24.73
Granted		0.6			31.62
Exercised		(0.5	)		23.64
Cancelled		(0.1	)		26.87
Balance, September 30, 2014		1.6			27.69
Granted		—			—
Exercised		(0.3	)		24.98
Cancelled		—			—
Balance, September 30, 2015		1.3			28.26
Granted		—			—
Exercised		(0.4	)		23.96
Cancelled		—			—
Balance, September 30, 2016		0.9			30.36
Exercisable as of September 30, 2014		0.9			25.16
Exercisable as of September 30, 2015		0.7			25.04
Exercisable as of September 30, 2016		0.3			26.99

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13. Share-Based Payments (Continued)

        The following table summarizes information concerning outstanding and exercisable options as of September 30, 2016:

	Options Outstanding								Options Exercisable
	Number Outstanding as of September 30, 2016 (in millions)		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)		Number Exercisable as of September 30, 2016 (in millions)		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
Range of Exercise Prices
$24.45 - $27.67		0.2		0.76	$	26.21	$	0.5		0.2		0.76	$	26.21
28.04 -  31.62		0.7		6.72		31.27		0.1		0.1		1.05		28.52
		0.9		5.65		30.36	$	0.6		0.3		0.86		26.99

        The remaining contractual life of options outstanding at September 30, 2016 range from 0.76 to 6.72 years and have a weighted average remaining contractual life of 5.65 years. The aggregate intrinsic value of stock options exercised during the years ended September 30, 2016, 2015 and 2014 was $0.6 million, $2.1 million, and $4.3 million, respectively.

        The fair value of the Company's employee stock option awards is estimated on the date of grant. The expected term of awards granted represents the period of time the awards are expected to be outstanding. The risk-free interest rate is based on U.S. Treasury bond rates with maturities equal to the expected term of the option on the grant date. The Company uses historical data as a basis to estimate the probability of forfeitures. No stock options were granted during the years ended September 30, 2016 and 2015.

        The Company grants stock units to employees under its Performance Earnings Program (PEP), whereby units are earned and issued dependent upon meeting established cumulative performance objectives and vesting over a three-year period. Additionally, the Company issues restricted stock units to employees which are earned based on service conditions. The grant date fair value of PEP awards and restricted stock unit awards is that day's closing market price of the Company's common stock. The weighted average grant date fair value of PEP awards was $29.91, $32.32, and $29.32 during the years ended September 30, 2016, 2015 and 2014, respectively. The weighted average grant date fair value of restricted stock unit awards was $29.82, $31.05, and $29.60 during the years ended September 30, 2016, 2015 and 2014, respectively. Included in the restricted stock unit grants during the twelve months ended September 30, 2015 were 2.6 million restricted stock units with a grant date fair value of $30.04 per share that were converted from unvested URS service based restricted stock awards assumed by the Company in connection with the acquisition of URS. Total compensation expense related to these share-based payments including stock options was $73.4 million, $112.2 million, and $34.4 million during the years ended September 30, 2016, 2015 and 2014, respectively. Included in total compensation expense during the twelve months ended September 30, 2015 was $43.9 million related to the settlement of accelerated URS equity awards with $17.6 million of Company stock and $26.3 million in cash which was classified as acquisition and integration expense. Unrecognized compensation expense related to total share-based payments outstanding as of September 30, 2016 and 2015 was $91.8 million and $115.5 million, respectively, to be recognized on a straight-line basis over the awards' respective vesting periods which are generally three years.

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13. Share-Based Payments (Continued)

        Cash flow attributable to tax benefits resulting from tax deductions in excess of compensation cost recognized for those stock options (excess tax benefits) is classified as financing cash flows. Excess tax benefits of $0.0 million, $3.6 million, and $0.7 million for the years ended September 30, 2016, 2015 and 2014, respectively, have been classified as financing cash inflows in the Consolidated Statements of Cash Flows.

14. Income Taxes

        Income before income taxes included income (loss) from domestic operations of $51.6 million, $(214.6) million, and $138.2 million for fiscal years ended September 30, 2016, 2015 and 2014 and income from foreign operations of $74.0 million, $63.1 million, and $176.6 million for fiscal years ended September 30, 2016, 2015 and 2014.

        Income tax (benefit) expense was comprised of:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			September 30, 2014
	(in millions)
Current:
Federal	$	33.7		$	(67.1	)	$	5.3
State		12.4			2.6			3.3
Foreign		26.1			37.2			46.3
Total current income tax (benefit) expense		72.2			(27.3	)		54.9
Deferred:
Federal		(63.4	)		(44.2	)		27.7
State		(5.4	)		1.2			5.6
Foreign		(41.3	)		(10.0	)		(6.2	)
Total deferred income tax (benefit) expense		(110.1	)		(53.0	)		27.1
Total income tax (benefit) expense	$	(37.9	)	$	(80.3	)	$	82.0

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14. Income Taxes (Continued)

        The major elements contributing to the difference between the U.S. federal statutory rate of 35.0% and the effective tax rate are as follows:

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	Amount			%			Amount			%			Amount			%
	(in millions)
Tax at federal statutory rate	$	43.9			35.0	%	$	(53.0	)		35.0	%	$	110.2			35.0	%
State income tax, net of federal benefit		5.6			4.5			(2.3	)		1.5			5.0			1.6
Valuation allowance		(54.8	)		(43.6	)		30.0			(19.8	)		6.3			2.0
Exclusion of tax on non-controlling interests		(24.7	)		(19.7	)		(29.3	)		19.3			—			—
Income tax credits and incentives		(24.6	)		(19.6	)		(21.2	)		14.0			(18.8	)		(6.0	)
Foreign tax rate differential		(19.7	)		(15.7	)		(24.8	)		16.4			(38.8	)		(12.3	)
Tax exempt income		(17.6	)		(14.0	)		(13.2	)		8.7			(1.9	)		(0.6	)
Change in uncertain tax positions		(5.0	)		(4.0	)		6.6			(4.3	)		(4.5	)		(1.4	)
Change in tax rates		34.6			27.6			—			—			—			—
Foreign residual income		17.8			14.2			20.1			(13.3	)		16.9			5.4
Nondeductible costs		6.1			4.8			2.8			(1.8	)		2.8			0.9
Nondeductible transaction costs		—			—			2.8			(1.8	)		2.8			0.9
Other items, net		0.5			0.3			1.2			(0.9	)		2.0			0.6
Total income tax expense	$	(37.9	)		(30.2	)%	$	(80.3	)		53.0	%	$	82.0			26.1	%

        During the year ended September 30, 2016 and 2015, the Company recognized a $10.1 million and $19.4 million tax benefit related to U.S. tax incentives and credits that previously expired on December 31, 2014 and 2013, respectively, and were subsequently extended due to a change in tax law.

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14. Income Taxes (Continued)

        The deferred tax assets (liabilities) are as follows:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
	(in millions)
Deferred tax assets:
Compensation and benefit accruals not currently deductible	$	150.5		$	166.7
Net operating loss carryforwards		378.0			195.9
Self insurance reserves		24.7			46.8
Research and experimentation and other tax credits		125.3			43.0
Pension liability		180.9			165.6
Accrued liabilities		221.0			267.3
Other		4.3			11.4
Total deferred tax assets		1,084.7			896.7
Deferred tax liabilities:
Unearned revenue		(212.6	)		(101.9	)
Depreciation and amortization		(113.0	)		(76.5	)
Acquired intangible assets		(155.5	)		(219.2	)
Investment in subsidiaries		(261.4	)		(239.2	)
Total deferred tax liabilities		(742.5	)		(636.8	)
Valuation allowance		(183.8	)		(239.4	)
Net deferred tax assets	$	158.4		$	20.5

        As a result of certain realization requirements of ASC 718, the table of deferred tax assets and liabilities does not include certain deferred tax assets as of September 30, 2016, that arose directly from tax deductions related to equity compensation that are greater than the compensation recognized for financial reporting. Equity will be increased by $3.8 million if and when such deferred tax assets are ultimately realized.

        As of September 30, 2016, the Company has available unused federal, state and foreign net operating loss (NOL) carryforwards of $503.8 million, $960.1 million and $789.6 million, respectively, which expire at various dates over the next several years; some foreign NOL carryforwards never expire. In addition, as of September 30, 2016, the Company has unused federal and state research and development credits of $67.4 million and $19.2 million, respectively, and California Enterprise Zone Tax Credits of $6.2 million.

        As of September 30, 2016 and 2015, gross deferred tax assets were $1,084.7 million and $896.7 million, respectively. The Company has recorded a valuation allowance of approximately $183.8 million and $239.4 million at September 30, 2016 and 2015, respectively, primarily related to state and foreign net operating loss carryforwards and credits and deferred tax assets related to certain pension obligations (primarily in the United Kingdom and Canada). The Company has performed an assessment of positive and negative evidence, including the nature, frequency, and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant

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14. Income Taxes (Continued)

carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset that would otherwise expire. Although realization is not assured, based on the Company's assessment, the Company has concluded that it is more likely than not that the remaining gross deferred tax asset (exclusive of deferred tax liabilities) of $900.9 million will be realized and, as such, no additional valuation allowance has been provided. The net decrease in the valuation allowance of $55.6 million is primarily attributable to the release of $36.2 million of valuation allowances for the United Kingdom and Australia, $27.2 million impact from the change in the United Kingdom tax rate and the utilization of $10.7 million of foreign net operating loss carryforwards in the current year, partially offset by increases in valuation allowances for unbenefitable losses.

        Upon the acquisition of URS in October 2014, the Company had previously recorded a valuation allowance primarily against foreign net operating losses and deferred tax assets related to the pension obligation, consistent with those described above. Tax jurisdictions largely contributing to the URS related valuation allowance included $92.8 million recorded for the United Kingdom, $22.5 million recorded for Canada, $9.3 million recorded for the United States and $2.9 million recorded for Australia. In its determination of the realizability of its deferred tax assets, the Company evaluated positive evidence consisting of positive earnings trends over a sustainable period, positive economic conditions in the industries we operate in, possible prudent and feasible tax planning strategies (net of costs to implement the tax planning strategies) and actual usage of net operating loss and tax credit carryforwards. The Company also evaluated negative evidence consisting of significant net operating loss carryforwards, the cumulative history of losses in recent years, restriction on usage of losses under relevant tax laws, projections of future operations and economic downturns in the industries that we operate in. This evaluation was conducted on a tax jurisdictional basis or legal entity basis, as applicable, and based on the weighing of all positive and negative evidence, a determination was made as to the realizability of the deferred tax assets on that same basis.

        Certain valuation allowances in the amount of $23.3 million in the United Kingdom have been released due to sufficient positive evidence obtained during the year ended September 30, 2016. We evaluated the new positive evidence against any negative evidence and determined the valuation allowance was no longer necessary. This new positive evidence includes reaching a position of cumulative income over a three year period and the use of net operating losses on a taxable basis. In addition, the Company's United Kingdom affiliate has strong projected earnings in the United Kingdom.

        During the third quarter of 2016, the Company's Australian affiliate made an election in Australia to combine the tax results of the URS Australia business with the AECOM Australia business. This election resulted in the ability to utilize the URS Australia businesses' deferred tax assets against the combined future earnings of the Australian group and accordingly, the valuation allowance of $12.9 million was released.

        Generally, the Company would reverse its valuation allowance in a particular tax jurisdiction if the positive evidence examined, such as projected and sustainable earnings or a tax-planning strategy that allows for the usage of the deferred tax asset, is sufficient to overcome significant negative evidence, such as large net operating loss carryforwards or a cumulative history of losses in recent years. Given the current and forecasted earnings trend in the United Kingdom, sufficient positive evidence in the form of sustained earnings may become available in 2017 to release all or a portion of the related valuation allowance. Certain operations in Canada continue to forecast losses and the valuation allowances could be reduced if

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14. Income Taxes (Continued)

the earnings trends reverse. In the United States, the valued deferred tax assets have a restricted life or use under relevant tax law and, therefore, it is unlikely that the valuation allowance related to these assets will reverse. In addition, the Company is continually investigating tax planning strategies that, if prudent and feasible, may be implemented to realize a deferred tax asset that would otherwise expire unutilized. The identification and internal/external approval (as relevant) of such a prudent and feasible tax planning strategy could cause a reduction in the valuation allowance.

        As of September 30, 2016 and 2015, the Company has remaining tax-deductible goodwill of $210.8 million and $261.2 million, respectively, resulting from acquisitions. The amortization of this goodwill is deductible over various periods ranging up to 15 years.

        Generally, the Company does not provide for U.S. taxes or foreign withholding taxes on gross book-tax differences in its non-U.S. subsidiaries because such basis differences of approximately $1.6 billion are able to and intended to be reinvested indefinitely. If these basis differences were distributed, foreign tax credits could become available under current law to partially or fully reduce the resulting U.S. income tax liability. There may also be additional US or foreign income tax liability upon repatriaton, although the calculation of such additional taxes is not practicable. The Company has recorded a deferred tax liability in the amount of $113.2 million relating to certain foreign subsidiaries for which the basis differences are not intended to be reinvested indefinitely.

        As of September 30, 2016 and 2015, the Company had a liability for unrecognized tax benefits, including potential interest and penalties, net of related tax benefit, totaling $96.8 million and $107.6 million, respectively. The gross unrecognized tax benefits as of September 30, 2016 and 2015 were $87.9 million and $95.2 million, respectively, excluding interest, penalties, and related tax benefit. Of the $87.9 million, approximately $71.6 million would be included in the effective tax rate if recognized. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
	(in millions)
Balance at the beginning of the year	$	95.2		$	47.5
Gross increase due to acquisitions		—			49.4
Gross increase in current period's tax positions		7.6			6.0
Gross increase in prior years' tax positions		5.2			6.4
Gross decrease in prior years' tax positions		(16.6	)		(0.2	)
Decrease due to settlement with tax authorities		(3.2	)		(2.0	)
Decrease due to lapse of statute of limitations		(1.8	)		(4.6	)
Gross change due to foreign exchange fluctuations		1.5			(7.3	)
Balance at the end of the year	$	87.9		$	95.2

        The Company classifies interest and penalties related to uncertain tax positions within the income tax expense line in the accompanying consolidated statements of operations. As of September 30, 2016, the accrued interest and penalties were $12.5 million and $2.6 million, respectively, excluding any related income tax benefits. At September 30, 2015, the accrued interest and penalties, including balances acquired in the URS acquisition, were $13.9 million and $3.5 million, respectively, excluding any related income tax benefits.

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14. Income Taxes (Continued)

        The Company files income tax returns in numerous tax jurisdictions, including the U.S., and numerous U.S. states and non-U.S. jurisdictions around the world. The statute of limitations varies by jurisdiction in which the Company operates. Because of the number of jurisdictions in which the Company files tax returns, in any given year the statute of limitations in certain jurisdictions may expire without examination within the 12-month period from the balance sheet date.

        The Company concluded its examination by the U.S. Internal Revenue Service for the fiscal years ended September 30, 2010 and September 30, 2011 in the fourth quarter of 2016, with no material adjustments. The U.S. Internal Revenue Service initiated an examination of URS for the years ended December 31, 2012, December 31, 2013 and October 17, 2014 in August 2016. With a few exceptions, the Company is no longer subject to U.S. state or non-U.S. income tax examinations by tax authorities for years before fiscal 2011.

        While it is reasonably possible that the total amounts of unrecognized tax benefits could significantly increase or decrease within the next twelve months, an estimate of the range of possible change cannot be made.

15. Earnings Per Share

        Basic earnings per share (EPS) excludes dilution and is computed by dividing net income available for common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted average number of common shares outstanding and potential common shares for the period. The Company includes as potential common shares the weighted average dilutive effects of outstanding stock options and restricted stock units using the treasury stock method. For the periods presented, options excluded from the calculation of potential common shares were not significant. The computation of diluted loss per share for the year ended September 30, 2015 excludes 1.7 million of potential common shares due to their antidilutive effect.

        The following table sets forth a reconciliation of the denominators of basic and diluted earnings per share:

	Fiscal Year Ended
	September 30, 2016		September 30, 2015		September 30, 2014
	(in millions)
Denominator for basic earnings per share		154.8		149.6		97.2
Potential common shares		1.3		—		1.5
Denominator for diluted earnings per share		156.1		149.6		98.7

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16. Other Financial Information

        Accrued expenses and other current liabilities consist of the following:

	Fiscal Year Ended
	September 30, 2016		September 30, 2015
	(in millions)
Accrued salaries and benefits	$	964.9	$	852.2
Accrued contract costs		1,009.8		993.1
Other accrued expenses		410.1		322.5
	$	2,384.8	$	2,167.8

        Accrued contract costs above included professional liability accruals of $611.0 million as of September 30, 2016. The remaining accrued contract costs primarily relate to costs for services provided by subcontractors and other non-employees. Liabilities recorded related to accrued contract losses were not material as of September 30, 2016 and 2015. The Company did not have material revisions to estimates for contracts where revenue is recognized using the percentage-of-completion method during the twelve months ended September 30, 2016.

        During the twelve months ended September 30, 2016, the Company recorded revenue and a noncurrent asset related to the expected accelerated recovery of a pension related entitlement from the federal government of approximately $50 million. The actual amount of reimbursement may vary from the Company's expectation.

17. Reclassifications out of Accumulated Other Comprehensive Loss

        The accumulated balances and reporting period activities for the years ended September 30, 2016, 2015 and 2014 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions):

	Pension Related Adjustments			Foreign Currency Translation Adjustments			Loss on Derivative Instruments			Accumulated Other Comprehensive Loss
Balances at September 30, 2013	$	(192.8	)	$	(66.4	)	$	(2.1	)	$	(261.3	)
Other comprehensive (loss) before reclassification		(30.3	)		(71.4	)		(1.4	)		(103.1	)
Amounts reclassified from accumulated other comprehensive loss:
Actuarial losses, net of tax		6.1			—			—			6.1
Cash flow hedge losses, net of tax		—			—			1.7			1.7
Balances at September 30, 2014	$	(217.0	)	$	(137.8	)	$	(1.8	)	$	(356.6	)

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17. Reclassifications out of Accumulated Other Comprehensive Loss (Continued)

	Pension Related Adjustments			Foreign Currency Translation Adjustments			Loss on Derivative Instruments			Accumulated Other Comprehensive Loss
Balances at September 30, 2014	$	(217.0	)	$	(137.8	)	$	(1.8	)	$	(356.6	)
Other comprehensive income (loss) before reclassification		5.8			(282.3	)		(13.3	)		(289.8	)
Amounts reclassified from accumulated other comprehensive loss:
Actuarial losses, net of tax		7.2			—			—			7.2
Cash flow hedge losses, net of tax		—			—			4.1			4.1
Balances at September 30, 2015	$	(204.0	)	$	(420.1	)	$	(11.0	)	$	(635.1	)

	Pension Related Adjustments			Foreign Currency Translation Adjustments			Loss on Derivative Instruments			Accumulated Other Comprehensive Loss
Balances at September 30, 2015	$	(204.0	)	$	(420.1	)	$	(11.0	)	$	(635.1	)
Other comprehensive income (loss) before reclassification		(171.5	)		(63.6	)		1.2			(233.9	)
Amounts reclassified from accumulated other comprehensive loss:
Actuarial gains, net of tax		6.6			—			—			6.6
Cash flow hedge gains, net of tax		—			—			4.8			4.8
Balances at September 30, 2016	$	(368.9	)	$	(483.7	)	$	(5.0	)	$	(857.6	)

18. Commitments and Contingencies

        The Company records amounts representing its probable estimated liabilities relating to claims, guarantees, litigation, audits and investigations. The Company relies in part on qualified actuaries to assist it in determining the level of reserves to establish for insurance-related claims that are known and have been asserted against it, and for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to the Company's claims administrators as of the respective balance sheet dates. The Company includes any adjustments to such insurance reserves in its consolidated results of operations. The Company's reasonably possible loss disclosures are presented on a gross basis prior to the consideration of insurance recoveries. The Company does not record gain contingencies until they are realized. In the ordinary course of business, the Company may not be aware that it or its affiliates are under investigation and may not be aware of whether or not a known investigation has been concluded.

        In the ordinary course of business, the Company may enter into various arrangements providing financial or performance assurance to clients, lenders, or partners. Such arrangements include standby letters of credit, surety bonds, and corporate guarantees to support the creditworthiness or the project execution commitments of its affiliates, partnerships and joint ventures. Performance arrangements typically have various expiration dates ranging from the completion of the project contract and extending beyond contract completion in certain circumstances such as for warranties. The Company may also

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18. Commitments and Contingencies (Continued)

guarantee that a project, when complete, will achieve specified performance standards. If the project subsequently fails to meet guaranteed performance standards, the Company may incur additional costs, pay liquidated damages or be held responsible for the costs incurred by the client to achieve the required performance standards. The potential payment amount of an outstanding performance arrangement is typically the remaining cost of work to be performed by or on behalf of third parties. Generally, under joint venture arrangements, if a partner is financially unable to complete its share of the contract, the other partner(s) may be required to complete those activities.

        At September 30, 2016, the Company was contingently liable in the amount of approximately $474.5 million in issued standby letters of credit and $3.3 billion in issued surety bonds primarily to support project execution.

        In the ordinary course of business, the Company enters into various agreements providing financial or performance assurances to clients on behalf of certain unconsolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support the project execution commitments of these entities.

        In addition, in connection with the investment activities of AECOM Capital, the Company provides guarantees of certain obligations, including guarantees for completion of projects, repayment of debt, environmental indemnity obligations and acts of willful misconduct.

DOE Deactivation, Demolition, and Removal Project

        Washington Group International, an Ohio company (WGI Ohio), an affiliate of URS, executed a cost-reimbursable task order with the Department of Energy (DOE) in 2007 to provide deactivation, demolition and removal services at a New York State project site that, during 2010, experienced contamination and performance issues and remains uncompleted. In February 2011, WGI Ohio and the DOE executed a Task Order Modification that changed some cost-reimbursable contract provisions to at-risk. The Task Order Modification, including subsequent amendments, requires the DOE to pay all project costs up to $106 million, requires WGI Ohio and the DOE to equally share in all project costs incurred from $106 million to $146 million, and requires WGI Ohio to pay all project costs exceeding $146 million.

        Due to unanticipated requirements and permitting delays by federal and state agencies, as well as delays and related ground stabilization activities caused by Hurricane Irene in 2011, WGI Ohio has been required to perform work outside the scope of the Task Order Modification. In December 2014, WGI Ohio submitted claims against the DOE pursuant to the Contracts Disputes Acts seeking recovery of $103 million, including additional fees on changed work scope.

        Due to significant delays and uncertainties about responsibilities for the scope of remaining work, final project completion costs and other associated costs may exceed $100 million over the contracted amounts. In addition, WGI Ohio assets and liabilities, including the value of the above costs and claims, were also measured at their fair value on October 17, 2014, the date AECOM acquired WGI Ohio's parent company, see Note 3, which is reevaluated to account for developments pertaining to this matter.

        WGI Ohio can provide no certainty that it will recover the DOE claims and fees submitted in December 2014, as well as any other project costs after December 2014 that WGI Ohio may be obligated to incur including the remaining project completion costs, which could have a material adverse effect on the Company's results of operations.

119

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

18. Commitments and Contingencies (Continued)

AECOM Australia

        In 2005 and 2006, the Company's main Australian subsidiary, AECOM Australia Pty Ltd (AECOM Australia), performed a traffic forecast assignment for a client consortium as part of the client's project to design, build, finance and operate a tolled motorway tunnel in Australia. To fund the motorway's design and construction, the client formed certain special purpose vehicles (SPVs) that raised approximately $700 million Australian dollars through an initial public offering (IPO) of equity units in 2006 and approximately an additional $1.4 billion Australian dollars in long term bank loans. The SPVs went into insolvency administrations in February 2011.

        KordaMentha, the receivers for the SPVs (the RCM Applicants), caused a lawsuit to be filed against AECOM Australia by the RCM Applicants in the Federal Court of Australia on May 14, 2012. Portigon AG (formerly WestLB AG), one of the lending banks to the SPVs, filed a lawsuit in the Federal Court of Australia against AECOM Australia on May 18, 2012. Separately, a class action lawsuit, which has been amended to include approximately 770 of the IPO investors, was filed against AECOM Australia in the Federal Court of Australia on May 31, 2012.

        All of the lawsuits claim damages that purportedly resulted from AECOM Australia's role in connection with the above described traffic forecast. On July 10, 2015, AECOM Australia, the RCM Applicants and Portigon AG entered into a Deed of Release settling the respective lawsuits for $205 million (U.S. dollars).

        On May 31, 2016, AECOM Australia and other parties to the class action lawsuit entered into a conditional settlement aggregating to $91 million (U.S. Dollars) with the class action applicants on a "no admissions" basis. The Federal Court of Australia conducted a hearing on August 10, 2016 and approved the settlement amount and all claims between the parties have been released. The class action settlement did not have a material impact on the Company's financial results.

DOE Hanford Nuclear Reservation

        URS Energy and Construction, Washington River Protection Solutions LLC and Washington Closure Hanford LLC (collectively the URS Affiliates) perform services under multiple contracts (including under the Waste Treatment Plant contract, the Tank Farm contract and the River Corridor contract) at the DOE's Hanford nuclear reservation that have been subject to various government investigations or litigation matters:

•

Waste Treatment Plant government investigation: The federal government is conducting an investigation into the Company's affiliate, URS Energy & Construction, a subcontractor on the Waste Treatment Plant, regarding contractual compliance and various technical issues in the design, development and construction of the Waste Treatment Plant. The federal government and URS Energy & Construction have engaged in settlement discussions towards a resolution of this matter.

•

Tank Farms government investigation: The federal government is conducting an investigation regarding the time keeping of employees at the Company's joint venture, Washington River Protection Solutions LLC, when the joint venture took over as the prime contractor from another federal contractor. The federal government and Washington River Protection Solutions LLC have engaged in advanced settlement discussions and Washington River Protection Solutions LLC reassessed its estimate of the matter, which is not expected to have a material impact.

120

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

18. Commitments and Contingencies (Continued)

•

River Corridor litigation: The federal government has partially intervened with a relator in a Qui Tam complaint filed in the Eastern District of Washington in December 2013 against the Company's joint venture, Washington Closure Hanford LLC, alleging that its contracting procedures under the Small Business Act violated the False Claims Act. On October 2015, Washington Closure Hanford LLC's motion to dismiss the claim was partially denied.

        The URS Affiliates periodically reevaluate the estimated fair value of liabilities assumed from URS Corporation, including the legal related liabilities described above and in Note 3, to account for developments related to the Hanford matters. The URS Affiliates dispute the Waste Treatment Plant and River Corridor matters and intend to continue to defend these ongoing matters vigorously, although the URS Affiliates are engaging in the settlement discussions noted above. The URS Affiliates cannot provide assurances that they will be successful in these defense or settlement efforts. The potential range of loss and any difference from the current accrual cannot be reasonably estimated at this time, primarily due to the fact that these matters involve complex and unique environmental and regulatory issues; each project site contains multiple parties, including various local, state and federal government agencies; conflicts of law between local, state and federal regulations; substantial uncertainty regarding any alleged damages; and the various stages of the government investigations or litigation matters.

Securities Litigation Matter

        On September 1, 2016, William Graves, an AECOM stockholder, filed a securities class action complaint in the United States District Court for the Central District of California alleging that the Company and its senior executives made materially false and misleading statements in violation of the federal securities laws. The Company believes the complaint is without merit and intends to vigorously defend against it. While no assurance can be given as to the ultimate outcome of this action, the Company believes that the final resolution of this action will not have a material adverse effect on its consolidated financial position, results of operations, cash flows or ability to conduct business.

19. Reportable Segments and Geographic Information

        The Company's operations are organized into three reportable segments: Design and Consulting Services (DCS), Construction Services (CS), and Management Services (MS). The Company's DCS reportable segment delivers planning, consulting, architectural, environmental, and engineering design services to commercial and government clients worldwide. The Company's CS reportable segment provides construction services primarily in the Americas. The Company's MS reportable segment provides program and facilities management and maintenance, training, logistics, consulting, and technical assistance and systems integration services, primarily for agencies of the U.S. government. These reportable segments are organized by the types of services provided, the differing specialized needs of the respective clients, and how the Company manages its business. The Company has aggregated various operating segments into its reportable segments based on their similar characteristics, including similar long term financial performance, the nature of services provided, internal processes for delivering those services, and types of customers.

121

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

19. Reportable Segments and Geographic Information (Continued)

        The following tables set forth summarized financial information concerning the Company's reportable segments:

Reportable Segments:	Design and Consulting Services			Construction Services			Management Services			Corporate			Total
Fiscal Year Ended September 30, 2016:
Revenue	$	7,655.8		$	6,501.3		$	3,253.7		$	—		$	17,410.8
Gross profit		382.5			31.1			229.2			—			642.8
Equity in earnings of joint ventures		8.9			18.2			76.9			—			104.0
General and administrative expenses		—			—			—			(115.1	)		(115.1	)
Acquisition and integration expenses		—			—			—			(213.6	)		(213.6	)
Loss on disposal activities		—			(42.6	)		—			—			(42.6	)
Operating income (loss)		391.4			6.7			306.1			(328.7	)		375.5
Segment assets		6,655.7			3,556.2			2,692.7			822.1			13,726.7
Gross profit as a % of revenue		5.0	%		0.5	%		7.0	%					3.7	%
Fiscal Year Ended September 30, 2015:
Revenue	$	7,962.9		$	6,676.7		$	3,350.3		$	—		$	17,989.9
Gross profit		299.3			42.8			193.1			—			535.2
Equity in earnings of joint ventures		6.6			23.0			76.6			—			106.2
General and administrative expenses		—			—			—			(114.0	)		(114.0	)
Acquisition and integration expenses		—			—			—			(398.4	)		(398.4	)
Operating income (loss)		305.9			65.8			269.7			(512.4	)		129.0
Segment assets		7,118.2			3,382.4			2,903.9			609.8			14,014.3
Gross profit as a % of revenue		3.8	%		0.6	%		5.8	%					3.0	%
Fiscal Year Ended September 30, 2014:
Revenue	$	5,443.1		$	2,004.3		$	909.4		$	—		$	8,356.8
Gross profit		330.3			29.3			43.6			—			403.2
Equity in earnings of joint ventures		35.5			6.0			16.4			—			57.9
General and administrative expenses		—			—			—			(80.9	)		(80.9	)
Acquisition and integration expenses		—			—			—			(27.3	)		(27.3	)
Operating income (loss)		365.8			35.3			60.0			(108.2	)		352.9
Segment assets		4,064.5			1,256.4			437.5			365.0			6,123.4
Gross profit as a % of revenue		6.1	%		1.5	%		4.8	%					4.8	%

122

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

19. Reportable Segments and Geographic Information (Continued)

Geographic Information:

	Fiscal Year Ended
	September 30, 2016				September 30, 2015				September 30, 2014
	Revenue		Long-Lived Assets		Revenue		Long-Lived Assets		Revenue		Long-Lived Assets
	(in millions)
United States	$	12,567.0		4,763.9	$	12,599.6		4,852.5	$	4,933.7		1,603.7
Asia Pacific		1,278.3		394.0		1,385.3		426.4		1,338.2		340.5
Canada		866.5		615.7		1,308.3		641.0		561.1		146.7
Europe		1,904.2		1,368.4		1,796.9		1,496.2		788.2		270.8
Other foreign countries		794.8		412.5		899.8		352.1		735.6		209.5
Total	$	17,410.8		7,554.5	$	17,989.9		7,768.2	$	8,356.8		2,571.2

        The Company attributes revenue by geography based on the external customer's country of origin. Long-lived assets consist of noncurrent assets excluding deferred tax assets.

20. Major Clients

        Other than the U.S. federal government, no single client accounted for 10% or more of the Company's revenue in any of the past five fiscal years. Approximately 23%, 24%, and 15% of the Company's revenue was derived through direct contracts with agencies of the U.S. federal government in the years ended September 30, 2016, 2015 and 2014, respectively. One of these contracts accounted for approximately 3%, 2%, and 3% of the Company's revenue in the years ended September 30, 2016, 2015 and 2014, respectively.

123

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

21. Quarterly Financial Information—Unaudited

        In the opinion of management, the following unaudited quarterly data reflects all adjustments necessary for a fair statement of the results of operations. All such adjustments are of a normal recurring nature.

Fiscal Year 2016:	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in millions, except per share data)
Revenue	$	4,297.7		$	4,381.2		$	4,408.8		$	4,323.1
Cost of revenue		4,156.8			4,197.8			4,237.5			4,175.9
Gross profit		140.9			183.4			171.3			147.2
Equity in earnings of joint ventures		25.2			39.1			18.5			21.2
General and administrative expenses		(28.7	)		(29.5	)		(28.7	)		(28.2	)
Acquisition and integration expenses		(41.0	)		(50.7	)		(50.7	)		(71.2	)
Loss on disposal activities		(41.0	)		(1.6	)		—			—
Income from operations		55.4			140.7			110.4			69.0
Other income (expenses)		3.0			0.8			1.5			2.9
Interest expense		(59.5	)		(62.7	)		(62.6	)		(73.3	)
(Loss) / income before income tax expense		(1.1	)		78.8			49.3			(1.4	)
Income tax (benefit) expense		(0.7	)		12.2			(35.1	)		(14.3	)
Net (loss) / income		(0.4	)		66.6			84.4			12.9
Noncontrolling interest in income of consolidated subsidiaries, net of tax		(20.0	)		(24.7	)		(17.0	)		(5.7	)
Net (loss) / income attributable to AECOM	$	(20.4	)	$	41.9		$	67.4		$	7.2
Net (loss) / income attributable to AECOM per share:
Basic	$	(0.13	)	$	0.27		$	0.44		$	0.05
Diluted	$	(0.13	)	$	0.27		$	0.43		$	0.05
Weighted average common shares outstanding:
Basic		153.6			154.3			154.9			156.3
Diluted		153.6			155.4			156.2			157.9

124

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

21. Quarterly Financial Information—Unaudited (Continued)

Fiscal Year 2015:	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in millions, except per share data)
Revenue	$	4,210.5		$	4,506.2		$	4,549.5		$	4,723.7
Cost of revenue		4,075.7			4,403.0			4,422.9			4,553.1
Gross profit		134.8			103.2			126.6			170.6
Equity in earnings of joint ventures		23.9			24.7			27.7			29.9
General and administrative expenses		(34.3	)		(29.8	)		(24.4	)		(25.5	)
Acquisition and integration expenses		(138.5	)		(91.6	)		(88.5	)		(79.8	)
Income from operations		(14.1	)		6.5			41.4			95.2
Other income (expenses)		2.6			(1.0	)		10.1			7.4
Interest expense		(118.7	)		(60.7	)		(60.2	)		(60.0	)
(Loss) income before income tax expense		(130.2	)		(55.2	)		(8.7	)		42.6
Income tax (benefit) expense		(12.1	)		(75.8	)		(8.5	)		16.1
Net (loss) income		(118.1	)		20.6			(0.2	)		26.5
Noncontrolling interest in income of consolidated subsidiaries, net of tax		(20.9	)		(20.3	)		(17.0	)		(25.4	)
Net (loss) income attributable to AECOM	$	(139.0	)	$	0.3		$	(17.2	)	$	1.1
Net (loss) income attributable to AECOM per share:
Basic	$	(0.98	)	$	—		$	(0.11	)	$	0.01
Diluted	$	(0.98	)	$	—		$	(0.11	)	$	0.01
Weighted average common shares outstanding:
Basic		141.9			151.1			151.7			153.8
Diluted		141.9			152.8			151.7			155.2

22. Condensed Consolidating Financial Information

        As discussed in Note 8, on October 6, 2014, AECOM issued $800.0 million aggregate principal amount of its 2022 Notes and $800.0 million aggregate principal amount of its 2024 Notes in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the Securities Act). AECOM filed a Registration Statement on Form S-4 relating to the offer to exchange the Notes for new 5.75% Senior Notes due 2022 and 5.875% Senior Notes due 2024 that was declared effective by the SEC on September 29, 2015. The Notes are fully and unconditionally guaranteed on a joint and several basis by certain of AECOM's directly and indirectly 100% owned subsidiaries (the Subsidiary Guarantors). Other than customary restrictions imposed by applicable statutes, there are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to AECOM in the form of cash dividends, loans or advances.

        In connection with the registration of the exchange offer, AECOM became subject to the requirements of Rule 3-10 of Regulation S-X regarding financial statements of guarantors and issuers of guaranteed securities registered or being registered with the Securities and Exchange Commission. The following condensed consolidating financial information, which is presented for AECOM, the Subsidiary Guarantors on a combined basis and AECOM's non-guarantor subsidiaries on a combined basis, is provided to satisfy the disclosure requirements of Rule 3-10 of Regulation S-X.

125

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

22. Condensed Consolidating Financial Information (Continued)

Condensed Consolidating Balance Sheets
(in millions)
September 30, 2016

	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
ASSETS
CURRENT ASSETS:
Total cash and cash equivalents	$	1.8	$	183.7	$	506.6	$	—		$	692.1
Accounts receivable—net		—		2,034.0		2,497.5		—			4,531.5
Intercompany receivable		760.7		151.7		152.0		(1,064.4	)		—
Prepaid expenses and other current assets		98.7		336.2		295.2		—			730.1
Income taxes receivable		28.7		—		18.4		—			47.1
TOTAL CURRENT ASSETS		889.9		2,705.6		3,469.7		(1,064.4	)		6,000.8
PROPERTY AND EQUIPMENT—NET		169.3		236.5		239.2		—			645.0
DEFERRED TAX ASSETS—NET		265.2		—		129.8		(223.5	)		171.5
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES		6,031.7		1,408.4		58.4		(7,498.5	)		—
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES		0.7		48.6		281.2		—			330.5
GOODWILL		—		3,286.6		2,537.2		—			5,823.8
INTANGIBLE ASSETS—NET		—		334.0		145.4		—			479.4
OTHER NON-CURRENT ASSETS		65.2		71.4		139.1		—			275.7
TOTAL ASSETS	$	7,422.0	$	8,091.1	$	7,000.0	$	(8,786.4	)	$	13,726.7
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term debt	$	3.1	$	7.3	$	15.9	$	—		$	26.3
Accounts payable		45.8		907.0		958.1		—			1,910.9
Accrued expenses and other current liabilities		201.2		1,137.1		1,046.5		—			2,384.8
Accrued taxes payable		—		—		10.8		—			10.8
Intercompany payable		114.1		857.9		208.8		(1,180.8	)		—
Billings in excess of costs on uncompleted contracts		—		237.5		394.4		—			631.9
Current portion of long-term debt		108.2		222.1		9.7		—			340.0
TOTAL CURRENT LIABILITIES		472.4		3,368.9		2,644.2		(1,180.8	)		5,304.7
OTHER LONG-TERM LIABILITIES		115.7		349.3		632.4		—			1,097.4
DEFERRED TAX LIABILITY—NET		—		236.6		—		(223.5	)		13.1
NOTE PAYABLE INTERCOMPANY—NON CURRENT		—		—		563.5		(563.5	)		—
LONG-TERM DEBT		3,468.0		273.4		17.6		—			3,759.0
TOTAL LIABILITIES		4,056.1		4,228.2		3,857.7		(1,967.8	)		10,174.2
TOTAL AECOM STOCKHOLDERS' EQUITY		3,365.9		3,862.9		2,956.7		(6,818.6	)		3,366.9
Noncontrolling interests		—		—		185.6		—			185.6
TOTAL STOCKHOLDERS' EQUITY		3,365.9		3,862.9		3,142.3		(6,818.6	)		3,552.5
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	7,422.0	$	8,091.1	$	7,000.0	$	(8,786.4	)	$	13,726.7

126

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

22. Condensed Consolidating Financial Information (Continued)

Condensed Consolidating Balance Sheets
(in millions)
September 30, 2015

	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
ASSETS
CURRENT ASSETS:
Total cash and cash equivalents	$	1.3	$	162.5	$	520.1	$	—		$	683.9
Accounts receivable—net		—		2,165.5		2,675.9		—			4,841.4
Intercompany receivable		771.3		187.3		262.7		(1,221.3	)		—
Prepaid expenses and other current assets		36.7		127.4		224.9		—			389.0
Income taxes receivable		68.7		—		12.5		—			81.2
Deferred tax assets—net		36.6		—		276.9		(62.9	)		250.6
TOTAL CURRENT ASSETS		914.6		2,642.7		3,973.0		(1,284.2	)		6,246.1
PROPERTY AND EQUIPMENT—NET		93.4		240.0		365.9		—			699.3
DEFERRED TAX ASSETS—NET		27.1		—		7.3		(34.4	)		—
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES		6,739.4		1,343.7		67.4		(8,150.5	)		—
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES		0.8		73.4		247.4		—			321.6
GOODWILL		—		3,291.1		2,529.6		—			5,820.7
INTANGIBLE ASSETS—NET		—		459.4		200.0		—			659.4
OTHER NON-CURRENT ASSETS		88.7		26.8		151.7		—			267.2
TOTAL ASSETS	$	7,864.0	$	8,077.1	$	7,542.3	$	(9,469.1	)	$	14,014.3
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term debt	$	2.3	$	—	$	0.5	$	—		$	2.8
Accounts payable		28.0		834.1		991.9		—			1,854.0
Accrued expenses and other current liabilities		229.5		1,001.6		936.7		—			2,167.8
Intercompany payable		119.9		960.3		319.8		(1,400.0	)		—
Billings in excess of costs on uncompleted contracts		—		255.7		398.2		—			653.9
Deferred tax liability—net		—		62.9		—		(62.9	)		—
Current portion of long-term debt		105.6		24.5		27.5		—			157.6
TOTAL CURRENT LIABILITIES		485.3		3,139.1		2,674.6		(1,462.9	)		4,836.1
OTHER LONG-TERM LIABILITIES		63.6		299.5		507.6		—			870.7
DEFERRED TAX LIABILITY—NET		—		122.6		141.9		(34.4	)		230.1
NOTE PAYABLE INTERCOMPANY—NON CURRENT		—		—		669.1		(669.1	)		—
LONG-TERM DEBT		3,914.0		482.7		49.8		—			4,446.5
TOTAL LIABILITIES		4,462.9		4,043.9		4,043.0		(2,166.4	)		10,383.4
TOTAL AECOM STOCKHOLDERS' EQUITY		3,401.1		4,033.2		3,276.1		(7,302.7	)		3,407.7
Noncontrolling interests		—		—		223.2		—			223.2
TOTAL STOCKHOLDERS' EQUITY		3,401.1		4,033.2		3,499.3		(7,302.7	)		3,630.9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	7,864.0	$	8,077.1	$	7,542.3	$	(9,469.1	)	$	14,014.3

127

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

22. Condensed Consolidating Financial Information (Continued)

Condensed Consolidating Statements of Operations
(in millions)

	For the Fiscal Year Ended September 30, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenue	$	—		$	9,227.5		$	8,265.3		$	(82.0	)	$	17,410.8
Cost of revenue		—			8,909.4			7,940.6			(82.0	)		16,768.0
Gross profit		—			318.1			324.7			—			642.8
Equity in earnings from subsidiaries		437.4			43.8			3.2			(484.4	)		—
Equity in earnings of joint ventures		—			27.3			76.7			—			104.0
General and administrative expenses		(114.0	)		(1.1	)		—			—			(115.1	)
Acquisition and integration expenses		(213.6	)		—			—			—			(213.6	)
Loss on disposal activities		—			—			(42.6	)		—			(42.6	)
Income (loss) from operations		109.8			388.1			362.0			(484.4	)		375.5
Other income (expense)		0.8			34.7			12.7			(40.0	)		8.2
Interest (expense) income		(231.7	)		(23.6	)		(42.8	)		40.0			(258.1	)
Income (loss) before income tax expense		(121.1	)		399.2			331.9			(484.4	)		125.6
Income tax (benefit) expense		(217.3	)		114.3			27.8			37.3			(37.9	)
Net income (loss)		96.2			284.9			304.1			(521.7	)		163.5
Noncontrolling interests in income of consolidated subsidiaries, net of tax		—			—			(67.4	)		—			(67.4	)
Net income (loss) attributable to AECOM	$	96.2		$	284.9		$	236.7		$	(521.7	)	$	96.1

	For the Fiscal Year Ended September 30, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenue	$	—		$	8,749.5		$	9,463.6		$	(223.2	)	$	17,989.9
Cost of revenue		—			8,486.4			9,191.5			(223.2	)		17,454.7
Gross profit		—			263.1			272.1			—			535.2
Equity in earnings from subsidiaries		321.3			(95.4	)		(1.4	)		(224.5	)		—
Equity in earnings of joint ventures		—			20.0			86.2			—			106.2
General and administrative expenses		(112.2	)		(1.8	)		—			—			(114.0	)
Acquisition and integration expenses		(346.9	)		(51.5	)		—			—			(398.4	)
(Loss) income from operations		(137.8	)		134.4			356.9			(224.5	)		129.0
Other income (expense)		5.1			34.9			14.7			(35.6	)		19.1
Interest (expense) income		(275.4	)		(20.4	)		(39.4	)		35.6			(299.6	)
(Loss) income before income tax expense		(408.1	)		148.9			332.2			(224.5	)		(151.5	)
Income tax (benefit) expense		(253.3	)		66.7			61.0			45.3			(80.3	)
Net (loss) income		(154.8	)		82.2			271.2			(269.8	)		(71.2	)
Noncontrolling interests in income of consolidated subsidiaries, net of tax		—			—			(83.6	)		—			(83.6	)
Net (loss) income attributable to AECOM	$	(154.8	)	$	82.2		$	187.6		$	(269.8	)	$	(154.8	)

128

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

22. Condensed Consolidating Financial Information (Continued)

	For the Fiscal Year Ended September 30, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenue	$	—		$	3,609.4		$	4,781.9		$	(34.5	)	$	8,356.8
Cost of revenue		—			3,451.6			4,536.5			(34.5	)		7,953.6
Gross profit		—			157.8			245.4			—			403.2
Equity in earnings from subsidiaries		346.7			40.9			—			(387.6	)		—
Equity in earnings of joint ventures		—			15.0			42.9			—			57.9
General and administrative expenses		(80.9	)		—			—			—			(80.9	)
Acquisition and integration expenses		(27.3	)		—			—			—			(27.3	)
Income (loss) from operations		238.5			213.7			288.3			(387.6	)		352.9
Other income (loss)		0.5			0.9			2.0			(0.7	)		2.7
Interest expense income		(37.7	)		(0.7	)		(3.1	)		0.7			(40.8	)
Income (loss) before income tax expense		201.3			213.9			287.2			(387.6	)		314.8
Income tax (benefit) expense		(28.6	)		34.3			69.5			6.8			82.0
Net income (loss)		229.9			179.6			217.7			(394.4	)		232.8
Noncontrolling interests in income of consolidated subsidiaries, net of tax		—			—			(2.9	)		—			(2.9	)
Net income (loss) attributable to AECOM	$	229.9		$	179.6		$	214.8		$	(394.4	)	$	229.9

Consolidating Statements of Comprehensive Income (Loss)
(in millions)

	For the Fiscal Year Ended September 30, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net income (loss)	$	96.2		$	284.9		$	304.1		$	(521.7	)	$	163.5
Other comprehensive income (loss), net of tax:
Net unrealized gain on derivatives, net of tax		2.6			—			3.4			—			6.0
Foreign currency translation adjustments		—			—			(65.3	)		—			(65.3	)
Pension adjustments, net of tax		(3.3	)		(14.9	)		(146.7	)		—			(164.9	)
Other comprehensive loss, net of tax		(0.7	)		(14.9	)		(208.6	)		—			(224.2	)
Comprehensive income (loss), net of tax		95.5			270.0			95.5			(521.7	)		(60.7	)
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax		—			—			(65.7	)		—			(65.7	)
Comprehensive income (loss) attributable to AECOM, net of tax	$	95.5		$	270.0		$	29.8		$	(521.7	)	$	(126.4	)

129

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

22. Condensed Consolidating Financial Information (Continued)

	For the Fiscal Year Ended September 30, 2015
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
Net (loss) income	$	(154.8	)	$	82.2	$	271.2		$	(269.8	)	$	(71.2	)
Other comprehensive income (loss), net of tax:
Net unrealized loss on derivatives, net of tax		(6.1	)		—		(3.1	)		—			(9.2	)
Foreign currency translation adjustments		—			—		(285.6	)		—			(285.6	)
Pension adjustments, net of tax		1.8			6.4		4.8			—			13.0
Other comprehensive (loss) income, net of tax		(4.3	)		6.4		(283.9	)		—			(281.8	)
Comprehensive (loss) income, net of tax		(159.1	)		88.6		(12.7	)		(269.8	)		(353.0	)
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax		—			—		(80.3	)		—			(80.3	)
Comprehensive (loss) income attributable to AECOM, net of tax	$	(159.1	)	$	88.6	$	(93.0	)	$	(269.8	)	$	(433.3	)

	For the Fiscal Year Ended September 30, 2014
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
Net income (loss)	$	229.9		$	179.6	$	217.7		$	(394.4	)	$	232.8
Other comprehensive income (loss), net of tax:
Net unrealized gain on derivatives, net of tax		0.3			—		—			—			0.3
Foreign currency translation adjustments		—			—		(72.7	)		—			(72.7	)
Pension adjustments, net of tax		(9.9	)		—		(14.3	)		—			(24.2	)
Other comprehensive loss, net of tax		(9.6	)		—		(87.0	)		—			(96.6	)
Comprehensive income (loss), net of tax		220.3			179.6		130.7			(394.4	)		136.2
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax		—			—		(1.6	)		—			(1.6	)
Comprehensive income (loss) attributable to AECOM, net of tax	$	220.3		$	179.6	$	129.1		$	(394.4	)	$	134.6

130

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

22. Condensed Consolidating Financial Information (Continued)

Condensed Consolidating Statements of Cash Flows
(in millions)

	For the Fiscal Year Ended September 30, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
CASH FLOWS FROM OPERATING ACTIVITIES	$	(273.6	)	$	623.7		$	464.1		$	—		$	814.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired		—			(1.0	)		(4.5	)		—			(5.5	)
Proceeds from disposal of businesses and property		—			—			39.7			—			39.7
Net investment in unconsolidated joint ventures		—			(3.9	)		(67.6	)		—			(71.5	)
Net sales of investments		—			—			11.5			—			11.5
Payments for capital expenditures, net of disposals		(82.0	)		(58.7	)		3.9			—			(136.8	)
Net receipts from (investment in) intercompany notes		5.3			176.1			(13.5	)		(167.9	)		—
Other intercompany investing activities		791.2			140.3			—			(931.5	)		—
Net cash provided by (used in) investing activities		714.5			252.8			(30.5	)		(1,099.4	)		(162.6	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements		4,673.0			17.6			15.6			—			4,706.2
Repayments of borrowings under credit agreements		(5,124.1	)		(22.8	)		(53.1	)		—			(5,200.0	)
Cash paid for debt and equity issuance costs		(10.4	)		—			—			—			(10.4	)
Proceeds from issuance of common stock		28.2			—			—			—			28.2
Proceeds from exercise of stock options		9.9			—			—			—			9.9
Payments to repurchase common stock		(25.9	)		—			—			—			(25.9	)
Excess tax benefit from share-based payment		—			—			—			—			—
Net distributions to noncontrolling interests		—			—			(103.2	)		—			(103.2	)
Other financing activities		7.9			(4.5	)		(46.3	)		—			(42.9	)
Net borrowings (repayments) on intercompany notes		1.0			12.5			(181.4	)		167.9			—
Other intercompany financing activities		—			(858.1	)		(73.4	)		931.5			—
Net cash used in financing activities		(440.4	)		(855.3	)		(441.8	)		1,099.4			(638.1	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		—			—			(5.3	)		—			(5.3	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0.5			21.2			(13.5	)		—			8.2
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		1.3			162.5			520.1			—			683.9
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	1.8		$	183.7		$	506.6		$	—		$	692.1

131

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

22. Condensed Consolidating Financial Information (Continued)

	For the Fiscal Year Ended September 30, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
CASH FLOWS FROM OPERATING ACTIVITIES	$	(551.2	)	$	816.9		$	498.7		$	—		$	764.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired		(3,564.2	)		109.2			161.7			—			(3,293.3	)
Proceeds from disposal of businesses and property		9.5			5.6			—			—			15.1
Net investment in unconsolidated joint ventures		—			(4.0	)		(28.7	)		—			(32.7	)
Sales (purchases) of investments		37.3			—			(2.7	)		—			34.6
Payments for capital expenditures, net of disposals		(51.9	)		(15.8	)		(1.7	)		—			(69.4	)
Receipts from intercompany notes receivable		95.6			128.6			—			(224.2	)		—
Other intercompany investing activities		1,085.8			160.9			—			(1,246.7	)		—
Net cash (used in) provided by investing activities		(2,387.9	)		384.5			128.6			(1,470.9	)		(3,345.7	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements		6,464.6			29.9			87.2			—			6,581.7
Repayments of borrowings under credit agreements		(5,031.9	)		(31.2	)		(95.2	)		—			(5,158.3	)
Issuance of unsecured senior notes		1,600.0			—			—			—			1,600.0
Prepayment penalty on Unsecured Senior Notes		(55.6	)		—			—			—			(55.6	)
Cash paid for debt and equity issuance costs		(89.6	)		—			—			—			(89.6	)
Proceeds from issuance of common stock		25.6			—			—			—			25.6
Proceeds from exercise of stock options		11.1			—			—			—			11.1
Payments to repurchase common stock		(23.1	)		—			—			—			(23.1	)
Excess tax benefit from share-based payment		3.6			—			—			—			3.6
Net distributions to noncontrolling interests		—			—			(144.3	)		—			(144.3	)
Other financing activities		2.3			(4.1	)		(29.5	)		—			(31.3	)
Intercompany notes repayments		—			—			(224.2	)		224.2			—
Other intercompany financing activities		—			(1,119.3	)		(127.4	)		1,246.7			—
Net cash provided by (used in) financing activities		2,907.0			(1,124.7	)		(533.4	)		1,470.9			2,719.8
EFFECT OF EXCHANGE RATE CHANGES ON CASH		—			—			(28.8	)		—			(28.8	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(32.1	)		76.7			65.1			—			109.7
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		33.4			85.8			455.0			—			574.2
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	1.3		$	162.5		$	520.1		$	—		$	683.9

132

AECOM

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

22. Condensed Consolidating Financial Information (Continued)

Condensed Consolidating Statements of Cash Flows
(in millions)

	For the Fiscal Year Ended September 30, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
CASH FLOWS FROM OPERATING ACTIVITIES	$	(33.3	)	$	206.5		$	187.4		$	—		$	360.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired		—			(55.0	)		1.9			—			(53.1	)
Cash acquired from consolidation of joint venture		—			—			19.0			—			19.0
Proceeds from disposal of businesses and property		—			—			3.6			—			3.6
Net investment in unconsolidated joint ventures		—			9.4			(61.6	)		—			(52.2	)
Sales of investments		—			—			2.7			—			2.7
Payments for capital expenditures, net of disposals		(14.3	)		(17.8	)		(30.7	)		—			(62.8	)
Receipts from intercompany notes receivable		146.7			—			—			(146.7	)		—
Other intercompany investing activities		116.7			55.7			—			(172.4	)		—
Net cash provided by (used in) investing activities		249.1			(7.7	)		(65.1	)		(319.1	)		(142.8	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements		1,769.3			—			39.9			—			1,809.2
Repayments of borrowings under credit agreements		(1,918.6	)		(15.8	)		(42.0	)		—			(1,976.4	)
Cash paid for debt and equity issuance costs		(8.1	)		—			—			—			(8.1	)
Proceeds from issuance of common stock		13.9			—			—			—			13.9
Proceeds from exercise of stock options		13.4			—			—			—			13.4
Payments to repurchase common stock		(34.9	)		—			—			—			(34.9	)
Excess tax benefit from share-based payment		0.7			—			—			—			0.7
Net distributions to noncontrolling interests		—			—			(30.2	)		—			(30.2	)
Other financing activities		(22.5	)		0.8			0.3			—			(21.4	)
Intercompany notes repayments		—			—			(146.7	)		146.7			—
Other intercompany financing activities		—			(178.2	)		5.8			172.4			—
Net cash used in financing activities		(186.8	)		(193.2	)		(172.9	)		319.1			(233.8	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		—			—			(10.5	)		—			(10.5	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		29.0			5.6			(61.1	)		—			(26.5	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		4.4			80.2			516.1			—			600.7
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	33.4		$	85.8		$	455.0		$	—		$	574.2

133

AECOM Technology Corporation

Schedule II: Valuation and Qualifying Accounts

(amounts in millions)

	Balance at Beginning of Year		Additions Charged to Cost of Revenue		Deductions(a)			Other and Foreign Exchange Impact			Balance at the End of the Year
Allowance for Doubtful Accounts
Fiscal Year 2016	$	64.1	$	16.4	$	(20.5	)	$	0.4		$	60.4
Fiscal Year 2015	$	72.1	$	26.9	$	(31.2	)	$	(3.7	)	$	64.1
Fiscal Year 2014		86.4		17.3		(38.4	)		6.8			72.1

(a)

Primarily relates to accounts written-off and recoveries

134

ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

        None.

