Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Oct. 02, 2015 | Nov. 20, 2015 | Mar. 27, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 2, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | jec | ||
Entity Registrant Name | JACOBS ENGINEERING GROUP INC /DE/ | ||
Entity Central Index Key | 52,988 | ||
Current Fiscal Year End Date | --10-02 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 122,557,955 | ||
Entity Public Float | $ 5.6 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 460,859 | $ 732,647 |
Receivables | 2,548,743 | 2,867,555 |
Deferred income taxes | 160,298 | 169,893 |
Prepaid expenses and other current assets | 113,076 | 121,976 |
Total current assets | 3,282,976 | 3,892,071 |
Property, Equipment, and Improvements, Net | 381,238 | 456,797 |
Other Noncurrent Assets: | ||
Goodwill | 3,048,778 | 3,026,349 |
Intangibles | 353,419 | 440,192 |
Miscellaneous | 719,515 | 638,250 |
Total other noncurrent assets | 4,121,712 | 4,104,791 |
Assets, Total | 7,785,926 | 8,453,659 |
Current Liabilities: | ||
Notes payable | 13,364 | 36,732 |
Accounts payable | 566,866 | 622,875 |
Accrued liabilities | 1,090,985 | 1,279,556 |
Billings in excess of costs | 309,951 | 410,683 |
Total current liabilities | 1,981,166 | 2,349,846 |
Long-term Debt | 584,434 | 764,075 |
Other Deferred Liabilities | $ 863,868 | $ 834,078 |
Commitments and Contingencies | ||
Capital stock: | ||
Preferred stock, $1 par value, authorized—1,000,000 shares; issued and outstanding—none | $ 0 | $ 0 |
Common stock, $1 par value, authorized—240,000,000 shares; issued and outstanding—123,152,966 shares and 131,752,768 shares, respectively | 123,153 | 131,753 |
Additional paid-in capital | 1,137,144 | 1,173,858 |
Retained earnings | 3,496,212 | 3,527,193 |
Accumulated other comprehensive loss | (464,764) | (363,549) |
Total Jacobs stockholders’ equity | 4,291,745 | 4,469,255 |
Noncontrolling interests | 64,713 | 36,405 |
Total Group stockholders’ equity | 4,356,458 | 4,505,660 |
Liabilities and Stockholders' Equity, Total | $ 7,785,926 | $ 8,453,659 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 02, 2015 | Sep. 26, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 240,000,000 | 240,000,000 |
Common stock, issued (in shares) | 123,152,966 | 131,752,768 |
Common stock, outstanding (in shares) | 123,152,966 | 131,752,768 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Income Statement [Abstract] | |||
Revenues | $ 12,114,832 | $ 12,695,157 | $ 11,818,376 |
Costs and Expenses: | |||
Direct costs of contracts | (10,146,494) | (10,621,373) | (9,976,057) |
Selling, general and administrative expenses | (1,522,811) | (1,545,716) | (1,173,340) |
Operating Profit | 445,527 | 528,068 | 668,979 |
Other Income (Expense): | |||
Interest income | 7,262 | 9,693 | 5,395 |
Interest expense | (19,503) | (11,437) | (12,906) |
Gain on sale of intellectual property | 0 | 12,147 | 0 |
Miscellaneous income (expense), net | (3,149) | 3,695 | 80 |
Total other income (expense), net | (15,390) | 14,098 | (7,431) |
Earnings Before Taxes | 430,137 | 542,166 | 661,548 |
Income Tax Expense | (101,255) | (190,054) | (221,366) |
Net Earnings of the Group | 328,882 | 352,112 | 440,182 |
Net Earnings Attributable to Noncontrolling Interests | (25,911) | (24,004) | (17,089) |
Net Earnings Attributable to Jacobs | $ 302,971 | $ 328,108 | $ 423,093 |
Net Earnings Per Share: | |||
Basic (in dollars per share) | $ 2.42 | $ 2.51 | $ 3.27 |
Diluted (in dollars per share) | $ 2.40 | $ 2.48 | $ 3.23 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net Earnings of the Group | $ 328,882 | $ 352,112 | $ 440,182 |
Other Comprehensive Loss: | |||
Foreign currency translation adjustments | (136,168) | (33,316) | (23,704) |
Change in pension liability | 33,208 | (15,303) | 4,496 |
Gains on cash flow hedges | 2,949 | 1,022 | 1,467 |
Other Comprehensive (Loss) Income Before Income Taxes | (100,011) | (47,597) | (17,741) |
Income Tax Benefit (Expense): | |||
Foreign currency translation adjustments | 0 | 3,250 | 0 |
Change in pension liability | (438) | (14,562) | (3,949) |
Losses on cash flow hedges | (766) | (513) | (550) |
Total Income Tax Benefit (Expense) | (1,204) | (11,825) | (4,499) |
Net Other Comprehensive Loss | (101,215) | (59,422) | (22,240) |
Net Comprehensive Income of the Group | 227,667 | 292,690 | 417,942 |
Net Comprehensive Income Attributable to Noncontrolling Interests | (25,911) | (24,004) | (17,089) |
Total Comprehensive Income Attributable to Jacobs | $ 201,756 | $ 268,686 | $ 400,853 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comp- rehensive Income (Loss) | Total Jacobs Stock- holders’ Equity | Non- controlling Interests |
Balances at Sep. 28, 2012 | $ 3,758,889 | $ 129,936 | $ 953,983 | $ 2,920,441 | $ (281,887) | $ 3,722,473 | $ 36,416 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 440,182 | 423,093 | 423,093 | 17,089 | |||
Foreign currency translation adjustments, net of deferred tax | (23,704) | (23,704) | (23,704) | ||||
Pension liability, net of deferred tax | 547 | 547 | 547 | ||||
Gain on derivatives, net of deferred tax | 917 | 917 | 917 | ||||
Noncontrolling interest acquired / consolidated | 794 | 11,087 | 0 | 11,087 | (10,293) | ||
Distributions to noncontrolling interests | (7,974) | (7,974) | |||||
Issuances of equity securities, net of deferred tax | 140,456 | 2,864 | 137,592 | 0 | 140,456 | ||
Repurchases of equity securities | (61,772) | (1,161) | (18,038) | (42,573) | (61,772) | ||
Balances at Sep. 27, 2013 | 4,248,335 | 131,639 | 1,084,624 | 3,300,961 | (304,127) | 4,213,097 | 35,238 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 352,112 | 328,108 | 328,108 | 24,004 | |||
Foreign currency translation adjustments, net of deferred tax | (30,066) | (30,066) | (30,066) | ||||
Pension liability, net of deferred tax | (29,865) | (29,865) | (29,865) | ||||
Gain on derivatives, net of deferred tax | 509 | 509 | 509 | ||||
Noncontrolling interest acquired / consolidated | (28,649) | 4,779 | (15,704) | (10,925) | (17,724) | ||
Distributions to noncontrolling interests | (6,081) | (968) | (968) | (5,113) | |||
Issuances of equity securities, net of deferred tax | 117,207 | 2,254 | 114,953 | 117,207 | |||
Repurchases of equity securities | (117,842) | (2,140) | (30,498) | (85,204) | (117,842) | ||
Balances at Sep. 26, 2014 | 4,505,660 | 131,753 | 1,173,858 | 3,527,193 | (363,549) | 4,469,255 | 36,405 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 328,882 | 302,971 | 302,971 | 25,911 | |||
Foreign currency translation adjustments, net of deferred tax | (136,168) | (136,168) | (136,168) | ||||
Pension liability, net of deferred tax | 32,770 | 32,770 | 32,770 | ||||
Gain on derivatives, net of deferred tax | 2,183 | 2,183 | 2,183 | ||||
Noncontrolling interest acquired / consolidated | (82) | 0 | (9,709) | (9,709) | 9,627 | ||
Distributions to noncontrolling interests | (7,230) | 0 | 0 | (7,230) | |||
Issuances of equity securities, net of deferred tax | 82,391 | 1,590 | 80,801 | 82,391 | |||
Repurchases of equity securities | (451,948) | (10,190) | (117,515) | (324,243) | (451,948) | ||
Balances at Oct. 02, 2015 | $ 4,356,458 | $ 123,153 | $ 1,137,144 | $ 3,496,212 | $ (464,764) | $ 4,291,745 | $ 64,713 |
Consolidated Statements Of Sto7
Consolidated Statements Of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Deferred tax benefit, Foreign currency translation adjustments | $ 0 | $ 3,250 | $ 0 |
Deferred tax benefit (expense), Pension liability | (438) | (14,562) | (3,949) |
Deferred tax expense, Other comprehensive income (loss), Gain on derivatives | 766 | 513 | 550 |
Deferred tax benefit (expense), Issuances equity securities | $ (10,332) | $ (1,264) | $ (3,111) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Cash Flows from Operating Activities: | |||
Net earnings attributable to the Group | $ 328,882 | $ 352,112 | $ 440,182 |
Depreciation and amortization: | |||
Property, equipment and improvements | 99,924 | 98,592 | 69,889 |
Intangible assets | 49,368 | 46,820 | 28,985 |
Loss on sale of business | 2,909 | 0 | 0 |
Gain on sale of intellectual property | 0 | (12,147) | 0 |
Stock based compensation | 41,412 | 43,400 | 39,518 |
Tax deficiency (benefit) from stock based compensation | (1,237) | 1,344 | 3,213 |
Equity in earnings of investees | 5,483 | (8,394) | (14,140) |
Change in pension plan obligations | (5,980) | (37,218) | (8,714) |
Change in deferred compensation plans | (3,229) | (7,062) | (8,915) |
(Gains) Losses on sales of assets, net | 30,985 | (4,668) | 519 |
Changes in assets and liabilities, excluding the effects of businesses acquired: | |||
Receivables | 172,958 | 107,944 | (234,864) |
Prepaid expenses and other current assets | 6,644 | (7,217) | (15,898) |
Accounts payable | (28,943) | 108,241 | 82,389 |
Accrued liabilities | (120,847) | (2,172) | (18,214) |
Billings in excess of costs | (52,441) | 29,833 | 84,043 |
Income taxes payable | (22,685) | (17,373) | (12,745) |
Deferred income taxes | (31,177) | 30,799 | 2,711 |
Other deferred liabilities | (15,759) | 3,725 | (2,199) |
Deferred gain on synthetic lease transaction | 23,343 | 0 | 0 |
Change in long-term receivables | 0 | 2,828 | 15,815 |
Long-term insurance prepayment | 0 | (17,411) | 0 |
Other, net | 4,962 | 9,740 | (3,059) |
Net cash provided by operating activities | 484,572 | 721,716 | 448,516 |
Cash Flows from Investing Activities: | |||
Additions to property, equipment and improvements | (88,404) | (132,146) | (127,270) |
Disposals of property, equipment, and improvements | 369 | 10,414 | 4,276 |
Change in cash related to consolidation of joint ventures | 0 | 0 | 5,344 |
Purchases of investments | 0 | (25,137) | (15) |
Sales of investments | 13 | 58 | 11 |
Sale of intellectual property | 0 | 12,371 | 0 |
Acquisitions of businesses, net of cash acquired | (8,101) | (1,384,342) | (39,429) |
Net cash used for investing activities | (96,123) | (1,518,782) | (157,083) |
Cash Flows from Financing Activities: | |||
Proceeds from long-term borrowings | 1,768,639 | 819,681 | 0 |
Repayments of long-term borrowings | (1,907,109) | (455,426) | (118,293) |
Proceeds from short-term borrowings | 362,433 | 207,876 | 59,094 |
Repayments of short-term borrowings | (382,190) | (226,091) | (35,400) |
Proceeds from issuances of common stock | 33,222 | 44,704 | 46,079 |
Common stock repurchases | (422,316) | (78,399) | 0 |
Tax (deficiency) benefit from stock based compensation | 1,237 | (1,344) | (3,213) |
Distributions to noncontrolling interests | (7,230) | (6,081) | (7,974) |
Net cash provided by (used for) financing activities | (553,314) | 304,920 | (59,707) |
Effect of Exchange Rate Changes | (106,923) | (31,612) | (7,778) |
Increase (Decrease) in Cash and Cash Equivalents | (271,788) | (523,758) | 223,948 |
Cash and Cash Equivalents at Beginning of Period | 732,647 | 1,256,405 | 1,032,457 |
Cash and Cash Equivalents at End of Period | $ 460,859 | $ 732,647 | $ 1,256,405 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 12 Months Ended |
Oct. 02, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business And Basis Of Presentation | Description of Business and Basis of Presentation Description of Business We provide a broad range of technical, professional, and construction services including engineering, design, and architectural services; construction and construction management services; operations and maintenance services; and process, scientific, and systems consulting services. We provide our services through offices and subsidiaries located primarily in North America, South America, Europe, the Middle East, India, Australia, Africa, and Asia. We provide our services under cost-reimbursable and fixed-price contracts. The percentage of revenues realized from each of these types of contracts for each of the last three fiscal years was as follows: 2015 2014 2013 Cost-reimbursable 83 % 83 % 85 % Fixed-price 17 % 17 % 15 % Basis of Presentation, Definition of Fiscal Year, and Other Matters The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. GAAP and include the accounts of Jacobs Engineering Group Inc. and its subsidiaries and affiliates which it controls. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company’s fiscal year ends on the Friday closest to September 30 (determined on the basis of the number of workdays) and, accordingly, an additional week of activity is added every five -to- six years. Please refer to Note 16— Definitions for the definitions of certain terms used in the accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Oct. 02, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Revenue Accounting for Contracts and Use of Joint Ventures In general, we recognize revenues at the time we provide services. Depending on the commercial terms of the contract, we recognize revenues either when costs are incurred, or using the percentage-of-completion method of accounting by relating contract costs incurred to date to the total estimated costs at completion. Contract losses are provided for in their entirety in the period they become known, without regard to the percentage-of-completion. For multiple contracts with a single customer we account for each contract separately. We also recognize as revenues, costs associated with claims and unapproved change orders to the extent it is probable that such claims and change orders will result in additional contract revenue, and the amount of such additional revenue can be reliably estimated. Certain cost-reimbursable contracts include incentive-fee arrangements. These incentive fees can be based on a variety of factors but the most common are the achievement of target completion dates, target costs, and/or other performance criteria. Failure to meet these targets can result in unrealized incentive fees. We recognize incentive fees based on expected results using the percentage-of-completion method of accounting. As the contract progresses and more information becomes available, the estimate of the anticipated incentive fee that will be earned is revised as necessary. We bill incentive fees based on the terms and conditions of the individual contracts. In certain situations, we are allowed to bill a portion of the incentive fees over the performance period of the contract. In other situations, we are allowed to bill incentive fees only after the target criterion has been achieved. Incentive fees which have been recognized but not billed are included in receivables in the accompanying Consolidated Balance Sheets. Certain cost-reimbursable contracts with government customers as well as certain commercial clients provide that contract costs are subject to audit and adjustment. In this situation, revenues are recorded at the time services are performed based upon the amounts we expect to realize upon completion of the contracts. Revenues are not recognized for non-recoverable costs. In those situations where an audit indicates that we may have billed a client for costs not allowable under the terms of the contract, we estimate the amount of such nonbillable costs and adjust our revenues accordingly. When we are directly responsible for subcontractor labor or third-party materials and equipment, we reflect the costs of such items in both revenues and costs (and we refer to such costs as “pass-through” costs). On those projects where the client elects to pay for such items directly and we have no associated responsibility for such items, these amounts are not reflected in either revenues or costs. The following table sets forth pass-through costs included in revenues for each of the last three fiscal years (in millions): 2015 2014 2013 $ 2,602.6 $ 2,954.9 $ 2,624.8 As is common to the industry, we execute certain contracts jointly with third parties through various forms of joint ventures and consortiums. Although the joint ventures own and hold the contracts with the clients, the services required by the contracts are typically performed by us and our joint venture partners, or by other subcontractors under subcontracting agreements with the joint ventures. The assets of our joint ventures, therefore, consist almost entirely of cash and receivables (representing amounts due from clients), and the liabilities of our joint ventures consist almost entirely of amounts due to the joint venture partners (for services provided by the partners to the joint ventures under their individual subcontracts) and other subcontractors. In general, at any given time, the equity of our joint ventures represents the undistributed profits earned on contracts the joint ventures hold with clients. Very few of our joint ventures have employees. None of our joint ventures have third-party debt or credit facilities. Our joint ventures, therefore, are simply mechanisms used to deliver engineering and construction services to clients. Rarely do they, in and of themselves, present any risk of loss to us or to our partners separate from those that we would carry if we were performing the contract on our own. Under U.S. GAAP, our share of losses associated with the contracts held by the joint ventures, if and when they occur, has always been reflected in our Consolidated Financial Statements. Certain of our joint ventures meet the definition of a VIE. In evaluating our VIEs for possible consolidation, we perform a qualitative analysis to determine whether or not we have a “controlling financial interest” in the VIE as defined by U.S. GAAP. We consolidate only those VIEs over which we have a controlling financial interest. For the Company’s unconsolidated joint ventures, we use either the equity method of accounting or proportional consolidation. The Company does not currently participate in any significant VIEs in which it has a controlling financial interest that it does not consolidate. There were no changes in facts and circumstances during the period that caused the Company to reassess the method of accounting for its VIEs. Fair Value Measurements The net carrying amounts of cash and cash equivalents, trade receivables and payables, and notes payable approximate Fair Value due to the short-term nature of these instruments. Similarly, we believe the carrying value of long-term debt also approximates Fair Value based on the interest rates and scheduled maturities applicable to the outstanding borrowings. Certain other assets and liabilities, such as forward contracts and an interest rate swap agreement we purchased as cash-flow hedges discussed in Note 10 — Commitments and Contingencies - Derivative Financial Instruments are required to be carried in our Consolidated Financial Statements at Fair Value. The Fair Value of the Company’s reporting units (used for purposes of determining whether there is an indication of possible impairment of the carrying value of goodwill) is determined using both an income approach and a market approach. Both approaches require us to make certain estimates and judgments. Under the income approach, Fair Value is determined by using the discounted cash flows of our reporting units. Under the market approach, the Fair Values of our reporting units are determined by reference to guideline companies that are reasonably comparable to our reporting units; the Fair Values are estimated based on the valuation multiples of the invested capital associated with the guideline companies. In assessing whether there is an indication that the carrying value of goodwill has been impaired, we utilize the results of both valuation techniques and consider the range of Fair Values indicated. The range of values (both ends of the range) for each reporting unit exceeded the respective book values by over 20% to 40% . With respect to equity-based compensation (i.e., share-based payments), we estimate the Fair Value of stock options granted to employees and directors using the Black-Scholes option-pricing model. Like all option-pricing models, the Black-Scholes model requires the use of highly subjective assumptions including (i) the expected volatility of the market price of the underlying stock, and (ii) the expected term of the award, among others. Accordingly, changes in assumptions and any subsequent adjustments to those assumptions can cause drastically different Fair Values to be assigned to our stock option awards. For restricted stock units containing service and market conditions, compensation expense is based on the Fair Value of such units using a Monte Carlo simulation. Due to the uncertainties inherent in the use of assumptions and the results of applying Monte Carlo simulations and because equity awards tend to vest over several years and additional equity awards may be made in the future, the amount of expense recorded in the accompanying consolidated financial statements may not be representative of the effects on our future consolidated financial statements. The Fair Values of the assets owned by the various pension plans that the Company sponsors are determined based on the type of asset, consistent with U.S. GAAP. Equity securities are valued by using market observable data such as quoted prices. Publicly traded corporate equity securities are valued at the last reported sale price on the last business day of the year. Securities not traded on the last business day are valued at the last reported bid price. Debt securities are valued at the last reported sale price on the last business day applicable. Real estate consists primarily of common or collective trusts, with underlying investments in real estate. They are valued using the best information available, including quoted market price, market prices for similar assets when available, internal cash flow estimates discounted at an appropriate interest rate, or independent appraisals, as appropriate. Insurance contracts, investments in infrastructure/raw goods, and hedge funds are valued using actuarial assumptions and values reported by the fund managers. The methodologies described above and elsewhere in these Notes to Consolidated Financial Statements may produce a Fair Value measure that may not be indicative of net realizable value or reflective of future Fair Values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the Fair Value of certain financial instruments could result in a different Fair Value measurement. Cash Equivalents We consider all highly liquid investments with original maturities of less than three months to be cash equivalents. Cash equivalents at October 2, 2015 and September 26, 2014 consisted primarily of money market mutual funds and overnight bank deposits. Receivables and Billings in Excess of Costs “Receivables” include billed receivables, unbilled receivables, and retentions receivable. Billed receivables represent amounts invoiced to clients in accordance with the terms of our client contracts. They are recorded in our financial statements when they are issued. Unbilled receivables and retentions receivable represent reimbursable costs and amounts earned and reimbursable under contracts in progress as of the respective balance sheet dates. Such amounts become billable according to the contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. We anticipate that substantially all of such unbilled amounts will be billed and collected over the next fiscal year. Certain contracts allow us to issue invoices to clients in advance of providing services. “Billings in excess of costs” represent billings to, and cash collected from, clients in advance of work performed. We anticipate that substantially all such amounts will be earned over the next twelve months. Property, Equipment, and Improvements Property, equipment and improvements are carried at cost, and are shown net of accumulated depreciation and amortization in the accompanying Consolidated Balance Sheets. Depreciation and amortization is computed primarily by using the straight-line method over the estimated useful lives of the assets. The cost of leasehold improvements is amortized using the straight-line method over the lesser of the estimated useful life of the asset or the remaining term of the related lease. Estimated useful lives range from 20 to 40 years for buildings, from 3 to 10 years for equipment and from 4 to 10 years for leasehold improvements. Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquired business over the Fair Value of the net tangible and intangible assets acquired. Goodwill and intangible assets with indefinite lives are not amortized; instead, we test goodwill for possible impairment. We conduct such tests annually (or more frequently if events occur or circumstances change that would more likely than not reduce the Fair Values of our reporting units below their respective carrying values). The first step in the test is to compare the Fair Value of each of the Company’s reporting units to their respective carrying amounts, including goodwill. In the event that the carrying value of a reporting unit exceeds its Fair Value, a second test is performed to measure the amount of the impairment loss, if any. In performing the annual impairment test, the Company evaluates goodwill at the reporting unit level. We have determined that our operating segment is comprised of two reporting units based on geography. Based on the results of these tests, we have determined that the Fair Value of our reporting units substantially exceeded their respective carrying values for fiscal years 2015 , 2014 , and 2013 . The following table provides certain information related to the Company’s acquired intangible assets for each of the fiscal years presented (in thousands): Customer Relationships, Contracts, and Backlog Developed Technology Trade Names Other Total Balances, September 28, 2012 $ 217,729 $ 20,444 $ 3,082 $ 2,507 $ 243,762 Amortization (20,731 ) (1,533 ) (614 ) (1,130 ) (24,008 ) Foreign currency translation (1,471 ) — (289 ) (90 ) (1,850 ) Balances, September 27, 2013 195,527 18,911 2,179 1,287 217,904 Acquisitions 249,164 — 15,049 — 264,213 Amortization (37,737 ) (1,533 ) (3,251 ) (693 ) (43,214 ) Foreign currency translation 1,087 — 171 31 1,289 Balances, September 26, 2014 408,041 17,378 14,148 625 440,192 Acquisitions (4,315 ) — (1,292 ) 300 (5,307 ) Amortization (39,967 ) (1,533 ) (4,172 ) (277 ) (45,949 ) Foreign currency translation (34,418 ) — (1,085 ) (14 ) (35,517 ) Balances, October 2, 2015 $ 329,341 $ 15,845 $ 7,599 $ 634 $ 353,419 Weighted average amortization period (years) 9.2 10.3 4.4 6.9 9.2 The weighted average amortization period includes the effects of foreign currency translation. The above table excludes the values assigned to those intangible assets embedded in the Company’s investment in AWE Management Ltd. (“AWE”) and Guimar Engenharia LTDA ("Guimar"). Those amounts are included in the carrying value of the Company’s investment in AWE and Guimar. The amount of amortization expense we estimate we will record during each of the next five fiscal years relating to intangible assets existing at October 2, 2015 , including those associated with AWE and Guimar, is: fiscal 2016 - $46.5 million ; fiscal 2017 - $44.5 million ; fiscal 2018 - $43.7 million ; fiscal 2019 - $42.7 million ; and fiscal 2020 - $40.4 million . The amounts reported for future amortization include the effect of exchange rate changes. The change in goodwill during the three year period ending October 2, 2015 was due primarily to businesses acquired during fiscal 2014 . Business Combinations On December 13, 2013, the Company acquired all of the outstanding equity interests in Sinclair Knight Merz Management Pty Limited and Sinclair Knight Merz Holdings Limited (collectively, "SKM"), a provider of engineering, design, procurement, construction and project management services, from the SKM shareholders. The Company purchased SKM for approximately $1.2 billion in cash. SKM's results of operations have been included in the Company's consolidated results of operations since the date of acquisition. The acquisition agreement includes customary representations, warranties, and indemnities supported by an escrow account. Included in selling, general and administrative expense for fiscal 2014 is $9.2 million of incremental, transaction-related expenses. The following table presents the final purchase price allocation for SKM (in thousands): Assets: Cash and cash equivalents $ 152,051 Receivables and other current assets 371,331 Property and equipment and other 71,630 Intangible assets 202,166 Total assets 797,178 Liabilities: Current liabilities 351,351 Deferred tax liabilities 72,656 Long-term liabilities 20,416 Total liabilities 444,423 Net identifiable assets acquired $ 352,755 Goodwill 866,919 Net assets acquired $ 1,219,674 The following table presents the values assigned to the acquired SKM intangible assets (in thousands): Customer relationships / backlog $ 193,260 Trade names 8,906 Total $ 202,166 The preliminary useful lives of the intangible assets acquired from SKM range from 3 to 12 years. Some of the factors contributing to the recognition of goodwill include: (i) access to a large, highly-trained and stable workforce; (ii) the opportunity to expand our client base in Australia, Asia, South America and the U.K.; (iii) the opportunity to expand our presence in multiple industries, including: mining, infrastructure, buildings, water and energy; and (iv) the opportunity to achieve operating synergies. The following table presents the unaudited, pro forma consolidated results of operations (in millions, except per share amounts) for fiscal year 2014 as if the acquisition of SKM operations had occurred as of September 28, 2012 . The period end dates of SKM are different from those of the Company and, accordingly, certain adjustments were made to conform SKM's period end dates to those of the Company. Management believes these adjustments make the comparative data more representative of what the combined results of operations would have been over the pro forma period. The pro forma results are not necessarily indicative of (i) the results of operations that would have occurred had we actually acquired SKM on September 28, 2012 ; or (ii) future results of operations: 2014 Revenues $ 12,944,848 Net earnings attributable to Jacobs $ 335,658 Basic earnings per share $ 2.57 Diluted earnings per share $ 2.54 The pro forma earnings for fiscal year 2014 were adjusted to exclude $21.4 million of transaction-related costs incurred by both parties. For fiscal year 2014 , the pro forma earnings were adjusted to reduce interest expense by $2.3 million (for a total of $2.1 million ). For fiscal year 2014 , the pro forma earnings were adjusted to include net incremental intangible amortization of $2.5 million (for a total of $19.9 million ). The pro forma earnings for fiscal year 2014 include an expense from SKM of $24 million related to a settlement with certain SKM shareholders regarding provisions of their shareholding plan that was settled and paid prior to the close of the business combination and recorded during the three month period ended December 27, 2013. During fiscal year 2014 , the Company also acquired Federal Network Services LLC (formerly a subsidiary of Verizon), Eagleton Engineering, LLC, FMHC Corporation, Stobbarts (Nuclear) Limited, Trompeter Enterprises, and MARMAC Field Services, Inc. The operations of these acquisitions were not material to the