Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Sep. 28, 2018 | Nov. 12, 2018 | Mar. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | JACOBS ENGINEERING GROUP INC /DE/ | ||
Trading Symbol | jec | ||
Entity Central Index Key | 52,988 | ||
Current Fiscal Year End Date | --09-28 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 28, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 142,263,898 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 8.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 793,358 | $ 774,151 |
Receivables | 3,554,930 | 2,102,543 |
Prepaid expenses and other | 208,296 | 119,486 |
Total current assets | 4,556,584 | 2,996,180 |
Property, Equipment and Improvements, net | 457,706 | 349,911 |
Other Noncurrent Assets: | ||
Goodwill | 6,103,856 | 3,009,826 |
Intangibles, net | 655,957 | 332,920 |
Miscellaneous | 871,692 | 692,022 |
Total other noncurrent assets | 7,631,505 | 4,034,768 |
Assets | 12,645,795 | 7,380,859 |
Current Liabilities: | ||
Notes payable | 4,954 | 3,071 |
Accounts payable | 1,127,671 | 683,605 |
Accrued liabilities | 1,488,629 | 939,687 |
Billings in excess of costs | 524,439 | 299,864 |
Total current liabilities | 3,145,693 | 1,926,227 |
Total Long-term debt, net | 2,146,877 | 235,000 |
Other Deferred Liabilities | 1,408,871 | 732,281 |
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—142,217,933 shares and 120,385,544 shares as of September 28, 2018 and September 29, 2017, respectively | 142,218 | 120,386 |
Additional paid-in capital | 2,708,839 | 1,239,782 |
Retained earnings | 3,809,991 | 3,721,698 |
Accumulated other comprehensive loss | (806,703) | (653,514) |
Total Jacobs stockholders’ equity | 5,854,345 | 4,428,352 |
Noncontrolling interests | 90,009 | 58,999 |
Total Group stockholders’ equity | 5,944,354 | 4,487,351 |
Total liabilities and stockholders' equity | $ 12,645,795 | $ 7,380,859 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 28, 2018 | Sep. 29, 2017 |
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) | 142,217,933 | 120,385,544 |
Common stock, outstanding (in shares) | 142,217,933 | 120,385,544 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | Oct. 02, 2015 | |
Income Statement [Abstract] | ||||||||||||||||
Revenues | $ 4,142,644 | $ 4,156,663 | $ 3,935,028 | $ 2,750,311 | $ 2,653,866 | $ 2,514,751 | $ 2,302,567 | $ 2,551,604 | $ 2,640,587 | $ 2,693,873 | $ 2,781,763 | $ 2,847,934 | $ 14,984,646 | $ 10,022,788 | $ 10,964,157 | |
Direct cost of contracts | (12,156,276) | (8,250,536) | (9,196,326) | |||||||||||||
Gross profit | 2,828,370 | 1,772,252 | 1,767,831 | |||||||||||||
Selling, general and administrative expenses | (2,180,399) | (1,379,983) | (1,429,233) | |||||||||||||
Operating Profit | 241,312 | 212,729 | 146,286 | 47,644 | 106,993 | 128,475 | 68,173 | 88,628 | 82,811 | 109,556 | 86,781 | 59,450 | 647,971 | 392,269 | 338,598 | |
Other Income (Expense): | ||||||||||||||||
Interest income | 8,984 | 8,748 | 7,848 | |||||||||||||
Interest expense | (76,760) | (12,035) | (15,260) | |||||||||||||
Gain (Loss) on disposal of business and investments | (20,967) | 10,880 | (41,410) | |||||||||||||
Miscellaneous income (expense), net | (4,523) | (6,645) | (3,053) | |||||||||||||
Total other (expense) income, net | (93,266) | 948 | (51,875) | |||||||||||||
Earnings Before Taxes | 554,705 | 393,217 | 286,723 | |||||||||||||
Income Tax Expense | (381,563) | (105,842) | (72,208) | |||||||||||||
Net Earnings of the Group | (31,422) | 150,071 | 51,932 | 2,561 | 93,428 | 88,629 | 44,165 | 61,153 | 29,883 | 70,937 | 63,389 | 50,306 | 173,142 | 287,375 | 214,515 | |
Net (Earnings) Loss Attributable to Noncontrolling Interests | (9,711) | 6,352 | (4,052) | |||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 5,944,354 | 4,487,351 | 4,330,182 | 5,944,354 | 4,487,351 | 4,330,182 | $ 4,356,458 | |||||||||
Net Earnings Attributable to Jacobs | $ (37,541) | $ 150,222 | $ 48,587 | $ 2,163 | $ 94,141 | $ 89,032 | $ 50,018 | $ 60,536 | $ 29,644 | $ 69,055 | $ 65,250 | $ 46,514 | $ 163,431 | $ 293,727 | $ 210,463 | |
Net Earnings Per Share: | ||||||||||||||||
Basic (in dollars per share) | $ (0.26) | $ 1.05 | $ 0.34 | $ 0.02 | $ 0.78 | $ 0.74 | $ 0.41 | $ 0.50 | $ 0.25 | $ 0.58 | $ 0.54 | $ 0.38 | $ 1.18 | $ 2.43 | $ 1.75 | |
Diluted (in dollars per share) | $ (0.26) | $ 1.05 | $ 0.34 | $ 0.02 | $ 0.78 | $ 0.74 | $ 0.41 | $ 0.50 | $ 0.24 | $ 0.57 | $ 0.54 | $ 0.38 | $ 1.17 | $ 2.42 | $ 1.73 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net Earnings of the Group | $ 173,142 | $ 287,375 | $ 214,515 |
Other Comprehensive Income (Loss): | |||
Foreign currency translation adjustment | (109,877) | (140,527) | (46,515) |
Gain (loss) on cash flow hedges | 118 | (1,350) | (1,403) |
Change in pension liabilities | (27,231) | 123,427 | (111,488) |
Other comprehensive income (loss) before taxes | (136,990) | (18,450) | (159,406) |
Income Tax (Expense) Benefit: | |||
Cash flow hedges | 859 | (90) | 273 |
Change in pension liabilities | (17,058) | (24,380) | 13,303 |
Income Tax (Expense) Benefit: | (16,199) | (24,470) | 13,576 |
Net other comprehensive income (loss) | (153,189) | (42,920) | (145,830) |
Net Comprehensive Income (Loss) of the Group | 19,953 | 244,455 | 68,685 |
Net (Earnings) Loss Attributable to Noncontrolling Interests | (9,711) | 6,352 | (4,052) |
Net Comprehensive Income (Loss) Attributable to Jacobs | $ 10,242 | $ 250,807 | $ 64,633 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Total Jacobs Stock-holders’ Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comp-rehensive Income (Loss) | Non-controlling Interests |
Balance at the beginning of the period at Oct. 02, 2015 | $ 4,356,458 | $ 4,291,745 | $ 123,153 | $ 1,137,144 | $ 3,496,212 | $ (464,764) | $ 64,713 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 214,515 | 210,463 | 210,463 | 4,052 | |||
Net Earnings Attributable to Jacobs | 210,463 | ||||||
Foreign currency translation adjustments | (46,516) | (46,516) | (46,516) | ||||
Pension liability, net of deferred taxes | (98,185) | (98,185) | (98,185) | ||||
(Loss) gain on derivatives, net of deferred taxes | (1,129) | (1,129) | (1,129) | ||||
Noncontrolling interest acquired / consolidated | (1,277) | (127) | (127) | (1,150) | |||
Distributions to noncontrolling interests | (5,855) | (3,146) | (3,146) | (2,709) | |||
Issuances of equity securities, net of deferred taxes | 73,406 | 73,406 | 1,351 | 72,055 | |||
Repurchases of equity securities | (161,235) | (161,235) | (3,553) | (40,800) | (116,882) | ||
Balance at the end of the period at Sep. 30, 2016 | 4,330,182 | 4,265,276 | 120,951 | 1,168,272 | 3,586,647 | (610,594) | 64,906 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 287,375 | 293,727 | 293,727 | (6,352) | |||
Net Earnings Attributable to Jacobs | 293,727 | ||||||
Foreign currency translation adjustments | (140,527) | (140,527) | (140,527) | ||||
Pension liability, net of deferred taxes | 99,047 | 99,047 | 99,047 | ||||
(Loss) gain on derivatives, net of deferred taxes | (1,440) | (1,440) | (1,440) | ||||
Noncontrolling interest acquired / consolidated | 445 | 0 | 0 | 445 | |||
Dividends | (72,765) | (72,765) | (72,765) | ||||
Distributions to noncontrolling interests | (4,559) | (4,559) | (4,559) | ||||
Issuances of equity securities, net of deferred taxes | 100,585 | 100,585 | 1,468 | 99,117 | |||
Repurchases of equity securities | (110,992) | (110,992) | (2,033) | (27,607) | (81,352) | ||
Balance at the end of the period at Sep. 29, 2017 | 4,487,351 | 4,428,352 | 120,386 | 1,239,782 | 3,721,698 | (653,514) | 58,999 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 173,142 | 163,431 | 9,711 | ||||
Net Earnings Attributable to Jacobs | 163,431 | ||||||
Foreign currency translation adjustments | (109,877) | (109,877) | (109,877) | ||||
Pension liability, net of deferred taxes | 34,129 | (34,129) | 10,160 | (44,289) | |||
(Loss) gain on derivatives, net of deferred taxes | 977 | 977 | 977 | ||||
Noncontrolling interest acquired / consolidated | 37,146 | 3,456 | 3,456 | 33,690 | |||
Dividends | (85,608) | (85,608) | (85,608) | ||||
Distributions to noncontrolling interests | (4,686) | 7,705 | 7,705 | (12,391) | |||
Stock based compensation | 79,242 | 79,242 | 81,196 | (1,954) | |||
Issuances of equity securities, net of deferred taxes | 1,403,777 | 1,403,777 | 21,881 | 1,385,316 | (3,420) | ||
Repurchases of equity securities | (2,981) | (2,981) | (49) | (911) | (2,021) | ||
Balance at the end of the period at Sep. 28, 2018 | $ 5,944,354 | $ 5,854,345 | $ 142,218 | $ 2,708,839 | $ 3,809,991 | $ (806,703) | $ 90,009 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Change in pension liabilities | $ 17,058 | $ 24,380 | $ (13,303) |
(Gain) loss on derivative deferred taxes | $ (859) | 90 | 274 |
Issuances of equity securities deferred taxes | $ 1,015 | $ 3,382 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Cash Flows from Operating Activities: | |||
Net earnings attributable to the Group | $ 173,142 | $ 287,375 | $ 214,515 |
Depreciation and amortization: | |||
Property, equipment and improvements | 117,856 | 76,418 | 82,363 |
Intangible assets | 80,731 | 46,095 | 47,608 |
(Gain) loss on sales of businesses and investments | 20,967 | (10,058) | 41,410 |
Stock based compensation | 79,242 | 38,764 | 32,370 |
Tax deficiency from stock based compensation | 0 | (2,877) | (377) |
Equity in earnings of operating ventures, net | (2,639) | (7,788) | (11,892) |
(Gain) Losses on disposals of assets, net | 17,491 | 14,876 | 10,680 |
Loss (gain) on pension plan changes | 5,414 | (9,955) | 0 |
Deferred income taxes | 288,126 | 36,663 | (27,407) |
Changes in assets and liabilities, excluding the effects of businesses acquired: | |||
Receivables | (435,198) | 75,441 | 397,268 |
Prepaid expenses and other current assets | (19,134) | (23,755) | 17,906 |
Accounts payable | 183,057 | 153,961 | (44,214) |
Accrued liabilities | (37,746) | (56,279) | (71,930) |
Billings in excess of costs | 6,268 | (31,976) | 33,347 |
Income taxes payable | 68,970 | 4,264 | (4,586) |
Other deferred liabilities | (79,280) | (33,547) | (37,605) |
Other, net | 13,885 | 17,259 | 717 |
Net cash (used for) provided by operating activities | 481,152 | 574,881 | 680,173 |
Cash Flows Used for Investing Activities: | |||
Additions to property and equipment | (94,884) | (118,060) | (67,688) |
Disposals of property and equipment | 3,293 | 2,387 | 10,479 |
Purchases of intangibles | 0 | 0 | (10,027) |
Distributions of capital from (contributions to) equity investees | (5,416) | 31,701 | (3,403) |
Acquisitions of businesses, net of cash acquired | (1,488,336) | (150,190) | (49,943) |
Proceeds (payments) related to sales of businesses | 7,736 | (2,036) | (19,039) |
Net cash used for investing activities | (1,577,607) | (236,198) | (139,621) |
Cash Flows Provided by Financing Activities: | |||
Proceeds from long-term borrowings | 5,784,355 | 1,694,023 | 1,649,653 |
Repayments of long-term borrowings | (4,572,182) | (1,846,797) | (1,840,789) |
Proceeds from short-term borrowings | 712 | 1,347 | 3,040 |
Repayments of short-term borrowings | (3,391) | (702) | (14,042) |
Proceeds from issuances of common stock | 53,584 | 62,645 | 43,140 |
Common stock repurchases | (2,981) | (97,180) | (152,550) |
Excess tax benefits from stock based compensation | 0 | 2,877 | 377 |
Taxes paid on vested restricted stock | (31,108) | 0 | 0 |
Cash dividends, including to noncontrolling interests | (86,569) | (58,793) | (5,855) |
Net cash provided by (used for) financing activities | 1,142,420 | (242,580) | (317,026) |
Effect of Exchange Rate Changes | (26,758) | 22,332 | (28,669) |
Net Increase in Cash and Cash Equivalents | 19,207 | 118,435 | 194,857 |
Cash and Cash Equivalents at the Beginning of the Period | 774,151 | 655,716 | 460,859 |
Cash and Cash Equivalents at the End of the Period | $ 793,358 | $ 774,151 | $ 655,716 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Sep. 28, 2018 | |
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 the fiscal years ended September 28, 2018 , September 29, 2017 and September 30, 2016 was as follows: For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Cost-reimbursable 76 % 81 % 82 % Fixed-price 24 % 19 % 18 % Basis of Presentation, Definition of Fiscal Year, and Other Matters The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and include the accounts of Jacobs Engineering Group Inc. and its subsidiaries and affiliates which it controls. All 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. Fiscal 2015 included an extra week of activity. During the second quarter of fiscal 2018 , we reorganized our operating and reporting structure around three lines of business (“LOBs”). This reorganization occurred in conjunction with the integration of CH2M into the Company's legacy businesses, and was intended to better serve our global clients, leverage our workforce, help streamline operations and provide enhanced growth opportunities. The three global LOBs are as follows: Aerospace, Technology, Environmental and Nuclear ("ATEN"); Buildings, Infrastructure and Advanced Facilities ("BIAF"); and Energy, Chemicals and Resources ("ECR"). Previously, the Company operated its business around four global lines of businesses. For a further discussion of our segment information, please refer to Note 17- Segment Information . |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Sep. 28, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Revenue Accounting for Contracts We recognize revenue earned on our technical professional and field services projects under the percentage-of-completion method described in ASC 605-35, Construction-Type and Production-Type Contracts . In general, we recognize revenues at the time we provide services. Pre-contract costs are generally expensed as incurred, unless they are directly associated with an anticipated contract and recoverability from that contract is probable. Contracts are generally segmented between types of services, such as engineering and construction, and accordingly, gross margin related to each activity is recognized as those separate services are rendered. For multiple contracts with a single customer we account for each contract separately. The percentage-of-completion method of accounting is applied by comparing 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. Unapproved change orders are included in the contract price to the extent it is probable that such change orders will result in additional contract revenue and the amount of such additional revenue can be reliably estimated. Claims meeting these recognition criteria are included in revenues only to the extent of the related costs incurred. 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. 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. Direct costs of contracts include all costs incurred in connection with and directly for the benefit of client contracts, including depreciation and amortization relating to assets used in providing the services required by the related projects. The level of direct costs of contracts may fluctuate between reporting periods due to a variety of factors, including the amount of pass-through costs we incur during a period. On those projects where we are responsible for subcontract labor or third-party materials and equipment, we reflect the amounts of such items in both revenues and costs (and we refer to such costs as “pass-through costs”). On other projects where the client elects to pay for such items directly and we have no associated responsibility for such items, these amounts are not considered pass-through costs and are, therefore, not reflected in either revenues or costs. To the extent that we incur a significant amount of pass-through costs in a period, our direct costs of contracts are likely to increase as well. The following table sets forth pass-through costs included in revenues in the accompanying Consolidated Statements of Earnings (in millions): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 $ 3,058.6 $ 2,539.3 $ 2,489.9 Joint Ventures and VIEs As is common to the industry, we execute certain contracts jointly with third parties through various forms of joint ventures. 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. Many of these joint ventures are formed for a specific project. The assets of our joint ventures generally consist almost entirely of cash and receivables (representing amounts due from clients), and the liabilities of our joint ventures generally 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 or third-party debt or credit facilities. The debt held by the joint ventures is non-recourse to the general credit of Jacobs. The assets of a joint venture are restricted for use to the obligations of the particular joint venture and are not available for general operations of the Company. Our risk of loss on these arrangements is usually shared with our partners. The liability of each partner is usually joint and several, which means that each partner may become liable for the entire risk of loss on the project. Furthermore, on some of our projects, the Company has granted guarantees which may encumber both our contracting subsidiary company and the Company for the entire risk of loss on the project. See Note 15- Contractual Guarantees, Litigation, Investigations and Insurance for further discussion. Many of the joint ventures are deemed to be variable interest entities (“VIE”) because they lack sufficient equity to finance the activities of the joint venture. The Company uses a qualitative approach to determine if the Company is the primary beneficiary of the VIE, which considers factors that indicate a party has the power to direct the activities that most significantly impact the joint venture’s economic performance. These factors include the composition of the governing board, how board decisions are approved, the powers granted to the operational manager(s) and partner that holds that position(s), and to a certain extent, the partner’s economic interest in the joint venture. The Company analyzes each joint venture initially to determine if it should be consolidated or unconsolidated. • Consolidated if the Company is the primary beneficiary of a VIE, or holds the majority of voting interests of a non-VIE (and no significant participative rights are available to the other partners). • Unconsolidated if the Company is not the primary beneficiary of a VIE, or does not hold the majority of voting interest of a non-VIE. See Note 7- Joint Ventures and VIEs for further discussion. Fair Value Measurements Certain amounts included in the accompanying consolidated financial statements are presented at “fair value.” Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as of the date fair value is determined (the “measurement date”). When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider only those assumptions we believe a typical market participant would consider when pricing an asset or liability. In measuring fair value, we use the following inputs in the order of priority indicated: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets included in Level 1, such as (i) quoted prices for similar assets or liabilities; (ii) quoted prices in markets that have insufficient volume or infrequent transactions (e.g., less active markets); and (iii) model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data for substantially the full term of the asset or liability. Level 3 - Unobservable inputs to the valuation methodology that are significant to the fair value measurement. 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. See Note 9- Borrowings for a discussion of the fair value of long-term debt. Certain other assets and liabilities, such as forward contracts and interest rate swap agreements we purchased as cash-flow hedges discussed in Note 14- Commitments and Contingencies and 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. 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 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 different fair values to be assigned to our future stock option awards. For restricted stock awards (including restricted stock units) containing market conditions, compensation expense is based on the fair value of such awards using a Monte Carlo simulation. For restricted stock awards (including restricted stock units) containing service and performance conditions, compensation expense is based on the closing stock price on the date of grant. 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. Fixed income investment funds categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers, or quoted prices of securities with similar characteristics. Real estate consists primarily of common or collective trusts, with underlying investments in real estate. These investments 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. Management values insurance contracts and hedge funds using actuarial assumptions and certain values reported by 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 September 28, 2018 and September 29, 2017 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. Amounts billed, net consist of amounts invoiced to clients in accordance with the terms of our client contracts and are shown net of an allowance for doubtful accounts. We anticipate that substantially all of such billed amounts will be collected over the next twelve months. Unbilled receivables and other and retentions receivable generally represent reimbursable costs, profit and amounts earned under contracts in progress, or in some cases completed, as of the respective balance sheet dates. Such amounts become billable according to the contract terms, which usually provide that such amounts become billable upon 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. 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 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, on an annual basis we test goodwill and intangible assets with indefinite lives for possible impairment. Intangible assets with finite lives are amortized on a straight-line basis over the useful lives of those assets. During the quarter ended September 28, 2018 , the Company voluntarily changed the date of its annual goodwill and indefinite-lived intangible asset impairment testing from the last day of the fiscal third quarter to the first day of the fourth quarter. This voluntary change is preferable under the circumstances as it results in better alignment with the Company’s strategic planning and forecasting process and provides the Company with additional time to complete its annual impairment testing. The voluntary change in accounting principle related to the annual testing date will not delay, accelerate or avoid an impairment charge. This change is not applied retrospectively as it is impracticable to do so because retrospective application would require application of significant estimates and assumptions with the use of hindsight. Accordingly, the change will be applied prospectively. Interim testing for impairment is performed if indicators of potential impairment exist. For purposes of impairment testing, goodwill is assigned to the applicable reporting units based on the current reporting structure. We have determined that our operating segments are also our reporting units based on management’s conclusion that the components comprising each of our operating segments share similar economic characteristics and meet the aggregation criteria in accordance with ASC 350. When testing goodwill for impairment quantitatively, the Company first compares the fair value of each reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a second step is performed to measure the amount of potential impairment. In the second step, the Company compared the implied fair value of the reporting unit goodwill with the carrying amount of the reporting unit's goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized. During 2018 , we completed our annual goodwill impairment test and quantitatively determined that none of our goodwill was impaired. We have determined that the fair value of our reporting units substantially exceeded their respective carrying values for the Consolidated Balance Sheets presented. The range of fair values (both ends of the range) for each reporting unit exceeded the respective book values by 31% to 132% . See Note 6- Goodwill and Intangibles . 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 periods 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, such as EPS growth and ROIC, 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 Statements of Earnings. During fiscal 2018, the Company adopted ASU No 2016-09, Improvements to Employee Share Based Payment Accounting . As a result, the cash paid by the Company to taxing authorities as a result of withholding shares for the exercise of employee stock awards is classified as financing activity and this change is adopted retrospectively. Additionally, all excess tax benefits related to share-based payments in our provision for income taxes are now classified as an operating activity along with other income taxes in the statement of cash flows and this change is applied prospectively. These items were historically recorded in additional paid-in capital and in financing activities. The amount recognized by the Company in excess tax benefits related to share-based payments in our provision for income taxes for the fiscal year ended September 28, 2018 was not material. Finally, we have elected to begin accounting for share-based compensation award forfeitures when they occur instead of estimating the number of forfeitures expected in accordance with the new guidance. This change in accounting policy for share-based compensation award forfeitures resulted in a $1.8 million cumulative effect of change in accounting principle to retained earnings in the Company’s Consolidated Balance Sheets. Concentrations of Credit Risk Our cash balances and cash equivalents are maintained in accounts held by major banks and financial institutions located 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 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 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. During the first fiscal quarter of 2018, the Company acquired CH2M HILL Companies, Ltd. ("CH2M"). During the fourth fiscal quarter of 2017, the Company acquired Blue Canopy LLC. During the second fiscal quarter of 2017, the Company acquired Aquenta Consulting Pty Ltd. During the first fiscal quarter of 2016, the Company acquired J.L. Patterson & Associates. Other than the CH2M acquisition discussed in Note 5- Business Combinations , these acquisitions were not material to the Company’s consolidated results for fiscal 2018 , 2017 or 2016 . On May 19, 2017 , the Company entered into an agreement with Saudi Aramco to form a 50 /50 Saudi Arabia-based joint venture company to provide professional program and construction management (“PMCM”) services for social infrastructure projects throughout Saudi Arabia and across the Middle East and North Africa. The venture commenced start-up operations in fourth quarter fiscal 2017 and initial funding commitments were made from each of the partners for $ 6.0 million in capital contributions each. New Accounting Pronouncements Revenue Recognition 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. The effective date for ASU 2014-09 is for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company’s adoption activities have been performed over three phases: (i) assessment, (ii) design and (iii) implementation. As part of these phases, the Company has identified the following, potentially significant differences to date: Performance Obligations Under current U.S. GAAP, the Company typically segments contracts that contain multiple services by service type - for instance, engineering, procurement and construction services - for purposes of revenue recognition. Under ASU 2014-09, multiple-service contracts where the Company is responsible for providing a single deliverable (e.g., a constructed asset) will be treated as a single performance obligation for purposes of revenue recognition and thus no longer will be segmented. Typically, this will occur when the company is contracted to perform both engineering and construction on a project. In these circumstances, the timing and pattern of revenue recognition will change. The remainder of the Company's contracts will continue to be treated as having discrete units of account because they either contain only one service or because the Company has determined that the component services in the contract are distinct. Contract Modifications In many instances, the Company enters into separate contracts for related services (e.g., engineering and construction) but is held responsible for providing a single deliverable (“Phased Projects”). Under ASU 2014-09, the separate contracts may be required to be combined and treated as a single contract with one performance obligation. This modification or combination of contracts may result in a cumulative catchup adjustment, which will have an immediate impact on the Company’s results of operations in the period the contract combination or modification occurs. In addition, it will change the timing and pattern of revenue recognition after the period the contracts have been combined or modified. Based on the two noted changes above, the Company has identified selected changes to our systems, processes and internal controls and designed updates for each to meet the standard's revised reporting and disclosure requirements. The Company will adopt the new standard using the Modified Retrospective application for periods beginning with the first fiscal quarter of 2019. This standard will impact the Company’s Consolidated Financial Statements and will its administrative operations. The impact will depend on the magnitude of the items discussed above. While the Company will continue to evaluate the impact through the implementation phase, we expect a reduction of retained earnings in our consolidated financial statements in the period of adoption due to revenue recognition timing for certain engineering and construction contracts shifting as a result of being accounted for as a single performance obligation. This adjustment will create a corresponding adjustment in the Company's consolidated financial statements to accounts receivable and unbilled receivables and to billings in excess of costs. Lease Accounting In February 2016, the FASB issued ASU 2016-02 Leases . ASU 2016-02 requires lessees to recognize assets and liabilities for most leases. ASU 2016-02 is effective for public entity financial statements for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The new guidance currently requires a modified retrospective transition approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. ASU 2016-02 was further clarified and amended within ASU 2017-13, ASU 2018-01, ASU 2018-10 and ASU 2018-11 which included provisions that would provide us with the option to adopt the provisions of the new guidance using a modified retrospective transition approach, without adjusting the comparative periods presented. The Company is evaluating the |