ITEM 9A.    CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

        Our management, with the participation of our CEO and CFO, are responsible for establishing and maintaining "disclosure controls and procedures" (as defined in Rule 13a-15(e) under the Exchange Act) for our company. Based on their evaluation as of the end of the period covered by this report, our CEO and CFO have concluded that our disclosure controls and procedures were effective to ensure that the information required to be disclosed by us in this Annual Report on Form 10-K was (i) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and (ii) accumulated and communicated to our management, including our principal executive and principal financial officers, to allow timely decisions regarding required disclosures.

Management's Report on Internal Control over Financial Reporting

        Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934, as amended, as a process designed by, or under the supervision of, the company's principal executive and principal financial officers and effected by the company's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

        Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of the effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

        Our management, with the participation of our CEO and CFO, assessed the effectiveness of our internal control over financial reporting as of September 30, 2016, the end of our fiscal year. Our management based its assessment on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Our management's assessment included evaluation and testing of the design and operating effectiveness of key financial reporting controls, process documentation, accounting policies, and our overall control environment.

        Based on our management's assessment, our management has concluded that our internal control over financial reporting was effective as of September 30, 2016. Our management communicated the results of its assessment to the Audit Committee of our Board of Directors.

        Our independent registered public accounting firm, Ernst & Young LLP, audited our financial statements for the fiscal year ended September 30, 2016 included in this Annual Report on Form 10-K, and

135

has issued an audit report with respect to the effectiveness of the Company's internal control over financial reporting, a copy of which is included earlier in this Annual Report on Form 10-K.

Changes in Internal Control Over Financial Reporting

        During the third quarter of fiscal year 2016, we identified a material weakness in our internal controls over accounting for the acquisition of the URS Corporation related to (a) the alignment of accounting policies specific to forward loss reserves and (b) income tax accounts. To remediate the material weakness, we enhanced and revised the design of existing controls and procedures to properly apply forward loss and income tax accounting. During the fourth quarter of fiscal 2016, we successfully completed the testing necessary to conclude that the material weakness had been remediated.

        Except as noted above, our management, including our CEO and CFO, confirm that there were no other changes in our company's internal control over financial reporting during the last fiscal year ended September 30, 2016 that have materially affected, or are reasonably likely to materially affect, our company's internal control over financial reporting.

ITEM 9B.    OTHER INFORMATION

        None.

PART III

ITEM 10.    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

        Incorporated by reference from our definitive proxy statement for the 2017 Annual Meeting of Stockholders, to be filed within 120 days of our fiscal 2016 year end.

ITEM 11.    EXECUTIVE COMPENSATION

        Incorporated by reference from our definitive proxy statement for the 2017 Annual Meeting of Stockholders, to be filed within 120 days of our fiscal 2016 year end.

ITEM 12.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS

        Other than with respect to the information relating to our equity compensation plans, which is incorporated herein by reference to Part II, Item 5, "Equity Compensation Plans" of this Form 10-K, the information required by this item is incorporated by reference from our definitive proxy statement for the 2016 Annual Meeting of Stockholders, to be filed within 120 days of our fiscal 2016 year end.

ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

        Incorporated by reference from our definitive proxy statement for the 2017 Annual Meeting of Stockholders, to be filed within 120 days of our fiscal 2016 year end.

ITEM 14.    PRINCIPAL ACCOUNTING FEES AND SERVICES

        Incorporated by reference from our definitive proxy statement for the 2017 Annual Meeting of Stockholders, to be filed within 120 days of our fiscal 2016 year end.

136

PART IV

ITEM 15.    EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a)

Documents filed as part of this report:



(1)

The company's Consolidated Financial Statements at September 30, 2016 and 2015 and for each of the three years in the period ended September 30, 2016 and the notes thereto, together with the report of the independent auditors on those Consolidated Financial Statements are hereby filed as part of this report.



(2)

Financial Statement Schedule II—Valuation and Qualifying Accounts for the Years Ended September 30, 2016, 2015 and 2014.



(3)

See Exhibits and Index to Exhibits, below.



(b)

Exhibits.

				Incorporated by Reference (Exchange Act Filings Located at File No. 0-52423)
Exhibit Number						Filed Herewith
		Exhibit Description	Form	Exhibit	Filing Date
	2.1	Agreement and Plan of Merger, dated as of July 11, 2014, by and among AECOM Technology Corporation, ACM Mountain I, LLC, AECOM Global II, LLC (formerly ACM Mountain II, LLC) and URS Corporation.	8-K	2.1	7/14/2014
	3.1	Amended and Restated Certificate of Incorporation of AECOM Technology Corporation.	10-K	3.1	11/21/2011
	3.2	Certificate of Amendment to Amended and Restated Certificate of Incorporation of AECOM Technology Corporation.	S-4	3.2	8/1/2014
	3.3	Certificate of Correction of Amended and Restated Certificate of Incorporation of AECOM Technology Corporation.	10-K	3.3	11/17/14
	3.4	Certificate of Amendment to the Company's Certificate of Incorporation.	8-K	3.1	1/9/2015
	3.5	Amended and Restated Bylaws.	8-K	3.2	1/9/2015
	4.1	Form of Common Stock Certificate.	Form 10	4.1	1/29/2007
	4.2	Indenture, dated as of October 6, 2014, by and among AECOM Technology Corporation, the Guarantors party thereto, and U.S. Bank National Association, as trustee.	8-K	4.1	10/8/2014
	4.3	First Supplemental Indenture, dated as of October 17, 2014, by and among AECOM Technology Corporation, the guarantors party thereto and U.S. Bank National Association.	10-K	4.10	11/17/2014

137

					Incorporated by Reference (Exchange Act Filings Located at File No. 0-52423)
Exhibit Number							Filed Herewith
			Exhibit Description	Form	Exhibit	Filing Date
	4.4		Second Supplemental Indenture, dated as of June 3, 2015, by and among AECOM, the guarantors party thereto and U.S. Bank National Association.	S-4	4.3	7/6/2015
	4.5		Third Supplemental Indenture, dated as of June 19, 2015, by and among AECOM, the guarantor party thereto and U.S. Bank National Association.	S-4	4.4	7/6/2015
	4.6	†	Indenture, dated March 15, 2012, between URS Corporation, URS Fox U.S. LP and U.S. Bank National Association.	8-K	4.01	3/20/2012
	4.7	†	First Supplemental Indenture, dated March 15, 2012, by and among URS Corporation, URS Fox U.S. LP, the additional guarantor parties thereto and U.S. Bank National Association.	8-K	4.02	3/20/2012
	4.8	†	Second Supplemental Indenture, dated March 15, 2012, by and among URS Corporation, URS Fox U.S. LP, the additional guarantor parties thereto and U.S. Bank National Association.	8-K	4.03	3/20/2012
	4.9	†	Third Supplemental Indenture, dated as of May 14, 2012, by and among URS Corporation, URS Fox U.S. LP, the additional guarantor parties thereto and U.S. Bank National Association.	8-K	4.6	5/18/2012
	4.10	†	Fourth Supplemental Indenture, dated as of September 24, 2012, by and among URS Corporation, URS Fox U.S. LP, the additional guarantor parties thereto and U.S. Bank National Association.	8-K	4.2	9/26/2012
	4.11		Fifth Supplemental Indenture, dated as of October 17, 2014, by and among AECOM Global II, LLC, URS Fox U.S. LP and U.S. Bank National Association.	10-K	4.8	11/17/2014
	4.12		Registration Rights Agreement, dated October 6, 2014, by and among AECOM Technology Corporation, AECOM Government Services, Inc., AECOM Technical Services, Inc., Tishman Construction Corporation, other Guarantors, and Merrill Lynch, Pierce, Fenner & Smith Incorporated.	8-K	4.2	10/8/2014

138

					Incorporated by Reference (Exchange Act Filings Located at File No. 0-52423)
Exhibit Number							Filed Herewith
			Exhibit Description	Form	Exhibit	Filing Date
	4.13		Credit Agreement, dated as of October 17, 2014, among AECOM Technology Corporation and certain of its subsidiaries, as borrowers, certain lenders, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, MUFG Union Bank, N.A., BNP Paribas, JPMorgan Chase Bank, N.A., and the Bank of Nova Scotia, as Co-Syndication Agents, and BBVA Compass, Credit Agricole Corporate and Investment Bank, HSBC Bank USA, National Association, Sumitomo Mitsui Banking Corporation and Wells Fargo Bank, National Association, as Co-Documentation Agents.	8-K	10.1	10/17/2014
	4.14		Amendment No. 1 to the Credit Agreement, dated as of July 1, 2015, by and among AECOM and certain of its subsidiaries, as borrowers, certain lenders, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer.	8-K	10.1	7/7/2015
	4.15		Amendment No. 2 to Credit Agreement, dated as of December 22, 2015, among the Company, the Lenders party thereto, and Bank of America, N.A., as Administrative Agent, Swing Line Lender, and an L/C Issuer.	8-K	10.1	12/22/2015
	4.16		Amendment No. 3 to Credit Agreement and Amendment No. 1 to the Security Agreement, dated as of September 29, 2016, among the Company, the Lenders party thereto, and Bank of America, N.A., as Administrative Agent, Swing Line Lender, and an L/C Issuer.	8-K	10.1	9/30/16
	10.1	#	1992 Supplemental Executive Retirement Plan, restated as of November 20, 1997.	Form 10	10.12	1/29/2007
	10.2	#	First Amendment, effective July 1, 1998, to the 1992 Supplemental Executive Retirement Plan.	Form 10	10.13	1/29/2007
	10.3	#	Second Amendment, effective March 1, 2003, to the 1992 Supplemental Executive Retirement Plan.	Form 10	10.14	1/29/2007
	10.4	#	Third Amendment, effective April 1, 2004, to the 1992 Supplemental Executive Retirement Plan.	Form 10	10.15	1/29/2007
	10.5	#	1996 Supplemental Executive Retirement Plan, restated as of November 20, 1997.	Form 10	10.16	1/29/2007

139

					Incorporated by Reference (Exchange Act Filings Located at File No. 0-52423)
Exhibit Number							Filed Herewith
			Exhibit Description	Form	Exhibit	Filing Date
	10.6	#	First Amendment, effective July 1, 1998, to the 1996 Supplemental Executive Retirement Plan.	Form 10	10.17	1/29/2007
	10.7	#	Second Amendment, effective April 1, 2004, to the 1996 Supplemental Executive Retirement Plan.	Form 10	10.18	1/29/2007
	10.8	#	1998 Management Supplemental Executive Retirement Plan.	Form 10	10.20	1/29/2007
	10.9	#	First Amendment, effective January 1, 2002, to the 1998 Management Supplemental Executive Retirement Plan.	Form 10	10.21	1/29/2007
	10.10	#	Second Amendment, effective July 1, 1998, to the 1998 Management Supplemental Executive Retirement Plan.	Form 10	10.22	1/29/2007
	10.11	#	Third Amendment, effective October 31, 2004, to the 1998 Management Supplemental Executive Retirement Plan.	Form 10	10.23	1/29/2007
	10.12	#	AECOM Management Supplemental Executive Retirement Plan, as amended and restated effective January 1, 2005.				X
	10.13	#	First Amendment, effective October 9, 2009, to the AECOM Management Supplemental Executive Retirement Plan, as amended and restated effective January 1, 2005.				X
	10.14	#	Second Amendment, effective December 30, 2015, to the AECOM Management Supplemental Executive Retirement Plan.	10-Q	10.2	2/10/2016
	10.15	#	1996 Excess Benefit Plan restated at November 20, 1997.	Form 10	10.24	1/29/2007
	10.16	#	First Amendment, effective July 1, 1998, to the 1996 Excess Benefit Plan.	Form 10	10.25	1/29/2007
	10.17	#	Second Amendment, effective March 1, 2003, to the 1996 Excess Benefit Plan.	Form 10	10.26	1/29/2007
	10.18	#	Third Amendment, effective April 1, 2004, to the 1996 Excess Benefit Plan.	Form 10	10.27	1/29/2007
	10.19	#	AECOM Technology Corporation Excess Benefit Plan, as amended and restated effective January 1, 2005				X
	10.20	#	First Amendment, effective October 9, 2009, to the AECOM Technology Corporation Excess Benefit Plan				X

140

					Incorporated by Reference (Exchange Act Filings Located at File No. 0-52423)
Exhibit Number							Filed Herewith
			Exhibit Description	Form	Exhibit	Filing Date
	10.21	#	AECOM Technology Corporaton Change in Control Severance Policy for Key Executives.	10-K	10/18	11/25/2015
	10.22	#	Employment Agreement, dated as of July 14, 2010, by and among AECOM Technology Corporation, Tishman Construction Corporation and Daniel R. Tishman.	8-K	2.2	7/14/2010
	10.23	#	Employment Agreement between AECOM Technology Corporation and Randall A. Wotring, dated as of January 1, 2015.	10-Q	10.2	2/11/2015
	10.24	#	Employment Agreement between AECOM Technology Corporation and George L. Nash, Jr., effective as of January 1, 2015	10-Q	10.1	2/11/2015
	10.25	#	AECOM Technology Corporation Employee Stock Purchase Plan.	S-8	4.3	5/24/2010
	10.26	#	Amended and Restated AECOM Technology Corporation Employee Stock Purchase Plan.	10-Q	10.1	5/11/16
	10.27	#	Amended and Restated 2006 Stock Incentive Plan.	Schedule 14A	Annex B	1/21/2011
	10.28	#	Amended Stock Option Standard Terms and Conditions under 2006 Stock Incentive Plan.	8-K	10.1	12/5/2008
	10.29	#	Form of New and Amended Restricted Stock Unit Standard Terms and Conditions under the 2006 Stock Incentive Plan.	8-K	10.2	12/21/2012
	10.30	#	Standard Terms and Conditions for Performance Earnings Program under AECOM Technology Corporation 2006 Stock Incentive Plan.	8-K	10.3	12/5/2008
	10.31	#	AECOM 2016 Stock Incentive Plan.	S-8	99.1	3/2/2016
	10.32	#	Form Standard Terms and Conditions for Restricted Stock Units for Non-Employee Directors under the 2016 Stock Incentive.	10-Q	10.3	5/11/16
	10.33	#	Form Standard Terms and Conditions for Restricted Stock Units under the 2016 Stock Incentive Plan.	10-Q	10.4	5/11/16
	10.34	#	Form Standard Terms and Conditions for Performance Earnings Program under the 2016 Stock Incentive Plan.	10-Q	10.5	5/11/16
	10.35	#	Form Standard Terms and Conditions for Non-Qualified Stock Options under the 2016 Stock Incentive Plan.	10-Q	10.6	5/11/16

141

					Incorporated by Reference (Exchange Act Filings Located at File No. 0-52423)
Exhibit Number							Filed Herewith
			Exhibit Description	Form	Exhibit	Filing Date
	10.36	#	URS Corporation 2008 Equity Incentive Plan.	S-8	4.4	10/17/2014
	10.37	#	AECOM Technology Corporation Executive Deferred Compensation Plan.	8-K	10.1	12/21/2012
	10.38	#	First Amendment to the AECOM Executive Deferred Compensation Plan.	10-Q	10.3	2/10/2016
	10.39	#	AECOM Technology Corporation Executive Incentive Plan.	Schedule 14A	Annex A	1/22/2010
	10.40	#	Letter Agreement, dated as of March 6, 2014, by and among AECOM Technology Corporation and Michael S. Burke.	8-K	10.1	3/12/2014
	10.41	#	Form of Special LTI Award Stock Option Terms and Conditions under the 2006 Stock Incentive Plan.	8-K	10.2	3/12/2014
	10.42	#	AECOM Retirement & Savings Plan (amended and restated effective July 1, 2016)	10-Q	10.1	8/10/2016
	21.1		Subsidiaries of AECOM.				X
	23.1		Consent of Independent Registered Public Accounting Firm.				X
	31.1		Certification of the Company's Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
	31.2		Certification of the Company's Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				X
	32	*	Certification of the Company's Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.				X
	95		Mine Safety Disclosure				X
	101.INS		XBRL Instance Document				X
	101.SCH		XBRL Taxonomy Extension Schema				X
	101.CAL		XBRL Taxonomy Extension Calculation Linkbase				X
	101.LAB		XBRL Taxonomy Extension Labels Linkbase				X
	101.PRE		XBRL Taxonomy Extension Presentation Linkbase				X

142

				Incorporated by Reference (Exchange Act Filings Located at File No. 0-52423)
Exhibit Number						Filed Herewith
		Exhibit Description	Form	Exhibit	Filing Date
	101.DEF	XBRL Taxonomy Extension Definition Linkbase				X

#

Management contract or compensatory plan or arrangement.

*

Document has been furnished and not filed.

†

Indicates a material agreement previously filed by URS Corporation, a public company acquired by AECOM on October 17, 2014.

143

SIGNATURE

        Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AECOM
By:	/s/ W. TROY RUDD W. Troy Rudd Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:	November 15, 2016

        Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant in the capacities and on the date indicated.

Signature	Title	Date
/s/ MICHAEL S. BURKE Michael S. Burke	Chairman and Chief Executive Officer (Principal Executive Officer)	November 15, 2016
/s/ W. TROY RUDD W. Troy Rudd	Executive Vice President and Chief Financial Officer (Principal Financial Officer)	November 15, 2016
/s/ RONALD E. OSBORNE Ronald E. Osborne	Senior Vice President, Corporate Controller (Principal Accounting Officer)	November 15, 2016
/s/ JAMES H. FORDYCE James H. Fordyce	Director	November 15, 2016

144

Signature	Title	Date
/s/ SENATOR WILLIAM H. FRIST, M.D. Senator William H. Frist, M.D.	Director	November 15, 2016
/s/ LINDA GRIEGO Linda Griego	Director	November 15, 2016
/s/ DAVID W. JOOS David W. Joos	Director	November 15, 2016
/s/ ROBERT J. ROUTS Robert J. Routs	Director	November 15, 2016
/s/ CLARENCE T. SCHMITZ Clarence T. Schmitz	Director	November 15, 2016
/s/ DOUGLAS W. STOTLAR Douglas W. Stotlar	Director	November 15, 2016
/s/ DANIEL R. TISHMAN Daniel R. Tishman	Director, AECOM Vice Chairman	November 15, 2016
/s/ GEN. JANET C. WOLFENBARGER, USAF RET. Gen. Janet C. Wolfenbarger, USAF Ret.	Director	November 15, 2016

145

EX-10.12

Exhibit 10.12

AECOM TECHNOLOGY CORPORATION

MANAGEMENT SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Amended and Restated Effective as of January 1, 2005

Applicable to Benefits Earned or Vesting after December 31, 2004

I.ESTABLISHMENT AND PURPOSE

1.1         Effective July 1, 1998, AECOM Technology Corporation (the “Company”) established the Management Supplemental Executive Retirement Plan (the “Plan”) to supplement the retirement benefits payable to certain employees under the AECOM Pension Plan. The Plan is intended to be an unfunded plan maintained by the Company primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees described in section 201(2) of ERISA.

1.2The Plan has been amended and restated to read as set forth herein, effective as of January 1, 2005, to meet the requirements of section 409A of the Code. All benefits accrued and vested under the Plan on or before December 31, 2004 shall be payable under the terms of the Plan as in effect on December 31, 2004, and are intended to be subject to the grandfathering rules of section 409A of the Code. Benefits that accrued under the Plan prior to January 1, 2005 but that were not yet vested on December 31, 2004, as well as benefits accrued on and after January 1, 2005, are subject to section 409A of the Code, and shall be payable in accordance with the terms of the Plan as amended and restated effective as of January 1, 2005.

1.3During the period between January 1, 2005 (the effective date of section 409A of the Code) and the date of adoption of this Amendment and Restatement, the Company has administered the Plan with the intent of being in good faith compliance with section 409A of the Code.

II.DEFINITIONS

2.1Actuarial Equivalent has the same meaning given that term under the AECOM Pension Plan.

2.2AECOM Pension Plan means the AECOM Technology Corporation Pension Plan, as amended from time to time.

2.3AECOM SERP  means the (i) AECOM Technology Corporation Supplemental Executive Retirement Plan, Dated October 1, 1992 (also known as the “1992 SERP”), or (ii) the AECOM Technology Corporation Supplemental Executive Retirement Plan, Effective July 1, 1996 (also known as the “1996 SERP”), as applicable.

2.4Beneficiary means the person(s) designated by the Participant in writing to receive any death benefits payable under the AECOM Pension Plan.

2

2.5Board means the Board of Directors of the Company.

2.6Code means the Internal Revenue Code of 1986, as amended from time to time, including the regulations and rulings of general applicability issued thereunder.

2.7Committee means the Pension Committee or such other committee designated or appointed by the Board to administer the Plan.

2.8Company means AECOM Technology Corporation.

2.9Early Retirement Date means the later of the Participant’s attainment of age 55 or his completion of five years of vesting service, as determined under the AECOM Technology Corporation Pension Plan.

2.10Effective Date means July 1, 1998. The Effective Date of this amendment and restatement of the Plan is January 1, 2005.

2.11ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time.

2.12Excess Benefit Plan means the AECOM Technology Corporation Excess Benefit Plan.

2.13Participant means an employee of the Company who (a) is a member of a select group of management or highly compensated employees (within the meaning of Section 201(2) of ERISA), and (b) has ceased to participate in the AECOM Pension Plan pursuant to the provisions of Section 3.1(a)(2) thereof. The Committee shall maintain a record of Participants.

2.14Plan Administrator means the Committee.

2.15Plan Year means the twelve consecutive month period ending on September 30.

2.16Retirement Date means the first day of the month following the latest of (i) the Participant’s Early Retirement Date (unless the Participant has elected to receive a lump sum distribution of his Plan benefit, in which case this clause (i) shall be inapplicable), (ii) the Participant’s Separation from Service for any reason, including death, or (iii) the date as of which the Participant has elected to receive or commence receiving his benefits under the Plan.

2.17Separation from Service shall mean the Participant’s complete termination of employment with all Employers and other entities affiliated with the

3

Company, voluntarily or involuntarily, for any reason other than on account of death, or as otherwise provided under section 409A of the Code. For purposes of the foregoing, whether an entity is affiliated with the Company shall be determined pursuant to the controlled group rules of section 414 of the Code, as modified by section 409A of the Code. Notwithstanding the foregoing, the Participant’s employment relationship with the Employer shall be treated as continuing intact while the individual is on a military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six months (or longer, if required by statute or contract). If the period of the leave exceeds six months and the Participant’s right to reemployment is not provided either by statute or contract, the employment relationship is deemed to terminate on the first day immediately following such six-month period, solely for purposes of applying section 409A of the Code.

2.18Specified Employee means a Participant who, as of the date of the Participant’s Separation from Service, is a “key employee” of the Company (within the meaning of section 416(i) of the Code, as modified by section 409A of the Code) at any time within the preceding 12-month period. A “key employee” is generally an employee who at any time during the 12-month period is:

(a)An officer of the Company having annual compensation greater than $130,000 (as adjusted for changes in the cost of living pursuant to section 416(i)(1) of the Code), but limited to the 50 highest-paid officers of the Company;

(b)A five-percent owner of the Company; or

(c)A one-percent owner of the Company having annual compensation from the Company of more than $500,000.

2.19Spouse means the person to whom the Participant is married on his Retirement Date.

2.20Total AECOM Pension Plan Benefit means the annual benefit the participant would have received under the AECOM Pension Plan, if the following amendments to the AECOM Pension Plan had not been adopted:

(a)The amendments effective July 1, 1998 and January 1, 2002, terminating participation for Members eligible for the AECOM Technology Corporation Incentive Compensation Plan; and

4

(b)The amendments effective October 31, 2004, terminating participation for certain Members who received Presidential bonuses.

For this purpose, the Offset Amount shall be calculated without regard to Section 3.1(a)(2)(v) of the AECOM Pension Plan.

2.21Year of Service means a year of “Credited Service,” as such term is defined in the AECOM Pension Plan.

III.BENEFITS

3.1Plan Benefits

A Participant shall be entitled to a Plan benefit that equals (a) minus (b) minus (c), where:

(a)Equals the Participant’s Total AECOM Pension Plan Benefit;

(b)Equals the annual benefit payable to the Participant under the AECOM Pension Plan; and

(c)          Equals the Participant’s annual benefit under the Plan as of December 31, 2004, determined under the terms of the Plan as in effect on that date.

3.2Rules Regarding Reductions

For purposes of calculating the amounts payable under the AECOM Pension Plan under Section 3.1, any portion of the Participant’s benefit under the AECOM Pension Plan that is payable (or has been paid) to another person pursuant to a court order shall be treated as payable to the Participant.

3.3Form of Benefit and Date of Commencement

(a)Unless a Participant makes an election pursuant to paragraph (b), below, the Participant’s benefit under the Plan shall be paid in equal monthly installments over the Participant’s life, ending with the last payment made before his death.

(b)Subject to paragraph (d), below, the Participant may instead elect to receive his benefit in any of the optional forms of benefit provided under the AECOM Pension Plan.

5

(c)If the Participant is a Specified Employee, the payment or commencement of payment of the portion of the benefit that accrued and vested on or after January 1, 2005 shall be delayed until six months following his Retirement Date, and it shall include any payments that would have been made since his Retirement Date but for the six-month delay. If the Participant is not a Specified Employee, payment shall be made or commence as of the first of the month coinciding with or next following his Retirement Date.

(d)The Participant’s election as to the form of his benefit must be made in writing within 30 days of the date he is notified by the Company of his participation in the Plan (or, if later, by December 31, 2008, or such later date established by the Internal Revenue Service in relevant transition guidance under section 409A of the Code). Notwithstanding the foregoing, if a newly eligible Participant previously commenced participation in the Excess Benefit Plan or the AECOM SERP, the election made by the Participant under the first of such plans by which he became covered shall also serve as his election under this Plan. A Participant may file a new election as to the time or form of payment, provided all of the following conditions are met: (a) the election is made at least 12 months prior to the prior commencement date; (b) the election does not take effect for at least 12 months, and (c) the new election specifies a commencement date that is at least 5 years later than the prior commencement date. A Participant’s election solely to switch from one actuarially equivalent form of annuity to another, made prior to the commencement date, is not considered a new election. At any time during which a Participant does not have a valid election on file with the Committee, the Participant shall be deemed to have elected to commence benefits in the normal form of payment for such Participant under the Pension Plan at the later of (1) the Participant’s Early Retirement Date or (2) the Participant’s Separation from Service.

3.4Pre-Retirement Death Benefit

If the Participant dies while employed by the Company (whether or not before his Early Retirement Date), his surviving Spouse (if any) shall receive a monthly benefit for life equal to the amount that the Spouse would have received under the AECOM Pension Plan, minus the amount received under the AECOM Pension Plan. Such benefit shall commence as of the first day of the month coinciding with or next following the date of the Participant’s death.

6

IV.AMENDMENT AND TERMINATION

4.1Amendment

Subject to the requirements of section 409A of the Code, the Board reserves the right in its discretion to amend this Plan at any time in whole or in part; provided, however, that no amendment shall result in the forfeiture of any Participant’s Plan benefits earned prior to the date the Board adopts the amendment. The Company shall notify Participants (and the Spouses of deceased Participants) of any amendments that affect the amount or timing of benefits within 90 days of the effective date of such amendments.

4.2Termination

The Board may terminate the Plan at any time, but only in accordance with the provisions of section 409A of the Code. The termination shall not result in the forfeiture of any Participant’s benefits earned prior to the date on which the Board adopts the resolution terminating the Plan. In any event:

(a)A termination of the Plan may not occur in response to a downturn in the financial health of the Company;

(b)The Company shall terminate all other plans or arrangements of the same type (as determined under section 409A of the Code) concurrently with the termination of this Plan; and

(c)The Company shall not adopt any new plan of the same type (as determined under section 409A of the Code) for at least three years following the termination of this Plan.

Following the Plan’s termination pursuant to this Article IV, each Participant shall receive a lump sum payment of his vested Plan benefit. Such payment shall be made no less than 13 months or more than 24 months after the termination date, as determined by the Committee.

V.ADMINISTRATION

5.1         The Plan shall be adopted by the Company and shall be administered by the Committee.

5.2         The Committee shall have the sole authority, in its discretion, to adopt, amend and rescind such rules and regulations as it deems advisable in the administration of the Plan, to construe and interpret the Plan, and the rules

7

and regulations, and to make all other determinations and interpretations of the Plan. All decisions, determinations, and interpretations of the Committee shall be final and binding on all persons, except as otherwise provided by law. Committee members who are Participants shall abstain from voting on any Plan matters that would cause them to be in constructive receipt of benefits under the Plan. The Committee may delegate its responsibilities as it sees fit.

5.3If a Participant or Spouse believes that benefits have been incorrectly calculated or denied, such person may file a claim with the Committee. The Committee shall follow the claims procedures set forth in the AECOM Pension Plan.

5.4All Plan administrative expenses shall be paid by the Company.

5.5The Company shall indemnify the Committee and each Committee member against any and all claims, losses, damages, expenses (including reasonable counsel fees), and liability arising from any action, failure to act, or other conduct in the member’s official capacity, except when due to the individual’s own gross negligence or willful misconduct.

VI.GENERAL PROVISIONS

6.1No Funding Obligation

The amounts accrued by a Participant hereunder are not held in a trust or escrow account and are not secured by any specific assets of the Company or in which the Company has an interest. This Plan shall not be construed to require the Company to fund any of the benefits provided hereunder nor to establish a trust for such purpose. The Company may make such arrangements as it desires to provide for the payment of benefits. Neither the Participant, the Spouse, nor the Participant’s estate shall have any rights against the Company with respect to any portion of the Participant’s benefits except as a general unsecured creditor of the Company. No Participant has an interest in his benefits until the Participant actually receives the payment. Notwithstanding the foregoing, the Company may create and fund a “rabbi trust” (the “Trust”) with respect to the Plan. The creation and funding of said Trust shall not create a security interest in the property of such Trust in favor of the Participant, the Spouse or the Participant’s estate, or otherwise cause a funding of the Plan or Trust in any manner inconsistent with the preceding provisions of this Section 6.1. The amount of any contributions to such Trust shall be totally discretionary as determined by the Company. Any amount paid from such Trust to the Participant shall reduce the amount to be paid pursuant to this Plan by the Participating Employer. In the event the amounts paid from

8

the Trust are insufficient to provide the full benefits payable to the Participant under this Plan, the Participating Employer shall pay the remainder of such benefit in accordance with the terms of the Plan. It is the intention of the Participating Employers that this Plan and Trust be considered unfunded for purposes of the Code and Title I of ERISA.

6.2Non-alienation of Benefits

No benefit under the Plan may be sold, assigned, transferred, conveyed, hypothecated, encumbered, anticipated, or otherwise disposed of, and any attempt to do so shall be void. No such benefit shall, prior to receipt thereof by a Participant or Spouse, be in any manner subject to the debts, contracts, liabilities, engagements, or torts of such Participant or Spouse.

6.3Limitation of Rights

Nothing in the Plan shall be construed to limit in any way the right of the Company to terminate a Participant’s employment at any time for any reason whatsoever with or without cause; nor shall it be evidence of any agreement or understanding, express or implied, that the Company (a) will employ a Participant in any particular position, (b) will ensure participation in any incentive programs, or (c) will grant any awards from such programs.

6.4Applicable Law

The Plan shall be construed and its provisions enforced and administered in accordance with the laws of the State of California, except to the extent preempted by ERISA or the Code.

This Plan is hereby adopted by the Company on the 4th day of December, 2008.

9

EX-10.13

Exhibit 10.13

AMENDMENT 2009-1

to the

AECOM TECHNOLOGY CORPORATION

MANAGEMENT SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

WHEREAS, AECOM Technology Corporation (“AECOM”) maintains the AECOM Technology Corporation Management Supplemental Executive Retirement Plan (the “MSERP”), as amended and restated effective as of January 1, 2005;

WHEREAS, AECOM has the authority to amend the MSERP in accordance with the terms thereof;

NOW, THEREFORE, the following amendments are adopted, effective as of October 9, 2009.

1.Article III of the MSERP is amended by adding the following new Section 3.5 to the end thereof:

“3.5        Cessation of Benefit Accruals

Notwithstanding anything herein to the contrary, a Participant’s benefit under this Plan shall be calculated and frozen effective as of October 9, 2009 (the “Freeze Date”). No Participant shall accrue any additional benefits under this Plan after the Freeze Date.”

IN WITNESS WHEREOF, AECOM Technology Corporation has caused this Amendment to be executed on this 9th day of October, 2009 but to be effective as set forth above.

AECOM TECHNOLOGY CORPORATION
By:	/s/ Christina Ching
Name:	Christina Ching
Title:	VP, Corporate Secretary

EX-10.19

Exhibit 10.19

AECOM TECHNOLOGY CORPORATION

EXCESS BENEFIT PLAN

Amended and Restated Effective as of January 1, 2005

Applicable to Benefits Earned or Vesting after December 31, 2004

I.ESTABLISHMENT AND PURPOSE

1.1Effective July 1, 1996, AECOM Technology Corporation (the “Company”) established the Excess Benefit Plan (the “Plan”) solely to restore benefits that are lost under the Company’s Pension Plan due to the operation of sections 401(a)(17) and 415 of the Code. It has been amended and restated, as set forth herein, to reflect the requirements of section 409A of the Code, effective January 1, 2005.

All benefits accrued and vested under the Plan on or before December 31, 2004 shall be payable under the terms of the Plan as in effect on December 31, 2004, pursuant to the grandfather provisions of section 409A of the Code. Benefits that accrued under the Plan before January 1, 2005 but that were not yet vested on December 31, 2004 and benefits accruing on and after January 1, 2005 are subject to section 409A of the Code, and shall be payable in accordance with the terms of the Plan as amended and restated effective as of January 1, 2005.

During the period between January 1, 2005 and the date of adoption of this Amendment and Restatement, the Company has administered the Plan with the intent of being in good faith compliance with section 409A of the Code. The 401(a)(17) benefit restoration feature of this Plan is intended to be an unfunded plan maintained by the Company primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees described in section 201(2) of ERISA. The 415 benefit restoration feature of the Plan is intended to be an “excess benefit plan” within the meaning of Title I of ERISA.

II.DEFINITIONS

2.1Actuarial Equivalent means a benefit of equivalent value, calculated using the assumptions used in the AECOM Pension Plan; however, when calculating an Actuarial Equivalent lump sum benefit under Section 3.5(b)(1) or the guaranteed installment options under Section 3.5(b)(2), mortality shall be determined using the 1983 GAM table and the interest rate shall be equal to the sum of the rate on 10-year U.S. treasury notes in effect on the first day of the Plan Year preceding or coincident with the Retirement Date plus 50 basis points.

2.2AECOM Pension Plan means the AECOM Technology Corporation Pension Plan, as amended from time to time.

2.3AECOM Pension Plan Benefit means the annual benefit payable to the Participant under the AECOM Pension Plan determined as though benefits

2

were being paid as a single life annuity commencing on the Participant’s Retirement Date.

2.4AECOM MSERP means the AECOM Technology Corporation Management Supplemental Executive Retirement.

2.5AECOM MSERP Benefit means the annual benefit payable to the Participant under the AECOM MSERP, determined as though benefits were being paid as a single life annuity commencing on the Participant’s Retirement Date.

2.6AECOM SERP means the (i) AECOM Technology Corporation Supplemental Executive Retirement Plan, Dated October 1, 1992 (also known as the “1992 SERP”), or (ii) the AECOM Technology Corporation Supplemental Executive Retirement Plan, Effective July 1, 1996 (also known as the “1996 SERP”), as applicable.

2.7Beneficiary means the person(s) designated by the Participant in writing to receive the remaining installments under the five- or ten-year guaranteed installment option, if the Participant dies before receiving all installments, or to receive the Pre-Retirement Death Benefit described in Section 3.6. The Participant may change the Beneficiary at any time by submitting a signed written designation to the Committee. If the designated Beneficiary fails to survive the Participant and the Participant has not designated a successor Beneficiary, the remaining installment payments shall be paid to the Participant’s surviving spouse, or if there is no spouse, his surviving descendants by right of representation or if there are none, his estate. If the Beneficiary survives the Participant, but dies before receiving all remaining installments, the remaining installments shall be paid to the Beneficiary’s estate.

2.8Board means the Board of Directors of the Company.

2.9Code means the Internal Revenue Code of 1986, as amended from time to time, including the regulations and rulings of general applicability issued thereunder.

2.10Committee means the Pension Committee or such other committee designated or appointed by the Board to administer the Plan.

2.11Company means AECOM Technology Corporation.

2.12Effective Date means July 1, 1996. The Effective Date of this amendment and restatement of the Plan is January 1, 2005.

3

2.13ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time.

2.14Normal Retirement Age means age 65.

2.15Participant means an employee of the Company who is credited with an Hour of Service under the AECOM Pension Plan on or after the Effective Date, whose AECOM Pension Plan Benefit is limited by Code section 401(a)(17) and/or 415, and who has been selected by the Board for participation in the Plan.

2.16Plan Administrator means the Committee.

2.17Plan Year means the twelve-month period ending on September 30.

2.18Retirement Date means the first day of the month following the later of (a) the Participant’s attainment of age 55 or completion of five years of vesting service (determined under the AECOM Technology Corporation Pension Plan and (b) the Participant’s Separation from Service for any reason, including death.

2.19Separation from Service shall mean the Participant’s complete termination of employment with all Employers and other entities affiliated with the Company, voluntarily or involuntarily, for any reason other than on account of death, or as otherwise provided under section 409A of the Code. For purposes of the foregoing, whether an entity is affiliated with the Company shall be determined pursuant to the controlled group rules of section 414 of the Code, as modified by section 409A of the Code. Notwithstanding the foregoing, the Participant’s employment relationship with the Employer shall be treated as continuing intact while the individual is on a military leave, sick leave or other bona fide leave of absence, if the period of such leave does not exceed six months (or longer, if required by statute or contract). If the period of the leave exceeds six months and the Participant’s right to reemployment is not provided either by statute or contract, the employment relationship is deemed to terminate on the first day immediately following such six-month period, solely for purposes of section 409A of the Code.

2.20Spouse means the person to whom the Participant is married on his Retirement Date.

2.21Unlimited Pension Plan Benefit means a Participant’s AECOM Pension Plan Benefit:

(a)Calculated without regard to sections 401(a)(17) or 415 of the Code;

4

(b)          Calculated without regard to the $200,000 limitation on compensation in Section 2.11(a) of the AECOM Pension Plan; and

(c)          Calculated without regard to Section 3.1(a)(2) of the AECOM Pension Plan, which excludes from participation certain individuals who are eligible for the AECOM Technology Corporation Incentive Compensation Plan.

2.22Vested means that the Participant has a vested employer-provided accrued benefit under the AECOM Pension Plan.

III.RETIREMENT AND DEATH BENEFITS

3.1Normal Retirement Benefits

A Participant who terminates employment with the Company on or after attaining Normal Retirement Age shall be entitled to an annual benefit that is equal to:

(a)The Participant’s Unlimited Pension Plan Benefit, minus

(b)The sum of (1), (2) and (3):

(1)The Participant’s AECOM Pension Plan Benefit;

(2)The Participant’s AECOM MSERP Benefit, if any;

(3)The Participant’s benefit under the Plan as of December 31, 2004, determined under the terms of the Plan as in effect on that date.

3.2Early Retirement Benefits

A Participant who terminates employment before attaining Normal Retirement Age and who is Vested shall be entitled to an annual benefit that is equal to the benefit under Section 3.1, reduced 1/144th for each calendar month (up to 36 months) by which the Participant’s age on his Retirement Date is less than 65 and reduced by 1/128th for each calendar month (up to 84 months) by which the Participant’s age on his Retirement Date is less than 62.

3.3Separation from Service

(a)A Participant who terminates employment with the Company prior

5

to his attaining Normal Retirement Age and who is not Vested shall not be entitled to any benefits under the Plan.

(b)A Participant whose employment is terminated for cause shall not be entitled to any benefits under the Plan. A Separation from Service is “for cause” if the Participant is terminated for reasons related to the commission by the Participant in the course of employment of any material act of dishonesty, the disclosure by the Participant of any confidential information or the commission by the Participant of any act of gross carelessness or willful misconduct.

3.4Rules Regarding Reductions

For purposes of calculating the amounts under Section 3.1, the following rules shall apply:

(a)Any portion of the Participant’s benefits under this Plan or the AECOM Pension Plan that is payable (or has been paid) to another person pursuant to a court order shall be treated as payable to the Participant.

(b)The Participant’s benefit under the AECOM Pension Plan shall be determined without regard to whether benefits have or have not commenced and without regard to the actual form of payment elected by the Participant.

3.5Form of Benefit and Date of Commencement

(a)Unless a Participant makes an election pursuant to paragraph (b), below, the Participant’s benefit under Section 3.1, 3.2 or 3.3, as the case may be, shall be paid in equal monthly installments over the Participant’s life, ending with the last payment made before his death.

(b)Subject to paragraph (d), below, the Participant may elect to receive his benefit in one of the following forms:

(1)A lump sum that is the Actuarial Equivalent of the benefit described in paragraph (a); or

(2)A five- or ten-year term certain, as the Participant elects, that is the Actuarial Equivalent of the benefit described in paragraph (a), paid in approximately equal annual installments. If the Participant dies after installments commence but before receiving all installment payments,

6

the remaining installments will be paid as they come due to the Participant’s Beneficiary.

(c)The payment (or commencement of payment) of the portion of a Participant’s Plan benefit that accrued and vested on or after January 1, 2005 shall be delayed until six months following his Retirement Date, and it shall include any payments that would have been made since his Retirement Date but for the six-month delay. If the Participant is receiving annual installments, subsequent installments shall be made on or as soon as administratively practicable following the anniversary of the Participant’s Retirement Date.

(d)         The Participant’s election must be made in writing within 30 days of the date he is notified by the Company of his participation in the Plan. The election is irrevocable. Notwithstanding the foregoing, if a newly eligible Participant previously commenced participation in the AECOM SERP or the AECOM MSERP, the election made by the Participant under the first of such plans by which he became covered shall also serve as his election under this Plan.

3.6Pre-Retirement Death Benefits

If the Participant dies while employed by the Company and after becoming Vested, his surviving Spouse shall receive a monthly benefit for life commencing as of the Participant’s Retirement Date, equal to the amount that the Spouse would have received if the Participant’s Plan benefits had commenced on his date of death, paid as an Actuarial Equivalent 50% joint and survivor annuity, and he had died the next day.