Company's consolidated results for fiscal 2014 . During fiscal 2014 , we also acquired an additional 15% interest in Zamel and Turbag Consulting Engineers Company ("ZATE"), a refining, chemicals, infrastructure and civil engineering company headquartered in Al Khobar, Saudi Arabia. This transaction brought the Company's ownership in ZATE to 75% . Foreign Currencies In preparing our Consolidated Financial Statements, it is necessary to translate the financial statements of our subsidiaries operating outside the U.S., which are denominated in currencies other than the U.S. dollar, into the U.S. dollar. In accordance with U.S. GAAP, revenues and expenses of operations outside the U.S. are translated into U.S. dollars using weighted-average exchange rates for the applicable period(s) being translated while the assets and liabilities of operations outside the U.S. are generally translated into U.S. dollars using period-end exchange rates. The net effect of foreign currency translation adjustments is included in stockholders’ equity as a component of accumulated other comprehensive income (loss) in the accompanying Consolidated Balance Sheets. Share-Based Payments We measure the value of services received from employees and directors in exchange for an award of an equity instrument based on the grant-date Fair Value of the award. The computed value is recognized as a non-cash cost on a straight-line basis over the period the individual provides services, which is typically the vesting period of the award with the exception of awards containing an internal performance measure which is recognized on a straight-line basis over the vesting period subject to the probability of meeting the performance requirements and adjusted for the number of shares expected to be earned. The cost of these awards is recorded in selling, general and administrative expense in the accompanying Consolidated Financial Statements. The following table presents our stock-based compensation expense for the various types of awards made by the Company for each of the fiscal years presented (in thousands): Award Type 2015 2014 2013 Restricted Stock and Restricted $ 20,779 $ 17,307 $ 12,836 Stock Options 10,683 10,829 11,385 Market and Performance Awards 9,950 15,264 15,297 Total Expense $ 41,412 $ 43,400 $ 39,518 The Company has two incentive plans whereby eligible employees and directors of Jacobs may be granted stock options, restricted stock, and/or restricted stock units. Stock Options —Substantially all of the stock options granted during the year were awarded on the same date (although the date is different for employees and directors). The following table presents the assumptions used in the Black-Scholes option-pricing model during each of the last three fiscal years for awards made to employees and directors: Awards Made to Employees Awards Made to Directors 2015 2014 2013 2015 2014 2013 Dividend yield 0 % 0 % 0 % 0 % 0 % 0 % Expected volatility 27.00 % 34.25 % 38.37 % 29.28 % 35.30 % 37.65 % Risk-free interest rate 1.67 % 1.79 % 1.11 % 1.63 % 1.76 % 0.95 % Expected term of options (in years) 5.82 5.82 5.82 5.82 5.82 5.82 Performance Awards — During fiscal years 2014 and 2013, the Company granted restricted stock units containing service, performance, and market conditions. The restricted stock unit award for these years is split equally between Relative TSR Restricted Stock Units and Net Earnings Growth Restricted Stock Units. During fiscal year 2015, the Company only granted Net Earnings Growth Restricted Stock Units. The number of Relative TSR Restricted Stock Units in which the employee may ultimately vest shall be equal to the Relative TSR grant multiplied by the TSR Performance Multiplier. The TSR Performance Multiplier will be determined by comparing the Company's total stockholder return to the total stockholder return of each of the companies in a specified industry peer group over the three -year period immediately following the award date. For purposes of computing total stockholder return, the beginning stock price will be the average closing stock price over the 30 calendar day period ending on the award date ("Performance Period"), and the ending stock price will be the average closing price over the 30 calendar day period ending on the last day of the performance period. Any dividend payments made over the Performance Period will be deemed re-invested on the ex-dividend data in additional shares of the related Company. The following table presents the basis on which the Relative TSR Restricted Stock Units are determined: Company TSR Percentile Rank TSR Performance Multiplier Below 30th percentile —% 30th percentile 50% 50th percentile 100% 70th percentile or above 150% If the Company's total stockholder return over the Performance Period falls between any of the brackets described above, the TSR Performance Multiplier will be determined using straight line interpolation based on the actual percentile ranking. Substantially all of the TSR restricted stock units awarded during the year are awarded on the same date. The following table presents the assumptions used to value the TSR restricted stock units: 2014 2013 Dividend yield — % — % Expected volatility 24.77 % 29.18 % Risk-free interest rate 0.80 % 0.42 % Expected term (in years) 3 3 The number of Net Earnings Growth Restricted Stock Units awarded in fiscal year 2013 in which an employee may ultimately vest shall be equal to the sum of the following: (1) an amount, not less than zero, equal to one-third of the earned Net Earnings Growth Restricted Stock Units grant multiplied by the Net Earnings Growth Performance Multiplier (or, "NEGPM", as defined) determined based upon the growth in the Company's Net Earnings (as defined) over the period starting on the first day of the Company's third quarter of fiscal 2013 and ending on the last day of the Company's second quarter of fiscal 2014; plus, (2) an amount, not less than zero, equal to (A) two-thirds of the earned Net Earnings Growth Restricted Stock Units grant multiplied by the NEGPM determined based upon the average growth in the Company's Net Earnings over the period starting on the first day of the Company's third quarter of fiscal 2013 and ending on the last day of the Company's second quarter of fiscal 2015, minus (B) the amount determined pursuant to (1) above; plus, (3) an amount, not less than zero, equal to (A) the earned Net Earnings Growth Restricted Stock Units grant multiplied by the NEGPM determined based upon the average growth in the Company's Net Earnings over the period starting on the first day of the Company's third quarter of fiscal 2013 and ending on the last day of the Company's second quarter of fiscal 2016, minus (B) the amount determined pursuant to (1) and (2) above. For Net Earnings Growth Restricted Stock Units awarded in fiscal years 2014 and 2015, all of the criteria referenced in the paragraph above are the same over the three year vesting period with the exception of the performance period. The performance periods for fiscal years 2014 and 2015 are based upon the Company's Net Earnings (as defined) over the period starting on the first day of the Company's third quarter of fiscal 2014 and ending on the last day of the Company's second quarter of fiscal 2017 and the Company's Net Earnings (as defined) over the period starting on the first day of the Company's third quarter of fiscal 2015 and ending on the last day of the Company's second quarter of fiscal 2018, respectively. If the Company's average growth in Net Earnings over the applicable fiscal years during the respective performance periods is between 5% and 10% , 10% and 15% , or 15% and 20% , the Net Earnings Growth Performance Multiplier will be determined using straight line interpolation based on the actual average growth in the Company's consolidated net earnings attributable to Jacobs. The following table presents the basis on which the Net Earnings Growth Restricted Stock Units are determined: Average Net Earnings Growth Net Earnings Growth Performance Multiplier Less than 5% —% 5% 50% 10% 100% 15% 150% 20% 200% Unless stated otherwise, all other awards are valued based on the closing price of the Company's common stock as reported in the NYSE Composite Price History on their respective grant dates. Concentrations of Credit Risk Our cash balances and cash equivalents are maintained in accounts held by major banks and financial institutions located primarily in North America, South America, Europe, the Middle East, India, Australia, Africa, and Asia. In the normal course of business, and consistent with industry practices, we grant credit to our clients without requiring collateral. Concentrations of credit risk is the risk that, if we extend a significant amount of credit to clients in a specific geographic area or industry, we may experience disproportionately high levels of default if those clients are adversely affected by factors particular to their geographic area or industry. Concentrations of credit risk relative to trade receivables are limited due to our diverse client base, which includes the U.S. federal government and multi-national corporations operating in a broad range of industries and geographic areas. Additionally, in order to mitigate credit risk, we continually evaluate the credit worthiness of our major commercial clients. Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires us to employ estimates and make assumptions that affect the reported amounts of certain assets and liabilities; the revenues and expenses reported for the periods covered by the financial statements; and certain amounts disclosed in these Notes to the Consolidated Financial Statements. Although such estimates and assumptions are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available and past experience, actual results could differ significantly from those estimates and assumptions. Our estimates, judgments, and assumptions are evaluated periodically and adjusted accordingly. Earlier in these Notes to Consolidated Financial Statements we discussed three significant accounting policies that rely on the application of estimates and assumptions: revenue recognition for long-term construction contracts; the process for testing goodwill for possible impairment; and the accounting for share-based payments to employees and directors. The following is a discussion of certain other significant accounting policies that rely on the use of estimates: Accounting for Pensions — We use certain assumptions and estimates in order to calculate periodic pension cost and the value of the assets and liabilities of our pension plans. These assumptions involve discount rates, investment returns, and projected salary increases, among others. Changes in the actuarial assumptions may have a material effect on the plans’ liabilities and the projected pension expense. Accounting for Income Taxes — We determine our consolidated income tax expense using the asset and liability method prescribed by U.S. GAAP. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Such deferred tax assets and liabilities are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. If and when we determine that a deferred tax asset will not be realized for its full amount, we will recognize and record a valuation allowance with a corresponding charge to earnings. Judgment is required in determining our worldwide provision for income taxes. In the normal course of business, we may engage in numerous transactions every day for which the ultimate tax outcome (including the period in which the transaction will ultimately be included in taxable income or deducted as an expense) is uncertain. Additionally, we file income, franchise, gross receipts and similar tax returns in many jurisdictions. Our tax returns are subject to audit and investigation by the Internal Revenue Service, most states in the U.S., and by various government agencies representing many jurisdictions outside the U.S. Contractual Guarantees, Litigation, Investigations, and Insurance — In the normal course of business, we are subject to certain contractual guarantees and litigation. We record in the Consolidated Balance Sheets amounts representing our estimated liability relating to such guarantees, litigation, and insurance claims. We perform an analysis to determine the level of reserves to establish for both insurance-related claims that are known and have been asserted against us as well as for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to our claims administrators as of the respective balance sheet dates. We include any adjustments to such insurance reserves in our Consolidated Statements of Earnings. In addition, as a contractor providing services to various agencies of the U.S. federal government, we are subject to many levels of audits, investigations, and claims by, or on behalf of, the U.S. federal government with respect to contract performance, pricing, costs, cost allocations, and procurement practices. We adjust revenues based upon the amounts we expect to realize considering the effects of any client audits or governmental investigations. Accounting for Business Combinations — U.S. GAAP requi |
Employee Stock Purchase And Sto
Employee Stock Purchase And Stock Option Plans | 12 Months Ended |
Oct. 02, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Purchase And Stock Option Plans | Stock Purchase and Stock Option Plans Broad-Based, Employee Stock Purchase Plans Under the 1989 ESPP and the GESPP, eligible employees who elect to participate in these plans are granted the right to purchase shares of the common stock of Jacobs at a discount that is limited to 5% of the per-share market value on the day shares are sold to employees. The following table summarizes the stock issuance activity under the 1989 ESPP and the GESPP during each of the last three fiscal years: 2015 2014 2013 Aggregate Purchase Price Paid for Shares Sold: Under the 1989 ESPP $ 28,621,800 $ 30,354,723 $ 30,012,848 Under the GESPP 3,535,479 3,314,046 3,068,578 Total $ 32,157,279 $ 33,668,769 $ 33,081,426 Aggregate Number of Shares Sold: Under the 1989 ESPP 696,853 553,201 642,675 Under the GESPP 84,361 59,883 64,963 Total 781,214 613,084 707,638 At October 2, 2015 , there remains 1,163,967 shares reserved for issuance under the 1989 ESPP and 127,824 shares reserved for issuance under the GESPP. Stock Incentive Plans We also sponsor the 1999 SIP and the 1999 ODSP. The 1999 SIP provides for the issuance of incentive stock options, nonqualified stock options, share appreciation rights ("SAR"), restricted stock, and restricted stock units to employees. The 1999 ODSP provides for awards of shares of common stock, restricted stock, and restricted stock units, and grants of nonqualified stock options to our outside (i.e., nonemployee) directors. The following table sets forth certain information about the 1999 Plans: 1999 SIP 1999 ODSP Total Number of shares authorized 29,850,000 800,000 30,650,000 Number of remaining shares reserved for issuance at October 2, 2015 10,894,091 323,500 11,217,591 Number of shares relating to outstanding stock options at October 2, 2015 3,790,332 282,375 4,072,707 Number of shares available for future awards: At October 2, 2015 7,103,759 41,125 7,144,884 At September 26, 2014 7,118,672 90,125 7,208,797 Effective September 28, 2012, all grants of shares under the 1999 SIP are issued on a fungible share basis. An award of an option or SAR counts as 1.00 share issued under the 1999 SIP Plan. A grant other than an option or SAR counts as 1.92 shares issued under the 1999 SIP Plan. The following table presents the Fair Value of shares (of restricted stock and restricted stock units) vested during each of the last three fiscal years (in thousands): 2015 2014 2013 Restricted Stock and Restricted Stock Units (service condition) 18,568 6,820 13,054 Restricted Stock Units (service, market, and performance conditions at target) 11,264 18,675 — Total $ 29,832 $ 25,495 $ 13,054 The following table presents the Company’s total pre-tax compensation cost relating to share-based payments included in the accompanying Consolidated Statements of Earnings (in thousands): 2015 2014 2013 $ 41,412 $ 43,400 $ 39,518 At October 2, 2015 , the amount of compensation cost relating to nonvested awards not yet recognized in the financial statements is approximately $109.8 million . The majority of the unrecognized compensation costs will be recognized by the first quarter of fiscal 2019. The weighted average remaining contractual term of options currently exercisable is 5.4 years years. Stock Options The following table summarizes the stock option activity for each of the last three fiscal years: Number of Stock Options Weighted Average Exercise Price Outstanding at September 28, 2012 5,756,734 $ 47.23 Granted 753,450 $ 54.71 Exercised (1,782,371 ) $ 37.00 Cancelled or expired (121,601 ) $ 50.22 Outstanding at September 27, 2013 4,606,212 $ 52.33 Granted 602,525 $ 53.51 Exercised (718,065 ) $ 47.18 Cancelled or expired (269,525 ) $ 54.46 Outstanding at September 26, 2014 4,221,147 $ 53.23 Granted 614,759 $ 43.56 Exercised (34,000 ) $ 31.54 Cancelled or expired (729,199 ) $ 86.15 Outstanding at October 2, 2015 4,072,707 $ 46.06 Stock options outstanding at October 2, 2015 consisted entirely of nonqualified stock options. The following table presents the total intrinsic value of stock options exercised during each of the last three fiscal years (in thousands): 2015 2014 2013 $ 442 $ 9,590 $ 22,163 The total intrinsic value of stock options exercisable at October 2, 2015 , was approximately $0.2 million . The following table presents certain other information regarding our 1999 Plans: 2015 2014 2013 At fiscal year end: Range of exercise prices for options outstanding $32.51–$80.63 $25.87–$94.11 $20.98–$94.11 Number of options exercisable 2,590,560 2,725,980 3,034,111 For the fiscal year: Range of prices relating to options exercised $25.87–$42.74 $20.98–$57.54 $18.49–$56.95 Estimated weighted average Fair Values of options granted $ 13.41 $ 19.04 $ 20.64 The following table presents certain information regarding stock options outstanding, and stock options exercisable at October 2, 2015 : Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Average Remaining Contractual Life (years) Weighted Average Price Number Weighted Average Exercise Price $32.51 - $37.32 519,375 6.39 $ 37.01 394,625 $ 37.00 $37.43 - $46.37 2,057,796 5.86 42.74 1,429,761 42.40 $47.11 - $55.53 1,401,461 7.38 53.00 709,699 52.22 $60.08 - $80.63 94,075 5.98 65.33 56,475 68.64 4,072,707 6.56 $ 46.06 2,590,560 $ 44.84 The 1999 Plans allow participants to satisfy the exercise price of stock options by tendering shares of Jacobs common stock that have been owned by the participants for at least six months. Shares so tendered are retired and canceled, and are shown as repurchases of common stock in the accompanying Consolidated Statements of Stockholders’ Equity. The following table presents the number of shares of restricted stock and restricted stock units issued under the 1999 SIP during each of the last three fiscal years: 2015 2014 2013 Restricted stock 507,882 589,150 445,200 Restricted stock units (service condition) 126,635 287,545 107,500 Restricted stock units (service, market, and performance conditions at target) 219,965 432,700 471,250 Notes: The amount of restricted stock units issued for awards with performance and market conditions in the above table are based on the target amount. The number of shares ultimately issued, which could be greater or less than target, will be based on achieving specific performance conditions described in Note 2 – Significant Accounting Policies . The share amounts in the above tables reflect the non-fungible share counting of 1 shares for each share of restricted stock and restricted stock unit issued. The following table presents the number of shares of restricted stock and restricted stock units cancelled and withheld for taxes under the 1999 SIP during each of the last three fiscal years: 2015 2014 2013 Restricted stock 326,480 147,221 128,923 Restricted stock units (service condition) 70,296 12,333 3,385 Restricted stock units (service, market, and performance conditions at target) 194,116 52,000 32,000 Notes : The amount of restricted stock units cancelled for awards with market and performance conditions in the above table is based on the target amount. The share amounts in the above tables reflect the non-fungible share counting of 1 shares for each share of restricted stock and restricted stock unit issued. The restrictions attached to restricted stock and restricted stock units generally relate to the recipient’s ability to sell or otherwise transfer the stock or stock units. There are also restrictions that subject the stock and stock units to forfeiture back to the Company until earned by the recipient through continued employment or service. The following table provides the number of shares of restricted stock and restricted stock units outstanding at October 2, 2015 under the 1999 SIP. Shares granted prior to September 29, 2012 were granted on a 1 -to-1 basis ("Not Fungible"). Shares Granted after September 28, 2012 were issued on a 1.92 -to-1.00 basis ("Fungible"): Not Fungible Fungible Total Restricted stock 459,100 1,351,732 1,810,832 Restricted stock units (service condition) 87,960 455,245 543,205 Restricted stock units (service, market, and performance conditions at target) — 884,219 884,219 The following table presents the number of shares of restricted stock and restricted stock units issued under the 1999 ODSP during each of the last three fiscal years: 2015 2014 2013 Restricted stock units (service condition) 13,500 15,000 13,500 The following table provides the number of shares of restricted stock and restricted stock units outstanding at October 2, 2015 under the 1999 ODSP: 2015 Restricted stock 40,000 Restricted stock units (service condition) 76,000 All shares granted under the 1999 ODSP are issued on a 1 -to-1 basis. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 02, 2015 | |
Earnings Per Share Reconciliation [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and Diluted Earnings Per Share The following table (i) reconciles the denominator used to compute Basic EPS to the denominator used to compute Diluted EPS for each of the last three fiscal years, and (ii) discloses the number of antidilutive stock options, shares of restricted stock, and restricted stock units outstanding at the end of each of the fiscal years indicated (in thousands): 2015 2014 2013 Shares used to calculate EPS: Weighted average shares outstanding (denominator used to compute basic EPS) 125,007 130,483 129,288 Effect of stock options and restricted stock 1,103 1,888 1,657 Denominator used to compute diluted EPS 126,110 132,371 130,945 Antidilutive stock options, shares of restricted stock, and restricted stock units 3,237 2,074 2,603 Share Repurchases On August 19, 2014, the Company's Board of Directors authorized a share repurchase program of up to $500 million of the Company's common stock over a three year period (the "2014 Share Repurchase Program"). As of October 2, 2015 , the Company exhausted the repurchase capacity under the authorization. As authorized, share repurchases may be executed through various means including, without limitation, open market transactions, privately negotiated transactions or otherwise. The share repurchase program did not obligate the Company to purchase any shares, and would have expired on August 19, 2017. The following table summarizes the activity under this program during fiscal 2015 (in thousands, except per-share amounts): Amount Authorized (in thousands) Average Price Per Share (1) Total Shares Retired Shares Repurchased 2015 $ 500,000 $ 43.33 9,746 422,315,657 9,746 (1) Includes commissions paid and calculated as the average price per share since the repurchase program authorization date. On July 23, 2015, the Board of Directors approved a program to purchase up to an additional $500 million of the Company's common stock over the next three years (the "2015 Share Repurchase Program"). The new share repurchase authorization is subject to the same general terms and conditions as the prior share repurchase authorization summarized above. |
Borrowings
Borrowings | 12 Months Ended |
Oct. 02, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Short-Term Credit Arrangements The Company maintains both committed and uncommitted credit arrangements with several banks providing for short-term borrowing capacity and overdraft protection. There were borrowings of $13.4 million outstanding under these short-term credit facilities at a weighted average interest rate of 2.3% at October 2, 2015 , and there were borrowings of $36.7 million outstanding under these short-term credit facilities at September 26, 2014 . Long-term Debt On February 7, 2014, Jacobs and certain of its subsidiaries entered into a $1.6 billion long-term unsecured, revolving credit facility (the "2014 Facility") with a syndicate of large, U.S. and international banks and financial institutions. The following table presents certain information regarding the Company’s long-term revolving credit facilities at October 2, 2015 , and September 26, 2014 (dollars in thousands): 2015 2014 Principal Balance Outstanding Range of Interest Rates Principal Balance Outstanding Range of Interest Rates $ 584,434 1.0% – 1.51% $ 764,075 1.0% – 1.51% The total amount outstanding under the 2014 Facility in the form of direct borrowings at October 2, 2015 was $0.6 billion . The Company has issued $2.5 million in letters of credit leaving $1.0 billion of available borrowing capacity under the 2014 Facility at October 2, 2015 . In addition, the Company had $233.9 million issued under separate, committed and uncommitted letter-of-credit facilities for total issued letters of credit of $236.4 million at October 2, 2015 . The 2014 Facility expires in February 2019 and permits the Company to borrow under two separate tranches in U.S. dollars, certain specified foreign currencies, and any other currency that may be approved in accordance with the terms of the 2014 Facility. Depending on the Company's Consolidated Leverage Ratio, borrowings under the 2014 Facility will bear interest at either a eurocurrency rate plus a margin of between 1.0% and 1.5% or a base rate plus a margin of between 0% and 0.5% . The 2014 Facility also provi des for a financial letter of credit subfacility of $300.0 million , permits performance letters of credit, and provides for a $50.0 million subfacility for swingline loans. Letters of credit are subject to fees based on the Company's Consolidated Leverage Ratio at the time any such letter of credit is issued. The 2014 Facility also provides an accordion feature that allows the Company and the lenders to increase the facility amount to $2.1 billion . The Company pays a facility fee of between 0.100% and 0.25% per annum depending on the Company's Consolidated Leverage Ratio. Amounts outstanding under the 2014 Facility may be prepaid at the option of the Company without premium or penalty, subject to customary breakage fees in connection with the prepayment of eurocurrency loans. The 2014 Facility contains affirmative, negative, and financial covenants customary for financings of this type including, among other things, limitations on certain other indebtedness, loans and investments, liens, mergers, asset sales and transactions with affiliates. In addition, the 2014 Facility contains customary events of default. We were in compliance with our debt covenants at October 2, 2015 . The following table presents certain additional information regarding the Company’s long-term debt for the fiscal years shown: 2015 2014 Maximum amount outstanding at any month-end during the fiscal year $ 1,006,899 $ 1,036,066 Average amount outstanding during the year $ 943,258 $ 866,264 Weighted average interest rate during the year 1.28 % 1.18 % The following table presents the amount of interest paid by the Company during each of the last three fiscal years (in thousands): 2015 2014 2013 $ 15,506 $ 13,841 $ 6,685 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Oct. 02, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans Company-Only Sponsored Plans We sponsor various defined benefit pension plans covering employees of certain U.S. and international subsidiaries. The pension plans provide pension benefits that are based on the employee’s compensation and years of service. Our funding policy is to fund the actuarially determined accrued benefits where applicable, allowing for projected compensation increases using the projected unit method. The accounting for pension and other post-retirement benefit plans requires the use of assumptions and estimates in order to calculate periodic benefit cost and the value of the plans’ assets and benefit obligations. These assumptions include discount rates, investment returns, and projected salary increases, amongt others. The discount rates used in valuing the plans' benefit obligations were determined with reference to high quality corporate and government bonds that are appropriately matched to the duration of each plan's obligations. The expected long-term rate of return on plan assets is generally based on using country-specific simulation models which select a single outcome for expected return based on the target asset allocation. The expected long-term-rates of return used in the valuation are the annual average returns generated by these assumptions over a 20 year period for each asset class based on the expected long-term rate of return of the underlying assets. The following table sets forth the changes in the plans’ combined net benefit obligation (segregated between plans existing within and outside the U.S.) during each of the fiscal years presented (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Net benefit obligation at the beginning of the year $ 495,788 $ 468,439 $ 1,196,520 $ 1,307,331 Service cost 12,045 12,077 21,374 25,374 Interest cost 20,629 22,041 44,659 54,208 Participants’ contributions 2,743 3,095 4,402 9,082 Actuarial losses 42,749 27,076 30,238 105,838 Benefits paid (40,289 ) (35,634 ) (35,662 ) (33,387 ) Curtailments and settlements — — (5,763 ) (269,580 ) Plan amendments — (1,306 ) (1,612 ) — Effect of exchange rate changes — — (98,564 ) (2,346 ) Net benefit obligation at the end of the year $ 533,665 $ 495,788 $ 1,155,592 $ 1,196,520 The following table sets forth the changes in the combined Fair Value of the plans’ assets (segregated between plans existing within and outside the U.S.) during each of the fiscal years presented (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Fair Value of plan assets at the beginning of the year $ 415,350 $ 390,777 $ 876,171 $ 982,479 Actual return on plan assets (1,754 ) 45,484 86,411 130,665 Employer contributions 3,857 11,628 39,326 57,977 Participants’ contributions 2,743 3,095 4,402 9,082 Gross benefits paid (40,289 ) (35,634 ) (35,662 ) (33,387 ) Curtailments/settlements — — (1,646 ) (268,486 ) Effect of exchange rate changes — — (72,704 ) (2,159 ) Fair Value of plan assets at the end of the year $ 379,907 $ 415,350 $ 896,298 $ 876,171 The following