Employee Stock Purchase and Sto
Employee Stock Purchase and Stock Option Plans | 12 Months Ended |
Sep. 28, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Purchase and Stock Option Plans | Employee 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 for the fiscal years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Aggregate Purchase Price Paid for Shares Sold: Under the 1989 ESPP $ 21,590,858 $ 21,084,657 $ 23,631,241 Under the GESPP 2,240,609 2,105,834 2,660,067 Total $ 23,831,467 $ 23,190,491 $ 26,291,308 Aggregate Number of Shares Sold: Under the 1989 ESPP 357,899 403,652 564,461 Under the GESPP 36,405 39,648 63,196 Total 394,304 443,300 627,657 On January 19, 2017, the Company’s stockholders approved an increase in the number of shares authorized by 4,350,000 shares for the 1989 ESPP and by 150,000 shares for the GESPP. At September 28, 2018 , there remains 4,187,955 shares reserved for issuance under the 1989 ESPP and 138,575 shares reserved for issuance under the GESPP. Stock Incentive Plans We also sponsor the 1999 Stock Incentive Plan, as amended and restated (the "SIP") and the 1999 Outside Director Stock Plan, as amended and restated (the "ODSP"). The 1999 SIP provides for the issuance of incentive stock options, non-qualified stock options, share appreciation rights ("SARs"), restricted stock and restricted stock units to employees. The 1999 ODSP provides for awards of shares of common stock, restricted stock, restricted stock units and grants of non-qualified 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 1,100,000 30,950,000 Number of remaining shares reserved for issuance at September 28, 2018 6,911,375 486,755 7,398,130 Number of shares relating to outstanding stock options at September 28, 2018 1,575,634 191,125 1,766,759 Number of shares available for future awards: At September 28, 2018 5,335,741 295,630 5,631,371 At September 29, 2017 7,351,946 312,412 7,664,358 Effective September 28, 2012, all grants of shares under the 1999 SIP are issued on a fungible basis. An award other than an option or SAR are granted on a 1.92 -to-1.00 basis (“Fungible”). An award of an option or SAR are granted on a 1 -to-1 basis (“Not Fungible”). The following table presents the fair value of shares (of restricted stock and restricted stock units) vested for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Restricted Stock and Restricted Stock Units (service condition) $ 64,121 $ 34,466 $ 17,481 Restricted Stock Units (service, market, and performance conditions at target) 2,626 4,183 4,336 Total $ 66,747 $ 38,649 $ 21,817 At September 28, 2018 , the amount of compensation cost relating to non-vested awards not yet recognized in the financial statements is approximately $ 93.3 million. The majority of these unrecognized compensation costs will be recognized by the first quarter of fiscal 2020 . The weighted average remaining contractual term of options currently exercisable is 4.3 years . Stock Options The following table summarizes the stock option activity for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : Number of Stock Options Weighted Average Exercise Price Outstanding at October 2, 2015 4,072,707 $ 46.06 Granted 460,770 $ 42.17 Exercised (412,416 ) $ 40.88 Cancelled or expired (543,549 ) $ 49.13 Outstanding at September 30, 2016 3,577,512 $ 45.69 Granted — $ — Exercised (906,648 ) $ 43.79 Cancelled or expired (154,039 ) $ 48.79 Outstanding at September 29, 2017 2,516,825 $ 46.19 Granted — $ — Exercised (636,019 ) $ 46.93 Cancelled or expired (114,047 ) $ 52.26 Outstanding at September 28, 2018 1,766,759 $ 45.53 Cash received from the exercise of stock options, net of tax remitted, during the year ended September 28, 2018 was $29.8 million . Stock options outstanding at September 28, 2018 consisted entirely of non-qualified stock options. The following table presents the total intrinsic value of stock options exercised for the fiscal years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 $13,931 $14,713 $4,149 The total intrinsic value of stock options exercisable at September 28, 2018 was approximately $47.6 million. The following table presents certain other information regarding our 1999 SIP and 1999 OSDP for the fiscal years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : September 28, 2018 September 29, 2017 September 30, 2016 At fiscal year end: Range of exercise prices for options outstanding $32.51–$60.43 $32.51–$80.63 $32.51–$80.63 Number of options exercisable 1,557,900 1,992,022 2,581,421 For the fiscal year: Range of prices relating to options exercised $35.93–$61.26 $37.03–$55.53 $36.88–$55.00 Estimated weighted average fair values of options granted $ — $ — $ 12.80 The following table presents certain information regarding stock options outstanding and stock options exercisable at September 28, 2018 : September 28, 2018 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 - $37.03 153,000 3.49 $ 37.01 153,000 $ 37.01 $37.43 - $46.09 1,059,647 4.87 $ 42.69 850,788 $ 42.74 $47.11 - $55.13 513,237 4.48 $ 52.74 513,237 $ 52.74 $60.08 - $80.63 40,875 5.25 $ 60.33 40,875 $ 60.33 1,766,759 4.65 $ 45.53 1,557,900 $ 45.93 The 1999 ODSP and the 1999 SIP 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 weighted average remaining contractual term of options currently exercisable is 4.30 years. Restricted Stock The following table presents the number of shares of restricted stock and restricted stock units issued as common stock under the 1999 SIP for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Restricted stock — — 597,091 Restricted stock units (service condition) 1,087,724 496,951 183,131 Restricted stock units (service, market and performance conditions) 254,784 237,058 372,794 The amount of restricted stock units issued for awards with performance and market conditions in the above table are issued based on performance against 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 related to the awards. The share amounts in the above tables reflect the Fungible share on a 1.92 -to- 1.00 basis of restricted stock and restricted stock unit issued. The following table presents the number and weighted average grant-date fair value of restricted stock and restricted stock units at September 28, 2018 : Number of unvested Restricted Stock and Restricted Stock Units: Number of Shares Weighted Average Grant-Date Fair Value Outstanding at September 29, 2017 2,514,387 $ 49.62 Granted 1,364,128 $ 65.64 Vested (1,209,322 ) $ 55.19 Cancelled (339,658 ) $ 49.57 Outstanding at September 28, 2018 2,329,535 $ 56.11 The following table presents the number of shares of restricted stock and restricted stock units canceled and withheld for taxes under the 1999 SIP for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Restricted stock 284,254 365,481 512,903 Restricted stock units (service condition) 336,516 128,536 177,640 Restricted stock units (service, market and performance conditions) 95,063 86,742 275,933 The amount of unvested restricted stock units canceled for awards with service and performance conditions in the above table is based on the service period achieved and performance against the target amount. The share amounts in the above tables reflect the Fungible share on a 1.92 -to- 1.00 basis 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 September 28, 2018 under the 1999 SIP. Shares granted in the table below are granted on a 1.92 -to-1.00 basis (fungible): September 28, 2018 Total Restricted stock 337,805 Restricted stock units (service condition) 1,131,200 Restricted stock units (service, market and performance conditions) 735,438 The following table presents the number of shares of restricted stock and restricted stock units issued under the 1999 ODSP for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Restricted stock units (service condition) 21,620 21,123 23,090 The following table provides the number of shares of restricted stock and restricted stock units outstanding at September 28, 2018 under the 1999 ODSP: September 28, 2018 Restricted stock 34,000 Restricted stock units (service condition) 91,092 All shares granted under the 1999 ODSP are issued on a 1.92 -to-1 basis. Modification On January 18, 2017, the Company modified time vested outstanding restricted stock units, paid out in stock and cash, specifically to allow participants to be entitled to dividend equivalents during the vesting period on the outstanding RSUs. Dividends will be paid out at the end of the vesting period and are forfeitable before the vesting period concludes. This modification affected 786 employees and resulted in $1.1 million of incremental compensation cost and will be recognized over the remaining vesting period for each grant, since dividends are forfeitable until vesting is achieved. |
Earnings Per Share and Certain
Earnings Per Share and Certain Related Information | 12 Months Ended |
Sep. 28, 2018 | |
Earnings Per Share Reconciliation [Abstract] | |
Earnings Per Share and Certain Related Information | Earnings Per Share and Certain Related Information Basic and Diluted Earnings Per Share Basic and diluted earnings per share (“EPS”) are computed using the two-class method, which is an earnings allocation method that determines EPS for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Net earnings used for the purpose of determining basic and diluted EPS is determined by taking net earnings, less earnings available to participating securities. The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Numerator for Basic and Diluted EPS: Net income $ 163,431 $ 293,727 $ 210,463 Net income allocated to participating securities (788 ) (3,077 ) — Net income allocated to common stock for EPS calculation $ 162,643 $ 290,650 $ 210,463 Denominator for Basic and Diluted EPS: Weighted average basic shares 138,182 120,689 120,133 Shares allocated to participating securities (646 ) (1,319 ) — Shares used for calculating basic EPS attributable to common stock 137,536 119,370 120,133 Effect of dilutive securities: Stock compensation plans 1,176 777 1,350 Shares used for calculating diluted EPS attributable to common stock 138,712 120,147 121,483 Basic EPS $ 1.18 $ 2.43 $ 1.75 Diluted EPS $ 1.17 $ 2.42 $ 1.73 Share Repurchases On July 23, 2015, the Company’s Board of Directors authorized a share repurchase program of up to $500 million of the Company’s common stock, to expire on July 31, 2018. On July 19, 2018, the Company's Board of Directors authorized the continuation of this share repurchase program for an additional three years, to expire on July 31, 2021. The following table summarizes the activity under this program during fiscal 2018 : Average Price Per Share (1) Shares Repurchased Total Shares Retired $500,000,000 $60.77 49,074 49,074 (1) Includes commissions paid and calculated at the average price per share since the repurchase program authorization date. Share repurchases may be executed through various means including, without limitation, open market transactions, privately negotiated transactions or otherwise. The share repurchase program does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing of share repurchases may depend upon market conditions, other uses of capital, and other factors. 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 Company’s Board of Directors at the time each series is issued. Except as may be provided by the Company’s 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 on all other matters requiring stockholder action. The holders of shares of common stock are entitled to dividends if and when declared by the Company’s Board of Directors from whatever assets are legally available for that purpose. Dividend Program In the fourth fiscal quarter of 2017 , the Company declared a dividend of $0.15 per share of the Company’s common stock that was paid in the first fiscal quarter of 2018 . In the second, third and fourth fiscal quarters of 2018 , the Company declared and paid a dividend of $0.15 per share of the Company’s common stock, for a total of $0.60 per share paid during the year ended September 28, 2018 . On September 11, 2018 , the Company's Board of Directors declared a dividend of $0.15 per share of the Company's common stock that was paid on October 26, 2018 to shareholders of record on the close of business on September 28, 2018 . Future dividend declarations are subject to review and approval by the Company’s Board of Directors. |
Business Combinations
Business Combinations | 12 Months Ended |
Sep. 28, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On December 15, 2017, the Company completed the acquisition of CH2M HILL Companies, Ltd. (CH2M), an international provider of engineering, construction and technical services, by acquiring 100% of the outstanding shares of CH2M common stock and preferred stock. The purpose of the acquisition was to further diversify the Company’s presence in the water, nuclear and environmental remediation sectors and to further the Company’s profitable growth strategy. The Company paid total consideration of approximately $1.8 billion in cash (excluding $315.2 million of cash acquired) and issued approximately $1.4 billion of Jacobs’ common stock, or 20.7 million shares, to the former stockholders and certain equity award holders of CH2M. In connection with the acquisition, the Company also assumed CH2M’s revolving credit facility and second lien notes, including a $20.0 million prepayment penalty, which totaled approximately $700 million of long-term debt. Immediately following the effective time of the acquisition, the Company repaid CH2M’s revolving credit facility and second lien notes including the related prepayment penalty. The following summarizes the estimated fair values of CH2M assets acquired and liabilities assumed as of the acquisition date (in millions): Assets Cash and cash equivalents $ 315.2 Receivables 1,124.6 Prepaid expenses and other 72.7 Property, equipment and improvements, net 175.1 Goodwill 3,129.1 Identifiable intangible assets: Customer relationships, contracts and backlog 412.3 Lease intangible assets 4.4 Total identifiable intangible assets 416.7 Miscellaneous 522.9 Total Assets $ 5,756.3 Liabilities Notes payable $ 2.2 Accounts payable 309.6 Accrued liabilities 753.1 Billings in excess of costs 260.8 Identifiable intangible liabilities: Lease intangible liabilities 9.6 Long-term debt 706.0 Other deferred liabilities 653.0 Total Liabilities 2,694.3 Noncontrolling interests (37.3 ) Net assets acquired $ 3,024.7 The purchase price allocation is based upon preliminary information and is subject to change when additional information is obtained. Goodwill recognized results from a substantial assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. None of the goodwill recognized is expected to be deductible for tax purposes. The Company has not completed its final assessment of the fair values of purchased receivables, intangible assets, tax balances, contingent liabilities or acquired contracts. The final purchase price allocation will result in adjustments to certain assets and liabilities, including the residual amount allocated to goodwill. Accrued liabilities and other deferred liabilities include approximately $385.3 million related to provisional estimates related to various legal and other pre-acquisition contingent liabilities accounted for under ASC 450. See Note 15- Contractual Guarantees, Litigation, Investigations and Insurance relating to CH2M contingencies. Since the initial preliminary estimates reported in the first quarter of 2018, the Company has updated certain provisional amounts reflected in the preliminary purchase price allocation, as summarized in the estimated fair values of CH2M assets acquired and liabilities assumed above. Specifically, the carrying amount of the intangible assets discussed above were decreased by $186.2 million as a result of valuation adjustments. Additionally, the carrying amount of property, equipment and improvements, net decreased by $50.5 million to reflect its estimated fair value, receivables decreased $77.3 million and accrued liabilities and other deferred liabilities increased $364.4 million primarily related to provisional estimates related to various legal and other pre-acquisition contingent liabilities. Further, miscellaneous long-term assets increased $245.5 million largely due to the deferred tax impact of these valuation adjustments. As a result of these adjustments to the initial preliminary purchase price allocation, goodwill has increased $430.3 million. Measurement period adjustments are recognized in the reporting period in which the adjustments are determined and calculated as if the accounting had been completed at the acquisition date. Customer relationships, contracts and backlog represent the fair value of existing contracts, the underlying customer relationships and backlog of consolidated subsidiaries and have lives ranging from 9 to 11 years (weighted average life of approximately 10 years ). Other intangible assets and liabilities primarily consist of the fair value of office leases and have a weighted average life of approximately 10 years . Estimated fair value measurements relating to the CH2M acquisition are made using Level 3 inputs including discounted cash flow techniques. Fair value is estimated using inputs primarily from the income approach, which include the use of both the multiple period excess earnings method and the relief from royalties method. The significant assumptions used in estimating fair value include (i) the estimated life the asset will contribute to cash flows, such as attrition rate of customers or remaining contractual terms, (ii) profitability and (iii) the estimated discount rate that reflect the level of risk associated with receiving future cash flows. The estimated fair value of land has been determined using the market approach, which arrives at an indication of value by comparing the site being valued to sites that have been recently acquired in arm’s-length transactions. Personal property assets with an active and identifiable secondary market are valued using the market approach. Buildings and land improvements are valued using the cost approach using a direct cost model built on estimates of replacement cost. Other personal property assets such as furniture, fixtures and equipment are valued using the cost approach which is based on replacement or reproduction costs of the asset less depreciation. From the acquisition date of December 15, 2017 through the end of September 28, 2018 , CH2M contributed approximately $3.8 billion in revenue and $185.9 million in pretax income included in the accompanying consolidated statement of earnings. Included in these results were approximately $99.3 million in pre-tax restructuring and transaction costs. Transaction costs associated with the CH2M acquisition in the accompanying consolidated statements of earnings for the years ended September 28, 2018 and September 29, 2017 are comprised of the following (in millions): For the Years Ended September 28, 2018 September 29, 2017 Personnel costs $ 50.2 $ 2.2 Professional services and other expenses 27.5 14.9 Total $ 77.7 $ 17.1 Personnel costs above include change of control payments and related severance costs. The following presents summarized unaudited pro forma operating results assuming that the Company had acquired CH2M at October 1, 2016. These pro forma operating results are presented for illustrative purposes only and are not indicative of the operating results that would have been achieved had the related events occurred (in millions): For the Years Ended September 28, September 29, Revenues $ 16,012.4 $ 14,612.4 Net earnings $ 196.3 $ 264.8 Net earnings (loss) attributable to Jacobs $ 184.5 $ 243.6 Net earnings (loss) attributable to Jacobs per share: Basic earnings (loss) per share $ 1.28 $ 1.73 Diluted earnings (loss) per share $ 1.27 $ 1.72 Included in the unaudited pro forma operating results are charges relating to transaction expenses, severance expense and other items that are removed from the year ended September 28, 2018 and are reflected in the year ended September 29, 2017 due to the assumed timing of the transaction. Also, income tax expense (benefit) for the twelve month pro forma periods ended September 28, 2018 and September 29, 2017 was $409.7 million and $24.2 million , respectively. In fiscal 2017, the Company recorded $119.3 million of goodwill in conjunction with the acquisitions of Aquenta Consulting Pty Ltd. and Blue Canopy LLC. The Company has completed its final assessment of the fair values of purchased assets and liabilities of the related companies acquired. |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Sep. 28, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill and Intangibles As a result of the segment realignment this year, see Note 17- Segment Information , the historical carrying value of goodwill has been allocated to the three remaining reportable segments to present balances on a comparable basis. The roll-forward of goodwill by LOB appearing in the accompanying Consolidated Balance Sheets for the year ended September 28, 2018 was as follows (in millions): Aerospace, Technology, Environmental and Nuclear Buildings, Infrastructure and Advanced Energy, Total Balance September 29, 2017 $ 1,038 $ 1,049 $ 923 $ 3,010 Acquired 1,147 1,585 397 3,129 Post-Acquisition Adjustments relating to prior year acquisition 4 — — 4 Foreign Exchange Impact (13 ) (14 ) (12 ) (39 ) Balance September 28, 2018 $ 2,176 $ 2,620 $ 1,308 $ 6,104 During the preparation of our Quarterly Report on Form 10-Q for the first fiscal quarter of 2017 , the Company determined that its prior financial statements contained immaterial misstatements related to incorrect translation of the Company’s non-U.S. goodwill balances from local currency to the U.S. Dollar reporting currency. It was determined that the Company had incorrectly used historical translation rates for the U.S. Dollar in place at the time of the Company’s recording of its foreign goodwill balances rather than using current translation rates at each balance sheet date in accordance with U.S. GAAP. The error dated back to the time of our initial reporting of non-U.S. goodwill balances in the late 1990s and affected our historical quarterly and annual reporting periods through the first fiscal quarter of 2017. As a result, goodwill and accumulated other comprehensive income in the Company’s September 30, 2016 consolidated balance sheet (which have not been adjusted) were each overstated by $209.9 million and were corrected in the first fiscal quarter of 2017 foreign currency translation adjustment. Consequently, the correction was a direct component of the overall translation adjustment amount of $140.5 million that was reported for fiscal 2017. These adjustments had no impact on the Company’s Consolidated Statements of Earnings or Cash Flows. Also, other comprehensive income for the year ended September 30, 2016 was overstated by $33.8 million as a result of these misstatements. The following table provides a roll-forward of the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets for the years ended September 28, 2018 and September 29, 2017 (in thousands): Customer Relationships, Contracts and Backlog Developed Technology Trade Names Patents Lease Intangible Assets Other Total Balances, September 30, 2016 307,637 14,311 4,786 10,027 — 161 336,922 Acquisitions 29,803 1,685 4,417 — — 35,905 Amortization (39,679 ) (1,534 ) (2,549 ) (400 ) (50 ) (44,212 ) Foreign currency translation 3,707 — 45 553 — 4,305 Balances, September 29, 2017 301,468 14,462 6,699 10,180 — 111 332,920 Acquisitions 412,300 237 — — 4,415 — 416,952 Post-Acquisition Adjustments relating to prior year acquisition 200 (1,921 ) (1,700 ) — — — (3,421 ) Amortization (75,375 ) (1,533 ) (2,738 ) (410 ) (625 ) (50 ) (80,731 ) Foreign currency translation (9,150 ) — (159 ) (454 ) — — (9,763 ) Balances, September 28, 2018 629,443 11,245 2,102 9,316 3,790 61 655,957 Weighted Average Amortization Period (years) 9 8 8 24 8 2 9 In addition, we acquired $9.6 million in lease intangible liabilities in connection with the CH2M acquisition, of which $8.7 million remain unamortized at September 28, 2018 . The weighted average amortization period includes the effects of foreign currency translation. The following table presents estimated amortization expense of intangible assets for fiscal 2019 and for the succeeding years. The amounts below include preliminary amortization estimates for the CH2M opening balance sheet fair values that are still preliminary and are subject to change. Fiscal Year (in millions) 2019 $ 86.1 2020 83.0 2021 79.4 2022 78.2 2023 77.6 Thereafter 242.9 Total $ 647.2 |
Joint Ventures and VIE's
Joint Ventures and VIE's | 12 Months Ended |
Sep. 28, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Ventures and VIE's | Joint Ventures and VIEs For consolidated joint ventures, the entire amount of the services performed and the costs associated with these services, including the services provided by the other joint venture partners, are included in the Company's result of operations. Likewise, the entire amount of each of the assets and liabilities are included in the Company’s consolidated balance sheet. For the consolidated VIEs, the carrying value of assets and liabilities was $199.9 million and $125.6 million , respectively, as of September 28, 2018 and $9.6 million and $8.3 million , respectively as of September 29, 2017 . There are no consolidated VIEs that have debt or credit facilities. Unconsolidated joint ventures are accounted for under the equity method or proportionate consolidation. Proportionate consolidation is used for joint ventures that include unincorporated legal entities and activities of the joint venture are construction-related. For those joint ventures accounted for under proportionate consolidation, only the Company’s pro rata share of assets, liabilities, revenue, and costs are included in the Company’s balance sheet and results of operations. For the proportionate consolidated VIEs, the carrying value of assets and liabilities was $88.6 million and $79.3 million as of September 28, 2018 , respectively and $50.3 million and $44.1 million as of September 29, 2017 , respectively. For those joint ventures accounted for under the equity method, the Company's investment balances for the joint venture is included in Other Noncurrent Assets: Miscellaneous on the balance sheet and the Company’s pro rata share of net income is included in revenue. In limited cases, there are basis differences between the equity in the joint venture and Jacobs' investment created when Jacobs purchased their share of the joint venture. These basis differences are amortized based on an internal allocation to underlying net assets. As of September 28, 2018 , the Company’s equity method investments exceeded its share of venture net assets by $82.8 million . Our investments in equity method joint ventures on the Consolidated Balance Sheets as of September 28, 2018 and September 29, 2017 was a net asset of $219.1 million and $131.4 million , respectively. During the years ended September 28, 2018 , September 29, 2017 , and September 30, 2016 , we recognized income from equity method joint ventures of $55.4 million , $44.7 million , and $51.1 million , respectively. Summary of financial information of the unconsolidated joint ventures accounted for under the equity method, as derived from their unaudited financial statements, is as follows (in millions): For the Years Ended September 28, 2018 September 29, 2017 Current assets $ 1,736.0 $ 1,385.7 Non-Current assets 51.5 55.9 Total assets $ 1,787.5 $ 1,441.6 Current liabilities $ 944.9 $ 415.8 Non-current liabilities 664.1 845 Total liabilities 1,609 1,260.8 Joint ventures' equity 178.5 180.8 Total liabilities & joint venture equity $ 1,787.5 $ 1,441.6 For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Revenue $ 3,334.5 $ 2,015.6 $ 2,199.1 Cost of revenue 3,034.1 1,829.5 1,998.0 Gross profit $ 300.4 $ 186.1 $ 201.1 Net income $ 233.2 $ 140 $ 136.5 Accounts receivable from unconsolidated joint ventures accounted for under the equity method is $13.0 million and $6.3 million as of September 28, 2018 and September 29, 2017 , respectively. In September 2018, the Company sold its 45% share of its equity method investment in the Guimar joint venture in Brazil. The interest was sold to the other partners in the venture. The Company recorded a $21.0 million loss, of which $9.0 million related to the reclassification of foreign currency translation losses accumulated in other comprehensive income. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Sep. 28, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges During the fourth fiscal quarter of 2017, the Company implemented certain restructuring and pre-integration plans associated with the pending acquisition of CH2M, which closed on December 15, 2017. The restructuring activities and related costs under these plans were comprised mainly of severance and lease abandonment programs, while the pre-integration activities and costs were mainly related to the engagement of consulting services and internal personnel and other related costs dedicated to the Company’s integration management efforts. Following the closing of the CH2M acquisition, these activities have continued into fiscal 2018 and include restructuring activities amounting to approximately $101.7 million in pre-tax charges during the year ended September 28, 2018 . Combined with $89.2 million in integration activities for the same period, the total cost of these restructuring and integration activities approximated $190.8 million for the year ended September 28, 2018 . These activities are expected to continue through fiscal 2019 . These activities are not expected to involve the exit of any service types or client end-markets. Also during fiscal 2018 the Company disposed of its investment in Guimar in order to resolve potential conflicts arising from the CH2M acquisition, which resulted in a loss as discussed below. During the second fiscal quarter of 2017, the Company entered into strategic business restructuring activities associated with realignment of its Europe, United Kingdom ("U.K.") and Middle East regional operations in our BIAF segment. Pre-tax net charges of $22.6 million were recorded associated mainly with net realizable value write-offs on contract accounts receivable of $16.5 million , with additional charges recorded for statutory redundancy and severance costs of $1.4 million and other liabilities of $4.7 million . During the second fiscal quarter of 2015, the Company began implementing a series of initiatives intended to improve operational efficiency, reduce costs, and better position itself to drive growth of the business in the future. We refer to these initiatives, in the aggregate, as the “2015 Restructuring”. These activities evolved and developed over time as management identified and evaluated opportunities for changes in the Company’s operations (and related areas of potential cost savings), as economic conditions changed and as the realignment of the Company’s operations into its four global LOBs was implemented. Actions related to the 2015 Restructuring included involuntary terminations, the abandonment of certain leased offices, combining operational organizations, and the colocation of employees into other existing offices. These activities did not involve the exit of any service types or client end-markets. The 2015 Restructuring was completed in fiscal 2017, although cash payments continue to be made under the related accruals recorded in connection with these activities. Collectively, the above mentioned restructuring activities are referred to as “Restructuring and other charges.” The following table summarizes the impacts of the Restructuring and other charges (or recoveries, which primarily relate to the reversals of lease abandonment accruals related to previously vacated facilities which are now planned to be utilized) by line of business in connection with the CH2M acquisition for the year ended September 28, 2018 and the 2015 Restructuring and realignment of the Company's Europe, U.K. and Middle East regional operations for the year ended September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Aerospace, Technology, Environmental and Nuclear $ 20,254 $ 2,356 8,210 Buildings, Infrastructure and Advanced Facilities 56,238 47,743 24,566 Energy, Chemicals and Resources 37,166 42,558 113,315 Corporate 77,148 42,781 41,816 Total $ 190,806 $ 135,438 $ 187,907 Restructuring and other charges are primarily reflected in Selling, general and administrative expenses in the accompanying Consolidated Statement of Earnings. The activity in the Company’s accrual for the Restructuring and other charges for the year ended September 28, 2018 is as follows (in thousands): Balance at Balance at September 29, 2017 $ 142,767 CH2M Acquisition Assumed Liabilities 31,576 CH2M Charges 190,806 Payments & Usage (189,673 ) Balance at September 28, 2018 $ 175,476 The following table summarizes the Restructuring and other charges by major type of costs in connection with the CH2M acquisition for the years ended September 28, 2018 , and the 2015 Restructuring and realignment of the Company's Europe, U.K. and Middle East regional operations for the years ended September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Lease Abandonments $ 53,914 $ 55,647 $ 92,643 Involuntary Terminations 37,063 43,667 85,599 Outside Services 36,308 4,236 7,398 Other (1) 63,521 31,888 2,267 Total $ 190,806 $ 135,438 $ 187,907 (1) Includes $21.0 million in the fourth quarter of fiscal 2018 relating to the loss on the sale of our Guimar joint venture investment recognized in other income (expense). Cumulative amounts incurred to date for Restructuring and other charges by each major type of cost as of September 28, 2018 are as follows (in thousands): Lease Abandonments $ 292,773 Involuntary Terminations 221,642 Outside Services 60,677 Other 96,252 Total $ 671,344 |