IV.AMENDMENT AND TERMINATION

4.1Amendment

Subject to the requirements of section 409A of the Code, the Board reserves the right in its discretion to amend this Plan at any time in whole or in part; provided, however, that no amendment shall result in the forfeiture of any Participant’s Plan benefits earned prior to the date the Board adopts the amendment. The Company shall notify Participants (and the Spouses of deceased Participants) of any amendments that affect the amount or timing of benefits within 90 days of the effective date of such amendments.

7

4.2Termination

The Board may terminate the Plan at any time, but only in accordance with the provisions of section 409A of the Code. The termination shall not result in the forfeiture of any Participant’s benefits earned prior to the date on which the Board adopts the resolution terminating the Plan. In any event:

(a)A termination of the Plan may not occur in response to a downturn in the financial health of the Company;

(b)The Company shall terminate all other plans or arrangements of the same type (as determined under section 409A of the Code) concurrently with the termination of this Plan; and

(c)The Company shall not adopt any new plan of the same type (as determined under section 409A of the Code) for at least three years following the termination of this Plan.

Following the Plan’s termination pursuant to this Article IV, each Participant shall receive a lump sum payment of his vested Plan benefit. Such payment shall be made no less than 13 months or more than 24 months after the termination date, as determined by the Committee.

V.ADMINISTRATION

5.1The Plan shall be adopted by the Company and shall be administered by the Committee.

5.2The Committee shall have the sole authority, in its discretion, to adopt, amend and rescind such rules and regulations as it deems advisable in the administration of the Plan, to construe and interpret the Plan, and the rules and regulations, and to make all other determinations and interpretations of the Plan. All decisions, determinations, and interpretations of the Committee shall be final and binding on all persons, except as otherwise provided by law. Committee members who are Participants shall abstain from voting on any Plan matters that would cause them to be in constructive receipt of benefits under the Plan. The Committee may delegate its responsibilities as it sees fit.

5.3If a Participant or Spouse believes that benefits have been incorrectly calculated or denied, such person may file a claim with the Committee. The Committee shall follow the claims procedures set forth in the AECOM Pension Plan.

8

5.4All Plan administrative expenses shall be paid by the Company.

5.5The Company shall indemnify the Committee and each Committee member against any and all claims, losses, damages, expenses (including reasonable counsel fees), and liability arising from any action, failure to act, or other conduct in the member’s official capacity, except when due to the individual’s own gross negligence or willful misconduct.

VI.GENERAL PROVISIONS

6.1No Funding Obligation

The amounts accrued by a Participant hereunder are not held in a trust or escrow account and are not secured by any specific assets of the Company or in which the Company has an interest. This Plan shall not be construed to require the Company to fund any of the benefits provided hereunder nor to establish a trust for such purpose. The Company may make such arrangements as it desires to provide for the payment of benefits. Neither the Participant, the Spouse, nor the Participant’s estate shall have any rights against the Company with respect to any portion of the Participant’s benefits except as a general unsecured creditor of the Company. No Participant has an interest in his benefits until the Participant actually receives the payment. Notwithstanding the foregoing, the Company may create and fund a “rabbi trust” (the “Trust”) with respect to the Plan. The creation and funding of said Trust shall not create a security interest in the property of such Trust in favor of the Participant, the Spouse or the Participant’s estate, or otherwise cause a funding of the Plan or Trust in any manner inconsistent with the preceding provisions of this Section 6.1. The amount of any contributions to such Trust shall be totally discretionary as determined by the Company. Any amount paid from such Trust to the Participant shall reduce the amount to be paid pursuant to this Plan by the Participating Employer. In the event the amounts paid from the Trust are insufficient to provide the full benefits payable to the Participant under this Plan, the Participating Employer shall pay the remainder of such benefit in accordance with the terms of the Plan. It is the intention of the Participating Employers that this Plan and Trust be considered unfunded for purposes of the Code and Title I of ERISA.

6.2Non-alienation of Benefits

No benefit under the Plan may be sold, assigned, transferred, conveyed, hypothecated, encumbered, anticipated, or otherwise disposed of, and any attempt to do so shall be void. No such benefit shall, prior to receipt thereof by a Participant or Spouse, be in any manner subject to the debts, contracts, liabilities, engagements, or torts of such Participant or Spouse.

9

6.3Limitation of Rights

Nothing in the Plan shall be construed to limit in any way the right of the Company to terminate a Participant’s employment at any time for any reason whatsoever with or without cause; nor shall it be evidence of any agreement or understanding, express or implied, that the Company (a) will employ a Participant in any particular position, (b) will ensure participation in any incentive programs, or (c) will grant any awards from such programs.

6.4Applicable Law

The Plan shall be construed and its provisions enforced and administered in accordance with the laws of the State of California, except to the extent preempted by ERISA or the Code.

This Plan is hereby adopted by the Company on the 4th day of December, 2008.

10

EX-10.20

Exhibit 10.20

AMENDMENT 2009-1

to the

AECOM TECHNOLOGY CORPORATION

EXCESS BENEFIT PLAN

WHEREAS, AECOM Technology Corporation (“AECOM”) maintains the AECOM Technology Corporation Excess Benefit Plan (the “Excess Benefit Plan”), as amended and restated effective as of January 1, 2005;

WHEREAS, AECOM has the authority to amend the Excess Benefit Plan in accordance with the terms thereof;

NOW, THEREFORE, the following amendments are adopted, effective as of October 9, 2009.

1.Article III of the Excess Benefit Plan is amended by adding the following new Section 3.7 to the end thereof:

“3.7Cessation of Benefit Accruals

Notwithstanding anything herein to the contrary, a Participant’s annual benefit under this Plan shall be calculated and frozen effective as of October 9, 2009 (the “Freeze Date”). No Participant shall accrue any additional benefits under this Plan after the Freeze Date.”

IN WITNESS WHEREOF, AECOM Technology Corporation has caused this Amendment to be executed on this 9th day of October, 2009 but to be effective as set forth above.

AECOM TECHNOLOGY CORPORATION
By:	/s/ Christina Ching
Name:	Christina Ching
Title:	VP, Corporate Secretary

EX-21.1

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EXHIBIT 21.1

AECOM Global, Inc., a Delaware Corporation
AECOM, C&E, Inc., a Delaware Corporation
AECOM Technical Services, Inc., a California Corporation
AECOM USA, Inc., a New York Corporation
AECOM Asia Company Limited*
AECOM Government Services, Inc., a Delaware Corporation
AECOM Canada Ltd*
AECOM South Africa Group Holdings Pty Ltd
AECOM Design Build Ltd*
AECOM Global Ireland Services Limited*
AECOM Energy & Construction, Inc., an Ohio Corporation
AECOM Infrastructure & Environment UK Limited*
Flint Energy Services, Inc., a Delaware Corporation
Flint Field Services Ltd*
Hunt Construction Group Inc., an Indiana Corporation
Oscar Faber PLC*
URS Corporation, a Nevada Corporation
URS Group Inc. a Delaware Corporation
URS Federal Services, Inc., a Delaware Corporation
URS Luxembourg LLP*
URS Corporation—Ohio, an Ohio Corporation
URS Global Holdings Inc., a Nevada Corporation
AECOM Intercontinental Holdings UK Limited*
URS E&C UK Limited*
Sellafield Limited*
Tishman Construction Corporation, a Delaware Corporation
Tishman Construction Corporation of New York, a Delaware Corporation

*

Foreign

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EXHIBIT 21.1

EX-23.1

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EXHIBIT 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements (Form S-8 Nos. 333-167047, 333-142070, 333-199453, 333-208964 and 333-209890) pertaining to various stock incentive, purchase and retirement plans of AECOM of our reports dated November 15, 2016, with respect to the consolidated financial statements and schedule of AECOM and to the effectiveness of internal control over financial reporting of AECOM included in this Annual Report (Form 10-K) of AECOM for the year ended September 30, 2016.

	/s/ ERNST & YOUNG LLP
Los Angeles, California November 15, 2016

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EXHIBIT 23.1

Consent of Independent Registered Public Accounting Firm

EX-31.1

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EXHIBIT 31.1

Certification Pursuant to
Rule 13a-14(a)/15d-14(a)

I, Michael S. Burke, certify that:

1.

I have reviewed this Annual Report on Form 10-K of AECOM;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: November 15, 2016

/s/ MICHAEL S. BURKE
Michael S. Burke
Chairman and Chief Executive Officer
(Principal Executive Officer)

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EXHIBIT 31.1

Certification Pursuant to Rule 13a-14(a)/15d-14(a)

EX-31.2

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EXHIBIT 31.2

Certification Pursuant to
Rule 13a-14(a)/15d-14(a)

I, W. Troy Rudd, certify that:

1.

I have reviewed this Annual Report on Form 10-K of AECOM;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: November 15, 2016

/s/ W. TROY RUDD
W. Troy Rudd
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

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EXHIBIT 31.2

Certification Pursuant to Rule 13a-14(a)/15d-14(a)

EX-32

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Exhibit 32

Certification Pursuant to
18 U.S.C. Section 1350

        In connection with the Annual Report of AECOM (the "Company") on Form 10-K for the fiscal year ended September 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Michael S. Burke, Chief Executive Officer of the Company, and W. Troy Rudd, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to our knowledge:

1.

The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended; and



2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ MICHAEL S. BURKE
Michael S. Burke
Chairman and Chief Executive Officer
November 15, 2016

/s/ W. TROY RUDD
W. Troy Rudd
Executive Vice President and Chief Financial Officer
November 15, 2016

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Exhibit 32

Certification Pursuant to 18 U.S.C. Section 1350

EX-95

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EXHIBIT 95

        Section 1503 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires domestic mine operators to disclose violations and orders issued under the Federal Mine Safety and Health Act of 1977 (the Mine Act) by the federal Mine Safety and Health Administration (MSHA). We do not act as the owner of any mines but we may act as a mining operator as defined under the Mine Act where we may be a lessee of a mine, a person who operates, controls or supervises such mine, or as an independent contractor performing services or construction of such mine.

        The following table provides information for the year ended September 30, 2016.

Mine(1)	Mine Act §104 Violations(2)		Mine Act §104(b) Orders(3)		Mine Act §104(d) Citations and Orders(4)		Mine Act §110(b)(2) Violations(5)		Mine Act §107(a) Orders(6)		Proposed Assessments from MSHA (In dollars ($))		Mining Related Fatalities		Mine Act §104(e) Notice (yes/no)(7)	Pending Legal Action before Federal Mine Safety and Health Review Commission (yes/no)(8)
Black Thunder Project		0		0		0		0		0	$	0		0	No	No
Monsanto Quarry		0		0		0		0		0	$	0		0	No	No
Morenci Mine		0		0		0		0		0	$	0		0	No	No
Questa Mine		1		0		0		0		0	$	100		0	No	No

(1)

United States mines.

(2)

The total number of violations received from MSHA under §104 of the Mine Act, which includes citations for health or safety standards that could significantly and substantially contribute to a serious injury if left unabated.

(3)

The total number of orders issued by MSHA under §104(b) of the Mine Act, which represents a failure to abate a citation under §104(a) within the period of time prescribed by MSHA.

(4)

The total number of citations and orders issued by MSHA under §104(d) of the Mine Act for unwarrantable failure to comply with mandatory health or safety standards.

(5)

The total number of flagrant violations issued by MSHA under §110(b)(2) of the Mine Act.

(6)

The total number of orders issued by MSHA under §107(a) of the Mine Act for situations in which MSHA determined an imminent danger existed.

(7)

A written notice from the MSHA regarding a pattern of violations, or a potential to have such pattern under §104(e) of the Mine Act.

(8)

The following Pending Legal Action Table provides information for the three months ended September 30, 2016.

Mine	Number Pending Legal Actions		Contests of Penalty Assessments		Legal Action Initiated		Legal Action Resolved
Black Thunder Project		0		0		0		0
Monsanto Quarry		0		0		0		0
Morenci Mine		0		0		0		0
Questa Mine		0		0		0		0

QuickLinks

EXHIBIT 95

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Sep. 30, 2016	Nov. 02, 2016	Apr. 01, 2016
Document and Entity Information
Entity Registrant Name	AECOM
Entity Central Index Key	0000868857
Document Type	10-K
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 3.8
Entity Common Stock, Shares Outstanding		153,947,620
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY

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Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 588,644	$ 543,016
Cash in consolidated joint ventures	103,501	140,877
Total cash and cash equivalents	692,145	683,893
Accounts receivable-net	4,531,460	4,841,450
Prepaid expenses and other current assets	730,101	388,982
Income taxes receivable	47,065	81,161
Deferred tax assets-net		250,599
TOTAL CURRENT ASSETS	6,000,771	6,246,085
PROPERTY AND EQUIPMENT-NET	644,992	699,322
DEFERRED TAX ASSETS-NET	171,508
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES	330,485	321,625
GOODWILL	5,823,843	5,820,692
INTANGIBLE ASSETS-NET	479,439	659,438
OTHER NON-CURRENT ASSETS	275,707	267,136
TOTAL ASSETS	13,726,745	14,014,298
CURRENT LIABILITIES:
Short-term debt	26,303	2,788
Accounts payable	1,910,915	1,853,993
Accrued expenses and other current liabilities	2,384,815	2,167,771
Income taxes payable	10,774
Billings in excess of costs on uncompleted contracts	631,928	653,877
Current portion of long-term debt	340,021	157,623
TOTAL CURRENT LIABILITIES	5,304,756	4,836,052
OTHER LONG-TERM LIABILITIES	403,364	305,485
DEFERRED TAX LIABILITY-NET	13,097	230,037
PENSION BENEFIT OBLIGATIONS	694,073	565,254
LONG-TERM DEBT	3,758,966	4,446,527
TOTAL LIABILITIES	10,174,256	10,383,355
COMMITMENTS AND CONTINGENCIES (Note 18)
AECOM STOCKHOLDERS' EQUITY:
Common stock-authorized, 300,000,000 shares of $0.01 par value as of September 30, 2016 and 2015; issued and outstanding 153,901,500 and 151,263,650 shares as of September 30, 2016 and 2015, respectively	1,539	1,513
Additional paid-in capital	3,604,519	3,518,999
Accumulated other comprehensive loss	(857,582)	(635,100)
Retained earnings	618,445	522,336
TOTAL AECOM STOCKHOLDERS' EQUITY	3,366,921	3,407,748
Noncontrolling interests	185,568	223,195
TOTAL STOCKHOLDERS' EQUITY	3,552,489	3,630,943
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 13,726,745	$ 14,014,298

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Sep. 30, 2015
Consolidated Balance Sheets
Common stock, authorized shares	300,000,000	300,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued shares	153,901,500	151,263,650
Common stock, outstanding shares	153,901,500	151,263,650

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Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Consolidated Statements of Operations
Revenue	$ 4,323,100	$ 4,408,800	$ 4,381,200	$ 4,297,700	$ 4,723,700	$ 4,549,500	$ 4,506,200	$ 4,210,500	$ 17,410,825	$ 17,989,880	$ 8,356,783
Cost of revenue	4,175,900	4,237,500	4,197,800	4,156,800	4,553,100	4,422,900	4,403,000	4,075,700	16,768,001	17,454,692	7,953,607
Gross profit	147,200	171,300	183,400	140,900	170,600	126,600	103,200	134,800	642,824	535,188	403,176
Equity in earnings of joint ventures	21,200	18,500	39,100	25,200	29,900	27,700	24,700	23,900	104,032	106,245	57,924
General and administrative expenses	(28,200)	(28,700)	(29,500)	(28,700)	(25,500)	(24,400)	(29,800)	(34,300)	(115,088)	(113,975)	(80,908)
Acquisition and integration expenses	(71,200)	(50,700)	(50,700)	(41,000)	(79,800)	(88,500)	(91,600)	(138,500)	(213,642)	(398,440)	(27,310)
Loss on disposal activities			(1,600)	(41,000)					(42,589)
Income from operations	69,000	110,400	140,700	55,400	95,200	41,400	6,500	(14,100)	375,537	129,018	352,882
Other income	2,900	1,500	800	3,000	7,400	10,100	(1,000)	2,600	8,180	19,139	2,748
Interest expense	(73,300)	(62,600)	(62,700)	(59,500)	(60,000)	(60,200)	(60,700)	(118,700)	(258,162)	(299,627)	(40,842)
Income (loss) before income tax (benefit) expense	(1,400)	49,300	78,800	(1,100)	42,600	(8,700)	(55,200)	(130,200)	125,555	(151,470)	314,788
Income tax (benefit) expense	(14,300)	(35,100)	12,200	(700)	16,100	(8,500)	(75,800)	(12,100)	(37,917)	(80,237)	82,024
Net income (loss)	12,900	84,400	66,600	(400)	26,500	(200)	20,600	(118,100)	163,472	(71,233)	232,764
Noncontrolling interests in income of consolidated subsidiaries, net of tax	(5,700)	(17,000)	(24,700)	(20,000)	(25,400)	(17,000)	(20,300)	(20,900)	(67,363)	(83,612)	(2,910)
Net income (loss) attributable to AECOM	$ 7,200	$ 67,400	$ 41,900	$ (20,400)	$ 1,100	$ (17,200)	$ 300	$ (139,000)	$ 96,109	$ (154,845)	$ 229,854
Net income (loss) attributable to AECOM per share:
Basic (in dollars per share)	$ 0.05	$ 0.44	$ 0.27	$ (0.13)	$ 0.01	$ (0.11)		$ (0.98)	$ 0.62	$ (1.04)	$ 2.36
Diluted (in dollars per share)	$ 0.05	$ 0.43	$ 0.27	$ (0.13)	$ 0.01	$ (0.11)		$ (0.98)	$ 0.62	$ (1.04)	$ 2.33
Weighted average shares outstanding:
Basic (in shares)	156,300	154,900	154,300	153,600	153,800	151,700	151,100	141,900	154,772	149,605	97,226
Diluted (in shares)	157,900	156,200	155,400	153,600	155,200	151,700	152,800	141,900	156,073	149,605	98,657

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 12,900	$ 84,400	$ 66,600	$ (400)	$ 26,500	$ (200)	$ 20,600	$ (118,100)	$ 163,472	$ (71,233)	$ 232,764
Other comprehensive (loss) income, net of tax:
Net unrealized gain (loss) on derivatives, net of tax									5,987	(9,196)	315
Foreign currency translation adjustments									(65,224)	(285,520)	(72,715)
Pension adjustments, net of tax									(164,911)	12,953	(24,161)
Other comprehensive loss, net of tax									(224,148)	(281,763)	(96,561)
Comprehensive (loss) income, net of tax									(60,676)	(352,996)	136,203
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax									(65,697)	(80,347)	(1,652)
Comprehensive (loss) income attributable to AECOM, net of tax									$ (126,373)	$ (433,343)	$ 134,551

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Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Parent.	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Non-Controlling Interests	Total
BALANCE at Sep. 30, 2013	$ 2,021,443	$ 960	$ 1,809,627	$ (261,299)	$ 472,155	$ 52,651	$ 2,074,094
Increase (Decrease) in Stockholders' Equity
Net income	229,854				229,854	2,910	232,764
Other comprehensive loss	(95,303)			(95,303)		(1,258)	(96,561)
Issuance of stock	13,886	4	13,882				13,886
Repurchases of stock	(31,620)	(14)	(6,778)		(24,828)		(31,620)
Proceeds from exercise of options	13,417	6	13,411				13,417
Tax benefit from exercise of stock options	402		402				402
Stock based compensation	34,438	11	34,427				34,438
Other transactions with noncontrolling interests						61,913	61,913
Distributions to noncontrolling interests						(30,253)	(30,253)
BALANCE at Sep. 30, 2014	2,186,517	967	1,864,971	(356,602)	677,181	85,963	2,272,480
Increase (Decrease) in Stockholders' Equity
Net income	(154,845)				(154,845)	83,612	(71,233)
Other comprehensive loss	(278,498)			(278,498)		(3,265)	(281,763)
Issuance of stock	1,577,981	525	1,577,456				1,577,981
Repurchases of stock	(23,113)	16	(23,129)				(23,113)
Proceeds from exercise of options	11,073	5	11,068				11,073
Tax benefit from exercise of stock options	2,781		2,781				2,781
Stock based compensation	85,852		85,852				85,852
Other transactions with noncontrolling interests						201,154	201,154
Contributions from noncontrolling interests						133	133
Distributions to noncontrolling interests						(144,402)	(144,402)
BALANCE at Sep. 30, 2015	3,407,748	1,513	3,518,999	(635,100)	522,336	223,195	3,630,943
Increase (Decrease) in Stockholders' Equity
Net income	96,109				96,109	67,363	163,472
Other comprehensive loss	(222,482)			(222,482)		(1,666)	(224,148)
Issuance of stock	28,086	21	28,065				28,086
Repurchases of stock	(25,892)	1	(25,893)				(25,892)
Proceeds from exercise of options	9,946	4	9,942				9,946
Stock based compensation	73,406		73,406				73,406
Other transactions with noncontrolling interests						(155)	(155)
Contributions from noncontrolling interests						2,006	2,006
Distributions to noncontrolling interests						(105,175)	(105,175)
BALANCE at Sep. 30, 2016	$ 3,366,921	$ 1,539	$ 3,604,519	$ (857,582)	$ 618,445	$ 185,568	$ 3,552,489

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 163,472	$ (71,233)	$ 232,764
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	398,730	599,265	95,394
Equity in earnings of unconsolidated joint ventures	(104,032)	(106,245)	(57,924)
Distribution of earnings from unconsolidated joint ventures	149,215	157,616	23,839
Non-cash stock compensation	73,406	85,852	34,438
Prepayment penalty on unsecured senior notes		55,639
Excess tax benefit from share-based payment		(3,642)	(748)
Foreign currency translation	(25,494)	(19,632)	(20,794)
Write-off of debt issuance costs	7,749	8,997
Deferred income tax expense (benefit)	(110,122)	(53,034)	27,155
Pension curtailment and settlement gains	(7,818)
Loss on disposal activities	42,589
Other	2,430	(18,248)	1,460
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	337,291	369,600	(14,405)
Prepaid expenses and other current and non-current assets	(16,257)	7,988	(31,103)
Accounts payable	16,616	142,126	91,955
Accrued expenses and other current liabilities	(154,096)	(118,488)	3,283
Billings in excess of costs on uncompleted contracts	(22,949)	(128,371)	3,095
Other long-term liabilities	53,411	(143,757)	(23,702)
Income taxes payable	10,014		(4,082)
Net cash provided by operating activities	814,155	764,433	360,625
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired	(5,534)	(3,293,284)	(53,099)
Cash acquired from consolidation of joint venture			18,955
Proceeds from disposal of businesses	39,699	15,127	3,646
Net investment in unconsolidated joint ventures	(71,547)	(32,705)	(52,173)
Proceeds from sales of investments	11,745	126,370	58,076
Payments for purchase of investments	(214)	(91,810)	(55,349)
Proceeds from disposal of property and equipment	54,622	44,906	4,396
Payments for capital expenditures	(191,386)	(114,332)	(67,248)
Net cash used in investing activities	(162,615)	(3,345,728)	(142,796)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements	4,706,225	6,581,703	1,809,187
Repayments of borrowings under credit agreements	(5,199,961)	(5,158,254)	(1,976,352)
Issuance of unsecured senior notes		1,600,000
Prepayment penalty on unsecured senior notes		(55,639)
Cash paid for debt and equity issuance costs	(10,447)	(89,567)	(8,067)
Proceeds from issuance of common stock	28,192	25,561	13,886
Proceeds from exercise of stock options	9,946	11,073	13,417
Payments to repurchase common stock	(25,892)	(23,113)	(34,924)
Excess tax benefit from share-based payment		3,642	748
Net distributions to noncontrolling interests	(103,169)	(144,269)	(30,253)
Other financing activities	(42,873)	(31,373)	(21,399)
Net cash (used in) provided by financing activities	(637,979)	2,719,764	(233,757)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(5,309)	(28,764)	(10,561)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	8,252	109,705	(26,489)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	683,893	574,188	600,677
CASH AND CASH EQUIVALENTS AT END OF YEAR	692,145	683,893	574,188
SUPPLEMENTAL CASH FLOW INFORMATION:
Common stock issued in acquisitions		1,554,912
Debt assumed from acquisitions	1,805	567,657
Interest paid	216,125	179,939	43,362
Net income (taxes paid) tax refunds received	$ (13,109)	$ 27,349	$ (68,797)

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Significant Accounting Policies

12 Months Ended

Sep. 30, 2016

Significant Accounting Policies

Significant Accounting Policies

1. Significant Accounting Policies

        Organization—Effective January 5, 2015, the name of the Company changed from AECOM Technology Corporation to AECOM. AECOM and its consolidated subsidiaries design, build, finance and operate infrastructure assets for governments, businesses and organizations around the world. The Company provides planning, consulting, architectural and engineering design services to commercial and government clients worldwide in major end markets such as transportation, facilities, environmental, energy, water and government markets. The Company also provides construction services, including building construction and energy, infrastructure and industrial construction. In addition, the Company provides program and facilities management and maintenance, training, logistics, consulting, technical assistance, and systems integration and information technology services, primarily for agencies of the U.S. government and also for national governments around the world.

        Fiscal Year—The Company reports results of operations based on 52 or 53-week periods ending on the Friday nearest September 30. For clarity of presentation, all periods are presented as if the year ended on September 30. Fiscal years 2016, 2015 and 2014 contained 52, 52 and 53 weeks, respectively, and ended on September 30, October 2, and October 3, respectively.

        Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant estimates affecting amounts reported in the consolidated financial statements relate to revenues under long-term contracts and self-insurance accruals. Actual results could differ from those estimates.

        Principles of Consolidation and Presentation—The consolidated financial statements include the accounts of all majority-owned subsidiaries and joint ventures in which the Company is the primary beneficiary. All inter-company accounts have been eliminated in consolidation. Also see Note 6 regarding joint ventures and variable interest entities.

        Revenue Recognition—The Company generally utilizes a cost-to-cost approach in applying the percentage-of-completion method of revenue recognition. Under this approach, revenue is earned in proportion to total costs incurred, divided by total costs expected to be incurred. Recognition of revenue and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet date, engineering progress, materials quantities, the achievement of milestones, penalty provisions, labor productivity and cost estimates made at the balance sheet date. Due to uncertainties inherent in the estimation process, actual completion costs may vary from estimates. If estimated total costs on contracts indicate a loss, the Company recognizes that estimated loss within cost of revenues in the period the estimated loss first becomes known. Liabilities recorded related to accrued contract losses were not material as of September 30, 2016 and 2015.

        In the course of providing its services, the Company routinely subcontracts for services and incurs other direct costs on behalf of its clients. These costs are passed through to clients and, in accordance with industry practice and GAAP, are included in the Company's revenue and cost of revenue. Because subcontractor services and other direct costs can change significantly from project to project and period to period, changes in revenue may not be indicative of business trends. These other direct costs for the years ended September 30, 2016, 2015 and 2014 were $8.4 billion, $8.3 billion and $3.5 billion, respectively.

Cost-Reimbursable Contracts

        Cost-reimbursable contracts consists of two similar contract types: (1) cost-plus contracts and (2) time-and-materials price contracts.

        Cost-Plus Contracts.    The Company enters into two major types of cost-plus contracts:

        Cost-Plus Fixed Fee.    Under cost-plus fixed fee contracts, the Company charges clients for its costs, including both direct and indirect costs, plus a fixed negotiated fee. The total estimated cost plus the fixed negotiated fee represents the total contract value. The Company recognizes revenue based on the actual labor and other direct costs incurred, plus the portion of the fixed fee it has earned to date.

        Cost-Plus Fixed Rate.    Under the Company's cost-plus fixed rate contracts, the Company charges clients for its direct and indirect costs based upon a negotiated rate. The Company recognizes revenue based on the actual total costs it has expended and the applicable fixed rate.

        Certain cost-plus contracts provide for award fees or a penalty based on performance criteria in lieu of a fixed fee or fixed rate. Other contracts include a base fee component plus a performance-based award fee. In addition, the Company may share award fees with subcontractors. The Company records accruals for fee-sharing as fees are earned. The Company generally recognizes revenue to the extent of costs actually incurred plus a proportionate amount of the fee expected to be earned. The Company takes the award fee or penalty on contracts into consideration when estimating revenue and profit rates, and it records revenue related to the award fees when there is sufficient information to assess anticipated contract performance. On contracts that represent higher than normal risk or technical difficulty, the Company may defer all award fees until an award fee letter is received. Once an award fee letter is received, the estimated or accrued fees are adjusted to the actual award amount.

        Certain cost-plus contracts provide for incentive fees based on performance against contractual milestones. The amount of the incentive fees varies, depending on whether the Company achieves above, at, or below target results. The Company originally recognizes revenue on these contracts based upon expected results. These estimates are revised when necessary based upon additional information that becomes available as the contract progresses.

Time-and-Materials Price Contracts

        Time-and-Materials Price Contracts.    Under time-and-materials contracts, the Company negotiates hourly billing rates and charges its clients based on the actual time that it expends on a project. In addition, clients reimburse the Company for its actual out-of-pocket costs of materials and other direct incidental expenditures that it incurs in connection with its performance under the contract. Profit margins on time-and-materials contracts fluctuate based on actual labor and overhead costs that it directly charges or allocates to contracts compared to negotiated billing rates. Many of the Company's time-and-materials contracts are subject to maximum contract values and, accordingly, revenue relating to these contracts is recognized as if these contracts were a fixed-price contract.

Guaranteed Maximum Price Contracts

        Guaranteed Maximum Price.    Guaranteed maximum price contracts (GMP) are common for design-build and commercial and residential projects. GMP contracts share many of the same contract provisions as cost-plus and fixed-price contracts. A contractor performing work pursuant to a cost-plus, GMP or fixed-price contract will all enter into trade contracts directly. Both cost-plus and GMP contracts generally include an agreed lump sum or percentage fee which is called out and separately identified and the contracts are considered 'open' book providing the owner with full disclosure of the project costs. A fixed-price contract provides the owner with a single lump sum amount without specifically identifying the breakdown of fee or costs and is typically 'closed' book thereby providing the owner with little detail as to the project costs. In a GMP contract, unlike the cost-plus contract, the Company provides the owner with a guaranteed price for the overall construction (adjusted for change orders issued by the owner) and with a schedule which includes a completion date for the project. In addition, cost overruns in a GMP contract would generally be the Company's responsibility and in the event the Company's actions or inactions result in delays to the project, the Company may be responsible to the owner for costs associated with such delay. For many of the Company's commercial and residential GMP contracts, the final price is generally not established until the Company have awarded a substantial percentage of the trade contracts and it has negotiated additional contractual limitations, such as mutual waivers of consequential damages as well as aggregate caps on liabilities and liquidated damages.

Fixed-Price Contracts

        Fixed-Price.    Fixed-price contracting is the predominant contracting method outside of the United States. There are typically two types of fixed-price contracts. The first and more common type, lump-sum, involves performing all of the work under the contract for a specified lump-sum fee. Lump-sum contracts are typically subject to price adjustments if the scope of the project changes or unforeseen conditions arise. The second type, fixed-unit price, involves performing an estimated number of units of work at an agreed price per unit, with the total payment under the contract determined by the actual number of units delivered. The Company recognizes revenue on fixed-price contracts using the percentage-of-completion method described above. Prior to completion, recognized profit margins on any fixed-price contract depend on the accuracy of the Company's estimates and will increase to the extent that its actual costs are below the estimated amounts. Conversely, if the Company's costs exceed these estimates, its profit margins will decrease and the Company may realize a loss on a project. The Company recognizes anticipated losses on contracts in the period in which they become evident.

        During the years ended September 30, 2016, 2015 and 2014, the types of contracts comprising the Company's revenue were as follows:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			September 30, 2014
Cost reimbursable		53	%		57	%		46	%
Guaranteed maximum price		15	%		15	%		14	%
Fixed price		32	%		28	%		40	%

        Cost reimburseable contracts include cost-plus and time-and-materials price contracts.

        Contract Claims—Claims are amounts in excess of the agreed contract price (or amounts not included in the original contract price) that the Company seeks to collect from customers or others for delays, errors in specifications and designs, contract terminations, change orders in dispute or unapproved as to both scope and price or other causes of unanticipated additional costs. The Company records contract revenue related to claims only if it is probable that the claim will result in additional contract revenue and if the amount can be reliably estimated. In such cases, the Company records revenue only to the extent that contract costs relating to the claim have been incurred. As of September 30, 2016 and 2015, the Company had no significant net receivables related to contract claims.

        Government Contract Matters—The Company's federal government and certain state and local agency contracts are subject to, among other regulations, regulations issued under the Federal Acquisition Regulations (FAR). These regulations can limit the recovery of certain specified indirect costs on contracts and subjects the Company to ongoing multiple audits by government agencies such as the Defense Contract Audit Agency (DCAA). In addition, most of the Company's federal and state and local contracts are subject to termination at the discretion of the client.

        Audits by the DCAA and other agencies consist of reviews of the Company's overhead rates, operating systems and cost proposals to ensure that the Company accounted for such costs in accordance with the Cost Accounting Standards of the FAR (CAS). If the DCAA determines the Company has not accounted for such costs consistent with CAS, the DCAA may disallow these costs. There can be no assurance that audits by the DCAA or other governmental agencies will not result in material cost disallowances in the future.

        Cash and Cash Equivalents—The Company's cash equivalents include highly liquid investments which have an initial maturity of three months or less.

        Allowance for Doubtful Accounts—The Company records its accounts receivable net of an allowance for doubtful accounts. This allowance for doubtful accounts is estimated based on management's evaluation of the contracts involved and the financial condition of its clients. The factors the Company considers in its contract evaluations include, but are not limited to:

•           Client type—federal or state and local government or commercial client;

•           Historical contract performance;

•           Historical collection and delinquency trends;

•           Client credit worthiness; and

•           General economic conditions.

        Derivative Financial Instruments—The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value.

        For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income in stockholders' equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions.

        The net gain or loss on the effective portion of a derivative instrument that is designated as an economic hedge of the foreign currency translation exposure generated by the re-measurement of certain assets and liabilities denominated in a non-functional currency in a foreign operation is reported in the same manner as a foreign currency translation adjustment. Accordingly, any gains or losses related to these derivative instruments are recognized in current income.

        Derivatives that do not qualify as hedges are adjusted to fair value through current income.

        Fair Value of Financial Instruments—The Company determines the fair values of its financial instruments, including short-term investments, debt instruments and derivative instruments, and pension and post-retirement plan assets based on inputs or assumptions that market participants would use in pricing an asset or a liability. The Company categorizes its instruments using a valuation hierarchy for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; Level 3 inputs are unobservable inputs based on the Company's assumptions used to measure assets and liabilities at fair value. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

        The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturities of these instruments. The carrying amount of the revolving credit facility approximates fair value because the interest rates are based upon variable reference rates.

        The Company's fair value measurement methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Although the Company believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to determine fair value could result in a different fair value measurement at the reporting date.

        Property and Equipment—Property and equipment are recorded at cost and are depreciated over their estimated useful lives using the straight-line method. Expenditures for maintenance and repairs are expensed as incurred. Typically, estimated useful lives range from three to ten years for equipment, furniture and fixtures. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the remaining terms of the underlying lease agreement.

        Long-lived Assets—Long-lived assets to be held and used are reviewed for impairment whenever events or circumstances indicate that the assets may be impaired. For assets to be held and used, impairment losses are recognized based upon the excess of the asset's carrying amount over the fair value of the asset. For long-lived assets to be disposed, impairment losses are recognized at the lower of the carrying amount or fair value less cost to sell.

        Goodwill and Acquired Intangible Assets—Goodwill represents the excess of amounts paid over the fair value of net assets acquired from an acquisition. In order to determine the amount of goodwill resulting from an acquisition, the Company performs an assessment to determine the value of the acquired company's tangible and identifiable intangible assets and liabilities. In its assessment, the Company determines whether identifiable intangible assets exist, which typically include backlog and customer relationships. Intangible assets are amortized over the period in which the contractual or economic benefits of the intangible assets are expected to be realized.

        The Company tests goodwill for impairment annually for each reporting unit in the fourth quarter of the fiscal year, and between annual tests if events occur or circumstances change which suggest that goodwill should be evaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. A reporting unit is defined as an operating segment or one level below an operating segment. The Company's impairment tests are performed at the operating segment level as they represent the Company's reporting units.

        The impairment test is a two-step process. During the first step, the Company estimates the fair value of the reporting unit using income and market approaches, and compares that amount to the carrying value of that reporting unit. In the event the fair value of the reporting unit is determined to be less than the carrying value, a second step is required. The second step requires the Company to perform a hypothetical purchase allocation for that reporting unit and to compare the resulting current implied fair value of the goodwill to the current carrying value of the goodwill for that reporting unit. In the event that the current implied fair value of the goodwill is less than the carrying value, an impairment charge is recognized. See also Note 3.

        Pension Plans—The Company has certain defined benefit pension plans. The Company calculates the market-related value of assets, which is used to determine the return-on-assets component of annual pension expense and the cumulative net unrecognized gain or loss subject to amortization. This calculation reflects the Company's anticipated long-term rate of return and amortization of the difference between the actual return (including capital, dividends, and interest) and the expected return over a five-year period. Cumulative net unrecognized gains or losses that exceed 10% of the greater of the projected benefit obligation or the market related value of plan assets are subject to amortization.

        Insurance Reserves—The Company maintains insurance for certain insurable business risks. Insurance coverage contains various retention and deductible amounts for which the Company accrues a liability based upon reported claims and an actuarially determined estimated liability for certain claims incurred but not reported. It is generally the Company's policy not to accrue for any potential legal expense to be incurred in defending the Company's position. The Company believes that its accruals for estimated liabilities associated with professional and other liabilities are sufficient and any excess liability beyond the accrual is not expected to have a material adverse effect on the Company's results of operations or financial position.

        Foreign Currency Translation—The Company's functional currency is the U.S. dollar. Results of operations for foreign entities are translated to U.S. dollars using the average exchange rates during the period. Assets and liabilities for foreign entities are translated using the exchange rates in effect as of the date of the balance sheet. Resulting translation adjustments are recorded as a foreign currency translation adjustment into other accumulated comprehensive income/(loss) in stockholders' equity.

        The Company uses foreign currency forward contracts from time to time to mitigate foreign currency risk. The Company limits exposure to foreign currency fluctuations in most of its contracts through provisions that require client payments in currencies corresponding to the currency in which costs are incurred. As a result of this natural hedge, the Company generally does not need to hedge foreign currency cash flows for contract work performed. The functional currency of all significant foreign operations is the respective local currency.

        Noncontrolling Interests—Noncontrolling interests represent the equity investments of the minority owners in the Company's joint ventures and other subsidiary entities that the Company consolidates in its financial statements.

        Income Taxes—The Company files a consolidated U.S. federal corporate income tax return and combined / consolidated state tax returns and separate company state tax returns. The Company accounts for certain income and expense items differently for financial reporting and income tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. In determining the need for a valuation allowance, management reviews both positive and negative evidence, including the nature, frequency, and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset that would otherwise expire. Based upon management's assessment of all available evidence, the Company has concluded that it is more likely than not that the deferred tax assets, net of valuation allowance, will be realized.

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New Accounting Pronouncements and Changes in Accounting

12 Months Ended

Sep. 30, 2016

New Accounting Pronouncements and Changes in Accounting

New Accounting Pronouncements and Changes in Accounting

2. New Accounting Pronouncements and Changes in Accounting

        In May 2014, the Financial Accounting Standards Board (FASB) issued new accounting guidance which amended the existing accounting standards for revenue recognition. The new accounting guidance establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application. The Company continues to evaluate the impact and method of the adoption of the new accounting guidance on its consolidated financial statements and expects to adopt the new guidance on October 1, 2018.

        In February 2015, the FASB issued amended guidance to the consolidation standard which updates the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendment modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, among other provisions. This amended guidance will be effective for the Company's fiscal year beginning October 1, 2016. The Company does not expect the adoption of this amended guidance will have a material impact on its consolidated financial statements.

        In April 2015, the FASB issued new accounting guidance which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. The guidance requires retrospective application and represents a change in accounting principle. The Company does not expect the guidance to have a material impact on its consolidated financial statements, as the application of this guidance affects classification only. This guidance will be effective for the Company's fiscal year beginning October 1, 2016.

        In April 2015, the FASB issued new accounting guidance which provides the use of a practical expedient that permits the entity to measure defined benefit plans assets and obligations using the month-end date that is closest to the entity's fiscal year-end date and apply that practical expedient consistently from year to year. The adoption of this guidance will not have a material impact on its consolidated financial statements. This guidance will be effective for the Company's fiscal year beginning October 1, 2016.

        In September 2015, the FASB issued new accounting guidance which simplifies the accounting for measurement-period adjustments in connection with business combinations. The new guidance requires that the cumulative impact of a measurement-period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment amount is determined and, therefore, eliminates the requirement to retrospectively account for the adjustment in prior periods presented. This guidance was effective for fiscal years and interim periods beginning after December 15, 2015 and was to be applied prospectively to measurement-period adjustments that occur after the effective date. Early adoption was permitted. The Company early adopted this guidance during the first quarter of fiscal 2016, which did not have a material impact on the Company's financial statements.

        In the first quarter of fiscal 2016, the Company adopted new accounting guidance which raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This adoption did not have a material impact on the Company's consolidated financial statements.

        In November 2015, the FASB issued new accounting guidance which simplifies the presentation of deferred income taxes. This guidance requires that deferred tax assets and liabilities be classified as non-current in the balance sheet. The Company has elected early adoption of this standard on a prospective basis in the first quarter of fiscal 2016. This resulted in a reclassification of the Company's net current deferred tax asset and net current deferred tax liability to the net non-current deferred tax asset and to its net non-current deferred tax liability in the Company's consolidated balance sheet as of December 31, 2015. Prior periods were not retrospectively adjusted. The adoption of this guidance had no impact on the Company's consolidated results of income or comprehensive income.

        In February 2016, the FASB issued new accounting guidance which changes accounting for leases. The new guidance requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet. It also requires disclosure of key information about leasing arrangements to increase transparency and comparability among organizations. The guidance will be effective for the Company's fiscal year beginning October 1, 2019 with early adoption permitted. The new guidance must be adopted using a modified retrospective transition approach and provides for certain practical expedients. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements.

        In March 2016, the FASB issued new accounting guidance which simplifies the accounting for employee share-based payments. The new guidance will require all income tax effects of awards to be recognized in the statement of operations when the awards vest or are settled. It will also allow an employer to repurchase more of an employee's shares for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. This guidance will be effective for the Company in its fiscal year beginning October 1, 2017 and early adoption is permitted. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements.

        In June 2016, the FASB issued a new credit loss standard that changes the impairment model for most financial assets and certain other instruments. The new guidance will replace the current "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements.

        In August 2016, the FASB issued new guidance clarifying how entities should classify certain cash receipts and cash payments on the statement of cash flows. The guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The guidance will be effective for the Company in its fiscal year beginning October 1, 2018, and early adoption is permitted. The Company is currently evaluating the impact that the new guidance will have on its consolidated statement of cash flows.

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Business Acquisitions, Goodwill and Intangible Assets

12 Months Ended

Sep. 30, 2016

Business Acquisitions, Goodwill and Intangible Assets

Business Acquisitions, Goodwill and Intangible Assets

3. Business Acquisitions, Goodwill, and Intangible Assets

        On October 17, 2014, the Company completed the acquisition of the U.S. headquartered URS Corporation (URS), an international provider of engineering, construction, and technical services, by purchasing 100% of the outstanding shares of URS common stock. The purpose of the acquisition was to further diversify the Company's market presence and accelerate the Company's strategy to create an integrated delivery platform for customers. The Company paid total consideration of approximately $2.3 billion in cash and issued approximately $1.6 billion of AECOM common stock to the former stockholders and certain equity award holders of URS. In connection with the acquisition, the Company also assumed URS's senior notes totaling $1.0 billion, and upon the occurrence of a change in control of URS, the URS senior noteholders had the right to redeem their notes at a cash price equal to 101% of the principal amount of the notes. Accordingly, on October 24, 2014, the Company purchased $0.6 billion of URS's senior notes from the noteholders. See also Note 8, Debt. Additionally, the Company repaid in full URS's $0.6 billion 2011 term loan and $0.1 billion of URS's revolving line of credit.

        The following summarizes the estimated fair values of URS assets acquired and liabilities assumed (in millions), as of the acquisition date:

Cash and cash equivalents	$	284.9
Accounts receivable		2,512.8
Prepaid expenses and other current assets		421.0
Property and equipment		570.9
Identifiable intangible assets:
Customer relationships, contracts and backlog		973.8
Tradename		7.8
Total identifiable intangible assets		981.6
Goodwill		4,059.8
Other non-current assets		329.8
Accounts payable		(656.7	)
Accrued expenses and other current liabilities		(1,403.7	)
Billings in excess of costs on uncompleted contracts		(398.8	)
Current portion of long-term debt		(47.4	)
Other long-term liabilities		(406.1	)
Pension benefit obligations		(406.3	)
Long-term debt		(520.2	)
Noncontrolling interests		(201.0	)
Net assets acquired	$	5,120.6

        Backlog and customer relationships represent the fair value of existing contracts and the underlying customer relationships, and have lives ranging from 1 to 11 years (weighted average lives of approximately 3 years). Other intangible assets primarily consist of the fair value of office leases. Goodwill recognized largely results from a substantial assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. Accrued expenses and other current liabilities above include URS project liabilities and approximately $240 million related to estimated URS legal settlements and uninsured legal damages; see Note 18, Commitments and Contingencies including legal matters related to former URS affiliates.

        The following presents summarized unaudited pro forma operating results assuming that the Company had acquired URS at October 1, 2013. These pro forma operating results are presented for illustrative purposes only and are not indicative of the operating results that would have been achieved had the related events occurred.

	Twelve Months Ended
	Sept 30, 2015		Sept 30, 2014
	(in millions)
Revenue	$	18,288	$	18,776
Income from continuing operations		509		(144	)
Net income		325		1
Net income (loss) attributable to AECOM		229		(65	)
Net income (loss) attributable to AECOM per share:
Basic	$	1.51	$	(0.43	)
Diluted	$	1.50	$	(0.43	)

        Amortization of intangible assets relating to URS was $183.3 million and $361.6 million during the twelve months ended September 30, 2016 and 2015, respectively. Additionally, included in equity in earnings of joint ventures and noncontrolling interests was intangible amortization expense of $23.0 million and $(13.8) million, respectively, during the twelve months ended September 30, 2016 and $37.3 million and $(26.6) million, respectively, during the twelve months ended September 30, 2015 related to joint venture fair value adjustments.

        Billings in excess of costs on uncompleted contracts includes a margin fair value liability associated with long-term contracts acquired in connection with the acquisition of URS on October 17, 2014. This margin fair value liability was $149.1 million at the acquisition date, and its carrying value was $14.9 million at September 30, 2016, and is recognized as revenue on a percentage-of-completion basis as the applicable projects progress. The Company anticipates the remaining liability will be recognized as revenue over five years, with the majority over the first two years. Revenue and the related income from operations related to the margin fair value liability recognized during the twelve months ended September 30, 2016 and 2015 was $37.2 million and $96.9 million, respectively.

        Acquisition and integration expenses, resulting from the acquisition of URS, in the accompanying consolidated statements of operations comprised of the following (in millions):

	Twelve Months Ended
	Sept 30, 2016		Sept 30, 2015
Severance and personnel costs	$	23.4	$	223.8
Professional service, real estate-related, and other expenses		190.2		174.6
Total	$	213.6	$	398.4

        Included in severance and personnel costs for the twelve months ended September 30, 2016 and 2015 was $21.8 million and $101.9 million of severance expenses, respectively, of which $19.3 million and $83.6 million was paid as of September 30, 2016 and 2015, respectively. All acquisition and integration expenses are classified within Corporate, as presented in Note 19.

        Interest expense in the consolidated statements of operations for the twelve months ended September 30, 2015 included a $55.6 million penalty from the prepayment of the Company's unsecured senior notes and $9.0 million related to the write-off of capitalized debt issuance costs from its unsecured senior notes, and 2014 Credit Agreement.

        The Company completed one, one and two business acquisitions during the years ended September 30, 2016, 2015 and 2014, respectively. These other business acquisitions did not meet the quantitative thresholds to require pro forma disclosures of operating results, either individually or in the aggregate, based on the Company's consolidated assets, investments and net income. The Company also obtained control of an unconsolidated joint venture that resulted in its consolidation during the year ended September 30, 2014, as further discussed in Note 6.

        Business acquisitions during the year ended September 30, 2014 included Hunt Construction Group, a United States-based commercial construction management firm which serves clients in both the public and private sectors, and Spain-based ACE International Consultants S.L., a leading consulting firm specializing in economic and social development cooperation and private sector development.

        Excluding URS, the aggregate value of all consideration for acquisitions consummated during the years ended September 30, 2016, 2015 and 2014 were $5.5 million, $27.3 million and $88.5 million, respectively. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions consummated during the fiscal years presented, excluding URS:

	Fiscal Year Ended
	September 30, 2015			September 30, 2014
	(in millions)
Cash acquired	$	0.6		$	17.1
Other current assets		13.8			256.2
Identifiable intangible assets:
Customer relationships, contracts and backlog		1.3			10.4
Trademark / tradename		—			1.5
Total intangible assets	$	1.3		$	11.9
Goodwill		23.6			72.7
Other non-current assets		—			16.5
Current liabilities		(12.0	)		(274.1	)
Non-current liabilities		—			(11.8	)
Net assets acquired	$	27.3		$	88.5

        Consideration for acquisitions above, excluding URS, includes the following:

	Fiscal Year Ended
	September 30, 2015		September 30, 2014
	(in millions)
Cash paid	$	4.8	$	70.2
Contingent consideration / promissory notes		22.5		18.3
Total consideration	$	27.3	$	88.5

        All of the above acquisitions were accounted for under the purchase method of accounting. As such, the purchase consideration of each acquired company was allocated to acquired tangible and intangible assets and liabilities based upon their fair values. The excess of the purchase consideration over the fair value of the net tangible and identifiable intangible assets acquired was recorded as goodwill. The determination of fair values of assets and liabilities acquired requires the Company to make estimates and use valuation techniques when market value is not readily available. The results of operations of each company acquired have been included in the Company's financial statements from the date of acquisition. Transaction costs associated with business acquisitions are expensed as they are incurred.