table reconciles the combined funded statuses of the plans recognized in the accompanying Consolidated Balance Sheets at October 2, 2015 , and September 26, 2014 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Net benefit obligation at the end of the year $ 533,665 $ 495,788 $ 1,155,592 $ 1,196,520 Fair Value of plan assets at the end of the year 379,907 415,350 896,298 876,171 Under-funded amount recognized at the end of the year $ 153,758 $ 80,438 $ 259,294 $ 320,349 The following table presents the accumulated benefit obligation at October 2, 2015 , and September 26, 2014 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Accumulated benefit obligation at the end of the year $ 488,024 $ 455,245 $ 1,113,016 $ 1,128,715 The following table presents the amounts recognized in the accompanying Consolidated Balance Sheets at October 2, 2015 and September 26, 2014 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Prepaid benefit cost included in prepaid assets $ — $ — $ 4,054 $ 7,123 Accrued benefit cost included in current liabilities — — 381 1,447 Accrued benefit cost included in noncurrent liabilities 153,758 80,438 262,967 326,025 Net amount recognized at the end of the year $ 153,758 $ 80,438 $ 259,294 $ 320,349 Included in the tables are amounts relating to a U.S. pension plan, the participating employees in which are assigned to, and work exclusively on, a specific operating contract with the U.S. federal government. It is the intention of the parties to this contract that the cost of this pension plan will be fully reimbursed by the U.S. federal government pursuant to applicable cost accounting standards. Accordingly, included in “Miscellaneous Noncurrent Assets” in the accompanying Consolidated Balance Sheet at October 2, 2015 is a receivable from the U.S. federal government of approximately $115.5 million ( $61.1 million at September 26, 2014 ) representing the underfunded amount for this pension plan. The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s U.S. plans for each fiscal year presented: 2015 2014 2013 Weighted average discount rates 3.9% to 4.0% 3.9% to 4.4% 4.4% to 5.0% Rates of compensation increases 3.00 % 2.95 % 2.80 % Expected long-term rates of return on plan assets 7.4 % 7.7 % 7.7 % The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s non-U.S. pension plans for each fiscal year presented: 2015 2014 2013 Weighted average discount rates 1.6% to 7.8% 1.8% to 8.8% 0.4% to 9.3% Rates of compensation increases 2.4% to 7.5% 2.6% to 7.5% 2.5% to 7.5% Expected long-term rates of return on plan assets 3.5% to 8.5% 4.5% to 8.5% 0.4% to 8.5% The following table presents certain amounts relating to our U.S. pension plans recognized in accumulated other comprehensive loss at October 2, 2015 , September 26, 2014 and September 27, 2013 (in thousands): 2015 2014 2013 Arising during the period: Net actuarial (gain) loss $ 12,237 $ 1,378 $ (15,850 ) Reclassification adjustments: Net actuarial gain (2,347 ) (2,255 ) (2,674 ) Total $ 9,890 $ (877 ) $ (18,524 ) The following table presents certain amounts relating to our non-U.S. pension plans recognized in accumulated other comprehensive loss at October 2, 2015 , September 26, 2014 and September 27, 2013 (in thousands): 2015 2014 2013 Arising during the period: Net actuarial loss (gain) $ (27,165 ) $ 48,752 $ 27,417 Prior service cost (benefit) (1,512 ) (1 ) 297 Total (28,677 ) 48,751 27,714 Reclassification adjustments: Net actuarial gain (14,034 ) (12,914 ) (9,778 ) Prior service cost (benefit) 51 (19 ) 41 Total (13,983 ) (12,933 ) (9,737 ) Total $ (42,660 ) $ 35,818 $ 17,977 The following table presents certain amounts relating to our pension plans recorded in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at October 2, 2015 , and September 26, 2014 (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Net actuarial loss $ 59,458 $ 49,569 $ 208,929 $ 263,913 Prior service cost — — (1,947 ) (487 ) Total $ 59,458 $ 49,569 $ 206,982 $ 263,426 The following table presents the amount of accumulated comprehensive income that will be amortized against earnings as part of our net periodic benefit cost in fiscal 2016 based on 2015 exchange rates (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Pension Plans Non-U.S. Pension Plans Unrecognized net actuarial loss $ 8,876 $ 14,176 Unrecognized prior service cost (235 ) (245 ) Accumulated comprehensive loss to be recorded against earnings $ 8,641 $ 13,931 We consider various factors in developing the estimates for the expected, long-term rates of return on plan assets. These factors include the projected, long-term rates of returns on the various types of assets in which the plans invest, as well as historical returns. In general, investment allocations are determined by each plan’s trustees and/or investment committees. The objectives of the plans’ investment policies are to (i) maximize returns while preserving capital; (ii) provide returns sufficient to meet the current and long-term obligations of the plan as the obligations become due; and (iii) maintain a diversified portfolio of assets so as to reduce the risk associated with having a disproportionate amount of the plans’ total assets invested in any one type of asset, issuer or geography. None of our pension plans hold Jacobs common stock directly (although some plans may hold shares indirectly through investments in mutual funds). The plans’ weighted average asset allocations at October 2, 2015 , and September 26, 2014 (the measurement dates used in valuing the plans’ assets and liabilities) were as follows: U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Equity securities 70 % 75 % 25 % 29 % Debt securities 21 % 21 % 31 % 32 % Real estate investments 3 % — % 7 % 7 % Other 6 % 4 % 37 % 32 % The following table presents the Fair Value of the Company’s Domestic U.S. plan assets at October 2, 2015 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): Fair Values By Level of Fair Value Measurement Inputs Level 1 Level 3 Total Domestic equities $ 225,362 $ — $ 225,362 Overseas equities 41,414 — 41,414 Domestic bonds 80,804 — 80,804 Cash and equivalents 6,041 — 6,041 Real estate — 9,914 9,914 Hedge funds — 16,372 16,372 Total $ 353,621 $ 26,286 $ 379,907 The following table presents the Fair Value of the Company’s non-U.S. pension plan assets at October 2, 2015 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): Fair Values By Level of Level 1 Level 3 Total Domestic equities $ 28,007 $ — $ 28,007 Overseas equities 198,309 — 198,309 Domestic bonds 203,266 — 203,266 Overseas bonds 71,545 — 71,545 Cash and equivalents 39,933 — 39,933 Real estate — 61,996 61,996 Insurance contracts — 32,522 32,522 Hedge funds — 260,720 260,720 Total $ 541,060 $ 355,238 $ 896,298 The following table presents the Fair Value of the Company’s U.S. pension plan assets at September 26, 2014 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): Fair Values By Level of Level 1 Level 3 Total Domestic equities $ 268,674 $ — $ 268,674 Overseas equities 40,587 — 40,587 Domestic bonds 85,853 — 85,853 Cash and equivalents 3,932 — 3,932 Hedge funds — 16,304 16,304 Total $ 399,046 $ 16,304 $ 415,350 The following table presents the Fair Value of the Company’s Non-U.S. pension plan assets at September 26, 2014 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): Fair Values By Level of Level 1 Level 3 Total Domestic equities $ 33,842 $ — $ 33,842 Overseas equities 218,779 — 218,779 Domestic bonds 198,344 — 198,344 Overseas bonds 76,349 — 76,349 Cash and equivalents 37,487 — 37,487 Real estate — 59,966 59,966 Insurance contracts — 37,468 37,468 Hedge funds — 213,936 213,936 Total $ 564,801 $ 311,370 $ 876,171 At October 2, 2015 and September 26, 2014 , the Company holds no assets in the U.S. or non-U.S. pension plans that use Level 2 fair value measurement inputs. The following table summarizes the changes in the Fair Value of the Company’s U.S. Pension Plans’ Level 3 assets for the year ended October 2, 2015 (in thousands): Real Estate Hedge Funds Balance, beginning of year $ — $ 16,304 Purchases, sales, and settlements 10,616 — Realized and unrealized gains (losses) — 68 Transfers (702 ) — Balance, end of year $ 9,914 $ 16,372 The following table summarizes the changes in the Fair Value of the Company’s non-U.S. Pension Plans’ Level 3 assets for the year ended October 2, 2015 (in thousands): Real Estate Insurance Contracts Hedge Funds Balance, beginning of year $ 59,966 $ 37,468 $ 213,936 Purchases, sales, and settlements 1,271 526 4,760 Realized and unrealized gains 5,390 1,353 54,719 Transfers — — — Effect of exchange rate changes (4,631 ) (6,825 ) (12,695 ) Balance, end of year $ 61,996 $ 32,522 $ 260,720 The following table summarizes the changes in the Fair Value of the Company’s U.S. Pension Plans’ Level 3 assets for the year ended September 26, 2014 (in thousands): Real Estate Hedge Funds Balance, beginning of year $ 4,411 $ 15,511 Sales (4,411 ) — Realized and unrealized losses — 793 Balance, end of year $ — $ 16,304 The following table summarizes the changes in the Fair Value of the Company’s non-U.S. Pension Plans’ Level 3 assets for the year ended September 26, 2014 (in thousands): Infrastructure / Raw Goods Real Estate Insurance Contracts Hedge Funds Balance, beginning of year $ 7,076 $ 57,173 $ 21,214 $ 246,389 Purchases, sales, and settlements (8,125 ) (6,022 ) 975 4,915 Realized and unrealized gains 1,025 8,341 926 (41,096 ) Transfers — — 15,756 — Effect of exchange rate changes 24 474 (1,403 ) 3,728 Balance, end of year $ — $ 59,966 $ 37,468 $ 213,936 The following table presents the amount of cash contributions we anticipate making into the plans during fiscal 2016 (in thousands): U.S. Pension Plans Non-U.S. Pension Plans $ 15,100 $ 30,830 The following table presents the total benefit payments expected to be paid to pension plan participants during each of the next five fiscal years, and in total for the five years thereafter (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2016 $ 43,155 $ 30,242 2017 47,442 31,632 2018 41,798 33,959 2019 44,240 35,833 2020 44,697 35,869 For the periods 2021 through 2025 216,232 224,452 The following table presents the components of net periodic benefit cost for the Company’s U.S. pension plans recognized in the accompanying Consolidated Statements of Earnings for each of the last three fiscal years (in thousands): 2015 2014 2013 Service cost $ 12,045 $ 12,077 $ 13,814 Interest cost 20,629 22,041 18,569 Expected return on plan assets (29,526 ) (28,495 ) (25,826 ) Actuarial loss 3,756 3,608 8,030 Prior service cost (239 ) (103 ) (103 ) Net pension cost, before special items 6,665 9,128 14,484 Special termination benefits — — 29 Total net periodic pension cost recognized $ 6,665 $ 9,128 $ 14,513 The following table presents the components of net periodic benefit cost for the Company’s Non-U.S. pension plans recognized in the accompanying Consolidated Statements of Earnings for each of the last three fiscal years (in thousands): 2015 2014 2013 Service cost $ 21,374 $ 25,374 $ 30,117 Interest cost 44,659 54,208 51,331 Expected return on plan assets (53,052 ) (56,394 ) (54,817 ) Actuarial loss 17,398 15,993 13,276 Prior service cost (96 ) (28 ) (43 ) Net pension cost, before special items 30,283 39,153 39,864 Curtailments and settlements 255 (15,894 ) (383 ) Total net periodic pension cost recognized $ 30,538 $ 23,259 $ 39,481 Multiemployer Plans In Canada and the U.S., we contribute to various trusteed pension plans covering hourly construction employees under industry-wide agreements. We also contribute to various trusteed plans in Australia and certain countries in Europe covering both hourly and certain salaried employees. Contributions are based on the hours worked by employees covered under these agreements and are charged to direct costs of contracts on a current basis. The majority of the contributions the Company makes to multiemployer pension plans is outside the U.S. With respect to these multiemployer plans, the Company's liability to fund these plans is generally limited to the contributions we are required to make under collective bargaining agreements. Based on our review of our multiemployer pension plans under the guidance provided in ASU 2011-09— Compensation-Retirement Benefits-Multiemployer Plans , we have concluded that none of the multiemployer pension plans into which we contribute are individually significant to our Consolidated Financial Statements. The following table presents the Company’s contributions to these multiemployer plans during each of the last three fiscal years (in thousands): 2015 2014 2013 Canada $ 42,575 $ 56,341 $ 72,660 Europe 10,902 12,693 12,930 United States 5,968 4,485 4,366 Total $ 59,445 $ 73,519 $ 89,956 |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Oct. 02, 2015 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income The following table presents amounts reclassified from changes in pension liabilities in other comprehensive income to direct cost of contracts and selling, general and administrative expenses in the Company's Consolidated Statements of Earnings for the periods presented related to the Company's defined benefit pension plans (in thousands): 2015 2014 2013 Amortization of Defined Benefit Items: Actuarial losses $ (21,153 ) $ (19,601 ) $ (17,554 ) Prior service benefit 96 28 43 Total Before Income Tax (21,057 ) (19,573 ) (17,511 ) Income Tax Benefit 4,727 4,385 5,859 Total reclassifications after-tax $ (16,330 ) $ (15,188 ) $ (11,652 ) |
Savings And Deferred Compensati
Savings And Deferred Compensation Plans | 12 Months Ended |
Oct. 02, 2015 | |
Savings And Deferred Compensation Plans [Abstract] | |
Savings And Deferred Compensation Plans | Savings and Deferred Compensation Plans Savings Plans We sponsor various defined contribution savings plans which allow participants to make voluntary contributions by salary deduction. Such plans cover substantially all of our domestic, nonunion employees in the U.S. and are qualified under Section 401(k) of the U.S. IRC. Similar plans outside the U.S. cover various groups of employees of our international subsidiaries and affiliates. Several of these plans allow the Company to match, on a voluntary basis, a portion of the employee contributions. The following table presents the Company’s contributions to these savings plans during each of the last three fiscal years (in thousands): 2015 2014 2013 $ 87,973 $ 88,951 $ 74,686 Deferred Compensation Plans Our Executive Security Plan and Executive Deferral Plans are nonqualified deferred compensation programs that provide benefits payable to directors, officers, and certain key employees or their designated beneficiaries at specified future dates, upon retirement, or death. Benefit payments under both plans are funded by a combination of contributions from participants and the Company, and most of the participants are covered by life insurance policies with the Company designated as the beneficiary. The following table presents the amount charged to expense for the Company’s deferred compensation plans during each of the last three fiscal years (in thousands): 2015 2014 2013 $ 5,536 $ 5,321 $ 4,470 |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 02, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents the components of our consolidated income tax expense for each of the last three fiscal years (in thousands): 2015 2014 2013 Current income tax expense: Federal $ 72,840 $ 102,450 $ 121,302 State 16,248 18,698 23,246 Foreign 43,344 38,107 74,107 Total current tax expense 132,432 159,255 218,655 Deferred income tax expense (benefit): Federal 13,337 7,561 (4,718 ) State 2,295 2,789 (582 ) Foreign (46,809 ) 20,449 8,011 Total deferred income tax expense (benefit) (31,177 ) 30,799 2,711 Consolidated income tax expense $ 101,255 $ 190,054 $ 221,366 Deferred taxes reflect the tax effects of the temporary differences between the amounts recorded as assets and liabilities for financial reporting purposes and the comparable amounts recorded for income tax purposes. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The following table presents the components of our net deferred tax assets at October 2, 2015 , and September 26, 2014 (in thousands): 2015 2014 Deferred tax assets: Obligations relating to: Defined benefit pension plans $ 64,644 $ 67,822 Other employee benefit plans 186,701 215,863 Net Operating Losses 134,467 64,063 Contract revenues and costs 25,579 39,734 Deferred Rent 9,428 6,008 Other 13,565 1,703 Valuation Allowance (60,320 ) (54,651 ) Gross deferred tax assets 374,064 340,542 Deferred tax liabilities: Depreciation and amortization (187,099 ) (193,726 ) Other, net (3,994 ) (1,372 ) Gross deferred tax liabilities (191,093 ) (195,098 ) Net deferred tax assets $ 182,971 $ 145,444 A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts. The valuation allowance at October 2, 2015 and September 26, 2014 was $60.3 million and $54.7 million , respectively. Net operating loss carry forwards of foreign subsidiaries at October 2, 2015 and September 26, 2014 totaled $455.1 million and $205.8 million , respectively. If unused, foreign net operating losses of $127.8 million will expire between 2017 and 2035 . Net operating losses of $327.3 million can be carried forward indefinitely. The following table presents the income tax benefits realized from the exercise of nonqualified stock options and disqualifying dispositions of stock sold under our employee stock purchase plans during each of the last three fiscal years (in millions): 2015 2014 2013 $ 0.2 $ 3.4 $ 7.3 The following table reconciles total income tax expense using the statutory U.S. federal income tax rate to the consolidated income tax expense shown in the accompanying Consolidated Statements of Earnings for each of the last three fiscal years (dollars in thousands): 2015 2014 2013 Statutory amount $ 141,479 $ 189,758 $ 231,542 State taxes, net of the federal benefit 12,857 12,750 14,892 Tax differential on foreign earnings (60,151 ) (8,811 ) (20,253 ) Uncertain tax positions 2,281 (9,847 ) 1,553 Other, net 4,789 6,204 (6,368 ) Consolidated income tax expense $ 101,255 $ 190,054 $ 221,366 Rates used to compute statutory amount 35.0 % 35.0 % 35.0 % Consolidated effective income tax rate 23.5 % 35.1 % 33.5 % The Company’s consolidated effective income tax rate was 23.5% for fiscal 2015 , compared to 35.1% in fiscal 2014 . Contributing to the decrease as compared to the prior year’s periods were the effects of a foreign currency loss and deductible costs associated with the 2015 Restructuring. Also contributing to the lower effective tax rate was the reduction of certain tax reserves due to statute expiration. The following table presents income tax payments made during each of the last three fiscal years (in millions): 2015 2014 2013 $ 156.5 $ 173.6 $ 235.8 The following table presents the components of our consolidated earnings before taxes for each of the last three fiscal years (in thousands): 2015 2014 2013 United States earnings $ 283,504 $ 288,800 $ 352,404 Foreign earnings 146,633 253,366 309,144 $ 430,137 $ 542,166 $ 661,548 United States income taxes, net of applicable credits, have been provided on the undistributed earnings of the Company’s foreign subsidiaries, except in those instances where the earnings have been permanently reinvested. At October 2, 2015 , approximately $26.1 million of such undistributed earnings of certain foreign subsidiaries have been permanently reinvested. Should these earnings be repatriated, approximately $4.9 million of income taxes would be payable. The Company accounts for unrecognized tax benefits in accordance with ASC Topic 740, Income Taxes . It accounts for interest and penalties on unrecognized tax benefits as interest and penalties (i.e., not as part of income tax expense). The Company’s liability for gross unrecognized tax benefits was $42.7 million and $41.9 million at October 2, 2015 and September 26, 2014 , respectively, all of which, if recognized, would affect the Company’s consolidated effective income tax rate. The Company had $42.1 million and $39.2 million in accrued interest and penalties at October 2, 2015 , and September 26, 2014 , respectively. The Company estimates that, within 12 months , $4.7 million of gross, primarily non-U.S. unrecognized tax benefits will reverse due to the anticipated expiration of time to assess tax. As of October 2, 2015 , the Company’s U.S. federal income tax returns for tax years 2012 through 2015 remain subject to examination. The following table presents the reconciliation of the beginning and ending amount of unrecognized tax benefits for the years presented (in thousands): 2015 2014 2013 Balance, beginning of year $ 41,923 $ 51,770 $ 53,637 Additions based on tax positions related to the current year 6,440 6,528 5,447 Reductions for tax positions of prior years (5,697 ) (16,375 ) (6,354 ) Settlement — — (960 ) Balance, end of year $ 42,666 $ 41,923 $ 51,770 |
Commitments And Contingencies,
Commitments And Contingencies, And Derivative Financial Instruments | 12 Months Ended |
Oct. 02, 2015 | |
Commitments And Contingencies, And Derivative Financial Instruments [Abstract] | |
Commitments and Contingencies, and Derivative Financial Instruments | Commitments and Contingencies, and Derivative Financial Instruments Commitments Under Operating Leases We lease certain of our facilities and equipment under operating leases with net aggregate future lease payments of approximately $915.8 million at October 2, 2015 , payable as follows (in thousands): In fiscal years, 2016 $ 152,744 2017 138,081 2018 117,779 2019 98,626 2020 87,177 Thereafter 338,843 933,250 Amounts representing sublease income (17,401 ) Total, net aggregate future lease payments $ 915,849 We recognize rent expense, inclusive of landlord concessions and tenant allowances, over the lease term on a straight-line basis. We also recognize rent expense on a straight-line basis for leases containing fixed escalation clauses and rent holidays. Contingent rentals are included in rent expense as accruable. Operating leases relating to many of our major offices generally contain renewal options, and provide for additional rental based on escalation in operating expenses and real estate taxes. The following table presents rent expense and sublease income offsetting the Company’s rent expense during each of the last three fiscal years (in thousands): 2015 2014 2013 Rent expense $ 175,067 $ 194,796 $ 173,340 Sublease income (5,275 ) (6,102 ) (7,914 ) Net rent $ 169,792 $ 188,694 $ 165,426 Guarantee We are party to a synthetic lease agreement involving certain real and personal property located in Houston, Texas that we use in our operations. A synthetic lease is a type of off-balance sheet transaction which provides us with certain tax and other financial benefits. Significant terms of the lease are as follows: End of lease term 2025 End of term purchase option (in thousands) $ 76,950 Residual value guaranty (in thousands) $ 62,412 The Company refinanced the synthetic lease agreement effective July 28, 2015 with a ten year term. The new lease agreement continues to gives us the right to request an extension of the lease term. We may also assist the owner in selling the property at the end of the lease term, the proceeds from which would be used to reduce our residual value guarantee. The minimum lease payments required by the lease agreement is included in the above lease pay-out schedule. We have determined that the estimated Fair Value of the aforementioned financial guarantee was not significant at October 2, 2015 . Derivative Financial Instruments In situations where our operations incur contract costs in currencies other than their functional currency, we attempt to have a portion of the related contract revenues denominated in the same currencies as the costs. In those situations where revenues and costs are transacted in different currencies, we sometimes enter into foreign exchange contracts in order to limit our exposure to fluctuating foreign currencies. The Company does not currently have exchange rate sensitive instruments that would have a material effect on our consolidated financial statements or results of operations. Letters of Credit Letters of credit outstanding at October 2, 2015 totaled $236.4 million . Of this amount, $2.5 million has been issued under the 2014 Facility and $233.9 million are issued under separate, committed and uncommitted letter-of-credit facilities. |
Contractual Guarantees, Litigat
Contractual Guarantees, Litigation, Investigations, And Insurance | 12 Months Ended |
Oct. 02, 2015 | |
Contractual Guarantees, Litigation, Investigations, And Insurance [Abstract] | |
Contractual Guarantees, Litigation, Investigations, And Insurance | Contractual Guarantees, Litigation, Investigations, and Insurance In the normal course of business, we are subject to certain contractual guarantees and litigation. The guarantees to which we are a party generally relate to project schedules and plant performance. Most of the litigation in which we are involved has us as a defendant in workers' compensation; personal injury; environmental; employment/labor; professional liability; and other similar lawsuits. We maintain insurance coverage for various aspects of our business and operations. Our insurance programs have varying coverage limits and maximums, and insurance companies may seek to not pay any claims we might make. We have also elected to retain a portion of losses that occur through the use of various deductibles, limits, and retentions under our insurance programs. As a result, we may be subject to future liability for which we are only partially insured or completely uninsured. We intend to mitigate any such future liability by continuing to exercise prudent business judgment in negotiating the terms and conditions of our contracts. Our insurers are also subject to business risk and, as a result, one or more of them may be unable to fulfill their insurance obligations due to insolvency or otherwise. Additionally, as a contractor providing services to the U.S. federal government and several of its agencies, we are subject to many levels of audits, investigations, and claims by, or on behalf of, the U.S. federal government with respect to our contract performance, pricing, costs, cost allocations, and procurement practices. Furthermore, our income, franchise, and similar tax returns and filings are also subject to audit and investigation by the Internal Revenue Service, most states within the U.S. as well as by various government agencies representing jurisdictions outside the U.S. We record in our Consolidated Balance Sheets amounts representing our estimated liability relating to such claims, guarantees, litigation, and audits and investigations. We perform an analysis to determine the level of reserves to establish for insurance-related claims that are known and have been asserted against us, and for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to our claims administrators as of the respective balance sheet dates. We include any adjustments to such insurance reserves in our consolidated results of operations. The Company believes, after consultation with counsel, that such guarantees, litigation, U.S. government contract-related audits, investigations and claims, and income tax audits and investigations should not have any material adverse effect on our consolidated financial statements. On August 9, 2014, the Company received a Notice of Arbitration from Motiva Enterprises LLC ("Motiva"). The arbitration is pending in Houston, Texas before the International Institute for Conflict Prevention and Resolution. In 2006, Motiva contracted with Bechtel-Jacobs CEP Port Arthur Joint Venture (“BJJV”), a joint venture between Bechtel Corporation and Jacobs to perform professional services in connection with the expansion project at the Motiva Port Arthur, Texas refinery. In the Notice of Arbitration, Motiva asserts various causes of action and alleges fraud and breach of fiduciary duty and entitlement to equitable and monetary relief in excess of $7 billion . BJJV has denied liability and is vigorously defending these claims. The arbitration hearing is currently scheduled to begin on September 26, 2016. The Company does not expect this matter to have a material adverse effect on its consolidated financial statements. On September 30, 2015, Nui Phao Mining Company Limited (“NPMC”) commenced arbitration proceedings against Jacobs E&C Australia Pty Limited. The arbitration is pending in Singapore before the Singapore International Arbitration Centre. In March 2011, Jacobs E&C was engaged by NPMC for the provision of management, design, engineering, and procurement services for the Nui Phao mine/mineral processing project in Vietnam. In the Notice of Arbitration, NPMC asserts various causes of action and alleges that the quantum of its claim exceeds $136.0 million . Jacobs has denied liability and is vigorously defending this claim. No hearing date has been set. The Company does not expect this matter to have a material adverse effect on its consolidated financial statements. On August 7, 2015, Jacobs and Jacobs Field Services N.A. Inc. (collectively the “Jacobs Parties”) filed a demand for arbitration before the AAA against Freeport-McMoran Corporation (“Freeport”) alleging breach of contract for failure to pay invoices and for statutory penalties for failure to pay, and assert they are entitled to damages in the amount of $71.0 million . On August 28, 2015, Freeport filed an answering statement denying the Jacobs Parties’ claims and asserting counterclaims against the Jacobs Parties for breach of contract and alleging damages of $116.0 million . The Jacobs Parties have denied liability and are vigorously defending these claims. No hearing date has been set. The Company does not expect this matter to have a material adverse effect on its consolidated financial statements. On December 7, 2009, the Judicial Council of California, Administrative Office of the Courts (“AOC”) initiated an action in the San Francisco County Superior Court against Jacobs Facilities Inc. (“JFI”) and Jacobs Project Management (“JPM”). On June 6, 2011, AOC filed an operative Second Amended Complaint, which added Jacobs as a defendant. The action arises out of a contract between AOC and JFI pursuant to which JFI agreed to provide regular maintenance and repairs at certain AOC court facilities. AOC alleged three causes of action: (1) breach of contract based on the expiration of JFI’s contractor’s license before the assignment and assumption agreement was executed; (2) disgorgement of all fees paid to JFI and JPM under the contract pursuant to California’s Contractors’ State License Law (“CSLL”); and (3) breach of Jacobs’ parent guarantee agreement. JPM cross-claimed for unpaid sums for services that the licensed JPM had performed pursuant to the assigned contract between August 2009 and November 2009. A jury trial was held on the parties’ CSLL claims in April 2012 and, on May 2, 2012, the jury returned a special verdict in favor of the Jacobs entities, finding, among other things, that JPM was owed approximately $4.7 million in unpaid fees and that JFI was not required to disgorge the approximate $18.3 million that AOC had paid for its work under the contract. AOC subsequently dismissed its cause of action for breach of contract, and JPM dismissed its cross-claims other than those for its unpaid invoices. AOC’s third cause of action for breach of the parent guaranty was resolved by a stipulation, which provided that if AOC obtains a judgment against JFI, the judgment will also be against its parent, Jacobs. The trial court entered judgment in the Jacobs entities’ favor and awarded them approximately $2.4 million in attorney fees. On August 20, 2015, the California Court of Appeal for the First Appellate District reversed the jury’s verdict, holding that JFI had violated the CSLL. The Court of Appeal remanded for an evidentiary hearing to determine whether JFI and JPM had “substantially complied” with, and may therefore avoid disgorgement under, the CSLL. The court also reversed the award of attorney fees. On September 29, 2015, the Jacobs entities filed a petition for review, seeking California Supreme Court review of the Court of Appeal’s decision that JFI and JPM had violated the CSLL. That petition was subsequently denied ( Judicial Council of California, Administrative Office of the Courts v. Jacobs Facilities, Inc., et al.) . The Jacobs entities have contested, and will continue to vigorously contest, the AOC’s claims and will vigorously litigate JPM’s claim for unpaid sums. The Company does not expect this matter to have a material adverse effect on its consolidated financial statements. |