Borrowings
Borrowings | 12 Months Ended |
Sep. 28, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Short-Term Credit Arrangements The Company maintains uncommitted credit arrangements with several banks providingshort-term borrowing capacity and overdraft protection. There were borrowings of $5.0 million outstanding under these short-term credit facilities at a weighted average interest rate of 4.47% at September 28, 2018 . There were borrowings of $3.1 million outstanding under these short-term credit facilities at September 29, 2017 . Long-term Debt The following table presents certain information regarding the Company’s long-term debt at September 28, 2018 and September 29, 2017 (dollars in thousands): Interest Rate Maturity September 28, 2018 September 29, 2017 Revolving Credit Facility LIBOR + applicable margin (1) February 2020 $ 149,129 $ 235,000 Term Loan Facility LIBOR + applicable margin (2) December 2020 1,500,000 — Fixed-rate notes due: Senior Notes, Series A 4.27% May 2025 190,000 — Senior Notes, Series B 4.42% May 2028 180,000 — Senior Notes, Series C 4.52% May 2030 130,000 — Less: Deferred Financing Fees (4,998 ) — Other Varies Varies 2,746 — Total Long-term debt, net $ 2,146,877 $ 235,000 (1) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the Revolving Credit Facility), borrowings under the Revolving Credit Facility 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 applicable LIBOR rates at September 28, 2018 and September 29, 2017 were approximately 1.38% to 3.47% and 1.0% to 2.23% , respectively. (2) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the Term Loan Facility), borrowings under the Term Loan Facility 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 applicable LIBOR rate at September 28, 2018 was approximately 3.71% . On February 7, 2014, Jacobs and certain of its subsidiaries entered into a $1.6 billion long-term unsecured, revolving credit facility (as amended, the “Revolving Credit Facility”) with a syndicate of large U.S. and international banks and financial institutions. The Revolving Credit Facility provides an accordion feature that allows the Company and the lenders to increase the facility amount to $2.1 billion. On September 28, 2017, the Company entered into a Second Amendment to the Revolving Credit Facility, which provides for, among other things, an amendment to certain financial definitions used in the Revolving Credit Facility, including “Consolidated EBITDA” and increases the permitted leverage ratio on a short-term basis in relation to the acquisition of CH2M and future permitted material acquisitions. This Second Amendment was effective upon the consummation of the acquisition of CH2M in December 2017. The Revolving Credit Facility 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 Revolving Credit Facility. The Revolving Credit Facility also provides for a financial letter of credit sub facility of $300 million , permits performance letters of credit, and provides for a $50 million sub facility for swing line 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 Company pays a facility fee of between 0.10% and 0.25% per annum depending on the Company’s Consolidated Leverage Ratio. Amounts outstanding under the Revolving Credit 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 euro currency loans. Any prepayments made under the Revolving Credit Facility are available for re-borrowing subject to the terms and conditions therein. The Revolving Credit Facility contains affirmative, negative, and financial covenants customary for financings of this type including, among other things, limitations on certain other indebtedness, investments, liens, acquisitions, dispositions, fundamental changes and transactions with affiliates. In addition, the Revolving Credit Facility contains customary events of default. We were in compliance with the covenants under the Revolving Credit Facility at September 28, 2018 . On September 28, 2017, the Company entered into a $1.5 billion unsecured delayed-draw term loan facility (the “Term Loan Facility”) with a syndicate of financial institutions as lenders. We incurred loans under the Term Loan Facility on December 15, 2017 in connection with the closing of the CH2M acquisition in order to pay cash consideration for the acquisition, and to pay fees and expenses related to the acquisition and the Term Loan Facility. Amounts outstanding under the Term Loan 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. Any prepayments made under the Term Loan Facility are not available for re-borrowing. The Term Loan Facility contains affirmative, negative and financial covenants customary for financings of this type, including, among other things, limitations on certain other indebtedness, investments, liens, acquisitions, dispositions, fundamental changes and transactions with affiliates. In addition, the Term Loan Facility contains customary events of default. We were in compliance with the covenants under the Term Loan Facility at September 28, 2018 . On March 12, 2018, Jacobs entered into a note purchase agreement (as amended, the "Note Purchase Agreement") with respect to the issuance and sale in a private placement transaction of $500 million in the aggregate principal amount of the Company’s senior notes in three series (collectively, the “Senior Notes”). The Note Purchase Agreement provides that if the Company's consolidated leverage ratio exceeds a certain amount, the interest on the Senior Notes may increase by 75 basis points. The Senior Notes may be prepaid at any time subject to a make-whole premium. The sale of the Senior Notes closed on May 15, 2018. The Company used the net proceeds from the offering of Senior Notes to repay certain existing indebtedness and for other general corporate purposes. The Note Purchase Agreement contains affirmative, negative and financial covenants customary for financings of this type, including, among other things, covenants to maintain a minimum consolidated net worth and maximum consolidated leverage ratio and limitations on certain other indebtedness, liens, mergers, dispositions and transactions with affiliates. In addition, the Note Purchase Agreement contains customary events of default. We were in compliance with the covenants under the Note Purchase Agreement at September 28, 2018 . In conjunction with the acquisition of CH2M, the Company assumed certain long-term financing that was incurred by CH2M prior to the acquisition. The total balance included in long-term debt as of September 28, 2018 was $2.7 million , which is primarily comprised of equipment financing, bearing interest rates ranging from 0.22% to 3.29% due in monthly installments through September 2021 . We believe the carrying value of the Revolving Credit Facility, the Term Loan Facility and Other debt outstanding approximates fair value based on the interest rates and scheduled maturities applicable to the outstanding borrowings. The fair value of the Senior Notes is estimated to be $491.7 million at September 28, 2018 , based on Level 2 inputs. The fair value is determined by discounting future cash flows using interest rates available for issuances with similar terms and average maturities. The Company has issued $2.5 million in letters of credit under the Revolving Credit Facility, leaving $1.4 billion of available borrowing capacity under the Revolving Credit Facility at September 28, 2018 . In addition, the Company had issued $444.1 million under separate, committed and uncommitted letter-of-credit facilities for total issued letters of credit of $446.6 million at September 28, 2018 . The following table presents the amount of interest paid by the Company during September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 $68,467 $12,862 $13,282 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Sep. 28, 2018 | |
Defined Benefit Plan [Abstract] | |
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans Company-Only Sponsored Plans We sponsor various defined benefit pension and other post retirement 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 varies by country and plan according to applicable local funding requirements and plan-specific funding agreements. In connection with the acquisition of CH2M on December 15, 2017, the Company acquired CH2M’s pension plan assets and liabilities, which are reflected in the amounts disclosed for the year ended September 28, 2018 below. 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, among 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.) for the years ended September 28, 2018 and September 29, 2017 (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Net benefit obligation at the beginning of the year $ 169,942 $ 185,664 $ 1,306,807 $ 1,363,782 Service cost 4,765 1,000 8,269 7,509 Interest cost 13,778 5,757 49,324 31,205 Participants’ contributions 839 — 451 250 Actuarial (gains)/losses (30,730 ) (9,922 ) (43,595 ) (142,273 ) Benefits paid (27,914 ) (14,338 ) (75,711 ) (40,208 ) Curtailments/settlements/plan amendments (9,434 ) — (6,136 ) (1,375 ) Acquisition of CH2M Plans 327,156 — 924,233 — Effect of exchange rate changes and other, net — 1,781 (14,396 ) 87,917 Net benefit obligation at the end of the year $ 448,402 $ 169,942 $ 2,149,246 $ 1,306,807 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.) for the years ended September 28, 2018 and September 29, 2017 (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Fair value of plan assets at the beginning of the year $ 147,788 $ 142,464 $ 1,076,928 $ 1,003,911 Actual return on plan assets 9,891 18,662 (19,883 ) 16,789 Employer contributions 58,097 1,000 31,556 21,005 Participants’ contributions 839 — 451 250 Gross benefits paid (27,914 ) (14,338 ) (75,711 ) (40,208 ) Curtailments/settlements/plan amendments (9,434 ) — (5,496 ) (228 ) Acquisition of CH2M Plans 211,562 — 869,414 — Effect of exchange rate changes and other, net — — (9,778 ) 75,409 Fair value of plan assets at the end of the year $ 390,829 $ 147,788 $ 1,867,481 $ 1,076,928 During fiscal 2018, the Company incurred combined curtailment and settlement losses on its defined benefit plans of approximately $5.4 million primarily related to its Sverdrup and Ireland pension plans. During fiscal 2017, we curtailed the pension plan in Ireland. The following table reconciles the combined funded statuses of the plans recognized in the accompanying Consolidated Balance Sheets at September 28, 2018 and September 29, 2017 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Net benefit obligation at the end of the year $ 448,402 $ 169,942 $ 2,149,246 $ 1,306,807 Fair value of plan assets at the end of the year 390,829 147,788 1,867,481 1,076,928 Under funded amount recognized at the end of the year $ 57,573 $ 22,154 $ 281,765 $ 229,879 The following table presents the accumulated benefit obligation at September 28, 2018 and September 29, 2017 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Accumulated benefit obligation at the end of the year $ 447,549 $ 169,942 $ 2,123,839 $ 1,291,600 The following table presents the amounts recognized in the accompanying Consolidated Balance Sheets at September 28, 2018 and September 29, 2017 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Prepaid benefit cost included in noncurrent assets $ — $ — $ 19,736 $ 3,035 Accrued benefit cost included in current liabilities 2,548 — 3,671 585 Accrued benefit cost included in noncurrent liabilities 55,025 22,154 297,830 232,329 Net amount recognized at the end of the year $ 57,573 $ 22,154 $ 281,765 $ 229,879 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 the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Discount rates 3.9% to 4.2% 3.5 % 3.2 % Rates of compensation increases 3.5% — % — % Return on Assets 5.8% to 5.9% 7.5 % 7.4 % 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. plans for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Discount rates 1.3% to 8.1% 1.3% to 7.0% 0.7% to 7.0% Rates of compensation increases 2.5% to 7.5% 2.5% to 7.5% 2.5% to 7.5% Expected long-term rates of return on assets 2.9% to 7.5% 3.5% to 8.5% 3.5% to 8.5% The following table presents certain amounts relating to our U.S. plans recognized in accumulated other comprehensive (gain) loss at September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Arising during the period: Net actuarial (gain) loss $ (7,514 ) $ (11,372 ) $ 4,337 Reclassification adjustments: Net actuarial losses (2,913 ) (2,431 ) (2,312 ) Total $ (10,427 ) $ (13,803 ) $ 2,025 The following table presents certain amounts relating to our non-U.S. plans recognized in accumulated other comprehensive (gain) loss at September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Arising during the period: Net actuarial (gain) loss $ 59,827 $ (76,860 ) $ 102,925 Prior service cost (benefit) 215 119 580 Total 60,042 (76,741 ) 103,505 Reclassification adjustments: Net actuarial losses (5,507 ) (8,732 ) (7,508 ) Prior service cost 181 229 163 Total (5,326 ) (8,503 ) (7,345 ) Total $ 54,716 $ (85,244 ) $ 96,160 The following table presents certain amounts relating to our plans recorded in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at September 28, 2018 and September 29, 2017 (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Net actuarial loss $ 37,255 $ 47,681 $ 273,312 $ 218,752 Prior service cost — — (700 ) (855 ) Total $ 37,255 $ 47,681 $ 272,612 $ 217,897 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 2019 based on 2018 exchange rates (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss $ 2,925 $ 8,616 Unrecognized prior service cost — (258 ) Accumulated comprehensive loss to be recorded against earnings $ 2,925 $ 8,358 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 September 28, 2018 and September 29, 2017 (the measurement dates used in valuing the plans’ assets and liabilities) were as follows: U.S. Plans Non-U.S. Pans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Equity securities 27 % 70 % 24 % 24 % Debt securities 39 % 23 % 49 % 32 % Real estate investments — % — % 8 % 5 % Other 34 % 7 % 19 % 39 % The following table presents the Fair Value of the Company’s Domestic U.S. plan assets at September 28, 2018 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): September 28, 2018 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total U.S. Domestic equities $ 13,861 $ 63,937 $ — $ — $ 77,798 Overseas equities 26,699 — — — 26,699 U.S. Domestic bonds 84,894 58,229 — — 143,123 Overseas bonds 938 9,570 — — 10,508 Cash and equivalents 6,631 — — — 6,631 Mutual funds 126,042 — — — 126,042 Hedge funds $ — $ — $ — 28 28 Total $ 259,065 $ 131,736 $ — $ 28 $ 390,829 The following table presents the Fair Value of the Company’s non-U.S. plan assets at September 28, 2018 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): September 28, 2018 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total Domestic equities $ — 31,868 $ — 36,642 $ 68,510 Overseas equities — 327,309 — 44,675 371,984 Domestic bonds 252 222,282 — 1,080 223,614 Overseas bonds — 641,966 — 60,804 702,770 Cash and equivalents 33,482 7,822 — — 41,304 Real estate — 26,987 99,587 17,568 144,142 Insurance contracts — 4,188 95,782 — 99,970 Derivatives — (26,656 ) — — $ (26,656 ) Hedge funds — — 135,786 8,047 $ 143,833 Mutual funds 69 97,941 — 98,010 Total $ 33,803 $ 1,333,707 $ 331,155 $ 168,816 $ 1,867,481 The following table presents the Fair Value of the Company’s U.S. plan assets at September 29, 2017 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): September 29, 2017 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 3 Total U.S. Domestic equities $ 103,760 $ — $ 103,760 U.S. Domestic bonds 33,404 — 33,404 Cash and equivalents 4,448 — 4,448 Hedge funds — 6,176 6,176 Total $ 141,612 $ 6,176 $ 147,788 The following table presents the Fair Value of the Company’s non-U.S. plan assets at September 29, 2017 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): September 29, 2017 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 3 Total Domestic equities $ 30,916 $ — $ 30,916 Overseas equities 229,205 — 229,205 Domestic bonds 263,145 — 263,145 Overseas bonds 77,682 — 77,682 Cash and equivalents 38,924 — 38,924 Real estate — 58,974 58,974 Insurance contracts — 74,353 74,353 Other — 303,729 303,729 Total $ 639,872 $ 437,056 $ 1,076,928 The following table summarizes the changes in the Fair Value of the Company’s U.S. plans’ Level 3 assets for the year ended September 28, 2018 (in thousands): Hedge Funds Balance at September 29, 2017 $ 6,176 Purchases, sales, and settlements (6,176 ) Realized and unrealized gains — Balance at September 28, 2018 $ — 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 28, 2018 (in thousands): Real Estate Insurance Contracts Hedge Funds Balance at September 29, 2017 $ 58,974 $ 74,353 $ 303,729 Purchases, sales, and settlements 42,711 21,626 (154,446 ) Realized and unrealized gains (losses) (784 ) 1,551 (6,650 ) Transfers — — — Effect of exchange rate changes (1,314 ) (1,748 ) (6,847 ) Balance at September 28, 2018 $ 99,587 $ 95,782 $ 135,786 The following table summarizes the changes in the Fair Value of the Company’s U.S. plans’ Level 3 assets for the year ended September 29, 2017 (in thousands): Real Estate Hedge Funds Balance at September 30, 2016 $ 3,477 $ 5,715 Purchases (3,477 ) (557 ) Realized and unrealized gains — 1,018 Balance at September 29, 2017 $ — $ 6,176 The following table summarizes the changes in the Fair Value of the Company’s non-U.S. plans’ Level 3 assets for the year ended September 29, 2017 (in thousands): Real Estate Insurance Contracts Hedge Funds Balance at September 30, 2016 $ 55,665 $ 39,473 $ 272,517 Purchases, sales, and settlements (1,199 ) 422 (9,022 ) Realized and unrealized gains 2,642 (7,572 ) 19,662 Transfers — 40,031 11,758 Effect of exchange rate changes 1,866 1,999 8,814 Balance at September 29, 2017 $ 58,974 $ 74,353 $ 303,729 The following table presents the amount of cash contributions we anticipate making into the plans during fiscal 2019 (in thousands): U.S. Plans Non-U.S. Plans Anticipated cash contributions $ 2,601 $ 31,549 The following table presents the total benefit payments expected to be paid to plan participants during each of the next five fiscal years, and in total for the five years thereafter (in thousands): U.S. Plans Non-U.S. Pans 2019 $ 31,785 $ 70,313 2020 31,270 71,337 2021 31,740 74,906 2022 31,818 78,097 2023 31,857 81,569 For the periods 2024 through 2028 154,755 448,246 The following table presents the components of net periodic benefit cost for the Company’s U.S. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Service cost $ 4,765 $ 1,000 $ 9,875 Interest cost 13,778 5,757 16,746 Expected return on plan assets (19,663 ) (9,942 ) (22,368 ) Actuarial loss 3,845 3,985 7,512 Prior service cost — — (176 ) Net pension cost, before special items 2,725 800 11,589 Contractual expense/Settlement loss 4,146 1,781 8,061 Total net periodic pension cost recognized $ 6,871 $ 2,581 $ 19,650 The following table presents the components of net periodic benefit cost for the Company’s Non-U.S. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Service cost $ 8,269 $ 7,509 $ 14,378 Interest cost 49,324 31,205 38,892 Expected return on plan assets (83,328 ) (56,269 ) (50,190 ) Actuarial loss 6,655 10,616 9,092 Prior service cost (257 ) (329 ) (260 ) Net pension cost, before special items (19,337 ) (7,268 ) 11,912 Curtailment expense/Settlement loss 1,268 (298 ) (7,512 ) Total net periodic pension (income) cost recognized $ (18,069 ) $ (7,566 ) $ 4,400 During fiscal 2018, the Company incurred combined curtailment and settlement losses on its defined benefit plans primarily related to its Sverdrup and Ireland pension plans. During fiscal 2017, we curtailed the pension plan in Ireland. The fiscal 2016 settlement loss included in the U.S. pension plan net periodic benefit cost table above related to the transfer of a U.S. pension plan to a new service provider. The fiscal 2016 settlement loss included in the Non-U.S. pension plan net periodic benefit cost table above related to the sale of the Company’s French subsidiary. 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 are 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 for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Canada $ 36,354 $ 35,182 $ 44,912 Europe $ 10,677 $ 6,212 $ 8,771 United States $ 9,536 $ 4,548 $ 5,058 Contributions to multiemployer pension plans $ 56,567 $ 45,942 $ 58,741 Other Benefit Plans During the second fiscal quarter of 2017, the Company restructured certain employee welfare trust plans benefiting certain of its employees within its India operations by moving these plans under the legal ownership and operation of the Company’s legal entity structure in the region. Historically, the Company structured these plans as separate, stand-alone entities outside of the Company’s consolidated legal entity framework. As a result of these changes, the Company has recorded a one-time, non-cash benefit of $9.9 million reported in selling, general and administrative expense in its Consolidated Statement of Earnings for the year ended September 29, 2017 , with corresponding assets in the plans associated with restricted investments of $7.7 million and employee loans receivable of $2.2 million and both recorded in Total other non-current assets in our Consolidated Balance Sheet at September 29, 2017 . |
Savings and Deferred Compensati
Savings and Deferred Compensation Plans | 12 Months Ended |
Sep. 28, 2018 | |
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. Internal Revenue Code. 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 for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 $ 113,135 $ 82,882 $ 89,966 Deferred Compensation Plans Our Executive Security Plan, Executive Deferral Plans, Directors Deferral Plan, legacy CH2M Supplemental Executive Retirement and Retention Plan and legacy CH2M Deferred Compensation Plan are non-qualified 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. The plans are unfunded; therefore, benefits are paid from the general assets of the Company. The following table presents the amount charged to expense for the Company’s deferred compensation plans for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 $ 4,445 $ 4,368 $ 5,792 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Sep. 28, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table presents the Company's roll forward of accumulated income (loss) after-tax for the years ended September 28, 2018 and September 29, 2017 (in thousands): Change in Pension Liabilities Foreign Currency Translation Adjustment Gain/(Loss) on Cash Flow Hedges Total Balance at September 30, 2016 $ (364,625 ) $ (245,613 ) $ (356 ) $ (610,594 ) Other comprehensive income (loss) 88,113 (140,527 ) 834 (51,580 ) Reclassifications from other comprehensive income (loss) 10,934 — (2,274 ) 8,660 Balance at September 29, 2017 (265,578 ) (386,140 ) (1,796 ) (653,514 ) Other comprehensive income (loss) (52,528 ) (119,070 ) 618 (170,980 ) Reclassifications from other comprehensive income (loss) 8,239 9,193 359 17,791 Balance at September 28, 2018 $ (309,867 ) $ (496,017 ) $ (819 ) $ (806,703 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents the components of our consolidated income tax expense for years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Current income tax expense: Federal $ 34,145 $ 29,297 $ 36,020 State (597 ) 8,535 11,336 Foreign 59,889 31,347 52,259 Total current tax expense 93,437 69,179 99,615 Deferred income tax expense (benefit): Federal 252,730 29,390 6,439 State 15,485 3,407 485 Foreign 19,911 3,866 (34,331 ) Total deferred tax expense (benefit) 288,126 36,663 (27,407 ) Consolidated income tax expense $ 381,563 $ 105,842 $ 72,208 On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted in the United States. The Act reduced the top corporate U.S. federal statutory tax rate from 35% to 21% starting on January 1, 2018, resulting in a blended statutory tax rate for fiscal year filers. It also requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries, places limitations and exclusions on varied tax deductions and creates new taxes on certain foreign sourced earnings. The majority of the tax provisions, excluding the change in corporate tax rates, are effective for the first tax year beginning after January 1, 2018, which will be the Company’s taxable year beginning fiscal 2019. Given the significance of the legislation, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which allows registrants to record provisional amounts during a one year “measurement period” similar to that used when accounting for business combinations. However, the measurement period is deemed to have ended earlier when the registrant has obtained, prepared and analyzed the information necessary to finalize its accounting. During the measurement period, impacts of the law are expected to be recorded at the time a reasonable estimate for all or a portion of the effects can be made, and provisional amounts can be recognized and adjusted as information becomes available, prepared or analyzed. SAB 118 summarizes a three-step process to be applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but that a reasonable estimate has been determined; and (3) a reasonable estimate cannot yet be made and therefore taxes are reflected in accordance with law prior to the enactment of the Act. As of September 28, 2018 , the Company has not completed the accounting for the tax effects of the enactment of the Act. However, the Company has made a provisional estimate of the effects of the statutory tax rate reduction impact on our existing deferred tax balances, the tax on global intangible low-taxed income and the one-time transition tax. The Act calls for a one-time tax on deemed repatriation of foreign earnings. This one-time transition tax is based on the Company's total post-1986 earnings and profits (E&P) of certain of our foreign subsidiaries. The Company has made a revised provisional estimate of the transition tax. Based upon our review of the Company’s historical foreign tax credit position and post-1986 E&P, it is estimated at this time that the Company will incur approximately $14.3 million transition tax expense net of foreign tax credits. The Company is still in the process of completing our calculation of the total post-1986 E&P. The estimate may change when the Company finalizes the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalizes the amounts held in cash or other specified assets. The Company has also recorded a provisional expense of $104.2 million after consideration for valuation allowance with respect to certain foreign tax credits as a result of integration impacts. In the current fiscal year, the Company adopted ASU No 2018-02 , Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The guidance gives entities the option to reclassify to retained earnings tax effects related to items in accumulated other comprehensive income that the FASB refers to as having been stranded in accumulated other comprehensive income as a result of tax reform. As a result of adoption of ASU 2018-02, the Company reclassified $10.2 million in accumulated other comprehensive income to retained earnings relating to the current year deferred tax activity for its U.S. pension plans resulting from the Act. Deferred taxes reflect the tax effects of 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 September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Deferred tax assets: Obligations relating to: Defined benefit pension plans $ 30,483 $ 52,299 Other employee benefit plans 190,548 192,299 Net Operating Losses 167,424 136,783 Foreign Tax Credit 145,931 — Other Credits 8,764 Self-insurance programs — 489 Contract revenues and costs 130,116 (18,374 ) Deferred Rent 5,454 25,654 Restructuring 14,515 18,258 Other 3,533 19,389 Valuation Allowance (264,944 ) (58,097 ) Gross deferred tax assets 431,824 368,700 Deferred tax liabilities: Depreciation and amortization (206,705 ) (176,327 ) Self-insurance programs (3,513 ) — Unremitted earnings (79,418 ) — Other, net — (1,438 ) Gross deferred tax liabilities (289,636 ) (177,765 ) Net deferred tax assets $ 142,188 $ 190,935 We remeasured the U.S. deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. The Company’s provisional remeasurement resulted in a $139.8 million net unfavorable charge to income tax expense for the year ended September 28, 2018 . The Company is still analyzing purchase accounting related to CH2M Hill and refining the calculations, which could potentially affect the measurement of these balances or potentially give rise to new deferred tax assets and liabilities. 