        At the time of acquisition, the Company preliminarily estimates the amount of the identifiable intangible assets acquired based upon historical valuations of similar acquisitions and the facts and circumstances available at the time. The Company determines the final value of the identifiable intangible assets as soon as information is available, but not more than 12 months from the date of acquisition. Post-acquisition adjustments primarily relate to project related liabilities.

        Loss on disposal activities of $42.6 million in the accompanying statements of operations for the twelve months ended September 30, 2016 included losses on the disposition of non-core energy related businesses, equipment and other assets acquired with URS and reported within the Construction Services segment. Net assets related to the loss on disposal activities were $112.8 million. Income from operations included losses incurred by non-core businesses of $36.9 million during the twelve months ended September 30, 2016.

        The changes in the carrying value of goodwill by reportable segment for the fiscal years ended September 30, 2016 and 2015 were as follows:

	Fiscal Year 2016
	September 30, 2015		Post- Acquisition Adjustments		Foreign Exchange Impact			Disposed			September 30, 2016
	(in millions)
Design and Consulting Services	$	3,163.3	$	26.7	$	8.2		$	—		$	3,198.2
Construction Services		918.5		8.7		(0.7	)		(11.3	)		915.2
Management Services		1,738.9		4.0		(32.5	)		—			1,710.4
Total	$	5,820.7	$	39.4	$	(25.0	)	$	(11.3	)	$	5,823.8

	Fiscal Year 2015
	September 30, 2014		Post- Acquisition Adjustments		Foreign Exchange Impact			Acquired		September 30, 2015
	(in millions)
Design and Consulting Services	$	1,479.2	$	5.5	$	(96.0	)	$	1,774.6	$	3,163.3
Construction Services		276.9		0.6		(34.0	)		675.0		918.5
Management Services		181.2		—		(38.1	)		1,595.8		1,738.9
Total	$	1,937.3	$	6.1	$	(168.1	)	$	4,045.4	$	5,820.7

        The gross amounts and accumulated amortization of the Company's acquired identifiable intangible assets with finite useful lives as of September 30, 2016 and 2015, included in intangible assets—net, in the accompanying consolidated balance sheets, were as follows:

	September 30, 2016							September 30, 2015
	Gross Amount		Accumulated Amortization			Intangible Assets, Net		Gross Amount		Accumulated Amortization			Intangible Assets, Net		Amortization Period (years)
	(in millions)
Backlog and customer relationships	$	1,247.1	$	(767.7	)	$	479.4	$	1,224.7	$	(565.3	)	$	659.4	1 - 11
Trademark / tradename		16.4		(16.4	)		—		16.4		(16.4	)		—	0.3 - 2
Total	$	1,263.5	$	(784.1	)	$	479.4	$	1,241.1	$	(581.7	)	$	659.4

        Amortization expense of acquired intangible assets included within cost of revenue was $202.4 million, $391.0 million, and $24.0 million for the years ended September 30, 2016, 2015 and 2014, respectively. The following table presents estimated amortization expense of existing intangible assets for the succeeding years:

Fiscal Year	(in millions)
2017	$	96.3
2018		82.1
2019		76.7
2020		64.8
2021		55.1
Thereafter		104.4
Total	$	479.4

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Accounts Receivable

12 Months Ended

Sep. 30, 2016

Accounts Receivable

Accounts Receivable

4. Accounts Receivable

        Accounts receivable consisted of the following:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
	(in millions)
Billed	$	2,267.6		$	2,426.2
Unbilled		1,890.2			2,099.8
Contract retentions		434.1			379.6
Total accounts receivable—gross		4,591.9			4,905.6
Allowance for doubtful accounts		(60.4	)		(64.1	)
Total accounts receivable—net	$	4,531.5		$	4,841.5

        Billed accounts receivable represent amounts billed to clients that have yet to be collected. Unbilled accounts receivable represents the contract revenue recognized but not yet billed pursuant to contract terms or accounts billed after the period end. Substantially all unbilled receivables as of September 30, 2016 and 2015 are expected to be billed and collected within twelve months. Contract retentions represent amounts invoiced to clients where payments have been withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. These retention agreements vary from project to project and could be outstanding for several months or years.

        Allowances for doubtful accounts have been determined through specific identification of amounts considered to be uncollectible and potential write-offs, plus a non-specific allowance for other amounts for which some potential loss has been determined to be probable based on current and past experience.

        Other than the U.S. government, no single client accounted for more than 10% of the Company's outstanding receivables at September 30, 2016 and 2015.

        The Company sold trade receivables to financial institutions, of which $356.3 million and $240.8 million were outstanding as of September 30, 2016 and 2015, respectively. The Company does not retain financial or legal obligations for these receivables that would result in material losses. The Company's ongoing involvement is limited to the remittance of customer payments to the financial institutions with respect to the sold trade receivables.

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Property and Equipment

12 Months Ended

Sep. 30, 2016

Property and Equipment

Property and Equipment

5. Property and Equipment

        Property and equipment, at cost, consists of the following:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			Useful Lives (years)
	(in millions)
Building and land	$	57.9		$	105.7		10 - 45
Leasehold improvements		381.4			349.3		1 - 20
Computer systems and equipment		652.0			627.7		3 - 12
Furniture and fixtures		129.7			125.8		3 - 10
Total		1,221.0			1,208.5
Accumulated depreciation and amortization		(576.0	)		(509.2	)
Property and equipment, net	$	645.0		$	699.3

        Depreciation expense for the fiscal years ended September 30, 2016, 2015 and 2014 were $171.7 million, $191.3 million, and $69.1 million, respectively. Depreciation is calculated using primarily the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements and capitalized leases, the lesser of the remaining term of the lease or its estimated useful life. Included in payments for capital expenditures presented within the Consolidated Statements of Cash Flows, were proceeds from disposals of property and equipment of $54.6 million, $44.9 million, and $4.4 million for the years ended September 30, 2016, 2015 and 2014, respectively.

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Joint Ventures and Variable Interest Entities

12 Months Ended

Sep. 30, 2016

Joint Ventures and Variable Interest Entities

Joint Ventures and Variable Interest Entities

6. Joint Ventures and Variable Interest Entities

        The Company's joint ventures provide architecture, engineering, program management, construction management and operations and maintenance services. Joint ventures, the combination of two or more partners, are generally formed for a specific project. Management of the joint venture is typically controlled by a joint venture executive committee, comprised of representatives from the joint venture partners. The joint venture executive committee normally provides management oversight and controls decisions which could have a significant impact on the joint venture.

        Some of the Company's joint ventures have no employees and minimal operating expenses. For these joint ventures, the Company's employees perform work for the joint venture, which is then billed to a third-party customer by the joint venture. These joint ventures function as pass through entities to bill the third-party customer. For consolidated joint ventures of this type, the Company records the entire amount of the services performed and the costs associated with these services, including the services provided by the other joint venture partners, in the Company's result of operations. For certain of these joint ventures where a fee is added by an unconsolidated joint venture to client billings, the Company's portion of that fee is recorded in equity in earnings of joint ventures.

        The Company also has joint ventures that have their own employees and operating expenses, and to which the Company generally makes a capital contribution. The Company accounts for these joint ventures either as consolidated entities or equity method investments based on the criteria further discussed below.

        The Company follows guidance on the consolidation of variable interest entities (VIEs) that requires companies to utilize a qualitative approach to determine whether it is the primary beneficiary of a VIE. The process for identifying the primary beneficiary of a VIE requires consideration of the factors that indicate a party has the power to direct the activities that most significantly impact the joint ventures' economic performance, including powers granted to the joint venture's program manager, powers contained in the joint venture governing board and, to a certain extent, a company's economic interest in the joint venture. The Company analyzes its joint ventures and classifies them as either:

•           a VIE that must be consolidated because the Company is the primary beneficiary or the joint venture is not a VIE and the Company holds the majority voting interest with no significant participative rights available to the other partners; or

•           a VIE that does not require consolidation and is treated as an equity method investment because the Company is not the primary beneficiary or the joint venture is not a VIE and the Company does not hold the majority voting interest.

        As part of the above analysis, if it is determined that the Company has the power to direct the activities that most significantly impact the joint venture's economic performance, the Company considers whether or not it has the obligation to absorb losses or rights to receive benefits of the VIE that could potentially be significant to the VIE.

        Contractually required support provided to the Company's joint ventures is discussed in Note 18.

        Summary of financial information of the consolidated joint ventures is as follows:

	September 30, 2016		September 30, 2015
	(in millions)
Current assets	$	684.1	$	727.8
Non-current assets		230.8		282.8
Total assets	$	914.9	$	1,010.6
Current liabilities	$	407.4	$	441.5
Non-current liabilities		12.4		0.2
Total liabilities		419.8		441.7
Total AECOM equity		318.0		354.7
Noncontrolling interests		177.1		214.2
Total owners' equity		495.1		568.9
Total liabilities and owners' equity	$	914.9	$	1,010.6

        Total revenue of the consolidated joint ventures was $1,935.2 million, $2,368.0 million, and $614.5 million for the years ended September 30, 2016, 2015 and 2014, respectively. The assets of the Company's consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the general operations of the Company.

        Summary of financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements, is as follows:

	September 30, 2016		September 30, 2015
	(in millions)
Current assets	$	1,407.0	$	1,200.7
Non-current assets		499.4		527.3
Total assets	$	1,906.4	$	1,728.0
Current liabilities	$	977.3	$	936.7
Non-current liabilities		146.2		87.0
Total liabilities		1,123.5		1,023.7
Joint venturers' equity		782.9		704.3
Total liabilities and joint venturers' equity	$	1,906.4	$	1,728.0
AECOM's investment in joint ventures	$	330.5	$	321.6

	Twelve Months Ended
	September 30, 2016		September 30, 2015
	(in millions)
Revenue	$	4,871.8	$	4,754.6
Cost of revenue		4,618.3		4,476.8
Gross profit	$	253.5	$	277.8
Net income	$	233.9	$	231.2

        Summary of AECOM's equity in earnings of unconsolidated joint ventures is as follows:

	Fiscal Year Ended
	September 30, 2016		September 30, 2015		September 30, 2014
	(in millions)
Pass through joint ventures	$	21.9	$	26.2	$	10.2
Other joint ventures		82.1		80.0		47.7
Total	$	104.0	$	106.2	$	57.9

        Included in equity in earnings above is a $37.4 million gain recognized upon change in control ($23.4 million, net of tax) of an unconsolidated joint venture in the year ended September 30, 2014. The Company obtained control of the joint venture through modifications to the joint venture's operating agreement, which required the Company to consolidate the joint venture. The acquisition date fair value of the previously held equity interest was $58.0 million, excluding the control premium. The measurement of the fair value of the equity interest immediately before obtaining control of the joint venture resulted in the pre-tax gain of $37.4 million. The Company utilized income and market approaches, in addition to obtaining an independent third party valuation, in determining the joint venture's fair value, which includes making assumptions about variables such as revenue growth rates, profitability, discount rates, and industry market multiples. These assumptions are subject to a high degree of judgment. Total assets and liabilities of this entity included in the accompanying consolidated balance sheet at the acquisition date were $207.8 million and $48.1 million, respectively. This acquisition did not meet the quantitative thresholds to require pro forma disclosures of operating results based on the Company's consolidated assets, investments and net income. This joint venture performs engineering and program management services in the Middle East and is included in the Company's DCS segment.

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Pension Benefit Obligations

12 Months Ended

Sep. 30, 2016

Pension Benefit Obligations

Pension Benefit Obligations

7. Pension Benefit Obligations

        In the U.S., the Company sponsors various qualified defined benefit pension plans. The legacy AECOM defined benefit plan covers substantially all permanent AECOM employees hired as of March 1, 1998. The other recently acquired plans cover employees of URS and the Hunt Corporation at the time of their acquisition. Benefits under these plans generally are based on the employee's years of creditable service and compensation. The Company adopted an amendment to freeze benefits under the URS Federal Services, Inc. Employees Retirement Plan during the three months ended December 31, 2015, which resulted in the curtailment gain listed below. All defined benefit plans are closed to new participants and all defined benefit plans have frozen accruals.

        The Company also sponsors various non-qualified plans in the U.S.; all of these plans are frozen. Outside the U.S., the Company sponsors various pension plans, which are appropriate to the country in which the Company operates, some of which are government mandated.

        The following tables provide reconciliations of the changes in the U.S. and international plans' benefit obligations, reconciliations of the changes in the fair value of assets for the last three years ended September 30, and reconciliations of the funded status as of September 30 of each year.

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Change in benefit obligation:
Benefit obligation at beginning of year	$	718.2		$	1,239.2		$	217.0		$	676.6		$	180.3		$	622.1
Service cost		4.3			1.0			6.8			1.1			—			0.7
Participant contributions		0.1			0.5			0.4			0.5			0.4			0.2
Interest cost		22.0			39.2			28.2			47.1			7.8			27.9
Benefits and expenses paid		(37.4	)		(41.9	)		(33.9	)		(41.0	)		(12.8	)		(23.3	)
Actuarial (gain) loss		52.3			377.1			(41.0	)		10.6			23.2			62.3
Plan settlements		(32.9	)		(0.7	)		(20.1	)		(2.5	)		—			(2.0	)
Plan amendments		0.2			—			—			—			—			—
Plan curtailments		(6.8	)		—			—			—			—			—
Net transfer in/(out)/acquisitions		—			—			560.8			618.6			18.1			—
Foreign currency translation (gain) loss		—			(208.2	)		—			(71.8	)		—			(11.3	)
Benefit obligation at end of year	$	720.0		$	1,406.2		$	718.2		$	1,239.2		$	217.0		$	676.6

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Change in plan assets
Fair value of plan assets at beginning of year	$	459.0		$	925.8		$	139.7		$	532.6		$	119.8		$	489.9
Actual return on plan assets		49.6			215.9			(2.8	)		49.9			14.2			60.4
Employer contributions		18.5			20.2			42.1			24.4			4.9			16.4
Participant contributions		0.1			0.5			0.4			0.5			0.4			0.2
Benefits and expenses paid		(37.4	)		(41.9	)		(33.9	)		(41.0	)		(12.8	)		(23.3	)
Plan settlements		(32.9	)		(0.7	)		(20.1	)		(2.5	)		—			(2.0	)
Net transfer in/(out)/acquisitions		—			—			333.6			415.5			13.2			—
Foreign currency translation (loss) gain		—			(146.6	)		—			(53.6	)		—			(9.0	)
Fair value of plan assets at end of year	$	456.9		$	973.2		$	459.0		$	925.8		$	139.7		$	532.6

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Reconciliation of funded status:
Funded status at end of year	$	(263.1	)	$	(433.0	)	$	(259.2	)	$	(313.4	)	$	(77.3	)	$	(144.0	)
Contribution made after measurement date		N/A			N/A			N/A			N/A			N/A			N/A
Net amount recognized at end of year	$	(263.1	)	$	(433.0	)	$	(259.2	)	$	(313.4	)	$	(77.3	)	$	(144.0	)

        The following table sets forth the amounts recognized in the consolidated balance sheets as of September 30, 2016, 2015 and 2014:

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Amounts recognized in the consolidated balance sheets:
Other non-current assets	$	2.0		$	5.3		$	1.6		$	1.7		$	—		$	1.1
Accrued expenses and other current liabilities		(9.3	)		—			(10.6	)		—			(1.7	)		—
Pension benefit obligations		(255.8	)		(438.3	)		(250.2	)		(315.1	)		(75.6	)		(145.1	)
Net amount recognized in the balance sheet	$	(263.1	)	$	(433.0	)	$	(259.2	)	$	(313.4	)	$	(77.3	)	$	(144.0	)

        The following table details the reconciliation of amounts in the consolidated statements of stockholders' equity for the fiscal years ended September 30, 2016, 2015 and 2014:

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Reconciliation of amounts in consolidated statements of stockholders' equity:
Prior service credit (cost)	$	(0.2	)	$	4.4		$	—		$	5.3		$	—		$	5.8
Net (loss)		(129.6	)		(343.3	)		(99.3	)		(183.6	)		(113.0	)		(190.1	)
Total recognized in accumulated other comprehensive (loss)	$	(129.8	)	$	(338.9	)	$	(99.3	)	$	(178.3	)	$	(113.0	)	$	(184.3	)

        The following table details the components of net periodic benefit cost for the Company's pension plans for years ended 2016, 2015 and 2014:

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Components of net periodic (benefit) cost:
Service costs	$	4.3		$	1.0		$	6.8		$	1.1		$	—		$	0.7
Interest cost on projected benefit obligation		22.0			39.2			28.2			47.1			7.8			27.9
Expected return on plan assets		(30.8	)		(48.0	)		(29.4	)		(49.4	)		(8.6	)		(26.1	)
Amortization of prior service credits		—			(0.2	)		—			(0.2	)		—			(0.2	)
Amortization of net loss		4.0			5.4			4.3			5.9			4.0			4.9
Curtailment gain recognized		(6.8	)		—			—			—			—			—
Settlement (gain) loss recognized		(0.9	)		0.1			0.6			0.7			—			0.4
Net periodic (benefit) cost	$	(8.2	)	$	(2.5	)	$	10.5		$	5.2		$	3.2		$	7.6

        The amount, net of applicable deferred income taxes, included in other comprehensive income arising from a change in net prior service cost and net gain/loss was $26.2 million, $6.9 million, and $7.6 million in the years ended September 30, 2016, 2015 and 2014, respectively.

        Amounts included in accumulated other comprehensive loss as of September 30, 2016 that are expected to be recognized as components of net periodic benefit cost during fiscal 2017 are (in millions):

	U.S.			Int'l
Amortization of prior service credit	$	—		$	0.2
Amortization of net actuarial losses		(4.3	)		(13.4	)
Total	$	(4.3	)	$	(13.2	)

        The table below provides additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets.

	Fiscal Year Ended
	September 30, 2016				September 30, 2015				September 30, 2014
	U.S.		Int'l		U.S.		Int'l		U.S.		Int'l
	(in millions)
Projected benefit obligation	$	694.8	$	1,220.3	$	692.5	$	1,226.2	$	217.0	$	658.5
Accumulated benefit obligation		694.8		1,215.7		686.5		1,222.0		217.0		656.3
Fair value of plan assets		453.2		782.1		455.6		911.2		139.7		513.4

        Funding requirements for each pension plan are determined based on the local laws of the country where such pension plan resides. In certain countries, the funding requirements are mandatory while in other countries, they are discretionary. The Company currently intends to contribute $24.0 million to the international plans in fiscal 2017. There is a required minimum contribution of $0.4 million for one of the U.S. plans. In addition, the Company may make discretionary contributions. The Company currently intends to contribute $9.8 million to U.S. plans in fiscal 2017.

        The table below provides the expected future benefit payments, in millions:

Year Ending September 30,	U.S.		Int'l
2017	$	40.6	$	38.9
2018		41.3		39.3
2019		40.9		42.1
2020		41.9		42.1
2021		42.0		44.2
2022 - 2026		207.5		240.2
Total	$	414.2	$	446.8

        The underlying assumptions for the pension plans are as follows:

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
Weighted-average assumptions to determine benefit obligation:
Discount rate		3.41	%		2.35	%		4.10	%		3.80	%		4.00	%		3.94	%
Salary increase rate		N/A			2.61	%		3.81	%		2.51	%		N/A			2.38	%
Weighted-average assumptions to determine net periodic benefit cost:
Discount rate		4.10	%		3.80	%		3.88	%		3.92	%		4.40	%		4.44	%
Salary increase rate		N/A			2.65	%		4.50	%		2.65	%		N/A			2.58	%
Expected long-term rate of return on plan assets		6.72	%		5.74	%		6.73	%		6.00	%		7.50	%		5.40	%

        Pension costs are determined using the assumptions as of the beginning of the plan year. The funded status is determined using the assumptions as of the end of the plan year.

        The following table summarizes the Company's target allocation for 2016 and pension plan asset allocation, both U.S. and international, as of September 30, 2016 and 2015:

							Percentage of Plan Assets as of September 30,
	Target Allocations
							2016						2015
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
Asset Category:
Equities		42	%		28	%		42	%		28	%		37	%		27	%
Debt		48			30			49			34			59			30
Cash		1			10			1			7			1			4
Property and other		9			32			8			31			3			39
Total		100	%		100	%		100	%		100	%		100	%		100	%

        The Company's domestic and foreign plans seek a competitive rate of return relative to an appropriate level of risk depending on the funded status and obligations of each plan and typically employ both active and passive investment management strategies. The Company's risk management practices include diversification across asset classes and investment styles and periodic rebalancing toward asset allocation targets. The target asset allocation selected for each plan reflects a risk/return profile that the Company believes is appropriate relative to each plan's liability structure and return goals.

        To develop the expected long-term rate of return on assets assumption, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio and the diversification of the portfolio. This resulted in the selection of a 6.72% and 5.74% weighted-average long-term rate of return on assets assumption for the fiscal year ended September 30, 2016 for U.S. and non-U.S. plans, respectively.

        As of September 30, 2016, the fair values of the Company's post-retirement benefit plan assets by major asset categories were as follows:

			Fair Value Measurement as of September 30, 2016
	Total Carrying Value as of September 30, 2016		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash and cash equivalents	$	70.6	$	14.3	$	56.3	$	—
Equity securities
Global equity securities		49.4		—		49.4		—
Domestic equity securities		57.1		—		57.1		—
Investment funds
Diversified funds		223.1		—		223.1		—
Equity funds		362.0		5.1		356.9		—
Fixed income funds		548.5		3.7		544.8		—
Hedge funds		62.5		—		48.4		14.1
Assets held by insurance company		32.3		—		32.3		—
Other		24.6		—		24.6		—
Total	$	1,430.1	$	23.1	$	1,392.9	$	14.1

        As of September 30, 2015, the fair values of the Company's post-retirement benefit plan assets by major asset categories are as follows:

			Fair Value Measurement as of September 30, 2015
	Total Carrying Value as of September 30, 2015		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash and cash equivalents	$	44.4	$	11.0	$	33.4	$	—
Equity securities
Global equity securities		52.8		—		52.8		—
Domestic equity securities		60.0		—		60.0		—
Investment funds
Diversified funds		287.4		—		287.4		—
Equity funds		309.6		—		309.6		—
Fixed income funds		542.5		—		542.5		—
Hedge funds		53.0		—		39.4		13.6
Assets held by insurance company		35.1		—		35.1		—
Total	$	1,384.8	$	11.0	$	1,360.2	$	13.6

        Changes for the year ended September 30, 2016, in the fair value of the Company's recurring post-retirement plan Level 3 assets are as follows:

	September 30, 2015 Beginning balance		Actual return on plan assets, relating to assets still held at reporting date		Actual return on plan assets, relating to assets sold during the period		Purchases, sales and settlements		Transfer into / (out of) Level 3		Change due to exchange rate changes		September 30, 2016 Ending balance
	(in millions)
Investment funds
Hedge funds	$	13.6	$	0.5	$	—	$	—	$	—	$	—	$	14.1

        Changes for the year ended September 30, 2015, in the fair value of the Company's recurring post-retirement plan Level 3 assets are as follows:

	September 30, 2014 Beginning balance		Actual return on plan assets, relating to assets still held at reporting date			Actual return on plan assets, relating to assets sold during the period		Purchases, sales and settlements		Transfer into / (out of) Level 3		Change due to exchange rate changes		September 30, 2015 Ending balance
	(in millions)
Investment funds
Hedge funds	$	13.7	$	(0.1	)	$	—	$	—	$	—	$	—	$	13.6

        Cash equivalents are mostly comprised of short-term money-market instruments and are valued at cost, which approximates fair value.

        For equity investment funds not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker, or investment manager. These funds are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as Level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager.

        Fixed income investment funds categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers, or quoted prices of securities with similar characteristics.

        Hedge funds categorized as Level 3 are valued based on valuation models that include significant unobservable inputs and cannot be corroborated using verifiable observable market data. Hedge funds are valued by independent administrators. Depending on the nature of the assets, the general partners or independent administrators use both the income and market approaches in their models. The market approach consists of analyzing market transactions for comparable assets while the income approach uses earnings or the net present value of estimated future cash flows adjusted for liquidity and other risk factors. As of September 30, 2016, there were no material changes to the valuation techniques.

Multiemployer Pension Plans

        The Company participates in over 200 construction-industry multiemployer pension plans. Generally, the plans provide defined benefits to substantially all employees covered by collective bargaining agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is liable, upon termination or withdrawal from a plan, for its proportionate share of a plan's unfunded vested liability. The Company's aggregate contributions to these multiemployer plans were $49.5 million and $54.5 million for the years ended September 30, 2016 and 2015, respectively. At September 30, 2016 and 2015, none of the plans in which the Company participates are individually significant to its consolidated financial statements.

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Debt

12 Months Ended

Sep. 30, 2016

Debt

Debt

8. Debt

        Debt consisted of the following:

	September 30, 2016			September 30, 2015
	(in millions)
2014 Credit Agreement	$	1,954.9		$	2,414.3
2014 Senior Notes		1,600.0			1,600.0
URS Senior Notes		427.7			429.4
Other debt		142.7			163.2
Total debt		4,125.3			4,606.9
Less: Current portion of debt and short-term borrowings		(366.3	)		(160.4	)
Long-term debt, less current portion	$	3,759.0		$	4,446.5

        The following table presents, in millions, scheduled maturities of the Company's debt as of September 30, 2016:

Fiscal Year
2017	$	366.3
2018		126.6
2019		117.4
2020		111.8
2021		1,455.2
Thereafter		1,948.0
Total	$	4,125.3

2014 Credit Agreement

        The Company entered into a credit agreement (Credit Agreement) on October 17, 2014, as amended, consisting of (i) a term loan A facility in an aggregate principal amount of $1.925 billion, (ii) a term loan B facility in an aggregate principal amount of $0.76 billion and (iii) a revolving credit facility in an aggregate principal amount of $1.05 billion. These facilities under the Credit Agreement may be increased by an additional amount of up to $500 million. The Credit Agreement's term extends to September 29, 2021 with respect to the revolving credit facility and the term loan A facility and October 17, 2021 with respect to the term loan B facility. Some subsidiaries of the Company (Guarantors) have guaranteed the obligations of the borrowers under the Credit Agreement. The borrowers' obligations under the Credit Agreement are secured by a lien on substantially all of the assets of the Company and the Guarantors pursuant to a security and pledge agreement (Security Agreement). The collateral under the Security Agreement is subject to release upon fulfillment of certain conditions specified in the Credit Agreement and Security Agreement.

        The Credit Agreement contains covenants that limit the Company's ability and certain of its subsidiaries to, among other things: (i) create, incur, assume, or suffer to exist liens; (ii) incur or guarantee indebtedness; (iii) pay dividends or repurchase stock; (iv) enter into transactions with affiliates; (v) consummate asset sales, acquisitions or mergers; (vi) enter into certain types of burdensome agreements; or (vii) make investments.

        On July 1, 2015, the Credit Agreement was amended to revise the definition of "Consolidated EBITDA" to increase the allowance for acquisition and integration expenses related to the acquisition of URS.

        On December 22, 2015, the Credit Agreement was amended to further revise the definition of "Consolidated EBITDA" by further increasing the allowance for acquisition and integration expenses related to the acquisition of URS and to allow for an internal corporate restructuring primarily involving its international subsidiaries.

        On September 29, 2016, the Credit Agreement and the Security Agreement were amended to (1) lower the applicable interest rate margins for the term loan A and the revolving credit facilities, and lower the applicable letter of credit fees and commitment fees to the revised consolidated leverage levels; (2) extend the term of the term loan A and the revolving credit facility to September 29, 2021; (3) add a new delayed draw term loan A facility tranche in the amount of $185.0 million; (4) replace the then existing $500 million performance letter of credit facility with a $500 million basket to enter into secured letters of credit outside the Credit Agreement; and (5) revise certain covenants, including the Maximum Consolidated Leverage Ratio so that the step down from a 5.00 to a 4.75 leverage ratio is effective as of March 31, 2017 as well as the investment basket for its AECOM Capital business.

        Under the Credit Agreement, the Company is subject to a maximum consolidated leverage ratio and minimum consolidated interest coverage ratio at the end of each fiscal quarter. The Company's Consolidated Leverage Ratio was 4.3 at September 30, 2016. As of September 30, 2016, the Company was in compliance with the covenants of the Credit Agreement.

        At September 30, 2016 and 2015, outstanding standby letters of credit totaled $92.3 million and $92.5 million, respectively, under the Company's revolving credit facilities. As of September 30, 2016 and 2015, the Company had $888.4 million and $947.6 million, respectively, available under its revolving credit facility.

2014 Senior Notes

        On October 6, 2014, the Company completed a private placement offering of $800,000,000 aggregate principal amount of its 5.750% Senior Notes due 2022 (2022 Notes) and $800,000,000 aggregate principal amount of its 5.875% Senior Notes due 2024 (the 2024 Notes and, together with the 2022 Notes, the 2014 Senior Notes or Notes).

        As of September 30, 2016, the estimated fair value of its 2014 Senior Notes was approximately $838.0 million for the 2022 Notes and $850.0 million for the 2024 Notes. The fair value of the Notes as of September 30, 2016 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of its Notes.

        At any time prior to October 15, 2017, the Company may redeem all or part of the 2022 Notes, at a redemption price equal to 100% of their principal amount, plus a "make whole" premium as of the redemption date, and accrued and unpaid interest (subject to the rights of holders of record on the relevant record date to receive interest due on the relevant interest payment date). In addition, at any time prior to October 15, 2017, the Company may redeem up to 35% of the original aggregate principal amount of the 2022 Notes with the proceeds of one or more equity offerings, at a redemption price equal to 105.750%, plus accrued and unpaid interest. Furthermore, at any time on or after October 15, 2017, the Company may redeem the 2022 Notes, in whole or in part, at once or over time, at the specified redemption prices plus accrued and unpaid interest thereon to the redemption date. At any time prior to July 15, 2024, the Company may redeem on one or more occasions all or part of the 2024 Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a "make-whole" premium as of the date of the redemption, plus any accrued and unpaid interest to the date of redemption. In addition, on or after July 15, 2024, the 2024 Notes may be redeemed at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest to the date of redemption.

        The indenture pursuant to which the 2014 Senior Notes were issued contains customary events of default, including, among other things, payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The indenture also contains customary negative covenants.

        In connection with the offering of the Notes, the Company and the Guarantors entered into a Registration Rights Agreement, dated as of October 6, 2014 to exchange the Notes for registered notes having terms substantially identical in all material respects (except certain transfer restrictions, registration rights and additional interest provisions relating to the Notes will not apply to the registered notes). The Company filed an initial registration statement on Form S-4 with the SEC on July 6, 2015 that was declared effective by the SEC on September 29, 2015. On November 2, 2015, the Company completed its exchange offer which exchanged the Notes for the registered notes, as well as all related guarantees.

        The Company was in compliance with the covenants relating to the Notes as of September 30, 2016.

URS Senior Notes

        In connection with the URS acquisition, the Company assumed URS's 3.85% Senior Notes due 2017 (2017 URS Senior Notes) and its 5.00% Senior Notes due 2022 (2022 URS Senior Notes), totaling $1.0 billion (URS Senior Notes). The URS acquisition triggered change in control provisions in the URS Senior Notes that allowed the holders of the URS Senior Notes to redeem their URS Senior Notes at a cash price equal to 101% of the principal amount and, accordingly, the Company redeemed $572.3 million of the URS Senior Notes on October 24, 2014. The URS Senior Notes are general unsecured senior obligations of AECOM Global II, LLC (as successor in interest to URS) and URS Fox US LP and are fully and unconditionally guaranteed on a joint-and-several basis by certain former URS domestic subsidiary guarantors.

        As of September 30, 2016, the estimated fair value of the URS Senior Notes was approximately $180.1 million for the 2017 URS Senior Notes and $243.6 million for the 2022 URS Senior Notes. The carrying value of the URS Senior Notes on the Company's Consolidated Balance Sheets as of September 30, 2016 was $180.1 million for the 2017 URS Senior Notes and $247.6 million for the 2022 URS Senior Notes. The fair value of the URS Senior Notes as of September 30, 2016 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of the URS Senior Notes.

        As of September 30, 2016, the Company was in compliance with the covenants relating to the URS Senior Notes.

Other Debt

        Other debt consists primarily of obligations under capital leases and loans, and unsecured credit facilities. The Company's unsecured credit facilities are primarily used for standby letters of credit issued for payment of performance guarantees. At September 30, 2016 and 2015, these outstanding standby letters of credit totaled $382.2 million and $344.0 million, respectively. As of September 30, 2016, the Company had $546.2 million available under these unsecured credit facilities.

Effective Interest Rate

        The Company's average effective interest rate on its total debt, including the effects of the interest rate swap agreements, during the year ended September 30, 2016 and 2015 was 4.4% and 4.2%, respectively.

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Derivative Financial Instruments and Fair Value Measurements

12 Months Ended

Sep. 30, 2016

Derivative Financial Instruments and Fair Value Measurements

Derivative Financial Instruments and Fair Value Measurements

9. Derivative Financial Instruments and Fair Value Measurements

        The Company uses certain interest rate derivative contracts to hedge interest rate exposures on the Company's variable rate debt. The Company enters into foreign currency derivative contracts with financial institutions to reduce the risk that its cash flows and earnings will be adversely affected by foreign currency exchange rate fluctuations. The Company's hedging program is not designated for trading or speculative purposes.

        The Company recognizes derivative instruments as either assets or liabilities on the accompanying consolidated balance sheets at fair value. The Company records changes in the fair value (i.e., gains or losses) of the derivatives that have been designated as accounting hedges in the accompanying consolidated statements of operations as cost of revenue, interest expense or to accumulated other comprehensive loss in the accompanying consolidated balance sheets.

Cash Flow Hedges

        The Company uses interest rate swap agreements designated as cash flow hedges to fix the variable interest rates on portions of the Company's debt. The Company also uses foreign currency contracts designated as cash flow hedges to hedge forecasted revenue transactions denominated in currencies other than the U.S. dollar. The Company initially reports any gain on the effective portion of a cash flow hedge as a component of accumulated other comprehensive loss. Depending on the type of cash flow hedge, the gain is subsequently reclassified to either interest expense when the interest expense on the variable rate debt is recognized, or to cost of revenue when the hedged revenues are recorded. If the hedged transaction becomes probable of not occurring, any gain or loss related to interest rate swap agreements or foreign currency contracts would be recognized in other income (expense). Further, the Company excludes the change in the time value of the foreign currency contracts from the assessment of hedge effectiveness. The Company records the premium paid or time value of a contract on the date of purchase as an asset. Thereafter, the Company recognizes any change to this time value in cost of revenue.

        The notional principal, fixed rates and related expiration dates of the Company's outstanding interest rate swap agreements were as follows:

September 30, 2016
Notional Amount (in millions)		Fixed Rate			Expiration Date
$	300.0		1.63	%	June 2018
	300.0		1.54	%	September 2018

September 30, 2015
Notional Amount (in millions)		Fixed Rate			Expiration Date
$	300.0		1.63	%	June 2018
	300.0		1.54	%	September 2018

        The notional principal of outstanding foreign currency contracts to purchase Australian dollars (AUD) was AUD 58.6 million (or $43.4 million) at September 30, 2016. The notional principal of outstanding foreign currency contracts to purchase Australian dollars with U.S. dollars was AUD 98.1 million (or $74.1 million) at September 30, 2015.

Other Foreign Currency Forward Contracts

        The Company uses foreign currency forward contracts which are not designated as accounting hedges to hedge intercompany transactions and other monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary. Gains and losses on these contracts were not material for the years ended September 30, 2016, 2015 and 2014.

Fair Value Measurements

        The Company's non-pension financial assets and liabilities recorded at fair values relate to derivative instruments and were not material at September 30, 2016 or 2015.

        See Note 17 for accumulated balances and reporting period activities of derivatives related to reclassifications out of accumulated other comprehensive income or loss for the years ended September 30, 2016, 2015 and 2014. Amounts recognized in accumulated other comprehensive loss from the Company's foreign currency options were immaterial for all years presented. Amounts reclassified from accumulated other comprehensive loss into income from the foreign currency options were immaterial for all years presented. Additionally, there were no losses recognized in income due to amounts excluded from effectiveness testing from the Company's interest rate swap agreements.

        During the years ended September 30, 2016 and 2015, the Company entered into two contingent consideration arrangements in connection with business acquisitions. Under the arrangements, the Company agreed to pay cash to the sellers if certain financial performance thresholds are achieved in the future. The fair value of the contingent consideration liability as of September 30, 2016 and 2015 was $39 million and $39 million, respectively, and is a Level 3 fair value measurement recorded within other accrued liabilities. It was valued based on estimated future net cash flows. After the initial recording of this liability as a part of purchase accounting, there were no material subsequent changes in fair value through September 30, 2016. Any future changes in the fair value of this contingent consideration liability will be recognized in earnings during the applicable period.

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Concentration of Credit Risk

12 Months Ended

Sep. 30, 2016

Concentration of Credit Risk

Concentration of Credit Risk

10. Concentration of Credit Risk

        Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash investments and trade receivables. The Company's cash balances and short-term investments are maintained in accounts held by major banks and financial institutions located primarily in the U.S., Canada, Europe, Australia, Middle East and Hong Kong. If the Company extends significant credit to clients in a specific geographic area or industry, the Company may experience disproportionately high levels of default if those clients are adversely affected by factors particular to their geographic area or industry. Concentrations of credit risk with respect to trade receivables are limited due to the large number of customers comprising the Company's customer base, including, in large part, governments, government agencies and quasi-government organizations, and their dispersion across many different industries and geographies. See Note 19 regarding the Company's foreign revenues. In order to mitigate credit risk, the Company continually reviews the credit worthiness of its major private clients.

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Leases

12 Months Ended

Sep. 30, 2016

Leases

Leases

11. Leases

        The Company and its subsidiaries are lessees in non-cancelable leasing agreements for office buildings and equipment. The related payments are expensed on a straight-line basis over the lease term, including, as applicable, any free-rent period during which the Company has the right to use the asset. For leases with renewal options where the renewal is reasonably assured, the lease term, including the renewal period is used to determine the appropriate lease classification and to compute periodic rental expense. The following table presents, in millions, amounts payable under non-cancelable operating lease commitments during the following fiscal years:

Year Ending September 30,
2017	$	279.4
2018		232.4
2019		195.0
2020		161.5
2021		131.9
Thereafter		464.1
Total	$	1,464.3

        Rent expense for leases for the years ended September 30, 2016, 2015 and 2014 was approximately $383.7 million, $395.9 million, and $210.4 million, respectively. When the Company is required to restore leased facilities to original condition, provisions are made over the period of the lease.

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Stockholders' Equity

12 Months Ended

Sep. 30, 2016

Stockholders' Equity

Stockholders' Equity

12. Stockholders' Equity

        Common Stock Units—Common stock units are only redeemable for common stock. In the event of liquidation of the Company, holders of stock units are entitled to no greater rights than holders of common stock. See also Note 13.

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Share-Based Payments

12 Months Ended

Sep. 30, 2016

Share-Based Payments

Share-Based Payments

13. Share-Based Payments

        Defined Contribution Plans—Substantially all permanent employees are eligible to participate in defined contribution plans provided by the Company. Under these plans, participants may make contributions into a variety of funds, including a fund that is fully invested in Company stock. Employees are not required to allocate any funds to Company stock. Employees may generally reallocate their account balances on a daily basis; however, employees classified as insiders are restricted under the Company's insider trading policy. Compensation expense relating to these employer contributions under defined contribution plans for fiscal years ended September 30, 2016, 2015 and 2014 was $26.8 million, $13.3 million, and $14.4 million, respectively.

        Stock Incentive Plans—Under the 2016 Stock Incentive Plan, the Company has up to 10.9 million securities remaining available for future issuance as of September 30, 2016. Stock options may be granted to employees and non-employee directors with an exercise price not less than the fair market value of the stock on the date of grant. Unexercised options expire seven years after date of grant.

        During the three years in the period ended September 30, 2016, option activity was as follows:

	Number of Options (in millions)			Weighted Average Exercise Price
Balance, September 30, 2013		1.6			24.73
Granted		0.6			31.62
Exercised		(0.5	)		23.64
Cancelled		(0.1	)		26.87
Balance, September 30, 2014		1.6			27.69
Granted		—			—
Exercised		(0.3	)		24.98
Cancelled		—			—
Balance, September 30, 2015		1.3			28.26
Granted		—			—
Exercised		(0.4	)		23.96
Cancelled		—			—
Balance, September 30, 2016		0.9			30.36
Exercisable as of September 30, 2014		0.9			25.16
Exercisable as of September 30, 2015		0.7			25.04
Exercisable as of September 30, 2016		0.3			26.99

        The following table summarizes information concerning outstanding and exercisable options as of September 30, 2016:

	Options Outstanding								Options Exercisable
	Number Outstanding as of September 30, 2016 (in millions)		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)		Number Exercisable as of September 30, 2016 (in millions)		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
Range of Exercise Prices
$24.45 - $27.67		0.2		0.76	$	26.21	$	0.5		0.2		0.76	$	26.21
28.04 -  31.62		0.7		6.72		31.27		0.1		0.1		1.05		28.52
		0.9		5.65		30.36	$	0.6		0.3		0.86		26.99

        The remaining contractual life of options outstanding at September 30, 2016 range from 0.76 to 6.72 years and have a weighted average remaining contractual life of 5.65 years. The aggregate intrinsic value of stock options exercised during the years ended September 30, 2016, 2015 and 2014 was $0.6 million, $2.1 million, and $4.3 million, respectively.

        The fair value of the Company's employee stock option awards is estimated on the date of grant. The expected term of awards granted represents the period of time the awards are expected to be outstanding. The risk-free interest rate is based on U.S. Treasury bond rates with maturities equal to the expected term of the option on the grant date. The Company uses historical data as a basis to estimate the probability of forfeitures. No stock options were granted during the years ended September 30, 2016 and 2015.

        The Company grants stock units to employees under its Performance Earnings Program (PEP), whereby units are earned and issued dependent upon meeting established cumulative performance objectives and vesting over a three-year period. Additionally, the Company issues restricted stock units to employees which are earned based on service conditions. The grant date fair value of PEP awards and restricted stock unit awards is that day's closing market price of the Company's common stock. The weighted average grant date fair value of PEP awards was $29.91, $32.32, and $29.32 during the years ended September 30, 2016, 2015 and 2014, respectively. The weighted average grant date fair value of restricted stock unit awards was $29.82, $31.05, and $29.60 during the years ended September 30, 2016, 2015 and 2014, respectively. Included in the restricted stock unit grants during the twelve months ended September 30, 2015 were 2.6 million restricted stock units with a grant date fair value of $30.04 per share that were converted from unvested URS service based restricted stock awards assumed by the Company in connection with the acquisition of URS. Total compensation expense related to these share-based payments including stock options was $73.4 million, $112.2 million, and $34.4 million during the years ended September 30, 2016, 2015 and 2014, respectively. Included in total compensation expense during the twelve months ended September 30, 2015 was $43.9 million related to the settlement of accelerated URS equity awards with $17.6 million of Company stock and $26.3 million in cash which was classified as acquisition and integration expense. Unrecognized compensation expense related to total share-based payments outstanding as of September 30, 2016 and 2015 was $91.8 million and $115.5 million, respectively, to be recognized on a straight-line basis over the awards' respective vesting periods which are generally three years.

        Cash flow attributable to tax benefits resulting from tax deductions in excess of compensation cost recognized for those stock options (excess tax benefits) is classified as financing cash flows. Excess tax benefits of $0.0 million, $3.6 million, and $0.7 million for the years ended September 30, 2016, 2015 and 2014, respectively, have been classified as financing cash inflows in the Consolidated Statements of Cash Flows.

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Income Taxes

12 Months Ended

Sep. 30, 2016

Income Taxes

Income Taxes

14. Income Taxes

        Income before income taxes included income (loss) from domestic operations of $51.6 million, $(214.6) million, and $138.2 million for fiscal years ended September 30, 2016, 2015 and 2014 and income from foreign operations of $74.0 million, $63.1 million, and $176.6 million for fiscal years ended September 30, 2016, 2015 and 2014.

        Income tax (benefit) expense was comprised of:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			September 30, 2014
	(in millions)
Current:
Federal	$	33.7		$	(67.1	)	$	5.3
State		12.4			2.6			3.3
Foreign		26.1			37.2			46.3
Total current income tax (benefit) expense		72.2			(27.3	)		54.9
Deferred:
Federal		(63.4	)		(44.2	)		27.7
State		(5.4	)		1.2			5.6
Foreign		(41.3	)		(10.0	)		(6.2	)
Total deferred income tax (benefit) expense		(110.1	)		(53.0	)		27.1
Total income tax (benefit) expense	$	(37.9	)	$	(80.3	)	$	82.0

        The major elements contributing to the difference between the U.S. federal statutory rate of 35.0% and the effective tax rate are as follows:

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	Amount			%			Amount			%			Amount			%
	(in millions)
Tax at federal statutory rate	$	43.9			35.0	%	$	(53.0	)		35.0	%	$	110.2			35.0	%
State income tax, net of federal benefit		5.6			4.5			(2.3	)		1.5			5.0			1.6
Valuation allowance		(54.8	)		(43.6	)		30.0			(19.8	)		6.3			2.0
Exclusion of tax on non-controlling interests		(24.7	)		(19.7	)		(29.3	)		19.3			—			—
Income tax credits and incentives		(24.6	)		(19.6	)		(21.2	)		14.0			(18.8	)		(6.0	)
Foreign tax rate differential		(19.7	)		(15.7	)		(24.8	)		16.4			(38.8	)		(12.3	)
Tax exempt income		(17.6	)		(14.0	)		(13.2	)		8.7			(1.9	)		(0.6	)
Change in uncertain tax positions		(5.0	)		(4.0	)		6.6			(4.3	)		(4.5	)		(1.4	)
Change in tax rates		34.6			27.6			—			—			—			—
Foreign residual income		17.8			14.2			20.1			(13.3	)		16.9			5.4
Nondeductible costs		6.1			4.8			2.8			(1.8	)		2.8			0.9
Nondeductible transaction costs		—			—			2.8			(1.8	)		2.8			0.9
Other items, net		0.5			0.3			1.2			(0.9	)		2.0			0.6
Total income tax expense	$	(37.9	)		(30.2	)%	$	(80.3	)		53.0	%	$	82.0			26.1	%

        During the year ended September 30, 2016 and 2015, the Company recognized a $10.1 million and $19.4 million tax benefit related to U.S. tax incentives and credits that previously expired on December 31, 2014 and 2013, respectively, and were subsequently extended due to a change in tax law.

        The deferred tax assets (liabilities) are as follows:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
	(in millions)
Deferred tax assets:
Compensation and benefit accruals not currently deductible	$	150.5		$	166.7
Net operating loss carryforwards		378.0			195.9
Self insurance reserves		24.7			46.8
Research and experimentation and other tax credits		125.3			43.0
Pension liability		180.9			165.6
Accrued liabilities		221.0			267.3
Other		4.3			11.4
Total deferred tax assets		1,084.7			896.7
Deferred tax liabilities:
Unearned revenue		(212.6	)		(101.9	)
Depreciation and amortization		(113.0	)		(76.5	)
Acquired intangible assets		(155.5	)		(219.2	)
Investment in subsidiaries		(261.4	)		(239.2	)
Total deferred tax liabilities		(742.5	)		(636.8	)
Valuation allowance		(183.8	)		(239.4	)
Net deferred tax assets	$	158.4		$	20.5

        As a result of certain realization requirements of ASC 718, the table of deferred tax assets and liabilities does not include certain deferred tax assets as of September 30, 2016, that arose directly from tax deductions related to equity compensation that are greater than the compensation recognized for financial reporting. Equity will be increased by $3.8 million if and when such deferred tax assets are ultimately realized.

        As of September 30, 2016, the Company has available unused federal, state and foreign net operating loss (NOL) carryforwards of $503.8 million, $960.1 million and $789.6 million, respectively, which expire at various dates over the next several years; some foreign NOL carryforwards never expire. In addition, as of September 30, 2016, the Company has unused federal and state research and development credits of $67.4 million and $19.2 million, respectively, and California Enterprise Zone Tax Credits of $6.2 million.

        As of September 30, 2016 and 2015, gross deferred tax assets were $1,084.7 million and $896.7 million, respectively. The Company has recorded a valuation allowance of approximately $183.8 million and $239.4 million at September 30, 2016 and 2015, respectively, primarily related to state and foreign net operating loss carryforwards and credits and deferred tax assets related to certain pension obligations (primarily in the United Kingdom and Canada). The Company has performed an assessment of positive and negative evidence, including the nature, frequency, and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset that would otherwise expire. Although realization is not assured, based on the Company's assessment, the Company has concluded that it is more likely than not that the remaining gross deferred tax asset (exclusive of deferred tax liabilities) of $900.9 million will be realized and, as such, no additional valuation allowance has been provided. The net decrease in the valuation allowance of $55.6 million is primarily attributable to the release of $36.2 million of valuation allowances for the United Kingdom and Australia, $27.2 million impact from the change in the United Kingdom tax rate and the utilization of $10.7 million of foreign net operating loss carryforwards in the current year, partially offset by increases in valuation allowances for unbenefitable losses.