Common And Preferred Stock
Common And Preferred Stock | 12 Months Ended |
Oct. 02, 2015 | |
Class of Stock Disclosures [Abstract] | |
Common And Preferred Stock | Common and Preferred Stock Jacobs is authorized to issue two classes of capital stock designated “common stock” and “preferred stock” (each has a par value of $1.00 per share). The preferred stock may be issued in one or more series. The number of shares to be included in a series as well as each series’ designation, relative powers, dividend and other preferences, rights and qualifications, redemption provisions, and restrictions are to be fixed by the Board of Directors at the time each series is issued. Except as may be provided by the Board of Directors in a preferred stock designation, or otherwise provided for by statute, the holders of shares of common stock have the exclusive right to vote for the election of Directors and all other matters requiring stockholder action. The holders of shares of common stock are entitled to dividends if and when declared by the Board of Directors from whatever assets are legally available for that purpose. |
Other Financial Information
Other Financial Information | 12 Months Ended |
Oct. 02, 2015 | |
Other Financial Information [Abstract] | |
Other Financial Information | Other Financial Information Receivables The following table presents the components of “Receivables” as shown in the accompanying Consolidated Balance Sheets at October 2, 2015 , and September 27, 2013 as well as certain other related information (in thousands): 2015 2014 Amounts billed, net $ 1,213,892 $ 1,425,341 Unbilled receivables and other 1,252,509 1,368,482 Retentions receivable 82,342 73,732 Total receivables, net $ 2,548,743 $ 2,867,555 Other information about receivables: Amounts due from the United States federal government included above, net of advanced billings $ 327,157 $ 324,928 Claims receivable $ 32,511 $ 78,634 Billed receivables, net consist of amounts invoiced to clients in accordance with the terms of the client contracts and are shown net of an allowance for doubtful accounts. We anticipate that substantially all of such billed amounts will be collected over the next twelve months. Unbilled receivables and retentions receivable represent reimbursable costs and amounts earned and reimbursable under contracts in progress as of the respective balance sheet dates. Such amounts become billable according to the contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. We anticipate that substantially all of such unbilled amounts will be billed and collected over the next twelve months. Claims receivable are included in “Receivables” in the accompanying Consolidated Balance Sheets and represent certain costs incurred on contracts to the extent it is probable that such claims will result in additional contract revenue and the amount of such additional revenue can be reliably estimated. Property, Equipment, and Improvements, Net The following table presents the components of our property, equipment, and improvements, net at October 2, 2015 , and September 26, 2014 (in thousands): 2015 2014 Land $ 23,757 $ 21,497 Buildings 97,597 128,584 Equipment 592,491 634,415 Leasehold improvements 259,544 287,814 Construction in progress 17,229 20,059 990,618 1,092,369 Accumulated depreciation and amortization (609,380 ) (635,572 ) $ 381,238 $ 456,797 Miscellaneous Noncurrent Assets The following table presents the components of “Miscellaneous noncurrent assets” shown in the accompanying Consolidated Balance Sheets at October 2, 2015 , and September 26, 2014 (in thousands): 2015 2014 Deferred income taxes $ 213,767 $ 170,649 Cash surrender value of life insurance policies 115,440 116,686 Investments 222,941 226,628 Notes receivable 13,197 8,007 Reimbursable pension costs (a) 119,548 77,710 Other 34,622 38,570 Total $ 719,515 $ 638,250 (a) Consists primarily of costs incurred relating to a defined benefit pension plan covering employees providing services on a contract with, and for the benefit of, the U.S. federal government pursuant to which such costs are fully reimbursable. Accrued Liabilities The following table presents the components of “Accrued liabilities” shown in the accompanying Consolidated Balance Sheets at October 2, 2015 and September 26, 2014 (in thousands): 2015 2014 Accrued payroll and related liabilities $ 623,297 $ 783,549 Project-related accruals 130,401 140,938 Non project-related accruals 102,324 76,588 Insurance liabilities 59,081 52,826 Sales and other similar taxes 53,476 52,373 Deferred rent 93,040 96,129 Other 29,366 77,153 Total $ 1,090,985 $ 1,279,556 Other Deferred Liabilities The following table presents the components of “Other deferred liabilities” shown in the accompanying Consolidated Balance Sheets at October 2, 2015 and September 26, 2014 (in thousands): 2015 2014 Liabilities relating to defined benefit pension and early retirement plans $ 416,725 $ 407,263 Liabilities relating to nonqualified deferred compensation arrangements 129,982 114,325 Deferred income taxes 191,093 195,098 Miscellaneous 126,068 117,392 Total $ 863,868 $ 834,078 Total Accumulated Other Comprehensive Loss The following table presents the components of “Accumulated other comprehensive loss” shown in the accompanying Consolidated Balance Sheets at October 2, 2015 , and September 26, 2014 (in thousands): 2015 2014 Foreign currency translation adjustments $ (199,087 ) $ (62,919 ) Adjustments relating to defined benefit pension plans (266,440 ) (299,210 ) Other 763 (1,420 ) Total $ (464,764 ) $ (363,549 ) Supplemental Cash Flow Information During fiscal 2015 and fiscal 2014 , the Company acquired businesses for cash and stock of $8.10 million and $1.4 billion , respectively. The following table presents the non-cash adjustments relating to these acquisitions made in preparing the accompanying Consolidated Statements of Cash Flows (in thousands): 2015 2014 Working capital $ (8,749 ) $ 48,327 Property and equipment 71 59,216 Noncurrent assets (4,334 ) 262,450 Deferred liabilities (1,316 ) (7,895 ) Non-controlling interests — 16,572 Foreign currency translation — 1,768 Goodwill 22,429 1,005,923 |
Segment Information
Segment Information | 12 Months Ended |
Oct. 02, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We provide a broad range of technical, professional, and construction services including engineering, design, and architectural services; construction and construction management services; operations and maintenance services; and process, scientific, and systems consulting services. We provide our services through offices and subsidiaries located primarily in North America, South America, Europe, the Middle East, India, Australia, Africa, and Asia. We provide our services under cost-reimbursable and fixed-price contracts. All of our operations share similar economic characteristics. For example, all of our operations are highly influenced by the general availability of qualified engineers and other technical professional staff. They also provide similar services as well as share similar processes for delivering our services. There is also a high degree of similarity of the workforces employed among the various categories of services we provide. For example, engineering and design services (i.e., services provided by persons who are degreed, and in certain circumstances licensed, professionals such as engineers, architects, scientists, and economists) exist in all four service categories. In addition, there is a high degree of similarity among a significant component of the workforces we employ to perform construction and operations and maintenance projects. In providing construction and operations and maintenance services, we employ a large number of skilled craft labor personnel. These include welders, pipe fitters, electricians, crane operators, and other personnel who work on very large capital projects (in the case of projects classified within the construction services category) or on smaller capital projects (in the case of maintenance projects classified within the operations and maintenance services category). In addition, the use of technology is highly similar and consistent throughout our organization, as is our client base (with the exception of our operations outside the U.S., which perform very little work for the U.S. federal government), and our project delivery and safety protocols and programs. Furthermore, the types of information and internal reports used by the Company’s chief operating decision maker and other members of management to monitor performance, evaluate results of operations, allocate resources, and otherwise manage the business support a single reportable segment. Accordingly, based on these operational similarities and the way management monitors the Company’s results of operations, we have concluded that our operations may be aggregated into one reportable segment for purposes of this disclosure. The following table presents certain financial information by geographic area for fiscal 2015 , 2014 , and 2013 (in thousands): 2015 2014 2013 Revenues: United States $ 7,154,433 $ 7,078,366 $ 6,993,594 Europe 2,074,837 2,402,399 2,148,504 Canada 1,065,651 1,344,632 1,652,386 Asia 304,393 299,086 204,203 India 163,871 148,453 158,908 Australia and New Zealand 611,271 709,379 141,507 South America and Mexico 143,014 271,213 241,590 Middle East and Africa 597,362 441,629 277,684 Total $ 12,114,832 $ 12,695,157 $ 11,818,376 Long-Lived Assets: United States $ 208,155 $ 240,501 $ 230,281 Europe 55,713 58,562 47,128 Canada 36,647 51,622 61,122 Asia 3,859 4,063 4,272 India 16,264 17,960 15,049 Australia 24,460 49,436 8,329 South America and Mexico 9,127 11,084 6,159 Middle East and Africa 27,013 23,569 6,956 Total $ 381,238 $ 456,797 $ 379,296 Revenues were earned from unaffiliated clients located primarily within the various and respective geographic areas shown. Long-lived assets consist of property and equipment, net of accumulated depreciation and amortization. The following table presents the revenues earned directly or indirectly from the U.S. federal government and its agencies, expressed as a percentage of total revenues, for fiscal 2015 , 2014 , and 2013 : 2015 2014 2013 21.7 % 17.8 % 19.9 % During the first quarter of fiscal 2016, we announced a reorganization of our operations around four global lines of business. This reorganization is intended to better serve our global clients, leverage our workforce, help streamline operations, and provide enhanced growth opportunities. The four global lines of business are: Petroleum & Chemicals, Buildings & Infrastructure, Aerospace & Technology, and Industrial. We are in the process of modifying our systems and work processes to report the results of these business units accurately and timely. We are also developing processes for accurately eliminating inter-unit revenue and profit. We expect to complete our system and other process changes so that we may accurately report operating results by line of business to the Company's President & CEO no later than the second quarter of fiscal 2016. |
Selected Quarterly Information
Selected Quarterly Information - Unaudited | 12 Months Ended |
Oct. 02, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Information - Unaudited | Selected Quarterly Information — Unaudited The following table presents selected quarterly financial information for each of the last three fiscal years. Amounts are presented in thousands, except for per share amounts: First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2015 Revenues $ 3,187,005 $ 2,903,332 $ 2,907,541 $ 3,116,954 $ 12,114,832 Operating profit (a) 158,223 133,045 100,434 53,825 445,527 Earnings before taxes 154,695 128,962 97,188 49,292 430,137 Net earnings of the Group 106,195 88,110 97,308 37,269 328,882 Net earnings attributable to Jacobs 100,079 81,967 (b) 91,062 (b) 29,863 (b) 302,971 Earnings per share: Basic 0.78 0.65 (b) 0.74 (b) 0.25 (b) 2.42 Diluted 0.77 0.64 (b) 0.73 (b) 0.24 (b) 2.40 2014 Revenues $ 3,068,891 $ 3,176,033 $ 3,231,791 $ 3,218,442 $ 12,695,157 Operating profit (a) 145,047 122,434 123,937 136,650 528,068 Earnings before taxes 146,921 132,394 118,046 144,805 542,166 Net earnings of the Group 98,949 90,800 71,309 (c) 91,054 (c) 352,112 Net earnings attributable to Jacobs 93,732 83,460 (d) 64,842 86,074 328,108 Earnings per share: Basic 0.72 0.64 (d) 0.50 (c) 0.66 (c) 2.51 Diluted 0.71 0.63 (d) 0.49 (c) 0.65 (c) 2.48 2013 Revenues $ 2,759,641 $ 2,835,084 $ 3,080,995 $ 3,142,656 $ 11,818,376 Operating profit (a) 160,269 165,203 168,359 175,148 668,979 Earnings before taxes 156,311 161,908 168,423 174,906 661,548 Net earnings of the Group 104,523 107,089 112,089 116,481 440,182 Net earnings attributable to Jacobs 99,010 104,401 108,871 110,811 423,093 Earnings per share: Basic 0.77 0.81 0.84 0.85 3.27 Diluted 0.76 0.80 0.83 0.84 3.23 (a) Operating profit represents revenues less (i) direct costs of contracts, and (ii) selling, general and administrative expenses. (b) Includes costs of $9.6 million , or $0.08 per diluted share, in the second quarter of fiscal 2015, $30.1 million or $0.24 per diluted share in the third quarter of fiscal 2015, and $68.2 million , or $0.56 per diluted share, in the fourth quarter of fiscal 2015, related to the 2015 Restructuring. (c) Includes costs of $47.0 million , or $0.35 per diluted share, in the third quarter of fiscal 2014, and $30.4 million , or $0.23 per diluted share, in the fourth quarter of fiscal 2014, related to the 2014 Restructuring. (d) Includes $6.4 million , or $0.05 per diluted share, increase to net earnings related to a gain on the sale of certain intellectual property in the second quarter of fiscal 2014 . |
Definitions
Definitions | 12 Months Ended |
Oct. 02, 2015 | |
Definitions [Abstract] | |
Definitions | Definitions The following terms used in the accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements have the meanings set forth below: “1989 ESPP” means the Jacobs Engineering Group Inc. 1989 Employee Stock Purchase Plan, as amended. The 1989 ESPP is a shareholder-approved, broad-based, employee stock purchase plan qualified under Section 423 of the U.S. IRC. “1999 ODSP" means the Jacobs Engineering Group Inc. 1999 Outside Director Stock Plan, as amended. The 1999 ODSP is a shareholder-approved, equity-based compensation plan covering Jacobs' non-management directors. “1999 SIP” means the Jacobs Engineering Group Inc. Stock Incentive Plan, as amended. The 1999 SIP is a shareholder-approved, equity-based compensation plan covering the Company's officers and key employees. The "2015 Restructuring" refers to a series of initiatives intended to improve operational efficiency, reduce costs, and better position the Company to drive growth of the business in the future. Actions included involuntary terminations, the abandonment of certain leased offices, and the co-location of employees. Included in the Company's consolidated results of operations for fiscal 2015 are pre-tax costs of $107.9 million relating to the 2015 Restructuring. These costs are primarily included in selling, general, and administrative expense in the accompanying Consolidated Statements of Earnings. The "2014 Restructuring" refers to a series of initiatives intended to improve operational efficiency, reduce costs, accelerate the integration of SKM, and better position the Company to drive growth of the business in the future. Actions included involuntary terminations, the abandonment of certain leased offices, and the co-location of employees. Included in the Company's consolidated results of operations for fiscal 2014 are pre-tax costs of $93.3 million relating to the 2014 Restructuring. These costs are included in selling, general, and administrative expense in the accompanying Consolidated Statements of Earnings. “ASC” refers to the Accounting Standards Codification as maintained by the FASB. The ASC is the primary source of U.S. GAAP to be applied by the Company and all other nongovernmental entities. The ASC organizes and presents hundreds of previously separate pieces of authoritative accounting guidance into a single on-line research database. The accounting principles promulgated by the ASC are organized therein by broad topics, and is updated by the FASB through the issuances of ASUs. “ASU” means Accounting Standards Updates, the primary means by which the ASC is updated by the FASB. “Company” (including “we”, “us” or “our”) means Jacobs Engineering Group Inc. and its consolidated subsidiaries and affiliates. “Consolidated EBITDA" generally means consolidated net earnings attributable to Jacobs, plus consolidated (i) interest expense, (ii) tax expense, and (iii) depreciation and amortization expense (including amortization expense relating to intangible assets). "Consolidated Funded Indebtedness" generally means the sum of (i) the balances outstanding under all loan, credit, and similar agreements for borrowed money (including purchase money indebtedness), (ii) all amounts representing direct obligations arising under letters of credit, (iii) indebtedness in respect of capital leases and similar financing arrangements, and (iv) the value of all guarantees issued with respect to the types of indebtedness described in (i) through (iii). "Consolidated Leverage Ratio" means, as of any date of determination, the ratio of (i) the Company's Consolidated Funded Indebtedness as of such date to (ii) the Company's Consolidated EBITDA for the immediately preceding four consecutive fiscal quarters. “EPS” means earnings-per-share. “Basic EPS” is computed by dividing the consolidated net earnings attributable to Jacobs by the weighted average number of shares of common stock outstanding during the period. “Diluted EPS” is computed in a manner similar to the computation of Basic EPS, but gives effect to all dilutive securities that were outstanding during the period. Our dilutive securities consist of nonqualified stock options and restricted stock (including restricted stock units) “Fair Value” means the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants as of the date fair value is determined (i.e., the “measurement date”). When determining fair value, U.S. GAAP requires that we consider the principal or most advantageous market in which we would transact any sale or purchase. U.S. GAAP also requires that the inputs (factors) we use (consider) to determine fair value be considered in the following order of priority: • Level 1 inputs are quoted prices in active markets for identical assets or liabilities; • Level 2 inputs are observable inputs (other than quoted prices in active markets included in Level 1) such as (i) quoted prices for similar assets or liabilities, (ii) quoted prices in markets that have insufficient volume or infrequent transactions (i.e., less active markets), and (iii) model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data for substantially the full term of the asset or liability; and • Level 3 inputs are unobservable inputs to the valuation methodology that are significant to the fair value measurement. “FASB” means the Financial Accounting Standards Board. The FASB is the designated organization within the U.S. for establishing standards of financial accounting that govern the preparation of financial reports by nongovernmental entities. “GESPP” means the Jacobs Engineering Group Inc. Global Employee Stock Purchase Plan, as amended. The GESPP is a shareholder-approved, broad-based, employee stock purchase plan covering employees of certain of Jacobs' non-U.S. subsidiaries. “Group” refers to the combined economic interests and activities of Jacobs and the persons and entities holding noncontrolling interests in the subsidiaries and affiliates that are consolidated into the accompanying Consolidated Financial Statements. “Jacobs” means Jacobs Engineering Group Inc. “U.S. GAAP” means those accounting principles and practices generally accepted in the United States. “U.S. IRC” means the U.S. Internal Revenue Code of 1986, as amended. “VIE” means a “Variable Interest Entity” as defined in U.S. GAAP. A VIE is a legal entity in which equity investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of the equity investment at risk lack any one of the following three characteristics: (i) the power, through voting rights or similar rights, to direct the activities of a legal entity that most significantly impact the entity's economic performance; (ii) the obligation to absorb the expected losses of the legal entity; or (iii) the right to receive the expected residual returns of the legal entity. Accordingly, entities issuing consolidated financial statements (i.e., a “reporting entity”) shall consolidate a VIE if the reporting entity has a “controlling financial interest” in the VIE, as demonstrated by the reporting entity having both (i) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance; and (ii) the right to receive benefits from the VIE that could potentially be significant to the VIE or the obligation to absorb losses of the VIE that could potentially be significant to the VIE. |
Significant Accounting Polici25
Significant Accounting Policies (Policy) | 12 Months Ended |
Oct. 02, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Revenue Accounting For Contracts And Use Of Joint Ventures Policy | Revenue Accounting for Contracts and Use of Joint Ventures In general, we recognize revenues at the time we provide services. Depending on the commercial terms of the contract, we recognize revenues either when costs are incurred, or using the percentage-of-completion method of accounting by relating contract costs incurred to date to the total estimated costs at completion. Contract losses are provided for in their entirety in the period they become known, without regard to the percentage-of-completion. For multiple contracts with a single customer we account for each contract separately. We also recognize as revenues, costs associated with claims and unapproved change orders to the extent it is probable that such claims and change orders will result in additional contract revenue, and the amount of such additional revenue can be reliably estimated. Certain cost-reimbursable contracts include incentive-fee arrangements. These incentive fees can be based on a variety of factors but the most common are the achievement of target completion dates, target costs, and/or other performance criteria. Failure to meet these targets can result in unrealized incentive fees. We recognize incentive fees based on expected results using the percentage-of-completion method of accounting. As the contract progresses and more information becomes available, the estimate of the anticipated incentive fee that will be earned is revised as necessary. We bill incentive fees based on the terms and conditions of the individual contracts. In certain situations, we are allowed to bill a portion of the incentive fees over the performance period of the contract. In other situations, we are allowed to bill incentive fees only after the target criterion has been achieved. Incentive fees which have been recognized but not billed are included in receivables in the accompanying Consolidated Balance Sheets. Certain cost-reimbursable contracts with government customers as well as certain commercial clients provide that contract costs are subject to audit and adjustment. In this situation, revenues are recorded at the time services are performed based upon the amounts we expect to realize upon completion of the contracts. Revenues are not recognized for non-recoverable costs. In those situations where an audit indicates that we may have billed a client for costs not allowable under the terms of the contract, we estimate the amount of such nonbillable costs and adjust our revenues accordingly. When we are directly responsible for subcontractor labor or third-party materials and equipment, we reflect the costs of such items in both revenues and costs (and we refer to such costs as “pass-through” costs). On those projects where the client elects to pay for such items directly and we have no associated responsibility for such items, these amounts are not reflected in either revenues or costs. The following table sets forth pass-through costs included in revenues for each of the last three fiscal years (in millions): 2015 2014 2013 $ 2,602.6 $ 2,954.9 $ 2,624.8 As is common to the industry, we execute certain contracts jointly with third parties through various forms of joint ventures and consortiums. Although the joint ventures own and hold the contracts with the clients, the services required by the contracts are typically performed by us and our joint venture partners, or by other subcontractors under subcontracting agreements with the joint ventures. The assets of our joint ventures, therefore, consist almost entirely of cash and receivables (representing amounts due from clients), and the liabilities of our joint ventures consist almost entirely of amounts due to the joint venture partners (for services provided by the partners to the joint ventures under their individual subcontracts) and other subcontractors. In general, at any given time, the equity of our joint ventures represents the undistributed profits earned on contracts the joint ventures hold with clients. Very few of our joint ventures have employees. None of our joint ventures have third-party debt or credit facilities. Our joint ventures, therefore, are simply mechanisms used to deliver engineering and construction services to clients. Rarely do they, in and of themselves, present any risk of loss to us or to our partners separate from those that we would carry if we were performing the contract on our own. Under U.S. GAAP, our share of losses associated with the contracts held by the joint ventures, if and when they occur, has always been reflected in our Consolidated Financial Statements. Certain of our joint ventures meet the definition of a VIE. In evaluating our VIEs for possible consolidation, we perform a qualitative analysis to determine whether or not we have a “controlling financial interest” in the VIE as defined by U.S. GAAP. We consolidate only those VIEs over which we have a controlling financial interest. For the Company’s unconsolidated joint ventures, we use either the equity method of accounting or proportional consolidation. The Company does not currently participate in any significant VIEs in which it has a controlling financial interest that it does not consolidate. There were no changes in facts and circumstances during the period that caused the Company to reassess the method of accounting for its VIEs. |
Fair Value Measurements | Fair Value Measurements The net carrying amounts of cash and cash equivalents, trade receivables and payables, and notes payable approximate Fair Value due to the short-term nature of these instruments. Similarly, we believe the carrying value of long-term debt also approximates Fair Value based on the interest rates and scheduled maturities applicable to the outstanding borrowings. Certain other assets and liabilities, such as forward contracts and an interest rate swap agreement we purchased as cash-flow hedges discussed in Note 10 — Commitments and Contingencies - Derivative Financial Instruments are required to be carried in our Consolidated Financial Statements at Fair Value. The Fair Value of the Company’s reporting units (used for purposes of determining whether there is an indication of possible impairment of the carrying value of goodwill) is determined using both an income approach and a market approach. Both approaches require us to make certain estimates and judgments. Under the income approach, Fair Value is determined by using the discounted cash flows of our reporting units. Under the market approach, the Fair Values of our reporting units are determined by reference to guideline companies that are reasonably comparable to our reporting units; the Fair Values are estimated based on the valuation multiples of the invested capital associated with the guideline companies. In assessing whether there is an indication that the carrying value of goodwill has been impaired, we utilize the results of both valuation techniques and consider the range of Fair Values indicated. The range of values (both ends of the range) for each reporting unit exceeded the respective book values by over 20% to 40% . With respect to equity-based compensation (i.e., share-based payments), we estimate the Fair Value of stock options granted to employees and directors using the Black-Scholes option-pricing model. Like all option-pricing models, the Black-Scholes model requires the use of highly subjective assumptions including (i) the expected volatility of the market price of the underlying stock, and (ii) the expected term of the award, among others. Accordingly, changes in assumptions and any subsequent adjustments to those assumptions can cause drastically different Fair Values to be assigned to our stock option awards. For restricted stock units containing service and market conditions, compensation expense is based on the Fair Value of such units using a Monte Carlo simulation. Due to the uncertainties inherent in the use of assumptions and the results of applying Monte Carlo simulations and because equity awards tend to vest over several years and additional equity awards may be made in the future, the amount of expense recorded in the accompanying consolidated financial statements may not be representative of the effects on our future consolidated financial statements. The Fair Values of the assets owned by the various pension plans that the Company sponsors are determined based on the type of asset, consistent with U.S. GAAP. Equity securities are valued by using market observable data such as quoted prices. Publicly traded corporate equity securities are valued at the last reported sale price on the last business day of the year. Securities not traded on the last business day are valued at the last reported bid price. Debt securities are valued at the last reported sale price on the last business day applicable. Real estate consists primarily of common or collective trusts, with underlying investments in real estate. They are valued using the best information available, including quoted market price, market prices for similar assets when available, internal cash flow estimates discounted at an appropriate interest rate, or independent appraisals, as appropriate. Insurance contracts, investments in infrastructure/raw goods, and hedge funds are valued using actuarial assumptions and values reported by the fund managers. The methodologies described above and elsewhere in these Notes to Consolidated Financial Statements may produce a Fair Value measure that may not be indicative of net realizable value or reflective of future Fair Values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the Fair Value of certain financial instruments could result in a different Fair Value measurement. |