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 was $264.9 million at September 28, 2018 and $58.1 million at September 29, 2017 . Net operating loss carry forwards of foreign subsidiaries at September 28, 2018 and September 29, 2017 totaled $ 662.4 million and $490.9 million , respectively. If unused, foreign net operating losses of $ 168.1 million will expire between 2019 and 2038. Net operating losses of $ 494.3 million can be carried forward indefinitely. The following table presents the income tax benefits realized from the exercise of non-qualified stock options and disqualifying dispositions of stock sold under our employee stock purchase plans for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in millions): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 $ 4.7 $ 5.2 $ 1.5 The Company’s consolidated effective income tax rate is higher than the US statutory rate of 24.6% primarily due to a $139.8 million detriment from the provisional remeasurement of the deferred tax items in the U.S. from the reduction in the U.S. statutory rate, as well as a charge for valuation allowance related to foreign tax credits of $104.2 million . In addition, there was an increase due to the difference in foreign tax rates compared to the new U.S. statutory rate of $9.9 million . The unfavorable charges were partially offset by a $5.7 million benefit related to a federal hurricane credit and $4.5 million benefit related to the Internal Revenue Code section 179D deduction for the design of energy efficient facilities. 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 the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (dollars in thousands): For the Years Ended September 28, 2018 % September 29, 2017 % September 30, 2016 % Statutory amount $ 136,458 24.6 % $ 137,626 35.0 % $ 100,353 35.0 % State taxes, net of the federal benefit 7,587 1.4 % 8,955 2.3 % 7,853 2.7 % Exclusion of tax on non-controlling interests (2,389) (0.4 )% 2,223 0.6 % (1,418 ) (0.5 )% Foreign: Difference in tax rates of foreign operations 9,860 1.8 % (16,987 ) (4.3 )% (17,184 ) (6.0 )% Benefit from foreign valuation allowance release (5,105) (0.9 )% (3,085 ) (0.8 )% (11,182 ) (3.9 )% U.K. tax rate change on deferred tax assets — — — — % 8,853 3.1 % Nontaxable income from foreign affiliate — — (3,280 ) (0.8 )% — — U.S. tax cost of foreign operations 6,577 1.2 % 18,612 4.7 % 30,850 10.9 % Tax differential on foreign earnings 11,332 2.0 % (4,740 ) (1.2 )% 11,337 4.1 % Foreign tax credits (21,729) (3.9 )% (20,454 ) (5.2 )% (44,018 ) (15.4 )% Tax Reform 154,150 27.8 % — — — — Valuation Allowance 104,221 18.8 % — — — — Uncertain tax positions (1,297) (0.2 )% (5,779 ) (1.5 )% 1,449 0.5 % Other items: IRS §179D deduction (4,520) (0.8 )% (3,351 ) (0.8 )% (2,153 ) (0.8 )% IRS §199D deduction — — (2,113 ) (0.5 )% (2,800 ) (1.0 )% Foreign partnership income/(loss) (3,990) (0.7 )% (9,861 ) (2.5 )% (2,658 ) (0.9 )% Other items – net 1,740 0.3 % 3,336 0.7 % 4,263 1.5 % Total other items (6,770) (1.2 )% (11,989 ) (3.1 )% (3,348 ) (1.2 )% Taxes on income $ 381,563 68.9 % $ 105,842 26.9 % $ 72,208 25.2 % The Company’s consolidated effective income tax rate for the year ended September 28, 2018 increased to 68.9% from 26.9% for fiscal 2017 . Key drivers for this year over year increase include the reduction in the U.S. statutory tax rate causing a detriment for provisional remeasurement of the deferred tax items in the U.S. of $139.8 million , as well as a charge for valuation allowance related to foreign tax credits of $104.2 million . In addition, there was an increase due to the difference in foreign tax rates compared to the new U.S. statutory rate of $26.8 million . These detriments were partially offset by a $4.5 million benefit related to internal revenue service code section 179D, a nonrecurring benefit of $2.8 million related to tax accounting method changes and a $5.7 million federal hurricane credit. The Company’s consolidated effective income tax rate for the year ended September 29, 2017 increased to 26.9% from 25.2% for fiscal 2016 . Key drivers for this year over year increase included the impacts of lower foreign tax credit benefits and lower benefits from valuation allowance releases on foreign deferred tax assets, partly offset by favorable impacts of U.S. tax cost of foreign operations, the non-recurrence of 2016 tax rate change impacts on deferred income tax assets in the UK and favorable impacts from change in uncertain tax positions. The following table presents income tax payments made during the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in millions): September 28, 2018 September 29, 2017 September 30, 2016 $ 44.29 $ 78.39 $ 116.30 The following table presents the components of our consolidated earnings before taxes for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 United States earnings $ 282,123 $ 232,342 $ 206,159 Foreign earnings 272,582 160,875 80,564 $ 554,705 $ 393,217 $ 286,723 The tax cost, net of applicable credits, have been provided on the undistributed earnings of the Company’s foreign subsidiaries. As of September 28, 2018 , the provisional estimate of repatriating earnings to the United States is estimated at $93.0 million . The Company does not assert any earnings to be permanently reinvested. 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 $76.7 million and $38.6 million at September 28, 2018 and September 29, 2017 , respectively, all of which, if recognized, would affect the Company’s consolidated effective income tax rate. The Company had $56.3 million and $36.6 million in accrued interest and penalties at September 28, 2018 and September 29, 2017 , respectively. The Company estimates that, within twelve months, we may realize a decrease in our uncertain tax positions of approximately $6.5 million as a result of concluding various tax audits and closing tax years. As of September 28, 2018 , the Company’s U.S. federal income tax returns for tax years 2009 and forward remain subject to examination. The following table presents the reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Balance, beginning of year $ 38,580 $ 44,167 $ 42,666 Acquisition of CH2M 137,912 — — Additions based on tax positions related to the current 9,780 5,900 5,670 Additions for tax positions of prior years 5,561 237 367 Reductions for tax positions of prior years (8,962 ) (4,524 ) (2,451 ) Settlement (3,731 ) (7,200 ) (2,085 ) Balance, end of year $ 179,140 $ 38,580 $ 44,167 On December 15, 2017 the Company completed the acquisition of CH2M. For income tax purposes, the transaction was accounted for as a stock purchase. As a result of the acquisition, the Company adjusted its U.S. GAAP opening balance sheet of CH2M to reflect preliminary estimates of the fair value of the net assets acquired. For income tax purposes, the tax attributes and basis of net assets acquired carryover without any step-up to fair value. The Company has made preliminary estimates and recorded deferred taxes associated with the purchase accounting. It is expected that the Company will make adjustments to the purchase accounting over the relevant measurement period as allowed by ASC 805. |
Commitments and Contingencies a
Commitments and Contingencies and Derivative Financial Instruments | 12 Months Ended |
Sep. 28, 2018 | |
Commitments and Contingencies Disclosure [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 at September 28, 2018 , payable as follows (in thousands): In fiscal years, 2019 $ 215,375 2020 187,228 2021 158,781 2022 135,991 2023 115,614 Thereafter 344,120 1,157,109 Amounts representing sublease income (19,443 ) $ 1,137,666 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 incurred. 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 for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Rent expense $ 217,550 $ 145,344 $ 151,539 Sublease income (5,514 ) (7,052 ) (7,212 ) Net rent expense $ 212,036 $ 138,292 $ 144,327 Synthetic Lease 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 guarantee (in thousands) $ 62,412 The Company refinanced the synthetic lease agreement effective July 28, 2015 with a 10 -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 payment schedule. We have determined that the estimated Fair Value of the aforementioned financial guarantee was not significant at September 28, 2018 . 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 At September 28, 2018 , the Company had issued and outstanding approximately $446.6 million in LOCs and $870.3 million in surety bonds. Of the outstanding LOC amount, $2.5 million has been issued under the Revolving Credit Facility and $444.1 million are issued under separate, committed and uncommitted letter-of-credit facilities. |
Contractual Guarantees, Litigat
Contractual Guarantees, Litigation, Investigations, and Insurance | 12 Months Ended |
Sep. 28, 2018 | |
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 make contractual commitments some of which are supported by separate guarantees; and on occasion we are a party in a litigation or arbitration proceeding. The litigation or arbitration in which we are involved includes personal injury claims, professional liability claims and breach of contract claims. In most cases, we are the defendant. Where we provide a separate guarantee it is strictly in support of the underlying contractual commitment. Guarantees take various forms including surety bonds required by law, or standby letters of credit ("LOC") (also referred to as “bank guarantees”) or corporate guarantees given to induce a party to enter into a contract with a subsidiary. Standby LOCs are also used as security for advance payments or in various other transactions. The guarantees have various expiration dates ranging from an arbitrary date to completion of our work (e.g., engineering only) to completion of the overall project. See Note 14- Commitments and Contingencies and Derivative Financial Instruments for more information surrounding LOCs and surety bonds. We maintain insurance coverage for most insurable aspects of our business and operations. Our insurance programs have varying coverage limits depending upon the type of insurance, and include certain conditions and exclusions which insurance companies may raise in response to any claim that the Company brings. We have also elected to retain a portion of losses and liabilities that occur through the use of various deductibles, limits, and retentions under our insurance programs. As a result, we may be subject to a future liability for which we are only partially insured or completely uninsured. We intend to mitigate any such future liability by continuing to exercise prudent business judgment in negotiating the terms and conditions of the contracts which the Company enters with its clients. Our insurers are also subject to business risk and, as a result, one or more of them may be unable to fulfill their insurance obligations due to insolvency or otherwise. Additionally, as a contractor providing services to the U.S. federal government we are subject to many types of audits, investigations and claims by, or on behalf of, the government including with respect to contract performance, pricing, cost allocations, procurement practices, labor practices and socioeconomic obligations. Furthermore, our income, franchise and similar tax returns and filings are also subject to audit and investigation by the Internal Revenue Service, most states within the U.S., as well as by various government agencies representing jurisdictions outside the U.S. Our Consolidated Balance Sheets include amounts representing our probable estimated liability relating to such claims, guarantees, litigation, audits and investigations. We perform an analysis to determine the level of reserves to establish for insurance-related claims that are known and have been asserted against us, 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. Insurance recoveries are recorded as assets if recovery is probable and estimated liabilities are not reduced by expected insurance recoveries. The Company believes, after consultation with counsel, that such guarantees, litigation, U.S. government contract-related audits, investigations and claims and income tax audits and investigations should not have a material adverse effect on our consolidated financial statements. On September 30, 2015, Nui Phao Mining Company Limited (“NPMC”) commenced arbitration proceedings against Jacobs E&C Australia Pty Limited (“Jacobs E&C”). 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 and in a subsequently filed Statement of Claim and Supplementary Statement of Claim dated February 1, 2016 and February 26, 2016, respectively, NPMC asserts various causes of action and alleges that the quantum of its claim exceeds $ 167.0 million . Jacobs has denied liability and is vigorously defending this claim. A three week hearing on the merits concluded on December 15, 2017 and a decision is expected as soon as later this calendar year. The Company does not expect the resolution of this matter to have a material adverse effect on its financial condition, results of operations and/or cash flows. In 2012, CH2M HILL Australia Pty Limited, a subsidiary of CH2M, entered into a 50 /50 integrated joint venture with Australian construction contractor UGL Infrastructure Pty Limited. The joint venture entered into a Consortium Agreement with General Electric and GE Electrical International Inc. The Consortium was awarded a subcontract by JKC Australia LNG Pty Limited for the engineering, procurement, construction and commissioning of a 360 MW Combined Cycle Power Plant for INPEX Operations Australia Pty Limited at Blaydin Point, Darwin, NT, Australia. In January 2017, the Consortium terminated the Subcontract because of JKC’s repudiatory breach and demobilized from the work site. JKC claimed the Consortium abandoned the work and itself purported to terminate the Subcontract. The Consortium and JKC are now in dispute over the termination. In August 2017, the Consortium filed an International Chamber of Commerce arbitration against JKC for compensatory damages in the amount of $ 665.5 million for repudiatory breach or, in the alternative, seeking damages for unresolved contract claims and change orders. JKC has provided a preliminary estimate of the monetary value of its claims in excess of $ 1.7 billion and has drawn on bonds. This draw on bonds does not impact the Company's ultimate liability. A decision in this matter is not expected before 2020. If the Consortium is found liable, this matter could have a material adverse effect on the Company’s business, financial condition, results of operations and /or cash flows, particularly in the short term. However, the Consortium has denied liability and is vigorously defending these claims and pursuing its affirmative claims against JKC, and based on the information currently available, the Company does not expect the resolution of this matter to have a material adverse effect on the Company’s business, financial condition, results of operations, or cash flows. See Note 5- Business Combinations for further information relating to CH2M contingencies. |
Other Financial Information
Other Financial Information | 12 Months Ended |
Sep. 28, 2018 | |
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 September 28, 2018 and September 29, 2017 as well as certain other related information (in thousands): September 28, 2018 September 29, 2017 Components of receivables: Amounts billed, net $ 1,597,297 $ 949,060 Unbilled receivables and other 1,933,000 1,118,144 Retentions receivable 24,633 35,339 Total receivables, net $ 3,554,930 $ 2,102,543 Other information about receivables: Amounts due from the United States federal government included above, net of advanced billings $ 472,846 $ 226,236 Claims receivable $ — $ 4,600 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 September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Land $ 19,327 $ 17,197 Buildings 129,336 93,313 Equipment 721,274 627,609 Leasehold improvements 268,979 220,295 Construction in progress 17,685 21,300 1,156,601 979,714 Accumulated depreciation and amortization (698,895 ) (629,803 ) $ 457,706 $ 349,911 Miscellaneous Noncurrent Assets The following table presents the components of “Miscellaneous noncurrent assets” shown in the accompanying Consolidated Balance Sheets at September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Deferred income taxes $ 319,405 $ 368,700 Deferred compensation arrangement investments 282,974 142,522 Equity Method Investments 219,614 131,400 Notes receivable 1,274 17,839 Other 48,425 31,561 Total $ 871,692 $ 692,022 Deferred compensation arrangement investments are comprised of the cash surrender value of life insurance policies and pooled-investment funds. The fair value of the pooled investment funds is derived using Level 2 inputs. Accrued Liabilities The following table presents the components of “Accrued liabilities” shown in the accompanying Consolidated Balance Sheets at September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Accrued payroll and related liabilities $ 864,670 $ 572,946 Project-related accruals 45,349 71,815 Non project-related accruals 349,384 116,051 Insurance liabilities 64,976 67,546 Sales and other similar taxes 83,151 32,163 Deferred rent 58,988 60,593 Dividends payable 22,111 18,573 Total $ 1,488,629 $ 939,687 Other Deferred Liabilities The following table presents the components of “Other deferred liabilities” shown in the accompanying Consolidated Balance Sheets at September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Liabilities relating to defined benefit pension and early retirement plans $ 352,855 $ 254,483 Liabilities relating to nonqualified deferred compensation arrangements 238,830 114,616 Deferred income taxes 177,217 177,765 Miscellaneous 639,969 185,417 Total $ 1,408,871 $ 732,281 |
Segment Information
Segment Information | 12 Months Ended |
Sep. 28, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information During the second quarter of fiscal 2018 , we reorganized our operating and reporting structure around three lines of business (“LOBs”), which also serve as the Company’s operating segments. This reorganization occurred in conjunction with the integration of CH2M into the Company's legacy businesses, and was intended to better serve our global clients, leverage our workforce, help streamline operations and provide enhanced growth opportunities. The three global LOBs are as follows: Aerospace, Technology, Environmental and Nuclear ("ATEN"); Buildings, Infrastructure and Advanced Facilities ("BIAF"); and Energy, Chemicals and Resources ("ECR"). Previously, the Company operated its business around four operating segments: Petroleum & Chemicals, Buildings & Infrastructure, Aerospace & Technology and Industrial. Beginning in the second quarter of fiscal 2018 , management no longer views or manages our Industrial line of business as a separate, distinct operating segment. Therefore, the elements of our former Industrial business are now presented within each of the three current operating segments as appropriate. The Company’s LOB leadership and internal reporting structures report to the Chief Executive Officer, who is also the Chief Operating Decision Maker (“CODM”), and enable the CODM to evaluate the performance of each of these segments and make appropriate resource allocations among each of the segments. For purposes of the Company’s goodwill impairment testing, it has been determined that the Company’s operating segments are also its reporting units based on management’s conclusion that the components comprising each of its operating segments share similar economic characteristics and meet the aggregation criteria for reporting units in accordance with ASC 350, Intangibles-Goodwill and Other . Under the new organization, each LOB has a president that reports directly to the CODM. The sales function is managed on an LOB basis, and accordingly, the associated cost is embedded in the new segments and reported to the respective LOB presidents. In addition, a portion of the costs of other support functions (e.g., finance, legal, human resources, and information technology) is allocated to each LOB using methodologies which, we believe, effectively attribute the cost of these support functions to the revenue generating activities of the Company on a rational basis. The cost of the Company’s cash incentive plan, the Management Incentive Plan (“MIP”) and the expense associated with the Jacobs Engineering Group Inc. 1999 SIP have likewise been charged to the LOBs except for those amounts determined to relate to the business as a whole (which amounts remain in other corporate expenses). Financial information for each LOB is reviewed by the CODM to assess performance and make decisions regarding the allocation of resources. The Company generally does not track assets by LOB, nor does it provide such information to the CODM. The CODM evaluates the operating performance of our LOBs using segment operating profit, which is defined as margin less “corporate charges” (e.g., the allocated amounts described above). The Company incurs certain Selling, General and Administrative costs (“SG&A”) that relate to its business as a whole which are not allocated to the LOBs. On December 15, 2017, the Company completed the acquisition of CH2M. For purposes of the Company’s fiscal 2018 segment reporting, the operating financial information of CH2M has been categorized within the Company’s new LOB business structure, with its sales and operating profit results for the time period during which CH2M has been under the ownership of the Company being allocated to the Company’s ATEN, BIAF and ECR lines of business under a transitional business organization structure. The Company has not completed its final assessment of the CH2M purchase price allocation, including the fair value estimates of assets acquired and liabilities assumed. The following tables present total revenues and segment operating profit for each reportable segment (in thousands) and includes a reconciliation of segment operating profit to total U.S. GAAP operating profit by including certain corporate-level expenses and expenses relating to the Restructuring and other charges and transaction costs associated with the CH2M transaction and integration costs and the ECR sale (in thousands). Prior period information has been recast to reflect the current period presentation. For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Revenues from External Customers: Aerospace, Technology, Environmental and Nuclear $ 4,372,008 $ 2,464,363 $ 2,845,913 Buildings, Infrastructure and Advanced Facilities 6,184,883 3,830,697 3,419,505 Energy, Chemicals and Resources 4,427,755 3,727,728 4,698,739 Total $ 14,984,646 $ 10,022,788 $ 10,964,157 For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Segment Operating Profit: Aerospace, Technology, Environmental and Nuclear (1) $ 311,871 $ 200,179 $ 215,119 Buildings, Infrastructure and Advanced Facilities (2) 482,277 263,679 217,412 Energy, Chemicals and Resources 218,109 161,312 153,797 Total Segment Operating Profit 1,012,257 625,170 586,328 Other Corporate Expenses (113,702 ) (81,595 ) (60,100 ) Restructuring and Other Charges (170,148 ) (134,206 ) (187,630 ) Transaction Costs (80,436 ) (17,100 ) — Total U.S. GAAP Operating Profit 647,971 392,269 338,598 Gain (Loss) on disposal of business and investments (20,967 ) 10,880 (41,410 ) Total Other (Expense) Income, net (3) (72,299 ) (9,932 ) (10,465 ) Earnings Before Taxes $ 554,705 $ 393,217 $ 286,723 (1) Includes $15.0 million in charges during the year ended September 28, 2018 associated with a legal matter. (2) Excludes $23.8 million in restructuring and other charges for the year ended September 29, 2017 . See Note 8, Restructuring and Other Charges . (3) Includes amortization of deferred financing fees related to the CH2M acquisition of $1.8 million for the year ended September 28, 2018 . Also, includes $1.2 million and $ 277 thousand of restructuring and other charges for the years ended September 29, 2017 and September 30, 2016 , respectively. Included in “other corporate expenses” in the above table are costs and expenses which relate to general corporate activities as well as corporate-managed benefit and insurance programs. Such costs and expenses include: (i) those elements of SG&A expenses relating to the business as a whole; (ii) those elements of the Management Incentive Plan and the 1999 SIP relating to corporate personnel whose other compensation costs are not allocated to the LOBs; (iii) the amortization of intangible assets acquired as part of business combinations; (iv) the quarterly variances between the Company’s actual costs of certain of its self-insured integrated risk and employee benefit programs and amounts charged to the LOBs; and (v) certain adjustments relating to costs associated with the Company’s international defined benefit pension plans. In addition, “other corporate expenses” includes adjustments to contract margins (both positive and negative) associated with projects where it has been determined, in the opinion of management, that such adjustments are not indicative of the performance of the related LOB and therefore should not be attributed to the LOB. Included in gain (loss) on disposal of business and investments for the year ended September 28, 2018 was a loss on the sale of the Company’s ownership interest in the Company's Guimar Engenharia LTDA ("Guimar") joint venture. Included in gain (loss) on disposal of business and investments for the year ended September 29, 2017 was a gain on the sale of the Company’s ownership interest in the Neste Jacobs joint venture. Included in gain (loss) on disposal of business and investments for the year ended September 30, 2016 was the loss associated with the sale of the Company’s French subsidiary and a non-cash write-off on an equity investment. 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 following table presents certain financial information by geographic area (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Revenues: United States $ 9,519,085 $ 5,822,843 $ 6,247,448 Europe 2,768,739 2,262,092 2,346,224 Canada 863,531 590,604 927,942 Asia 316,339 253,167 299,952 India 211,983 165,295 187,929 Australia and New Zealand 719,566 628,945 436,670 South America and Mexico 159,700 73,456 125,610 Middle East and Africa 425,703 226,386 392,382 Total $ 14,984,646 $ 10,022,788 $ 10,964,157 Property, equipment and improvements, net: United States $ 316,633 $ 220,416 $ 195,392 Europe 59,019 46,108 37,163 Canada 21,559 18,435 21,464 Asia 3,588 2,793 3,069 India 19,446 19,191 13,350 Australia and New Zealand 16,151 18,692 18,888 South America and Mexico 4,562 4,619 5,621 Middle East and Africa 16,748 19,657 24,726 Total $ 457,706 $ 349,911 $ 319,673 Revenues were earned from unaffiliated clients located primarily within the various and respective geographic areas shown. 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 the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 23% 19% 21% |
Selected Quarterly Information
Selected Quarterly Information - Unaudited | 12 Months Ended |