        Upon the acquisition of URS in October 2014, the Company had previously recorded a valuation allowance primarily against foreign net operating losses and deferred tax assets related to the pension obligation, consistent with those described above. Tax jurisdictions largely contributing to the URS related valuation allowance included $92.8 million recorded for the United Kingdom, $22.5 million recorded for Canada, $9.3 million recorded for the United States and $2.9 million recorded for Australia. In its determination of the realizability of its deferred tax assets, the Company evaluated positive evidence consisting of positive earnings trends over a sustainable period, positive economic conditions in the industries we operate in, possible prudent and feasible tax planning strategies (net of costs to implement the tax planning strategies) and actual usage of net operating loss and tax credit carryforwards. The Company also evaluated negative evidence consisting of significant net operating loss carryforwards, the cumulative history of losses in recent years, restriction on usage of losses under relevant tax laws, projections of future operations and economic downturns in the industries that we operate in. This evaluation was conducted on a tax jurisdictional basis or legal entity basis, as applicable, and based on the weighing of all positive and negative evidence, a determination was made as to the realizability of the deferred tax assets on that same basis.

        Certain valuation allowances in the amount of $23.3 million in the United Kingdom have been released due to sufficient positive evidence obtained during the year ended September 30, 2016. We evaluated the new positive evidence against any negative evidence and determined the valuation allowance was no longer necessary. This new positive evidence includes reaching a position of cumulative income over a three year period and the use of net operating losses on a taxable basis. In addition, the Company's United Kingdom affiliate has strong projected earnings in the United Kingdom.

        During the third quarter of 2016, the Company's Australian affiliate made an election in Australia to combine the tax results of the URS Australia business with the AECOM Australia business. This election resulted in the ability to utilize the URS Australia businesses' deferred tax assets against the combined future earnings of the Australian group and accordingly, the valuation allowance of $12.9 million was released.

        Generally, the Company would reverse its valuation allowance in a particular tax jurisdiction if the positive evidence examined, such as projected and sustainable earnings or a tax-planning strategy that allows for the usage of the deferred tax asset, is sufficient to overcome significant negative evidence, such as large net operating loss carryforwards or a cumulative history of losses in recent years. Given the current and forecasted earnings trend in the United Kingdom, sufficient positive evidence in the form of sustained earnings may become available in 2017 to release all or a portion of the related valuation allowance. Certain operations in Canada continue to forecast losses and the valuation allowances could be reduced if the earnings trends reverse. In the United States, the valued deferred tax assets have a restricted life or use under relevant tax law and, therefore, it is unlikely that the valuation allowance related to these assets will reverse. In addition, the Company is continually investigating tax planning strategies that, if prudent and feasible, may be implemented to realize a deferred tax asset that would otherwise expire unutilized. The identification and internal/external approval (as relevant) of such a prudent and feasible tax planning strategy could cause a reduction in the valuation allowance.

        As of September 30, 2016 and 2015, the Company has remaining tax-deductible goodwill of $210.8 million and $261.2 million, respectively, resulting from acquisitions. The amortization of this goodwill is deductible over various periods ranging up to 15 years.

        Generally, the Company does not provide for U.S. taxes or foreign withholding taxes on gross book-tax differences in its non-U.S. subsidiaries because such basis differences of approximately $1.6 billion are able to and intended to be reinvested indefinitely. If these basis differences were distributed, foreign tax credits could become available under current law to partially or fully reduce the resulting U.S. income tax liability. There may also be additional US or foreign income tax liability upon repatriaton, although the calculation of such additional taxes is not practicable. The Company has recorded a deferred tax liability in the amount of $113.2 million relating to certain foreign subsidiaries for which the basis differences are not intended to be reinvested indefinitely.

        As of September 30, 2016 and 2015, the Company had a liability for unrecognized tax benefits, including potential interest and penalties, net of related tax benefit, totaling $96.8 million and $107.6 million, respectively. The gross unrecognized tax benefits as of September 30, 2016 and 2015 were $87.9 million and $95.2 million, respectively, excluding interest, penalties, and related tax benefit. Of the $87.9 million, approximately $71.6 million would be included in the effective tax rate if recognized. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
	(in millions)
Balance at the beginning of the year	$	95.2		$	47.5
Gross increase due to acquisitions		—			49.4
Gross increase in current period's tax positions		7.6			6.0
Gross increase in prior years' tax positions		5.2			6.4
Gross decrease in prior years' tax positions		(16.6	)		(0.2	)
Decrease due to settlement with tax authorities		(3.2	)		(2.0	)
Decrease due to lapse of statute of limitations		(1.8	)		(4.6	)
Gross change due to foreign exchange fluctuations		1.5			(7.3	)
Balance at the end of the year	$	87.9		$	95.2

        The Company classifies interest and penalties related to uncertain tax positions within the income tax expense line in the accompanying consolidated statements of operations. As of September 30, 2016, the accrued interest and penalties were $12.5 million and $2.6 million, respectively, excluding any related income tax benefits. At September 30, 2015, the accrued interest and penalties, including balances acquired in the URS acquisition, were $13.9 million and $3.5 million, respectively, excluding any related income tax benefits.

        The Company files income tax returns in numerous tax jurisdictions, including the U.S., and numerous U.S. states and non-U.S. jurisdictions around the world. The statute of limitations varies by jurisdiction in which the Company operates. Because of the number of jurisdictions in which the Company files tax returns, in any given year the statute of limitations in certain jurisdictions may expire without examination within the 12-month period from the balance sheet date.

        The Company concluded its examination by the U.S. Internal Revenue Service for the fiscal years ended September 30, 2010 and September 30, 2011 in the fourth quarter of 2016, with no material adjustments. The U.S. Internal Revenue Service initiated an examination of URS for the years ended December 31, 2012, December 31, 2013 and October 17, 2014 in August 2016. With a few exceptions, the Company is no longer subject to U.S. state or non-U.S. income tax examinations by tax authorities for years before fiscal 2011.

        While it is reasonably possible that the total amounts of unrecognized tax benefits could significantly increase or decrease within the next twelve months, an estimate of the range of possible change cannot be made.

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Earnings Per Share

12 Months Ended

Sep. 30, 2016

Earnings Per Share

Earnings Per Share

15. Earnings Per Share

        Basic earnings per share (EPS) excludes dilution and is computed by dividing net income available for common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted average number of common shares outstanding and potential common shares for the period. The Company includes as potential common shares the weighted average dilutive effects of outstanding stock options and restricted stock units using the treasury stock method. For the periods presented, options excluded from the calculation of potential common shares were not significant. The computation of diluted loss per share for the year ended September 30, 2015 excludes 1.7 million of potential common shares due to their antidilutive effect.

        The following table sets forth a reconciliation of the denominators of basic and diluted earnings per share:

	Fiscal Year Ended
	September 30, 2016		September 30, 2015		September 30, 2014
	(in millions)
Denominator for basic earnings per share		154.8		149.6		97.2
Potential common shares		1.3		—		1.5
Denominator for diluted earnings per share		156.1		149.6		98.7

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Other Financial Information

12 Months Ended

Sep. 30, 2016

Other Financial Information

Other Financial Information

16. Other Financial Information

        Accrued expenses and other current liabilities consist of the following:

	Fiscal Year Ended
	September 30, 2016		September 30, 2015
	(in millions)
Accrued salaries and benefits	$	964.9	$	852.2
Accrued contract costs		1,009.8		993.1
Other accrued expenses		410.1		322.5
	$	2,384.8	$	2,167.8

        Accrued contract costs above included professional liability accruals of $611.0 million as of September 30, 2016. The remaining accrued contract costs primarily relate to costs for services provided by subcontractors and other non-employees. Liabilities recorded related to accrued contract losses were not material as of September 30, 2016 and 2015. The Company did not have material revisions to estimates for contracts where revenue is recognized using the percentage-of-completion method during the twelve months ended September 30, 2016.

        During the twelve months ended September 30, 2016, the Company recorded revenue and a noncurrent asset related to the expected accelerated recovery of a pension related entitlement from the federal government of approximately $50 million. The actual amount of reimbursement may vary from the Company's expectation.

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Reclassifications out of Accumulated Other Comprehensive Loss

12 Months Ended

Sep. 30, 2016

Reclassifications out of Accumulated Other Comprehensive Loss

Reclassifications out of Accumulated Other Comprehensive Loss

17. Reclassifications out of Accumulated Other Comprehensive Loss

        The accumulated balances and reporting period activities for the years ended September 30, 2016, 2015 and 2014 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions):

	Pension Related Adjustments			Foreign Currency Translation Adjustments			Loss on Derivative Instruments			Accumulated Other Comprehensive Loss
Balances at September 30, 2013	$	(192.8	)	$	(66.4	)	$	(2.1	)	$	(261.3	)
Other comprehensive (loss) before reclassification		(30.3	)		(71.4	)		(1.4	)		(103.1	)
Amounts reclassified from accumulated other comprehensive loss:
Actuarial losses, net of tax		6.1			—			—			6.1
Cash flow hedge losses, net of tax		—			—			1.7			1.7
Balances at September 30, 2014	$	(217.0	)	$	(137.8	)	$	(1.8	)	$	(356.6	)

	Pension Related Adjustments			Foreign Currency Translation Adjustments			Loss on Derivative Instruments			Accumulated Other Comprehensive Loss
Balances at September 30, 2014	$	(217.0	)	$	(137.8	)	$	(1.8	)	$	(356.6	)
Other comprehensive income (loss) before reclassification		5.8			(282.3	)		(13.3	)		(289.8	)
Amounts reclassified from accumulated other comprehensive loss:
Actuarial losses, net of tax		7.2			—			—			7.2
Cash flow hedge losses, net of tax		—			—			4.1			4.1
Balances at September 30, 2015	$	(204.0	)	$	(420.1	)	$	(11.0	)	$	(635.1	)

	Pension Related Adjustments			Foreign Currency Translation Adjustments			Loss on Derivative Instruments			Accumulated Other Comprehensive Loss
Balances at September 30, 2015	$	(204.0	)	$	(420.1	)	$	(11.0	)	$	(635.1	)
Other comprehensive income (loss) before reclassification		(171.5	)		(63.6	)		1.2			(233.9	)
Amounts reclassified from accumulated other comprehensive loss:
Actuarial gains, net of tax		6.6			—			—			6.6
Cash flow hedge gains, net of tax		—			—			4.8			4.8
Balances at September 30, 2016	$	(368.9	)	$	(483.7	)	$	(5.0)		$	(857.6	)

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Commitments and Contingencies

12 Months Ended

Sep. 30, 2016

Commitments and Contingencies

Commitments and Contingencies

18. Commitments and Contingencies

        The Company records amounts representing its probable estimated liabilities relating to claims, guarantees, litigation, audits and investigations. The Company relies in part on qualified actuaries to assist it in determining the level of reserves to establish for insurance-related claims that are known and have been asserted against it, and for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to the Company's claims administrators as of the respective balance sheet dates. The Company includes any adjustments to such insurance reserves in its consolidated results of operations. The Company's reasonably possible loss disclosures are presented on a gross basis prior to the consideration of insurance recoveries. The Company does not record gain contingencies until they are realized. In the ordinary course of business, the Company may not be aware that it or its affiliates are under investigation and may not be aware of whether or not a known investigation has been concluded.

        In the ordinary course of business, the Company may enter into various arrangements providing financial or performance assurance to clients, lenders, or partners. Such arrangements include standby letters of credit, surety bonds, and corporate guarantees to support the creditworthiness or the project execution commitments of its affiliates, partnerships and joint ventures. Performance arrangements typically have various expiration dates ranging from the completion of the project contract and extending beyond contract completion in certain circumstances such as for warranties. The Company may also guarantee that a project, when complete, will achieve specified performance standards. If the project subsequently fails to meet guaranteed performance standards, the Company may incur additional costs, pay liquidated damages or be held responsible for the costs incurred by the client to achieve the required performance standards. The potential payment amount of an outstanding performance arrangement is typically the remaining cost of work to be performed by or on behalf of third parties. Generally, under joint venture arrangements, if a partner is financially unable to complete its share of the contract, the other partner(s) may be required to complete those activities.

        At September 30, 2016, the Company was contingently liable in the amount of approximately $474.5 million in issued standby letters of credit and $3.3 billion in issued surety bonds primarily to support project execution.

        In the ordinary course of business, the Company enters into various agreements providing financial or performance assurances to clients on behalf of certain unconsolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support the project execution commitments of these entities.

        In addition, in connection with the investment activities of AECOM Capital, the Company provides guarantees of certain obligations, including guarantees for completion of projects, repayment of debt, environmental indemnity obligations and acts of willful misconduct.

DOE Deactivation, Demolition, and Removal Project

        Washington Group International, an Ohio company (WGI Ohio), an affiliate of URS, executed a cost-reimbursable task order with the Department of Energy (DOE) in 2007 to provide deactivation, demolition and removal services at a New York State project site that, during 2010, experienced contamination and performance issues and remains uncompleted. In February 2011, WGI Ohio and the DOE executed a Task Order Modification that changed some cost-reimbursable contract provisions to at-risk. The Task Order Modification, including subsequent amendments, requires the DOE to pay all project costs up to $106 million, requires WGI Ohio and the DOE to equally share in all project costs incurred from $106 million to $146 million, and requires WGI Ohio to pay all project costs exceeding $146 million.

        Due to unanticipated requirements and permitting delays by federal and state agencies, as well as delays and related ground stabilization activities caused by Hurricane Irene in 2011, WGI Ohio has been required to perform work outside the scope of the Task Order Modification. In December 2014, WGI Ohio submitted claims against the DOE pursuant to the Contracts Disputes Acts seeking recovery of $103 million, including additional fees on changed work scope.

        Due to significant delays and uncertainties about responsibilities for the scope of remaining work, final project completion costs and other associated costs may exceed $100 million over the contracted amounts. In addition, WGI Ohio assets and liabilities, including the value of the above costs and claims, were also measured at their fair value on October 17, 2014, the date AECOM acquired WGI Ohio's parent company, see Note 3, which is reevaluated to account for developments pertaining to this matter.

        WGI Ohio can provide no certainty that it will recover the DOE claims and fees submitted in December 2014, as well as any other project costs after December 2014 that WGI Ohio may be obligated to incur including the remaining project completion costs, which could have a material adverse effect on the Company's results of operations.

AECOM Australia

        In 2005 and 2006, the Company's main Australian subsidiary, AECOM Australia Pty Ltd (AECOM Australia), performed a traffic forecast assignment for a client consortium as part of the client's project to design, build, finance and operate a tolled motorway tunnel in Australia. To fund the motorway's design and construction, the client formed certain special purpose vehicles (SPVs) that raised approximately $700 million Australian dollars through an initial public offering (IPO) of equity units in 2006 and approximately an additional $1.4 billion Australian dollars in long term bank loans. The SPVs went into insolvency administrations in February 2011.

        KordaMentha, the receivers for the SPVs (the RCM Applicants), caused a lawsuit to be filed against AECOM Australia by the RCM Applicants in the Federal Court of Australia on May 14, 2012. Portigon AG (formerly WestLB AG), one of the lending banks to the SPVs, filed a lawsuit in the Federal Court of Australia against AECOM Australia on May 18, 2012. Separately, a class action lawsuit, which has been amended to include approximately 770 of the IPO investors, was filed against AECOM Australia in the Federal Court of Australia on May 31, 2012.

        All of the lawsuits claim damages that purportedly resulted from AECOM Australia's role in connection with the above described traffic forecast. On July 10, 2015, AECOM Australia, the RCM Applicants and Portigon AG entered into a Deed of Release settling the respective lawsuits for $205 million (U.S. dollars).

        On May 31, 2016, AECOM Australia and other parties to the class action lawsuit entered into a conditional settlement aggregating to $91 million (U.S. Dollars) with the class action applicants on a "no admissions" basis. The Federal Court of Australia conducted a hearing on August 10, 2016 and approved the settlement amount and all claims between the parties have been released. The class action settlement did not have a material impact on the Company’s financial results.

DOE Hanford Nuclear Reservation

        URS Energy and Construction, Washington River Protection Solutions LLC and Washington Closure Hanford LLC (collectively the URS Affiliates) perform services under multiple contracts (including under the Waste Treatment Plant contract, the Tank Farm contract and the River Corridor contract) at the DOE's Hanford nuclear reservation that have been subject to various government investigations or litigation matters:

•           Waste Treatment Plant government investigation: The federal government is conducting an investigation into the Company's affiliate, URS Energy & Construction, a subcontractor on the Waste Treatment Plant, regarding contractual compliance and various technical issues in the design, development and construction of the Waste Treatment Plant. The federal government and URS Energy & Construction have engaged in settlement discussions towards a resolution of this matter.

•           Tank Farms government investigation: The federal government is conducting an investigation regarding the time keeping of employees at the Company's joint venture, Washington River Protection Solutions LLC, when the joint venture took over as the prime contractor from another federal contractor. The federal government and Washington River Protection Solutions LLC have engaged in advanced settlement discussions and Washington River Protection Solutions LLC reassessed its estimate of the matter, which is not expected to have a material impact.

•           River Corridor litigation: The federal government has partially intervened with a relator in a Qui Tam complaint filed in the Eastern District of Washington in December 2013 against the Company's joint venture, Washington Closure Hanford LLC, alleging that its contracting procedures under the Small Business Act violated the False Claims Act. On October 2015, Washington Closure Hanford LLC's motion to dismiss the claim was partially denied.

        The URS Affiliates periodically reevaluate the estimated fair value of liabilities assumed from URS Corporation, including the legal related liabilities described above and in Note 3, to account for developments related to the Hanford matters. The URS Affiliates dispute the Waste Treatment Plant and River Corridor matters and intend to continue to defend these on going matters vigorously, although the URS Affiliates are engaging in the settlement discussions noted above. The URS Affiliates cannot provide assurances that they will be successful in these defense or settlement efforts. The potential range of loss and any difference from the current accrual cannot be reasonably estimated at this time, primarily due to the fact that these matters involve complex and unique environmental and regulatory issues; each project site contains multiple parties, including various local, state and federal government agencies; conflicts of law between local, state and federal regulations; substantial uncertainty regarding any alleged damages; and the various stages of the government investigations or litigation matters.

Securities Litigation Matter

        On September 1, 2016, William Graves, an AECOM stockholder, filed a securities class action complaint in the United States District Court for the Central District of California alleging that the Company and its senior executives made materially false and misleading statements in violation of the federal securities laws. The Company believes the complaint is without merit and intends to vigorously defend against it. While no assurance can be given as to the ultimate outcome of this action, the Company believes that the final resolution of this action will not have a material adverse effect on its consolidated financial position, results of operations, cash flows or ability to conduct business.

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Reportable Segments and Geographic Information

12 Months Ended

Sep. 30, 2016

Reportable Segments and Geographic Information

Reportable Segments and Geographic Information

19. Reportable Segments and Geographic Information

        The Company's operations are organized into three reportable segments: Design and Consulting Services (DCS), Construction Services (CS), and Management Services (MS). The Company's DCS reportable segment delivers planning, consulting, architectural, environmental, and engineering design services to commercial and government clients worldwide. The Company's CS reportable segment provides construction services primarily in the Americas. The Company's MS reportable segment provides program and facilities management and maintenance, training, logistics, consulting, and technical assistance and systems integration services, primarily for agencies of the U.S. government. These reportable segments are organized by the types of services provided, the differing specialized needs of the respective clients, and how the Company manages its business. The Company has aggregated various operating segments into its reportable segments based on their similar characteristics, including similar long term financial performance, the nature of services provided, internal processes for delivering those services, and types of customers.

        The following tables set forth summarized financial information concerning the Company's reportable segments:

Reportable Segments:	Design and Consulting Services			Construction Services			Management Services			Corporate			Total
Fiscal Year Ended September 30, 2016:
Revenue	$	7,655.8		$	6,501.3		$	3,253.7		$	—		$	17,410.8
Gross profit		382.5			31.1			229.2			—			642.8
Equity in earnings of joint ventures		8.9			18.2			76.9			—			104.0
General and administrative expenses		—			—			—			(115.1	)		(115.1	)
Acquisition and integration expenses		—			—			—			(213.6	)		(213.6	)
Loss on disposal activities		—			(42.6	)		—			—			(42.6	)
Operating income (loss)		391.4			6.7			306.1			(328.7	)		375.5
Segment assets		6,655.7			3,556.2			2,692.7			822.1			13,726.7
Gross profit as a % of revenue		5.0	%		0.5	%		7.0	%					3.7	%
Fiscal Year Ended September 30, 2015:
Revenue	$	7,962.9		$	6,676.7		$	3,350.3		$	—		$	17,989.9
Gross profit		299.3			42.8			193.1			—			535.2
Equity in earnings of joint ventures		6.6			23.0			76.6			—			106.2
General and administrative expenses		—			—			—			(114.0	)		(114.0	)
Acquisition and integration expenses		—			—			—			(398.4	)		(398.4	)
Operating income (loss)		305.9			65.8			269.7			(512.4	)		129.0
Segment assets		7,118.2			3,382.4			2,903.9			609.8			14,014.3
Gross profit as a % of revenue		3.8	%		0.6	%		5.8	%					3.0	%
Fiscal Year Ended September 30, 2014:
Revenue	$	5,443.1		$	2,004.3		$	909.4		$	—		$	8,356.8
Gross profit		330.3			29.3			43.6			—			403.2
Equity in earnings of joint ventures		35.5			6.0			16.4			—			57.9
General and administrative expenses		—			—			—			(80.9	)		(80.9	)
Acquisition and integration expenses		—			—			—			(27.3	)		(27.3	)
Operating income (loss)		365.8			35.3			60.0			(108.2	)		352.9
Segment assets		4,064.5			1,256.4			437.5			365.0			6,123.4
Gross profit as a % of revenue		6.1	%		1.5	%		4.8	%					4.8	%

Geographic Information:

	Fiscal Year Ended
	September 30, 2016				September 30, 2015				September 30, 2014
	Revenue		Long-Lived Assets		Revenue		Long-Lived Assets		Revenue		Long-Lived Assets
	(in millions)
United States	$	12,567.0		4,763.9	$	12,599.6		4,852.5	$	4,933.7		1,603.7
Asia Pacific		1,278.3		394.0		1,385.3		426.4		1,338.2		340.5
Canada		866.5		615.7		1,308.3		641.0		561.1		146.7
Europe		1,904.2		1,368.4		1,796.9		1,496.2		788.2		270.8
Other foreign countries		794.8		412.5		899.8		352.1		735.6		209.5
Total	$	17,410.8		7,554.5	$	17,989.9		7,768.2	$	8,356.8		2,571.2

        The Company attributes revenue by geography based on the external customer's country of origin. Long-lived assets consist of noncurrent assets excluding deferred tax assets.

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Major Clients

12 Months Ended

Sep. 30, 2016

Major Clients

Major Clients

20. Major Clients

        Other than the U.S. federal government, no single client accounted for 10% or more of the Company's revenue in any of the past five fiscal years. Approximately 23%, 24%, and 15% of the Company's revenue was derived through direct contracts with agencies of the U.S. federal government in the years ended September 30, 2016, 2015 and 2014, respectively. One of these contracts accounted for approximately 3%, 2%, and 3% of the Company's revenue in the years ended September 30, 2016, 2015 and 2014, respectively.

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Quarterly Financial Information-Unaudited

12 Months Ended

Sep. 30, 2016

Quarterly Financial Information-Unaudited

Quarterly Financial Information-Unaudited

21. Quarterly Financial Information—Unaudited

        In the opinion of management, the following unaudited quarterly data reflects all adjustments necessary for a fair statement of the results of operations. All such adjustments are of a normal recurring nature.

Fiscal Year 2016:	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in millions, except per share data)
Revenue	$	4,297.7		$	4,381.2		$	4,408.8		$	4,323.1
Cost of revenue		4,156.8			4,197.8			4,237.5			4,175.9
Gross profit		140.9			183.4			171.3			147.2
Equity in earnings of joint ventures		25.2			39.1			18.5			21.2
General and administrative expenses		(28.7	)		(29.5	)		(28.7	)		(28.2	)
Acquisition and integration expenses		(41.0	)		(50.7	)		(50.7	)		(71.2	)
Loss on disposal activities		(41.0	)		(1.6	)		—			—
Income from operations		55.4			140.7			110.4			69.0
Other income (expenses)		3.0			0.8			1.5			2.9
Interest expense		(59.5	)		(62.7	)		(62.6	)		(73.3	)
(Loss) / income before income tax expense		(1.1	)		78.8			49.3			(1.4	)
Income tax (benefit) expense		(0.7	)		12.2			(35.1	)		(14.3	)
Net (loss) / income		(0.4	)		66.6			84.4			12.9
Noncontrolling interest in income of consolidated subsidiaries, net of tax		(20.0	)		(24.7	)		(17.0	)		(5.7	)
Net (loss) / income attributable to AECOM	$	(20.4	)	$	41.9		$	67.4		$	7.2
Net (loss) / income attributable to AECOM per share:
Basic	$	(0.13	)	$	0.27		$	0.44		$	0.05
Diluted	$	(0.13	)	$	0.27		$	0.43		$	0.05
Weighted average common shares outstanding:
Basic		153.6			154.3			154.9			156.3
Diluted		153.6			155.4			156.2			157.9

Fiscal Year 2015:	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in millions, except per share data)
Revenue	$	4,210.5		$	4,506.2		$	4,549.5		$	4,723.7
Cost of revenue		4,075.7			4,403.0			4,422.9			4,553.1
Gross profit		134.8			103.2			126.6			170.6
Equity in earnings of joint ventures		23.9			24.7			27.7			29.9
General and administrative expenses		(34.3	)		(29.8	)		(24.4	)		(25.5	)
Acquisition and integration expenses		(138.5	)		(91.6	)		(88.5	)		(79.8	)
Income from operations		(14.1	)		6.5			41.4			95.2
Other income (expenses)		2.6			(1.0	)		10.1			7.4
Interest expense		(118.7	)		(60.7	)		(60.2	)		(60.0	)
(Loss) income before income tax expense		(130.2	)		(55.2	)		(8.7	)		42.6
Income tax (benefit) expense		(12.1	)		(75.8	)		(8.5	)		16.1
Net (loss) income		(118.1	)		20.6			(0.2	)		26.5
Noncontrolling interest in income of consolidated subsidiaries, net of tax		(20.9	)		(20.3	)		(17.0	)		(25.4	)
Net (loss) income attributable to AECOM	$	(139.0	)	$	0.3		$	(17.2	)	$	1.1
Net (loss) income attributable to AECOM per share:
Basic	$	(0.98	)	$	—		$	(0.11	)	$	0.01
Diluted	$	(0.98	)	$	—		$	(0.11	)	$	0.01
Weighted average common shares outstanding:
Basic		141.9			151.1			151.7			153.8
Diluted		141.9			152.8			151.7			155.2

XML

Condensed Consolidating Financial Information

12 Months Ended

Sep. 30, 2016

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

22. Condensed Consolidating Financial Information

        As discussed in Note 8, on October 6, 2014, AECOM issued $800.0 million aggregate principal amount of its 2022 Notes and $800.0 million aggregate principal amount of its 2024 Notes in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the Securities Act). AECOM filed a Registration Statement on Form S-4 relating to the offer to exchange the Notes for new 5.75% Senior Notes due 2022 and 5.875% Senior Notes due 2024 that was declared effective by the SEC on September 29, 2015. The Notes are fully and unconditionally guaranteed on a joint and several basis by certain of AECOM's directly and indirectly 100% owned subsidiaries (the Subsidiary Guarantors). Other than customary restrictions imposed by applicable statutes, there are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to AECOM in the form of cash dividends, loans or advances.

        In connection with the registration of the exchange offer, AECOM became subject to the requirements of Rule 3-10 of Regulation S-X regarding financial statements of guarantors and issuers of guaranteed securities registered or being registered with the Securities and Exchange Commission. The following condensed consolidating financial information, which is presented for AECOM, the Subsidiary Guarantors on a combined basis and AECOM's non-guarantor subsidiaries on a combined basis, is provided to satisfy the disclosure requirements of Rule 3-10 of Regulation S-X.

Condensed Consolidating Balance Sheets
(in millions)
September 30, 2016

	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
ASSETS
CURRENT ASSETS:
Total cash and cash equivalents	$	1.8	$	183.7	$	506.6	$	—		$	692.1
Accounts receivable—net		—		2,034.0		2,497.5		—			4,531.5
Intercompany receivable		760.7		151.7		152.0		(1,064.4	)		—
Prepaid expenses and other current assets		98.7		336.2		295.2		—			730.1
Income taxes receivable		28.7		—		18.4		—			47.1
TOTAL CURRENT ASSETS		889.9		2,705.6		3,469.7		(1,064.4	)		6,000.8
PROPERTY AND EQUIPMENT—NET		169.3		236.5		239.2		—			645.0
DEFERRED TAX ASSETS—NET		265.2		—		129.8		(223.5	)		171.5
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES		6,031.7		1,408.4		58.4		(7,498.5	)		—
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES		0.7		48.6		281.2		—			330.5
GOODWILL		—		3,286.6		2,537.2		—			5,823.8
INTANGIBLE ASSETS—NET		—		334.0		145.4		—			479.4
OTHER NON-CURRENT ASSETS		65.2		71.4		139.1		—			275.7
TOTAL ASSETS	$	7,422.0	$	8,091.1	$	7,000.0	$	(8,786.4	)	$	13,726.7
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term debt	$	3.1	$	7.3	$	15.9	$	—		$	26.3
Accounts payable		45.8		907.0		958.1		—			1,910.9
Accrued expenses and other current liabilities		201.2		1,137.1		1,046.5		—			2,384.8
Accrued taxes payable		—		—		10.8		—			10.8
Intercompany payable		114.1		857.9		208.8		(1,180.8	)		—
Billings in excess of costs on uncompleted contracts		—		237.5		394.4		—			631.9
Current portion of long-term debt		108.2		222.1		9.7		—			340.0
TOTAL CURRENT LIABILITIES		472.4		3,368.9		2,644.2		(1,180.8	)		5,304.7
OTHER LONG-TERM LIABILITIES		115.7		349.3		632.4		—			1,097.4
DEFERRED TAX LIABILITY—NET		—		236.6		—		(223.5	)		13.1
NOTE PAYABLE INTERCOMPANY—NON CURRENT		—		—		563.5		(563.5	)		—
LONG-TERM DEBT		3,468.0		273.4		17.6		—			3,759.0
TOTAL LIABILITIES		4,056.1		4,228.2		3,857.7		(1,967.8	)		10,174.2
TOTAL AECOM STOCKHOLDERS' EQUITY		3,365.9		3,862.9		2,956.7		(6,818.6	)		3,366.9
Noncontrolling interests		—		—		185.6		—			185.6
TOTAL STOCKHOLDERS' EQUITY		3,365.9		3,862.9		3,142.3		(6,818.6	)		3,552.5
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	7,422.0	$	8,091.1	$	7,000.0	$	(8,786.4	)	$	13,726.7

Condensed Consolidating Balance Sheets
(in millions)
September 30, 2015

	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
ASSETS
CURRENT ASSETS:
Total cash and cash equivalents	$	1.3	$	162.5	$	520.1	$	—		$	683.9
Accounts receivable—net		—		2,165.5		2,675.9		—			4,841.4
Intercompany receivable		771.3		187.3		262.7		(1,221.3	)		—
Prepaid expenses and other current assets		36.7		127.4		224.9		—			389.0
Income taxes receivable		68.7		—		12.5		—			81.2
Deferred tax assets—net		36.6		—		276.9		(62.9	)		250.6
TOTAL CURRENT ASSETS		914.6		2,642.7		3,973.0		(1,284.2	)		6,246.1
PROPERTY AND EQUIPMENT—NET		93.4		240.0		365.9		—			699.3
DEFERRED TAX ASSETS—NET		27.1		—		7.3		(34.4	)		—
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES		6,739.4		1,343.7		67.4		(8,150.5	)		—
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES		0.8		73.4		247.4		—			321.6
GOODWILL		—		3,291.1		2,529.6		—			5,820.7
INTANGIBLE ASSETS—NET		—		459.4		200.0		—			659.4
OTHER NON-CURRENT ASSETS		88.7		26.8		151.7		—			267.2
TOTAL ASSETS	$	7,864.0	$	8,077.1	$	7,542.3	$	(9,469.1	)	$	14,014.3
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term debt	$	2.3	$	—	$	0.5	$	—		$	2.8
Accounts payable		28.0		834.1		991.9		—			1,854.0
Accrued expenses and other current liabilities		229.5		1,001.6		936.7		—			2,167.8
Intercompany payable		119.9		960.3		319.8		(1,400.0	)		—
Billings in excess of costs on uncompleted contracts		—		255.7		398.2		—			653.9
Deferred tax liability—net		—		62.9		—		(62.9	)		—
Current portion of long-term debt		105.6		24.5		27.5		—			157.6
TOTAL CURRENT LIABILITIES		485.3		3,139.1		2,674.6		(1,462.9	)		4,836.1
OTHER LONG-TERM LIABILITIES		63.6		299.5		507.6		—			870.7
DEFERRED TAX LIABILITY—NET		—		122.6		141.9		(34.4	)		230.1
NOTE PAYABLE INTERCOMPANY—NON CURRENT		—		—		669.1		(669.1	)		—
LONG-TERM DEBT		3,914.0		482.7		49.8		—			4,446.5
TOTAL LIABILITIES		4,462.9		4,043.9		4,043.0		(2,166.4	)		10,383.4
TOTAL AECOM STOCKHOLDERS' EQUITY		3,401.1		4,033.2		3,276.1		(7,302.7	)		3,407.7
Noncontrolling interests		—		—		223.2		—			223.2
TOTAL STOCKHOLDERS' EQUITY		3,401.1		4,033.2		3,499.3		(7,302.7	)		3,630.9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	7,864.0	$	8,077.1	$	7,542.3	$	(9,469.1	)	$	14,014.3

Condensed Consolidating Statements of Operations
(in millions)

	For the Fiscal Year Ended September 30, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenue	$	—		$	9,227.5		$	8,265.3		$	(82.0	)	$	17,410.8
Cost of revenue		—			8,909.4			7,940.6			(82.0	)		16,768.0
Gross profit		—			318.1			324.7			—			642.8
Equity in earnings from subsidiaries		437.4			43.8			3.2			(484.4	)		—
Equity in earnings of joint ventures		—			27.3			76.7			—			104.0
General and administrative expenses		(114.0	)		(1.1	)		—			—			(115.1	)
Acquisition and integration expenses		(213.6	)		—			—			—			(213.6	)
Loss on disposal activities		—			—			(42.6	)		—			(42.6	)
Income (loss) from operations		109.8			388.1			362.0			(484.4	)		375.5
Other income (expense)		0.8			34.7			12.7			(40.0	)		8.2
Interest (expense) income		(231.7	)		(23.6	)		(42.8	)		40.0			(258.1	)
Income (loss) before income tax expense		(121.1	)		399.2			331.9			(484.4	)		125.6
Income tax (benefit) expense		(217.3	)		114.3			27.8			37.3			(37.9	)
Net income (loss)		96.2			284.9			304.1			(521.7	)		163.5
Noncontrolling interests in income of consolidated subsidiaries, net of tax		—			—			(67.4	)		—			(67.4	)
Net income (loss) attributable to AECOM	$	96.2		$	284.9		$	236.7		$	(521.7	)	$	96.1

	For the Fiscal Year Ended September 30, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenue	$	—		$	8,749.5		$	9,463.6		$	(223.2	)	$	17,989.9
Cost of revenue		—			8,486.4			9,191.5			(223.2	)		17,454.7
Gross profit		—			263.1			272.1			—			535.2
Equity in earnings from subsidiaries		321.3			(95.4	)		(1.4	)		(224.5	)		—
Equity in earnings of joint ventures		—			20.0			86.2			—			106.2
General and administrative expenses		(112.2	)		(1.8	)		—			—			(114.0	)
Acquisition and integration expenses		(346.9	)		(51.5	)		—			—			(398.4	)
(Loss) income from operations		(137.8	)		134.4			356.9			(224.5	)		129.0
Other income (expense)		5.1			34.9			14.7			(35.6	)		19.1
Interest (expense) income		(275.4	)		(20.4	)		(39.4	)		35.6			(299.6	)
(Loss) income before income tax expense		(408.1	)		148.9			332.2			(224.5	)		(151.5	)
Income tax (benefit) expense		(253.3	)		66.7			61.0			45.3			(80.3	)
Net (loss) income		(154.8	)		82.2			271.2			(269.8	)		(71.2	)
Noncontrolling interests in income of consolidated subsidiaries, net of tax		—			—			(83.6	)		—			(83.6	)
Net (loss) income attributable to AECOM	$	(154.8	)	$	82.2		$	187.6		$	(269.8	)	$	(154.8	)

	For the Fiscal Year Ended September 30, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenue	$	—		$	3,609.4		$	4,781.9		$	(34.5	)	$	8,356.8
Cost of revenue		—			3,451.6			4,536.5			(34.5	)		7,953.6
Gross profit		—			157.8			245.4			—			403.2
Equity in earnings from subsidiaries		346.7			40.9			—			(387.6	)		—
Equity in earnings of joint ventures		—			15.0			42.9			—			57.9
General and administrative expenses		(80.9	)		—			—			—			(80.9	)
Acquisition and integration expenses		(27.3	)		—			—			—			(27.3	)
Income (loss) from operations		238.5			213.7			288.3			(387.6	)		352.9
Other income (loss)		0.5			0.9			2.0			(0.7	)		2.7
Interest expense income		(37.7	)		(0.7	)		(3.1	)		0.7			(40.8	)
Income (loss) before income tax expense		201.3			213.9			287.2			(387.6	)		314.8
Income tax (benefit) expense		(28.6	)		34.3			69.5			6.8			82.0
Net income (loss)		229.9			179.6			217.7			(394.4	)		232.8
Noncontrolling interests in income of consolidated subsidiaries, net of tax		—			—			(2.9	)		—			(2.9	)
Net income (loss) attributable to AECOM	$	229.9		$	179.6		$	214.8		$	(394.4	)	$	229.9

Consolidating Statements of Comprehensive Income (Loss)
(in millions)

	For the Fiscal Year Ended September 30, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net income (loss)	$	96.2		$	284.9		$	304.1		$	(521.7	)	$	163.5
Other comprehensive income (loss), net of tax:
Net unrealized gain on derivatives, net of tax		2.6			—			3.4			—			6.0
Foreign currency translation adjustments		—			—			(65.3	)		—			(65.3	)
Pension adjustments, net of tax		(3.3	)		(14.9	)		(146.7	)		—			(164.9	)
Other comprehensive loss, net of tax		(0.7	)		(14.9	)		(208.6	)		—			(224.2	)
Comprehensive income (loss), net of tax		95.5			270.0			95.5			(521.7	)		(60.7	)
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax		—			—			(65.7	)		—			(65.7	)
Comprehensive income (loss) attributable to AECOM, net of tax	$	95.5		$	270.0		$	29.8		$	(521.7	)	$	(126.4	)

	For the Fiscal Year Ended September 30, 2015
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
Net (loss) income	$	(154.8	)	$	82.2	$	271.2		$	(269.8	)	$	(71.2	)
Other comprehensive income (loss), net of tax:
Net unrealized loss on derivatives, net of tax		(6.1	)		—		(3.1	)		—			(9.2	)
Foreign currency translation adjustments		—			—		(285.6	)		—			(285.6	)
Pension adjustments, net of tax		1.8			6.4		4.8			—			13.0
Other comprehensive (loss) income, net of tax		(4.3	)		6.4		(283.9	)		—			(281.8	)
Comprehensive (loss) income, net of tax		(159.1	)		88.6		(12.7	)		(269.8	)		(353.0	)
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax		—			—		(80.3	)		—			(80.3	)
Comprehensive (loss) income attributable to AECOM, net of tax	$	(159.1	)	$	88.6	$	(93.0	)	$	(269.8	)	$	(433.3	)

	For the Fiscal Year Ended September 30, 2014
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
Net income (loss)	$	229.9		$	179.6	$	217.7		$	(394.4	)	$	232.8
Other comprehensive income (loss), net of tax:
Net unrealized gain on derivatives, net of tax		0.3			—		—			—			0.3
Foreign currency translation adjustments		—			—		(72.7	)		—			(72.7	)
Pension adjustments, net of tax		(9.9	)		—		(14.3	)		—			(24.2	)
Other comprehensive loss, net of tax		(9.6	)		—		(87.0	)		—			(96.6	)
Comprehensive income (loss), net of tax		220.3			179.6		130.7			(394.4	)		136.2
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax		—			—		(1.6	)		—			(1.6	)
Comprehensive income (loss) attributable to AECOM, net of tax	$	220.3		$	179.6	$	129.1		$	(394.4	)	$	134.6

Condensed Consolidating Statements of Cash Flows
(in millions)

	For the Fiscal Year Ended September 30, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
CASH FLOWS FROM OPERATING ACTIVITIES	$	(273.6	)	$	623.7		$	464.1		$	—		$	814.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired		—			(1.0	)		(4.5	)		—			(5.5	)
Proceeds from disposal of businesses and property		—			—			39.7			—			39.7
Net investment in unconsolidated joint ventures		—			(3.9	)		(67.6	)		—			(71.5	)
Net sales of investments		—			—			11.5			—			11.5
Payments for capital expenditures, net of disposals		(82.0	)		(58.7	)		3.9			—			(136.8	)
Net receipts from (investment in) intercompany notes		5.3			176.1			(13.5	)		(167.9	)		—
Other intercompany investing activities		791.2			140.3			—			(931.5	)		—
Net cash provided by (used in) investing activities		714.5			252.8			(30.5	)		(1,099.4	)		(162.6	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements		4,673.0			17.6			15.6			—			4,706.2
Repayments of borrowings under credit agreements		(5,124.1	)		(22.8	)		(53.1	)		—			(5,200.0	)
Cash paid for debt and equity issuance costs		(10.4	)		—			—			—			(10.4	)
Proceeds from issuance of common stock		28.2			—			—			—			28.2
Proceeds from exercise of stock options		9.9			—			—			—			9.9
Payments to repurchase common stock		(25.9	)		—			—			—			(25.9	)
Excess tax benefit from share-based payment		—			—			—			—			—
Net distributions to noncontrolling interests		—			—			(103.2	)		—			(103.2	)
Other financing activities		7.9			(4.5	)		(46.3	)		—			(42.9	)
Net borrowings (repayments) on intercompany notes		1.0			12.5			(181.4	)		167.9			—
Other intercompany financing activities		—			(858.1	)		(73.4	)		931.5			—
Net cash used in financing activities		(440.4	)		(855.3	)		(441.8	)		1,099.4			(638.1	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		—			—			(5.3	)		—			(5.3	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0.5			21.2			(13.5	)		—			8.2
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		1.3			162.5			520.1			—			683.9
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	1.8		$	183.7		$	506.6		$	—		$	692.1

	For the Fiscal Year Ended September 30, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
CASH FLOWS FROM OPERATING ACTIVITIES	$	(551.2	)	$	816.9		$	498.7		$	—		$	764.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired		(3,564.2	)		109.2			161.7			—			(3,293.3	)
Proceeds from disposal of businesses and property		9.5			5.6			—			—			15.1
Net investment in unconsolidated joint ventures		—			(4.0	)		(28.7	)		—			(32.7	)
Sales (purchases) of investments		37.3			—			(2.7	)		—			34.6
Payments for capital expenditures, net of disposals		(51.9	)		(15.8	)		(1.7	)		—			(69.4	)
Receipts from intercompany notes receivable		95.6			128.6			—			(224.2	)		—
Other intercompany investing activities		1,085.8			160.9			—			(1,246.7	)		—
Net cash (used in) provided by investing activities		(2,387.9	)		384.5			128.6			(1,470.9	)		(3,345.7	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements		6,464.6			29.9			87.2			—			6,581.7
Repayments of borrowings under credit agreements		(5,031.9	)		(31.2	)		(95.2	)		—			(5,158.3	)
Issuance of unsecured senior notes		1,600.0			—			—			—			1,600.0
Prepayment penalty on Unsecured Senior Notes		(55.6	)		—			—			—			(55.6	)
Cash paid for debt and equity issuance costs		(89.6	)		—			—			—			(89.6	)
Proceeds from issuance of common stock		25.6			—			—			—			25.6
Proceeds from exercise of stock options		11.1			—			—			—			11.1
Payments to repurchase common stock		(23.1	)		—			—			—			(23.1	)
Excess tax benefit from share-based payment		3.6			—			—			—			3.6
Net distributions to noncontrolling interests		—			—			(144.3	)		—			(144.3	)
Other financing activities		2.3			(4.1	)		(29.5	)		—			(31.3	)
Intercompany notes repayments		—			—			(224.2	)		224.2			—
Other intercompany financing activities		—			(1,119.3	)		(127.4	)		1,246.7			—
Net cash provided by (used in) financing activities		2,907.0			(1,124.7	)		(533.1	)		1,470.9			2,719.8
EFFECT OF EXCHANGE RATE CHANGES ON CASH		—			—			(28.8	)		—			(28.8	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(32.1	)		76.7			65.1			—			109.7
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		33.4			85.8			455.0			—			574.2
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	1.3		$	162.5		$	520.1		$	—		$	683.9

Condensed Consolidating Statements of Cash Flows
(in millions)

	For the Fiscal Year Ended September 30, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
CASH FLOWS FROM OPERATING ACTIVITIES	$	(33.3	)	$	206.5		$	187.4		$	—		$	360.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired		—			(55.0	)		1.9			—			(53.1	)
Cash acquired from consolidation of joint venture		—			—			19.0			—			19.0
Proceeds from disposal of businesses and property		—			—			3.6			—			3.6
Net investment in unconsolidated joint ventures		—			9.4			(61.6	)		—			(52.2	)
Sales of investments		—			—			2.7			—			2.7
Payments for capital expenditures, net of disposals		(14.3	)		(17.8	)		(30.7	)		—			(62.8	)
Receipts from intercompany notes receivable		146.7			—			—			(146.7	)		—
Other intercompany investing activities		116.7			55.7			—			(172.4	)		—
Net cash provided by (used in) investing activities		249.1			(7.7	)		(65.1	)		(319.1	)		(142.8	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements		1,769.3			—			39.9			—			1,809.2
Repayments of borrowings under credit agreements		(1,918.6	)		(15.8	)		(42.0	)		—			(1,976.4	)
Cash paid for debt and equity issuance costs		(8.1	)		—			—			—			(8.1	)
Proceeds from issuance of common stock		13.9			—			—			—			13.9
Proceeds from exercise of stock options		13.4			—			—			—			13.4
Payments to repurchase common stock		(34.9	)		—			—			—			(34.9	)
Excess tax benefit from share-based payment		0.7			—			—			—			0.7
Net distributions to noncontrolling interests		—			—			(30.2	)		—			(30.2	)
Other financing activities		(22.5	)		0.8			0.3			—			(21.4	)
Intercompany notes repayments		—			—			(146.7	)		146.7			—
Other intercompany financing activities		—			(178.2	)		5.8			172.4			—
Net cash (used in) financing activities		(186.8	)		(193.2	)		(172.9	)		319.1			(233.8	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		—			—			(10.5	)		—			(10.5	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		29.0			5.6			(61.1	)		—			(26.5	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		4.4			80.2			516.1			—			600.7
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	33.4		$	85.8		$	455.0		$	—		$	574.2

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Schedule II: Valuation and Qualifying Accounts

12 Months Ended

Sep. 30, 2016

Schedule II: Valuation and Qualifying Accounts

Schedule II: Valuation and Qualifying Accounts

Schedule II: Valuation and Qualifying Accounts

(amounts in millions)

	Balance at Beginning of Year		Additions Charged to Cost of Revenue		Deductions(a)			Other and Foreign Exchange Impact			Balance at the End of the Year
Allowance for Doubtful Accounts
Fiscal Year 2016	$	64.1	$	16.4	$	(20.5	)	$	0.4		$	60.4
Fiscal Year 2015	$	72.1	$	26.9	$	(31.2	)	$	(3.7	)	$	64.1
Fiscal Year 2014		86.4		17.3		(38.4	)		6.8			72.1

(a)           Primarily relates to accounts written-off and recoveries

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Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2016

Significant Accounting Policies

Fiscal Year

        Fiscal Year—The Company reports results of operations based on 52 or 53-week periods ending on the Friday nearest September 30. For clarity of presentation, all periods are presented as if the year ended on September 30. Fiscal years 2016, 2015 and 2014 contained 52, 52 and 53 weeks, respectively, and ended on September 30, October 2, and October 3, respectively.

Use of Estimates

        Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant estimates affecting amounts reported in the consolidated financial statements relate to revenues under long-term contracts and self-insurance accruals. Actual results could differ from those estimates.

Principles of Consolidation and Presentation

        Principles of Consolidation and Presentation—The consolidated financial statements include the accounts of all majority-owned subsidiaries and joint ventures in which the Company is the primary beneficiary. All inter-company accounts have been eliminated in consolidation. Also see Note 6 regarding joint ventures and variable interest entities.

Revenue Recognition

        Revenue Recognition—The Company generally utilizes a cost-to-cost approach in applying the percentage-of-completion method of revenue recognition. Under this approach, revenue is earned in proportion to total costs incurred, divided by total costs expected to be incurred. Recognition of revenue and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet date, engineering progress, materials quantities, the achievement of milestones, penalty provisions, labor productivity and cost estimates made at the balance sheet date. Due to uncertainties inherent in the estimation process, actual completion costs may vary from estimates. If estimated total costs on contracts indicate a loss, the Company recognizes that estimated loss within cost of revenues in the period the estimated loss first becomes known. Liabilities recorded related to accrued contract losses were not material as of September 30, 2016 and 2015.