Cash Equivalents | Cash Equivalents We consider all highly liquid investments with original maturities of less than three months to be cash equivalents. Cash equivalents at October 2, 2015 and September 26, 2014 consisted primarily of money market mutual funds and overnight bank deposits. |
Receivables And Billings In Excess Of Costs | Receivables and Billings in Excess of Costs “Receivables” include billed receivables, unbilled receivables, and retentions receivable. Billed receivables represent amounts invoiced to clients in accordance with the terms of our client contracts. They are recorded in our financial statements when they are issued. Unbilled receivables and retentions receivable represent reimbursable costs and amounts earned and reimbursable under contracts in progress as of the respective balance sheet dates. Such amounts become billable according to the contract terms, which usually consider the passage of time, achievement of certain milestones or completion of the project. We anticipate that substantially all of such unbilled amounts will be billed and collected over the next fiscal year. Certain contracts allow us to issue invoices to clients in advance of providing services. “Billings in excess of costs” represent billings to, and cash collected from, clients in advance of work performed. We anticipate that substantially all such amounts will be earned over the next twelve months. |
Property, Equipment And Improvements | Property, Equipment, and Improvements Property, equipment and improvements are carried at cost, and are shown net of accumulated depreciation and amortization in the accompanying Consolidated Balance Sheets. Depreciation and amortization is computed primarily by using the straight-line method over the estimated useful lives of the assets. The cost of leasehold improvements is amortized using the straight-line method over the lesser of the estimated useful life of the asset or the remaining term of the related lease. Estimated useful lives range from 20 to 40 years for buildings, from 3 to 10 years for equipment and from 4 to 10 years for leasehold improvements. |
Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquired business over the Fair Value of the net tangible and intangible assets acquired. Goodwill and intangible assets with indefinite lives are not amortized; instead, we test goodwill for possible impairment. We conduct such tests annually (or more frequently if events occur or circumstances change that would more likely than not reduce the Fair Values of our reporting units below their respective carrying values). The first step in the test is to compare the Fair Value of each of the Company’s reporting units to their respective carrying amounts, including goodwill. In the event that the carrying value of a reporting unit exceeds its Fair Value, a second test is performed to measure the amount of the impairment loss, if any. In performing the annual impairment test, the Company evaluates goodwill at the reporting unit level. We have determined that our operating segment is comprised of two reporting units based on geography. Based on the results of these tests, we have determined that the Fair Value of our reporting units substantially exceeded their respective carrying values for fiscal years 2015 , 2014 , and 2013 . |
Foreign Currencies | Foreign Currencies In preparing our Consolidated Financial Statements, it is necessary to translate the financial statements of our subsidiaries operating outside the U.S., which are denominated in currencies other than the U.S. dollar, into the U.S. dollar. In accordance with U.S. GAAP, revenues and expenses of operations outside the U.S. are translated into U.S. dollars using weighted-average exchange rates for the applicable period(s) being translated while the assets and liabilities of operations outside the U.S. are generally translated into U.S. dollars using period-end exchange rates. The net effect of foreign currency translation adjustments is included in stockholders’ equity as a component of accumulated other comprehensive income (loss) in the accompanying Consolidated Balance Sheets. |
Share-Based Payments | Share-Based Payments We measure the value of services received from employees and directors in exchange for an award of an equity instrument based on the grant-date Fair Value of the award. The computed value is recognized as a non-cash cost on a straight-line basis over the period the individual provides services, which is typically the vesting period of the award with the exception of awards containing an internal performance measure which is recognized on a straight-line basis over the vesting period subject to the probability of meeting the performance requirements and adjusted for the number of shares expected to be earned. The cost of these awards is recorded in selling, general and administrative expense in the accompanying Consolidated Financial Statements. |
Concentrations Of Credit Risk | Concentrations of Credit Risk Our cash balances and cash equivalents are maintained in accounts held by major banks and financial institutions located primarily in North America, South America, Europe, the Middle East, India, Australia, Africa, and Asia. In the normal course of business, and consistent with industry practices, we grant credit to our clients without requiring collateral. Concentrations of credit risk is the risk that, if we extend a significant amount of credit to clients in a specific geographic area or industry, we may experience disproportionately high levels of default if those clients are adversely affected by factors particular to their geographic area or industry. Concentrations of credit risk relative to trade receivables are limited due to our diverse client base, which includes the U.S. federal government and multi-national corporations operating in a broad range of industries and geographic areas. Additionally, in order to mitigate credit risk, we continually evaluate the credit worthiness of our major commercial clients. |
Use Of Estimates And Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires us to employ estimates and make assumptions that affect the reported amounts of certain assets and liabilities; the revenues and expenses reported for the periods covered by the financial statements; and certain amounts disclosed in these Notes to the Consolidated Financial Statements. Although such estimates and assumptions are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available and past experience, actual results could differ significantly from those estimates and assumptions. Our estimates, judgments, and assumptions are evaluated periodically and adjusted accordingly. Earlier in these Notes to Consolidated Financial Statements we discussed three significant accounting policies that rely on the application of estimates and assumptions: revenue recognition for long-term construction contracts; the process for testing goodwill for possible impairment; and the accounting for share-based payments to employees and directors. The following is a discussion of certain other significant accounting policies that rely on the use of estimates: Accounting for Pensions — We use certain assumptions and estimates in order to calculate periodic pension cost and the value of the assets and liabilities of our pension plans. These assumptions involve discount rates, investment returns, and projected salary increases, among others. Changes in the actuarial assumptions may have a material effect on the plans’ liabilities and the projected pension expense. Accounting for Income Taxes — We determine our consolidated income tax expense using the asset and liability method prescribed by U.S. GAAP. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Such deferred tax assets and liabilities are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. If and when we determine that a deferred tax asset will not be realized for its full amount, we will recognize and record a valuation allowance with a corresponding charge to earnings. Judgment is required in determining our worldwide provision for income taxes. In the normal course of business, we may engage in numerous transactions every day for which the ultimate tax outcome (including the period in which the transaction will ultimately be included in taxable income or deducted as an expense) is uncertain. Additionally, we file income, franchise, gross receipts and similar tax returns in many jurisdictions. Our tax returns are subject to audit and investigation by the Internal Revenue Service, most states in the U.S., and by various government agencies representing many jurisdictions outside the U.S. Contractual Guarantees, Litigation, Investigations, and Insurance — In the normal course of business, we are subject to certain contractual guarantees and litigation. We record in the Consolidated Balance Sheets amounts representing our estimated liability relating to such guarantees, litigation, and insurance claims. We perform an analysis to determine the level of reserves to establish for both insurance-related claims that are known and have been asserted against us as well as for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to our claims administrators as of the respective balance sheet dates. We include any adjustments to such insurance reserves in our Consolidated Statements of Earnings. In addition, as a contractor providing services to various agencies of the U.S. federal government, we are subject to many levels of audits, investigations, and claims by, or on behalf of, the U.S. federal government with respect to contract performance, pricing, costs, cost allocations, and procurement practices. We adjust revenues based upon the amounts we expect to realize considering the effects of any client audits or governmental investigations. Accounting for Business Combinations — U.S. GAAP requires that the purchase price paid for business combinations accounted for using the acquisition method be allocated to the assets and liabilities acquired based on their respective Fair Values. Determining the Fair Value of contract assets and liabilities acquired often requires estimates and judgments regarding, among other things, the estimated cost to complete such contracts. The Company must also make certain estimates and judgments relating to other assets and liabilities acquired as well as any identifiable intangible assets acquired. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09— Revenue from Contracts with Customers . The new guidance provided by ASU 2014-09 is intended to remove inconsistencies and perceived weaknesses in the existing revenue requirements, provide a more robust framework for addressing revenue issues, improve comparability, provide more useful information and simplify the preparation of financial statements. ASU 2014-09 was initially effective for annual and interim reporting periods beginning after December 15, 2016. On July 9, 2015 the FASB approved a one year deferral of the effective date of this standard. The revised effective date for the standard is for annual reporting periods beginning after December 15, 2017 and interim periods therein. The FASB also approved changes allowing for early adoption of the standard as of the original effective date. The Company continues to evaluate the impact that the new guidance may have on the consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03— Simplifying the Presentation of Debt Issuance Costs . ASU 2015-03 was issued to simplify the presentation of debt issuance costs by requiring such costs to be presented as a deduction from the corresponding debt liability. Through this ASU, the FASB intends to make the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The Company does not believe the adoption of this ASU will have a material effect on its consolidated financial statements. In May 2015, the FASB issued Accounting Standards Update 2015-07— Disclosures for Investments in Certain Entities that Calculate Net Asset Value Per Share (or its Equivalent) . ASU 2015-07 removes the requirement to categorize within the fair value hierarchy investments for which fair values are estimated using the net asset value practical expedient provided by ASC 820— Fair Value Measurement . Disclosures about investments in certain entities that calculate net asset value per share are limited under ASU 2015-07 to those investments for which the entity has elected to estimate the fair value using the net asset value practical expedient. ASU 2015-07 is effective for entities (other than public business entities) for fiscal years beginning after December 15, 2016, with retrospective application to all periods presented. Early application is permitted. The Company is evaluating the impacts of the ASU, but does not expect the impacts to be material to its consolidated financial statements. |
Description Of Business And B26
Description Of Business And Basis Of Presentation (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenues Realized From Each Of These Types Of Contracts | The percentage of revenues realized from each of these types of contracts for each of the last three fiscal years was as follows: 2015 2014 2013 Cost-reimbursable 83 % 83 % 85 % Fixed-price 17 % 17 % 15 % |
Significant Accounting Polici27
Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Pass-Through Costs Included In Revenues | The following table sets forth pass-through costs included in revenues for each of the last three fiscal years (in millions): 2015 2014 2013 $ 2,602.6 $ 2,954.9 $ 2,624.8 |
Schedule Of Acquired Intangible Assets | The following table provides certain information related to the Company’s acquired intangible assets for each of the fiscal years presented (in thousands): Customer Relationships, Contracts, and Backlog Developed Technology Trade Names Other Total Balances, September 28, 2012 $ 217,729 $ 20,444 $ 3,082 $ 2,507 $ 243,762 Amortization (20,731 ) (1,533 ) (614 ) (1,130 ) (24,008 ) Foreign currency translation (1,471 ) — (289 ) (90 ) (1,850 ) Balances, September 27, 2013 195,527 18,911 2,179 1,287 217,904 Acquisitions 249,164 — 15,049 — 264,213 Amortization (37,737 ) (1,533 ) (3,251 ) (693 ) (43,214 ) Foreign currency translation 1,087 — 171 31 1,289 Balances, September 26, 2014 408,041 17,378 14,148 625 440,192 Acquisitions (4,315 ) — (1,292 ) 300 (5,307 ) Amortization (39,967 ) (1,533 ) (4,172 ) (277 ) (45,949 ) Foreign currency translation (34,418 ) — (1,085 ) (14 ) (35,517 ) Balances, October 2, 2015 $ 329,341 $ 15,845 $ 7,599 $ 634 $ 353,419 Weighted average amortization period (years) 9.2 10.3 4.4 6.9 9.2 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table presents the final purchase price allocation for SKM (in thousands): Assets: Cash and cash equivalents $ 152,051 Receivables and other current assets 371,331 Property and equipment and other 71,630 Intangible assets 202,166 Total assets 797,178 Liabilities: Current liabilities 351,351 Deferred tax liabilities 72,656 Long-term liabilities 20,416 Total liabilities 444,423 Net identifiable assets acquired $ 352,755 Goodwill 866,919 Net assets acquired $ 1,219,674 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table presents the values assigned to the acquired SKM intangible assets (in thousands): Customer relationships / backlog $ 193,260 Trade names 8,906 Total $ 202,166 |
Business Acquisition, Pro Forma Information | The pro forma results are not necessarily indicative of (i) the results of operations that would have occurred had we actually acquired SKM on September 28, 2012 ; or (ii) future results of operations: 2014 Revenues $ 12,944,848 Net earnings attributable to Jacobs $ 335,658 Basic earnings per share $ 2.57 Diluted earnings per share $ 2.54 |
Stock-based Compensation Expense By Type of Award | The following table presents our stock-based compensation expense for the various types of awards made by the Company for each of the fiscal years presented (in thousands): Award Type 2015 2014 2013 Restricted Stock and Restricted $ 20,779 $ 17,307 $ 12,836 Stock Options 10,683 10,829 11,385 Market and Performance Awards 9,950 15,264 15,297 Total Expense $ 41,412 $ 43,400 $ 39,518 The following table sets forth certain information about the 1999 Plans: 1999 SIP 1999 ODSP Total Number of shares authorized 29,850,000 800,000 30,650,000 Number of remaining shares reserved for issuance at October 2, 2015 10,894,091 323,500 11,217,591 Number of shares relating to outstanding stock options at October 2, 2015 3,790,332 282,375 4,072,707 Number of shares available for future awards: At October 2, 2015 7,103,759 41,125 7,144,884 At September 26, 2014 7,118,672 90,125 7,208,797 |
Fair Value Of Option Grant Date Award | The following table presents the assumptions used in the Black-Scholes option-pricing model during each of the last three fiscal years for awards made to employees and directors: Awards Made to Employees Awards Made to Directors 2015 2014 2013 2015 2014 2013 Dividend yield 0 % 0 % 0 % 0 % 0 % 0 % Expected volatility 27.00 % 34.25 % 38.37 % 29.28 % 35.30 % 37.65 % Risk-free interest rate 1.67 % 1.79 % 1.11 % 1.63 % 1.76 % 0.95 % Expected term of options (in years) 5.82 5.82 5.82 5.82 5.82 5.82 |
Unit Basis For Earned Relative TSR Restricted Stock | The following table presents the basis on which the Relative TSR Restricted Stock Units are determined: Company TSR Percentile Rank TSR Performance Multiplier Below 30th percentile —% 30th percentile 50% 50th percentile 100% 70th percentile or above 150% |
Schedule of Fair Value Assumptions for Earned Relative TSR Restricted Stock Units | The following table presents the assumptions used to value the TSR restricted stock units: 2014 2013 Dividend yield — % — % Expected volatility 24.77 % 29.18 % Risk-free interest rate 0.80 % 0.42 % Expected term (in years) 3 3 |
Unit Basis for Earned Net Earnings Growth Restricted Stock Units | The following table presents the basis on which the Net Earnings Growth Restricted Stock Units are determined: Average Net Earnings Growth Net Earnings Growth Performance Multiplier Less than 5% —% 5% 50% 10% 100% 15% 150% 20% 200% |
Employee Stock Purchase And S28
Employee Stock Purchase And Stock Option Plans (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Issuance Activity Under The 1989 ESPP And The GESPP | The following table summarizes the stock issuance activity under the 1989 ESPP and the GESPP during each of the last three fiscal years: 2015 2014 2013 Aggregate Purchase Price Paid for Shares Sold: Under the 1989 ESPP $ 28,621,800 $ 30,354,723 $ 30,012,848 Under the GESPP 3,535,479 3,314,046 3,068,578 Total $ 32,157,279 $ 33,668,769 $ 33,081,426 Aggregate Number of Shares Sold: Under the 1989 ESPP 696,853 553,201 642,675 Under the GESPP 84,361 59,883 64,963 Total 781,214 613,084 707,638 |
Stock Purchase And Stock Option Plans Information On The 1999 Plans | The following table presents our stock-based compensation expense for the various types of awards made by the Company for each of the fiscal years presented (in thousands): Award Type 2015 2014 2013 Restricted Stock and Restricted $ 20,779 $ 17,307 $ 12,836 Stock Options 10,683 10,829 11,385 Market and Performance Awards 9,950 15,264 15,297 Total Expense $ 41,412 $ 43,400 $ 39,518 The following table sets forth certain information about the 1999 Plans: 1999 SIP 1999 ODSP Total Number of shares authorized 29,850,000 800,000 30,650,000 Number of remaining shares reserved for issuance at October 2, 2015 10,894,091 323,500 11,217,591 Number of shares relating to outstanding stock options at October 2, 2015 3,790,332 282,375 4,072,707 Number of shares available for future awards: At October 2, 2015 7,103,759 41,125 7,144,884 At September 26, 2014 7,118,672 90,125 7,208,797 |
Fair Value Of Shares Vested | The following table presents the Fair Value of shares (of restricted stock and restricted stock units) vested during each of the last three fiscal years (in thousands): 2015 2014 2013 Restricted Stock and Restricted Stock Units (service condition) 18,568 6,820 13,054 Restricted Stock Units (service, market, and performance conditions at target) 11,264 18,675 — Total $ 29,832 $ 25,495 $ 13,054 |
Total Pre-Tax Compensation Cost Relating To Share-Based Payments Included In The Accompanying Consolidated Statements Of Earnings | The following table presents the Company’s total pre-tax compensation cost relating to share-based payments included in the accompanying Consolidated Statements of Earnings (in thousands): 2015 2014 2013 $ 41,412 $ 43,400 $ 39,518 |
Stock Options Activity | The following table summarizes the stock option activity for each of the last three fiscal years: Number of Stock Options Weighted Average Exercise Price Outstanding at September 28, 2012 5,756,734 $ 47.23 Granted 753,450 $ 54.71 Exercised (1,782,371 ) $ 37.00 Cancelled or expired (121,601 ) $ 50.22 Outstanding at September 27, 2013 4,606,212 $ 52.33 Granted 602,525 $ 53.51 Exercised (718,065 ) $ 47.18 Cancelled or expired (269,525 ) $ 54.46 Outstanding at September 26, 2014 4,221,147 $ 53.23 Granted 614,759 $ 43.56 Exercised (34,000 ) $ 31.54 Cancelled or expired (729,199 ) $ 86.15 Outstanding at October 2, 2015 4,072,707 $ 46.06 |
Total Intrinsic Value Of Options Exercised | The following table presents the total intrinsic value of stock options exercised during each of the last three fiscal years (in thousands): 2015 2014 2013 $ 442 $ 9,590 $ 22,163 |
Information Regarding Our Stock Option Plans | The following table presents certain other information regarding our 1999 Plans: 2015 2014 2013 At fiscal year end: Range of exercise prices for options outstanding $32.51–$80.63 $25.87–$94.11 $20.98–$94.11 Number of options exercisable 2,590,560 2,725,980 3,034,111 For the fiscal year: Range of prices relating to options exercised $25.87–$42.74 $20.98–$57.54 $18.49–$56.95 Estimated weighted average Fair Values of options granted $ 13.41 $ 19.04 $ 20.64 |
Information Regarding Options Outstanding, And Options Exercisable | The following table presents certain information regarding stock options outstanding, and stock options exercisable at October 2, 2015 : Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Average Remaining Contractual Life (years) Weighted Average Price Number Weighted Average Exercise Price $32.51 - $37.32 519,375 6.39 $ 37.01 394,625 $ 37.00 $37.43 - $46.37 2,057,796 5.86 42.74 1,429,761 42.40 $47.11 - $55.53 1,401,461 7.38 53.00 709,699 52.22 $60.08 - $80.63 94,075 5.98 65.33 56,475 68.64 4,072,707 6.56 $ 46.06 2,590,560 $ 44.84 |
Restricted Stock and Restricted Stock Units Activity | The following table presents the number of shares of restricted stock and restricted stock units cancelled and withheld for taxes under the 1999 SIP during each of the last three fiscal years: 2015 2014 2013 Restricted stock 326,480 147,221 128,923 Restricted stock units (service condition) 70,296 12,333 3,385 Restricted stock units (service, market, and performance conditions at target) 194,116 52,000 32,000 Notes : The amount of restricted stock units cancelled for awards with market and performance conditions in the above table is based on the target amount. The share amounts in the above tables reflect the non-fungible share counting of 1 shares for each share of restricted stock and restricted stock unit issued. The following table provides the number of shares of restricted stock and restricted stock units outstanding at October 2, 2015 under the 1999 SIP. Shares granted prior to September 29, 2012 were granted on a 1 -to-1 basis ("Not Fungible"). Shares Granted after September 28, 2012 were issued on a 1.92 -to-1.00 basis ("Fungible"): Not Fungible Fungible Total Restricted stock 459,100 1,351,732 1,810,832 Restricted stock units (service condition) 87,960 455,245 543,205 Restricted stock units (service, market, and performance conditions at target) — 884,219 884,219 The following table presents the number of shares of restricted stock and restricted stock units issued under the 1999 ODSP during each of the last three fiscal years: 2015 2014 2013 Restricted stock units (service condition) 13,500 15,000 13,500 The following table provides the number of shares of restricted stock and restricted stock units outstanding at October 2, 2015 under the 1999 ODSP: 2015 Restricted stock 40,000 Restricted stock units (service condition) 76,000 The following table presents the number of shares of restricted stock and restricted stock units issued under the 1999 SIP during each of the last three fiscal years: 2015 2014 2013 Restricted stock 507,882 589,150 445,200 Restricted stock units (service condition) 126,635 287,545 107,500 Restricted stock units (service, market, and performance conditions at target) 219,965 432,700 471,250 Notes: The amount of restricted stock units issued for awards with performance and market conditions in the above table are based on the target amount. The number of shares ultimately issued, which could be greater or less than target, will be based on achieving specific performance conditions described in Note 2 – Significant Accounting Policies . The share amounts in the above tables reflect the non-fungible share counting of 1 shares for each share of restricted stock and restricted stock unit issued. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Earnings Per Share Reconciliation [Abstract] | |
Earnings Per Share | The following table (i) reconciles the denominator used to compute Basic EPS to the denominator used to compute Diluted EPS for each of the last three fiscal years, and (ii) discloses the number of antidilutive stock options, shares of restricted stock, and restricted stock units outstanding at the end of each of the fiscal years indicated (in thousands): 2015 2014 2013 Shares used to calculate EPS: Weighted average shares outstanding (denominator used to compute basic EPS) 125,007 130,483 129,288 Effect of stock options and restricted stock 1,103 1,888 1,657 Denominator used to compute diluted EPS 126,110 132,371 130,945 Antidilutive stock options, shares of restricted stock, and restricted stock units 3,237 2,074 2,603 |
Class of Treasury Stock | The following table summarizes the activity under this program during fiscal 2015 (in thousands, except per-share amounts): Amount Authorized (in thousands) Average Price Per Share (1) Total Shares Retired Shares Repurchased 2015 $ 500,000 $ 43.33 9,746 422,315,657 9,746 (1) Includes commissions paid and calculated as the average price per share since the repurchase program authorization date. |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table presents certain information regarding the Company’s long-term revolving credit facilities at October 2, 2015 , and September 26, 2014 (dollars in thousands): 2015 2014 Principal Balance Outstanding Range of Interest Rates Principal Balance Outstanding Range of Interest Rates $ 584,434 1.0% – 1.51% $ 764,075 1.0% – 1.51% |
Schedule Of Other Loan Agreements | The following table presents certain additional information regarding the Company’s long-term debt for the fiscal years shown: 2015 2014 Maximum amount outstanding at any month-end during the fiscal year $ 1,006,899 $ 1,036,066 Average amount outstanding during the year $ 943,258 $ 866,264 Weighted average interest rate during the year 1.28 % 1.18 % |
Schedule Of Interest Expense | The following table presents the amount of interest paid by the Company during each of the last three fiscal years (in thousands): 2015 2014 2013 $ 15,506 $ 13,841 $ 6,685 |
Pension and Other Postretirem31
Pension and Other Postretirement Pension Plans (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Schedule Of Change In Plans' Combined Net Benefit Obligation | The following table sets forth the changes in the plans’ combined net benefit obligation (segregated between plans existing within and outside the U.S.) during each of the fiscal years presented (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Net benefit obligation at the beginning of the year $ 495,788 $ 468,439 $ 1,196,520 $ 1,307,331 Service cost 12,045 12,077 21,374 25,374 Interest cost 20,629 22,041 44,659 54,208 Participants’ contributions 2,743 3,095 4,402 9,082 Actuarial losses 42,749 27,076 30,238 105,838 Benefits paid (40,289 ) (35,634 ) (35,662 ) (33,387 ) Curtailments and settlements — — (5,763 ) (269,580 ) Plan amendments — (1,306 ) (1,612 ) — Effect of exchange rate changes — — (98,564 ) (2,346 ) Net benefit obligation at the end of the year $ 533,665 $ 495,788 $ 1,155,592 $ 1,196,520 |
Schedule Of Change In Combined Fair Value Of The Plans' Assets | The following table sets forth the changes in the combined Fair Value of the plans’ assets (segregated between plans existing within and outside the U.S.) during each of the fiscal years presented (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Fair Value of plan assets at the beginning of the year $ 415,350 $ 390,777 $ 876,171 $ 982,479 Actual return on plan assets (1,754 ) 45,484 86,411 130,665 Employer contributions 3,857 11,628 39,326 57,977 Participants’ contributions 2,743 3,095 4,402 9,082 Gross benefits paid (40,289 ) (35,634 ) (35,662 ) (33,387 ) Curtailments/settlements — — (1,646 ) (268,486 ) Effect of exchange rate changes — — (72,704 ) (2,159 ) Fair Value of plan assets at the end of the year $ 379,907 $ 415,350 $ 896,298 $ 876,171 |
Reconciliation Of Combined Funded Status Of Plans And Recognized In Consolidated Balance Sheet | The following table reconciles the combined funded statuses of the plans recognized in the accompanying Consolidated Balance Sheets at October 2, 2015 , and September 26, 2014 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Net benefit obligation at the end of the year $ 533,665 $ 495,788 $ 1,155,592 $ 1,196,520 Fair Value of plan assets at the end of the year 379,907 415,350 896,298 876,171 Under-funded amount recognized at the end of the year $ 153,758 $ 80,438 $ 259,294 $ 320,349 |