Sep. 28, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Information - Unaudited | Selected Quarterly Information — Unaudited The following table presents selected quarterly financial information. (in thousands, except for per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year September 28, 2018 Revenues $ 2,750,311 $ 3,935,028 $ 4,156,663 $ 4,142,644 $ 14,984,646 Operating profit (a) $ 47,644 (e) $ 146,286 (e) $ 212,729 (e) $ 241,312 (e) $ 647,971 Earnings before taxes $ 41,916 $ 122,167 $ 192,783 $ 197,839 $ 554,705 Net earnings of the Group $ 2,561 $ 51,932 $ 150,071 $ (31,422 ) $ 173,142 Net earnings attributable to Jacobs $ 2,163 (e) $ 48,587 (e) $ 150,222 (e) $ (37,541 ) (e) $ 163,431 Earnings per share: Basic $ 0.02 (e) $ 0.34 (e) $ 1.05 (e) $ (0.26 ) (e) $ 1.18 Diluted $ 0.02 (e) $ 0.34 (e) $ 1.05 (e) $ (0.26 ) (e) $ 1.17 September 29, 2017 Revenues $ 2,551,604 $ 2,302,567 (c) $ 2,514,751 (c) $ 2,653,866 $ 10,022,788 Operating profit (a) $ 88,628 $ 68,173 (c) $ 128,475 (c) $ 106,993 $ 392,269 Earnings before taxes $ 85,880 $ 60,491 $ 127,396 $ 119,450 $ 393,217 Net earnings of the Group $ 61,153 $ 44,165 $ 88,629 $ 93,428 $ 287,375 Net earnings attributable to Jacobs $ 60,536 (c) $ 50,018 (c) $ 89,032 (c) $ 94,141 (c)(d) $ 293,727 Earnings per share: Basic $ 0.50 (c) $ 0.41 (c) $ 0.74 (c) $ 0.78 (c)(d) $ 2.43 Diluted $ 0.50 (c) $ 0.41 (c) $ 0.74 (c) $ 0.78 (c)(d) $ 2.42 September 30, 2016 Revenues $ 2,847,934 $ 2,781,763 $ 2,693,873 $ 2,640,587 $ 10,964,157 Operating profit (a) $ 59,450 $ 86,781 $ 109,556 $ 82,811 $ 338,598 Earnings before taxes $ 57,787 $ 90,456 $ 102,807 $ 35,673 $ 286,723 Net earnings of the Group $ 50,306 $ 63,389 $ 70,937 $ 29,883 $ 214,515 Net earnings attributable to Jacobs $ 46,514 (b) $ 65,250 (b) $ 69,055 (b) $ 29,644 (b) $ 210,463 Earnings per share: Basic $ 0.38 (b) $ 0.54 (b) $ 0.58 (b) $ 0.25 (b) $ 1.75 Diluted $ 0.38 (b) $ 0.54 (b) $ 0.57 (b) $ 0.24 (b) $ 1.73 (a) Operating profit represents revenues less (i) direct costs of contracts, and (ii) selling, general and administrative expenses. (b) Includes costs of $ 48.1 million, or $ 0.39 per diluted share, in the first quarter of fiscal 2016 , $ 25.7 million or $ 0.21 per diluted share in the second quarter of fiscal 2016 , $ 25.8 million, or $ 0.21 per diluted share, in the third quarter, and $ 36.0 million or $ 0.3 per diluted share in the fourth quarter of fiscal 2016 , in each case, related to the 2015 Restructuring. Also included in the fourth quarter of fiscal 2016 were $ 17.1 million, or $ 0.14 per diluted share related to the loss on sale of our French subsidiary; and $ 10.4 million, or $ 0.09 per diluted share related to the non-cash write-off on an equity investment. (c) Includes costs of $ 31.7 million, or $ 0.18 per diluted share, in the first quarter of fiscal 2017 ; includes $ 16.5 million in revenue, $ 72.2 million in operating profit, $ 45.2 million in net earnings attributable to Jacobs, or $ 0.37 per diluted share, in the second quarter of fiscal 2017 ; includes $1 million in revenue, $ 10.7 million in operating profit and $ 6.3 million in net earnings attributable to Jacobs, or $ 0.05 per diluted share, in the third quarter of fiscal 2017 ; includes $ 19.5 million in operating profit, $ 13.6 million in net earnings attributable to Jacobs, or $ 0.11 per diluted share, in the fourth quarter of fiscal 2017 , in each case, related to restructuring and other charges. (d) Includes costs of $ 10.6 million, or $ 0.09 per diluted share, in the fourth quarter of fiscal 2017 related to professional fees and integration costs for the CH2M acquisition. (e) Includes $ 87.0 million in operating profit, $94.8 million in net earnings attributable to Jacobs, or $ 0.75 per diluted share, in the first quarter of fiscal 2018 ; includes $ 73.7 million in operating profit, $ 95.4 million in net earnings attributable to Jacobs, or $ 0.66 per diluted share, in the second quarter of fiscal 2018 ; includes $ 51.3 million in operating profit and $ 43.9 million in net earnings attributable to Jacobs, or $ 0.31 per diluted share, in the third quarter of fiscal 2018 ; includes $ 38.5 million in operating profit, $ 225.9 million in net earnings attributable to Jacobs, or $ 1.57 per diluted share, in the fourth quarter of fiscal 2018 , in each case, related to restructuring and other charges, transaction costs and charges relating to U.S. tax reform. During the fourth quarter, the $ 225.9 million in restructuring and other charges included in net earnings attributable to Jacobs includes $21.0 million related to the loss on the sale of our Guimar joint venture investment. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 28, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 21, 2018, Jacobs and WorleyParsons Limited, a company incorporated in Australia (“Buyer”), entered into a Stock and Asset Purchase Agreement pursuant to which Buyer agreed to acquire the Company’s ECR business for a purchase price of $ 3.3 billion consisting of (i) $ 2.6 billion in cash plus (ii) ordinary shares of the Buyer equal to $ 700 million, subject to adjustments for changes in working capital and certain other items (the “Transaction”). The Transaction, which has been approved by the boards of directors of the Company and Buyer, is expected to close in the first half of calendar year 2019. The completion of the Transaction is subject to certain customary closing conditions, including, but not limited to, (i) the absence of any law or order prohibiting the consummation of the Transaction, (ii) the expiration or termination of the waiting period (and any extensions thereof) applicable under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), (iii) the expiration or termination of all applicable waiting periods and the receipt of all applicable approvals required pursuant to or in connection with the competition laws of certain foreign jurisdictions in which the Business operates, (iv) the receipt of approval from the Committee on Foreign Investment in the United States (“CFIUS”), (v) the completion of a certain number of agreed upon steps of the Reorganization (as defined in the Purchase Agreement) and (vi) the transfer of certain owned real property of the Business. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 28, 2018 | |
Accounting Policies [Abstract] | |
Revenue Accounting For Contracts and Use of Joint Ventures | Revenue Accounting for Contracts We recognize revenue earned on our technical professional and field services projects under the percentage-of-completion method described in ASC 605-35, Construction-Type and Production-Type Contracts . In general, we recognize revenues at the time we provide services. Pre-contract costs are generally expensed as incurred, unless they are directly associated with an anticipated contract and recoverability from that contract is probable. Contracts are generally segmented between types of services, such as engineering and construction, and accordingly, gross margin related to each activity is recognized as those separate services are rendered. For multiple contracts with a single customer we account for each contract separately. The percentage-of-completion method of accounting is applied by comparing 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. Unapproved change orders are included in the contract price to the extent it is probable that such change orders will result in additional contract revenue and the amount of such additional revenue can be reliably estimated. Claims meeting these recognition criteria are included in revenues only to the extent of the related costs incurred. 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. 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. Direct costs of contracts include all costs incurred in connection with and directly for the benefit of client contracts, including depreciation and amortization relating to assets used in providing the services required by the related projects. The level of direct costs of contracts may fluctuate between reporting periods due to a variety of factors, including the amount of pass-through costs we incur during a period. On those projects where we are responsible for subcontract labor or third-party materials and equipment, we reflect the amounts of such items in both revenues and costs (and we refer to such costs as “pass-through costs”). On other projects where the client elects to pay for such items directly and we have no associated responsibility for such items, these amounts are not considered pass-through costs and are, therefore, not reflected in either revenues or costs. To the extent that we incur a significant amount of pass-through costs in a period, our direct costs of contracts are likely to increase as well. The following table sets forth pass-through costs included in revenues in the accompanying Consolidated Statements of Earnings (in millions): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 $ 3,058.6 $ 2,539.3 $ 2,489.9 Joint Ventures and VIEs As is common to the industry, we execute certain contracts jointly with third parties through various forms of joint ventures. 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. Many of these joint ventures are formed for a specific project. The assets of our joint ventures generally consist almost entirely of cash and receivables (representing amounts due from clients), and the liabilities of our joint ventures generally 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 or third-party debt or credit facilities. The debt held by the joint ventures is non-recourse to the general credit of Jacobs. The assets of a joint venture are restricted for use to the obligations of the particular joint venture and are not available for general operations of the Company. Our risk of loss on these arrangements is usually shared with our partners. The liability of each partner is usually joint and several, which means that each partner may become liable for the entire risk of loss on the project. Furthermore, on some of our projects, the Company has granted guarantees which may encumber both our contracting subsidiary company and the Company for the entire risk of loss on the project. See Note 15- Contractual Guarantees, Litigation, Investigations and Insurance for further discussion. Many of the joint ventures are deemed to be variable interest entities (“VIE”) because they lack sufficient equity to finance the activities of the joint venture. The Company uses a qualitative approach to determine if the Company is the primary beneficiary of the VIE, which considers factors that indicate a party has the power to direct the activities that most significantly impact the joint venture’s economic performance. These factors include the composition of the governing board, how board decisions are approved, the powers granted to the operational manager(s) and partner that holds that position(s), and to a certain extent, the partner’s economic interest in the joint venture. The Company analyzes each joint venture initially to determine if it should be consolidated or unconsolidated. • Consolidated if the Company is the primary beneficiary of a VIE, or holds the majority of voting interests of a non-VIE (and no significant participative rights are available to the other partners). • Unconsolidated if the Company is not the primary beneficiary of a VIE, or does not hold the majority of voting interest of a non-VIE. See Note 7- Joint Ventures and VIEs for further discussion. |
Fair Value Measurements | Fair Value Measurements Certain amounts included in the accompanying consolidated financial statements are presented at “fair value.” Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as of the date fair value is determined (the “measurement date”). When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider only those assumptions we believe a typical market participant would consider when pricing an asset or liability. In measuring fair value, we use the following inputs in the order of priority indicated: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets included in Level 1, such as (i) quoted prices for similar assets or liabilities; (ii) quoted prices in markets that have insufficient volume or infrequent transactions (e.g., less active markets); and (iii) model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data for substantially the full term of the asset or liability. Level 3 - Unobservable inputs to the valuation methodology that are significant to the fair value measurement. 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. See Note 9- Borrowings for a discussion of the fair value of long-term debt. Certain other assets and liabilities, such as forward contracts and interest rate swap agreements we purchased as cash-flow hedges discussed in Note 14- Commitments and Contingencies and 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. 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 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 different fair values to be assigned to our future stock option awards. For restricted stock awards (including restricted stock units) containing market conditions, compensation expense is based on the fair value of such awards using a Monte Carlo simulation. For restricted stock awards (including restricted stock units) containing service and performance conditions, compensation expense is based on the closing stock price on the date of grant. 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. Fixed income investment funds categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers, or quoted prices of securities with similar characteristics. Real estate consists primarily of common or collective trusts, with underlying investments in real estate. These investments 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. Management values insurance contracts and hedge funds using actuarial assumptions and certain values reported by 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 September 28, 2018 and September 29, 2017 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. Amounts billed, net consist of amounts invoiced to clients in accordance with the terms of our client contracts and are shown net of an allowance for doubtful accounts. We anticipate that substantially all of such billed amounts will be collected over the next twelve months. Unbilled receivables and other and retentions receivable generally represent reimbursable costs, profit and amounts earned under contracts in progress, or in some cases completed, as of the respective balance sheet dates. Such amounts become billable according to the contract terms, which usually provide that such amounts become billable upon 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. 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 | 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, on an annual basis we test goodwill and intangible assets with indefinite lives for possible impairment. Intangible assets with finite lives are amortized on a straight-line basis over the useful lives of those assets. During the quarter ended September 28, 2018 , the Company voluntarily changed the date of its annual goodwill and indefinite-lived intangible asset impairment testing from the last day of the fiscal third quarter to the first day of the fourth quarter. This voluntary change is preferable under the circumstances as it results in better alignment with the Company’s strategic planning and forecasting process and provides the Company with additional time to complete its annual impairment testing. The voluntary change in accounting principle related to the annual testing date will not delay, accelerate or avoid an impairment charge. This change is not applied retrospectively as it is impracticable to do so because retrospective application would require application of significant estimates and assumptions with the use of hindsight. Accordingly, the change will be applied prospectively. Interim testing for impairment is performed if indicators of potential impairment exist. For purposes of impairment testing, goodwill is assigned to the applicable reporting units based on the current reporting structure. We have determined that our operating segments are also our reporting units based on management’s conclusion that the components comprising each of our operating segments share similar economic characteristics and meet the aggregation criteria in accordance with ASC 350. When testing goodwill for impairment quantitatively, the Company first compares the fair value of each reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a second step is performed to measure the amount of potential impairment. In the second step, the Company compared the implied fair value of the reporting unit goodwill with the carrying amount of the reporting unit's goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized. During 2018 , we completed our annual goodwill impairment test and quantitatively determined that none of our goodwill was impaired. We have determined that the fair value of our reporting units substantially exceeded their respective carrying values for the Consolidated Balance Sheets presented. |
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 periods 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, such as EPS growth and ROIC, 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 Statements of Earnings. |
Concentration 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 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 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 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. During the first fiscal quarter of 2018, the Company acquired CH2M HILL Companies, Ltd. ("CH2M"). During the fourth fiscal quarter of 2017, the Company acquired Blue Canopy LLC. During the second fiscal quarter of 2017, the Company acquired Aquenta Consulting Pty Ltd. During the first fiscal quarter of 2016, the Company acquired J.L. Patterson & Associates. Other than the CH2M acquisition discussed in Note 5- Business Combinations , these acquisitions were not material to the Company’s consolidated results for fiscal 2018 , 2017 or 2016 . On May 19, 2017 , the Company entered into an agreement with Saudi Aramco to form a 50 /50 Saudi Arabia-based joint venture company to provide professional program and construction management (“PMCM”) services for social infrastructure projects throughout Saudi Arabia and across the Middle East and North Africa. The venture commenced start-up operations in fourth quarter fiscal 2017 and initial funding commitments were made from each of the partners for $ 6.0 million in capital contributions each. |
New Accounting Pronouncements | New Accounting Pronouncements Revenue Recognition 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. The effective date for ASU 2014-09 is for annual reporting periods beginning after December 15, 2017 and interim periods therein. The Company’s adoption activities have been performed over three phases: (i) assessment, (ii) design and (iii) implementation. As part of these phases, the Company has identified the following, potentially significant differences to date: Performance Obligations Under current U.S. GAAP, the Company typically segments contracts that contain multiple services by service type - for instance, engineering, procurement and construction services - for purposes of revenue recognition. Under ASU 2014-09, multiple-service contracts where the Company is responsible for providing a single deliverable (e.g., a constructed asset) will be treated as a single performance obligation for purposes of revenue recognition and thus no longer will be segmented. Typically, this will occur when the company is contracted to perform both engineering and construction on a project. In these circumstances, the timing and pattern of revenue recognition will change. The remainder of the Company's contracts will continue to be treated as having discrete units of account because they either contain only one service or because the Company has determined that the component services in the contract are distinct. Contract Modifications In many instances, the Company enters into separate contracts for related services (e.g., engineering and construction) but is held responsible for providing a single deliverable (“Phased Projects”). Under ASU 2014-09, the separate contracts may be required to be combined and treated as a single contract with one performance obligation. This modification or combination of contracts may result in a cumulative catchup adjustment, which will have an immediate impact on the Company’s results of operations in the period the contract combination or modification occurs. In addition, it will change the timing and pattern of revenue recognition after the period the contracts have been combined or modified. Based on the two noted changes above, the Company has identified selected changes to our systems, processes and internal controls and designed updates for each to meet the standard's revised reporting and disclosure requirements. The Company will adopt the new standard using the Modified Retrospective application for periods beginning with the first fiscal quarter of 2019. This standard will impact the Company’s Consolidated Financial Statements and will its administrative operations. The impact will depend on the magnitude of the items discussed above. While the Company will continue to evaluate the impact through the implementation phase, we expect a reduction of retained earnings in our consolidated financial statements in the period of adoption due to revenue recognition timing for certain engineering and construction contracts shifting as a result of being accounted for as a single performance obligation. This adjustment will create a corresponding adjustment in the Company's consolidated financial statements to accounts receivable and unbilled receivables and to billings in excess of costs. Lease Accounting In February 2016, the FASB issued ASU 2016-02 Leases . ASU 2016-02 requires lessees to recognize assets and liabilities for most leases. ASU 2016-02 is effective for public entity financial statements for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The new guidance currently requires a modified retrospective transition approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. ASU 2016-02 was further clarified and amended within ASU 2017-13, ASU 2018-01, ASU 2018-10 and ASU 2018-11 which included provisions that would provide us with the option to adopt the provisions of the new guidance using a modified retrospective transition approach, without adjusting the comparative periods presented. The Company is evaluating the impact of the new guidance on its consolidated financial statements. This standard could have a significant administrative impact on its operations, and the Company will further assess the impact through its implementation program. Other Pronouncements In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . ASU 2017-12 provides financial reporting improvements related to hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. Additionally, ASU No. 2017-12 makes certain targeted improvements to simplify the application of the hedge accounting guidance. The revised guidance becomes effective for fiscal years beginning after December 15, 2018 with early adoption permitted. The Company is evaluating the impact of the new guidance on its consolidated financial statements. It is not expected that the updated guidance will have a significant impact on the Company’s consolidated financial statements. ASU 2017-04, Simplifying the Test for Goodwill Impairment , is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. ASU 2017-04 removes the second step of the goodwill impairment test, which requires a hypothetical purchase price allocation. An entity will now recognize a goodwill impairment charge for the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the amount of goodwill allocated. Management does not expect the adoption of ASU 2017-04 to have any impact on the Company's financial position, results of operations or cash flows. In March 2017, the FASB issued ASU No. 2017-07, Compensation- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This new standard intends to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new standard requires the service cost component of net periodic cost be reported in the same line item(s) as other employee compensation costs and all other components of the net periodic cost be reported in the consolidated statements of earnings and comprehensive income below operating income. ASU 2017-7 is effective for fiscal years beginning after December 15, 2017 for public companies and early adoption is permitted. Management is currently evaluating the impact that the adoption of ASU 2017-07 will have on the Company's financial position, results of operations and cash flows. |
Description of Business and B_2
Description of Business and Basis of Presentation (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
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 the fiscal years ended September 28, 2018 , September 29, 2017 and September 30, 2016 was as follows: For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Cost-reimbursable 76 % 81 % 82 % Fixed-price 24 % 19 % 18 % |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Accounting Policies [Abstract] | |
Pass-Through Costs Included in Revenues | The following table sets forth pass-through costs included in revenues in the accompanying Consolidated Statements of Earnings (in millions): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 $ 3,058.6 $ 2,539.3 $ 2,489.9 |
Employee Stock Purchase and S_2
Employee Stock Purchase and Stock Option Plans (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Ownership Plan (ESOP) Disclosures | The following table summarizes the stock issuance activity under the 1989 ESPP and the GESPP for the fiscal years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Aggregate Purchase Price Paid for Shares Sold: Under the 1989 ESPP $ 21,590,858 $ 21,084,657 $ 23,631,241 Under the GESPP 2,240,609 2,105,834 2,660,067 Total $ 23,831,467 $ 23,190,491 $ 26,291,308 Aggregate Number of Shares Sold: Under the 1989 ESPP 357,899 403,652 564,461 Under the GESPP 36,405 39,648 63,196 Total 394,304 443,300 627,657 |
Stock-based Compensation Expense by Type of Award | The following table presents the number and weighted average grant-date fair value of restricted stock and restricted stock units at September 28, 2018 : Number of unvested Restricted Stock and Restricted Stock Units: Number of Shares Weighted Average Grant-Date Fair Value Outstanding at September 29, 2017 2,514,387 $ 49.62 Granted 1,364,128 $ 65.64 Vested (1,209,322 ) $ 55.19 Cancelled (339,658 ) $ 49.57 Outstanding at September 28, 2018 2,329,535 $ 56.11 The following table sets forth certain information about the 1999 Plans: 1999 SIP 1999 ODSP Total Number of shares authorized 29,850,000 1,100,000 30,950,000 Number of remaining shares reserved for issuance at September 28, 2018 6,911,375 486,755 7,398,130 Number of shares relating to outstanding stock options at September 28, 2018 1,575,634 191,125 1,766,759 Number of shares available for future awards: At September 28, 2018 5,335,741 295,630 5,631,371 At September 29, 2017 7,351,946 312,412 7,664,358 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding | The following table presents the fair value of shares (of restricted stock and restricted stock units) vested for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Restricted Stock and Restricted Stock Units (service condition) $ 64,121 $ 34,466 $ 17,481 Restricted Stock Units (service, market, and performance conditions at target) 2,626 4,183 4,336 Total $ 66,747 $ 38,649 $ 21,817 |
Share-based Compensation, Stock Options, Activity | The following table summarizes the stock option activity for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : Number of Stock Options Weighted Average Exercise Price Outstanding at October 2, 2015 4,072,707 $ 46.06 Granted 460,770 $ 42.17 Exercised (412,416 ) $ 40.88 Cancelled or expired (543,549 ) $ 49.13 Outstanding at September 30, 2016 3,577,512 $ 45.69 Granted — $ — Exercised (906,648 ) $ 43.79 Cancelled or expired (154,039 ) $ 48.79 Outstanding at September 29, 2017 2,516,825 $ 46.19 Granted — $ — Exercised (636,019 ) $ 46.93 Cancelled or expired (114,047 ) $ 52.26 Outstanding at September 28, 2018 1,766,759 $ 45.53 |
Schedule Of Intrinsic Value Of Options | The following table presents the total intrinsic value of stock options exercised for the fiscal years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 $13,931 $14,713 $4,149 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table presents certain other information regarding our 1999 SIP and 1999 OSDP for the fiscal years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : September 28, 2018 September 29, 2017 September 30, 2016 At fiscal year end: Range of exercise prices for options outstanding $32.51–$60.43 $32.51–$80.63 $32.51–$80.63 Number of options exercisable 1,557,900 1,992,022 2,581,421 For the fiscal year: Range of prices relating to options exercised $35.93–$61.26 $37.03–$55.53 $36.88–$55.00 Estimated weighted average fair values of options granted $ — $ — $ 12.80 |
Schedule Of Information Options Outstanding And Exercisable | The following table presents certain information regarding stock options outstanding and stock options exercisable at September 28, 2018 : September 28, 2018 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 - $37.03 153,000 3.49 $ 37.01 153,000 $ 37.01 $37.43 - $46.09 1,059,647 4.87 $ 42.69 850,788 $ 42.74 $47.11 - $55.13 513,237 4.48 $ 52.74 513,237 $ 52.74 $60.08 - $80.63 40,875 5.25 $ 60.33 40,875 $ 60.33 1,766,759 4.65 $ 45.53 1,557,900 $ 45.93 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table provides the number of shares of restricted stock and restricted stock units outstanding at September 28, 2018 under the 1999 ODSP: September 28, 2018 Restricted stock 34,000 Restricted stock units (service condition) 91,092 The following table presents the number of shares of restricted stock and restricted stock units issued as common stock under the 1999 SIP for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Restricted stock — — 597,091 Restricted stock units (service condition) 1,087,724 496,951 183,131 Restricted stock units (service, market and performance conditions) 254,784 237,058 372,794 The following table presents the number of shares of restricted stock and restricted stock units issued under the 1999 ODSP for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Restricted stock units (service condition) 21,620 21,123 23,090 The following table presents the number of shares of restricted stock and restricted stock units canceled and withheld for taxes under the 1999 SIP for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Restricted stock 284,254 365,481 512,903 Restricted stock units (service condition) 336,516 128,536 177,640 Restricted stock units (service, market and performance conditions) 95,063 86,742 275,933 The following table provides the number of shares of restricted stock and restricted stock units outstanding at September 28, 2018 under the 1999 SIP. Shares granted in the table below are granted on a 1.92 -to-1.00 basis (fungible): September 28, 2018 Total Restricted stock 337,805 Restricted stock units (service condition) 1,131,200 Restricted stock units (service, market and performance conditions) 735,438 |
Earnings Per Share and Certai_2
Earnings Per Share and Certain Related Information (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Earnings Per Share Reconciliation [Abstract] | |
Earnings Per Share | The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Numerator for Basic and Diluted EPS: Net income $ 163,431 $ 293,727 $ 210,463 Net income allocated to participating securities (788 ) (3,077 ) — Net income allocated to common stock for EPS calculation $ 162,643 $ 290,650 $ 210,463 Denominator for Basic and Diluted EPS: Weighted average basic shares 138,182 120,689 120,133 Shares allocated to participating securities (646 ) (1,319 ) — Shares used for calculating basic EPS attributable to common stock 137,536 119,370 120,133 Effect of dilutive securities: Stock compensation plans 1,176 777 1,350 Shares used for calculating diluted EPS attributable to common stock 138,712 120,147 121,483 Basic EPS $ 1.18 $ 2.43 $ 1.75 Diluted EPS $ 1.17 $ 2.42 $ 1.73 |
Share Repurchases | The following table summarizes the activity under this program during fiscal 2018 : Average Price Per Share (1) Shares Repurchased Total Shares Retired $500,000,000 $60.77 49,074 49,074 (1) Includes commissions paid and calculated at the average price per share since the repurchase program authorization date. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Business Combinations [Abstract] | |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following summarizes the estimated fair values of CH2M assets acquired and liabilities assumed as of the acquisition date (in millions): Assets Cash and cash equivalents $ 315.2 Receivables 1,124.6 Prepaid expenses and other 72.7 Property, equipment and improvements, net 175.1 Goodwill 3,129.1 Identifiable intangible assets: Customer relationships, contracts and backlog 412.3 Lease intangible assets 4.4 Total identifiable intangible assets 416.7 Miscellaneous 522.9 Total Assets $ 5,756.3 Liabilities Notes payable $ 2.2 Accounts payable 309.6 Accrued liabilities 753.1 Billings in excess of costs 260.8 Identifiable intangible liabilities: Lease intangible liabilities 9.6 Long-term debt 706.0 Other deferred liabilities 653.0 Total Liabilities 2,694.3 Noncontrolling interests (37.3 ) Net assets acquired $ 3,024.7 |