        In the course of providing its services, the Company routinely subcontracts for services and incurs other direct costs on behalf of its clients. These costs are passed through to clients and, in accordance with industry practice and GAAP, are included in the Company's revenue and cost of revenue. Because subcontractor services and other direct costs can change significantly from project to project and period to period, changes in revenue may not be indicative of business trends. These other direct costs for the years ended September 30, 2016, 2015 and 2014 were $8.4 billion, $8.3 billion and $3.5 billion, respectively.

Cost-Reimbursable Contracts

        Cost-reimbursable contracts consists of two similar contract types: (1) cost-plus contracts and (2) time-and-materials price contracts.

        Cost-Plus Contracts.    The Company enters into two major types of cost-plus contracts:

        Cost-Plus Fixed Fee.    Under cost-plus fixed fee contracts, the Company charges clients for its costs, including both direct and indirect costs, plus a fixed negotiated fee. The total estimated cost plus the fixed negotiated fee represents the total contract value. The Company recognizes revenue based on the actual labor and other direct costs incurred, plus the portion of the fixed fee it has earned to date.

        Cost-Plus Fixed Rate.    Under the Company's cost-plus fixed rate contracts, the Company charges clients for its direct and indirect costs based upon a negotiated rate. The Company recognizes revenue based on the actual total costs it has expended and the applicable fixed rate.

        Certain cost-plus contracts provide for award fees or a penalty based on performance criteria in lieu of a fixed fee or fixed rate. Other contracts include a base fee component plus a performance-based award fee. In addition, the Company may share award fees with subcontractors. The Company records accruals for fee-sharing as fees are earned. The Company generally recognizes revenue to the extent of costs actually incurred plus a proportionate amount of the fee expected to be earned. The Company takes the award fee or penalty on contracts into consideration when estimating revenue and profit rates, and it records revenue related to the award fees when there is sufficient information to assess anticipated contract performance. On contracts that represent higher than normal risk or technical difficulty, the Company may defer all award fees until an award fee letter is received. Once an award fee letter is received, the estimated or accrued fees are adjusted to the actual award amount.

        Certain cost-plus contracts provide for incentive fees based on performance against contractual milestones. The amount of the incentive fees varies, depending on whether the Company achieves above, at, or below target results. The Company originally recognizes revenue on these contracts based upon expected results. These estimates are revised when necessary based upon additional information that becomes available as the contract progresses.

Time-and-Materials Price Contracts

        Time-and-Materials Price Contracts.    Under time-and-materials contracts, the Company negotiates hourly billing rates and charges its clients based on the actual time that it expends on a project. In addition, clients reimburse the Company for its actual out-of-pocket costs of materials and other direct incidental expenditures that it incurs in connection with its performance under the contract. Profit margins on time-and-materials contracts fluctuate based on actual labor and overhead costs that it directly charges or allocates to contracts compared to negotiated billing rates. Many of the Company's time-and-materials contracts are subject to maximum contract values and, accordingly, revenue relating to these contracts is recognized as if these contracts were a fixed-price contract.

Guaranteed Maximum Price Contracts

        Guaranteed Maximum Price.    Guaranteed maximum price contracts (GMP) are common for design-build and commercial and residential projects. GMP contracts share many of the same contract provisions as cost-plus and fixed-price contracts. A contractor performing work pursuant to a cost-plus, GMP or fixed-price contract will all enter into trade contracts directly. Both cost-plus and GMP contracts generally include an agreed lump sum or percentage fee which is called out and separately identified and the contracts are considered 'open' book providing the owner with full disclosure of the project costs. A fixed-price contract provides the owner with a single lump sum amount without specifically identifying the breakdown of fee or costs and is typically 'closed' book thereby providing the owner with little detail as to the project costs. In a GMP contract, unlike the cost-plus contract, the Company provides the owner with a guaranteed price for the overall construction (adjusted for change orders issued by the owner) and with a schedule which includes a completion date for the project. In addition, cost overruns in a GMP contract would generally be the Company's responsibility and in the event the Company's actions or inactions result in delays to the project, the Company may be responsible to the owner for costs associated with such delay. For many of the Company's commercial and residential GMP contracts, the final price is generally not established until the Company have awarded a substantial percentage of the trade contracts and it has negotiated additional contractual limitations, such as mutual waivers of consequential damages as well as aggregate caps on liabilities and liquidated damages.

Fixed-Price Contracts

        Fixed-Price.    Fixed-price contracting is the predominant contracting method outside of the United States. There are typically two types of fixed-price contracts. The first and more common type, lump-sum, involves performing all of the work under the contract for a specified lump-sum fee. Lump-sum contracts are typically subject to price adjustments if the scope of the project changes or unforeseen conditions arise. The second type, fixed-unit price, involves performing an estimated number of units of work at an agreed price per unit, with the total payment under the contract determined by the actual number of units delivered. The Company recognizes revenue on fixed-price contracts using the percentage-of-completion method described above. Prior to completion, recognized profit margins on any fixed-price contract depend on the accuracy of the Company's estimates and will increase to the extent that its actual costs are below the estimated amounts. Conversely, if the Company's costs exceed these estimates, its profit margins will decrease and the Company may realize a loss on a project. The Company recognizes anticipated losses on contracts in the period in which they become evident.

        During the years ended September 30, 2016, 2015 and 2014, the tvpes of contracts comprising the Company's revenue were as follows:

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			September 30, 2014
Cost reimbursable		53	%		57	%		46	%
Guaranteed maximum price		15	%		15	%		14	%
Fixed price		32	%		28	%		40	%

        Cost reimburseable contracts include cost-plus and time-and-materials price contracts.

        Contract Claims—Claims are amounts in excess of the agreed contract price (or amounts not included in the original contract price) that the Company seeks to collect from customers or others for delays, errors in specifications and designs, contract terminations, change orders in dispute or unapproved as to both scope and price or other causes of unanticipated additional costs. The Company records contract revenue related to claims only if it is probable that the claim will result in additional contract revenue and if the amount can be reliably estimated. In such cases, the Company records revenue only to the extent that contract costs relating to the claim have been incurred. As of September 30, 2016 and 2015, the Company had no significant net receivables related to contract claims.

Government Contract Matters

        Government Contract Matters—The Company's federal government and certain state and local agency contracts are subject to, among other regulations, regulations issued under the Federal Acquisition Regulations (FAR). These regulations can limit the recovery of certain specified indirect costs on contracts and subjects the Company to ongoing multiple audits by government agencies such as the Defense Contract Audit Agency (DCAA). In addition, most of the Company's federal and state and local contracts are subject to termination at the discretion of the client.

        Audits by the DCAA and other agencies consist of reviews of the Company's overhead rates, operating systems and cost proposals to ensure that the Company accounted for such costs in accordance with the Cost Accounting Standards of the FAR (CAS). If the DCAA determines the Company has not accounted for such costs consistent with CAS, the DCAA may disallow these costs. There can be no assurance that audits by the DCAA or other governmental agencies will not result in material cost disallowances in the future.

Cash and Cash Equivalents

        Cash and Cash Equivalents—The Company's cash equivalents include highly liquid investments which have an initial maturity of three months or less.

Allowance for Doubtful Accounts

        Allowance for Doubtful Accounts—The Company records its accounts receivable net of an allowance for doubtful accounts. This allowance for doubtful accounts is estimated based on management's evaluation of the contracts involved and the financial condition of its clients. The factors the Company considers in its contract evaluations include, but are not limited to:

•           Client type—federal or state and local government or commercial client;

•           Historical contract performance;

•           Historical collection and delinquency trends;

•           Client credit worthiness; and

•           General economic conditions.

Derivative Financial Instruments

        Derivative Financial Instruments—The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value.

        For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income in stockholders' equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions.

        The net gain or loss on the effective portion of a derivative instrument that is designated as an economic hedge of the foreign currency translation exposure generated by the re-measurement of certain assets and liabilities denominated in a non-functional currency in a foreign operation is reported in the same manner as a foreign currency translation adjustment. Accordingly, any gains or losses related to these derivative instruments are recognized in current income.

        Derivatives that do not qualify as hedges are adjusted to fair value through current income.

Fair Value of Financial Instruments

        Fair Value of Financial Instruments—The Company determines the fair values of its financial instruments, including short-term investments, debt instruments and derivative instruments, and pension and post-retirement plan assets based on inputs or assumptions that market participants would use in pricing an asset or a liability. The Company categorizes its instruments using a valuation hierarchy for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; Level 3 inputs are unobservable inputs based on the Company's assumptions used to measure assets and liabilities at fair value. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

        The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturities of these instruments. The carrying amount of the revolving credit facility approximates fair value because the interest rates are based upon variable reference rates.

        The Company's fair value measurement methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Although the Company believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to determine fair value could result in a different fair value measurement at the reporting date.

Property and Equipment

        Property and Equipment—Property and equipment are recorded at cost and are depreciated over their estimated useful lives using the straight-line method. Expenditures for maintenance and repairs are expensed as incurred. Typically, estimated useful lives range from three to ten years for equipment, furniture and fixtures. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the remaining terms of the underlying lease agreement.

Long-lived Assets

        Long-lived Assets—Long-lived assets to be held and used are reviewed for impairment whenever events or circumstances indicate that the assets may be impaired. For assets to be held and used, impairment losses are recognized based upon the excess of the asset's carrying amount over the fair value of the asset. For long-lived assets to be disposed, impairment losses are recognized at the lower of the carrying amount or fair value less cost to sell.

Goodwill and Acquired Intangible Assets

        Goodwill and Acquired Intangible Assets—Goodwill represents the excess of amounts paid over the fair value of net assets acquired from an acquisition. In order to determine the amount of goodwill resulting from an acquisition, the Company performs an assessment to determine the value of the acquired company's tangible and identifiable intangible assets and liabilities. In its assessment, the Company determines whether identifiable intangible assets exist, which typically include backlog and customer relationships. Intangible assets are amortized over the period in which the contractual or economic benefits of the intangible assets are expected to be realized.

        The Company tests goodwill for impairment annually for each reporting unit in the fourth quarter of the fiscal year, and between annual tests if events occur or circumstances change which suggest that goodwill should be evaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. A reporting unit is defined as an operating segment or one level below an operating segment. The Company's impairment tests are performed at the operating segment level as they represent the Company's reporting units.

        The impairment test is a two-step process. During the first step, the Company estimates the fair value of the reporting unit using income and market approaches, and compares that amount to the carrying value of that reporting unit. In the event the fair value of the reporting unit is determined to be less than the carrying value, a second step is required. The second step requires the Company to perform a hypothetical purchase allocation for that reporting unit and to compare the resulting current implied fair value of the goodwill to the current carrying value of the goodwill for that reporting unit. In the event that the current implied fair value of the goodwill is less than the carrying value, an impairment charge is recognized. See also Note 3.

Pension Plans

        Pension Plans—The Company has certain defined benefit pension plans. The Company calculates the market-related value of assets, which is used to determine the return-on-assets component of annual pension expense and the cumulative net unrecognized gain or loss subject to amortization. This calculation reflects the Company's anticipated long-term rate of return and amortization of the difference between the actual return (including capital, dividends, and interest) and the expected return over a five-year period. Cumulative net unrecognized gains or losses that exceed 10% of the greater of the projected benefit obligation or the market related value of plan assets are subject to amortization.

Insurance Reserves

        Insurance Reserves—The Company maintains insurance for certain insurable business risks. Insurance coverage contains various retention and deductible amounts for which the Company accrues a liability based upon reported claims and an actuarially determined estimated liability for certain claims incurred but not reported. It is generally the Company's policy not to accrue for any potential legal expense to be incurred in defending the Company's position. The Company believes that its accruals for estimated liabilities associated with professional and other liabilities are sufficient and any excess liability beyond the accrual is not expected to have a material adverse effect on the Company's results of operations or financial position.

Foreign Currency Translation

        Foreign Currency Translation—The Company's functional currency is the U.S. dollar. Results of operations for foreign entities are translated to U.S. dollars using the average exchange rates during the period. Assets and liabilities for foreign entities are translated using the exchange rates in effect as of the date of the balance sheet. Resulting translation adjustments are recorded as a foreign currency translation adjustment into other accumulated comprehensive income/(loss) in stockholders' equity.

        The Company uses foreign currency forward contracts from time to time to mitigate foreign currency risk. The Company limits exposure to foreign currency fluctuations in most of its contracts through provisions that require client payments in currencies corresponding to the currency in which costs are incurred. As a result of this natural hedge, the Company generally does not need to hedge foreign currency cash flows for contract work performed. The functional currency of all significant foreign operations is the respective local currency.

Noncontrolling Interests

        Noncontrolling Interests—Noncontrolling interests represent the equity investments of the minority owners in the Company's joint ventures and other subsidiary entities that the Company consolidates in its financial statements.

Income Taxes

        Income Taxes—The Company files a consolidated U.S. federal corporate income tax return and combined / consolidated state tax returns and separate company state tax returns. The Company accounts for certain income and expense items differently for financial reporting and income tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. In determining the need for a valuation allowance, management reviews both positive and negative evidence, including the nature, frequency, and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset that would otherwise expire. Based upon management's assessment of all available evidence, the Company has concluded that it is more likely than not that the deferred tax assets, net of valuation allowance, will be realized.

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Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2016

Significant Accounting Policies

Schedule of types of contracts comprising Company's revenues

	Fiscal Year Ended
	September 30, 2016		September 30, 2015			September 30, 2014
Cost reimbursable		53	%	57	%		46	%
Guaranteed maximum price		15	%	15	%		14	%
Fixed price		32	%	28	%		40	%

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Business Acquisitions, Goodwill and Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2016

Business Acquisitions, Goodwill and Intangible Assets

Schedule of estimated fair values of URS assets acquired and liabilities assumed, as of the acquisition dates

        The following summarizes the estimated fair values of URS assets acquired and liabilities assumed (in millions), as of the acquisition date:

Cash and cash equivalents	$	284.9
Accounts receivable		2,512.8
Prepaid expenses and other current assets		421.0
Property and equipment		570.9
Identifiable intangible assets:
Customer relationships, contracts and backlog		973.8
Tradename		7.8
Total identifiable intangible assets		981.6
Goodwill		4,059.8
Other non-current assets		329.8
Accounts payable		(656.7	)
Accrued expenses and other current liabilities		(1,403.7	)
Billings in excess of costs on uncompleted contracts		(398.8	)
Current portion of long-term debt		(47.4	)
Other long-term liabilities		(406.1	)
Pension benefit obligations		(406.3	)
Long-term debt		(520.2	)
Noncontrolling interests		(201.0	)
Net assets acquired	$	5,120.6

Schedule of pro forma operating results

	Twelve Months Ended
	Sept 30, 2015		Sept 30, 2014
	(in millions)
Revenue	$	18,288	$	18,776
Income from continuing operations		509		(144	)
Net income		325		1
Net income (loss) attributable to AECOM		229		(65	)
Net income (loss) attributable to AECOM per share:
Basic	$	1.51	$	(0.43	)
Diluted	$	1.50	$	(0.43	)

Schedule of acquisition and integration expenses

        Acquisition and integration expenses, resulting from the acquisition of URS, in the accompanying consolidated statements of operations comprised of the following (in millions):

	Twelve Months Ended
	Sept 30, 2016		Sept 30, 2015
Severance and personnel costs	$	23.4	$	223.8
Professional service, real estate-related, and other expenses		190.2		174.6
Total	$	213.6	$	398.4

Schedule of acquired intangible assets from acquisitions

	Fiscal Year Ended
	September 30, 2015			September 30, 2014
	(in millions)
Cash acquired	$	0.6		$	17.1
Other current assets		13.8			256.2
Identifiable intangible assets:
Customer relationships, contracts and backlog		1.3			10.4
Trademark / tradename		—			1.5
Total intangible assets	$	1.3		$	11.9
Goodwill		23.6			72.7
Other non-current assets		—			16.5
Current liabilities		(12.0	)		(274.1	)
Non-current liabilities		—			(11.8	)
Net assets acquired	$	27.3		$	88.5

Schedule of consideration for acquisitions

	Fiscal Year Ended
	September 30, 2015		September 30, 2014
	(in millions)
Cash paid	$	4.8	$	70.2
Contingent consideration / promissory notes		22.5		18.3
Total consideration	$	27.3	$	88.5

Schedule of changes in the carrying value of goodwill by reportable segment

	Fiscal Year 2016
	September 30, 2015		Post- Acquisition Adjustments		Foreign Exchange Impact			Disposed			September 30, 2016
	(in millions)
Design and Consulting Services	$	3,163.3	$	26.7	$	8.2		$	—		$	3,198.2
Construction Services		918.5		8.7		(0.7	)		(11.3	)		915.2
Management Services		1,738.9		4.0		(32.5	)		—			1,710.4
Total	$	5,820.7	$	39.4	$	(25.0	)	$	(11.3	)	$	5,823.8

	Fiscal Year 2015
	September 30, 2014		Post- Acquisition Adjustments		Foreign Exchange Impact			Acquired		September 30, 2015
	(in millions)
Design and Consulting Services	$	1,479.2	$	5.5	$	(96.0	)	$	1,774.6	$	3,163.3
Construction Services		276.9		0.6		(34.0	)		675.0		918.5
Management Services		181.2		—		(38.1	)		1,595.8		1,738.9
Total	$	1,937.3	$	6.1	$	(168.1	)	$	4,045.4	$	5,820.7

Schedule of finite-lived intangible assets by major class

	September 30, 2016							September 30, 2015
	Gross Amount		Accumulated Amortization			Intangible Assets, Net		Gross Amount		Accumulated Amortization			Intangible Assets, Net		Amortization Period (years)
	(in millions)
Backlog and customer relationships	$	1,247.1	$	(767.7	)	$	479.4	$	1,224.7	$	(565.3	)	$	659.4	1 - 11
Trademark / tradename		16.4		(16.4	)		—		16.4		(16.4	)		—	0.3 - 2
Total	$	1,263.5	$	(784.1	)	$	479.4	$	1,241.1	$	(581.7	)	$	659.4

Schedule of estimated future amortization expense of intangible assets

Fiscal Year	(in millions)
2017	$	96.3
2018		82.1
2019		76.7
2020		64.8
2021		55.1
Thereafter		104.4
Total	$	479.4

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Accounts Receivable (Tables)

12 Months Ended

Sep. 30, 2016

Accounts Receivable

Schedule of accounts receivable

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
	(in millions)
Billed	$	2,267.6		$	2,426.2
Unbilled		1,890.2			2,099.8
Contract retentions		434.1			379.6
Total accounts receivable—gross		4,591.9			4,905.6
Allowance for doubtful accounts		(60.4	)		(64.1	)
Total accounts receivable—net	$	4,531.5		$	4,841.5

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Property and Equipment (Tables)

12 Months Ended

Sep. 30, 2016

Property and Equipment

Schedule of property and equipment, at cost

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			Useful Lives (years)
	(in millions)
Building and land	$	57.9		$	105.7		10 - 45
Leasehold improvements		381.4			349.3		1 - 20
Computer systems and equipment		652.0			627.7		3 - 12
Furniture and fixtures		129.7			125.8		3 - 10
Total		1,221.0			1,208.5
Accumulated depreciation and amortization		(576.0	)		(509.2	)
Property and equipment, net	$	645.0		$	699.3

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Joint Ventures and Variable Interest Entities (Tables)

12 Months Ended

Sep. 30, 2016

Joint Ventures and Variable Interest Entities

Summary of financial information of the consolidated joint ventures

	September 30, 2016		September 30, 2015
	(in millions)
Current assets	$	684.1	$	727.8
Non-current assets		230.8		282.8
Total assets	$	914.9	$	1,010.6
Current liabilities	$	407.4	$	441.5
Non-current liabilities		12.4		0.2
Total liabilities		419.8		441.7
Total AECOM equity		318.0		354.7
Noncontrolling interests		177.1		214.2
Total owners' equity		495.1		568.9
Total liabilities and owners' equity	$	914.9	$	1,010.6

Summary of financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements

	September 30, 2016		September 30, 2015
	(in millions)
Current assets	$	1,407.0	$	1,200.7
Non-current assets		499.4		527.3
Total assets	$	1,906.4	$	1,728.0
Current liabilities	$	977.3	$	936.7
Non-current liabilities		146.2		87.0
Total liabilities		1,123.5		1,023.7
Joint venturers' equity		782.9		704.3
Total liabilities and joint venturers' equity	$	1,906.4	$	1,728.0
AECOM's investment in joint ventures	$	330.5	$	321.6

	Twelve Months Ended
	September 30, 2016		September 30, 2015
	(in millions)
Revenue	$	4,871.8	$	4,754.6
Cost of revenue		4,618.3		4,476.8
Gross profit	$	253.5	$	277.8
Net income	$	233.9	$	231.2

Summary of AECOM's equity in earnings of unconsolidated joint ventures

	Fiscal Year Ended
	September 30, 2016		September 30, 2015		September 30, 2014
	(in millions)
Pass through joint ventures	$	21.9	$	26.2	$	10.2
Other joint ventures		82.1		80.0		47.7
Total	$	104.0	$	106.2	$	57.9

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Pension Benefit Obligations (Tables)

12 Months Ended

Sep. 30, 2016

Pension Benefit Obligations

Reconciliations of the changes in the U.S. and international plans' benefit obligations

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Change in benefit obligation:
Benefit obligation at beginning of year	$	718.2		$	1,239.2		$	217.0		$	676.6		$	180.3		$	622.1
Service cost		4.3			1.0			6.8			1.1			—			0.7
Participant contributions		0.1			0.5			0.4			0.5			0.4			0.2
Interest cost		22.0			39.2			28.2			47.1			7.8			27.9
Benefits and expenses paid		(37.4	)		(41.9	)		(33.9	)		(41.0	)		(12.8	)		(23.3	)
Actuarial (gain) loss		52.3			377.1			(41.0	)		10.6			23.2			62.3
Plan settlements		(32.9	)		(0.7	)		(20.1	)		(2.5	)		—			(2.0	)
Plan amendments		0.2			—			—			—			—			—
Plan curtailments		(6.8	)		—			—			—			—			—
Net transfer in/(out)/acquisitions		—			—			560.8			618.6			18.1			—
Foreign currency translation (gain) loss		—			(208.2	)		—			(71.8	)		—			(11.3	)
Benefit obligation at end of year	$	720.0		$	1,406.2		$	718.2		$	1,239.2		$	217.0		$	676.6

Reconciliations of the changes in the fair value of assets

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Change in plan assets
Fair value of plan assets at beginning of year	$	459.0		$	925.8		$	139.7		$	532.6		$	119.8		$	489.9
Actual return on plan assets		49.6			215.9			(2.8	)		49.9			14.2			60.4
Employer contributions		18.5			20.2			42.1			24.4			4.9			16.4
Participant contributions		0.1			0.5			0.4			0.5			0.4			0.2
Benefits and expenses paid		(37.4	)		(41.9	)		(33.9	)		(41.0	)		(12.8	)		(23.3	)
Plan settlements		(32.9	)		(0.7	)		(20.1	)		(2.5	)		—			(2.0	)
Net transfer in/(out)/acquisitions		—			—			333.6			415.5			13.2			—
Foreign currency translation (loss) gain		—			(146.6	)		—			(53.6	)		—			(9.0	)
Fair value of plan assets at end of year	$	456.9		$	973.2		$	459.0		$	925.8		$	139.7		$	532.6

Reconciliations of the funded status

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Reconciliation of funded status:
Funded status at end of year	$	(263.1	)	$	(433.0	)	$	(259.2	)	$	(313.4	)	$	(77.3	)	$	(144.0	)
Contribution made after measurement date		N/A			N/A			N/A			N/A			N/A			N/A
Net amount recognized at end of year	$	(263.1	)	$	(433.0	)	$	(259.2	)	$	(313.4	)	$	(77.3	)	$	(144.0	)

Amounts recognized in the consolidated balance sheets

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Amounts recognized in the consolidated balance sheets:
Other non-current assets	$	2.0		$	5.3		$	1.6		$	1.7		$	—		$	1.1
Accrued expenses and other current liabilities		(9.3	)		—			(10.6	)		—			(1.7	)		—
Pension benefit obligations		(255.8	)		(438.3	)		(250.2	)		(315.1	)		(75.6	)		(145.1	)
Net amount recognized in the balance sheet	$	(263.1	)	$	(433.0	)	$	(259.2	)	$	(313.4	)	$	(77.3	)	$	(144.0	)

Reconciliation of amounts in the consolidated statements of stockholders' equity

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Reconciliation of amounts in consolidated statements of stockholders' equity:
Prior service credit (cost)	$	(0.2	)	$	4.4		$	—		$	5.3		$	—		$	5.8
Net (loss)		(129.6	)		(343.3	)		(99.3	)		(183.6	)		(113.0	)		(190.1	)
Total recognized in accumulated other comprehensive (loss)	$	(129.8	)	$	(338.9	)	$	(99.3	)	$	(178.3	)	$	(113.0	)	$	(184.3	)

Components of net periodic cost for the Company's pension and post-retirement plans

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
	(in millions)
Components of net periodic (benefit) cost:
Service costs	$	4.3		$	1.0		$	6.8		$	1.1		$	—		$	0.7
Interest cost on projected benefit obligation		22.0			39.2			28.2			47.1			7.8			27.9
Expected return on plan assets		(30.8	)		(48.0	)		(29.4	)		(49.4	)		(8.6	)		(26.1	)
Amortization of prior service credits		—			(0.2	)		—			(0.2	)		—			(0.2	)
Amortization of net loss		4.0			5.4			4.3			5.9			4.0			4.9
Curtailment gain recognized		(6.8	)		—			—			—			—			—
Settlement (gain) loss recognized		(0.9	)		0.1			0.6			0.7			—			0.4
Net periodic (benefit) cost	$	(8.2	)	$	(2.5	)	$	10.5		$	5.2		$	3.2		$	7.6

Amounts included in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year

        Amounts included in accumulated other comprehensive loss as of September 30, 2016 that are expected to be recognized as components of net periodic benefit cost during fiscal 2017 are (in millions):

	U.S.			Int'l
Amortization of prior service credit	$	—		$	0.2
Amortization of net actuarial losses		(4.3	)		(13.4	)
Total	$	(4.3	)	$	(13.2	)

Additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets

	Fiscal Year Ended
	September 30, 2016				September 30, 2015				September 30, 2014
	U.S.		Int'l		U.S.		Int'l		U.S.		Int'l
	(in millions)
Projected benefit obligation	$	694.8	$	1,220.3	$	692.5	$	1,226.2	$	217.0	$	658.5
Accumulated benefit obligation		694.8		1,215.7		686.5		1,222.0		217.0		656.3
Fair value of plan assets		453.2		782.1		455.6		911.2		139.7		513.4

Schedule of expected future benefit payments

        The table below provides the expected future benefit payments, in millions:

Year Ending September 30,	U.S.		Int'l
2017	$	40.6	$	38.9
2018		41.3		39.3
2019		40.9		42.1
2020		41.9		42.1
2021		42.0		44.2
2022 - 2026		207.5		240.2
Total	$	414.2	$	446.8

Schedule of underlying assumptions for the pension plans

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
Weighted-average assumptions to determine benefit obligation:
Discount rate		3.41	%		2.35	%		4.10	%		3.80	%		4.00	%		3.94	%
Salary increase rate		N/A			2.61	%		3.81	%		2.51	%		N/A			2.38	%
Weighted-average assumptions to determine net periodic benefit cost:
Discount rate		4.10	%		3.80	%		3.88	%		3.92	%		4.40	%		4.44	%
Salary increase rate		N/A			2.65	%		4.50	%		2.65	%		N/A			2.58	%
Expected long-term rate of return on plan assets		6.72	%		5.74	%		6.73	%		6.00	%		7.50	%		5.40	%

Summary of the Company's target allocation and pension plan asset allocation, both U.S. and international

							Percentage of Plan Assets as of September 30,
	Target Allocations
							2016						2015
	U.S.			Int'l			U.S.			Int'l			U.S.			Int'l
Asset Category:
Equities		42	%		28	%		42	%		28	%		37	%		27	%
Debt		48			30			49			34			59			30
Cash		1			10			1			7			1			4
Property and other		9			32			8			31			3			39
Total		100	%		100	%		100	%		100	%		100	%		100	%

Fair values of the Company's post-retirement benefit plan assets by major asset categories

			Fair Value Measurement as of September 30, 2016
	Total Carrying Value as of September 30, 2016		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash and cash equivalents	$	70.6	$	14.3	$	56.3	$	—
Equity securities
Global equity securities		49.4		—		49.4		—
Domestic equity securities		57.1		—		57.1		—
Investment funds
Diversified funds		223.1		—		223.1		—
Equity funds		362.0		5.1		356.9		—
Fixed income funds		548.5		3.7		544.8		—
Hedge funds		62.5		—		48.4		14.1
Assets held by insurance company		32.3		—		32.3		—
Other		24.6		—		24.6		—
Total	$	1,430.1	$	23.1	$	1,392.9	$	14.1

			Fair Value Measurement as of September 30, 2015
	Total Carrying Value as of September 30, 2015		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in millions)
Cash and cash equivalents	$	44.4	$	11.0	$	33.4	$	—
Equity securities
Global equity securities		52.8		—		52.8		—
Domestic equity securities		60.0		—		60.0		—
Investment funds
Diversified funds		287.4		—		287.4		—
Equity funds		309.6		—		309.6		—
Fixed income funds		542.5		—		542.5		—
Hedge funds		53.0		—		39.4		13.6
Assets held by insurance company		35.1		—		35.1		—
Total	$	1,384.8	$	11.0	$	1,360.2	$	13.6

Changes in the fair value of the Company's post-retirement plan Level 3 assets

	September 30, 2015 Beginning balance		Actual return on plan assets, relating to assets still held at reporting date		Actual return on plan assets, relating to assets sold during the period		Purchases, sales and settlements		Transfer into / (out of) Level 3		Change due to exchange rate changes		September 30, 2016 Ending balance
	(in millions)
Investment funds
Hedge funds	$	13.6	$	0.5	$	—	$	—	$	—	$	—	$	14.1

	September 30, 2014 Beginning balance		Actual return on plan assets, relating to assets still held at reporting date			Actual return on plan assets, relating to assets sold during the period		Purchases, sales and settlements		Transfer into / (out of) Level 3		Change due to exchange rate changes		September 30, 2015 Ending balance
	(in millions)
Investment funds
Hedge funds	$	13.7	$	(0.1	)	$	—	$	—	$	—	$	—	$	13.6

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Debt (Tables)

12 Months Ended

Sep. 30, 2016

Debt

Schedule of debt

	September 30, 2016			September 30, 2015
	(in millions)
2014 Credit Agreement	$	1,954.9		$	2,414.3
2014 Senior Notes		1,600.0			1,600.0
URS Senior Notes		427.7			429.4
Other debt		142.7			163.2
Total debt		4,125.3			4,606.9
Less: Current portion of debt and short-term borrowings		(366.3	)		(160.4	)
Long-term debt, less current portion	$	3,759.0		$	4,446.5

Schedule of maturities of debt

        The following table presents, in millions, scheduled maturities of the Company's debt as of September 30, 2016:

Fiscal Year
2017	$	366.3
2018		126.6
2019		117.4
2020		111.8
2021		1,455.2
Thereafter		1,948.0
Total	$	4,125.3

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Derivative Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2016

Derivative Financial Instruments and Fair Value Measurements

Notional principle, fixed rates and related expiration dates of outstanding interest rate swap agreements

September 30, 2016
Notional Amount (in millions)		Fixed Rate			Expiration Date
$	300.0		1.63	%	June 2018
	300.0		1.54	%	September 2018

September 30, 2015
Notional Amount (in millions)		Fixed Rate			Expiration Date
$	300.0		1.63	%	June 2018
	300.0		1.54	%	September 2018

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Leases (Tables)

12 Months Ended

Sep. 30, 2016

Leases

Schedule of amounts payable under non-cancelable operating lease commitments

The following table presents, in millions, amounts payable under non-cancelable operating lease commitments during the following fiscal years:

Year Ending September 30,
2017	$	279.4
2018		232.4
2019		195.0
2020		161.5
2021		131.9
Thereafter		464.1
Total	$	1,464.3

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Share-Based Payments (Tables)

12 Months Ended

Sep. 30, 2016

Share-Based Payments

Schedule of stock option activity

	Number of Options (in millions)			Weighted Average Exercise Price
Balance, September 30, 2013		1.6			24.73
Granted		0.6			31.62
Exercised		(0.5	)		23.64
Cancelled		(0.1	)		26.87
Balance, September 30, 2014		1.6			27.69
Granted		—			—
Exercised		(0.3	)		24.98
Cancelled		—			—
Balance, September 30, 2015		1.3			28.26
Granted		—			—
Exercised		(0.4	)		23.96
Cancelled		—			—
Balance, September 30, 2016		0.9			30.36
Exercisable as of September 30, 2014		0.9			25.16
Exercisable as of September 30, 2015		0.7			25.04
Exercisable as of September 30, 2016		0.3			26.99

Summary of information concerning outstanding and exercisable options

	Options Outstanding								Options Exercisable
	Number Outstanding as of September 30, 2016 (in millions)		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Aggregate Intrinsic Value (in millions)		Number Exercisable as of September 30, 2016 (in millions)		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price
Range of Exercise Prices
$24.45 - $27.67		0.2		0.76	$	26.21	$	0.5		0.2		0.76	$	26.21
28.04 -  31.62		0.7		6.72		31.27		0.1		0.1		1.05		28.52
		0.9		5.65		30.36	$	0.6		0.3		0.86		26.99

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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2016

Income Taxes

Schedule of income tax (benefit) expense

	Fiscal Year Ended
	September 30, 2016			September 30, 2015			September 30, 2014
	(in millions)
Current:
Federal	$	33.7		$	(67.1	)	$	5.3
State		12.4			2.6			3.3
Foreign		26.1			37.2			46.3
Total current income tax (benefit) expense		72.2			(27.3	)		54.9
Deferred:
Federal		(63.4	)		(44.2	)		27.7
State		(5.4	)		1.2			5.6
Foreign		(41.3	)		(10.0	)		(6.2	)
Total deferred income tax (benefit) expense		(110.1	)		(53.0	)		27.1
Total income tax (benefit) expense	$	(37.9	)	$	(80.3	)	$	82.0

Major elements contributing to the difference between the U.S. federal statutory rate of 35.0% and the effective tax rate

	Fiscal Year Ended
	September 30, 2016						September 30, 2015						September 30, 2014
	Amount			%			Amount			%			Amount			%
	(in millions)
Tax at federal statutory rate	$	43.9			35.0	%	$	(53.0	)		35.0	%	$	110.2			35.0	%
State income tax, net of federal benefit		5.6			4.5			(2.3	)		1.5			5.0			1.6
Valuation allowance		(54.8	)		(43.6	)		30.0			(19.8	)		6.3			2.0
Exclusion of tax on non-controlling interests		(24.7	)		(19.7	)		(29.3	)		19.3			—			—
Income tax credits and incentives		(24.6	)		(19.6	)		(21.2	)		14.0			(18.8	)		(6.0	)
Foreign tax rate differential		(19.7	)		(15.7	)		(24.8	)		16.4			(38.8	)		(12.3	)
Tax exempt income		(17.6	)		(14.0	)		(13.2	)		8.7			(1.9	)		(0.6	)
Change in uncertain tax positions		(5.0	)		(4.0	)		6.6			(4.3	)		(4.5	)		(1.4	)
Change in tax rates		34.6			27.6			—			—			—			—
Foreign residual income		17.8			14.2			20.1			(13.3	)		16.9			5.4
Nondeductible costs		6.1			4.8			2.8			(1.8	)		2.8			0.9
Nondeductible transaction costs		—			—			2.8			(1.8	)		2.8			0.9
Other items, net		0.5			0.3			1.2			(0.9	)		2.0			0.6
Total income tax expense	$	(37.9	)		(30.2	)%	$	(80.3	)		53.0	%	$	82.0			26.1	%

Schedule of deferred tax assets (liabilities)

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
	(in millions)
Deferred tax assets:
Compensation and benefit accruals not currently deductible	$	150.5		$	166.7
Net operating loss carryforwards		378.0			195.9
Self insurance reserves		24.7			46.8
Research and experimentation and other tax credits		125.3			43.0
Pension liability		180.9			165.6
Accrued liabilities		221.0			267.3
Other		4.3			11.4
Total deferred tax assets		1,084.7			896.7
Deferred tax liabilities:
Unearned revenue		(212.6	)		(101.9	)
Depreciation and amortization		(113.0	)		(76.5	)
Acquired intangible assets		(155.5	)		(219.2	)
Investment in subsidiaries		(261.4	)		(239.2	)
Total deferred tax liabilities		(742.5	)		(636.8	)
Valuation allowance		(183.8	)		(239.4	)
Net deferred tax assets	$	158.4		$	20.5

Reconciliation of the beginning and ending amount of gross unrecognized tax benefits

	Fiscal Year Ended
	September 30, 2016			September 30, 2015
	(in millions)
Balance at the beginning of the year	$	95.2		$	47.5
Gross increase due to acquisitions		—			49.4
Gross increase in current period's tax positions		7.6			6.0
Gross increase in prior years' tax positions		5.2			6.4
Gross decrease in prior years' tax positions		(16.6	)		(0.2	)
Decrease due to settlement with tax authorities		(3.2	)		(2.0	)
Decrease due to lapse of statute of limitations		(1.8	)		(4.6	)
Gross change due to foreign exchange fluctuations		1.5			(7.3	)
Balance at the end of the year	$	87.9		$	95.2

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Earnings Per Share (Tables)

12 Months Ended

Sep. 30, 2016

Earnings Per Share

Reconciliation of the denominators for basic and diluted EPS

	Fiscal Year Ended
	September 30, 2016		September 30, 2015		September 30, 2014
	(in millions)
Denominator for basic earnings per share		154.8		149.6		97.2
Potential common shares		1.3		—		1.5
Denominator for diluted earnings per share		156.1		149.6		98.7

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Other Financial Information (Tables)

12 Months Ended

Sep. 30, 2016

Other Financial Information

Schedule of accrued expenses and other current liabilities

	Fiscal Year Ended
	September 30, 2016		September 30, 2015
	(in millions)
Accrued salaries and benefits	$	964.9	$	852.2
Accrued contract costs		1,009.8		993.1
Other accrued expenses		410.1		322.5
	$	2,384.8	$	2,167.8

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Reclassifications out of Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Sep. 30, 2016

Reclassifications out of Accumulated Other Comprehensive Loss

Schedule of accumulated balances and reporting period activities related to reclassifications out of accumulated other comprehensive loss

        The accumulated balances and reporting period activities for the years ended September 30, 2016, 2015 and 2014 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions):

	Pension Related Adjustments			Foreign Currency Translation Adjustments			Loss on Derivative Instruments			Accumulated Other Comprehensive Loss
Balances at September 30, 2013	$	(192.8	)	$	(66.4	)	$	(2.1	)	$	(261.3	)
Other comprehensive (loss) before reclassification		(30.3	)		(71.4	)		(1.4	)		(103.1	)
Amounts reclassified from accumulated other comprehensive loss:
Actuarial losses, net of tax		6.1			—			—			6.1
Cash flow hedge losses, net of tax		—			—			1.7			1.7
Balances at September 30, 2014	$	(217.0	)	$	(137.8	)	$	(1.8	)	$	(356.6	)

	Pension Related Adjustments			Foreign Currency Translation Adjustments			Loss on Derivative Instruments			Accumulated Other Comprehensive Loss
Balances at September 30, 2014	$	(217.0	)	$	(137.8	)	$	(1.8	)	$	(356.6	)
Other comprehensive income (loss) before reclassification		5.8			(282.3	)		(13.3	)		(289.8	)
Amounts reclassified from accumulated other comprehensive loss:
Actuarial losses, net of tax		7.2			—			—			7.2
Cash flow hedge losses, net of tax		—			—			4.1			4.1
Balances at September 30, 2015	$	(204.0	)	$	(420.1	)	$	(11.0	)	$	(635.1	)

	Pension Related Adjustments			Foreign Currency Translation Adjustments			Loss on Derivative Instruments			Accumulated Other Comprehensive Loss
Balances at September 30, 2015	$	(204.0	)	$	(420.1	)	$	(11.0	)	$	(635.1	)
Other comprehensive income (loss) before reclassification		(171.5	)		(63.6	)		1.2			(233.9	)
Amounts reclassified from accumulated other comprehensive loss:
Actuarial gains, net of tax		6.6			—			—			6.6
Cash flow hedge gains, net of tax		—			—			4.8			4.8
Balances at September 30, 2016	$	(368.9	)	$	(483.7	)	$	(5.0)		$	(857.6	)

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Reportable Segments and Geographic Information (Tables)

12 Months Ended

Sep. 30, 2016

Reportable Segments and Geographic Information

Summarized financial information concerning the Company's reportable segments

Reportable Segments:	Design and Consulting Services			Construction Services			Management Services			Corporate			Total
Fiscal Year Ended September 30, 2016:
Revenue	$	7,655.8		$	6,501.3		$	3,253.7		$	—		$	17,410.8
Gross profit		382.5			31.1			229.2			—			642.8
Equity in earnings of joint ventures		8.9			18.2			76.9			—			104.0
General and administrative expenses		—			—			—			(115.1	)		(115.1	)
Acquisition and integration expenses		—			—			—			(213.6	)		(213.6	)
Loss on disposal activities		—			(42.6	)		—			—			(42.6	)
Operating income (loss)		391.4			6.7			306.1			(328.7	)		375.5
Segment assets		6,655.7			3,556.2			2,692.7			822.1			13,726.7
Gross profit as a % of revenue		5.0	%		0.5	%		7.0	%					3.7	%
Fiscal Year Ended September 30, 2015:
Revenue	$	7,962.9		$	6,676.7		$	3,350.3		$	—		$	17,989.9
Gross profit		299.3			42.8			193.1			—			535.2
Equity in earnings of joint ventures		6.6			23.0			76.6			—			106.2
General and administrative expenses		—			—			—			(114.0	)		(114.0	)
Acquisition and integration expenses		—			—			—			(398.4	)		(398.4	)
Operating income (loss)		305.9			65.8			269.7			(512.4	)		129.0
Segment assets		7,118.2			3,382.4			2,903.9			609.8			14,014.3
Gross profit as a % of revenue		3.8	%		0.6	%		5.8	%					3.0	%
Fiscal Year Ended September 30, 2014:
Revenue	$	5,443.1		$	2,004.3		$	909.4		$	—		$	8,356.8
Gross profit		330.3			29.3			43.6			—			403.2
Equity in earnings of joint ventures		35.5			6.0			16.4			—			57.9
General and administrative expenses		—			—			—			(80.9	)		(80.9	)
Acquisition and integration expenses		—			—			—			(27.3	)		(27.3	)
Operating income (loss)		365.8			35.3			60.0			(108.2	)		352.9
Segment assets		4,064.5			1,256.4			437.5			365.0			6,123.4
Gross profit as a % of revenue		6.1	%		1.5	%		4.8	%					4.8	%

Schedule of geographic information

	Fiscal Year Ended
	September 30, 2016				September 30, 2015				September 30, 2014
	Revenue		Long-Lived Assets		Revenue		Long-Lived Assets		Revenue		Long-Lived Assets
	(in millions)
United States	$	12,567.0		4,763.9	$	12,599.6		4,852.5	$	4,933.7		1,603.7
Asia Pacific		1,278.3		394.0		1,385.3		426.4		1,338.2		340.5
Canada		866.5		615.7		1,308.3		641.0		561.1		146.7
Europe		1,904.2		1,368.4		1,796.9		1,496.2		788.2		270.8
Other foreign countries		794.8		412.5		899.8		352.1		735.6		209.5
Total	$	17,410.8		7,554.5	$	17,989.9		7,768.2	$	8,356.8		2,571.2

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Quarterly Financial Information-Unaudited (Tables)

12 Months Ended

Sep. 30, 2016

Quarterly Financial Information-Unaudited

Schedule of unaudited quarterly data

Fiscal Year 2016:	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in millions, except per share data)
Revenue	$	4,297.7		$	4,381.2		$	4,408.8		$	4,323.1
Cost of revenue		4,156.8			4,197.8			4,237.5			4,175.9
Gross profit		140.9			183.4			171.3			147.2
Equity in earnings of joint ventures		25.2			39.1			18.5			21.2
General and administrative expenses		(28.7	)		(29.5	)		(28.7	)		(28.2	)
Acquisition and integration expenses		(41.0	)		(50.7	)		(50.7	)		(71.2	)
Loss on disposal activities		(41.0	)		(1.6	)		—			—
Income from operations		55.4			140.7			110.4			69.0
Other income (expenses)		3.0			0.8			1.5			2.9
Interest expense		(59.5	)		(62.7	)		(62.6	)		(73.3	)
(Loss) / income before income tax expense		(1.1	)		78.8			49.3			(1.4	)
Income tax (benefit) expense		(0.7	)		12.2			(35.1	)		(14.3	)
Net (loss) / income		(0.4	)		66.6			84.4			12.9
Noncontrolling interest in income of consolidated subsidiaries, net of tax		(20.0	)		(24.7	)		(17.0	)		(5.7	)
Net (loss) / income attributable to AECOM	$	(20.4	)	$	41.9		$	67.4		$	7.2
Net (loss) / income attributable to AECOM per share:
Basic	$	(0.13	)	$	0.27		$	0.44		$	0.05
Diluted	$	(0.13	)	$	0.27		$	0.43		$	0.05
Weighted average common shares outstanding:
Basic		153.6			154.3			154.9			156.3
Diluted		153.6			155.4			156.2			157.9

Fiscal Year 2015:	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in millions, except per share data)
Revenue	$	4,210.5		$	4,506.2		$	4,549.5		$	4,723.7
Cost of revenue		4,075.7			4,403.0			4,422.9			4,553.1
Gross profit		134.8			103.2			126.6			170.6
Equity in earnings of joint ventures		23.9			24.7			27.7			29.9
General and administrative expenses		(34.3	)		(29.8	)		(24.4	)		(25.5	)
Acquisition and integration expenses		(138.5	)		(91.6	)		(88.5	)		(79.8	)
Income from operations		(14.1	)		6.5			41.4			95.2
Other income (expenses)		2.6			(1.0	)		10.1			7.4
Interest expense		(118.7	)		(60.7	)		(60.2	)		(60.0	)
(Loss) income before income tax expense		(130.2	)		(55.2	)		(8.7	)		42.6
Income tax (benefit) expense		(12.1	)		(75.8	)		(8.5	)		16.1
Net (loss) income		(118.1	)		20.6			(0.2	)		26.5
Noncontrolling interest in income of consolidated subsidiaries, net of tax		(20.9	)		(20.3	)		(17.0	)		(25.4	)
Net (loss) income attributable to AECOM	$	(139.0	)	$	0.3		$	(17.2	)	$	1.1
Net (loss) income attributable to AECOM per share:
Basic	$	(0.98	)	$	—		$	(0.11	)	$	0.01
Diluted	$	(0.98	)	$	—		$	(0.11	)	$	0.01
Weighted average common shares outstanding:
Basic		141.9			151.1			151.7			153.8
Diluted		141.9			152.8			151.7			155.2

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Condensed Consolidating Financial Information (Tables)

12 Months Ended

Sep. 30, 2016

Condensed Consolidating Financial Information

Schedule of Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets
(in millions)
September 30, 2016

	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
ASSETS
CURRENT ASSETS:
Total cash and cash equivalents	$	1.8	$	183.7	$	506.6	$	—		$	692.1
Accounts receivable—net		—		2,034.0		2,497.5		—			4,531.5
Intercompany receivable		760.7		151.7		152.0		(1,064.4	)		—
Prepaid expenses and other current assets		98.7		336.2		295.2		—			730.1
Income taxes receivable		28.7		—		18.4		—			47.1
TOTAL CURRENT ASSETS		889.9		2,705.6		3,469.7		(1,064.4	)		6,000.8
PROPERTY AND EQUIPMENT—NET		169.3		236.5		239.2		—			645.0
DEFERRED TAX ASSETS—NET		265.2		—		129.8		(223.5	)		171.5
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES		6,031.7		1,408.4		58.4		(7,498.5	)		—
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES		0.7		48.6		281.2		—			330.5
GOODWILL		—		3,286.6		2,537.2		—			5,823.8
INTANGIBLE ASSETS—NET		—		334.0		145.4		—			479.4
OTHER NON-CURRENT ASSETS		65.2		71.4		139.1		—			275.7
TOTAL ASSETS	$	7,422.0	$	8,091.1	$	7,000.0	$	(8,786.4	)	$	13,726.7
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term debt	$	3.1	$	7.3	$	15.9	$	—		$	26.3
Accounts payable		45.8		907.0		958.1		—			1,910.9
Accrued expenses and other current liabilities		201.2		1,137.1		1,046.5		—			2,384.8
Accrued taxes payable		—		—		10.8		—			10.8
Intercompany payable		114.1		857.9		208.8		(1,180.8	)		—
Billings in excess of costs on uncompleted contracts		—		237.5		394.4		—			631.9
Current portion of long-term debt		108.2		222.1		9.7		—			340.0
TOTAL CURRENT LIABILITIES		472.4		3,368.9		2,644.2		(1,180.8	)		5,304.7
OTHER LONG-TERM LIABILITIES		115.7		349.3		632.4		—			1,097.4
DEFERRED TAX LIABILITY—NET		—		236.6		—		(223.5	)		13.1
NOTE PAYABLE INTERCOMPANY—NON CURRENT		—		—		563.5		(563.5	)		—
LONG-TERM DEBT		3,468.0		273.4		17.6		—			3,759.0
TOTAL LIABILITIES		4,056.1		4,228.2		3,857.7		(1,967.8	)		10,174.2
TOTAL AECOM STOCKHOLDERS' EQUITY		3,365.9		3,862.9		2,956.7		(6,818.6	)		3,366.9
Noncontrolling interests		—		—		185.6		—			185.6
TOTAL STOCKHOLDERS' EQUITY		3,365.9		3,862.9		3,142.3		(6,818.6	)		3,552.5
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	7,422.0	$	8,091.1	$	7,000.0	$	(8,786.4	)	$	13,726.7