Schedule of Accumulated and Projected Benefit Obligations | The following table presents the accumulated benefit obligation at October 2, 2015 , and September 26, 2014 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Accumulated benefit obligation at the end of the year $ 488,024 $ 455,245 $ 1,113,016 $ 1,128,715 |
Schedule Of Amount Recognized In Accompanying Balance Sheets | The following table presents the amounts recognized in the accompanying Consolidated Balance Sheets at October 2, 2015 and September 26, 2014 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Prepaid benefit cost included in prepaid assets $ — $ — $ 4,054 $ 7,123 Accrued benefit cost included in current liabilities — — 381 1,447 Accrued benefit cost included in noncurrent liabilities 153,758 80,438 262,967 326,025 Net amount recognized at the end of the year $ 153,758 $ 80,438 $ 259,294 $ 320,349 |
Schedule Of Pension Plans Recorded In Accumulated Other Comprehensive Loss Not Yet Recognized As Component Of Net Periodic Pension Cost | The following table presents certain amounts relating to our pension plans recorded in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at October 2, 2015 , and September 26, 2014 (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Net actuarial loss $ 59,458 $ 49,569 $ 208,929 $ 263,913 Prior service cost — — (1,947 ) (487 ) Total $ 59,458 $ 49,569 $ 206,982 $ 263,426 |
Schedule Of Accumulated Comprehensive Income Amortized Against Earnings In The Next Year | The following table presents the amount of accumulated comprehensive income that will be amortized against earnings as part of our net periodic benefit cost in fiscal 2016 based on 2015 exchange rates (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Pension Plans Non-U.S. Pension Plans Unrecognized net actuarial loss $ 8,876 $ 14,176 Unrecognized prior service cost (235 ) (245 ) Accumulated comprehensive loss to be recorded against earnings $ 8,641 $ 13,931 |
Schedule Of Weighted Average Measurement Of Assets And Liabilities | The plans’ weighted average asset allocations at October 2, 2015 , and September 26, 2014 (the measurement dates used in valuing the plans’ assets and liabilities) were as follows: U.S. Pension Plans Non-U.S. Pension Plans 2015 2014 2015 2014 Equity securities 70 % 75 % 25 % 29 % Debt securities 21 % 21 % 31 % 32 % Real estate investments 3 % — % 7 % 7 % Other 6 % 4 % 37 % 32 % |
Anticipated Cash Contributions | The following table presents the amount of cash contributions we anticipate making into the plans during fiscal 2016 (in thousands): U.S. Pension Plans Non-U.S. Pension Plans $ 15,100 $ 30,830 |
Schedule Of Expected Payments To Participants In Pension Plan | The following table presents the total benefit payments expected to be paid to pension plan participants during each of the next five fiscal years, and in total for the five years thereafter (in thousands): U.S. Pension Plans Non-U.S. Pension Plans 2016 $ 43,155 $ 30,242 2017 47,442 31,632 2018 41,798 33,959 2019 44,240 35,833 2020 44,697 35,869 For the periods 2021 through 2025 216,232 224,452 |
Schedule Of Contribution To Multiemployer Pension Plans | The following table presents the Company’s contributions to these multiemployer plans during each of the last three fiscal years (in thousands): 2015 2014 2013 Canada $ 42,575 $ 56,341 $ 72,660 Europe 10,902 12,693 12,930 United States 5,968 4,485 4,366 Total $ 59,445 $ 73,519 $ 89,956 |
U.S. Pension Plans | |
Schedule Of Significant Actuarial Assumptions In Determining The Funded Status Plans | The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s U.S. plans for each fiscal year presented: 2015 2014 2013 Weighted average discount rates 3.9% to 4.0% 3.9% to 4.4% 4.4% to 5.0% Rates of compensation increases 3.00 % 2.95 % 2.80 % Expected long-term rates of return on plan assets 7.4 % 7.7 % 7.7 % |
Schedule Of Pension Plans Recognized In Accumulated Other Comprehensive Loss | The following table presents certain amounts relating to our U.S. pension plans recognized in accumulated other comprehensive loss at October 2, 2015 , September 26, 2014 and September 27, 2013 (in thousands): 2015 2014 2013 Arising during the period: Net actuarial (gain) loss $ 12,237 $ 1,378 $ (15,850 ) Reclassification adjustments: Net actuarial gain (2,347 ) (2,255 ) (2,674 ) Total $ 9,890 $ (877 ) $ (18,524 ) |
Schedule Of Fair Value Of Pension Plan Assets | The following table presents the Fair Value of the Company’s Domestic U.S. plan assets at October 2, 2015 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): Fair Values By Level of Fair Value Measurement Inputs Level 1 Level 3 Total Domestic equities $ 225,362 $ — $ 225,362 Overseas equities 41,414 — 41,414 Domestic bonds 80,804 — 80,804 Cash and equivalents 6,041 — 6,041 Real estate — 9,914 9,914 Hedge funds — 16,372 16,372 Total $ 353,621 $ 26,286 $ 379,907 The following table presents the Fair Value of the Company’s U.S. pension plan assets at September 26, 2014 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): Fair Values By Level of Level 1 Level 3 Total Domestic equities $ 268,674 $ — $ 268,674 Overseas equities 40,587 — 40,587 Domestic bonds 85,853 — 85,853 Cash and equivalents 3,932 — 3,932 Hedge funds — 16,304 16,304 Total $ 399,046 $ 16,304 $ 415,350 |
Summary Of Changes In The Fair Value Of The Plans' Level 3 Assets | The following table summarizes the changes in the Fair Value of the Company’s U.S. Pension Plans’ Level 3 assets for the year ended October 2, 2015 (in thousands): Real Estate Hedge Funds Balance, beginning of year $ — $ 16,304 Purchases, sales, and settlements 10,616 — Realized and unrealized gains (losses) — 68 Transfers (702 ) — Balance, end of year $ 9,914 $ 16,372 The following table summarizes the changes in the Fair Value of the Company’s U.S. Pension Plans’ Level 3 assets for the year ended September 26, 2014 (in thousands): Real Estate Hedge Funds Balance, beginning of year $ 4,411 $ 15,511 Sales (4,411 ) — Realized and unrealized losses — 793 Balance, end of year $ — $ 16,304 |
Schedule Of Components Of Net Periodic Pension Cost Recognized | The following table presents the components of net periodic benefit cost for the Company’s U.S. pension plans recognized in the accompanying Consolidated Statements of Earnings for each of the last three fiscal years (in thousands): 2015 2014 2013 Service cost $ 12,045 $ 12,077 $ 13,814 Interest cost 20,629 22,041 18,569 Expected return on plan assets (29,526 ) (28,495 ) (25,826 ) Actuarial loss 3,756 3,608 8,030 Prior service cost (239 ) (103 ) (103 ) Net pension cost, before special items 6,665 9,128 14,484 Special termination benefits — — 29 Total net periodic pension cost recognized $ 6,665 $ 9,128 $ 14,513 |
Non-U.S. Pension Plans | |
Schedule Of Significant Actuarial Assumptions In Determining The Funded Status Plans | The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s non-U.S. pension plans for each fiscal year presented: 2015 2014 2013 Weighted average discount rates 1.6% to 7.8% 1.8% to 8.8% 0.4% to 9.3% Rates of compensation increases 2.4% to 7.5% 2.6% to 7.5% 2.5% to 7.5% Expected long-term rates of return on plan assets 3.5% to 8.5% 4.5% to 8.5% 0.4% to 8.5% |
Schedule Of Pension Plans Recognized In Accumulated Other Comprehensive Loss | The following table presents certain amounts relating to our non-U.S. pension plans recognized in accumulated other comprehensive loss at October 2, 2015 , September 26, 2014 and September 27, 2013 (in thousands): 2015 2014 2013 Arising during the period: Net actuarial loss (gain) $ (27,165 ) $ 48,752 $ 27,417 Prior service cost (benefit) (1,512 ) (1 ) 297 Total (28,677 ) 48,751 27,714 Reclassification adjustments: Net actuarial gain (14,034 ) (12,914 ) (9,778 ) Prior service cost (benefit) 51 (19 ) 41 Total (13,983 ) (12,933 ) (9,737 ) Total $ (42,660 ) $ 35,818 $ 17,977 |
Schedule Of Fair Value Of Pension Plan Assets | The following table presents the Fair Value of the Company’s non-U.S. pension plan assets at October 2, 2015 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): Fair Values By Level of Level 1 Level 3 Total Domestic equities $ 28,007 $ — $ 28,007 Overseas equities 198,309 — 198,309 Domestic bonds 203,266 — 203,266 Overseas bonds 71,545 — 71,545 Cash and equivalents 39,933 — 39,933 Real estate — 61,996 61,996 Insurance contracts — 32,522 32,522 Hedge funds — 260,720 260,720 Total $ 541,060 $ 355,238 $ 896,298 The following table presents the Fair Value of the Company’s Non-U.S. pension plan assets at September 26, 2014 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): Fair Values By Level of Level 1 Level 3 Total Domestic equities $ 33,842 $ — $ 33,842 Overseas equities 218,779 — 218,779 Domestic bonds 198,344 — 198,344 Overseas bonds 76,349 — 76,349 Cash and equivalents 37,487 — 37,487 Real estate — 59,966 59,966 Insurance contracts — 37,468 37,468 Hedge funds — 213,936 213,936 Total $ 564,801 $ 311,370 $ 876,171 |
Summary Of Changes In The Fair Value Of The Plans' Level 3 Assets | The following table summarizes the changes in the Fair Value of the Company’s non-U.S. Pension Plans’ Level 3 assets for the year ended October 2, 2015 (in thousands): Real Estate Insurance Contracts Hedge Funds Balance, beginning of year $ 59,966 $ 37,468 $ 213,936 Purchases, sales, and settlements 1,271 526 4,760 Realized and unrealized gains 5,390 1,353 54,719 Transfers — — — Effect of exchange rate changes (4,631 ) (6,825 ) (12,695 ) Balance, end of year $ 61,996 $ 32,522 $ 260,720 The following table summarizes the changes in the Fair Value of the Company’s non-U.S. Pension Plans’ Level 3 assets for the year ended September 26, 2014 (in thousands): Infrastructure / Raw Goods Real Estate Insurance Contracts Hedge Funds Balance, beginning of year $ 7,076 $ 57,173 $ 21,214 $ 246,389 Purchases, sales, and settlements (8,125 ) (6,022 ) 975 4,915 Realized and unrealized gains 1,025 8,341 926 (41,096 ) Transfers — — 15,756 — Effect of exchange rate changes 24 474 (1,403 ) 3,728 Balance, end of year $ — $ 59,966 $ 37,468 $ 213,936 |
Schedule Of Components Of Net Periodic Pension Cost Recognized | The following table presents the components of net periodic benefit cost for the Company’s Non-U.S. pension plans recognized in the accompanying Consolidated Statements of Earnings for each of the last three fiscal years (in thousands): 2015 2014 2013 Service cost $ 21,374 $ 25,374 $ 30,117 Interest cost 44,659 54,208 51,331 Expected return on plan assets (53,052 ) (56,394 ) (54,817 ) Actuarial loss 17,398 15,993 13,276 Prior service cost (96 ) (28 ) (43 ) Net pension cost, before special items 30,283 39,153 39,864 Curtailments and settlements 255 (15,894 ) (383 ) Total net periodic pension cost recognized $ 30,538 $ 23,259 $ 39,481 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents amounts reclassified from changes in pension liabilities in other comprehensive income to direct cost of contracts and selling, general and administrative expenses in the Company's Consolidated Statements of Earnings for the periods presented related to the Company's defined benefit pension plans (in thousands): 2015 2014 2013 Amortization of Defined Benefit Items: Actuarial losses $ (21,153 ) $ (19,601 ) $ (17,554 ) Prior service benefit 96 28 43 Total Before Income Tax (21,057 ) (19,573 ) (17,511 ) Income Tax Benefit 4,727 4,385 5,859 Total reclassifications after-tax $ (16,330 ) $ (15,188 ) $ (11,652 ) |
Savings And Deferred Compensa33
Savings And Deferred Compensation Plans (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Savings And Deferred Compensation Plans [Abstract] | |
Schedule Of Savings Plans Contributions | The following table presents the Company’s contributions to these savings plans during each of the last three fiscal years (in thousands): 2015 2014 2013 $ 87,973 $ 88,951 $ 74,686 |
Schedule Of Deferred Compensation Plans Expense | The following table presents the amount charged to expense for the Company’s deferred compensation plans during each of the last three fiscal years (in thousands): 2015 2014 2013 $ 5,536 $ 5,321 $ 4,470 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Income Tax Disclosure [Abstract] | |
Components Of Consolidated Income Tax Expense | The following table presents the components of our consolidated income tax expense for each of the last three fiscal years (in thousands): 2015 2014 2013 Current income tax expense: Federal $ 72,840 $ 102,450 $ 121,302 State 16,248 18,698 23,246 Foreign 43,344 38,107 74,107 Total current tax expense 132,432 159,255 218,655 Deferred income tax expense (benefit): Federal 13,337 7,561 (4,718 ) State 2,295 2,789 (582 ) Foreign (46,809 ) 20,449 8,011 Total deferred income tax expense (benefit) (31,177 ) 30,799 2,711 Consolidated income tax expense $ 101,255 $ 190,054 $ 221,366 |
Components Of Deferred Tax Assets | The following table presents the components of our net deferred tax assets at October 2, 2015 , and September 26, 2014 (in thousands): 2015 2014 Deferred tax assets: Obligations relating to: Defined benefit pension plans $ 64,644 $ 67,822 Other employee benefit plans 186,701 215,863 Net Operating Losses 134,467 64,063 Contract revenues and costs 25,579 39,734 Deferred Rent 9,428 6,008 Other 13,565 1,703 Valuation Allowance (60,320 ) (54,651 ) Gross deferred tax assets 374,064 340,542 Deferred tax liabilities: Depreciation and amortization (187,099 ) (193,726 ) Other, net (3,994 ) (1,372 ) Gross deferred tax liabilities (191,093 ) (195,098 ) Net deferred tax assets $ 182,971 $ 145,444 |
Income Tax Benefits Realized From The Exercise Of Nonqualified Stock Options, And Disqualifying Dispositions Of Stock Sold Under Our Employee Stock Purchase Plans | The following table presents the income tax benefits realized from the exercise of nonqualified stock options and disqualifying dispositions of stock sold under our employee stock purchase plans during each of the last three fiscal years (in millions): 2015 2014 2013 $ 0.2 $ 3.4 $ 7.3 |
Income Tax Expense In Consolidated Statements Of Earnings | The following table reconciles total income tax expense using the statutory U.S. federal income tax rate to the consolidated income tax expense shown in the accompanying Consolidated Statements of Earnings for each of the last three fiscal years (dollars in thousands): 2015 2014 2013 Statutory amount $ 141,479 $ 189,758 $ 231,542 State taxes, net of the federal benefit 12,857 12,750 14,892 Tax differential on foreign earnings (60,151 ) (8,811 ) (20,253 ) Uncertain tax positions 2,281 (9,847 ) 1,553 Other, net 4,789 6,204 (6,368 ) Consolidated income tax expense $ 101,255 $ 190,054 $ 221,366 Rates used to compute statutory amount 35.0 % 35.0 % 35.0 % Consolidated effective income tax rate 23.5 % 35.1 % 33.5 % |
Income Tax Payments | The following table presents income tax payments made during each of the last three fiscal years (in millions): 2015 2014 2013 $ 156.5 $ 173.6 $ 235.8 |
Components Of Our Consolidated Earnings Before Taxes | The following table presents the components of our consolidated earnings before taxes for each of the last three fiscal years (in thousands): 2015 2014 2013 United States earnings $ 283,504 $ 288,800 $ 352,404 Foreign earnings 146,633 253,366 309,144 $ 430,137 $ 542,166 $ 661,548 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table presents the reconciliation of the beginning and ending amount of unrecognized tax benefits for the years presented (in thousands): 2015 2014 2013 Balance, beginning of year $ 41,923 $ 51,770 $ 53,637 Additions based on tax positions related to the current year 6,440 6,528 5,447 Reductions for tax positions of prior years (5,697 ) (16,375 ) (6,354 ) Settlement — — (960 ) Balance, end of year $ 42,666 $ 41,923 $ 51,770 |
Commitments And Contingencies35
Commitments And Contingencies, And Derivative Financial Instruments (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Commitments And Contingencies, And Derivative Financial Instruments [Abstract] | |
Commitment Under Operating Leases | We lease certain of our facilities and equipment under operating leases with net aggregate future lease payments of approximately $915.8 million at October 2, 2015 , payable as follows (in thousands): In fiscal years, 2016 $ 152,744 2017 138,081 2018 117,779 2019 98,626 2020 87,177 Thereafter 338,843 933,250 Amounts representing sublease income (17,401 ) Total, net aggregate future lease payments $ 915,849 |
Rent Expense And Sublease Income | The following table presents rent expense and sublease income offsetting the Company’s rent expense during each of the last three fiscal years (in thousands): 2015 2014 2013 Rent expense $ 175,067 $ 194,796 $ 173,340 Sublease income (5,275 ) (6,102 ) (7,914 ) Net rent $ 169,792 $ 188,694 $ 165,426 |
Significant Terms Of The Lease | Significant terms of the lease are as follows: End of lease term 2025 End of term purchase option (in thousands) $ 76,950 Residual value guaranty (in thousands) $ 62,412 |
Other Financial Information (Ta
Other Financial Information (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Other Financial Information [Abstract] | |
Receivables | The following table presents the components of “Receivables” as shown in the accompanying Consolidated Balance Sheets at October 2, 2015 , and September 27, 2013 as well as certain other related information (in thousands): 2015 2014 Amounts billed, net $ 1,213,892 $ 1,425,341 Unbilled receivables and other 1,252,509 1,368,482 Retentions receivable 82,342 73,732 Total receivables, net $ 2,548,743 $ 2,867,555 Other information about receivables: Amounts due from the United States federal government included above, net of advanced billings $ 327,157 $ 324,928 Claims receivable $ 32,511 $ 78,634 |
Property, Equipment, and Improvements, Net | The following table presents the components of our property, equipment, and improvements, net at October 2, 2015 , and September 26, 2014 (in thousands): 2015 2014 Land $ 23,757 $ 21,497 Buildings 97,597 128,584 Equipment 592,491 634,415 Leasehold improvements 259,544 287,814 Construction in progress 17,229 20,059 990,618 1,092,369 Accumulated depreciation and amortization (609,380 ) (635,572 ) $ 381,238 $ 456,797 |
Miscellaneous Noncurrent Assets | The following table presents the components of “Miscellaneous noncurrent assets” shown in the accompanying Consolidated Balance Sheets at October 2, 2015 , and September 26, 2014 (in thousands): 2015 2014 Deferred income taxes $ 213,767 $ 170,649 Cash surrender value of life insurance policies 115,440 116,686 Investments 222,941 226,628 Notes receivable 13,197 8,007 Reimbursable pension costs (a) 119,548 77,710 Other 34,622 38,570 Total $ 719,515 $ 638,250 (a) Consists primarily of costs incurred relating to a defined benefit pension plan covering employees providing services on a contract with, and for the benefit of, the U.S. federal government pursuant to which such costs are fully reimbursable. |
Components of Accrued Liabilities | The following table presents the components of “Accrued liabilities” shown in the accompanying Consolidated Balance Sheets at October 2, 2015 and September 26, 2014 (in thousands): 2015 2014 Accrued payroll and related liabilities $ 623,297 $ 783,549 Project-related accruals 130,401 140,938 Non project-related accruals 102,324 76,588 Insurance liabilities 59,081 52,826 Sales and other similar taxes 53,476 52,373 Deferred rent 93,040 96,129 Other 29,366 77,153 Total $ 1,090,985 $ 1,279,556 |
Components Of Other Deferred Liabilities | The following table presents the components of “Other deferred liabilities” shown in the accompanying Consolidated Balance Sheets at October 2, 2015 and September 26, 2014 (in thousands): 2015 2014 Liabilities relating to defined benefit pension and early retirement plans $ 416,725 $ 407,263 Liabilities relating to nonqualified deferred compensation arrangements 129,982 114,325 Deferred income taxes 191,093 195,098 Miscellaneous 126,068 117,392 Total $ 863,868 $ 834,078 |
Components Of Total Accumulated Other Comprehensive Loss | The following table presents the components of “Accumulated other comprehensive loss” shown in the accompanying Consolidated Balance Sheets at October 2, 2015 , and September 26, 2014 (in thousands): 2015 2014 Foreign currency translation adjustments $ (199,087 ) $ (62,919 ) Adjustments relating to defined benefit pension plans (266,440 ) (299,210 ) Other 763 (1,420 ) Total $ (464,764 ) $ (363,549 ) |
Supplemental Cash Flow Information | The following table presents the non-cash adjustments relating to these acquisitions made in preparing the accompanying Consolidated Statements of Cash Flows (in thousands): 2015 2014 Working capital $ (8,749 ) $ 48,327 Property and equipment 71 59,216 Noncurrent assets (4,334 ) 262,450 Deferred liabilities (1,316 ) (7,895 ) Non-controlling interests — 16,572 Foreign currency translation — 1,768 Goodwill 22,429 1,005,923 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Segment Reporting [Abstract] | |
Financial Information By Geographic Area | The following table presents certain financial information by geographic area for fiscal 2015 , 2014 , and 2013 (in thousands): 2015 2014 2013 Revenues: United States $ 7,154,433 $ 7,078,366 $ 6,993,594 Europe 2,074,837 2,402,399 2,148,504 Canada 1,065,651 1,344,632 1,652,386 Asia 304,393 299,086 204,203 India 163,871 148,453 158,908 Australia and New Zealand 611,271 709,379 141,507 South America and Mexico 143,014 271,213 241,590 Middle East and Africa 597,362 441,629 277,684 Total $ 12,114,832 $ 12,695,157 $ 11,818,376 Long-Lived Assets: United States $ 208,155 $ 240,501 $ 230,281 Europe 55,713 58,562 47,128 Canada 36,647 51,622 61,122 Asia 3,859 4,063 4,272 India 16,264 17,960 15,049 Australia 24,460 49,436 8,329 South America and Mexico 9,127 11,084 6,159 Middle East and Africa 27,013 23,569 6,956 Total $ 381,238 $ 456,797 $ 379,296 |
Revenues Earned Directly Or Indirectly From The U.S. Federal Government And Its Agencies | The following table presents the revenues earned directly or indirectly from the U.S. federal government and its agencies, expressed as a percentage of total revenues, for fiscal 2015 , 2014 , and 2013 : 2015 2014 2013 21.7 % 17.8 % 19.9 % |
Selected Quarterly Informatio38
Selected Quarterly Information - Unaudited (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule Of Quarterly Financial Information | The following table presents selected quarterly financial information for each of the last three fiscal years. Amounts are presented in thousands, except for per share amounts: First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year 2015 Revenues $ 3,187,005 $ 2,903,332 $ 2,907,541 $ 3,116,954 $ 12,114,832 Operating profit (a) 158,223 133,045 100,434 53,825 445,527 Earnings before taxes 154,695 128,962 97,188 49,292 430,137 Net earnings of the Group 106,195 88,110 97,308 37,269 328,882 Net earnings attributable to Jacobs 100,079 81,967 (b) 91,062 (b) 29,863 (b) 302,971 Earnings per share: Basic 0.78 0.65 (b) 0.74 (b) 0.25 (b) 2.42 Diluted 0.77 0.64 (b) 0.73 (b) 0.24 (b) 2.40 2014 Revenues $ 3,068,891 $ 3,176,033 $ 3,231,791 $ 3,218,442 $ 12,695,157 Operating profit (a) 145,047 122,434 123,937 136,650 528,068 Earnings before taxes 146,921 132,394 118,046 144,805 542,166 Net earnings of the Group 98,949 90,800 71,309 (c) 91,054 (c) 352,112 Net earnings attributable to Jacobs 93,732 83,460 (d) 64,842 86,074 328,108 Earnings per share: Basic 0.72 0.64 (d) 0.50 (c) 0.66 (c) 2.51 Diluted 0.71 0.63 (d) 0.49 (c) 0.65 (c) 2.48 2013 Revenues $ 2,759,641 $ 2,835,084 $ 3,080,995 $ 3,142,656 $ 11,818,376 Operating profit (a) 160,269 165,203 168,359 175,148 668,979 Earnings before taxes 156,311 161,908 168,423 174,906 661,548 Net earnings of the Group 104,523 107,089 112,089 116,481 440,182 Net earnings attributable to Jacobs 99,010 104,401 108,871 110,811 423,093 Earnings per share: Basic 0.77 0.81 0.84 0.85 3.27 Diluted 0.76 0.80 0.83 0.84 3.23 (a) Operating profit represents revenues less (i) direct costs of contracts, and (ii) selling, general and administrative expenses. (b) Includes costs of $9.6 million , or $0.08 per diluted share, in the second quarter of fiscal 2015, $30.1 million or $0.24 per diluted share in the third quarter of fiscal 2015, and $68.2 million , or $0.56 per diluted share, in the fourth quarter of fiscal 2015, related to the 2015 Restructuring. (c) Includes costs of $47.0 million , or $0.35 per diluted share, in the third quarter of fiscal 2014, and $30.4 million , or $0.23 per diluted share, in the fourth quarter of fiscal 2014, related to the 2014 Restructuring. (d) Includes $6.4 million , or $0.05 per diluted share, increase to net earnings related to a gain on the sale of certain intellectual property in the second quarter of fiscal 2014 . |
Description Of Business And B39
Description Of Business And Basis Of Presentation (Details) | 12 Months Ended |
Oct. 02, 2015 | |
Minimum | |
Basis of Presentation [Line Items] | |
Frequency of fiscal year with an additional week of activity (in years) | 5 years |
Maximum | |
Basis of Presentation [Line Items] | |
Frequency of fiscal year with an additional week of activity (in years) | 6 years |
Significant Accounting Polici40
Significant Accounting Policies (Narrative) (Details) $ in Millions | 12 Months Ended |
Oct. 02, 2015USD ($)plansunit | |
Significant Accounting Policies [Line Items] | |
Unbilled amounts billed and collected, collection period (in months) | 12 months |
Number of reporting units | unit | 2 |
Amortization of intangible assets year one | $ 46.5 |
Amortization of intangible assets year two | 44.5 |
Amortization of intangible assets year three | 43.7 |
Amortization of intangible assets year four | 42.7 |
Amortization of intangible assets year five | $ 40.4 |
Number of incentive plans (in plans) | plans | 2 |
Minimum | Buildings | |
Significant Accounting Policies [Line Items] | |
Estimated useful life of assets | 20 years |
Minimum | Equipment | |
Significant Accounting Policies [Line Items] | |
Estimated useful life of assets | 3 years |
Minimum | Leasehold improvements | |
Significant Accounting Policies [Line Items] | |
Estimated useful life of assets | 4 years |
Maximum | Buildings | |
Significant Accounting Policies [Line Items] | |
Estimated useful life of assets | 40 years |
Maximum | Equipment | |
Significant Accounting Policies [Line Items] | |
Estimated useful life of assets | 10 years |
Maximum | Leasehold improvements | |
Significant Accounting Policies [Line Items] | |
Estimated useful life of assets | 10 years |
Earned Relative TSR Restricted Stock Units | |
Significant Accounting Policies [Line Items] | |
Determination period | 3 years |
Total stockholder return, beginning stock price, number of calendar days average closing common stock price ending on award date (in days) | 30 days |
Total stockholder return, ending stock price, number of calendar days average closing price ending on last day of performance period (in days) | 30 days |
Earned Net Earnings Growth Restricted Stock Units | |
Significant Accounting Policies [Line Items] | |
Earned Net Earnings Growth Restricted Stock, vesting period | 3 years |
April 1, 2012 to March 31, 2013 | Earned Net Earnings Growth Restricted Stock Units | |
Significant Accounting Policies [Line Items] | |
Earned Net Earnings Growth Restricted Stock, unit basis rule, percent of target RSU | 33.33% |
April 1, 2012 to March 31, 2014 | Earned Net Earnings Growth Restricted Stock Units | |
Significant Accounting Policies [Line Items] | |
Earned Net Earnings Growth Restricted Stock, unit basis rule, percent of target RSU | 66.67% |
April 1, 2012 to March 31, 2015 | Earned Net Earnings Growth Restricted Stock Units | |
Significant Accounting Policies [Line Items] | |
Earned Net Earnings Growth Restricted Stock, unit basis rule, percent of target RSU | 100.00% |
Between 5% and 10% | Earned Net Earnings Growth Restricted Stock Units | Minimum | |
Significant Accounting Policies [Line Items] | |
Earned Net Earnings Growth Restricted Stock, unit basis rule, net earnings average growth threshold percent for multiplier to be determined using straight line Interpolation | 5.00% |
Between 5% and 10% | Earned Net Earnings Growth Restricted Stock Units | Maximum | |
Significant Accounting Policies [Line Items] | |
Earned Net Earnings Growth Restricted Stock, unit basis rule, net earnings average growth threshold percent for multiplier to be determined using straight line Interpolation | 10.00% |
Between 10% and 15% | Earned Net Earnings Growth Restricted Stock Units | Minimum | |
Significant Accounting Policies [Line Items] | |
Earned Net Earnings Growth Restricted Stock, unit basis rule, net earnings average growth threshold percent for multiplier to be determined using straight line Interpolation | 10.00% |
Between 10% and 15% | Earned Net Earnings Growth Restricted Stock Units | Maximum | |
Significant Accounting Policies [Line Items] | |
Earned Net Earnings Growth Restricted Stock, unit basis rule, net earnings average growth threshold percent for multiplier to be determined using straight line Interpolation | 15.00% |
Between 15% and 20% | Earned Net Earnings Growth Restricted Stock Units | Minimum | |
Significant Accounting Policies [Line Items] | |
Earned Net Earnings Growth Restricted Stock, unit basis rule, net earnings average growth threshold percent for multiplier to be determined using straight line Interpolation | 15.00% |
Between 15% and 20% | Earned Net Earnings Growth Restricted Stock Units | Maximum | |
Significant Accounting Policies [Line Items] | |
Earned Net Earnings Growth Restricted Stock, unit basis rule, net earnings average growth threshold percent for multiplier to be determined using straight line Interpolation | 20.00% |
Significant Accounting Polici41
Significant Accounting Policies (Pass-Through Costs Included In Revenues) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Pass-through costs included in revenues | $ 2,602.6 | $ 2,954.9 | $ 2,624.8 |
Significant Accounting Polici42
Significant Accounting Policies (Schedule Of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Acquired Finite-Lived Intangible Assets [Roll Forward] | |||
Acquired intangible assets beginning balance | $ 440,192 | $ 217,904 | $ 243,762 |
Acquisitions | (5,307) | 264,213 | |
Amortization | (49,368) | (46,820) | (28,985) |
Foreign currency translation | 35,517 | (1,289) | 1,850 |
Acquired intangible assets ending balance | $ 353,419 | 440,192 | 217,904 |
Weighted average amortization period (years) | 9 years 2 months 12 days | ||
Customer Relationships, Contracts, and Backlog | |||
Acquired Finite-Lived Intangible Assets [Roll Forward] | |||
Acquired intangible assets beginning balance | $ 408,041 | 195,527 | 217,729 |
Acquisitions | (4,315) | 249,164 | |
Foreign currency translation | 34,418 | (1,087) | 1,471 |
Acquired intangible assets ending balance | $ 329,341 | 408,041 | 195,527 |
Weighted average amortization period (years) | 9 years 2 months 12 days | ||
Developed Technology | |||
Acquired Finite-Lived Intangible Assets [Roll Forward] | |||
Acquired intangible assets beginning balance | $ 17,378 | 18,911 | 20,444 |
Acquisitions | 0 | ||
Acquired intangible assets ending balance | $ 15,845 | 17,378 | 18,911 |
Weighted average amortization period (years) | 10 years 3 months 18 days | ||
Trade Names | |||