Schedule of Transaction Costs Associated with Acquisition | Transaction costs associated with the CH2M acquisition in the accompanying consolidated statements of earnings for the years ended September 28, 2018 and September 29, 2017 are comprised of the following (in millions): For the Years Ended September 28, 2018 September 29, 2017 Personnel costs $ 50.2 $ 2.2 Professional services and other expenses 27.5 14.9 Total $ 77.7 $ 17.1 |
Summary of Unaudited Proforma Operating Results | The following presents summarized unaudited pro forma operating results assuming that the Company had acquired CH2M at October 1, 2016. These pro forma operating results are presented for illustrative purposes only and are not indicative of the operating results that would have been achieved had the related events occurred (in millions): For the Years Ended September 28, September 29, Revenues $ 16,012.4 $ 14,612.4 Net earnings $ 196.3 $ 264.8 Net earnings (loss) attributable to Jacobs $ 184.5 $ 243.6 Net earnings (loss) attributable to Jacobs per share: Basic earnings (loss) per share $ 1.28 $ 1.73 Diluted earnings (loss) per share $ 1.27 $ 1.72 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Value of Goodwill by Reportable Segment Appearing in Accompanying Consolidated Balance Sheets | As a result of the segment realignment this year, see Note 17- Segment Information , the historical carrying value of goodwill has been allocated to the three remaining reportable segments to present balances on a comparable basis. The roll-forward of goodwill by LOB appearing in the accompanying Consolidated Balance Sheets for the year ended September 28, 2018 was as follows (in millions): Aerospace, Technology, Environmental and Nuclear Buildings, Infrastructure and Advanced Energy, Total Balance September 29, 2017 $ 1,038 $ 1,049 $ 923 $ 3,010 Acquired 1,147 1,585 397 3,129 Post-Acquisition Adjustments relating to prior year acquisition 4 — — 4 Foreign Exchange Impact (13 ) (14 ) (12 ) (39 ) Balance September 28, 2018 $ 2,176 $ 2,620 $ 1,308 $ 6,104 |
Schedule of Acquired Intangibles in Accompanying Consolidated Balance Sheets | The following table provides a roll-forward of the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets for the years ended September 28, 2018 and September 29, 2017 (in thousands): Customer Relationships, Contracts and Backlog Developed Technology Trade Names Patents Lease Intangible Assets Other Total Balances, September 30, 2016 307,637 14,311 4,786 10,027 — 161 336,922 Acquisitions 29,803 1,685 4,417 — — 35,905 Amortization (39,679 ) (1,534 ) (2,549 ) (400 ) (50 ) (44,212 ) Foreign currency translation 3,707 — 45 553 — 4,305 Balances, September 29, 2017 301,468 14,462 6,699 10,180 — 111 332,920 Acquisitions 412,300 237 — — 4,415 — 416,952 Post-Acquisition Adjustments relating to prior year acquisition 200 (1,921 ) (1,700 ) — — — (3,421 ) Amortization (75,375 ) (1,533 ) (2,738 ) (410 ) (625 ) (50 ) (80,731 ) Foreign currency translation (9,150 ) — (159 ) (454 ) — — (9,763 ) Balances, September 28, 2018 629,443 11,245 2,102 9,316 3,790 61 655,957 Weighted Average Amortization Period (years) 9 8 8 24 8 2 9 |
Schedule of Estimated Amortization Expense of Intangible Assets | The following table presents estimated amortization expense of intangible assets for fiscal 2019 and for the succeeding years. The amounts below include preliminary amortization estimates for the CH2M opening balance sheet fair values that are still preliminary and are subject to change. Fiscal Year (in millions) 2019 $ 86.1 2020 83.0 2021 79.4 2022 78.2 2023 77.6 Thereafter 242.9 Total $ 647.2 |
Joint Ventures and VIE's (Table
Joint Ventures and VIE's (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Summary of financial information of the unconsolidated joint ventures accounted for under the equity method, as derived from their unaudited financial statements, is as follows (in millions): For the Years Ended September 28, 2018 September 29, 2017 Current assets $ 1,736.0 $ 1,385.7 Non-Current assets 51.5 55.9 Total assets $ 1,787.5 $ 1,441.6 Current liabilities $ 944.9 $ 415.8 Non-current liabilities 664.1 845 Total liabilities 1,609 1,260.8 Joint ventures' equity 178.5 180.8 Total liabilities & joint venture equity $ 1,787.5 $ 1,441.6 For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Revenue $ 3,334.5 $ 2,015.6 $ 2,199.1 Cost of revenue 3,034.1 1,829.5 1,998.0 Gross profit $ 300.4 $ 186.1 $ 201.1 Net income $ 233.2 $ 140 $ 136.5 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring and Other Charges Impacts on Reportable Segment Income by Line of Business | The following table summarizes the impacts of the Restructuring and other charges (or recoveries, which primarily relate to the reversals of lease abandonment accruals related to previously vacated facilities which are now planned to be utilized) by line of business in connection with the CH2M acquisition for the year ended September 28, 2018 and the 2015 Restructuring and realignment of the Company's Europe, U.K. and Middle East regional operations for the year ended September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Aerospace, Technology, Environmental and Nuclear $ 20,254 $ 2,356 8,210 Buildings, Infrastructure and Advanced Facilities 56,238 47,743 24,566 Energy, Chemicals and Resources 37,166 42,558 113,315 Corporate 77,148 42,781 41,816 Total $ 190,806 $ 135,438 $ 187,907 |
Schedule of Restructuring and Other Activities | The activity in the Company’s accrual for the Restructuring and other charges for the year ended September 28, 2018 is as follows (in thousands): Balance at Balance at September 29, 2017 $ 142,767 CH2M Acquisition Assumed Liabilities 31,576 CH2M Charges 190,806 Payments & Usage (189,673 ) Balance at September 28, 2018 $ 175,476 |
Summary of Restructuring and Other Activities by Major Type of Costs | The following table summarizes the Restructuring and other charges by major type of costs in connection with the CH2M acquisition for the years ended September 28, 2018 , and the 2015 Restructuring and realignment of the Company's Europe, U.K. and Middle East regional operations for the years ended September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Lease Abandonments $ 53,914 $ 55,647 $ 92,643 Involuntary Terminations 37,063 43,667 85,599 Outside Services 36,308 4,236 7,398 Other (1) 63,521 31,888 2,267 Total $ 190,806 $ 135,438 $ 187,907 (1) Includes $21.0 million in the fourth quarter of fiscal 2018 relating to the loss on the sale of our Guimar joint venture investment recognized in other income (expense). |
Summary of Cumulative Amounts Incurred for Restructuring and Other Activities Costs | Cumulative amounts incurred to date for Restructuring and other charges by each major type of cost as of September 28, 2018 are as follows (in thousands): Lease Abandonments $ 292,773 Involuntary Terminations 221,642 Outside Services 60,677 Other 96,252 Total $ 671,344 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The following table presents certain information regarding the Company’s long-term debt at September 28, 2018 and September 29, 2017 (dollars in thousands): Interest Rate Maturity September 28, 2018 September 29, 2017 Revolving Credit Facility LIBOR + applicable margin (1) February 2020 $ 149,129 $ 235,000 Term Loan Facility LIBOR + applicable margin (2) December 2020 1,500,000 — Fixed-rate notes due: Senior Notes, Series A 4.27% May 2025 190,000 — Senior Notes, Series B 4.42% May 2028 180,000 — Senior Notes, Series C 4.52% May 2030 130,000 — Less: Deferred Financing Fees (4,998 ) — Other Varies Varies 2,746 — Total Long-term debt, net $ 2,146,877 $ 235,000 (1) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the Revolving Credit Facility), borrowings under the Revolving Credit Facility 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 applicable LIBOR rates at September 28, 2018 and September 29, 2017 were approximately 1.38% to 3.47% and 1.0% to 2.23% , respectively. (2) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the Term Loan Facility), borrowings under the Term Loan Facility 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 applicable LIBOR rate at September 28, 2018 was approximately 3.71% . |
Schedule of interest expense | The following table presents the amount of interest paid by the Company during September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 $68,467 $12,862 $13,282 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Change In Plans' Combined Net Benefit Obligations | The following table sets forth the changes in the plans’ combined net benefit obligation (segregated between plans existing within and outside the U.S.) for the years ended September 28, 2018 and September 29, 2017 (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Net benefit obligation at the beginning of the year $ 169,942 $ 185,664 $ 1,306,807 $ 1,363,782 Service cost 4,765 1,000 8,269 7,509 Interest cost 13,778 5,757 49,324 31,205 Participants’ contributions 839 — 451 250 Actuarial (gains)/losses (30,730 ) (9,922 ) (43,595 ) (142,273 ) Benefits paid (27,914 ) (14,338 ) (75,711 ) (40,208 ) Curtailments/settlements/plan amendments (9,434 ) — (6,136 ) (1,375 ) Acquisition of CH2M Plans 327,156 — 924,233 — Effect of exchange rate changes and other, net — 1,781 (14,396 ) 87,917 Net benefit obligation at the end of the year $ 448,402 $ 169,942 $ 2,149,246 $ 1,306,807 |
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.) for the years ended September 28, 2018 and September 29, 2017 (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Fair value of plan assets at the beginning of the year $ 147,788 $ 142,464 $ 1,076,928 $ 1,003,911 Actual return on plan assets 9,891 18,662 (19,883 ) 16,789 Employer contributions 58,097 1,000 31,556 21,005 Participants’ contributions 839 — 451 250 Gross benefits paid (27,914 ) (14,338 ) (75,711 ) (40,208 ) Curtailments/settlements/plan amendments (9,434 ) — (5,496 ) (228 ) Acquisition of CH2M Plans 211,562 — 869,414 — Effect of exchange rate changes and other, net — — (9,778 ) 75,409 Fair value of plan assets at the end of the year $ 390,829 $ 147,788 $ 1,867,481 $ 1,076,928 |
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 September 28, 2018 and September 29, 2017 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Net benefit obligation at the end of the year $ 448,402 $ 169,942 $ 2,149,246 $ 1,306,807 Fair value of plan assets at the end of the year 390,829 147,788 1,867,481 1,076,928 Under funded amount recognized at the end of the year $ 57,573 $ 22,154 $ 281,765 $ 229,879 |
Schedule of Accumulated and Projected Benefit Obligations | The following table presents the accumulated benefit obligation at September 28, 2018 and September 29, 2017 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Accumulated benefit obligation at the end of the year $ 447,549 $ 169,942 $ 2,123,839 $ 1,291,600 |
Schedule of Amount Recognized in Accompanying Balance Sheets | The following table presents the amounts recognized in the accompanying Consolidated Balance Sheets at September 28, 2018 and September 29, 2017 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Prepaid benefit cost included in noncurrent assets $ — $ — $ 19,736 $ 3,035 Accrued benefit cost included in current liabilities 2,548 — 3,671 585 Accrued benefit cost included in noncurrent liabilities 55,025 22,154 297,830 232,329 Net amount recognized at the end of the year $ 57,573 $ 22,154 $ 281,765 $ 229,879 |
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 plans recorded in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at September 28, 2018 and September 29, 2017 (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Plans Non-U.S. Plans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Net actuarial loss $ 37,255 $ 47,681 $ 273,312 $ 218,752 Prior service cost — — (700 ) (855 ) Total $ 37,255 $ 47,681 $ 272,612 $ 217,897 |
Schedule of Accumulated Comprehensive Income Amortized Against Earnings In 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 2019 based on 2018 exchange rates (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss $ 2,925 $ 8,616 Unrecognized prior service cost — (258 ) Accumulated comprehensive loss to be recorded against earnings $ 2,925 $ 8,358 |
Schedule of Weighted Average Measurement Of Assets And Liabilities | The plans’ weighted average asset allocations at September 28, 2018 and September 29, 2017 (the measurement dates used in valuing the plans’ assets and liabilities) were as follows: U.S. Plans Non-U.S. Pans September 28, 2018 September 29, 2017 September 28, 2018 September 29, 2017 Equity securities 27 % 70 % 24 % 24 % Debt securities 39 % 23 % 49 % 32 % Real estate investments — % — % 8 % 5 % Other 34 % 7 % 19 % 39 % |
Anticipated Cash Contributions | The following table presents the amount of cash contributions we anticipate making into the plans during fiscal 2019 (in thousands): U.S. Plans Non-U.S. Plans Anticipated cash contributions $ 2,601 $ 31,549 |
Schedule of Expected Payments to Participants in Pension Plan | The following table presents the total benefit payments expected to be paid to plan participants during each of the next five fiscal years, and in total for the five years thereafter (in thousands): U.S. Plans Non-U.S. Pans 2019 $ 31,785 $ 70,313 2020 31,270 71,337 2021 31,740 74,906 2022 31,818 78,097 2023 31,857 81,569 For the periods 2024 through 2028 154,755 448,246 |
Schedule of Contribution to Multiemployer Pension Plans | The following table presents the Company’s contributions to these multiemployer plans for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Canada $ 36,354 $ 35,182 $ 44,912 Europe $ 10,677 $ 6,212 $ 8,771 United States $ 9,536 $ 4,548 $ 5,058 Contributions to multiemployer pension plans $ 56,567 $ 45,942 $ 58,741 |
U.S. Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Significant Actuarial Assumptions In Determining 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 the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Discount rates 3.9% to 4.2% 3.5 % 3.2 % Rates of compensation increases 3.5% — % — % Return on Assets 5.8% to 5.9% 7.5 % 7.4 % |
Schedule of Pension Plans Recognized In Accumulated Other Comprehensive Loss | The following table presents certain amounts relating to our U.S. plans recognized in accumulated other comprehensive (gain) loss at September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Arising during the period: Net actuarial (gain) loss $ (7,514 ) $ (11,372 ) $ 4,337 Reclassification adjustments: Net actuarial losses (2,913 ) (2,431 ) (2,312 ) Total $ (10,427 ) $ (13,803 ) $ 2,025 |
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 September 28, 2018 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): September 28, 2018 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total U.S. Domestic equities $ 13,861 $ 63,937 $ — $ — $ 77,798 Overseas equities 26,699 — — — 26,699 U.S. Domestic bonds 84,894 58,229 — — 143,123 Overseas bonds 938 9,570 — — 10,508 Cash and equivalents 6,631 — — — 6,631 Mutual funds 126,042 — — — 126,042 Hedge funds $ — $ — $ — 28 28 Total $ 259,065 $ 131,736 $ — $ 28 $ 390,829 The following table presents the Fair Value of the Company’s U.S. plan assets at September 29, 2017 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): September 29, 2017 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 3 Total U.S. Domestic equities $ 103,760 $ — $ 103,760 U.S. Domestic bonds 33,404 — 33,404 Cash and equivalents 4,448 — 4,448 Hedge funds — 6,176 6,176 Total $ 141,612 $ 6,176 $ 147,788 |
Summary of Changes in the Fair Value of Plans Level 3 Assets | The following table summarizes the changes in the Fair Value of the Company’s U.S. plans’ Level 3 assets for the year ended September 28, 2018 (in thousands): Hedge Funds Balance at September 29, 2017 $ 6,176 Purchases, sales, and settlements (6,176 ) Realized and unrealized gains — Balance at September 28, 2018 $ — The following table summarizes the changes in the Fair Value of the Company’s U.S. plans’ Level 3 assets for the year ended September 29, 2017 (in thousands): Real Estate Hedge Funds Balance at September 30, 2016 $ 3,477 $ 5,715 Purchases (3,477 ) (557 ) Realized and unrealized gains — 1,018 Balance at September 29, 2017 $ — $ 6,176 |
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. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Service cost $ 4,765 $ 1,000 $ 9,875 Interest cost 13,778 5,757 16,746 Expected return on plan assets (19,663 ) (9,942 ) (22,368 ) Actuarial loss 3,845 3,985 7,512 Prior service cost — — (176 ) Net pension cost, before special items 2,725 800 11,589 Contractual expense/Settlement loss 4,146 1,781 8,061 Total net periodic pension cost recognized $ 6,871 $ 2,581 $ 19,650 |
Non-U.S. Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Significant Actuarial Assumptions In Determining 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. plans for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 : For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Discount rates 1.3% to 8.1% 1.3% to 7.0% 0.7% to 7.0% Rates of compensation increases 2.5% to 7.5% 2.5% to 7.5% 2.5% to 7.5% Expected long-term rates of return on assets 2.9% to 7.5% 3.5% to 8.5% 3.5% 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. plans recognized in accumulated other comprehensive (gain) loss at September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Arising during the period: Net actuarial (gain) loss $ 59,827 $ (76,860 ) $ 102,925 Prior service cost (benefit) 215 119 580 Total 60,042 (76,741 ) 103,505 Reclassification adjustments: Net actuarial losses (5,507 ) (8,732 ) (7,508 ) Prior service cost 181 229 163 Total (5,326 ) (8,503 ) (7,345 ) Total $ 54,716 $ (85,244 ) $ 96,160 |
Schedule of Fair Value of Pension Plan Assets | The following table presents the Fair Value of the Company’s non-U.S. plan assets at September 29, 2017 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): September 29, 2017 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 3 Total Domestic equities $ 30,916 $ — $ 30,916 Overseas equities 229,205 — 229,205 Domestic bonds 263,145 — 263,145 Overseas bonds 77,682 — 77,682 Cash and equivalents 38,924 — 38,924 Real estate — 58,974 58,974 Insurance contracts — 74,353 74,353 Other — 303,729 303,729 Total $ 639,872 $ 437,056 $ 1,076,928 The following table presents the Fair Value of the Company’s non-U.S. plan assets at September 28, 2018 , segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): September 28, 2018 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total Domestic equities $ — 31,868 $ — 36,642 $ 68,510 Overseas equities — 327,309 — 44,675 371,984 Domestic bonds 252 222,282 — 1,080 223,614 Overseas bonds — 641,966 — 60,804 702,770 Cash and equivalents 33,482 7,822 — — 41,304 Real estate — 26,987 99,587 17,568 144,142 Insurance contracts — 4,188 95,782 — 99,970 Derivatives — (26,656 ) — — $ (26,656 ) Hedge funds — — 135,786 8,047 $ 143,833 Mutual funds 69 97,941 — 98,010 Total $ 33,803 $ 1,333,707 $ 331,155 $ 168,816 $ 1,867,481 |
Summary of Changes in the Fair Value of 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 September 28, 2018 (in thousands): Real Estate Insurance Contracts Hedge Funds Balance at September 29, 2017 $ 58,974 $ 74,353 $ 303,729 Purchases, sales, and settlements 42,711 21,626 (154,446 ) Realized and unrealized gains (losses) (784 ) 1,551 (6,650 ) Transfers — — — Effect of exchange rate changes (1,314 ) (1,748 ) (6,847 ) Balance at September 28, 2018 $ 99,587 $ 95,782 $ 135,786 The following table summarizes the changes in the Fair Value of the Company’s non-U.S. plans’ Level 3 assets for the year ended September 29, 2017 (in thousands): Real Estate Insurance Contracts Hedge Funds Balance at September 30, 2016 $ 55,665 $ 39,473 $ 272,517 Purchases, sales, and settlements (1,199 ) 422 (9,022 ) Realized and unrealized gains 2,642 (7,572 ) 19,662 Transfers — 40,031 11,758 Effect of exchange rate changes 1,866 1,999 8,814 Balance at September 29, 2017 $ 58,974 $ 74,353 $ 303,729 |
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. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 Service cost $ 8,269 $ 7,509 $ 14,378 Interest cost 49,324 31,205 38,892 Expected return on plan assets (83,328 ) (56,269 ) (50,190 ) Actuarial loss 6,655 10,616 9,092 Prior service cost (257 ) (329 ) (260 ) Net pension cost, before special items (19,337 ) (7,268 ) 11,912 Curtailment expense/Settlement loss 1,268 (298 ) (7,512 ) Total net periodic pension (income) cost recognized $ (18,069 ) $ (7,566 ) $ 4,400 |
Savings and Deferred Compensa_2
Savings and Deferred Compensation Plans Savings and Deferred Compensation Plans (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Savings And Deferred Compensation Plans [Abstract] | |
Schedule of Savings Plans Contributions | The following table presents the Company’s contributions to these savings plans for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 $ 113,135 $ 82,882 $ 89,966 |
Schedule of Deferred Compensation Plans Expense | The following table presents the amount charged to expense for the Company’s deferred compensation plans for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): September 28, 2018 September 29, 2017 September 30, 2016 $ 4,445 $ 4,368 $ 5,792 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Equity [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the Company's roll forward of accumulated income (loss) after-tax for the years ended September 28, 2018 and September 29, 2017 (in thousands): Change in Pension Liabilities Foreign Currency Translation Adjustment Gain/(Loss) on Cash Flow Hedges Total Balance at September 30, 2016 $ (364,625 ) $ (245,613 ) $ (356 ) $ (610,594 ) Other comprehensive income (loss) 88,113 (140,527 ) 834 (51,580 ) Reclassifications from other comprehensive income (loss) 10,934 — (2,274 ) 8,660 Balance at September 29, 2017 (265,578 ) (386,140 ) (1,796 ) (653,514 ) Other comprehensive income (loss) (52,528 ) (119,070 ) 618 (170,980 ) Reclassifications from other comprehensive income (loss) 8,239 9,193 359 17,791 Balance at September 28, 2018 $ (309,867 ) $ (496,017 ) $ (819 ) $ (806,703 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Consolidated Income Tax Expense | The following table presents the components of our consolidated income tax expense for years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Current income tax expense: Federal $ 34,145 $ 29,297 $ 36,020 State (597 ) 8,535 11,336 Foreign 59,889 31,347 52,259 Total current tax expense 93,437 69,179 99,615 Deferred income tax expense (benefit): Federal 252,730 29,390 6,439 State 15,485 3,407 485 Foreign 19,911 3,866 (34,331 ) Total deferred tax expense (benefit) 288,126 36,663 (27,407 ) Consolidated income tax expense $ 381,563 $ 105,842 $ 72,208 |
Components of Deferred Tax Assets | The following table presents the components of our net deferred tax assets at September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Deferred tax assets: Obligations relating to: Defined benefit pension plans $ 30,483 $ 52,299 Other employee benefit plans 190,548 192,299 Net Operating Losses 167,424 136,783 Foreign Tax Credit 145,931 — Other Credits 8,764 Self-insurance programs — 489 Contract revenues and costs 130,116 (18,374 ) Deferred Rent 5,454 25,654 Restructuring 14,515 18,258 Other 3,533 19,389 Valuation Allowance (264,944 ) (58,097 ) Gross deferred tax assets 431,824 368,700 Deferred tax liabilities: Depreciation and amortization (206,705 ) (176,327 ) Self-insurance programs (3,513 ) — Unremitted earnings (79,418 ) — Other, net — (1,438 ) Gross deferred tax liabilities (289,636 ) (177,765 ) Net deferred tax assets $ 142,188 $ 190,935 |
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 non-qualified stock options and disqualifying dispositions of stock sold under our employee stock purchase plans for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in millions): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 $ 4.7 $ 5.2 $ 1.5 |
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 the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (dollars in thousands): For the Years Ended September 28, 2018 % September 29, 2017 % September 30, 2016 % Statutory amount $ 136,458 24.6 % $ 137,626 35.0 % $ 100,353 35.0 % State taxes, net of the federal benefit 7,587 1.4 % 8,955 2.3 % 7,853 2.7 % Exclusion of tax on non-controlling interests (2,389) (0.4 )% 2,223 0.6 % (1,418 ) (0.5 )% Foreign: Difference in tax rates of foreign operations 9,860 1.8 % (16,987 ) (4.3 )% (17,184 ) (6.0 )% Benefit from foreign valuation allowance release (5,105) (0.9 )% (3,085 ) (0.8 )% (11,182 ) (3.9 )% U.K. tax rate change on deferred tax assets — — — — % 8,853 3.1 % Nontaxable income from foreign affiliate — — (3,280 ) (0.8 )% — — U.S. tax cost of foreign operations 6,577 1.2 % 18,612 4.7 % 30,850 10.9 % Tax differential on foreign earnings 11,332 2.0 % (4,740 ) (1.2 )% 11,337 4.1 % Foreign tax credits (21,729) (3.9 )% (20,454 ) (5.2 )% (44,018 ) (15.4 )% Tax Reform 154,150 27.8 % — — — — Valuation Allowance 104,221 18.8 % — — — — Uncertain tax positions (1,297) (0.2 )% (5,779 ) (1.5 )% 1,449 0.5 % Other items: IRS §179D deduction (4,520) (0.8 )% (3,351 ) (0.8 )% (2,153 ) (0.8 )% IRS §199D deduction — — (2,113 ) (0.5 )% (2,800 ) (1.0 )% Foreign partnership income/(loss) (3,990) (0.7 )% (9,861 ) (2.5 )% (2,658 ) (0.9 )% Other items – net 1,740 0.3 % 3,336 0.7 % 4,263 1.5 % Total other items (6,770) (1.2 )% (11,989 ) (3.1 )% (3,348 ) (1.2 )% Taxes on income $ 381,563 68.9 % $ 105,842 26.9 % $ 72,208 25.2 % |
Income Tax Payments | The following table presents income tax payments made during the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in millions): September 28, 2018 September 29, 2017 September 30, 2016 $ 44.29 $ 78.39 $ 116.30 |
Components of our Consolidated Earnings Before Taxes | The following table presents the components of our consolidated earnings before taxes for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 United States earnings $ 282,123 $ 232,342 $ 206,159 Foreign earnings 272,582 160,875 80,564 $ 554,705 $ 393,217 $ 286,723 |
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 ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Balance, beginning of year $ 38,580 $ 44,167 $ 42,666 Acquisition of CH2M 137,912 — — Additions based on tax positions related to the current 9,780 5,900 5,670 Additions for tax positions of prior years 5,561 237 367 Reductions for tax positions of prior years (8,962 ) (4,524 ) (2,451 ) Settlement (3,731 ) (7,200 ) (2,085 ) Balance, end of year $ 179,140 $ 38,580 $ 44,167 |
Commitments and Contingencies_2
Commitments and Contingencies and Derivative Financial Instruments (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment Under Operating Leases | We lease certain of our facilities and equipment under operating leases with net aggregate future lease payments at September 28, 2018 , payable as follows (in thousands): In fiscal years, 2019 $ 215,375 2020 187,228 2021 158,781 2022 135,991 2023 115,614 Thereafter 344,120 1,157,109 Amounts representing sublease income (19,443 ) $ 1,137,666 |
Rent Expense and Sublease Income | The following table presents rent expense and sublease income offsetting the Company’s rent expense for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Rent expense $ 217,550 $ 145,344 $ 151,539 Sublease income (5,514 ) (7,052 ) (7,212 ) Net rent expense $ 212,036 $ 138,292 $ 144,327 |
Significant Terms of the Lease | 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 guarantee (in thousands) $ 62,412 |
Other Financial Information Oth
Other Financial Information Other Financial Information (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Other Financial Information [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the components of “Receivables” as shown in the accompanying Consolidated Balance Sheets at September 28, 2018 and September 29, 2017 as well as certain other related information (in thousands): September 28, 2018 September 29, 2017 Components of receivables: Amounts billed, net $ 1,597,297 $ 949,060 Unbilled receivables and other 1,933,000 1,118,144 Retentions receivable 24,633 35,339 Total receivables, net $ 3,554,930 $ 2,102,543 Other information about receivables: Amounts due from the United States federal government included above, net of advanced billings $ 472,846 $ 226,236 Claims receivable $ — $ 4,600 |
Property, Plant and Equipment | The following table presents the components of our property, equipment and improvements, net at September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Land $ 19,327 $ 17,197 Buildings 129,336 93,313 Equipment 721,274 627,609 Leasehold improvements 268,979 220,295 Construction in progress 17,685 21,300 1,156,601 979,714 Accumulated depreciation and amortization (698,895 ) (629,803 ) $ 457,706 $ 349,911 |
Miscellaneous Noncurrent Assets | The following table presents the components of “Miscellaneous noncurrent assets” shown in the accompanying Consolidated Balance Sheets at September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Deferred income taxes $ 319,405 $ 368,700 Deferred compensation arrangement investments 282,974 142,522 Equity Method Investments 219,614 131,400 Notes receivable 1,274 17,839 Other 48,425 31,561 Total $ 871,692 $ 692,022 |
Accrued Liabilities | The following table presents the components of “Accrued liabilities” shown in the accompanying Consolidated Balance Sheets at September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Accrued payroll and related liabilities $ 864,670 $ 572,946 Project-related accruals 45,349 71,815 Non project-related accruals 349,384 116,051 Insurance liabilities 64,976 67,546 Sales and other similar taxes 83,151 32,163 Deferred rent 58,988 60,593 Dividends payable 22,111 18,573 Total $ 1,488,629 $ 939,687 |