Condensed Consolidating Balance Sheets
(in millions)
September 30, 2015

	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Total
ASSETS
CURRENT ASSETS:
Total cash and cash equivalents	$	1.3	$	162.5	$	520.1	$	—		$	683.9
Accounts receivable—net		—		2,165.5		2,675.9		—			4,841.4
Intercompany receivable		771.3		187.3		262.7		(1,221.3	)		—
Prepaid expenses and other current assets		36.7		127.4		224.9		—			389.0
Income taxes receivable		68.7		—		12.5		—			81.2
Deferred tax assets—net		36.6		—		276.9		(62.9	)		250.6
TOTAL CURRENT ASSETS		914.6		2,642.7		3,973.0		(1,284.2	)		6,246.1
PROPERTY AND EQUIPMENT—NET		93.4		240.0		365.9		—			699.3
DEFERRED TAX ASSETS—NET		27.1		—		7.3		(34.4	)		—
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES		6,739.4		1,343.7		67.4		(8,150.5	)		—
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES		0.8		73.4		247.4		—			321.6
GOODWILL		—		3,291.1		2,529.6		—			5,820.7
INTANGIBLE ASSETS—NET		—		459.4		200.0		—			659.4
OTHER NON-CURRENT ASSETS		88.7		26.8		151.7		—			267.2
TOTAL ASSETS	$	7,864.0	$	8,077.1	$	7,542.3	$	(9,469.1	)	$	14,014.3
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term debt	$	2.3	$	—	$	0.5	$	—		$	2.8
Accounts payable		28.0		834.1		991.9		—			1,854.0
Accrued expenses and other current liabilities		229.5		1,001.6		936.7		—			2,167.8
Intercompany payable		119.9		960.3		319.8		(1,400.0	)		—
Billings in excess of costs on uncompleted contracts		—		255.7		398.2		—			653.9
Deferred tax liability—net		—		62.9		—		(62.9	)		—
Current portion of long-term debt		105.6		24.5		27.5		—			157.6
TOTAL CURRENT LIABILITIES		485.3		3,139.1		2,674.6		(1,462.9	)		4,836.1
OTHER LONG-TERM LIABILITIES		63.6		299.5		507.6		—			870.7
DEFERRED TAX LIABILITY—NET		—		122.6		141.9		(34.4	)		230.1
NOTE PAYABLE INTERCOMPANY—NON CURRENT		—		—		669.1		(669.1	)		—
LONG-TERM DEBT		3,914.0		482.7		49.8		—			4,446.5
TOTAL LIABILITIES		4,462.9		4,043.9		4,043.0		(2,166.4	)		10,383.4
TOTAL AECOM STOCKHOLDERS' EQUITY		3,401.1		4,033.2		3,276.1		(7,302.7	)		3,407.7
Noncontrolling interests		—		—		223.2		—			223.2
TOTAL STOCKHOLDERS' EQUITY		3,401.1		4,033.2		3,499.3		(7,302.7	)		3,630.9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	7,864.0	$	8,077.1	$	7,542.3	$	(9,469.1	)	$	14,014.3

Schedule of Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations
(in millions)

	For the Fiscal Year Ended September 30, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenue	$	—		$	9,227.5		$	8,265.3		$	(82.0	)	$	17,410.8
Cost of revenue		—			8,909.4			7,940.6			(82.0	)		16,768.0
Gross profit		—			318.1			324.7			—			642.8
Equity in earnings from subsidiaries		437.4			43.8			3.2			(484.4	)		—
Equity in earnings of joint ventures		—			27.3			76.7			—			104.0
General and administrative expenses		(114.0	)		(1.1	)		—			—			(115.1	)
Acquisition and integration expenses		(213.6	)		—			—			—			(213.6	)
Loss on disposal activities		—			—			(42.6	)		—			(42.6	)
Income (loss) from operations		109.8			388.1			362.0			(484.4	)		375.5
Other income (expense)		0.8			34.7			12.7			(40.0	)		8.2
Interest (expense) income		(231.7	)		(23.6	)		(42.8	)		40.0			(258.1	)
Income (loss) before income tax expense		(121.1	)		399.2			331.9			(484.4	)		125.6
Income tax (benefit) expense		(217.3	)		114.3			27.8			37.3			(37.9	)
Net income (loss)		96.2			284.9			304.1			(521.7	)		163.5
Noncontrolling interests in income of consolidated subsidiaries, net of tax		—			—			(67.4	)		—			(67.4	)
Net income (loss) attributable to AECOM	$	96.2		$	284.9		$	236.7		$	(521.7	)	$	96.1

	For the Fiscal Year Ended September 30, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenue	$	—		$	8,749.5		$	9,463.6		$	(223.2	)	$	17,989.9
Cost of revenue		—			8,486.4			9,191.5			(223.2	)		17,454.7
Gross profit		—			263.1			272.1			—			535.2
Equity in earnings from subsidiaries		321.3			(95.4	)		(1.4	)		(224.5	)		—
Equity in earnings of joint ventures		—			20.0			86.2			—			106.2
General and administrative expenses		(112.2	)		(1.8	)		—			—			(114.0	)
Acquisition and integration expenses		(346.9	)		(51.5	)		—			—			(398.4	)
(Loss) income from operations		(137.8	)		134.4			356.9			(224.5	)		129.0
Other income (expense)		5.1			34.9			14.7			(35.6	)		19.1
Interest (expense) income		(275.4	)		(20.4	)		(39.4	)		35.6			(299.6	)
(Loss) income before income tax expense		(408.1	)		148.9			332.2			(224.5	)		(151.5	)
Income tax (benefit) expense		(253.3	)		66.7			61.0			45.3			(80.3	)
Net (loss) income		(154.8	)		82.2			271.2			(269.8	)		(71.2	)
Noncontrolling interests in income of consolidated subsidiaries, net of tax		—			—			(83.6	)		—			(83.6	)
Net (loss) income attributable to AECOM	$	(154.8	)	$	82.2		$	187.6		$	(269.8	)	$	(154.8	)

	For the Fiscal Year Ended September 30, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Revenue	$	—		$	3,609.4		$	4,781.9		$	(34.5	)	$	8,356.8
Cost of revenue		—			3,451.6			4,536.5			(34.5	)		7,953.6
Gross profit		—			157.8			245.4			—			403.2
Equity in earnings from subsidiaries		346.7			40.9			—			(387.6	)		—
Equity in earnings of joint ventures		—			15.0			42.9			—			57.9
General and administrative expenses		(80.9	)		—			—			—			(80.9	)
Acquisition and integration expenses		(27.3	)		—			—			—			(27.3	)
Income (loss) from operations		238.5			213.7			288.3			(387.6	)		352.9
Other income (loss)		0.5			0.9			2.0			(0.7	)		2.7
Interest expense income		(37.7	)		(0.7	)		(3.1	)		0.7			(40.8	)
Income (loss) before income tax expense		201.3			213.9			287.2			(387.6	)		314.8
Income tax (benefit) expense		(28.6	)		34.3			69.5			6.8			82.0
Net income (loss)		229.9			179.6			217.7			(394.4	)		232.8
Noncontrolling interests in income of consolidated subsidiaries, net of tax		—			—			(2.9	)		—			(2.9	)
Net income (loss) attributable to AECOM	$	229.9		$	179.6		$	214.8		$	(394.4	)	$	229.9

Schedule of Consolidating Statements of Comprehensive Income (Loss)

Consolidating Statements of Comprehensive Income (Loss)
(in millions)

	For the Fiscal Year Ended September 30, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
Net income (loss)	$	96.2		$	284.9		$	304.1		$	(521.7	)	$	163.5
Other comprehensive income (loss), net of tax:
Net unrealized gain on derivatives, net of tax		2.6			—			3.4			—			6.0
Foreign currency translation adjustments		—			—			(65.3	)		—			(65.3	)
Pension adjustments, net of tax		(3.3	)		(14.9	)		(146.7	)		—			(164.9	)
Other comprehensive loss, net of tax		(0.7	)		(14.9	)		(208.6	)		—			(224.2	)
Comprehensive income (loss), net of tax		95.5			270.0			95.5			(521.7	)		(60.7	)
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax		—			—			(65.7	)		—			(65.7	)
Comprehensive income (loss) attributable to AECOM, net of tax	$	95.5		$	270.0		$	29.8		$	(521.7	)	$	(126.4	)

	For the Fiscal Year Ended September 30, 2015
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
Net (loss) income	$	(154.8	)	$	82.2	$	271.2		$	(269.8	)	$	(71.2	)
Other comprehensive income (loss), net of tax:
Net unrealized loss on derivatives, net of tax		(6.1	)		—		(3.1	)		—			(9.2	)
Foreign currency translation adjustments		—			—		(285.6	)		—			(285.6	)
Pension adjustments, net of tax		1.8			6.4		4.8			—			13.0
Other comprehensive (loss) income, net of tax		(4.3	)		6.4		(283.9	)		—			(281.8	)
Comprehensive (loss) income, net of tax		(159.1	)		88.6		(12.7	)		(269.8	)		(353.0	)
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax		—			—		(80.3	)		—			(80.3	)
Comprehensive (loss) income attributable to AECOM, net of tax	$	(159.1	)	$	88.6	$	(93.0	)	$	(269.8	)	$	(433.3	)

	For the Fiscal Year Ended September 30, 2014
	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
Net income (loss)	$	229.9		$	179.6	$	217.7		$	(394.4	)	$	232.8
Other comprehensive income (loss), net of tax:
Net unrealized gain on derivatives, net of tax		0.3			—		—			—			0.3
Foreign currency translation adjustments		—			—		(72.7	)		—			(72.7	)
Pension adjustments, net of tax		(9.9	)		—		(14.3	)		—			(24.2	)
Other comprehensive loss, net of tax		(9.6	)		—		(87.0	)		—			(96.6	)
Comprehensive income (loss), net of tax		220.3			179.6		130.7			(394.4	)		136.2
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax		—			—		(1.6	)		—			(1.6	)
Comprehensive income (loss) attributable to AECOM, net of tax	$	220.3		$	179.6	$	129.1		$	(394.4	)	$	134.6

Schedule on Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows
(in millions)

	For the Fiscal Year Ended September 30, 2016
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
CASH FLOWS FROM OPERATING ACTIVITIES	$	(273.6	)	$	623.7		$	464.1		$	—		$	814.2
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired		—			(1.0	)		(4.5	)		—			(5.5	)
Proceeds from disposal of businesses and property		—			—			39.7			—			39.7
Net investment in unconsolidated joint ventures		—			(3.9	)		(67.6	)		—			(71.5	)
Net sales of investments		—			—			11.5			—			11.5
Payments for capital expenditures, net of disposals		(82.0	)		(58.7	)		3.9			—			(136.8	)
Net receipts from (investment in) intercompany notes		5.3			176.1			(13.5	)		(167.9	)		—
Other intercompany investing activities		791.2			140.3			—			(931.5	)		—
Net cash provided by (used in) investing activities		714.5			252.8			(30.5	)		(1,099.4	)		(162.6	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements		4,673.0			17.6			15.6			—			4,706.2
Repayments of borrowings under credit agreements		(5,124.1	)		(22.8	)		(53.1	)		—			(5,200.0	)
Cash paid for debt and equity issuance costs		(10.4	)		—			—			—			(10.4	)
Proceeds from issuance of common stock		28.2			—			—			—			28.2
Proceeds from exercise of stock options		9.9			—			—			—			9.9
Payments to repurchase common stock		(25.9	)		—			—			—			(25.9	)
Excess tax benefit from share-based payment		—			—			—			—			—
Net distributions to noncontrolling interests		—			—			(103.2	)		—			(103.2	)
Other financing activities		7.9			(4.5	)		(46.3	)		—			(42.9	)
Net borrowings (repayments) on intercompany notes		1.0			12.5			(181.4	)		167.9			—
Other intercompany financing activities		—			(858.1	)		(73.4	)		931.5			—
Net cash used in financing activities		(440.4	)		(855.3	)		(441.8	)		1,099.4			(638.1	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		—			—			(5.3	)		—			(5.3	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		0.5			21.2			(13.5	)		—			8.2
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		1.3			162.5			520.1			—			683.9
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	1.8		$	183.7		$	506.6		$	—		$	692.1

	For the Fiscal Year Ended September 30, 2015
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
CASH FLOWS FROM OPERATING ACTIVITIES	$	(551.2	)	$	816.9		$	498.7		$	—		$	764.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired		(3,564.2	)		109.2			161.7			—			(3,293.3	)
Proceeds from disposal of businesses and property		9.5			5.6			—			—			15.1
Net investment in unconsolidated joint ventures		—			(4.0	)		(28.7	)		—			(32.7	)
Sales (purchases) of investments		37.3			—			(2.7	)		—			34.6
Payments for capital expenditures, net of disposals		(51.9	)		(15.8	)		(1.7	)		—			(69.4	)
Receipts from intercompany notes receivable		95.6			128.6			—			(224.2	)		—
Other intercompany investing activities		1,085.8			160.9			—			(1,246.7	)		—
Net cash (used in) provided by investing activities		(2,387.9	)		384.5			128.6			(1,470.9	)		(3,345.7	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements		6,464.6			29.9			87.2			—			6,581.7
Repayments of borrowings under credit agreements		(5,031.9	)		(31.2	)		(95.2	)		—			(5,158.3	)
Issuance of unsecured senior notes		1,600.0			—			—			—			1,600.0
Prepayment penalty on Unsecured Senior Notes		(55.6	)		—			—			—			(55.6	)
Cash paid for debt and equity issuance costs		(89.6	)		—			—			—			(89.6	)
Proceeds from issuance of common stock		25.6			—			—			—			25.6
Proceeds from exercise of stock options		11.1			—			—			—			11.1
Payments to repurchase common stock		(23.1	)		—			—			—			(23.1	)
Excess tax benefit from share-based payment		3.6			—			—			—			3.6
Net distributions to noncontrolling interests		—			—			(144.3	)		—			(144.3	)
Other financing activities		2.3			(4.1	)		(29.5	)		—			(31.3	)
Intercompany notes repayments		—			—			(224.2	)		224.2			—
Other intercompany financing activities		—			(1,119.3	)		(127.4	)		1,246.7			—
Net cash provided by (used in) financing activities		2,907.0			(1,124.7	)		(533.4	)		1,470.9			2,719.8
EFFECT OF EXCHANGE RATE CHANGES ON CASH		—			—			(28.8	)		—			(28.8	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(32.1	)		76.7			65.1			—			109.7
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		33.4			85.8			455.0			—			574.2
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	1.3		$	162.5		$	520.1		$	—		$	683.9

Condensed Consolidating Statements of Cash Flows
(in millions)

	For the Fiscal Year Ended September 30, 2014
	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
CASH FLOWS FROM OPERATING ACTIVITIES	$	(33.3	)	$	206.5		$	187.4		$	—		$	360.6
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired		—			(55.0	)		1.9			—			(53.1	)
Cash acquired from consolidation of joint venture		—			—			19.0			—			19.0
Proceeds from disposal of businesses and property		—			—			3.6			—			3.6
Net investment in unconsolidated joint ventures		—			9.4			(61.6	)		—			(52.2	)
Sales of investments		—			—			2.7			—			2.7
Payments for capital expenditures, net of disposals		(14.3	)		(17.8	)		(30.7	)		—			(62.8	)
Receipts from intercompany notes receivable		146.7			—			—			(146.7	)		—
Other intercompany investing activities		116.7			55.7			—			(172.4	)		—
Net cash provided by (used in) investing activities		249.1			(7.7	)		(65.1	)		(319.1	)		(142.8	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements		1,769.3			—			39.9			—			1,809.2
Repayments of borrowings under credit agreements		(1,918.6	)		(15.8	)		(42.0	)		—			(1,976.4	)
Cash paid for debt and equity issuance costs		(8.1	)		—			—			—			(8.1	)
Proceeds from issuance of common stock		13.9			—			—			—			13.9
Proceeds from exercise of stock options		13.4			—			—			—			13.4
Payments to repurchase common stock		(34.9	)		—			—			—			(34.9	)
Excess tax benefit from share-based payment		0.7			—			—			—			0.7
Net distributions to noncontrolling interests		—			—			(30.2	)		—			(30.2	)
Other financing activities		(22.5	)		0.8			0.3			—			(21.4	)
Intercompany notes repayments		—			—			(146.7	)		146.7			—
Other intercompany financing activities		—			(178.2	)		5.8			172.4			—
Net cash (used in) financing activities		(186.8	)		(193.2	)		(172.9	)		319.1			(233.8	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		—			—			(10.5	)		—			(10.5	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		29.0			5.6			(61.1	)		—			(26.5	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		4.4			80.2			516.1			—			600.7
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	33.4		$	85.8		$	455.0		$	—		$	574.2

XML

Significant Accounting Policies (Details) $ in Billions	12 Months Ended
	Sep. 30, 2016 USD ($) item	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)
Fiscal Year
Length of Fiscal Year	364 days	364 days	371 days
Revenue Recognition
Other direct costs | $	$ 8.4	$ 8.3	$ 3.5
Number of cost reimbursable contracts	2
Cost-Plus Contracts
Number of major types of cost-plus contracts the Company enters into	2
Fixed Price Contracts
Number of types of fixed price contracts	2
Pension Plans
Amortization period of the difference between actual return and expected return	5 years
Specified percentage to be exceeded for amortization of cumulative, net unrecognized gains or losses (as a percent)	10.00%
Service Related Contracts
Service-Related Contracts
Cost reimbursable (as a percent)	53.00%	57.00%	46.00%
Guaranteed maximum price (as a percent)	15.00%	15.00%	14.00%
Fixed price (as a percent)	32.00%	28.00%	40.00%
Minimum
Fiscal Year
Length of Fiscal Year	364 days
Property and Equipment
Estimated useful lives for equipment furniture and fixtures	3 years
Maximum
Fiscal Year
Length of Fiscal Year	371 days
Property and Equipment
Estimated useful lives for equipment furniture and fixtures	10 years

XML

Business Acquisitions, Goodwill and Intangible Assets - Acquisitions (Details) $ / shares in Units, $ in Thousands			3 Months Ended								12 Months Ended
	Oct. 24, 2014	Oct. 17, 2014 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2016 USD ($) item	Sep. 30, 2015 USD ($) item $ / shares	Sep. 30, 2014 USD ($) item $ / shares
Acquisition and integration expenses
Total			$ 71,200	$ 50,700	$ 50,700	$ 41,000	$ 79,800	$ 88,500	$ 91,600	$ 138,500	$ 213,642	$ 398,440	$ 27,310
Write-off of debt issuance costs											$ 7,749	$ 8,997
Number of business acquisitions | item											1	1	2
Loss on disposal activities					$ (1,600)	$ (41,000)					$ (42,589)
Trademark / tradename | Minimum
Estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions
Useful life											3 months 18 days
Trademark / tradename | Maximum
Estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions
Useful life											2 years
URS Corporation
Business acquisition
Percentage of ownership acquired		100.00%
Consideration paid in cash		$ 2,300,000
Consideration paid by issuing stock		1,600,000
Senior notes assumed in acquisition as part of consideration		1,000,000
Repayment of acquiree term loan as part of consideration		600,000
Repayment of acquiree line of credit as part of consideration		100,000
Estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions
Cash and cash equivalents		284,900
Accounts receivable		2,512,800
Prepaid expenses and other current assets		421,000
Property and equipment		570,900
Total identifiable intangible assets		981,600
Goodwill		4,059,800
Other non-current assets		329,800
Accounts payable		(656,700)
Accrued expenses and other current liabilities		(1,403,700)
Billings in excess of cost on uncompleted contracts		(398,800)	14,900								$ 14,900
Current portion of long-term debt		(47,400)
Other long-term liabilities		(406,100)
Pension benefit obligations		(406,300)
Long-term debt		(520,200)
Noncontrolling interests		(201,000)
Net assets acquired		5,120,600
Accrued expenses and other current liabilities		240,000
Pro Forma Operating Results
Revenue												$ 18,288	$ 18,776
Income from continuing operations												509	(144)
Net income												325	1
Net income (loss) attributable to AECOM												$ 229	$ (65)
Net income (loss) attributable to AECOM per share:
Basic (in dollars per share) | $ / shares												$ 1.51	$ (0.43)
Diluted (in dollars per share) | $ / shares												$ 1.50	$ (0.43)
Amortization of intangible assets of acquiree since acquisition date											183,300	$ 361,600
Fair value adjustment of joint ventures											23,000	37,300
Fair value adjustment of noncontrolling interests											$ (13,800)	(26,600)
Fair value of margin liability		149,100
Years the remaining liability will be recognized											5 years
Years the majority liability will be recognized											2 years
Revenue and related income from operations											$ 37,200	96,900
Acquisition and integration expenses
Severance and personnel costs											23,400	223,800
Professional service, real estate-related, and other expenses											190,200	174,600
Total											213,600	398,400
Severance expense											21,800	101,900
Severance expense paid											19,300	83,600
Penalty from prepayment of unsecured senior notes												55,600
Write-off of debt issuance costs												9,000
URS Corporation | Non-core
Acquisition and integration expenses
Loss on disposal activities											(42,600)
Net assets related to the loss on disposal activities			$ 112,800								112,800
Losses incurred											36,900
URS Corporation | Customer relationships, contracts and backlog
Estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions
Total identifiable intangible assets		$ 973,800
URS Corporation | Customer relationships, contracts and backlog | Minimum
Estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions
Useful life		1 year
URS Corporation | Customer relationships, contracts and backlog | Maximum
Estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions
Useful life		11 years
URS Corporation | Customer relationships, contracts and backlog | Weighted Average
Estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions
Useful life		3 years
URS Corporation | Trade Name
Estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions
Total identifiable intangible assets		$ 7,800
URS Corporation | Senior Notes
Business acquisition
Percentage price of original principal amount of note at which note can be redeemed	101.00%	101.00%
Acquisitions excluding URS Corporation
Business acquisition
Consideration paid in cash												4,800	$ 70,200
Senior notes assumed in acquisition as part of consideration												22,500	18,300
Estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions
Cash and cash equivalents							600					600	17,100
Other current assets							13,800					13,800	256,200
Total identifiable intangible assets							1,300					1,300	11,900
Goodwill							23,600					23,600	72,700
Other non-current assets													16,500
Current liabilities							(12,000)					(12,000)	(274,100)
Noncurrent liabilities													(11,800)
Net assets acquired							27,300					27,300	88,500
Acquisition and integration expenses
Aggregate value of all consideration for acquisitions consummated											$ 5,500	27,300	88,500
Acquisitions excluding URS Corporation | Customer relationships, contracts and backlog
Estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions
Total identifiable intangible assets							$ 1,300					$ 1,300	10,400
Acquisitions excluding URS Corporation | Trademark / tradename
Estimated fair values of the assets acquired and liabilities assumed, as of the acquisition dates, from acquisitions
Total identifiable intangible assets													$ 1,500

XML

Business Acquisitions, Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Goodwill
Maximum period to determine final value of identifiable intangible assets	12 months
Changes in the carrying value of goodwill by reporting segment
Goodwill at the beginning of the period	$ 5,820,692	$ 1,937,300
Post-Acquisition Adjustments	39,400	6,100
Foreign Exchange Impact	(25,000)	(168,100)
Disposed	(11,300)
Acquired		4,045,400
Goodwill at the end of the period	5,823,843	5,820,692
Design and Consulting Services
Changes in the carrying value of goodwill by reporting segment
Goodwill at the beginning of the period	3,163,300	1,479,200
Post-Acquisition Adjustments	26,700	5,500
Foreign Exchange Impact	8,200	(96,000)
Acquired		1,774,600
Goodwill at the end of the period	3,198,200	3,163,300
Construction Services
Changes in the carrying value of goodwill by reporting segment
Goodwill at the beginning of the period	918,500	276,900
Post-Acquisition Adjustments	8,700	600
Foreign Exchange Impact	(700)	(34,000)
Disposed	(11,300)
Acquired		675,000
Goodwill at the end of the period	915,200	918,500
Management Services
Changes in the carrying value of goodwill by reporting segment
Goodwill at the beginning of the period	1,738,900	181,200
Post-Acquisition Adjustments	4,000
Foreign Exchange Impact	(32,500)	(38,100)
Acquired		1,595,800
Goodwill at the end of the period	$ 1,710,400	$ 1,738,900

XML

Business Acquisitions, Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Identifiable intangible assets with finite useful lives
Gross Amount	$ 1,263,500	$ 1,241,100
Accumulated Amortization	(784,100)	(581,700)
Intangible Assets, Net	479,439	659,438
Amortization expense	202,400	391,000	$ 24,000
Estimated amortization expense of intangible assets for the remainder of fiscal 2016 and for the succeeding years
2017	96,300
2018	82,100
2019	76,700
2020	64,800
2021	55,100
Thereafter	104,400
Intangible Assets, Net	479,439	659,438
Backlog and customer relationships
Identifiable intangible assets with finite useful lives
Gross Amount	1,247,100	1,224,700
Accumulated Amortization	(767,700)	(565,300)
Intangible Assets, Net	479,400	659,400
Estimated amortization expense of intangible assets for the remainder of fiscal 2016 and for the succeeding years
Intangible Assets, Net	$ 479,400	659,400
Backlog and customer relationships | Minimum
Identifiable intangible assets with finite useful lives
Amortization Period	1 year
Backlog and customer relationships | Maximum
Identifiable intangible assets with finite useful lives
Amortization Period	11 years
Trademark / tradename
Identifiable intangible assets with finite useful lives
Gross Amount	$ 16,400	16,400
Accumulated Amortization	$ (16,400)	$ (16,400)
Trademark / tradename | Minimum
Identifiable intangible assets with finite useful lives
Amortization Period	3 months 18 days
Trademark / tradename | Maximum
Identifiable intangible assets with finite useful lives
Amortization Period	2 years

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Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Accounts Receivable
Billed	$ 2,267,600	$ 2,426,200
Unbilled	1,890,200	2,099,800
Contract retentions	434,100	379,600
Total accounts receivable-gross	4,591,900	4,905,600
Allowance for doubtful accounts	(60,400)	(64,100)
Total accounts receivable-net	$ 4,531,460	$ 4,841,450
Period in which unbilled receivables are expected to be billed and collected	12 months	12 months
Total receivables sold that remain outstanding	$ 356,300	$ 240,800

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Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Property and equipment
Property and equipment, gross	$ 1,221,000	$ 1,208,500
Accumulated depreciation and amortization	(576,000)	(509,200)
Property and equipment, net	644,992	699,322
Depreciation expense	171,700	191,300	$ 69,100
Proceeds from disposal of property and equipment	$ 54,622	44,906	$ 4,396
Minimum
Property and equipment
Useful Lives	3 years
Maximum
Property and equipment
Useful Lives	10 years
Building and land
Property and equipment
Property and equipment, gross	$ 57,900	105,700
Building and land | Minimum
Property and equipment
Useful Lives	10 years
Building and land | Maximum
Property and equipment
Useful Lives	45 years
Leasehold improvements
Property and equipment
Property and equipment, gross	$ 381,400	349,300
Leasehold improvements | Minimum
Property and equipment
Useful Lives	1 year
Leasehold improvements | Maximum
Property and equipment
Useful Lives	20 years
Computer systems and equipment
Property and equipment
Property and equipment, gross	$ 652,000	627,700
Computer systems and equipment | Minimum
Property and equipment
Useful Lives	3 years
Computer systems and equipment | Maximum
Property and equipment
Useful Lives	12 years
Furniture and Fixtures
Property and equipment
Property and equipment, gross	$ 129,700	$ 125,800
Furniture and Fixtures | Minimum
Property and equipment
Useful Lives	3 years
Furniture and Fixtures | Maximum
Property and equipment
Useful Lives	10 years

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Joint Ventures and Variable Interest Entities (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016 USD ($) item	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2016 USD ($) item	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)
Financial information
Number of employees in some joint ventures | item	0								0
Current assets	$ 6,000,771				$ 6,246,085				$ 6,000,771	$ 6,246,085
TOTAL ASSETS	13,726,745				14,014,298				13,726,745	14,014,298	$ 6,123,400
Current liabilities	5,304,756				4,836,052				5,304,756	4,836,052
TOTAL LIABILITIES	10,174,256				10,383,355				10,174,256	10,383,355
Total AECOM equity	3,366,921				3,407,748				3,366,921	3,407,748
Noncontrolling interests	185,568				223,195				185,568	223,195
TOTAL STOCKHOLDERS' EQUITY	3,552,489				3,630,943				3,552,489	3,630,943	2,272,480	$ 2,074,094
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	13,726,745				14,014,298				13,726,745	14,014,298
AECOM's investment in joint ventures	330,485				321,625				330,485	321,625
Joint ventures summarized financial information
Revenue	4,323,100	$ 4,408,800	$ 4,381,200	$ 4,297,700	4,723,700	$ 4,549,500	$ 4,506,200	$ 4,210,500	17,410,825	17,989,880	8,356,783
Cost of revenue	4,175,900	4,237,500	4,197,800	4,156,800	4,553,100	4,422,900	4,403,000	4,075,700	16,768,001	17,454,692	7,953,607
Gross profit	147,200	171,300	183,400	140,900	170,600	126,600	103,200	134,800	642,824	535,188	403,176
Net income	12,900	84,400	66,600	(400)	26,500	(200)	20,600	(118,100)	163,472	(71,233)	232,764
Summary of AECOM's equity in earnings of unconsolidated joint ventures:
Total	$ 21,200	$ 18,500	$ 39,100	$ 25,200	29,900	$ 27,700	$ 24,700	$ 23,900	$ 104,032	106,245	57,924
Minimum
Financial information
Number of partners required to form joint ventures | item	2								2
Consolidated Joint Ventures
Financial information
Current assets	$ 684,100				727,800				$ 684,100	727,800
Non-current assets	230,800				282,800				230,800	282,800
TOTAL ASSETS	914,900				1,010,600				914,900	1,010,600
Current liabilities	407,400				441,500				407,400	441,500
Non-current liabilities	12,400				200				12,400	200
TOTAL LIABILITIES	419,800				441,700				419,800	441,700
Total AECOM equity	318,000				354,700				318,000	354,700
Noncontrolling interests	177,100				214,200				177,100	214,200
TOTAL STOCKHOLDERS' EQUITY	495,100				568,900				495,100	568,900
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	914,900				1,010,600				914,900	1,010,600
Joint ventures summarized financial information
Revenue									1,935,200	2,368,000	614,500
Unconsolidated Joint Ventures
Financial information
Current assets	1,407,000				1,200,700				1,407,000	1,200,700
Non-current assets	499,400				527,300				499,400	527,300
TOTAL ASSETS	1,906,400				1,728,000				1,906,400	1,728,000
Current liabilities	977,300				936,700				977,300	936,700
Non-current liabilities	146,200				87,000				146,200	87,000
TOTAL LIABILITIES	1,123,500				1,023,700				1,123,500	1,023,700
TOTAL STOCKHOLDERS' EQUITY	782,900				704,300				782,900	704,300
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,906,400				1,728,000				1,906,400	1,728,000
AECOM's investment in joint ventures	$ 330,500				$ 321,600				330,500	321,600
Joint ventures summarized financial information
Revenue									4,871,800	4,754,600
Cost of revenue									4,618,300	4,476,800
Gross profit									253,500	277,800
Net income									233,900	231,200
Summary of AECOM's equity in earnings of unconsolidated joint ventures:
Pass-through joint ventures									21,900	26,200	10,200
Other joint ventures									82,100	80,000	47,700
Total									$ 104,000	$ 106,200	57,900
Consolidated joint venture during the year ended 09/30/2014
Financial information
TOTAL ASSETS											207,800
TOTAL LIABILITIES											48,100
Equity in earnings of unconsolidated joint ventures
Gain (loss) from equity in earnings of joint ventures due to the change in control											37,400
Gain (loss) from equity in earnings of joint ventures due to the change in control, net of tax											23,400
Fair value of the previously held equity interest, excluding control premium											$ 58,000

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Pension Benefit Obligations - Defined Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Amounts recognized in the consolidated balance sheets:
Pension benefit obligations	$ (694,073)	$ (565,254)
United States Pension Plan of US Entity, Defined Benefit
Change in benefit obligation:
Benefit obligation at beginning of year	718,200	217,000	$ 180,300
Service costs	4,300	6,800
Participant contributions	100	400	400
Interest cost	22,000	28,200	7,800
Benefits and expenses paid	(37,400)	(33,900)	(12,800)
Actuarial (gain) loss	52,300	(41,000)	23,200
Plan settlements	(32,900)	(20,100)
Plan amendments	200
Plan curtailments	(6,800)
Net transfer in/(out)/acquisitions		560,800	18,100
Benefit obligation at end of year	720,000	718,200	217,000
Change in plan assets
Fair value of plan assets at beginning of year	459,000	139,700	119,800
Actual return on plan assets	49,600	(2,800)	14,200
Employer contributions	18,500	42,100	4,900
Participant contributions	100	400	400
Benefits and expenses paid	(37,400)	(33,900)	(12,800)
Plan settlements	(32,900)	(20,100)
Net transfer in/(out)/acquisitions		333,600	13,200
Fair value of plan assets at end of year	456,900	459,000	139,700
Reconciliation of funded status:
Funded status at end of year	(263,100)	(259,200)	(77,300)
Net amount recognized at end of year	(263,100)	(259,200)	(77,300)
Amounts recognized in the consolidated balance sheets:
Other non-current assets	2,000	1,600
Accrued expenses and other current liabilities	(9,300)	(10,600)	(1,700)
Pension benefit obligations	(255,800)	(250,200)	(75,600)
Net amount recognized in the balance sheet	(263,100)	(259,200)	(77,300)
Reconciliation of amounts in consolidated statements of stockholders' equity:
Prior service credit (cost)	(200)
Net (loss)	(129,600)	(99,300)	(113,000)
Total recognized in accumulated other comprehensive (loss)	(129,800)	(99,300)	(113,000)
Foreign Pension Plan, Defined Benefit
Change in benefit obligation:
Benefit obligation at beginning of year	1,239,200	676,600	622,100
Service costs	1,000	1,100	700
Participant contributions	500	500	200
Interest cost	39,200	47,100	27,900
Benefits and expenses paid	(41,900)	(41,000)	(23,300)
Actuarial (gain) loss	377,100	10,600	62,300
Plan settlements	(700)	(2,500)	(2,000)
Net transfer in/(out)/acquisitions		618,600
Foreign currency translation (gain) loss	(208,200)	(71,800)	(11,300)
Benefit obligation at end of year	1,406,200	1,239,200	676,600
Change in plan assets
Fair value of plan assets at beginning of year	925,800	532,600	489,900
Actual return on plan assets	215,900	49,900	60,400
Employer contributions	20,200	24,400	16,400
Participant contributions	500	500	200
Benefits and expenses paid	(41,900)	(41,000)	(23,300)
Plan settlements	(700)	(2,500)	(2,000)
Net transfer in/(out)/acquisitions		415,500
Foreign currency translation (loss) gain	(146,600)	(53,600)	(9,000)
Fair value of plan assets at end of year	973,200	925,800	532,600
Reconciliation of funded status:
Funded status at end of year	(433,000)	(313,400)	(144,000)
Net amount recognized at end of year	(433,000)	(313,400)	(144,000)
Amounts recognized in the consolidated balance sheets:
Other non-current assets	5,300	1,700	1,100
Pension benefit obligations	(438,300)	(315,100)	(145,100)
Net amount recognized in the balance sheet	(433,000)	(313,400)	(144,000)
Reconciliation of amounts in consolidated statements of stockholders' equity:
Prior service credit (cost)	4,400	5,300	5,800
Net (loss)	(343,300)	(183,600)	(190,100)
Total recognized in accumulated other comprehensive (loss)	$ (338,900)	$ (178,300)	$ (184,300)

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Pension Benefit Obligations - Pension Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Components of net periodic (benefit) cost:
Amount, net of applicable deferred income taxes, included in other comprehensive income arising from a change in net prior service cost and net gain/loss	$ 164,911	$ (12,953)	$ 24,161
Pension Plan, Defined Benefit
Components of net periodic (benefit) cost:
Amount, net of applicable deferred income taxes, included in other comprehensive income arising from a change in net prior service cost and net gain/loss	26,200	6,900	7,600
United States Pension Plan of US Entity, Defined Benefit
Components of net periodic (benefit) cost:
Service costs	4,300	6,800
Interest cost on projected benefit obligation	22,000	28,200	7,800
Expected return on plan assets	(30,800)	(29,400)	(8,600)
Amortization of net loss	4,000	4,300	4,000
Curtailment gain recognized	(6,800)
Settlement (gain) loss recognized	(900)	600
Net periodic (benefit) cost	(8,200)	10,500	3,200
Amounts included in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year
Amortization of net actuarial losses	(4,300)
Total	(4,300)
Additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets
Projected benefit obligation	694,800	692,500	217,000
Accumulated benefit obligation	694,800	686,500	217,000
Fair values of plan assets	453,200	$ 455,600	$ 139,700
Expected employer contributions in next fiscal year	9,800
Minimum contribution for one of the plans	400
Expected future benefit payments
2017	40,600
2018	41,300
2019	40,900
2020	41,900
2021	42,000
2022-2026	207,500
Total	$ 414,200
Weighted-average assumptions to determine benefit obligation:
Discount rate (as a percent)	3.41%	4.10%	4.00%
Salary increase rate (as a percent)		3.81%
Weighted-average assumptions to determine net periodic benefit cost:
Discount rate (as a percent)	4.10%	3.88%	4.40%
Salary increase rate (as a percent)		4.50%
Expected long-term rate of return on plan assets (as a percent)	6.72%	6.73%	7.50%
Target Allocations by Asset Category
Target Allocations by Asset Category (as a percent)	100.00%
Percentage of Plan Assets by Asset Category
Plan Assets by Asset Category (as a percent)	100.00%	100.00%
United States Pension Plan of US Entity, Defined Benefit | Equity Securities
Target Allocations by Asset Category
Target Allocations by Asset Category (as a percent)	42.00%
Percentage of Plan Assets by Asset Category
Plan Assets by Asset Category (as a percent)	42.00%	37.00%
United States Pension Plan of US Entity, Defined Benefit | Debt Securities
Target Allocations by Asset Category
Target Allocations by Asset Category (as a percent)	48.00%
Percentage of Plan Assets by Asset Category
Plan Assets by Asset Category (as a percent)	49.00%	59.00%
United States Pension Plan of US Entity, Defined Benefit | Cash and Cash Equivalents
Target Allocations by Asset Category
Target Allocations by Asset Category (as a percent)	1.00%
Percentage of Plan Assets by Asset Category
Plan Assets by Asset Category (as a percent)	1.00%	1.00%
United States Pension Plan of US Entity, Defined Benefit | Property and Other
Target Allocations by Asset Category
Target Allocations by Asset Category (as a percent)	9.00%
Percentage of Plan Assets by Asset Category
Plan Assets by Asset Category (as a percent)	8.00%	3.00%
Foreign Pension Plan, Defined Benefit
Components of net periodic (benefit) cost:
Service costs	$ 1,000	$ 1,100	$ 700
Interest cost on projected benefit obligation	39,200	47,100	27,900
Expected return on plan assets	(48,000)	(49,400)	(26,100)
Amortization of prior service credits	(200)	(200)	(200)
Amortization of net loss	5,400	5,900	4,900
Settlement (gain) loss recognized	100	700	400
Net periodic (benefit) cost	(2,500)	5,200	7,600
Amounts included in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year
Amortization of prior service credit	(200)	(200)	(200)
Amortization of net actuarial losses	(13,400)
Total	(13,200)
Additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets
Projected benefit obligation	1,220,300	1,226,200	658,500
Accumulated benefit obligation	1,215,700	1,222,000	656,300
Fair values of plan assets	782,100	$ 911,200	$ 513,400
Expected employer contributions in next fiscal year	24,000
Expected future benefit payments
2017	38,900
2018	39,300
2019	42,100
2020	42,100
2021	44,200
2022-2026	240,200
Total	$ 446,800
Weighted-average assumptions to determine benefit obligation:
Discount rate (as a percent)	2.35%	3.80%	3.94%
Salary increase rate (as a percent)	2.61%	2.51%	2.38%
Weighted-average assumptions to determine net periodic benefit cost:
Discount rate (as a percent)	3.80%	3.92%	4.44%
Salary increase rate (as a percent)	2.65%	2.65%	2.58%
Expected long-term rate of return on plan assets (as a percent)	5.74%	6.00%	5.40%
Target Allocations by Asset Category
Target Allocations by Asset Category (as a percent)	100.00%
Percentage of Plan Assets by Asset Category
Plan Assets by Asset Category (as a percent)	100.00%	100.00%
Foreign Pension Plan, Defined Benefit | Equity Securities
Target Allocations by Asset Category
Target Allocations by Asset Category (as a percent)	28.00%
Percentage of Plan Assets by Asset Category
Plan Assets by Asset Category (as a percent)	28.00%	27.00%
Foreign Pension Plan, Defined Benefit | Debt Securities
Target Allocations by Asset Category
Target Allocations by Asset Category (as a percent)	30.00%
Percentage of Plan Assets by Asset Category
Plan Assets by Asset Category (as a percent)	34.00%	30.00%
Foreign Pension Plan, Defined Benefit | Cash and Cash Equivalents
Target Allocations by Asset Category
Target Allocations by Asset Category (as a percent)	10.00%
Percentage of Plan Assets by Asset Category
Plan Assets by Asset Category (as a percent)	7.00%	4.00%
Foreign Pension Plan, Defined Benefit | Property and Other
Target Allocations by Asset Category
Target Allocations by Asset Category (as a percent)	32.00%
Percentage of Plan Assets by Asset Category
Plan Assets by Asset Category (as a percent)	31.00%	39.00%

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Pension Benefit Obligations - Level 3 (Details) $ in Millions	12 Months Ended
	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) plan
Pension Plan, Defined Benefit
Post-retirement plan
Fair values of plan assets	$ 1,384.8	$ 1,384.8	$ 1,430.1
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	1,384.8
Fair value of plan assets at end of year	1,430.1	1,384.8
Pension Plan, Defined Benefit | Cash and Cash Equivalents
Post-retirement plan
Fair values of plan assets	44.4	44.4	70.6
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	44.4
Fair value of plan assets at end of year	70.6	44.4
Pension Plan, Defined Benefit | Global equity securities
Post-retirement plan
Fair values of plan assets	52.8	52.8	49.4
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	52.8
Fair value of plan assets at end of year	49.4	52.8
Pension Plan, Defined Benefit | Domestic equity securities
Post-retirement plan
Fair values of plan assets	60.0	60.0	57.1
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	60.0
Fair value of plan assets at end of year	57.1	60.0
Pension Plan, Defined Benefit | Diversified Funds
Post-retirement plan
Fair values of plan assets	287.4	287.4	223.1
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	287.4
Fair value of plan assets at end of year	223.1	287.4
Pension Plan, Defined Benefit | Equity Funds
Post-retirement plan
Fair values of plan assets	309.6	309.6	362.0
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	309.6
Fair value of plan assets at end of year	362.0	309.6
Pension Plan, Defined Benefit | Fixed Income Funds
Post-retirement plan
Fair values of plan assets	542.5	542.5	548.5
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	542.5
Fair value of plan assets at end of year	548.5	542.5
Pension Plan, Defined Benefit | Hedge Funds
Post-retirement plan
Fair values of plan assets	53.0	53.0	62.5
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	53.0
Fair value of plan assets at end of year	62.5	53.0
Pension Plan, Defined Benefit | Assets Held by Insurance Company
Post-retirement plan
Fair values of plan assets	35.1	35.1	32.3
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	35.1
Fair value of plan assets at end of year	32.3	35.1
Pension Plan, Defined Benefit | Other
Post-retirement plan
Fair values of plan assets	24.6		24.6
Changes in the fair value of Level 3 assets
Fair value of plan assets at end of year	24.6
Pension Plan, Defined Benefit | Level 1
Post-retirement plan
Fair values of plan assets	11.0	11.0	23.1
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	11.0
Fair value of plan assets at end of year	23.1	11.0
Pension Plan, Defined Benefit | Level 1 | Cash and Cash Equivalents
Post-retirement plan
Fair values of plan assets	11.0	11.0	14.3
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	11.0
Fair value of plan assets at end of year	14.3	11.0
Pension Plan, Defined Benefit | Level 1 | Equity Funds
Post-retirement plan
Fair values of plan assets	5.1		5.1
Changes in the fair value of Level 3 assets
Fair value of plan assets at end of year	5.1
Pension Plan, Defined Benefit | Level 1 | Fixed Income Funds
Post-retirement plan
Fair values of plan assets	3.7		3.7
Changes in the fair value of Level 3 assets
Fair value of plan assets at end of year	3.7
Pension Plan, Defined Benefit | Level 2
Post-retirement plan
Fair values of plan assets	1,360.2	1,360.2	1,392.9
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	1,360.2
Fair value of plan assets at end of year	1,392.9	1,360.2
Pension Plan, Defined Benefit | Level 2 | Cash and Cash Equivalents
Post-retirement plan
Fair values of plan assets	33.4	33.4	56.3
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	33.4
Fair value of plan assets at end of year	56.3	33.4
Pension Plan, Defined Benefit | Level 2 | Global equity securities
Post-retirement plan
Fair values of plan assets	52.8	52.8	49.4
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	52.8
Fair value of plan assets at end of year	49.4	52.8
Pension Plan, Defined Benefit | Level 2 | Domestic equity securities
Post-retirement plan
Fair values of plan assets	60.0	60.0	57.1
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	60.0
Fair value of plan assets at end of year	57.1	60.0
Pension Plan, Defined Benefit | Level 2 | Diversified Funds
Post-retirement plan
Fair values of plan assets	287.4	287.4	223.1
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	287.4
Fair value of plan assets at end of year	223.1	287.4
Pension Plan, Defined Benefit | Level 2 | Equity Funds
Post-retirement plan
Fair values of plan assets	309.6	309.6	356.9
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	309.6
Fair value of plan assets at end of year	356.9	309.6
Pension Plan, Defined Benefit | Level 2 | Fixed Income Funds
Post-retirement plan
Fair values of plan assets	542.5	542.5	544.8
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	542.5
Fair value of plan assets at end of year	544.8	542.5
Pension Plan, Defined Benefit | Level 2 | Hedge Funds
Post-retirement plan
Fair values of plan assets	39.4	39.4	48.4
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	39.4
Fair value of plan assets at end of year	48.4	39.4
Pension Plan, Defined Benefit | Level 2 | Assets Held by Insurance Company
Post-retirement plan
Fair values of plan assets	35.1	35.1	32.3
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	35.1
Fair value of plan assets at end of year	32.3	35.1
Pension Plan, Defined Benefit | Level 2 | Other
Post-retirement plan
Fair values of plan assets	24.6		24.6
Changes in the fair value of Level 3 assets
Fair value of plan assets at end of year	24.6
Pension Plan, Defined Benefit | Level 3
Post-retirement plan
Fair values of plan assets	13.6	13.6	14.1
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	13.6
Fair value of plan assets at end of year	14.1	13.6
Pension Plan, Defined Benefit | Level 3 | Hedge Funds
Post-retirement plan
Fair values of plan assets	13.6	13.7	$ 14.1
Changes in the fair value of Level 3 assets
Fair value of plan assets at beginning of year	13.6	13.7
Actual return on plan assets, relating to assets still held at reporting date	0.5	(0.1)
Fair value of plan assets at end of year	14.1	13.6
Multiemployer Pension Plans
Multiemployer Pension Plans
Number of minimum construction-industry pension plans participated | plan			200
Aggregate contributions to plans	$ 49.5	$ 54.5

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Debt - Agreements (Details) $ in Thousands				12 Months Ended
	Sep. 29, 2016 USD ($)	Sep. 28, 2016	Oct. 17, 2014 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)
Debt
Total debt				$ 4,125,300	$ 4,606,900
Less: Current portion of debt and short-term borrowings				(366,300)	(160,400)
Long-term debt, less current portion				3,758,966	4,446,527
Scheduled maturities of debt:
2017				366,300
2018				126,600
2019				117,400
2020				111,800
2021				1,455,200
Thereafter				1,948,000
Total debt				$ 4,125,300	4,606,900
Line of Credit
Debt agreements
Maximum increase in borrowing capacity			$ 500,000
Maximum consolidated leverage ratio	4.75	5.00
Actual consolidated leverage ratio				4.3
Outstanding letters of credit				$ 92,300	92,500
Remaining borrowing capacity under the credit facility				888,400	947,600
Secured Debt
Debt
Total debt				1,954,900	2,414,300
Scheduled maturities of debt:
Total debt				1,954,900	2,414,300
Revolving Credit Facility
Debt agreements
Borrowing capacity			1,050,000
Letter of Credit
Debt agreements
Borrowing capacity	$ 500,000
URS Corporation
Debt agreements
Senior notes assumed in acquisition as part of consideration			1,000,000
Notes
Debt
Total debt				1,600,000	1,600,000
Scheduled maturities of debt:
Total debt				1,600,000	1,600,000
Other Debt
Debt
Total debt				142,700	163,200
Scheduled maturities of debt:
Total debt				142,700	163,200
Debt agreements
Outstanding letters of credit				382,200	344,000
Senior Notes | URS Corporation
Debt
Total debt				427,700	429,400
Scheduled maturities of debt:
Total debt				$ 427,700	$ 429,400
Term Loan A | Secured Debt
Debt agreements
Borrowing capacity	$ 185,000		1,925,000
Term Loan B | Secured Debt
Debt agreements
Borrowing capacity			$ 760,000