Acquired Finite-Lived Intangible Assets [Roll Forward] | |||
Acquired intangible assets beginning balance | $ 14,148 | 2,179 | 3,082 |
Acquisitions | (1,292) | 15,049 | |
Foreign currency translation | 1,085 | (171) | 289 |
Acquired intangible assets ending balance | $ 7,599 | 14,148 | 2,179 |
Weighted average amortization period (years) | 4 years 4 months 24 days | ||
Other | |||
Acquired Finite-Lived Intangible Assets [Roll Forward] | |||
Acquired intangible assets beginning balance | $ 625 | 1,287 | 2,507 |
Acquisitions | 300 | 0 | |
Foreign currency translation | 14 | (31) | 90 |
Acquired intangible assets ending balance | $ 634 | 625 | 1,287 |
Weighted average amortization period (years) | 6 years 10 months 24 days | ||
Excluding Investment in AWE Management Ltd | |||
Acquired Finite-Lived Intangible Assets [Roll Forward] | |||
Amortization | $ (45,949) | (43,214) | (24,008) |
Excluding Investment in AWE Management Ltd | Customer Relationships, Contracts, and Backlog | |||
Acquired Finite-Lived Intangible Assets [Roll Forward] | |||
Amortization | (39,967) | (37,737) | (20,731) |
Excluding Investment in AWE Management Ltd | Developed Technology | |||
Acquired Finite-Lived Intangible Assets [Roll Forward] | |||
Amortization | (1,533) | (1,533) | (1,533) |
Excluding Investment in AWE Management Ltd | Trade Names | |||
Acquired Finite-Lived Intangible Assets [Roll Forward] | |||
Amortization | (4,172) | (3,251) | (614) |
Excluding Investment in AWE Management Ltd | Other | |||
Acquired Finite-Lived Intangible Assets [Roll Forward] | |||
Amortization | $ (277) | $ (693) | $ (1,130) |
Significant Accounting Polici43
Significant Accounting Policies (Business Combination Table) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 | Dec. 13, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 3,048,778 | $ 3,026,349 | |
Sinclair Knight Merz | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 152,051 | ||
Receivables and other current assets | 371,331 | ||
Property and equipment, and other | 71,630 | ||
Intangible assets | 202,166 | ||
Total assets | 797,178 | ||
Current liabilities | 351,351 | ||
Deferred tax liability | 72,656 | ||
Long-term liabilities | 20,416 | ||
Total liabilities | 444,423 | ||
Net identifiable assets acquired | 352,755 | ||
Goodwill | 866,919 | ||
Net assets acquired | 1,219,674 | ||
Sinclair Knight Merz | Customer Relationships, Contracts, and Backlog | |||
Business Acquisition [Line Items] | |||
Intangible assets | 193,260 | ||
Sinclair Knight Merz | Trade Names | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 8,906 |
Significant Accounting Polici44
Significant Accounting Policies (Business Combination Narrative) (Details) - USD ($) $ in Thousands | Dec. 13, 2013 | Oct. 02, 2015 | Sep. 26, 2014 |
Sinclair Knight Merz | |||
Business Acquisition [Line Items] | |||
Payments to acquire business | $ 1,200,000 | ||
Adjustment to pro-forma earnings | $ 335,658 | ||
Pro-forma interest expense | 2,100 | ||
Pro-forma intangible amortization | 19,900 | ||
Loss from settlement related to shareholding plan provisions | 24,000 | ||
Sinclair Knight Merz | Acquisition-related Costs | |||
Business Acquisition [Line Items] | |||
Adjustment to pro-forma earnings | 21,400 | ||
Sinclair Knight Merz | Interest Expense | |||
Business Acquisition [Line Items] | |||
Adjustment to pro-forma earnings | 2,300 | ||
Sinclair Knight Merz | Intangible Asset Amortization | |||
Business Acquisition [Line Items] | |||
Adjustment to pro-forma earnings | $ (2,500) | ||
Sinclair Knight Merz | Selling, General and Administrative Expenses | |||
Business Acquisition [Line Items] | |||
Acquisition-related costs | $ 9,200 | ||
Sinclair Knight Merz | Minimum | |||
Business Acquisition [Line Items] | |||
Intangible assets useful life (duration/period) | 3 years | ||
Sinclair Knight Merz | Maximum | |||
Business Acquisition [Line Items] | |||
Intangible assets useful life (duration/period) | 12 years | ||
Zamel and Turbag Consulting Engineers Company (ZATE) | |||
Business Acquisition [Line Items] | |||
Additional percentage of ZATE equity acquired | 15.00% | ||
Total percentage ownership of ZATE | 75.00% |
Significant Accounting Polici45
Significant Accounting Policies (Business Combination Pro Forma) (Details) - Sinclair Knight Merz $ / shares in Units, $ in Thousands | 12 Months Ended |
Sep. 26, 2014USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Revenues | $ 12,944,848 |
Net earnings attributable to Jacobs | $ 335,658 |
Basic earnings per share | $ / shares | $ 2.57 |
Diluted earnings per share | $ / shares | $ 2.54 |
Significant Accounting Polici46
Significant Accounting Policies (Stock-based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 41,412 | $ 43,400 | $ 39,518 |
Restricted Stock and Restricted Stock Units (excluding Market and Performance Awards) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 20,779 | 17,307 | 12,836 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 10,683 | 10,829 | 11,385 |
Market and Performance Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 9,950 | $ 15,264 | $ 15,297 |
Significant Accounting Polici47
Significant Accounting Policies (Fair Value Assumptions Of Option Grant Date Award) (Details) | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Awards Made to Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (percent) | 0.00% | 0.00% | 0.00% |
Expected volatility (percent) | 27.00% | 34.25% | 38.37% |
Risk-free interest rate (percent) | 1.67% | 1.79% | 1.11% |
Expected term of options (in years) | 5 years 9 months 26 days | 5 years 9 months 26 days | 5 years 9 months 26 days |
Awards Made to Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (percent) | 0.00% | 0.00% | 0.00% |
Expected volatility (percent) | 29.28% | 35.30% | 37.65% |
Risk-free interest rate (percent) | 1.63% | 1.76% | 0.95% |
Expected term of options (in years) | 5 years 9 months 26 days | 5 years 9 months 26 days | 5 years 9 months 26 days |
Significant Accounting Polici48
Significant Accounting Policies (Basis to Determine Earned Relative TSR Restricted Stock Units) (Details) - Earned Relative TSR Restricted Stock Units | 12 Months Ended |
Oct. 02, 2015 | |
Below 30th percentile | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
TSR performance multiplier (percent) | 0.00% |
30th percentile | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
TSR performance multiplier (percent) | 50.00% |
50th percentile | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
TSR performance multiplier (percent) | 100.00% |
70th percentile or above | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
TSR performance multiplier (percent) | 150.00% |
Significant Accounting Polici49
Significant Accounting Policies (Fair Value Assumptions of Earned Relative TSR Restricted Stock Units) (Details) - Earned Relative TSR Restricted Stock Units | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield (percent) | 0.00% | 0.00% | |
Expected volatility (percent) | 24.77% | 29.18% | |
Risk-free interest rate (percent) | 0.80% | 0.42% | |
Expected term (in years) | 3 years | 3 years |
Significant Accounting Polici50
Significant Accounting Policies (Basis to Determine Earned Net Earnings Growth Restricted Stock Units) (Details) - Net Earnings Growth Performance Multiplier | 12 Months Ended |
Oct. 02, 2015 | |
Less than 5% | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Net earnings growth performance multiplier (percent) | 0.00% |
5% | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Net earnings growth performance multiplier (percent) | 50.00% |
10% | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Net earnings growth performance multiplier (percent) | 100.00% |
15% | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Net earnings growth performance multiplier (percent) | 150.00% |
20% | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Net earnings growth performance multiplier (percent) | 200.00% |
Employee Stock Purchase And S51
Employee Stock Purchase And Stock Option Plans (Stock Issuance Activity Under The 1989 ESPP And The GESPP) (Details) - USD ($) | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Discount (percent) available to employees on the purchase of common stock | 5.00% | ||
Aggregate Purchase Price Paid for Shares Sold | $ 32,157,279 | $ 33,668,769 | $ 33,081,426 |
Aggregate Number of Shares Sold | 781,214 | 613,084 | 707,638 |
Shares reserved for future Issuance (in shares) | 11,217,591 | ||
Under the 1989 ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate Purchase Price Paid for Shares Sold | $ 28,621,800 | $ 30,354,723 | $ 30,012,848 |
Aggregate Number of Shares Sold | 696,853 | 553,201 | 642,675 |
Shares reserved for future Issuance (in shares) | 1,163,967 | ||
Under the GESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate Purchase Price Paid for Shares Sold | $ 3,535,479 | $ 3,314,046 | $ 3,068,578 |
Aggregate Number of Shares Sold | 84,361 | 59,883 | 64,963 |
Shares reserved for future Issuance (in shares) | 127,824 |
Employee Stock Purchase And S52
Employee Stock Purchase And Stock Option Plans (Stock Purchase And Stock Option Plans Information On The 1999 Plans) (Details) - shares | 12 Months Ended | |
Oct. 02, 2015 | Sep. 26, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 30,650,000 | |
Number of remaining shares reserved for issuance at October 2, 2015 | 11,217,591 | |
Number of shares relating to outstanding stock options at October 2, 2015 | 4,072,707 | |
Number of shares available for future awards (in shares) | 7,144,884 | 7,208,797 |
1999 SIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 29,850,000 | |
Number of remaining shares reserved for issuance at October 2, 2015 | 10,894,091 | |
Number of shares relating to outstanding stock options at October 2, 2015 | 3,790,332 | |
Number of shares available for future awards (in shares) | 7,103,759 | 7,118,672 |
1999 ODSP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 800,000 | |
Number of remaining shares reserved for issuance at October 2, 2015 | 323,500 | |
Number of shares relating to outstanding stock options at October 2, 2015 | 282,375 | |
Number of shares available for future awards (in shares) | 41,125 | 90,125 |
Stock Appreciation Rights (SARs) | 1999 SIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award number of shares, fungible share basis (in shares) | 1 | |
Stock Options | 1999 SIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award number of shares, fungible share basis (in shares) | 1 | |
Restricted Stock | 1999 SIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award number of shares, fungible share basis (in shares) | 1.92 |
Employee Stock Purchase And S53
Employee Stock Purchase And Stock Option Plans (Fair Value Of Shares Vested) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares vested | $ 29,832 | $ 25,495 | $ 13,054 |
Service Condition | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares vested | 18,568 | 6,820 | 13,054 |
Service, Market, And Performance Conditions | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares vested | $ 11,264 | $ 18,675 | $ 0 |
Employee Stock Purchase And S54
Employee Stock Purchase And Stock Option Plans (Total Pre-Tax Compensation Cost Relating To Share-Based Payments Included In The Accompanying Consolidated Statements Of Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based compensation expense (pre-tax) | $ 41,412 | $ 43,400 | $ 39,518 |
Employee Stock Purchase And S55
Employee Stock Purchase And Stock Option Plans (Stock Option Activity Under The 1999 Plans And The 1981 Plan) (Details) - $ / shares | 12 Months Ended | |||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | Sep. 28, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of stock options outstanding, beginning balance (in shares) | 4,221,147 | 4,606,212 | 5,756,734 | |
Number of stock options granted (in shares) | 614,759 | 602,525 | 753,450 | |
Number of stock options exercised (in shares) | (34,000) | (718,065) | (1,782,371) | |
Number of stock options cancelled or expired (in shares) | (729,199) | (269,525) | (121,601) | |
Number of stock options outstanding, ending balance (in shares) | 4,072,707 | 4,221,147 | 4,606,212 | |
Options outstanding weighted average price (in dollars per share) | $ 46.06 | $ 53.23 | $ 52.33 | $ 47.23 |
Weighted average exercise price options granted (in dollars per share) | 43.56 | 53.51 | 54.71 | |
Weighted average exercise price options exercised (in dollars per share) | 31.54 | 47.18 | 37 | |
Weighted average exercise price options cancelled or expired (in dollars per share) | $ 86.15 | $ 54.46 | $ 50.22 |
Employee Stock Purchase And S56
Employee Stock Purchase And Stock Option Plans (Total Intrinsic Value Of Options Exercised) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Intrinsic value of stock options exercised | $ 442 | $ 9,590 | $ 22,163 |
Intrinsic value of options exercisable | $ 200 |
Employee Stock Purchase And S57
Employee Stock Purchase And Stock Option Plans (Information Regarding Stock Option Plans) (Details) - $ / shares | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
At fiscal year end: | |||
Range of exercise prices for options outstanding, minimum (in dollars per share) | $ 32.51 | $ 25.87 | $ 20.98 |
Range of exercise prices for options outstanding, maximum (in dollars per share) | $ 80.63 | $ 94.11 | $ 94.11 |
Number of options exercisable (in shares) | 2,590,560 | 2,725,980 | 3,034,111 |
For the fiscal year: | |||
Range of prices relating to options exercised, minimum (in dollars per share) | $ 25.87 | $ 20.98 | $ 18.49 |
Range of prices relating to options exercised, maximum (in dollars per share) | 42.74 | 57.54 | 56.95 |
Estimated weighted average fair values of options granted (in dollars per share) | $ 13.41 | $ 19.04 | $ 20.64 |
Employee Stock Purchase And S58
Employee Stock Purchase And Stock Option Plans (Information Regarding Options Outstanding, And Options Exercisable) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | Sep. 28, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of exercise prices, minimum (in dollars per share) | $ 32.51 | $ 25.87 | $ 20.98 | |
Range of exercise prices, maximum (in dollars per share) | $ 80.63 | $ 94.11 | $ 94.11 | |
Options outstanding number (in shares) | 4,072,707 | 4,221,147 | 4,606,212 | 5,756,734 |
Options outstanding weighted average remaining contractual life (in years) | 6 years 6 months 22 days | |||
Options outstanding weighted average price (in dollars per share) | $ 46.06 | $ 53.23 | $ 52.33 | $ 47.23 |
Options exercisable (in shares) | 2,590,560 | |||
Options exercisable weighted average exercise price (in dollars per share) | $ 44.84 | |||
Ownership duration of common stock for incentive plan participants for exercise price of stock options, minimum (in months) | 6 months | |||
Nonvested not yet recognized | $ 109.8 | |||
Options exercisable, weighted average remaining contractual term (in years) | 5 years 4 months 24 days | |||
$32.51 - $37.32 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of exercise prices, minimum (in dollars per share) | $ 32.51 | |||
Range of exercise prices, maximum (in dollars per share) | $ 37.32 | |||
Options outstanding number (in shares) | 519,375 | |||
Options outstanding weighted average remaining contractual life (in years) | 6 years 4 months 20 days | |||
Options outstanding weighted average price (in dollars per share) | $ 37.01 | |||
Options exercisable (in shares) | 394,625 | |||
Options exercisable weighted average exercise price (in dollars per share) | $ 37 | |||
$37.43 - $46.37 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of exercise prices, minimum (in dollars per share) | 37.43 | |||
Range of exercise prices, maximum (in dollars per share) | $ 46.37 | |||
Options outstanding number (in shares) | 2,057,796 | |||
Options outstanding weighted average remaining contractual life (in years) | 5 years 10 months 10 days | |||
Options outstanding weighted average price (in dollars per share) | $ 42.74 | |||
Options exercisable (in shares) | 1,429,761 | |||
Options exercisable weighted average exercise price (in dollars per share) | $ 42.40 | |||
$47.11 - $55.53 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of exercise prices, minimum (in dollars per share) | 47.11 | |||
Range of exercise prices, maximum (in dollars per share) | $ 55.53 | |||
Options outstanding number (in shares) | 1,401,461 | |||
Options outstanding weighted average remaining contractual life (in years) | 7 years 4 months 17 days | |||
Options outstanding weighted average price (in dollars per share) | $ 53 | |||
Options exercisable (in shares) | 709,699 | |||
Options exercisable weighted average exercise price (in dollars per share) | $ 52.22 | |||
$60.08 - $80.63 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of exercise prices, minimum (in dollars per share) | 60.08 | |||
Range of exercise prices, maximum (in dollars per share) | $ 80.63 | |||
Options outstanding number (in shares) | 94,075 | |||
Options outstanding weighted average remaining contractual life (in years) | 5 years 11 months 23 days | |||
Options outstanding weighted average price (in dollars per share) | $ 65.33 | |||
Options exercisable (in shares) | 56,475 | |||
Options exercisable weighted average exercise price (in dollars per share) | $ 68.64 |
Employee Stock Purchase And S59
Employee Stock Purchase And Stock Option Plans (Number Of Shares Of Restricted Stock And Restricted Stock Units Issued Under The 1999 Plans) (Details) - shares | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Stock Option Plans 1999 ODSP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Number of Shares, Non-Fungible Share Basis | 1 | ||
Stock Option Plans 1999 ODSP | Restricted stock, non fungible | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units outstanding | 40,000 | ||
Stock Option Plans 1999 ODSP | Service Condition | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units issued | 13,500 | 15,000 | 13,500 |
Stock Option Plans 1999 ODSP | Service Condition | Restricted stock units, non fungible | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units outstanding | 76,000 | ||
Stock Option Plans 1999 SIP | Restricted stock, non fungible | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units outstanding | 459,100 | ||
Stock Option Plans 1999 SIP | Restricted stock, fungible | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units outstanding | 1,351,732 | ||
Stock Option Plans 1999 SIP | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Number of Shares, Non-Fungible Share Basis | 1 | ||
Restricted stock and restricted stock units issued | 507,882 | 589,150 | 445,200 |
Restricted stock and restricted stock units cancelled | 326,480 | 147,221 | 128,923 |
Award number of shares, fungible share basis (in shares) | 1.92 | ||
Restricted stock and restricted stock units outstanding | 1,810,832 | ||
Stock Option Plans 1999 SIP | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Number of Shares, Non-Fungible Share Basis | 1 | ||
Award number of shares, fungible share basis (in shares) | 1.92 | ||
Stock Option Plans 1999 SIP | Service Condition | Restricted stock units, non fungible | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units outstanding | 87,960 | ||
Stock Option Plans 1999 SIP | Service Condition | Restricted stock units, fungible | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units outstanding | 455,245 | ||
Stock Option Plans 1999 SIP | Service Condition | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units issued | 126,635 | 287,545 | 107,500 |
Restricted stock and restricted stock units cancelled | 70,296 | 12,333 | 3,385 |
Restricted stock and restricted stock units outstanding | 543,205 | ||
Stock Option Plans 1999 SIP | Service, Market, And Performance Conditions | Restricted stock units, non fungible | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units outstanding | 0 | ||
Stock Option Plans 1999 SIP | Service, Market, And Performance Conditions | Restricted stock units, fungible | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units outstanding | 884,219 | ||
Stock Option Plans 1999 SIP | Service, Market, And Performance Conditions | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units issued | 219,965 | 432,700 | 471,250 |
Restricted stock and restricted stock units cancelled | 194,116 | 52,000 | 32,000 |
Restricted stock and restricted stock units outstanding | 884,219 |
Earnings Per Share (Earnings Pe
Earnings Per Share (Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands | Jul. 23, 2015 | Aug. 19, 2014 | Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 |
Shares used to calculate EPS: | |||||
Weighted average shares outstanding (denominator used to compute basic EPS) | 125,007 | 130,483 | 129,288 | ||
Effect of stock options and restricted stock | 1,103 | 1,888 | 1,657 | ||
Denominator used to compute diluted EPS | 126,110 | 132,371 | 130,945 | ||
Antidilutive stock options, shares of restricted stock, and restricted stock units | 3,237 | 2,074 | 2,603 | ||
Amount authorized to be repurchased | $ 500,000,000 | $ 500,000,000 | |||
Repurchase period | 3 years | 3 years | |||
Average price ($ per share) | $ 43.33 | ||||
Number of shares repurchased | 9,746 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | 12 Months Ended | ||
Oct. 02, 2015USD ($)tranche | Sep. 26, 2014USD ($) | Feb. 07, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||
Amount outstanding/issued - letters of credit | $ 236,400,000 | ||
Number of tranches in revolving credit facility | tranche | 2 | ||
Minimum | |||
Line of Credit Facility [Line Items] | |||
Facility fee (percent) | 0.10% | ||
Maximum | |||
Line of Credit Facility [Line Items] | |||
Facility fee (percent) | 0.25% | ||
Eurocurrency Interest Rate | Minimum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (percent) | 1.00% | ||
Eurocurrency Interest Rate | Maximum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (percent) | 1.50% | ||
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 300,000,000 | ||
Standby Letters of Credit | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding/issued - letters of credit | $ 233,900,000 | ||
Base Interest Rate | Minimum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (percent) | 0.00% | ||
Base Interest Rate | Maximum | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (percent) | 0.50% | ||
Subfacility of Swingline Loans | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 50,000,000 | ||
Revolving Credit Facility, One Billion Six Hundred Million | |||
Line of Credit Facility [Line Items] | |||
Current available borrowing capacity | 1,000,000,000 | ||
Revolving Credit Facility, One Billion Six Hundred Million | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding/issued - credit facility | (600,000,000) | ||
Maximum borrowing capacity | $ 1,600,000,000 | ||
Potential borrowing capacity of accordion feature | $ 2,100,000,000 | ||
Revolving Credit Facility, One Billion Six Hundred Million | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding/issued - credit facility | (2,500,000) | ||
Other Loan Agreements | |||
Line of Credit Facility [Line Items] | |||
Overdrafts outstanding | $ 13,400,000 | ||
Short-term Debt | $ 36,700,000 | ||
Bank Overdrafts | |||
Line of Credit Facility [Line Items] | |||
Short-term debt interest rate (percent) | 2.30% |
Borrowings (Schedule Of Long-Te
Borrowings (Schedule Of Long-Term Revolving Credit Facility) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Sep. 26, 2014 | |
Long-term Debt | $ 584,434 | $ 764,075 |
2012 Facility | Line of Credit | Revolving Credit Facility | ||
Line of credit facility, amount outstanding | $ 584,434 | $ 764,075 |
Range of interest rates, minimum | 1.00% | 1.00% |
Range of interest rates, maximum | 1.51% | 1.51% |
Borrowings (Schedule Of Additio
Borrowings (Schedule Of Additional Informational 2012 Facility) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Sep. 26, 2014 | |
Debt Disclosure [Abstract] | ||
Maximum amount outstanding at any month-end during the fiscal year | $ 1,006,899 | $ 1,036,066 |
Average amount outstanding during the year | $ 943,258 | $ 866,264 |
Weighted average interest rate during the year | 1.28% | 1.18% |
Borrowings (Schedule Of Interes
Borrowings (Schedule Of Interest Paid) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Debt Disclosure [Abstract] | |||
Interest paid | $ 15,506 | $ 13,841 | $ 6,685 |
Pension and Other Postretirem65
Pension and Other Postretirement Pension Plans (Narrative) (Details) - U.S. Pension Plans - USD ($) $ in Millions | 12 Months Ended | |
Oct. 02, 2015 | Sep. 26, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Period of annual average returns used in return on plan assets simulation model (in years) | 20 years | |
Other Noncurrent Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Government Contract Receivable | $ 115.5 | $ 61.1 |
Pension and Other Postretirem66
Pension and Other Postretirement Pension Plans (Schedule Of Change In Plans' Combined Net Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
U.S. Pension Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Net benefit obligation at the beginning of the year | $ 495,788 | $ 468,439 | |
Service cost | 12,045 | 12,077 | $ 13,814 |
Interest cost | 20,629 | 22,041 | 18,569 |
Participants’ contributions | 2,743 | 3,095 | |
Actuarial losses | 42,749 | 27,076 | |
Benefits paid | (40,289) | (35,634) | |
Plan amendments | (1,306) | ||
Net benefit obligation at the end of the year | 533,665 | 495,788 | 468,439 |
Non-U.S. Pension Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Net benefit obligation at the beginning of the year | 1,196,520 | 1,307,331 | |
Service cost | 21,374 | 25,374 | 30,117 |
Interest cost | 44,659 | 54,208 | 51,331 |
Participants’ contributions | 4,402 | 9,082 | |
Actuarial losses | 30,238 | 105,838 | |
Benefits paid | (35,662) | (33,387) | |
Curtailments and settlements | (5,763) | (269,580) | |
Plan amendments | (1,612) | ||
Effect of exchange rate changes | (98,564) | (2,346) | |
Net benefit obligation at the end of the year | $ 1,155,592 | $ 1,196,520 | $ 1,307,331 |
Pension and Other Postretirem67
Pension and Other Postretirement Pension Plans (Schedule Of Change In Combined Fair Value Of The Plans' Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Sep. 26, 2014 | |
U.S. Pension Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | $ 415,350 | $ 390,777 |
Actual return on plan assets | (1,754) | 45,484 |
Employer contributions | 3,857 | 11,628 |
Participants’ contributions | 2,743 | 3,095 |
Gross benefits paid | (40,289) | (35,634) |
Fair Value of plan assets at the end of the year | 379,907 | 415,350 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 876,171 | 982,479 |
Actual return on plan assets | 86,411 | 130,665 |
Employer contributions | 39,326 | 57,977 |
Participants’ contributions | 4,402 | 9,082 |
Gross benefits paid | (35,662) | (33,387) |
Curtailments/settlements | (1,646) | (268,486) |
Effect of exchange rate changes | (72,704) | (2,159) |
Fair Value of plan assets at the end of the year | $ 896,298 | $ 876,171 |
Pension and Other Postretirem68
Pension and Other Postretirement Pension Plans (Reconciliation Of Combined Funded Status Of Plans And Recognized In Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 |
U.S. Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net benefit obligation at the end of the year | $ 533,665 | $ 495,788 | $ 468,439 |
Fair Value of plan assets at the end of the year | 379,907 | 415,350 | 390,777 |
Under-funded amount recognized at the end of the year | 153,758 | 80,438 | |
Non-U.S. Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net benefit obligation at the end of the year | 1,155,592 | 1,196,520 | 1,307,331 |
Fair Value of plan assets at the end of the year | 896,298 | 876,171 | $ 982,479 |
Under-funded amount recognized at the end of the year | $ 259,294 | $ 320,349 |
Pension and Other Postretirem69
Pension and Other Postretirement Pension Plans (Accumulated Benefit Obligation) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 |
U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation at the end of the year | $ 488,024 | $ 455,245 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation at the end of the year | $ 1,113,016 | $ 1,128,715 |
Pension and Other Postretirem70
Pension and Other Postretirement Pension Plans (Schedule Of Amount Recognized In Accompanying Balance Sheets) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 |
U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost included in prepaid assets | $ 0 | $ 0 |
Accrued benefit cost included in current liabilities | 0 | 0 |
Accrued benefit cost included in noncurrent liabilities | 153,758 | 80,438 |
Net amount recognized at the end of the year | 153,758 | 80,438 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost included in prepaid assets | 4,054 | 7,123 |
Accrued benefit cost included in current liabilities | 381 | 1,447 |
Accrued benefit cost included in noncurrent liabilities | 262,967 | 326,025 |
Net amount recognized at the end of the year | $ 259,294 | $ 320,349 |
Pension and Other Postretirem71
Pension and Other Postretirement Pension Plans (Schedule Of Significant Actuarial Assumptions In Determining The Funded Status and Benefit Cost) (Details) | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rates of compensation increases | 3.00% | 2.95% | 2.80% |
Expected long-term rates of return on plan assets | 7.40% | 7.70% | 7.70% |
U.S. Pension Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rates | 4.00% | 4.40% | 5.00% |
U.S. Pension Plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rates | 3.90% | 3.90% | 4.40% |
Non-U.S. Pension Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rates | 7.80% | 8.80% | 9.30% |
Rates of compensation increases | 7.50% | 7.50% | 7.50% |
Expected long-term rates of return on plan assets | 8.50% | 8.50% | 8.50% |
Non-U.S. Pension Plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average discount rates | 1.60% | 1.80% | 0.40% |
Rates of compensation increases | 2.40% | 2.60% | 2.50% |
Expected long-term rates of return on plan assets | 3.50% | 4.50% | 0.40% |
Pension and Other Postretirem72
Pension and Other Postretirement Pension Plans (Schedule Of Pension Plans Recognized In Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Reclassification adjustments: | |||
Total | $ (32,770) | $ 29,865 | $ (547) |
U.S. Pension Plans | |||
Arising during the period: | |||
Net actuarial (gain) loss | 12,237 | 1,378 | (15,850) |
Reclassification adjustments: | |||
Net actuarial gain | (2,347) | (2,255) | (2,674) |
Total | 9,890 | (877) | (18,524) |
Non-U.S. Pension Plans | |||
Arising during the period: | |||
Net actuarial (gain) loss | (27,165) | 48,752 | 27,417 |
Prior service cost (benefit) | (1,512) | (1) | 297 |
Total | (28,677) | 48,751 | 27,714 |
Reclassification adjustments: | |||
Net actuarial gain | (14,034) | (12,914) | (9,778) |
Prior service cost (benefit) | 51 | (19) | 41 |
Total | (13,983) | (12,933) | (9,737) |
Total | $ (42,660) | $ 35,818 | $ 17,977 |
Pension and Other Postretirem73
Pension and Other Postretirement Pension Plans (Schedule Of Pension Plans Recorded In Accumulated Other Comprehensive Loss Not Yet Recognized As Component Of Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 |