Other Deferred Liabilities | The following table presents the components of “Other deferred liabilities” shown in the accompanying Consolidated Balance Sheets at September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Liabilities relating to defined benefit pension and early retirement plans $ 352,855 $ 254,483 Liabilities relating to nonqualified deferred compensation arrangements 238,830 114,616 Deferred income taxes 177,217 177,765 Miscellaneous 639,969 185,417 Total $ 1,408,871 $ 732,281 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Total Revenues, Segment Operating Profit and Total Asset for Reporting Segment | The following tables present total revenues and segment operating profit for each reportable segment (in thousands) and includes a reconciliation of segment operating profit to total U.S. GAAP operating profit by including certain corporate-level expenses and expenses relating to the Restructuring and other charges and transaction costs associated with the CH2M transaction and integration costs and the ECR sale (in thousands). Prior period information has been recast to reflect the current period presentation. For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Revenues from External Customers: Aerospace, Technology, Environmental and Nuclear $ 4,372,008 $ 2,464,363 $ 2,845,913 Buildings, Infrastructure and Advanced Facilities 6,184,883 3,830,697 3,419,505 Energy, Chemicals and Resources 4,427,755 3,727,728 4,698,739 Total $ 14,984,646 $ 10,022,788 $ 10,964,157 For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Segment Operating Profit: Aerospace, Technology, Environmental and Nuclear (1) $ 311,871 $ 200,179 $ 215,119 Buildings, Infrastructure and Advanced Facilities (2) 482,277 263,679 217,412 Energy, Chemicals and Resources 218,109 161,312 153,797 Total Segment Operating Profit 1,012,257 625,170 586,328 Other Corporate Expenses (113,702 ) (81,595 ) (60,100 ) Restructuring and Other Charges (170,148 ) (134,206 ) (187,630 ) Transaction Costs (80,436 ) (17,100 ) — Total U.S. GAAP Operating Profit 647,971 392,269 338,598 Gain (Loss) on disposal of business and investments (20,967 ) 10,880 (41,410 ) Total Other (Expense) Income, net (3) (72,299 ) (9,932 ) (10,465 ) Earnings Before Taxes $ 554,705 $ 393,217 $ 286,723 (1) Includes $15.0 million in charges during the year ended September 28, 2018 associated with a legal matter. (2) Excludes $23.8 million in restructuring and other charges for the year ended September 29, 2017 . See Note 8, Restructuring and Other Charges . (3) Includes amortization of deferred financing fees related to the CH2M acquisition of $1.8 million for the year ended September 28, 2018 . Also, includes $1.2 million and $ 277 thousand of restructuring and other charges for the years ended September 29, 2017 and September 30, 2016 , respectively. |
Revenue from External Customers by Geographic Areas | The following table presents certain financial information by geographic area (in thousands): For the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 Revenues: United States $ 9,519,085 $ 5,822,843 $ 6,247,448 Europe 2,768,739 2,262,092 2,346,224 Canada 863,531 590,604 927,942 Asia 316,339 253,167 299,952 India 211,983 165,295 187,929 Australia and New Zealand 719,566 628,945 436,670 South America and Mexico 159,700 73,456 125,610 Middle East and Africa 425,703 226,386 392,382 Total $ 14,984,646 $ 10,022,788 $ 10,964,157 Property, equipment and improvements, net: United States $ 316,633 $ 220,416 $ 195,392 Europe 59,019 46,108 37,163 Canada 21,559 18,435 21,464 Asia 3,588 2,793 3,069 India 19,446 19,191 13,350 Australia and New Zealand 16,151 18,692 18,888 South America and Mexico 4,562 4,619 5,621 Middle East and Africa 16,748 19,657 24,726 Total $ 457,706 $ 349,911 $ 319,673 |
Schedule of Product Information | 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 the Years Ended September 28, 2018 September 29, 2017 September 30, 2016 23% 19% 21% |
Selected Quarterly Informatio_2
Selected Quarterly Information - Unaudited (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following table presents selected quarterly financial information. (in thousands, except for per share amounts): First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year September 28, 2018 Revenues $ 2,750,311 $ 3,935,028 $ 4,156,663 $ 4,142,644 $ 14,984,646 Operating profit (a) $ 47,644 (e) $ 146,286 (e) $ 212,729 (e) $ 241,312 (e) $ 647,971 Earnings before taxes $ 41,916 $ 122,167 $ 192,783 $ 197,839 $ 554,705 Net earnings of the Group $ 2,561 $ 51,932 $ 150,071 $ (31,422 ) $ 173,142 Net earnings attributable to Jacobs $ 2,163 (e) $ 48,587 (e) $ 150,222 (e) $ (37,541 ) (e) $ 163,431 Earnings per share: Basic $ 0.02 (e) $ 0.34 (e) $ 1.05 (e) $ (0.26 ) (e) $ 1.18 Diluted $ 0.02 (e) $ 0.34 (e) $ 1.05 (e) $ (0.26 ) (e) $ 1.17 September 29, 2017 Revenues $ 2,551,604 $ 2,302,567 (c) $ 2,514,751 (c) $ 2,653,866 $ 10,022,788 Operating profit (a) $ 88,628 $ 68,173 (c) $ 128,475 (c) $ 106,993 $ 392,269 Earnings before taxes $ 85,880 $ 60,491 $ 127,396 $ 119,450 $ 393,217 Net earnings of the Group $ 61,153 $ 44,165 $ 88,629 $ 93,428 $ 287,375 Net earnings attributable to Jacobs $ 60,536 (c) $ 50,018 (c) $ 89,032 (c) $ 94,141 (c)(d) $ 293,727 Earnings per share: Basic $ 0.50 (c) $ 0.41 (c) $ 0.74 (c) $ 0.78 (c)(d) $ 2.43 Diluted $ 0.50 (c) $ 0.41 (c) $ 0.74 (c) $ 0.78 (c)(d) $ 2.42 September 30, 2016 Revenues $ 2,847,934 $ 2,781,763 $ 2,693,873 $ 2,640,587 $ 10,964,157 Operating profit (a) $ 59,450 $ 86,781 $ 109,556 $ 82,811 $ 338,598 Earnings before taxes $ 57,787 $ 90,456 $ 102,807 $ 35,673 $ 286,723 Net earnings of the Group $ 50,306 $ 63,389 $ 70,937 $ 29,883 $ 214,515 Net earnings attributable to Jacobs $ 46,514 (b) $ 65,250 (b) $ 69,055 (b) $ 29,644 (b) $ 210,463 Earnings per share: Basic $ 0.38 (b) $ 0.54 (b) $ 0.58 (b) $ 0.25 (b) $ 1.75 Diluted $ 0.38 (b) $ 0.54 (b) $ 0.57 (b) $ 0.24 (b) $ 1.73 (a) Operating profit represents revenues less (i) direct costs of contracts, and (ii) selling, general and administrative expenses. (b) Includes costs of $ 48.1 million, or $ 0.39 per diluted share, in the first quarter of fiscal 2016 , $ 25.7 million or $ 0.21 per diluted share in the second quarter of fiscal 2016 , $ 25.8 million, or $ 0.21 per diluted share, in the third quarter, and $ 36.0 million or $ 0.3 per diluted share in the fourth quarter of fiscal 2016 , in each case, related to the 2015 Restructuring. Also included in the fourth quarter of fiscal 2016 were $ 17.1 million, or $ 0.14 per diluted share related to the loss on sale of our French subsidiary; and $ 10.4 million, or $ 0.09 per diluted share related to the non-cash write-off on an equity investment. (c) Includes costs of $ 31.7 million, or $ 0.18 per diluted share, in the first quarter of fiscal 2017 ; includes $ 16.5 million in revenue, $ 72.2 million in operating profit, $ 45.2 million in net earnings attributable to Jacobs, or $ 0.37 per diluted share, in the second quarter of fiscal 2017 ; includes $1 million in revenue, $ 10.7 million in operating profit and $ 6.3 million in net earnings attributable to Jacobs, or $ 0.05 per diluted share, in the third quarter of fiscal 2017 ; includes $ 19.5 million in operating profit, $ 13.6 million in net earnings attributable to Jacobs, or $ 0.11 per diluted share, in the fourth quarter of fiscal 2017 , in each case, related to restructuring and other charges. (d) Includes costs of $ 10.6 million, or $ 0.09 per diluted share, in the fourth quarter of fiscal 2017 related to professional fees and integration costs for the CH2M acquisition. (e) Includes $ 87.0 million in operating profit, $94.8 million in net earnings attributable to Jacobs, or $ 0.75 per diluted share, in the first quarter of fiscal 2018 ; includes $ 73.7 million in operating profit, $ 95.4 million in net earnings attributable to Jacobs, or $ 0.66 per diluted share, in the second quarter of fiscal 2018 ; includes $ 51.3 million in operating profit and $ 43.9 million in net earnings attributable to Jacobs, or $ 0.31 per diluted share, in the third quarter of fiscal 2018 ; includes $ 38.5 million in operating profit, $ 225.9 million in net earnings attributable to Jacobs, or $ 1.57 per diluted share, in the fourth quarter of fiscal 2018 , in each case, related to restructuring and other charges, transaction costs and charges relating to U.S. tax reform. |
Description of Business and B_3
Description of Business and Basis of Presentation (Details) | 3 Months Ended | 12 Months Ended | |||
Mar. 30, 2018Business | Mar. 27, 2015Business | Sep. 28, 2018segment | Sep. 29, 2017 | Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Cost-reimbursable | 76.00% | 81.00% | 82.00% | ||
Fixed-price | 24.00% | 19.00% | 18.00% | ||
Number of operating and reporting structure of business | 3 | 4 | 3 |
Significant Accounting Polici_4
Significant Accounting Policies (Pass-Through Costs Included in Revenues) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | |||
Pass-through costs included in revenues | $ 3,058.6 | $ 2,539.3 | $ 2,489.9 |
Significant Accounting Polici_5
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 28, 2018 | May 19, 2017 | |
Saudi Arabia-based Joint Venture | ||
Significant Accounting Policies [Line Items] | ||
Date of joint venture agreement | May 19, 2017 | |
Percentage of ownership interest in joint venture | 50.00% | |
Initial capital contributions to joint venture | $ 6 | |
Minimum | ||
Significant Accounting Policies [Line Items] | ||
Percentage of fair value of each reporting unit in excess of book value | 31.00% | |
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 | ||
Significant Accounting Policies [Line Items] | ||
Percentage of fair value of each reporting unit in excess of book value | 132.00% | |
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 |
Employee Stock Purchase and S_3
Employee Stock Purchase and Stock Option Plans (Stock Issuance Activity Under the 1989 ESPP and the GESPP) (Details) - USD ($) | Jan. 19, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 |
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: | $ 23,831,467 | $ 23,190,491 | $ 26,291,308 | |
Aggregate Number of Shares Sold: | 394,304 | 443,300 | 627,657 | |
Number of remaining shares reserved for issuance at September 28, 2018 | 7,398,130 | |||
Under the 1989 ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate Purchase Price Paid for Shares Sold: | $ 21,590,858 | $ 21,084,657 | $ 23,631,241 | |
Aggregate Number of Shares Sold: | 357,899 | 403,652 | 564,461 | |
Increase in number of shares authorized | 4,350,000 | |||
Number of remaining shares reserved for issuance at September 28, 2018 | 4,187,955 | |||
Under the GESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate Purchase Price Paid for Shares Sold: | $ 2,240,609 | $ 2,105,834 | $ 2,660,067 | |
Aggregate Number of Shares Sold: | 36,405 | 39,648 | 63,196 | |
Increase in number of shares authorized | 150,000 | |||
Number of remaining shares reserved for issuance at September 28, 2018 | 138,575 |
Employee Stock Purchase and S_4
Employee Stock Purchase and Stock Option Plans (Stock Purchase and Stock Option Plans Information on the 1999 Plans) (Details) - shares | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 30,950,000 | |
Number of remaining shares reserved for issuance at September 28, 2018 | 7,398,130 | |
Number of shares relating to outstanding stock options at September 28, 2018 | 1,766,759 | |
Number of shares available for future awards: | 5,631,371 | 7,664,358 |
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 September 28, 2018 | 6,911,375 | |
Number of shares relating to outstanding stock options at September 28, 2018 | 1,575,634 | |
Number of shares available for future awards: | 5,335,741 | 7,351,946 |
1999 SIP | Other Than Option Stock Appreciation Rights SARS | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award number of shares, fungible share basis (in shares) | 1.92 | |
Award number of shares, non-fungible share basis (in shares) | 1 | |
1999 ODSP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 1,100,000 | |
Number of remaining shares reserved for issuance at September 28, 2018 | 486,755 | |
Number of shares relating to outstanding stock options at September 28, 2018 | 191,125 | |
Number of shares available for future awards: | 295,630 | 312,412 |
Award number of shares, non-fungible share basis (in shares) | 1.92 |
Employee Stock Purchase and S_5
Employee Stock Purchase and Stock Option Plans (Fair Value of Shares Vested) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of awards not yet recognized | $ 93,300 | ||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 4 years 3 months 18 days | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares vested | $ 66,747 | $ 38,649 | $ 21,817 |
Restricted Stock Units (RSUs) | Service Condition | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares vested | 64,121 | 34,466 | 17,481 |
Restricted Stock Units (RSUs) | Service Market And Performance Conditions at Target | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares vested | $ 2,626 | $ 4,183 | $ 4,336 |
Employee Stock Purchase and S_6
Employee Stock Purchase and Stock Option Plans (Stock Option Activity Under the 1999 Plans and the 1981 Plan) (Details) - $ / shares | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of stock options outstanding, beginning balance (in shares) | 2,516,825 | 3,577,512 | 4,072,707 |
Number of stock options, Granted (in shares) | 0 | 0 | 460,770 |
Number of stock options, Exercised (in shares) | (636,019) | (906,648) | (412,416) |
Number of stock options, Canceled or expired (in shares) | (114,047) | (154,039) | (543,549) |
Number of stock options outstanding, ending balance (in shares) | 1,766,759 | 2,516,825 | 3,577,512 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, beginning balance (in dollars per share) | $ 46.19 | $ 45.69 | $ 46.06 |
Weighted Average Exercise Price, Granted (in dollars per share) | 0 | 0 | 42.17 |
Weighted Average Exercise Price, Exercised (in dollars per share) | 46.93 | 43.79 | 40.88 |
Weighted Average Exercise Price, Canceled or expired (in dollars per share) | 52.26 | 48.79 | 49.13 |
Weighted Average Exercise Price, ending balance (in dollars per share) | $ 45.53 | $ 46.19 | $ 45.69 |
Employee Stock Purchase and S_7
Employee Stock Purchase and Stock Option Plans (Total Intrinsic Value of Options Exercised) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Intrinsic value of stock options exercised | $ 13,931 | $ 14,713 | $ 4,149 |
Intrinsic value of options exercisable | $ 47,600 |
Employee Stock Purchase and S_8
Employee Stock Purchase and Stock Option Plans (Information Regarding Stock Option Plans) (Details) - $ / shares | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
At fiscal year end: | |||
Range of exercise prices for options outstanding, minimum (in dollars per share) | $ 32.51 | $ 32.51 | |
Range of exercise prices for options outstanding, maximum (in dollars per share) | $ 80.63 | $ 80.63 | |
Number of options exercisable (in shares) | 1,557,900 | 1,992,022 | 2,581,421 |
For the fiscal year: | |||
Range of prices relating to options exercised, minimum (in dollars per share) | $ 37.03 | $ 36.88 | |
Range of prices relating to options exercised, maximum (in dollars per share) | 55.53 | 55 | |
Estimated weighted average fair values of options granted (in dollars per share) | $ 0 | $ 0 | $ 12.80 |
Employee Stock Purchase and S_9
Employee Stock Purchase and Stock Option Plans (Information Regarding Options Outstanding, and Options Exercisable) (Details) - $ / shares | 12 Months Ended | |||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | Oct. 02, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number (in shares) | 1,766,759 | 2,516,825 | 3,577,512 | 4,072,707 |
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 4 years 7 months 24 days | |||
Options Outstanding, Weighted Average Price (in dollars per share) | $ 45.53 | $ 46.19 | $ 45.69 | $ 46.06 |
Options Exercisable, Number (in shares) | 1,557,900 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 45.93 | |||
$32.51 - $37.03 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number (in shares) | 153,000 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 3 years 5 months 27 days | |||
Options Outstanding, Weighted Average Price (in dollars per share) | $ 37.01 | |||
Options Exercisable, Number (in shares) | 153,000 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 37.01 | |||
$37.43 - $46.09 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number (in shares) | 1,059,647 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 4 years 10 months 13 days | |||
Options Outstanding, Weighted Average Price (in dollars per share) | $ 42.69 | |||
Options Exercisable, Number (in shares) | 850,788 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 42.74 | |||
$47.11 - $55.13 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number (in shares) | 513,237 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 4 years 5 months 23 days | |||
Options Outstanding, Weighted Average Price (in dollars per share) | $ 52.74 | |||
Options Exercisable, Number (in shares) | 513,237 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 52.74 | |||
$60.08 - $80.63 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number (in shares) | 40,875 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 5 years 3 months | |||
Options Outstanding, Weighted Average Price (in dollars per share) | $ 60.33 | |||
Options Exercisable, Number (in shares) | 40,875 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 60.33 |
Employee Stock Purchase and _10
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 | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
1999 ODSP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award number of shares, non-fungible share basis (in shares) | 1.92 | ||
1999 ODSP | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units outstanding (in shares) | 34,000 | ||
1999 ODSP | Restricted Stock Units (RSUs) | Service Condition | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units issued (in shares) | 21,620 | 21,123 | 23,090 |
Restricted stock and restricted stock units outstanding (in shares) | 91,092 | ||
1999 SIP | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units issued (in shares) | 0 | 0 | 597,091 |
Restricted stock and restricted stock units canceled (in shares) | 284,254 | 365,481 | 512,903 |
Award number of shares, fungible share basis (in shares) | 1.92 | ||
Restricted stock and restricted stock units outstanding (in shares) | 337,805 | ||
1999 SIP | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award number of shares, non-fungible share basis (in shares) | 1 | ||
Award number of shares, fungible share basis (in shares) | 1.92 | ||
1999 SIP | Restricted Stock Units (RSUs) | Service Condition | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units issued (in shares) | 1,087,724 | 496,951 | 183,131 |
Restricted stock and restricted stock units canceled (in shares) | 336,516 | 128,536 | 177,640 |
Restricted stock and restricted stock units outstanding (in shares) | 1,131,200 | ||
1999 SIP | Restricted Stock Units (RSUs) | Service Market And Performance Conditions at Target | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units issued (in shares) | 254,784 | 237,058 | 372,794 |
Restricted stock and restricted stock units canceled (in shares) | 95,063 | 86,742 | 275,933 |
Restricted stock and restricted stock units outstanding (in shares) | 735,438 |
Employee Stock Purchase and _11
Employee Stock Purchase and Stock Option Plans (Unvested Restricted Stock and Restricted Stock Units Roll Forward) (Details) - $ / shares | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Granted (in dollars per share) | $ 0 | $ 0 | $ 12.80 |
Restricted Stock And Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning balance outstanding (in shares) | 2,514,387 | ||
Granted (in shares) | 1,364,128 | ||
Vested (in shares) | (1,209,322) | ||
Canceled (in shares) | (339,658) | ||
Ending balance outstanding (in shares) | 2,329,535 | 2,514,387 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning balance outstanding (in dollars per share) | $ 49.62 | ||
Granted (in dollars per share) | 65.64 | ||
Vested (in dollars per share) | 55.19 | ||
Canceled (in dollars per share) | 49.57 | ||
Ending balance outstanding (in dollars per share) | $ 56.11 | $ 49.62 |
Employee Stock Purchase and _12
Employee Stock Purchase and Stock Option Plans (Narrative) (Details) $ in Millions | Jan. 18, 2017USD ($)employee | Sep. 28, 2018USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from stock options exercised | $ 29.8 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of employees affected due to modification | employee | 786 | |
Incremental compensation cost due to modification | $ 1.1 |
Earnings Per Share and Certai_3
Earnings Per Share and Certain Related Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 23, 2015 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Numerator for Basic and Diluted EPS: | ||||||||||||||||
Net income | $ (37,541,000) | $ 150,222,000 | $ 48,587,000 | $ 2,163,000 | $ 94,141,000 | $ 89,032,000 | $ 50,018,000 | $ 60,536,000 | $ 29,644,000 | $ 69,055,000 | $ 65,250,000 | $ 46,514,000 | $ 163,431,000 | $ 293,727,000 | $ 210,463,000 | |
Net income allocated to participating securities | (788,000) | (3,077,000) | 0 | |||||||||||||
Net income allocated to common stock for EPS calculation | $ 162,643,000 | $ 290,650,000 | $ 210,463,000 | |||||||||||||
Denominator for Basic and Diluted EPS: | ||||||||||||||||
Weighted average basic shares (in shares) | 138,182,000 | 120,689,000 | 120,133,000 | |||||||||||||
Shares allocated to participating securities (in shares) | (646,000) | (1,319,000) | 0 | |||||||||||||
Shares used for calculating basic EPS attributable to common stock (in shares) | 137,536,000 | 119,370,000 | 120,133,000 | |||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock compensation plans (in shares) | 1,176,000 | 777,000 | 1,350,000 | |||||||||||||
Shares used for calculating diluted EPS attributable to common stock (in shares) | 138,712,000 | 120,147,000 | 121,483,000 | |||||||||||||
Basic EPS (in dollars per share) | $ (0.26) | $ 1.05 | $ 0.34 | $ 0.02 | $ 0.78 | $ 0.74 | $ 0.41 | $ 0.50 | $ 0.25 | $ 0.58 | $ 0.54 | $ 0.38 | $ 1.18 | $ 2.43 | $ 1.75 | |
Diluted EPS (in dollars per share) | $ (0.26) | $ 1.05 | $ 0.34 | $ 0.02 | $ 0.78 | $ 0.74 | $ 0.41 | $ 0.50 | $ 0.24 | $ 0.57 | $ 0.54 | $ 0.38 | $ 1.17 | $ 2.42 | $ 1.73 | |
Share Repurchases | ||||||||||||||||
Amount authorized to be repurchased | $ 500,000,000 | |||||||||||||||
Average Price Per Share (in dollars per share) | $ 60.77 | |||||||||||||||
Number of shares repurchased (in shares) | 49,074,000 |
Earnings Per Share and Certai_4
Earnings Per Share and Certain Related Information - Narrative (Details) - $ / shares | Sep. 11, 2018 | Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Sep. 28, 2018 |
Earnings Per Share Reconciliation [Abstract] | |||||||
Dividends declared (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | ||
Dividends paid (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.60 | ||
Dividends payment date | Oct. 26, 2018 | ||||||
Common stock, par value (in dollars per share) | 1 | 1 | $ 1 | ||||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) shares in Millions | Dec. 29, 2017 | Dec. 15, 2017 | Sep. 28, 2018 | Sep. 29, 2017 |
CH2M HILL Companies, Ltd. | ||||
Business Acquisition [Line Items] | ||||
Percentage of outstanding shares of common and preferred stock acquired | 100.00% | |||
Business combination consideration paid in cash | $ 1,800,000,000 | |||
Business combination, cash acquired | 315,200,000 | |||
Business combination consideration equity issued | $ 1,400,000,000 | |||
Business combination consideration equity issued, shares | 20.7 | |||
Business combination assumed revolving credit facility and second lien notes | $ 706,000,000 | |||
Goodwill recognized expected to be deductible for tax purposes | 0 | |||
Adjustments to accrued liabilities and other deferred liabilities | 385,300,000 | |||
Decrease in intangible assets | $ 186,200,000 | |||
Decrease in property, plant and equipment | 50,500,000 | |||
Decrease in receivables | 77,300,000 | |||
Increase in accrued liabilities | 364,400,000 | |||
Increase in long-term assets | 245,500,000 | |||
Goodwill | $ 430,300,000 | |||
Revenue contributed by acquiree from acquisition date | $ 3,800,000,000 | |||
Net earnings contributed by acquiree from acquisition date | 185,900,000 | |||
Pre-tax restructuring and transaction costs | $ 99,300,000 | |||
CH2M HILL Companies, Ltd. | Customer relationships, contracts and backlog | ||||
Business Acquisition [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | |||
CH2M HILL Companies, Ltd. | Customer relationships, contracts and backlog | Minimum | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life | 9 years | |||
CH2M HILL Companies, Ltd. | Customer relationships, contracts and backlog | Maximum | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangible asset, useful life | 11 years | |||
CH2M HILL Companies, Ltd. | Other Intangible Assets and Liabilities | ||||
Business Acquisition [Line Items] | ||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | |||
CH2M HILL Companies, Ltd. | Revolving Credit Facility and Second Lien Notes | ||||
Business Acquisition [Line Items] | ||||
Business combination prepayment penalty | 20,000,000 | |||
Business combination assumed revolving credit facility and second lien notes | $ 700,000,000 | |||
Aquenta Consulting Pty Ltd And Blue Canopy LLC | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 119,300,000 |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Dec. 15, 2017 | Sep. 29, 2017 |
Assets | |||
Goodwill | $ 6,103,856 | $ 3,009,826 | |
CH2M HILL Companies, Ltd. | |||
Assets | |||
Cash and cash equivalents | $ 315,200 | ||
Receivables | 1,124,600 | ||
Prepaid expenses and other | 72,700 | ||
Property, equipment and improvements, net | 175,100 | ||
Goodwill | 3,129,100 | ||
Identifiable intangible assets: | |||
Total identifiable intangible assets | 416,700 | ||
Miscellaneous | 522,900 | ||
Total Assets | 5,756,300 | ||
Liabilities | |||
Notes payable | 2,200 | ||
Accounts payable | 309,600 | ||
Accrued liabilities | 753,100 | ||
Billings in excess of costs | 260,800 | ||
Identifiable intangible liabilities: | |||
Lease intangible liabilities | 9,600 | ||
Long-term debt | 706,000 | ||
Other deferred liabilities | 653,000 | ||
Total Liabilities | 2,694,300 | ||
Noncontrolling interests | (37,300) | ||
Net assets acquired | 3,024,700 | ||
CH2M HILL Companies, Ltd. | Customer relationships, contracts and backlog | |||
Identifiable intangible assets: | |||
Total identifiable intangible assets | 412,300 | ||
CH2M HILL Companies, Ltd. | Lease intangible assets | |||
Identifiable intangible assets: | |||
Total identifiable intangible assets | $ 4,400 |
Business Combinations - Schedul
Business Combinations - Schedule of Transaction Costs Associated with Acquisition (Details) - CH2M HILL Companies, Ltd. - USD ($) $ in Millions | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Business Acquisition [Line Items] | ||
Personnel costs | $ 50.2 | $ 2.2 |
Professional services and other expenses | 27.5 | 14.9 |
Total | $ 77.7 | $ 17.1 |
Business Combinations - Summa_2
Business Combinations - Summary of Unaudited Proforma Operating Results (Details) - CH2M HILL Companies, Ltd. - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Business Acquisition [Line Items] | ||
Revenues | $ 16,012.4 | $ 14,612.4 |
Net earnings | 196.3 | 264.8 |
Net earnings (loss) attributable to Jacobs | $ 184.5 | $ 243.6 |
Net earnings (loss) attributable to Jacobs per share: | ||
Basic earnings (loss) per share (in dollars per share) | $ 1.28 | $ 1.73 |
Diluted earnings (loss) per share (in dollars per share) | $ 1.27 | $ 1.72 |
Business acquisitions pro forma income tax expense (benefit) | $ 409.7 | $ 24.2 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Carrying Value of Goodwill by Reportable Segment Appearing in Accompanying Consolidated Balance Sheets (Details) $ in Thousands | 12 Months Ended |
Sep. 28, 2018USD ($) | |
Goodwill [Roll Forward] | |
September 29, 2017 | $ 3,009,826 |
Acquired | 3,129,000 |
Post-Acquisition Adjustments relating to prior year acquisition | 4,000 |
Foreign Exchange Impact | (39,000) |
September 28, 2018 | 6,103,856 |
Aerospace, Technology, Environmental and Nuclear | |
Goodwill [Roll Forward] | |
September 29, 2017 | 1,038,000 |
Acquired | 1,147,000 |
Post-Acquisition Adjustments relating to prior year acquisition | 4,000 |
Foreign Exchange Impact | (13,000) |
September 28, 2018 | 2,176,000 |
Buildings, Infrastructure and Advanced Facilities | |
Goodwill [Roll Forward] | |
September 29, 2017 | 1,049,000 |
Acquired | 1,585,000 |
Post-Acquisition Adjustments relating to prior year acquisition | 0 |
Foreign Exchange Impact | (14,000) |
September 28, 2018 | 2,620,000 |
Energy, Chemicals and Resources | |
Goodwill [Roll Forward] | |
September 29, 2017 | 923,000 |
Acquired | 397,000 |
Post-Acquisition Adjustments relating to prior year acquisition | 0 |
Foreign Exchange Impact | (12,000) |
September 28, 2018 | $ 1,308,000 |
Goodwill and Intangibles - Narr
Goodwill and Intangibles - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 30, 2018Business | Dec. 30, 2016USD ($) | Mar. 27, 2015Business | Sep. 28, 2018USD ($)segment | Sep. 29, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 29, 2017USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Number of operating and reporting structure of business | 3 | 4 | 3 | ||||
Overall foreign currency translation adjustment | $ (140,500) | $ 109,877 | $ 140,527 | $ 46,515 | |||
CH2M HILL Companies, Ltd. | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Lease intangible liabilities | $ 8,700 | $ 9,600 | |||||
Goodwill Adjustment | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Overstatement adjustment of financial statements line item | 209,900 | ||||||
Other Comprehensive Income Adjustment | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Overstatement adjustment of financial statements line item | $ 33,800 |
Goodwill and Intangibles - Sc_2
Goodwill and Intangibles - Schedule of Acquired Intangibles in Accompanying Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 332,920 | $ 336,922 | |
Acquisitions | 416,952 | 35,905 | |
Post-Acquisition Adjustments relating to prior year acquisition | (3,421) | ||
Amortization | (80,731) | (46,095) | $ (47,608) |
Foreign currency translation | (9,763) | 4,305 | |
Ending balance | $ 655,957 | 332,920 | 336,922 |
Weighted Average Amortization Period (years) | 9 years | ||
Customer Relationships, Contracts and Backlog | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 301,468 | 307,637 | |
Acquisitions | 412,300 | 29,803 | |
Post-Acquisition Adjustments relating to prior year acquisition | 200 | ||
Amortization | (75,375) | (39,679) | |
Foreign currency translation | (9,150) | 3,707 | |
Ending balance | $ 629,443 | 301,468 | 307,637 |
Weighted Average Amortization Period (years) | 9 years | ||
Developed Technology | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 14,462 | 14,311 | |
Acquisitions | 237 | 1,685 | |
Post-Acquisition Adjustments relating to prior year acquisition | (1,921) | ||
Amortization | (1,533) | (1,534) | |
Foreign currency translation | 0 | 0 | |
Ending balance | $ 11,245 | 14,462 | 14,311 |
Weighted Average Amortization Period (years) | 8 years | ||
Trade Names | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 6,699 | 4,786 | |
Acquisitions | 0 | 4,417 | |
Post-Acquisition Adjustments relating to prior year acquisition | (1,700) | ||