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Debt - Redemption (Details) - USD ($)				12 Months Ended
	Oct. 24, 2014	Oct. 17, 2014	Oct. 06, 2014	Sep. 30, 2016	Sep. 30, 2015
Debt
Total debt				$ 4,125,300,000	$ 4,606,900,000
Average effective interest rate on total borrowings, including the effects of swaps (as a percent)				4.40%	4.20%
Other Debt
Debt
Total debt				$ 142,700,000	$ 163,200,000
Outstanding letters of credit				382,200,000	344,000,000
Unsecured Credit Facilities
Debt
Remaining borrowing capacity under the credit facility				546,200,000
Notes
Debt
Total debt				1,600,000,000	1,600,000,000
The 2022 Notes
Debt
Principal amount			$ 800,000,000
Interest rate (as a percent)			5.75%
Fair value of debt instrument				838,000,000
The 2022 Notes | Redemption period one
Debt
Redemption period, end date			Oct. 15, 2017
Percentage of principal amount that can be redeemed			105.75%
Percentage price of original principal amount of note, excluding required premium, at which note can be redeemed			100.00%
The 2024 Notes
Debt
Principal amount			$ 800,000,000
Interest rate (as a percent)			5.875%
Fair value of debt instrument				850,000,000
The 2024 Notes | Redemption period two
Debt
Redemption period, end date			Jul. 15, 2024
Percentage price of original principal amount of note, excluding required premium, at which note can be redeemed			100.00%
The 2024 Notes | Redemption period three
Debt
Redemption period, end date			Jul. 15, 2024
Percentage of principal amount that can be redeemed			100.00%
Senior Notes | URS Corporation
Debt
Redemption price percentage	101.00%	101.00%
Total debt				427,700,000	$ 429,400,000
Amount of notes purchased	$ 572,300,000
Senior Notes 3.85% due 2017
Debt
Interest rate (as a percent)		3.85%
Senior Notes 3.85% due 2017 | URS Corporation
Debt
Fair value of long term debt	180,100,000
Total debt				180,100,000
Senior Notes 5.00% due 2022
Debt
Interest rate (as a percent)		5.00%
Senior Notes 5.00% due 2022 | URS Corporation
Debt
Fair value of long term debt	$ 243,600,000
Total debt				$ 247,600,000
Maximum | The 2022 Notes | Redemption period one
Debt
Percentage of principal amount that can be redeemed			35.00%

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Derivative Financial Instruments and Fair Value Measurements (Details) AUD in Millions, $ in Millions	12 Months Ended
	Sep. 30, 2016 USD ($) item	Sep. 30, 2015 AUD item	Sep. 30, 2016 AUD	Sep. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)
Derivative financial instruments
Number of contingent consideration arrangements | item	2	2
Level 3
Derivative financial instruments
Fair value of contingent consideration liability				$ 39.0	$ 39.0
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swap agreements
Derivative financial instruments
Losses Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing and Ineffective Portion)	$ 0.0
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap June 2018
Derivative financial instruments
Notional Amount				$ 300.0	$ 300.0
Fixed Rate (as a percent)		1.63%	1.63%	1.63%	1.63%
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap September 2018
Derivative financial instruments
Notional Amount				$ 300.0	$ 300.0
Fixed Rate (as a percent)		1.54%	1.54%	1.54%	1.54%
Designated as Hedging Instrument | Cash Flow Hedging | AUD | Foreign currency forward contracts
Derivative financial instruments
Notional principal of derivative exchange contracts		AUD 98.1	AUD 58.6	$ 43.4	$ 74.1

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Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Amounts payable under non-cancelable operating lease commitments
2017	$ 279.4
2018	232.4
2019	195.0
2020	161.5
2021	131.9
Thereafter	464.1
Total	1,464.3
Leases, additional disclosures
Rent expense for all leases	$ 383.7	$ 395.9	$ 210.4

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Share-Based Payments - Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Stock Incentive Plans
Compensation expense related to employer contributions under defined contribution plans, including the DCP	$ 26.8	$ 13.3	$ 14.4
Employee Stock Option
Stock Incentive Plans
Securities available for future issuance (in shares)	10,900,000
Expiration term of unexercised options	7 years
Number of Options
Balance at the beginning of the period (in shares)	1,300,000	1,600,000	1,600,000
Granted (in shares)			600,000
Exercised (in shares)	(400,000)	(300,000)	(500,000)
Cancelled (in shares)			(100,000)
Balance at the end of the period (in shares)	900,000	1,300,000	1,600,000
Exercisable at the end of the period (in shares)	300,000	700,000	900,000
Stock options, Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 28.26	$ 27.69	$ 24.73
Granted (in dollars per share)			31.62
Exercised (in dollars per share)	23.96	24.98	23.64
Cancelled (in dollars per share)			26.87
Balance at the end of the period (in dollars per share)	30.36	28.26	27.69
Exercisable at the end of the period (in dollars per share)	$ 26.99	$ 25.04	$ 25.16

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Share-Based Payments - Exercisable Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Compensation expense
Recognized compensation expense	$ 73,400	$ 112,200	$ 34,400
Unrecognized compensation expense	$ 91,800	115,500
Vesting period	3 years
Excess tax benefit from share-based payment		3,642	748
URS Corporation | Acquisition And Integration Expenses
Compensation expense
Compensation to settle accelerated equity awards		43,900
Accelerated equity award - Company stock		17,600
Accelerated equity award - cash		26,300
Employee Stock Option
Options Outstanding
Number outstanding as of end of period (in shares)	900,000
Weighted Average Remaining Contractual Life	5 years 7 months 24 days
Weighted Average Exercise Price (in dollars per share)	$ 30.36
Aggregate Intrinsic Value (in millions)	$ 600
Options Exercisable
Number Exercisable at the end of the period (in shares)	300,000
Weighted Average Remaining Contractual Life	10 months 10 days
Weighted Average Exercise Price (in dollars per share)	$ 26.99
Stock Incentive Plans, additional disclosures
Remaining contractual life of options outstanding, low end of range	9 months 4 days
Remaining contractual life of options outstanding, high end of range	6 years 8 months 19 days
Aggregate intrinsic value of stock options exercised	$ 600	$ 2,100	4,300
Compensation expense
Number of stock options granted during the period	0	0
Excess tax benefit from share-based payment	$ 0	$ 3,600	$ 700
Performance Earnings Program
Compensation expense
Weighted average grant-date fair value of stock options granted (in dollars per share)	$ 29.91	$ 32.32	$ 29.32
Performance period over which objectives must be met to qualify for an award grant	3 years
Restricted Stock Units (RSUs)
Compensation expense
Weighted average grant-date fair value of stock options granted (in dollars per share)	$ 29.82	31.05	$ 29.60
Restricted Stock Units (RSUs) | URS Corporation
Compensation expense
Weighted average grant-date fair value of stock options granted (in dollars per share)		$ 30.04
Number of stock options granted during the period		2,600,000
Exercise Price Range From Dollars 24.45 to Dollars 27.67
Information concerning outstanding and exercisable options
Exercise price, low end of range (in dollars per share)	24.45
Exercise price, high end of range (in dollars per share)	$ 27.67
Exercise Price Range From Dollars 24.45 to Dollars 27.67 | Employee Stock Option
Options Outstanding
Number outstanding as of end of period (in shares)	200,000
Weighted Average Remaining Contractual Life	9 months 4 days
Weighted Average Exercise Price (in dollars per share)	$ 26.21
Aggregate Intrinsic Value (in millions)	$ 500
Options Exercisable
Number Exercisable at the end of the period (in shares)	200,000
Weighted Average Remaining Contractual Life	9 months 4 days
Weighted Average Exercise Price (in dollars per share)	$ 26.21
Exercise Price Range From Dollars 28.04 to Dollars 31.62
Information concerning outstanding and exercisable options
Exercise price, low end of range (in dollars per share)	28.04
Exercise price, high end of range (in dollars per share)	$ 31.62
Exercise Price Range From Dollars 28.04 to Dollars 31.62 | Employee Stock Option
Options Outstanding
Number outstanding as of end of period (in shares)	700,000
Weighted Average Remaining Contractual Life	6 years 8 months 19 days
Weighted Average Exercise Price (in dollars per share)	$ 31.27
Aggregate Intrinsic Value (in millions)	$ 100
Options Exercisable
Number Exercisable at the end of the period (in shares)	100,000
Weighted Average Remaining Contractual Life	1 year 18 days
Weighted Average Exercise Price (in dollars per share)	$ 28.52

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Income Taxes - Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Income (loss) from domestic operations before income tax expense									$ 51,600	$ (214,600)	$ 138,200
Income from foreign operations before income tax expense									74,000	63,100	176,600
Current:
Federal									33,700	(67,100)	5,300
State									12,400	2,600	3,300
Foreign									26,100	37,200	46,300
Total current income tax (benefit) expense									72,200	(27,300)	54,900
Deferred:
Federal									(63,400)	(44,200)	27,700
State									(5,400)	1,200	5,600
Foreign									(41,300)	(10,000)	(6,200)
Total deferred income tax (benefit) expense									(110,122)	(53,034)	27,155
Total income tax (benefit) expense	$ (14,300)	$ (35,100)	$ 12,200	$ (700)	$ 16,100	$ (8,500)	$ (75,800)	$ (12,100)	(37,917)	(80,237)	82,024
Major elements contributing to the difference between the U.S. federal statutory rate of 35.0% and the effective tax rate
Tax at federal statutory rate									43,900	(53,000)	110,200
State income tax, net of federal benefit									5,600	(2,300)	5,000
Valuation allowance									(54,800)	30,000	6,300
Exclusion of tax on non-controlling interests									(24,700)	(29,300)
Income tax credits and incentives									(24,600)	(21,200)	(18,800)
Foreign tax rate differential									(19,700)	(24,800)	(38,800)
Tax exempt income									(17,600)	(13,200)	(1,900)
Change in uncertain tax positions									(5,000)	6,600	(4,500)
Change in tax rates									34,600
Foreign residual income									17,800	20,100	16,900
Nondeductible costs									6,100	2,800	2,800
Nondeductible transaction costs										2,800	2,800
Other items, net									500	1,200	2,000
Total income tax (benefit) expense	$ (14,300)	$ (35,100)	$ 12,200	$ (700)	$ 16,100	$ (8,500)	$ (75,800)	$ (12,100)	$ (37,917)	$ (80,237)	$ 82,024
Major elements contributing to the difference between the U.S. federal statutory rate of 35.0% and the effective tax rate
Federal statutory rate (as a percent)									35.00%	35.00%	35.00%
State income tax, net of federal benefit (as a percent)									4.50%	1.50%	1.60%
Valuation allowance (as a percent)									(43.60%)	(19.80%)	2.00%
Exclusion of tax on non-controlling interests (as a percent)									(19.70%)	19.30%
Income tax credits and incentives (as a percent)									(19.60%)	14.00%	(6.00%)
Foreign tax rate differential (as a percent)									(15.70%)	16.40%	(12.30%)
Tax exempt income (as a percent)									(14.00%)	8.70%	(0.60%)
Change in uncertain tax positions (as a percent)									(4.00%)	(4.30%)	(1.40%)
Change in tax rates (as a percent)									27.60%
Foreign residual income (as a percent)									14.20%	(13.30%)	5.40%
Nondeductible costs (as a percent)									4.80%	(1.80%)	0.90%
Nondeductible transaction costs (as a percent)										(1.80%)	0.90%
Other items, net (as a percent)									0.30%	(0.90%)	0.60%
Total income tax expense (as a percent)									(30.20%)	53.00%	26.10%
Tax benefit recognized related to previously expired and subsequently extended U.S. tax incentives and credits									$ 10,100	$ 19,400

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Income Taxes - Additional Disclosures (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2014	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Deferred tax assets:
Compensation and benefit accruals not currently deductible			$ 150.5	$ 166.7
Net operating loss carryforwards			378.0	195.9
Self insurance reserves			24.7	46.8
Research and experimentation and other tax credits			125.3	43.0
Pension liability			180.9	165.6
Accrued liabilities			221.0	267.3
Other			4.3	11.4
Total deferred tax assets			1,084.7	896.7
Deferred tax liabilities:
Unearned revenue			(212.6)	(101.9)
Depreciation and amortization			(113.0)	(76.5)
Acquired intangible assets			(155.5)	(219.2)
Investment in subsidiaries			(261.4)	(239.2)
Total deferred tax liabilities			(742.5)	(636.8)
Valuation allowance			(183.8)	(239.4)
Net deferred tax assets			158.4	20.5
Potential increase to equity for deferred tax assets related to equity compensation			3.8
Income Taxes, additional disclosures
Net deferred tax asset likely to be realized and for which no additional valuation allowance has been provided			900.9
Change in valuation allowance			(55.6)
Foreign net operating loss carryforwards			10.7
Tax-deductible goodwill			210.8	261.2
Gross book-tax differences from non-U.S. subsidiaries			1,600.0
Deferred tax liability of foreign subsidiaries			113.2
Liability for unrecognized tax benefits, including potential interest and penalties, net of related tax benefit			96.8	107.6
Unrecognized tax benefits that would be included in the effective tax rate if recognized				71.6
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Balance at the beginning of the year	$ 47.5		95.2	47.5
Gross increase due to acquisitions				49.4
Gross increase in current period's tax positions			7.6	6.0
Gross increase in prior years' tax positions			5.2	6.4
Gross decrease in prior years' tax positions			(16.6)	(0.2)
Decrease due to settlement with tax authorities			(3.2)	(2.0)
Decrease due to lapse of statute of limitations			(1.8)	(4.6)
Gross change due to foreign exchange fluctuations			1.5	(7.3)
Balance at the end of the year			87.9	95.2
Accrued interest, excluding any related income tax benefits			12.5	13.9
Accrued penalties, excluding any related income tax benefits			2.6	$ 3.5
United Kingdom and Australia
Income Taxes, additional disclosures
Change in valuation allowance			(36.2)
United Kingdom
Income Taxes, additional disclosures
Change in valuation allowance			(23.3)
Decrease in valuation allowance due to change in tax rate			(27.2)
Australia
Income Taxes, additional disclosures
Change in valuation allowance		$ (12.9)
URS Corporation | United Kingdom
Income Taxes, additional disclosures
Change in valuation allowance	92.8
URS Corporation | Australia
Income Taxes, additional disclosures
Change in valuation allowance	2.9
URS Corporation | Canada
Income Taxes, additional disclosures
Change in valuation allowance	22.5
URS Corporation | United States
Income Taxes, additional disclosures
Change in valuation allowance	$ 9.3
California Franchise Tax Board | Enterprise Zone Tax Credits
Income Taxes, additional disclosures
Unused federal and state tax credits			6.2
Federal
Income Taxes, additional disclosures
Net operating loss carryforwards			503.8
Federal | Research and development
Income Taxes, additional disclosures
Unused federal and state tax credits			67.4
State
Income Taxes, additional disclosures
Net operating loss carryforwards			960.1
State | Research and development
Income Taxes, additional disclosures
Unused federal and state tax credits			19.2
Foreign
Income Taxes, additional disclosures
Net operating loss carryforwards			$ 789.6

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Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share
Antidilutive potential common shares excluded in computation of diluted loss per share										1,700
Denominator for basic earnings per share (in shares)	156,300	154,900	154,300	153,600	153,800	151,700	151,100	141,900	154,772	149,605	97,226
Potential common shares (in shares)									1,300		1,500
Denominator for diluted earnings per share (in shares)	157,900	156,200	155,400	153,600	155,200	151,700	152,800	141,900	156,073	149,605	98,657

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Other Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Accrued expenses
Accrued salaries and benefits	$ 964,900	$ 852,200
Accrued contract costs	1,009,800	993,100
Other accrued expenses	410,100	322,500
Total accrued expenses	2,384,815	$ 2,167,771
Accrued contract costs related to professional liability accruals	611,000
Revenue related to recovery of pension related entitlement	50,000
Noncurrent asset related to recovery of pension related entitlement	$ 50,000

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Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Accumulated balances
Balance at the beginning of the period	$ (635,100)	$ (356,600)	$ (261,300)
Other comprehensive (loss) income before reclassification	(233,900)	(289,800)	(103,100)
Amounts reclassified from accumulated other comprehensive loss, actuarial (gains) losses, net of tax	6,600	7,200	6,100
Amounts reclassified from accumulated other comprehensive loss, cash flow hedge (gains) losses, net of tax	4,800	4,100	1,700
Balance at the end of the period	(857,582)	(635,100)	(356,600)
Actuarial losses/Pension Related Adjustments
Accumulated balances
Balance at the beginning of the period	(204,000)	(217,000)	(192,800)
Other comprehensive (loss) income before reclassification	(171,500)	5,800	(30,300)
Amounts reclassified from accumulated other comprehensive loss, actuarial (gains) losses, net of tax	6,600	7,200	6,100
Balance at the end of the period	(368,900)	(204,000)	(217,000)
Foreign Currency Translation Adjustments
Accumulated balances
Balance at the beginning of the period	(420,100)	(137,800)	(66,400)
Other comprehensive (loss) income before reclassification	(63,600)	(282,300)	(71,400)
Balance at the end of the period	(483,700)	(420,100)	(137,800)
Cash flow hedges/Loss on Derivative Instruments
Accumulated balances
Balance at the beginning of the period	(11,000)	(1,800)	(2,100)
Other comprehensive (loss) income before reclassification	1,200	(13,300)	(1,400)
Amounts reclassified from accumulated other comprehensive loss, cash flow hedge (gains) losses, net of tax	4,800	4,100	1,700
Balance at the end of the period	$ (5,000)	$ (11,000)	$ (1,800)

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Commitments and Contingencies (Details) AUD in Millions, $ in Millions			1 Months Ended	12 Months Ended
	May 31, 2016 USD ($)	Jul. 10, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2016 USD ($) item	Sep. 30, 2006 AUD
Standby Letters of Credit
Commitments and Contingencies
Contingency liability of general and professional liability insurance programs and for payment and performance guarantees				$ 474.5
Surety Bond
Commitments and Contingencies
Surety bonds issued				3,300.0
DOE Deactivation Demolition And Removal Project | URS Corporation | Washington Group International
Commitments and Contingencies
Projects costs, minimum				146.0
DOE Deactivation Demolition And Removal Project | Department of Energy
Commitments and Contingencies
Projects costs, minimum				106.0
DOE Deactivation Demolition And Removal Project | Department of Energy | URS Corporation | Washington Group International
Commitments and Contingencies
Projects costs, minimum				106.0
Projects costs, maximum				$ 146.0
Amount recovery (including additional Fees)			$ 103.0
Minimum cost to complete the project and promised amenities			$ 100.0
AECOM Australia
Commitments and Contingencies
Damages claimed by applicants	$ 91.0
Proceeds from initial public offering (IPO) | AUD					AUD 700
Bank loan | AUD					AUD 1,400
Number of initial public offering investors | item				770
Payments for legal settlements		$ 205.0

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Reportable Segments and Geographic Information - Segments (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2016 USD ($) item	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)
Summarized financial information concerning the Company's reportable segments
Number of reportable segments | item									3
Revenue	$ 4,323,100	$ 4,408,800	$ 4,381,200	$ 4,297,700	$ 4,723,700	$ 4,549,500	$ 4,506,200	$ 4,210,500	$ 17,410,825	$ 17,989,880	$ 8,356,783
Gross profit	147,200	171,300	183,400	140,900	170,600	126,600	103,200	134,800	642,824	535,188	403,176
Equity in earnings of joint ventures	21,200	18,500	39,100	25,200	29,900	27,700	24,700	23,900	104,032	106,245	57,924
General and administrative expenses	(28,200)	(28,700)	(29,500)	(28,700)	(25,500)	(24,400)	(29,800)	(34,300)	(115,088)	(113,975)	(80,908)
Acquisition and integration expenses	(71,200)	(50,700)	(50,700)	(41,000)	(79,800)	(88,500)	(91,600)	(138,500)	(213,642)	(398,440)	(27,310)
Loss on disposal activities			(1,600)	(41,000)					(42,589)
Operating income (loss)	69,000	$ 110,400	$ 140,700	$ 55,400	95,200	$ 41,400	$ 6,500	$ (14,100)	375,537	129,018	352,882
Segment assets	13,726,745				14,014,298				$ 13,726,745	$ 14,014,298	$ 6,123,400
Gross profit as a % of revenue									3.70%	3.00%	4.80%
Corporate
Summarized financial information concerning the Company's reportable segments
General and administrative expenses									$ (115,100)	$ (114,000)	$ (80,900)
Acquisition and integration expenses									(213,600)	(398,400)	(27,300)
Operating income (loss)									(328,700)	(512,400)	(108,200)
Segment assets	822,100				609,800				822,100	609,800	365,000
Design and Consulting Services
Summarized financial information concerning the Company's reportable segments
Revenue									7,655,800	7,962,900	5,443,100
Gross profit									382,500	299,300	330,300
Equity in earnings of joint ventures									8,900	6,600	35,500
Operating income (loss)									391,400	305,900	365,800
Segment assets	6,655,700				7,118,200				$ 6,655,700	$ 7,118,200	$ 4,064,500
Gross profit as a % of revenue									5.00%	3.80%	6.10%
Construction Services
Summarized financial information concerning the Company's reportable segments
Revenue									$ 6,501,300	$ 6,676,700	$ 2,004,300
Gross profit									31,100	42,800	29,300
Equity in earnings of joint ventures									18,200	23,000	6,000
Loss on disposal activities									(42,600)
Operating income (loss)									6,700	65,800	35,300
Segment assets	3,556,200				3,382,400				$ 3,556,200	$ 3,382,400	$ 1,256,400
Gross profit as a % of revenue									0.50%	0.60%	1.50%
Management Services
Summarized financial information concerning the Company's reportable segments
Revenue									$ 3,253,700	$ 3,350,300	$ 909,400
Gross profit									229,200	193,100	43,600
Equity in earnings of joint ventures									76,900	76,600	16,400
Operating income (loss)									306,100	269,700	60,000
Segment assets	$ 2,692,700				$ 2,903,900				$ 2,692,700	$ 2,903,900	$ 437,500
Gross profit as a % of revenue									7.00%	5.80%	4.80%

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Reportable Segments and Geographic Information - Geographic (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Geographic Information
Revenue	$ 4,323,100	$ 4,408,800	$ 4,381,200	$ 4,297,700	$ 4,723,700	$ 4,549,500	$ 4,506,200	$ 4,210,500	$ 17,410,825	$ 17,989,880	$ 8,356,783
Long-Lived Assets	7,554,500				7,768,200				7,554,500	7,768,200	2,571,200
United States
Geographic Information
Revenue									12,567,000	12,599,600	4,933,700
Long-Lived Assets	4,763,900				4,852,500				4,763,900	4,852,500	1,603,700
Asia Pacific
Geographic Information
Revenue									1,278,300	1,385,300	1,338,200
Long-Lived Assets	394,000				426,400				394,000	426,400	340,500
Canada
Geographic Information
Revenue									866,500	1,308,300	561,100
Long-Lived Assets	615,700				641,000				615,700	641,000	146,700
Europe
Geographic Information
Revenue									1,904,200	1,796,900	788,200
Long-Lived Assets	1,368,400				1,496,200				1,368,400	1,496,200	270,800
Other foreign countries
Geographic Information
Revenue									794,800	899,800	735,600
Long-Lived Assets	$ 412,500				$ 352,100				$ 412,500	$ 352,100	$ 209,500

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Major Clients (Details) - Sales Revenue, Services, Net - Customer Concentration Risk	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Percentage of total revenue
Period for which criteria of threshold percentage for disclosure not met in past	5 years
Maximum
Percentage of total revenue
Percentage of revenue accounted for by no other single client (as a percent)	10.00%
Agencies of U.S. Federal Government
Percentage of total revenue
Percentage of the Company's revenue (as a percent)	23.00%	24.00%	15.00%
Agencies of U.S. Federal Government | Management Services
Percentage of total revenue
Percentage of the Company's revenue (as a percent)	3.00%	2.00%	3.00%

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Quarterly Financial Information-Unaudited (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Revenue	$ 4,323,100	$ 4,408,800	$ 4,381,200	$ 4,297,700	$ 4,723,700	$ 4,549,500	$ 4,506,200	$ 4,210,500	$ 17,410,825	$ 17,989,880	$ 8,356,783
Cost of revenue	4,175,900	4,237,500	4,197,800	4,156,800	4,553,100	4,422,900	4,403,000	4,075,700	16,768,001	17,454,692	7,953,607
Gross profit	147,200	171,300	183,400	140,900	170,600	126,600	103,200	134,800	642,824	535,188	403,176
Equity in earnings of joint ventures	21,200	18,500	39,100	25,200	29,900	27,700	24,700	23,900	104,032	106,245	57,924
General and administrative expenses	(28,200)	(28,700)	(29,500)	(28,700)	(25,500)	(24,400)	(29,800)	(34,300)	(115,088)	(113,975)	(80,908)
Acquisition and integration expenses	(71,200)	(50,700)	(50,700)	(41,000)	(79,800)	(88,500)	(91,600)	(138,500)	(213,642)	(398,440)	(27,310)
Loss on disposal activities			(1,600)	(41,000)					(42,589)
Income from operations	69,000	110,400	140,700	55,400	95,200	41,400	6,500	(14,100)	375,537	129,018	352,882
Other income (expense)	2,900	1,500	800	3,000	7,400	10,100	(1,000)	2,600	8,180	19,139	2,748
Interest expense	(73,300)	(62,600)	(62,700)	(59,500)	(60,000)	(60,200)	(60,700)	(118,700)	(258,162)	(299,627)	(40,842)
Income (loss) before income tax (benefit) expense	(1,400)	49,300	78,800	(1,100)	42,600	(8,700)	(55,200)	(130,200)	125,555	(151,470)	314,788
Income tax (benefit) expense	(14,300)	(35,100)	12,200	(700)	16,100	(8,500)	(75,800)	(12,100)	(37,917)	(80,237)	82,024
Net income (loss)	12,900	84,400	66,600	(400)	26,500	(200)	20,600	(118,100)	163,472	(71,233)	232,764
Noncontrolling interests in income of consolidated subsidiaries, net of tax	(5,700)	(17,000)	(24,700)	(20,000)	(25,400)	(17,000)	(20,300)	(20,900)	(67,363)	(83,612)	(2,910)
Net income (loss) attributable to AECOM	$ 7,200	$ 67,400	$ 41,900	$ (20,400)	$ 1,100	$ (17,200)	$ 300	$ (139,000)	$ 96,109	$ (154,845)	$ 229,854
Net (loss) income attributable to AECOM per share:
Basic (in dollars per share)	$ 0.05	$ 0.44	$ 0.27	$ (0.13)	$ 0.01	$ (0.11)		$ (0.98)	$ 0.62	$ (1.04)	$ 2.36
Diluted (in dollars per share)	$ 0.05	$ 0.43	$ 0.27	$ (0.13)	$ 0.01	$ (0.11)		$ (0.98)	$ 0.62	$ (1.04)	$ 2.33
Weighted average shares outstanding:
Basic (in shares)	156,300	154,900	154,300	153,600	153,800	151,700	151,100	141,900	154,772	149,605	97,226
Diluted (in shares)	157,900	156,200	155,400	153,600	155,200	151,700	152,800	141,900	156,073	149,605	98,657

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Condensed Consolidating Financial Information - Debt (Details) - USD ($) $ in Millions	Oct. 06, 2014	Sep. 29, 2015
Ownership of directly and indirectly owned subsidiaries (as a percent)	100.00%
The new 2022 Notes
Principal amount	$ 800.0
Interest rate (as a percent)		5.75%
The new 2024 Notes
Principal amount	$ 800.0
Interest rate (as a percent)		5.875%

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Condensed Consolidating Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
CURRENT ASSETS:
Total cash and cash equivalents	$ 692,145	$ 683,893	$ 574,188	$ 600,677
Accounts receivable-net	4,531,460	4,841,450
Prepaid expenses and other current assets	730,101	388,982
Income taxes receivable	47,065	81,161
Deferred tax assets-net		250,599
TOTAL CURRENT ASSETS	6,000,771	6,246,085
PROPERTY AND EQUIPMENT-NET	644,992	699,322
DEFERRED TAX ASSETS-NET	171,508
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES	330,485	321,625
GOODWILL	5,823,843	5,820,692	1,937,300
INTANGIBLE ASSETS-NET	479,439	659,438
OTHER NON-CURRENT ASSETS	275,707	267,136
TOTAL ASSETS	13,726,745	14,014,298	6,123,400
CURRENT LIABILITIES:
Short-term debt	26,303	2,788
Accounts payable	1,910,915	1,853,993
Accrued expenses and other current liabilities	2,384,800	2,167,800
Accrued taxes payable	10,774
Billings in excess of costs on uncompleted contracts	631,928	653,877
Current portion of long-term debt	340,021	157,623
TOTAL CURRENT LIABILITIES	5,304,756	4,836,052
OTHER LONG-TERM LIABILITIES	1,097,400	870,700
DEFERRED TAX LIABILITY-NET	13,097	230,037
LONG-TERM DEBT	3,758,966	4,446,527
TOTAL LIABILITIES	10,174,256	10,383,355
TOTAL AECOM STOCKHOLDERS' EQUITY	3,366,921	3,407,748
Noncontrolling interests	185,568	223,195
TOTAL STOCKHOLDERS' EQUITY	3,552,489	3,630,943	2,272,480	2,074,094
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	13,726,745	14,014,298
Reportable Legal Entities | Parent
CURRENT ASSETS:
Total cash and cash equivalents	1,800	1,300	33,400	4,400
Intercompany receivable	760,700	771,300
Prepaid expenses and other current assets	98,700	36,700
Income taxes receivable	28,700	68,700
Deferred tax assets-net		36,600
TOTAL CURRENT ASSETS	889,900	914,600
PROPERTY AND EQUIPMENT-NET	169,300	93,400
DEFERRED TAX ASSETS-NET	265,200	27,100
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES	6,031,700	6,739,400
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES	700	800
OTHER NON-CURRENT ASSETS	65,200	88,700
TOTAL ASSETS	7,422,000	7,864,000
CURRENT LIABILITIES:
Short-term debt	3,100	2,300
Accounts payable	45,800	28,000
Accrued expenses and other current liabilities	201,200	229,500
Intercompany payable	114,100	119,900
Current portion of long-term debt	108,200	105,600
TOTAL CURRENT LIABILITIES	472,400	485,300
OTHER LONG-TERM LIABILITIES	115,700	63,600
LONG-TERM DEBT	3,468,000	3,914,000
TOTAL LIABILITIES	4,056,100	4,462,900
TOTAL AECOM STOCKHOLDERS' EQUITY	3,365,900	3,401,100
TOTAL STOCKHOLDERS' EQUITY	3,365,900	3,401,100
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,422,000	7,864,000
Reportable Legal Entities | Guarantor Subsidiaries
CURRENT ASSETS:
Total cash and cash equivalents	183,700	162,500	85,800	80,200
Accounts receivable-net	2,034,000	2,165,500
Intercompany receivable	151,700	187,300
Prepaid expenses and other current assets	336,200	127,400
TOTAL CURRENT ASSETS	2,705,600	2,642,700
PROPERTY AND EQUIPMENT-NET	236,500	240,000
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES	1,408,400	1,343,700
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES	48,600	73,400
GOODWILL	3,286,600	3,291,100
INTANGIBLE ASSETS-NET	334,000	459,400
OTHER NON-CURRENT ASSETS	71,400	26,800
TOTAL ASSETS	8,091,100	8,077,100
CURRENT LIABILITIES:
Short-term debt	7,300
Accounts payable	907,000	834,100
Accrued expenses and other current liabilities	1,137,100	1,001,600
Intercompany payable	857,900	960,300
Billings in excess of costs on uncompleted contracts	237,500	255,700
Deferred tax liability-net		62,900
Current portion of long-term debt	222,100	24,500
TOTAL CURRENT LIABILITIES	3,368,900	3,139,100
OTHER LONG-TERM LIABILITIES	349,300	299,500
DEFERRED TAX LIABILITY-NET	236,600	122,600
LONG-TERM DEBT	273,400	482,700
TOTAL LIABILITIES	4,228,200	4,043,900
TOTAL AECOM STOCKHOLDERS' EQUITY	3,862,900	4,033,200
TOTAL STOCKHOLDERS' EQUITY	3,862,900	4,033,200
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	8,091,100	8,077,100
Reportable Legal Entities | Non-Guarantor Subsidiaries
CURRENT ASSETS:
Total cash and cash equivalents	506,600	520,100	$ 455,000	$ 516,100
Accounts receivable-net	2,497,500	2,675,900
Intercompany receivable	152,000	262,700
Prepaid expenses and other current assets	295,200	224,900
Income taxes receivable	18,400	12,500
Deferred tax assets-net		276,900
TOTAL CURRENT ASSETS	3,469,700	3,973,000
PROPERTY AND EQUIPMENT-NET	239,200	365,900
DEFERRED TAX ASSETS-NET	129,800	7,300
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES	58,400	67,400
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES	281,200	247,400
GOODWILL	2,537,200	2,529,600
INTANGIBLE ASSETS-NET	145,400	200,000
OTHER NON-CURRENT ASSETS	139,100	151,700
TOTAL ASSETS	7,000,000	7,542,300
CURRENT LIABILITIES:
Short-term debt	15,900	500
Accounts payable	958,100	991,900
Accrued expenses and other current liabilities	1,046,500	936,700
Accrued taxes payable	10,800
Intercompany payable	208,800	319,800
Billings in excess of costs on uncompleted contracts	394,400	398,200
Current portion of long-term debt	9,700	27,500
TOTAL CURRENT LIABILITIES	2,644,200	2,674,600
OTHER LONG-TERM LIABILITIES	632,400	507,600
DEFERRED TAX LIABILITY-NET		141,900
NOTE PAYABLE INTERCOMPANY-NON CURRENT	563,500	669,100
LONG-TERM DEBT	17,600	49,800
TOTAL LIABILITIES	3,857,700	4,043,000
TOTAL AECOM STOCKHOLDERS' EQUITY	2,956,700	3,276,100
Noncontrolling interests	185,600	223,200
TOTAL STOCKHOLDERS' EQUITY	3,142,300	3,499,300
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,000,000	7,542,300
Eliminations
CURRENT ASSETS:
Intercompany receivable	(1,064,400)	(1,221,300)
Deferred tax assets-net		(62,900)
TOTAL CURRENT ASSETS	(1,064,400)	(1,284,200)
DEFERRED TAX ASSETS-NET	(223,500)	(34,400)
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES	(7,498,500)	(8,150,500)
TOTAL ASSETS	(8,786,400)	(9,469,100)
CURRENT LIABILITIES:
Intercompany payable	(1,180,800)	(1,400,000)
Deferred tax liability-net		(62,900)
TOTAL CURRENT LIABILITIES	(1,180,800)	(1,462,900)
DEFERRED TAX LIABILITY-NET	(223,500)	(34,400)
NOTE PAYABLE INTERCOMPANY-NON CURRENT	(563,500)	(669,100)
TOTAL LIABILITIES	(1,967,800)	(2,166,400)
TOTAL AECOM STOCKHOLDERS' EQUITY	(6,818,600)	(7,302,700)
TOTAL STOCKHOLDERS' EQUITY	(6,818,600)	(7,302,700)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ (8,786,400)	$ (9,469,100)

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Condensed Consolidating Financial Information - Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidating Statements of Operations
Revenue	$ 4,323,100	$ 4,408,800	$ 4,381,200	$ 4,297,700	$ 4,723,700	$ 4,549,500	$ 4,506,200	$ 4,210,500	$ 17,410,825	$ 17,989,880	$ 8,356,783
Cost of revenue	4,175,900	4,237,500	4,197,800	4,156,800	4,553,100	4,422,900	4,403,000	4,075,700	16,768,001	17,454,692	7,953,607
Gross profit	147,200	171,300	183,400	140,900	170,600	126,600	103,200	134,800	642,824	535,188	403,176
Equity in earnings of joint ventures	21,200	18,500	39,100	25,200	29,900	27,700	24,700	23,900	104,032	106,245	57,924
General and administrative expenses	(28,200)	(28,700)	(29,500)	(28,700)	(25,500)	(24,400)	(29,800)	(34,300)	(115,088)	(113,975)	(80,908)
Acquisition and integration expenses	(71,200)	(50,700)	(50,700)	(41,000)	(79,800)	(88,500)	(91,600)	(138,500)	(213,642)	(398,440)	(27,310)
Loss on disposal activities			(1,600)	(41,000)					(42,589)
Income from operations	69,000	110,400	140,700	55,400	95,200	41,400	6,500	(14,100)	375,537	129,018	352,882
Other income (expense)	2,900	1,500	800	3,000	7,400	10,100	(1,000)	2,600	8,180	19,139	2,748
Interest (expense) income	(73,300)	(62,600)	(62,700)	(59,500)	(60,000)	(60,200)	(60,700)	(118,700)	(258,162)	(299,627)	(40,842)
Income (loss) before income tax (benefit) expense	(1,400)	49,300	78,800	(1,100)	42,600	(8,700)	(55,200)	(130,200)	125,555	(151,470)	314,788
Income tax (benefit) expense	(14,300)	(35,100)	12,200	(700)	16,100	(8,500)	(75,800)	(12,100)	(37,917)	(80,237)	82,024
Net income (loss)	12,900	84,400	66,600	(400)	26,500	(200)	20,600	(118,100)	163,472	(71,233)	232,764
Noncontrolling interests in income of consolidated subsidiaries, net of tax	(5,700)	(17,000)	(24,700)	(20,000)	(25,400)	(17,000)	(20,300)	(20,900)	(67,363)	(83,612)	(2,910)
Net income (loss) attributable to AECOM	$ 7,200	$ 67,400	$ 41,900	$ (20,400)	$ 1,100	$ (17,200)	$ 300	$ (139,000)	96,109	(154,845)	229,854
Reportable Legal Entities | Parent
Condensed Consolidating Statements of Operations
Equity in earnings from subsidiaries									437,400	321,300	346,700
General and administrative expenses									(114,000)	(112,200)	(80,900)
Acquisition and integration expenses									(213,600)	(346,900)	(27,300)
Income from operations									109,800	(137,800)	238,500
Other income (expense)									800	5,100	500
Interest (expense) income									(231,700)	(275,400)	(37,700)
Income (loss) before income tax (benefit) expense									(121,100)	(408,100)	201,300
Income tax (benefit) expense									(217,300)	(253,300)	(28,600)
Net income (loss)									96,200	(154,800)	229,900
Net income (loss) attributable to AECOM									96,200	(154,800)	229,900
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Consolidating Statements of Operations
Revenue									9,227,500	8,749,500	3,609,400
Cost of revenue									8,909,400	8,486,400	3,451,600
Gross profit									318,100	263,100	157,800
Equity in earnings from subsidiaries									43,800	(95,400)	40,900
Equity in earnings of joint ventures									27,300	20,000	15,000
General and administrative expenses									(1,100)	(1,800)
Acquisition and integration expenses										(51,500)
Income from operations									388,100	134,400	213,700
Other income (expense)									34,700	34,900	900
Interest (expense) income									(23,600)	(20,400)	(700)
Income (loss) before income tax (benefit) expense									399,200	148,900	213,900
Income tax (benefit) expense									114,300	66,700	34,300
Net income (loss)									284,900	82,200	179,600
Net income (loss) attributable to AECOM									284,900	82,200	179,600
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Consolidating Statements of Operations
Revenue									8,265,300	9,463,600	4,781,900
Cost of revenue									7,940,600	9,191,500	4,536,500
Gross profit									324,700	272,100	245,400
Equity in earnings from subsidiaries									3,200	(1,400)
Equity in earnings of joint ventures									76,700	86,200	42,900
Loss on disposal activities									(42,600)
Income from operations									362,000	356,900	288,300
Other income (expense)									12,700	14,700	2,000
Interest (expense) income									(42,800)	(39,400)	(3,100)
Income (loss) before income tax (benefit) expense									331,900	332,200	287,200
Income tax (benefit) expense									27,800	61,000	69,500
Net income (loss)									304,100	271,200	217,700
Noncontrolling interests in income of consolidated subsidiaries, net of tax									(67,400)	(83,600)	(2,900)
Net income (loss) attributable to AECOM									236,700	187,600	214,800
Eliminations
Condensed Consolidating Statements of Operations
Revenue									(82,000)	(223,200)	(34,500)
Cost of revenue									(82,000)	(223,200)	(34,500)
Equity in earnings from subsidiaries									(484,400)	(224,500)	(387,600)
Income from operations									(484,400)	(224,500)	(387,600)
Other income (expense)									(40,000)	(35,600)	(700)
Interest (expense) income									40,000	35,600	700
Income (loss) before income tax (benefit) expense									(484,400)	(224,500)	(387,600)
Income tax (benefit) expense									37,300	45,300	6,800
Net income (loss)									(521,700)	(269,800)	(394,400)
Net income (loss) attributable to AECOM									$ (521,700)	$ (269,800)	$ (394,400)

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Condensed Consolidating Financial Information - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 12,900	$ 84,400	$ 66,600	$ (400)	$ 26,500	$ (200)	$ 20,600	$ (118,100)	$ 163,472	$ (71,233)	$ 232,764
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on derivatives, net of tax									5,987	(9,196)	315
Foreign currency translation adjustments									(65,224)	(285,520)	(72,715)
Pension adjustments, net of tax									(164,911)	12,953	(24,161)
Other comprehensive loss, net of tax									(224,148)	(281,763)	(96,561)
Comprehensive (loss) income, net of tax									(60,676)	(352,996)	136,203
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax									(65,697)	(80,347)	(1,652)
Comprehensive (loss) income attributable to AECOM, net of tax									(126,373)	(433,343)	134,551
Reportable Legal Entities | Parent
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)									96,200	(154,800)	229,900
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on derivatives, net of tax									2,600	(6,100)	300
Pension adjustments, net of tax									(3,300)	1,800	(9,900)
Other comprehensive loss, net of tax									(700)	(4,300)	(9,600)
Comprehensive (loss) income, net of tax									95,500	(159,100)	220,300
Comprehensive (loss) income attributable to AECOM, net of tax									95,500	(159,100)	220,300
Reportable Legal Entities | Guarantor Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)									284,900	82,200	179,600
Other comprehensive income (loss), net of tax:
Pension adjustments, net of tax									(14,900)	6,400
Other comprehensive loss, net of tax									(14,900)	6,400
Comprehensive (loss) income, net of tax									270,000	88,600	179,600
Comprehensive (loss) income attributable to AECOM, net of tax									270,000	88,600	179,600
Reportable Legal Entities | Non-Guarantor Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)									304,100	271,200	217,700
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on derivatives, net of tax									3,400	(3,100)
Foreign currency translation adjustments									(65,300)	(285,600)	(72,700)
Pension adjustments, net of tax									(146,700)	4,800	(14,300)
Other comprehensive loss, net of tax									(208,600)	(283,900)	(87,000)
Comprehensive (loss) income, net of tax									95,500	(12,700)	130,700
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax									(65,700)	(80,300)	(1,600)
Comprehensive (loss) income attributable to AECOM, net of tax									29,800	(93,000)	129,100
Eliminations
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)									(521,700)	(269,800)	(394,400)
Other comprehensive income (loss), net of tax:
Comprehensive (loss) income, net of tax									(521,700)	(269,800)	(394,400)
Comprehensive (loss) income attributable to AECOM, net of tax									$ (521,700)	$ (269,800)	$ (394,400)

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Condensed Consolidating Financial Information - Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidating Statements of Cash Flows
CASH FLOWS FROM OPERATING ACTIVITIES	$ 814,155	$ 764,433	$ 360,625
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired	(5,534)	(3,293,284)	(53,099)
Cash acquired from consolidation of joint venture			18,955
Proceeds from disposal of businesses and property	39,699	15,127	3,646
Net investment in unconsolidated joint ventures	(71,547)	(32,705)	(52,173)
Sales (purchases) of investments	11,500	34,600	2,700
Payments for capital expenditures, net of disposals	(136,800)	(69,400)	(62,800)
Net cash used in investing activities	(162,615)	(3,345,728)	(142,796)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements	4,706,225	6,581,703	1,809,187
Repayments of borrowings under credit agreements	(5,199,961)	(5,158,254)	(1,976,352)
Issuance of unsecured senior notes		1,600,000
Prepayment penalty on Unsecured Senior Notes		(55,639)
Cash paid for debt and equity issuance costs	(10,447)	(89,567)	(8,067)
Proceeds from issuance of common stock	28,192	25,561	13,886
Proceeds from exercise of stock options	9,946	11,073	13,417
Payments to repurchase common stock	(25,892)	(23,113)	(34,924)
Excess tax benefit from share-based payment		3,642	748
Net distributions to noncontrolling interests	(103,169)	(144,269)	(30,253)
Other financing activities	(42,873)	(31,373)	(21,399)
Net cash (used in) provided by financing activities	(637,979)	2,719,764	(233,757)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(5,309)	(28,764)	(10,561)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	8,252	109,705	(26,489)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	683,893	574,188	600,677
CASH AND CASH EQUIVALENTS AT END OF YEAR	692,145	683,893	574,188
Reportable Legal Entities | Parent
Condensed Consolidating Statements of Cash Flows
CASH FLOWS FROM OPERATING ACTIVITIES	(273,600)	(551,200)	(33,300)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired		(3,564,200)
Proceeds from disposal of businesses and property		9,500
Sales (purchases) of investments		37,300
Payments for capital expenditures, net of disposals	(82,000)	(51,900)	(14,300)
Net receipts from (investment in) intercompany notes	5,300	95,600	146,700
Other intercompany investing activities	791,200	1,085,800	116,700
Net cash used in investing activities	714,500	(2,387,900)	249,100
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements	4,673,000	6,464,600	1,769,300
Repayments of borrowings under credit agreements	(5,124,100)	(5,031,900)	(1,918,600)
Issuance of unsecured senior notes		1,600,000
Prepayment penalty on Unsecured Senior Notes		(55,600)
Cash paid for debt and equity issuance costs	(10,400)	(89,600)	(8,100)
Proceeds from issuance of common stock	28,200	25,600	13,900
Proceeds from exercise of stock options	9,900	11,100	13,400
Payments to repurchase common stock	(25,900)	(23,100)	(34,900)
Excess tax benefit from share-based payment		3,600	700
Other financing activities	7,900	2,300	(22,500)
Net borrowings (repayments) on intercompany notes	1,000
Net cash (used in) provided by financing activities	(440,400)	2,907,000	(186,800)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	500	(32,100)	29,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	1,300	33,400	4,400
CASH AND CASH EQUIVALENTS AT END OF YEAR	1,800	1,300	33,400
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Consolidating Statements of Cash Flows
CASH FLOWS FROM OPERATING ACTIVITIES	623,700	816,900	206,500
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired	(1,000)	109,200	(55,000)
Proceeds from disposal of businesses and property		5,600
Net investment in unconsolidated joint ventures	(3,900)	(4,000)	9,400
Payments for capital expenditures, net of disposals	(58,700)	(15,800)	(17,800)
Net receipts from (investment in) intercompany notes	176,100	128,600
Other intercompany investing activities	140,300	160,900	55,700
Net cash used in investing activities	252,800	384,500	(7,700)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements	17,600	29,900
Repayments of borrowings under credit agreements	(22,800)	(31,200)	(15,800)
Other financing activities	(4,500)	(4,100)	800
Net borrowings (repayments) on intercompany notes	12,500
Other intercompany financing activities	(858,100)	(1,119,300)	(178,200)
Net cash (used in) provided by financing activities	(855,300)	(1,124,700)	(193,200)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	21,200	76,700	5,600
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	162,500	85,800	80,200
CASH AND CASH EQUIVALENTS AT END OF YEAR	183,700	162,500	85,800
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Consolidating Statements of Cash Flows
CASH FLOWS FROM OPERATING ACTIVITIES	464,100	498,700	187,400
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisitions, net of cash acquired	(4,500)	161,700	1,900
Cash acquired from consolidation of joint venture			19,000
Proceeds from disposal of businesses and property	39,700		3,600
Net investment in unconsolidated joint ventures	(67,600)	(28,700)	(61,600)
Sales (purchases) of investments	11,500	(2,700)	2,700
Payments for capital expenditures, net of disposals	3,900	(1,700)	(30,700)
Net receipts from (investment in) intercompany notes	(13,500)
Net cash used in investing activities	(30,500)	128,600	(65,100)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements	15,600	87,200	39,900
Repayments of borrowings under credit agreements	(53,100)	(95,200)	(42,000)
Net distributions to noncontrolling interests	(103,200)	(144,300)	(30,200)
Other financing activities	(46,300)	(29,500)	300
Net borrowings (repayments) on intercompany notes	(181,400)	(224,200)	(146,700)
Other intercompany financing activities	(73,400)	(127,400)	5,800
Net cash (used in) provided by financing activities	(441,800)	(533,400)	(172,900)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(5,300)	(28,800)	(10,500)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(13,500)	65,100	(61,100)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	520,100	455,000	516,100
CASH AND CASH EQUIVALENTS AT END OF YEAR	506,600	520,100	455,000
Eliminations
CASH FLOWS FROM INVESTING ACTIVITIES:
Net receipts from (investment in) intercompany notes	(167,900)	(224,200)	(146,700)
Other intercompany investing activities	(931,500)	(1,246,700)	(172,400)
Net cash used in investing activities	(1,099,400)	(1,470,900)	(319,100)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings (repayments) on intercompany notes	167,900	224,200	146,700
Other intercompany financing activities	931,500	1,246,700	172,400
Net cash (used in) provided by financing activities	$ 1,099,400	$ 1,470,900	$ 319,100

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Schedule II: Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2014
Changes in valuation and qualifying accounts
Balance at Beginning of Year	$ 64.1	$ 72.1	$ 86.4
Additions Charged to Cost of Revenue	16.4	26.9	17.3
Deductions	(20.5)	(31.2)	(38.4)
Other and Foreign Exchange Impact	0.4	(3.7)	6.8
Balance at the End of the Year	$ 60.4	$ 64.1	$ 72.1