U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss | $ 59,458 | $ 49,569 |
Total | 59,458 | 49,569 |
Non-U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss | 208,929 | 263,913 |
Prior service cost | (1,947) | (487) |
Total | $ 206,982 | $ 263,426 |
Pension and Other Postretirem74
Pension and Other Postretirement Pension Plans (Schedule Of Accumulated Comprehensive Income Amortized Against Earnings In The Next Year) (Details) $ in Thousands | 12 Months Ended |
Oct. 02, 2015USD ($) | |
U.S. Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Unrecognized net actuarial loss | $ 8,876 |
Unrecognized prior service cost | (235) |
Accumulated comprehensive loss to be recorded against earnings | 8,641 |
Non-U.S. Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Unrecognized net actuarial loss | 14,176 |
Unrecognized prior service cost | (245) |
Accumulated comprehensive loss to be recorded against earnings | $ 13,931 |
Pension and Other Postretirem75
Pension and Other Postretirement Pension Plans (Schedule Of Weighted Average Measurement Of Assets And Liabilities) (Details) | Oct. 02, 2015 | Sep. 26, 2014 |
Equity securities | U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan asset allocations | 70.00% | 75.00% |
Equity securities | Non-U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan asset allocations | 25.00% | 29.00% |
Debt securities | U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan asset allocations | 21.00% | 21.00% |
Debt securities | Non-U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan asset allocations | 31.00% | 32.00% |
Real estate investments | U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan asset allocations | 3.00% | 0.00% |
Real estate investments | Non-U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan asset allocations | 7.00% | 7.00% |
Other | U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan asset allocations | 6.00% | 4.00% |
Other | Non-U.S. Pension Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Pension plan asset allocations | 37.00% | 32.00% |
Pension and Other Postretirem76
Pension and Other Postretirement Pension Plans (Schedule Of Fair Value Of Pension Plan Assets) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 |
U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 379,907 | $ 415,350 | $ 390,777 |
U.S. Pension Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 353,621 | 399,046 | |
U.S. Pension Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,286 | 16,304 | |
U.S. Pension Plans | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 225,362 | 268,674 | |
U.S. Pension Plans | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 225,362 | 268,674 | |
U.S. Pension Plans | Overseas equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 41,414 | 40,587 | |
U.S. Pension Plans | Overseas equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 41,414 | 40,587 | |
U.S. Pension Plans | Domestic bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 80,804 | 85,853 | |
U.S. Pension Plans | Domestic bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 80,804 | 85,853 | |
U.S. Pension Plans | Cash and equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,041 | 3,932 | |
U.S. Pension Plans | Cash and equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,041 | 3,932 | |
U.S. Pension Plans | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,914 | ||
U.S. Pension Plans | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,914 | 0 | 4,411 |
U.S. Pension Plans | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16,372 | 16,304 | |
U.S. Pension Plans | Hedge funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16,372 | 16,304 | 15,511 |
Non-U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 896,298 | 876,171 | 982,479 |
Non-U.S. Pension Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 541,060 | 564,801 | |
Non-U.S. Pension Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 355,238 | 311,370 | |
Non-U.S. Pension Plans | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28,007 | 33,842 | |
Non-U.S. Pension Plans | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28,007 | 33,842 | |
Non-U.S. Pension Plans | Overseas equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 198,309 | 218,779 | |
Non-U.S. Pension Plans | Overseas equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 198,309 | 218,779 | |
Non-U.S. Pension Plans | Domestic bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 203,266 | 198,344 | |
Non-U.S. Pension Plans | Domestic bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 203,266 | 198,344 | |
Non-U.S. Pension Plans | Overseas bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 71,545 | 76,349 | |
Non-U.S. Pension Plans | Overseas bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 71,545 | 76,349 | |
Non-U.S. Pension Plans | Cash and equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 39,933 | 37,487 | |
Non-U.S. Pension Plans | Cash and equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 39,933 | 37,487 | |
Non-U.S. Pension Plans | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 61,996 | 59,966 | |
Non-U.S. Pension Plans | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 61,996 | 59,966 | 57,173 |
Non-U.S. Pension Plans | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,522 | 37,468 | |
Non-U.S. Pension Plans | Insurance contracts | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,522 | 37,468 | 21,214 |
Non-U.S. Pension Plans | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 260,720 | 213,936 | |
Non-U.S. Pension Plans | Hedge funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 260,720 | $ 213,936 | $ 246,389 |
Pension and Other Postretirem77
Pension and Other Postretirement Pension Plans (Summary Of Changes In The Fair Value Of The Plans' Level 3 Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Sep. 26, 2014 | |
U.S. Pension Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | $ 415,350 | $ 390,777 |
Fair Value of plan assets at the end of the year | 379,907 | 415,350 |
U.S. Pension Plans | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the end of the year | 9,914 | |
U.S. Pension Plans | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 16,304 | |
Fair Value of plan assets at the end of the year | 16,372 | 16,304 |
U.S. Pension Plans | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 16,304 | |
Fair Value of plan assets at the end of the year | 26,286 | 16,304 |
U.S. Pension Plans | Significant Unobservable Inputs (Level 3) | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 0 | 4,411 |
Purchases, sales, and settlements | 10,616 | |
Sales | (4,411) | |
Realized and unrealized gains (losses) | 0 | 0 |
Transfers | (702) | |
Fair Value of plan assets at the end of the year | 9,914 | 0 |
U.S. Pension Plans | Significant Unobservable Inputs (Level 3) | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 16,304 | 15,511 |
Purchases, sales, and settlements | 0 | |
Realized and unrealized gains (losses) | 68 | 793 |
Fair Value of plan assets at the end of the year | 16,372 | 16,304 |
Non-U.S. Pension Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 876,171 | 982,479 |
Effect of exchange rate changes | (72,704) | (2,159) |
Fair Value of plan assets at the end of the year | 896,298 | 876,171 |
Non-U.S. Pension Plans | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 59,966 | |
Fair Value of plan assets at the end of the year | 61,996 | 59,966 |
Non-U.S. Pension Plans | Insurance contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 37,468 | |
Fair Value of plan assets at the end of the year | 32,522 | 37,468 |
Non-U.S. Pension Plans | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 213,936 | |
Fair Value of plan assets at the end of the year | 260,720 | 213,936 |
Non-U.S. Pension Plans | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 311,370 | |
Fair Value of plan assets at the end of the year | 355,238 | 311,370 |
Non-U.S. Pension Plans | Significant Unobservable Inputs (Level 3) | Infrastructure \ Raw Goods | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 0 | 7,076 |
Purchases, sales, and settlements | (8,125) | |
Realized and unrealized gains (losses) | 1,025 | |
Effect of exchange rate changes | 24 | |
Fair Value of plan assets at the end of the year | 0 | |
Non-U.S. Pension Plans | Significant Unobservable Inputs (Level 3) | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 59,966 | 57,173 |
Purchases, sales, and settlements | 1,271 | (6,022) |
Realized and unrealized gains (losses) | 5,390 | 8,341 |
Transfers | 0 | 0 |
Effect of exchange rate changes | (4,631) | 474 |
Fair Value of plan assets at the end of the year | 61,996 | 59,966 |
Non-U.S. Pension Plans | Significant Unobservable Inputs (Level 3) | Insurance contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 37,468 | 21,214 |
Purchases, sales, and settlements | 526 | 975 |
Realized and unrealized gains (losses) | 1,353 | 926 |
Transfers | 0 | 15,756 |
Effect of exchange rate changes | (6,825) | (1,403) |
Fair Value of plan assets at the end of the year | 32,522 | 37,468 |
Non-U.S. Pension Plans | Significant Unobservable Inputs (Level 3) | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair Value of plan assets at the beginning of the year | 213,936 | 246,389 |
Purchases, sales, and settlements | 4,760 | 4,915 |
Realized and unrealized gains (losses) | 54,719 | (41,096) |
Effect of exchange rate changes | (12,695) | 3,728 |
Fair Value of plan assets at the end of the year | $ 260,720 | $ 213,936 |
Pension and Other Postretirem78
Pension and Other Postretirement Pension Plans (Anticipated Cash Contributions) (Details) $ in Thousands | 12 Months Ended |
Oct. 02, 2015USD ($) | |
U.S. Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Anticipated cash contributions | $ 15,100 |
Non-U.S. Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Anticipated cash contributions | $ 30,830 |
Pension and Other Postretirem79
Pension and Other Postretirement Pension Plans (Schedule Of Expected Payments To Participants In Pension Plan) (Details) $ in Thousands | Oct. 02, 2015USD ($) |
U.S. Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 43,155 |
2,017 | 47,442 |
2,018 | 41,798 |
2,019 | 44,240 |
2,020 | 44,697 |
For the periods 2021 through 2025 | 216,232 |
Non-U.S. Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 30,242 |
2,017 | 31,632 |
2,018 | 33,959 |
2,019 | 35,833 |
2,020 | 35,869 |
For the periods 2021 through 2025 | $ 224,452 |
Pension and Other Postretirem80
Pension and Other Postretirement Pension Plans (Schedule Of Components Of Net Periodic Pension Cost Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 12,045 | $ 12,077 | $ 13,814 |
Interest cost | 20,629 | 22,041 | 18,569 |
Expected return on plan assets | (29,526) | (28,495) | (25,826) |
Actuarial loss | 3,756 | 3,608 | 8,030 |
Prior service cost | (239) | (103) | (103) |
Net pension cost, before special items | 6,665 | 9,128 | 14,484 |
Special termination benefits | 29 | ||
Total net periodic pension cost recognized | 6,665 | 9,128 | 14,513 |
Non-U.S. Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 21,374 | 25,374 | 30,117 |
Interest cost | 44,659 | 54,208 | 51,331 |
Expected return on plan assets | (53,052) | (56,394) | (54,817) |
Actuarial loss | 17,398 | 15,993 | 13,276 |
Prior service cost | (96) | (28) | (43) |
Net pension cost, before special items | 30,283 | 39,153 | 39,864 |
Curtailments and settlements | 255 | (15,894) | (383) |
Total net periodic pension cost recognized | $ 30,538 | $ 23,259 | $ 39,481 |
Pension and Other Postretirem81
Pension and Other Postretirement Pension Plans (Schedule Of Contribution To Multiemployer Pension Plans) (Details) - Multiemployer Plan, Individually Insignificant Multiemployer Plans - Multiemployer Plans, Pension - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | $ 59,445 | $ 73,519 | $ 89,956 |
Canada | |||
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | 42,575 | 56,341 | 72,660 |
Europe and Australia | |||
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | 10,902 | 12,693 | 12,930 |
United States | |||
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | $ 5,968 | $ 4,485 | $ 4,366 |
Other Comprehensive Income (Det
Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Amortization of Defined Benefit Items: | |||
Income Tax Benefit | $ (101,255) | $ (190,054) | $ (221,366) |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment | |||
Amortization of Defined Benefit Items: | |||
Actuarial losses | (21,153) | (19,601) | (17,554) |
Prior service benefit | 96 | 28 | 43 |
Total Before Income Tax | (21,057) | (19,573) | (17,511) |
Income Tax Benefit | 4,727 | 4,385 | 5,859 |
Total reclassifications after-tax | $ (16,330) | $ (15,188) | $ (11,652) |
Savings And Deferred Compensa83
Savings And Deferred Compensation Plans (Savings Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Savings And Deferred Compensation Plans [Abstract] | |||
Savings plans contributions | $ 87,973 | $ 88,951 | $ 74,686 |
Savings And Deferred Compensa84
Savings And Deferred Compensation Plans (Deferred Compensation Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Savings And Deferred Compensation Plans [Abstract] | |||
Deferred compensation plans expense | $ 5,536 | $ 5,321 | $ 4,470 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | Sep. 28, 2012 | |
Income Tax Contingency [Line Items] | ||||
Valuation Allowance | $ 60,320 | $ 54,651 | ||
Effective income tax rate (percent) | (23.50%) | (35.10%) | (33.50%) | |
Undistributed earnings of the Company's foreign subsidiaries expected to be reinvested | $ 26,100 | |||
Income tax payable upon repatriation of earnings | 4,900 | |||
Gross unrecognized tax benefits | 42,666 | $ 41,923 | $ 51,770 | $ 53,637 |
Accrued interest and penalties | $ 42,100 | 39,200 | ||
Estimated period of unrecognized tax benefits (in months) | 12 months | |||
Net Operating Losses | $ 134,467 | 64,063 | ||
Foreign Country | ||||
Income Tax Contingency [Line Items] | ||||
Loss carry forwards of foreign subsidiaries | 455,100 | $ 205,800 | ||
Gross unrecognized tax benefits | 4,700 | |||
Expiring Between 2017 and 2034 | Foreign Country | ||||
Income Tax Contingency [Line Items] | ||||
Loss carry forwards of foreign subsidiaries | 127,800 | |||
No Expiration Date [Member] | Foreign Country | ||||
Income Tax Contingency [Line Items] | ||||
Loss carry forwards of foreign subsidiaries | $ 327,300 |
Income Taxes (Consolidated Inco
Income Taxes (Consolidated Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Current income tax expense: | |||
Federal | $ 72,840 | $ 102,450 | $ 121,302 |
State | 16,248 | 18,698 | 23,246 |
Foreign | 43,344 | 38,107 | 74,107 |
Total current tax expense | 132,432 | 159,255 | 218,655 |
Deferred income tax expense (benefit): | |||
Federal | 13,337 | 7,561 | (4,718) |
State | 2,295 | 2,789 | (582) |
Foreign | (46,809) | 20,449 | 8,011 |
Total deferred income tax expense (benefit) | (31,177) | 30,799 | 2,711 |
Consolidated income tax expense | $ 101,255 | $ 190,054 | $ 221,366 |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 |
Obligations relating to: | ||
Defined benefit pension plans | $ 64,644 | $ 67,822 |
Other employee benefit plans | 186,701 | 215,863 |
Net Operating Losses | 134,467 | 64,063 |
Contract revenues and costs | 25,579 | 39,734 |
Deferred Rent | 9,428 | 6,008 |
Other | 13,565 | 1,703 |
Valuation Allowance | (60,320) | (54,651) |
Gross deferred tax assets | 374,064 | 340,542 |
Deferred tax liabilities: | ||
Depreciation and amortization | (187,099) | (193,726) |
Other, net | (3,994) | (1,372) |
Gross deferred tax liabilities | (191,093) | (195,098) |
Net deferred tax assets | $ 182,971 | $ 145,444 |
Income Taxes (Income Tax Benefi
Income Taxes (Income Tax Benefits Realized From The Exercise Of Nonqualified Stock Options, And Disqualifying Dispositions Of Stock Sold Under Our Employee Stock Purchase Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefits realized under stock plans | $ 0.2 | $ 3.4 | $ 7.3 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense In Consolidated Statements Of Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory amount | $ 141,479 | $ 189,758 | $ 231,542 |
State taxes, net of the federal benefit | 12,857 | 12,750 | 14,892 |
Tax differential on foreign earnings | (60,151) | (8,811) | (20,253) |
Uncertain tax positions | 2,281 | (9,847) | 1,553 |
Other, net | 4,789 | 6,204 | (6,368) |
Consolidated income tax expense | $ 101,255 | $ 190,054 | $ 221,366 |
Rates used to compute statutory amount | 35.00% | 35.00% | 35.00% |
Consolidated effective income tax rate | 23.50% | 35.10% | 33.50% |
Income Taxes (Income Tax Paymen
Income Taxes (Income Tax Payments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax payments | $ 156.5 | $ 173.6 | $ 235.8 |
Income Taxes (Components Of Our
Income Taxes (Components Of Our Consolidated Earnings Before Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Income Tax Examination [Line Items] | |||
Results of operations, income before income taxes | $ 430,137 | $ 542,166 | $ 661,548 |
United States earnings | |||
Income Tax Examination [Line Items] | |||
Results of operations, income before income taxes | 283,504 | 288,800 | 352,404 |
Foreign earnings | |||
Income Tax Examination [Line Items] | |||
Results of operations, income before income taxes | $ 146,633 | $ 253,366 | $ 309,144 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance, beginning of year | $ 41,923 | $ 51,770 | $ 53,637 |
Additions based on tax positions related to the current year | 6,440 | 6,528 | 5,447 |
Reductions for tax positions of prior years | (5,697) | (16,375) | (6,354) |
Settlement | 0 | 0 | (960) |
Balance, end of year | $ 42,666 | $ 41,923 | $ 51,770 |
Commitments And Contingencies93
Commitments And Contingencies, And Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Jul. 28, 2015 | Oct. 02, 2015 |
Loss Contingencies [Line Items] | ||
Net aggregate future lease payments | $ 915.8 | |
Lease Term | 10 years | |
Letters of credit outstanding | 236.4 | |
Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | 233.9 | |
Revolving Credit Facility, One Billion Six Hundred Million | Letter of Credit | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding issued under revolving credit facility | $ 2.5 |
Commitments And Contingencies94
Commitments And Contingencies, And Derivative Financial Instruments (Commitments Under Operating Leases) (Details) $ in Thousands | Oct. 02, 2015USD ($) |
Commitments And Contingencies, And Derivative Financial Instruments [Abstract] | |
2,016 | $ 152,744 |
2,017 | 138,081 |
2,018 | 117,779 |
2,019 | 98,626 |
2,020 | 87,177 |
Thereafter | 338,843 |
Future minimum payments due | 933,250 |
Amounts representing sublease income | (17,401) |
Total, net aggregate future lease payments | $ 915,849 |
Commitments And Contingencies95
Commitments And Contingencies, And Derivative Financial Instruments (Rent Expense And Sublease Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Commitments And Contingencies, And Derivative Financial Instruments [Abstract] | |||
Rent expense | $ 175,067 | $ 194,796 | $ 173,340 |
Sublease income | (5,275) | (6,102) | (7,914) |
Net rent | $ 169,792 | $ 188,694 | $ 165,426 |
Commitments And Contingencies96
Commitments And Contingencies, And Derivative Financial Instruments (Significant Terms Of The Lease) (Details) $ in Thousands | 12 Months Ended |
Oct. 02, 2015USD ($) | |
Commitments And Contingencies, And Derivative Financial Instruments [Abstract] | |
End of lease term | 2,025 |
End of term purchase option (in thousands) | $ 76,950 |
Residual value guaranty (in thousands) | $ 62,412 |
Contractual Guarantees, Litig97
Contractual Guarantees, Litigation, Investigations, And Insurance (Narrative) (Details) | Sep. 30, 2015USD ($) | Aug. 28, 2015USD ($) | Aug. 09, 2014USD ($) | May. 02, 2012USD ($) | Oct. 02, 2015insurer | Aug. 07, 2015USD ($) |
Loss Contingencies [Line Items] | ||||||
Minimum number of insurers with possible inability to fulfill insurance obligations | insurer | 1 | |||||
Motiva Enterprises LLC v. Bechtel-Jacobs CEP Port Arthur Joint Venture | ||||||
Loss Contingencies [Line Items] | ||||||
Claims sought/in excess of | $ 7,000,000,000 | |||||
Nui Phao Mining Company | ||||||
Loss Contingencies [Line Items] | ||||||
Claims sought/in excess of | $ 136,000,000 | |||||
Freeport-McMoran | ||||||
Loss Contingencies [Line Items] | ||||||
Claims sought/in excess of | $ 116,000,000 | |||||
Assertion to damages | $ 71,000,000 | |||||
Judicial Council of California - Unpaid Fees | ||||||
Loss Contingencies [Line Items] | ||||||
Awarded amount | $ 4,700,000 | |||||
Judicial Council of California, Disgorged Fees | ||||||
Loss Contingencies [Line Items] | ||||||
Awarded amount | 18,300,000 | |||||
Judicial Council of California - Breach of Guarantee | ||||||
Loss Contingencies [Line Items] | ||||||
Awarded amount | $ 2,400,000 |
Common And Preferred Stock (Det
Common And Preferred Stock (Details) | 12 Months Ended | |
Oct. 02, 2015classseries$ / shares | Sep. 26, 2014$ / shares | |
Class of Stock Disclosures [Abstract] | ||
Number of capital stock classes | class | 2 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Number of preferred stock series, minimum | series | 1 |
Other Financial Information (Na
Other Financial Information (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Sep. 26, 2014 | |
Other Financial Information [Abstract] | ||
Billed receivables collection period (in months) | 12 months | |
Unbilled amounts billed and collected, collection period (in months) | 12 months | |
Acquisition of business | $ 8,100 | $ 1,400,000 |
Other Financial Information (Co
Other Financial Information (Components Of Receivables) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 |
Other Financial Information [Abstract] | ||
Amounts billed, net | $ 1,213,892 | $ 1,425,341 |
Unbilled receivables and other | 1,252,509 | 1,368,482 |
Retentions receivable | 82,342 | 73,732 |
Total receivables, net | 2,548,743 | 2,867,555 |
Other information about receivables: | ||
Amounts due from the United States federal government included above, net of advanced billings | 327,157 | 324,928 |
Claims receivable | $ 32,511 | $ 78,634 |
Other Financial Information (Pr
Other Financial Information (Property, Equipment And Improvements, Net In The Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 |
Property, Plant and Equipment [Line Items] | |||
Property, equipment and improvements, gross | $ 990,618 | $ 1,092,369 | |
Accumulated depreciation and amortization | (609,380) | (635,572) | |
Property, plant and equipment, net, total | 381,238 | 456,797 | $ 379,296 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and improvements, gross | 23,757 | 21,497 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and improvements, gross | 97,597 | 128,584 | |
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and improvements, gross | 592,491 | 634,415 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and improvements, gross | 259,544 | 287,814 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, equipment and improvements, gross | $ 17,229 | $ 20,059 |
Other Financial Information (Mi
Other Financial Information (Miscellaneous Noncurrent Assets) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 |
Other Financial Information [Abstract] | ||
Deferred income taxes | $ 213,767 | $ 170,649 |
Cash surrender value of life insurance policies | 115,440 | 116,686 |
Investments | 222,941 | 226,628 |
Notes receivable | 13,197 | 8,007 |
Reimbursable pension costs | 119,548 | 77,710 |
Other | 34,622 | 38,570 |
Total | $ 719,515 | $ 638,250 |
Other Financial Information 103
Other Financial Information (Components Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 |
Other Financial Information [Abstract] | ||
Accrued payroll and related liabilities | $ 623,297 | $ 783,549 |
Project-related accruals | 130,401 | 140,938 |
Non project-related accruals | 102,324 | 76,588 |
Insurance liabilities | 59,081 | 52,826 |
Sales and other similar taxes | 53,476 | 52,373 |
Deferred rent | 93,040 | 96,129 |
Other | 29,366 | 77,153 |
Total | $ 1,090,985 | $ 1,279,556 |
Other Financial Information 104
Other Financial Information (Components Of Other Deferred Liabilities) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 |
Other Financial Information [Abstract] | ||
Liabilities relating to defined benefit pension and early retirement plans | $ 416,725 | $ 407,263 |
Liabilities relating to nonqualified deferred compensation arrangements | 129,982 | 114,325 |
Deferred income taxes | 191,093 | 195,098 |
Miscellaneous | 126,068 | 117,392 |
Total | $ 863,868 | $ 834,078 |
Other Financial Information 105
Other Financial Information (Components Of Total Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Sep. 26, 2014 |
Other Financial Information [Abstract] | ||
Foreign currency translation adjustments | $ (199,087) | $ (62,919) |
Adjustments relating to defined benefit pension plans | (266,440) | (299,210) |
Other | 763 | (1,420) |
Total | $ (464,764) | $ (363,549) |
Other Financial Information (Su
Other Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Sep. 26, 2014 | |
Other Financial Information [Abstract] | ||
Working capital | $ (8,749) | $ 48,327 |
Property and equipment | 71 | 59,216 |
Noncurrent assets | (4,334) | 262,450 |
Deferred liabilities | (1,316) | (7,895) |
Non-controlling interests | 0 | 16,572 |
Foreign currency translation | 0 | 1,768 |
Goodwill | $ 22,429 | $ 1,005,923 |
Segment Information (Financial
Segment Information (Financial Information By Geographic Area) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Oct. 02, 2015USD ($) | Jun. 26, 2015USD ($) | Mar. 27, 2015USD ($) | Dec. 26, 2014USD ($) | Sep. 26, 2014USD ($) | Jun. 27, 2014USD ($) | Mar. 28, 2014USD ($) | Dec. 27, 2013USD ($) | Sep. 27, 2013USD ($) | Jun. 28, 2013USD ($) | Mar. 29, 2013USD ($) | Dec. 28, 2012USD ($) | Oct. 02, 2015USD ($)segmentscategories | Sep. 26, 2014USD ($) | Sep. 27, 2013USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Number of service categories | categories | 4 | ||||||||||||||
Number of reportable segments | segments | 1 | ||||||||||||||
Revenues | $ 3,116,954 | $ 2,907,541 | $ 2,903,332 | $ 3,187,005 | $ 3,218,442 | $ 3,231,791 | $ 3,176,033 | $ 3,068,891 | $ 3,142,656 | $ 3,080,995 | $ 2,835,084 | $ 2,759,641 | $ 12,114,832 | $ 12,695,157 | $ 11,818,376 |
Long-lived assets | 381,238 | 456,797 | 379,296 | 381,238 | 456,797 | 379,296 | |||||||||
United States | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | 7,154,433 | 7,078,366 | 6,993,594 | ||||||||||||
Long-lived assets | 208,155 | 240,501 | 230,281 | 208,155 | 240,501 | 230,281 | |||||||||
Europe | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | 2,074,837 | 2,402,399 | 2,148,504 | ||||||||||||
Long-lived assets | 55,713 | 58,562 | 47,128 | 55,713 | 58,562 | 47,128 | |||||||||
Canada | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | 1,065,651 | 1,344,632 | 1,652,386 | ||||||||||||
Long-lived assets | 36,647 | 51,622 | 61,122 | 36,647 | 51,622 | 61,122 | |||||||||
Asia | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | 304,393 | 299,086 | 204,203 | ||||||||||||
Long-lived assets | 3,859 | 4,063 | 4,272 | 3,859 | 4,063 | 4,272 | |||||||||
India | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | 163,871 | 148,453 | 158,908 | ||||||||||||
Long-lived assets | 16,264 | 17,960 | 15,049 | 16,264 | 17,960 | 15,049 | |||||||||
Australia and New Zealand | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | 611,271 | 709,379 | 141,507 | ||||||||||||
Long-lived assets | 24,460 | 49,436 | 8,329 | 24,460 | 49,436 | 8,329 | |||||||||
South America and Mexico | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | 143,014 | 271,213 | 241,590 | ||||||||||||
Long-lived assets | 9,127 | 11,084 | 6,159 | 9,127 | 11,084 | 6,159 | |||||||||
Middle East and Africa | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues | 597,362 | 441,629 | 277,684 | ||||||||||||
Long-lived assets | $ 27,013 | $ 23,569 | $ 6,956 | $ 27,013 | $ 23,569 | $ 6,956 |
Segment Information (Revenues E
Segment Information (Revenues Earned Directly Or Indirectly From The U.S. Federal Government And Its Agencies) (Details) - line_of_business | 2 Months Ended | 12 Months Ended | ||
Nov. 23, 2015 | Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Segment Reporting [Abstract] | ||||
Percentage of revenue earned from the U.S. federal government and its agencies | 21.70% | 17.80% | 19.90% | |
Subsequent Event | ||||
Segment Reporting Information [Line Items] | ||||
Number of lines of business | 4 |
Selected Quarterly Informati109
Selected Quarterly Information - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Oct. 02, 2015 | Jun. 26, 2015 | Mar. 27, 2015 | Dec. 26, 2014 | Sep. 26, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Oct. 02, 2015 | Sep. 26, 2014 | Sep. 27, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||
Revenues | $ 3,116,954 | $ 2,907,541 | $ 2,903,332 | $ 3,187,005 | $ 3,218,442 | $ 3,231,791 | $ 3,176,033 | $ 3,068,891 | $ 3,142,656 | $ 3,080,995 | $ 2,835,084 | $ 2,759,641 | $ 12,114,832 | $ 12,695,157 | $ 11,818,376 |
Operating profit | 53,825 | 100,434 | 133,045 | 158,223 | 136,650 | 123,937 | 122,434 | 145,047 | 175,148 | 168,359 | 165,203 | 160,269 | 445,527 | 528,068 | 668,979 |
Earnings before taxes | 49,292 | 97,188 | 128,962 | 154,695 | 144,805 | 118,046 | 132,394 | 146,921 | 174,906 | 168,423 | 161,908 | 156,311 | 430,137 | 542,166 | 661,548 |
Net Earnings of the Group | 37,269 | 97,308 | 88,110 | 106,195 | 91,054 | 71,309 | 90,800 | 98,949 | 116,481 | 112,089 | 107,089 | 104,523 | 328,882 | 352,112 | 440,182 |
Net earnings attributable to Jacobs | $ 29,863 | $ 91,062 | $ 81,967 | $ 100,079 | $ 86,074 | $ 64,842 | $ 83,460 | $ 93,732 | $ 110,811 | $ 108,871 | $ 104,401 | $ 99,010 | $ 302,971 | $ 328,108 | $ 423,093 |
Earnings per share: | |||||||||||||||
Basic (in dollars per share) | $ 0.25 | $ 0.74 | $ 0.65 | $ 0.78 | $ 0.66 | $ 0.50 | $ 0.64 | $ 0.72 | $ 0.85 | $ 0.84 | $ 0.81 | $ 0.77 | $ 2.42 | $ 2.51 | $ 3.27 |
Diluted (in dollars per share) | $ 0.24 | $ 0.73 | $ 0.64 | $ 0.77 | $ 0.65 | $ 0.49 | 0.63 | $ 0.71 | $ 0.84 | $ 0.83 | $ 0.80 | $ 0.76 | $ 2.40 | $ 2.48 | $ 3.23 |
Restructuring Charges | $ 68,200 | $ 30,100 | $ 9,600 | $ 30,400 | $ 47,000 | $ 107,900 | $ 93,300 | ||||||||
Effect of restructuring charge on earnings per diluted share (in dollars per share) | $ (0.56) | $ (0.24) | $ (0.08) | $ (0.23) | $ 0.35 | ||||||||||
Gain on sale of intellectual property | $ 0 | $ 12,147 | $ 0 | ||||||||||||
Intellectual Property | |||||||||||||||
Earnings per share: | |||||||||||||||
Gain after tax on sale of intellectual property per diluted share (in dollars per share) | $ 0.05 | ||||||||||||||
Gain on sale of intellectual property | $ 6,400 |
Definitions (Details)
Definitions (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Oct. 02, 2015USD ($) | Jun. 26, 2015USD ($) | Mar. 27, 2015USD ($) | Sep. 26, 2014USD ($) | Jun. 27, 2014USD ($) | Oct. 02, 2015USD ($)quarter | Sep. 26, 2014USD ($) | |
Definitions [Abstract] | |||||||
Restructuring Charges | $ | $ (68.2) | $ (30.1) | $ (9.6) | $ (30.4) | $ (47) | $ (107.9) | $ (93.3) |
Number of consecutive fiscal quarters included In consolidated leverage ratio calculation | 4 |