Amortization | (2,738) | (2,549) | |
Foreign currency translation | (159) | 45 | |
Ending balance | $ 2,102 | 6,699 | 4,786 |
Weighted Average Amortization Period (years) | 8 years | ||
Patents | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 10,180 | 10,027 | |
Acquisitions | 0 | 0 | |
Post-Acquisition Adjustments relating to prior year acquisition | 0 | ||
Amortization | (410) | (400) | |
Foreign currency translation | (454) | 553 | |
Ending balance | $ 9,316 | 10,180 | 10,027 |
Weighted Average Amortization Period (years) | 24 years | ||
Lease Intangible Assets | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 0 | 0 | |
Acquisitions | 4,415 | ||
Post-Acquisition Adjustments relating to prior year acquisition | 0 | ||
Amortization | (625) | ||
Foreign currency translation | 0 | ||
Ending balance | $ 3,790 | 0 | 0 |
Weighted Average Amortization Period (years) | 8 years | ||
Other | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Beginning balance | $ 111 | 161 | |
Acquisitions | 0 | 0 | |
Post-Acquisition Adjustments relating to prior year acquisition | 0 | ||
Amortization | (50) | (50) | |
Foreign currency translation | 0 | 0 | |
Ending balance | $ 61 | $ 111 | $ 161 |
Weighted Average Amortization Period (years) | 2 years |
Goodwill and Intangibles - Sc_3
Goodwill and Intangibles - Schedule of Estimated Amortization Expense of Intangible Assets (Details) $ in Millions | Sep. 28, 2018USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2,019 | $ 86.1 |
2,020 | 83 |
2,021 | 79.4 |
2,022 | 78.2 |
2,023 | 77.6 |
Thereafter | 242.9 |
Total | $ 647.2 |
Joint Ventures and VIE's (Narra
Joint Ventures and VIE's (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 28, 2018 | Dec. 30, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||||
Gain (Loss) on disposal of business and investments | $ (20,967) | $ 10,058 | $ (41,410) | ||
Currency translation losses | $ (140,500) | 109,877 | 140,527 | 46,515 | |
Consolidated Joint Venture | VIE Primary beneficiary, aggregate disclosure | |||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||||
VIE consolidated assets | $ 199,900 | 199,900 | 9,600 | ||
VIE consolidated liabilities | 125,600 | 125,600 | 8,300 | ||
Unconsolidated Joint Venture | VIE not primary beneficiary, aggregate disclosure | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||||
VIE unconsolidated assets | 88,600 | 88,600 | 50,300 | ||
VIE unconsolidated liabilities | 79,300 | 79,300 | 44,100 | ||
Equity method investment exceeds carrying amount of share of net assets | 82,800 | 82,800 | |||
Income from equity method joint ventures | 233,200 | 140,000 | 136,500 | ||
Accounts receivable from unconsolidated joint venture | 13,000 | 13,000 | 6,300 | ||
Unconsolidated Joint Venture | VIE, primary beneficiary | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||||
VIE unconsolidated assets | $ 219,100 | 219,100 | 131,400 | ||
Income from equity method joint ventures | $ 55,400 | $ 44,700 | $ 51,100 | ||
Guimar Joint Venture | |||||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||||
Ownership interest divested | 45.00% | 45.00% | |||
Currency translation losses | $ 9,000 |
Joint Ventures and VIE's (Sched
Joint Ventures and VIE's (Schedule of Summarized Financial Information) (Details) - VIE not primary beneficiary, aggregate disclosure - Unconsolidated Joint Venture - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | |||
Current assets | $ 1,736 | $ 1,385.7 | |
Non-Current assets | 51.5 | 55.9 | |
Total assets | 1,787.5 | 1,441.6 | |
Current liabilities | 944.9 | 415.8 | |
Non-current liabilities | 664.1 | 845 | |
Total liabilities | 1,609 | 1,260.8 | |
Joint ventures' equity | 178.5 | 180.8 | |
Total liabilities & joint venture equity | 1,787.5 | 1,441.6 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Revenue | 3,334.5 | 2,015.6 | $ 2,199.1 |
Cost of revenue | 3,034.1 | 1,829.5 | 1,998 |
Gross profit | 300.4 | 186.1 | 201.1 |
Net income | $ 233.2 | $ 140 | $ 136.5 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 30, 2018Business | Mar. 27, 2015Business | Sep. 28, 2018USD ($)segment | Sep. 29, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring pre-tax net charges | $ 22.6 | |||
Restructuring and integration related costs, before tax | $ 190.8 | |||
Net realizable value write-offs on contract accounts receivables | 16.5 | |||
Statutory redundancy and severance costs | 1.4 | |||
Other liabilities | $ 4.7 | |||
Number of lines of business | 3 | 4 | 3 | |
CH2M HILL Companies, Ltd. | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring pre-tax net charges | $ 101.7 | |||
Integration related costs | $ 89.2 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Summary of Restructuring and Other Charges Impacts on Reportable Segment Income by Line of Business (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | $ 36,000 | $ 25,800 | $ 25,700 | $ 48,100 | $ 190,806 | ||
Operating Segments | Buildings, Infrastructure and Advanced Facilities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | $ 23,800 | ||||||
CH2M HILL Companies, Ltd. | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 190,806 | 135,438 | $ 187,907 | ||||
CH2M HILL Companies, Ltd. | Operating Segments | Aerospace, Technology, Environmental and Nuclear | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 20,254 | 2,356 | 8,210 | ||||
CH2M HILL Companies, Ltd. | Operating Segments | Buildings, Infrastructure and Advanced Facilities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 56,238 | 47,743 | 24,566 | ||||
CH2M HILL Companies, Ltd. | Operating Segments | Energy, Chemicals and Resources | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | 37,166 | 42,558 | 113,315 | ||||
CH2M HILL Companies, Ltd. | Corporate | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Charges | $ 77,148 | $ 42,781 | $ 41,816 |
Restructuring and Other Charg_5
Restructuring and Other Charges - Schedule of Restructuring and Other Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 01, 2016 | Sep. 28, 2018 | |
Restructuring Reserve [Roll Forward] | |||||
Balance at September 29, 2017 | $ 142,767 | ||||
CH2M Acquisition Assumed Liabilities | 31,576 | ||||
CH2M Charges | $ 36,000 | $ 25,800 | $ 25,700 | $ 48,100 | 190,806 |
Payments & Usage | (189,673) | ||||
September 28, 2018 | $ 175,476 |
Restructuring and Other Charg_6
Restructuring and Other Charges - Summary of Restructuring and Other Activities by Major Type of Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Gain (Loss) on disposal of business and investments | $ (20,967) | $ 10,058 | $ (41,410) |
CH2M HILL Companies, Ltd. | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 190,806 | 135,438 | 187,907 |
CH2M HILL Companies, Ltd. | Lease Abandonments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 53,914 | 55,647 | 92,643 |
CH2M HILL Companies, Ltd. | Involuntary Terminations | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 37,063 | 43,667 | 85,599 |
CH2M HILL Companies, Ltd. | Outside Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 36,308 | 4,236 | 7,398 |
CH2M HILL Companies, Ltd. | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 63,521 | $ 31,888 | $ 2,267 |
Gain (Loss) on disposal of business and investments | $ (21,000) |
Restructuring and Other Charg_7
Restructuring and Other Charges - Summary of Cumulative Amounts Incurred for Restructuring and Other Activities Costs (Details) $ in Thousands | Sep. 28, 2018USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | $ 671,344 |
Lease Abandonments | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | 292,773 |
Involuntary Terminations | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | 221,642 |
Outside Services | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | 60,677 |
Other | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | $ 96,252 |
Borrowings - Schedule of Long-t
Borrowings - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Debt Instrument [Line Items] | ||
Total Long-term debt, net | $ 2,146,877 | $ 235,000 |
Less: Deferred Financing Fees | (4,998) | 0 |
Other | 2,746 | 0 |
Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Total Long-term debt, net | 1,500,000 | 0 |
Senior Notes, Series A | ||
Debt Instrument [Line Items] | ||
Total Long-term debt, net | $ 190,000 | 0 |
Stated interest rate | 4.27% | |
Senior Notes, Series B | ||
Debt Instrument [Line Items] | ||
Total Long-term debt, net | $ 180,000 | 0 |
Stated interest rate | 4.42% | |
Senior Notes, Series C | ||
Debt Instrument [Line Items] | ||
Total Long-term debt, net | $ 130,000 | 0 |
Stated interest rate | 4.52% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total Long-term debt, net | $ 149,129 | $ 235,000 |
Borrowings - Term Loan Facility
Borrowings - Term Loan Facility (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Eurocurrency Interest Rate | Revolving Credit Facility | Minimum | ||
Line of Credit Facility [Line Items] | ||
Margin added to variable rate interest rate | 1.00% | |
Eurocurrency Interest Rate | Revolving Credit Facility | Maximum | ||
Line of Credit Facility [Line Items] | ||
Margin added to variable rate interest rate | 1.50% | |
Eurocurrency Interest Rate | Term Loan Facility | Minimum | ||
Line of Credit Facility [Line Items] | ||
Margin added to variable rate interest rate | 1.00% | |
Eurocurrency Interest Rate | Term Loan Facility | Maximum | ||
Line of Credit Facility [Line Items] | ||
Margin added to variable rate interest rate | 1.50% | |
Base Interest Rate | Revolving Credit Facility | Minimum | ||
Line of Credit Facility [Line Items] | ||
Margin added to variable rate interest rate | 0.00% | |
Base Interest Rate | Revolving Credit Facility | Maximum | ||
Line of Credit Facility [Line Items] | ||
Margin added to variable rate interest rate | 50.00% | |
Base Interest Rate | Term Loan Facility | Minimum | ||
Line of Credit Facility [Line Items] | ||
Margin added to variable rate interest rate | 0.00% | |
Base Interest Rate | Term Loan Facility | Maximum | ||
Line of Credit Facility [Line Items] | ||
Margin added to variable rate interest rate | 0.50% | |
LIBOR | Revolving Credit Facility | Revolving Credit Facility | Minimum | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Stated interest rate | 1.38% | 1.00% |
LIBOR | Revolving Credit Facility | Revolving Credit Facility | Maximum | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Stated interest rate | 3.47% | 2.23% |
LIBOR | Term Loan Facility | ||
Line of Credit Facility [Line Items] | ||
Stated interest rate | 3.71% | |
Short-term credit agreements | ||
Line of Credit Facility [Line Items] | ||
Short-term debt | $ 5 | $ 3.1 |
Weighted average interest rate | 4.47% |
Borrowings - Revolving Credit F
Borrowings - Revolving Credit Facility (Narrative) (Details) | 12 Months Ended | ||
Sep. 28, 2018USD ($)tranche | Sep. 29, 2017USD ($) | Feb. 07, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||
Total Long-term debt, net | $ 2,146,877,000 | $ 235,000,000 | |
Minimum | |||
Line of Credit Facility [Line Items] | |||
Facility fee percentage | 0.10% | ||
Maximum | |||
Line of Credit Facility [Line Items] | |||
Facility fee percentage | 0.25% | ||
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 2,100,000,000 | ||
Total Long-term debt, net | 149,129,000 | 235,000,000 | |
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Credit facility, maximum borrowing capacity | 300,000,000 | ||
Direct borrowings on credit facility | 2,500,000 | ||
Sub Facility Of Swing Line Loans | |||
Line of Credit Facility [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 50,000,000 | ||
Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Number of tranches in revolving credit facility (in tranches) | tranche | 2 | ||
Term Loan Facility | |||
Line of Credit Facility [Line Items] | |||
Total Long-term debt, net | $ 1,500,000,000 | $ 0 | |
Senior Notes As Amended Note Purchase Agreement | |||
Line of Credit Facility [Line Items] | |||
Total Long-term debt, net | 500,000,000 | ||
Long-term debt fair value | 491,700,000 | ||
$1.6 Billion Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 1,600,000,000 | ||
Available borrowing capacity | 1,400,000,000 | ||
Committed And Uncommitted Letter Of Credit Facility | Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Direct borrowings on credit facility | 444,100,000 | ||
Line of Credit | |||
Line of Credit Facility [Line Items] | |||
Letters of credit outstanding | 446,600,000 | ||
CH2M HILL Companies, Ltd. | |||
Line of Credit Facility [Line Items] | |||
Equipment financing | $ 2,700,000 | ||
CH2M HILL Companies, Ltd. | Equipment Financing | Minimum | |||
Line of Credit Facility [Line Items] | |||
Stated interest rate | 0.22% | ||
CH2M HILL Companies, Ltd. | Equipment Financing | Maximum | |||
Line of Credit Facility [Line Items] | |||
Stated interest rate | 3.29% |
Borrowings - Schedule of Intere
Borrowings - Schedule of Interest Paid (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |||
Interest paid | $ 68,467 | $ 12,862 | $ 13,282 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Loss (gain) on pension plan changes | $ 5,414 | $ (9,955) | $ 0 |
Total Other Non-current Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Restricted investments | 7,700 | ||
Employee loans receivable | 2,200 | ||
SG&A Expense | |||
Defined Benefit Plan Disclosure [Line Items] | |||
One-time, non-cash benefit | 9,900 | ||
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailments/settlements/plan amendments | $ (9,434) | 0 | |
Period of annual average returns used in return on plan assets simulation model (in years) | 20 years | ||
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailments/settlements/plan amendments | $ (5,496) | $ (228) | |
Non-U.S. Plans | Sverdrup and Ireland | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Loss (gain) on pension plan changes | $ 5,400 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans - Schedule of Change in Plans' Combined Net Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net benefit obligation at the beginning of the year | $ 169,942 | $ 185,664 | |
Service cost | 4,765 | 1,000 | $ 9,875 |
Interest cost | 13,778 | 5,757 | 16,746 |
Participants’ contributions | 839 | 0 | |
Actuarial (gains)/losses | (30,730) | (9,922) | |
Benefits paid | (27,914) | (14,338) | |
Curtailments/settlements/plan amendments | (9,434) | 0 | |
Acquisition of CH2M Plans | 327,156 | 0 | |
Effect of exchange rate changes and other, net | 0 | 1,781 | |
Net benefit obligation at the end of the year | 448,402 | 169,942 | 185,664 |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net benefit obligation at the beginning of the year | 1,306,807 | 1,363,782 | |
Service cost | 8,269 | 7,509 | 14,378 |
Interest cost | 49,324 | 31,205 | 38,892 |
Participants’ contributions | 451 | 250 | |
Actuarial (gains)/losses | (43,595) | (142,273) | |
Benefits paid | (75,711) | (40,208) | |
Curtailments/settlements/plan amendments | (6,136) | (1,375) | |
Acquisition of CH2M Plans | 924,233 | 0 | |
Effect of exchange rate changes and other, net | (14,396) | 87,917 | |
Net benefit obligation at the end of the year | $ 2,149,246 | $ 1,306,807 | $ 1,363,782 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefit Plans - Schedule of Change in Combined Fair Value of Plans' Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | $ 147,788 | $ 142,464 |
Actual return on plan assets | 9,891 | 18,662 |
Employer contributions | 58,097 | 1,000 |
Participants’ contributions | 839 | 0 |
Gross benefits paid | (27,914) | (14,338) |
Curtailments/settlements/plan amendments | (9,434) | 0 |
Acquisition of CH2M Plans | 211,562 | 0 |
Effect of exchange rate changes and other, net | 0 | 0 |
Fair value of plan assets at the end of the year | 390,829 | 147,788 |
Non-U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 1,076,928 | 1,003,911 |
Actual return on plan assets | (19,883) | 16,789 |
Employer contributions | 31,556 | 21,005 |
Participants’ contributions | 451 | 250 |
Gross benefits paid | (75,711) | (40,208) |
Curtailments/settlements/plan amendments | (5,496) | (228) |
Acquisition of CH2M Plans | 869,414 | 0 |
Effect of exchange rate changes and other, net | (9,778) | 75,409 |
Fair value of plan assets at the end of the year | $ 1,867,481 | $ 1,076,928 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefit Plans - Reconciliation of Combined Funded Status of Plans and Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 |
U.S. Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net benefit obligation at the end of the year | $ 448,402 | $ 169,942 | $ 185,664 |
Fair value of plan assets at the end of the year | 390,829 | 147,788 | 142,464 |
Under funded amount recognized at the end of the year | 57,573 | 22,154 | |
Non-U.S. Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net benefit obligation at the end of the year | 2,149,246 | 1,306,807 | 1,363,782 |
Fair value of plan assets at the end of the year | 1,867,481 | 1,076,928 | $ 1,003,911 |
Under funded amount recognized at the end of the year | $ 281,765 | $ 229,879 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefit Plans - Accumulated Benefit Obligation (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation at the end of the year | $ 447,549 | $ 169,942 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation at the end of the year | $ 2,123,839 | $ 1,291,600 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefit Plans - Schedule of Amount Recognized in Accompanying Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost included in noncurrent assets | $ 0 | $ 0 |
Accrued benefit cost included in current liabilities | 2,548 | 0 |
Accrued benefit cost included in noncurrent liabilities | 55,025 | 22,154 |
Net amount recognized at the end of the year | 57,573 | 22,154 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost included in noncurrent assets | 19,736 | 3,035 |
Accrued benefit cost included in current liabilities | 3,671 | 585 |
Accrued benefit cost included in noncurrent liabilities | 297,830 | 232,329 |
Net amount recognized at the end of the year | $ 281,765 | $ 229,879 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefit Plans - Schedule of Significant Actuarial Assumptions in Determining the Funded Status and Benefit Cost (Details) | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 3.50% | 3.20% | |
Rates of compensation increases | 3.50% | 0.00% | 0.00% |
Return on Assets | 7.50% | 7.40% | |
U.S. Plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 3.90% | ||
Return on Assets | 5.80% | ||
U.S. Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 4.20% | ||
Return on Assets | 5.90% | ||
Non-U.S. Plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 1.30% | 1.30% | 0.70% |
Rates of compensation increases | 2.50% | 2.50% | 2.50% |
Return on Assets | 2.90% | 3.50% | 3.50% |
Non-U.S. Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 8.10% | 7.00% | 7.00% |
Rates of compensation increases | 7.50% | 7.50% | 7.50% |
Return on Assets | 7.50% | 8.50% | 8.50% |
Pension and Other Postretire_10
Pension and Other Postretirement Benefit Plans - Schedule of Pension Plans Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Reclassification adjustments: | |||
Total | $ (34,129) | $ (99,047) | $ 98,185 |
U.S. Plans | |||
Arising during the period: | |||
Net actuarial (gain) loss | (7,514) | (11,372) | 4,337 |
Reclassification adjustments: | |||
Net actuarial losses | (2,913) | (2,431) | (2,312) |
Total | (10,427) | (13,803) | 2,025 |
Non-U.S. Plans | |||
Arising during the period: | |||
Net actuarial (gain) loss | 59,827 | (76,860) | 102,925 |
Prior service cost (benefit) | 215 | 119 | 580 |
Total | 60,042 | (76,741) | 103,505 |
Reclassification adjustments: | |||
Net actuarial losses | (5,507) | (8,732) | (7,508) |
Prior service cost | 181 | 229 | 163 |
Total | (5,326) | (8,503) | (7,345) |
Total | $ 54,716 | $ (85,244) | $ 96,160 |
Pension and Other Postretire_11
Pension and Other Postretirement Benefit 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 | Sep. 28, 2018 | Sep. 29, 2017 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 37,255 | $ 47,681 |
Prior service cost | 0 | 0 |
Total | 37,255 | 47,681 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 273,312 | 218,752 |
Prior service cost | (700) | (855) |
Total | $ 272,612 | $ 217,897 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefit Plans - Schedule of Accumulated Comprehensive Income Amortized Against Earnings in the Next Year (Details) $ in Thousands | Sep. 28, 2018USD ($) |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized net actuarial loss | $ 2,925 |
Unrecognized prior service cost | 0 |
Accumulated comprehensive loss to be recorded against earnings | 2,925 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized net actuarial loss | 8,616 |
Unrecognized prior service cost | (258) |
Accumulated comprehensive loss to be recorded against earnings | $ 8,358 |
Pension and Other Postretire_13
Pension and Other Postretirement Benefit Plans - Schedule of Weighted Average Measurement of Assets and Liabilities (Details) | Sep. 28, 2018 | Sep. 29, 2017 |
Equity securities | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 27.00% | 70.00% |
Equity securities | Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 24.00% | 24.00% |
Debt securities | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 39.00% | 23.00% |
Debt securities | Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 49.00% | 32.00% |
Real estate investments | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% |
Real estate investments | Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 8.00% | 5.00% |
Other | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 34.00% | 7.00% |
Other | Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 19.00% | 39.00% |
Pension and Other Postretire_14
Pension and Other Postretirement Benefit Plans - Schedule of Fair Value of Pension Plan Assets (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | $ 390,829 | $ 147,788 | $ 142,464 |
U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 259,065 | 141,612 | |
U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 131,736 | ||
U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 6,176 | |
U.S. Plans | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 28 | ||
U.S. Plans | U.S. Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 77,798 | 103,760 | |
U.S. Plans | U.S. Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 13,861 | 103,760 | |
U.S. Plans | U.S. Domestic equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 63,937 | ||
U.S. Plans | U.S. Domestic equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | U.S. Domestic equities | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | Overseas equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 26,699 | ||
U.S. Plans | Overseas equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 26,699 | ||
U.S. Plans | Overseas equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | Overseas equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | Overseas equities | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | U.S. Domestic bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 143,123 | 33,404 | |
U.S. Plans | U.S. Domestic bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 84,894 | 33,404 | |
U.S. Plans | U.S. Domestic bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 58,229 | ||
U.S. Plans | U.S. Domestic bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | U.S. Domestic bonds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | Overseas bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 10,508 | ||
U.S. Plans | Overseas bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 938 | ||
U.S. Plans | Overseas bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 9,570 | ||
U.S. Plans | Overseas bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | Overseas bonds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | Cash and equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 6,631 | 4,448 | |
U.S. Plans | Cash and equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 6,631 | 4,448 | |
U.S. Plans | Cash and equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | Cash and equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Cash and equivalents | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 3,477 | |
U.S. Plans | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 28 | 6,176 | |
U.S. Plans | Hedge funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Hedge funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | Hedge funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 6,176 | 5,715 |
U.S. Plans | Hedge funds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 28 | ||
U.S. Plans | Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 126,042 | ||
U.S. Plans | Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 126,042 | ||
U.S. Plans | Mutual funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | Mutual funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
U.S. Plans | Mutual funds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 1,867,481 | 1,076,928 | 1,003,911 |
Non-U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 33,803 | 639,872 | |
Non-U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 1,333,707 | ||
Non-U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 331,155 | 437,056 | |
Non-U.S. Plans | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 168,816 | ||
Non-U.S. Plans | U.S. Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 68,510 | 30,916 | |
Non-U.S. Plans | U.S. Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 30,916 | |
Non-U.S. Plans | U.S. Domestic equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 31,868 | ||
Non-U.S. Plans | U.S. Domestic equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | U.S. Domestic equities | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 36,642 | ||
Non-U.S. Plans | Overseas equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 371,984 | 229,205 | |
Non-U.S. Plans | Overseas equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 229,205 | |
Non-U.S. Plans | Overseas equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 327,309 | ||
Non-U.S. Plans | Overseas equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Overseas equities | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 44,675 | ||
Non-U.S. Plans | U.S. Domestic bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 223,614 | 263,145 | |
Non-U.S. Plans | U.S. Domestic bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 252 | 263,145 | |
Non-U.S. Plans | U.S. Domestic bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 222,282 | ||
Non-U.S. Plans | U.S. Domestic bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | U.S. Domestic bonds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 1,080 | ||
Non-U.S. Plans | Overseas bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 702,770 | 77,682 | |
Non-U.S. Plans | Overseas bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 77,682 | |
Non-U.S. Plans | Overseas bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 641,966 | ||
Non-U.S. Plans | Overseas bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Overseas bonds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 60,804 | ||
Non-U.S. Plans | Cash and equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 41,304 | 38,924 | |
Non-U.S. Plans | Cash and equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 33,482 | 38,924 | |
Non-U.S. Plans | Cash and equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 7,822 | ||
Non-U.S. Plans | Cash and equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Cash and equivalents | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 144,142 | 58,974 | |
Non-U.S. Plans | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 26,987 | ||
Non-U.S. Plans | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 99,587 | 58,974 | 55,665 |
Non-U.S. Plans | Real estate | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 17,568 | ||
Non-U.S. Plans | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 99,970 | 74,353 | |
Non-U.S. Plans | Insurance contracts | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Insurance contracts | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 4,188 | ||
Non-U.S. Plans | Insurance contracts | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 95,782 | 74,353 | 39,473 |
Non-U.S. Plans | Insurance contracts | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | (26,656) | ||
Non-U.S. Plans | Derivatives | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Derivatives | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | (26,656) | ||
Non-U.S. Plans | Derivatives | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Derivatives | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 143,833 | ||
Non-U.S. Plans | Hedge funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Hedge funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Hedge funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 135,786 | 303,729 | $ 272,517 |
Non-U.S. Plans | Hedge funds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 8,047 | ||
Non-U.S. Plans | Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 98,010 | ||
Non-U.S. Plans | Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 69 | ||
Non-U.S. Plans | Mutual funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 97,941 | ||
Non-U.S. Plans | Mutual funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | |||
Non-U.S. Plans | Mutual funds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | $ 0 | ||
Non-U.S. Plans | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 303,729 | ||
Non-U.S. Plans | Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | $ 303,729 |
Pension and Other Postretire_15
Pension and Other Postretirement Benefit Plans - Summary of Changes in the Fair Value of Plans' Level 3 Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | $ 147,788 | $ 142,464 |
Effect of exchange rate changes | 0 | 0 |
Fair value of plan assets at the end of the year | 390,829 | 147,788 |
U.S. Plans | 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 | 6,176 | |
Fair value of plan assets at the end of the year | 0 | 6,176 |
U.S. Plans | Real estate investments | 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 | 0 | 3,477 |
Purchases, sales, and settlements | (3,477) | |
Realized and unrealized gains | 0 | |
Fair value of plan assets at the end of the year | 0 | |
U.S. 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 | 6,176 | |
Fair value of plan assets at the end of the year | 28 | 6,176 |
U.S. Plans | Hedge funds | 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 | 6,176 | 5,715 |
Purchases, sales, and settlements | (6,176) | (557) |
Realized and unrealized gains | 0 | 1,018 |
Fair value of plan assets at the end of the year | 0 | 6,176 |
Non-U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 1,076,928 | 1,003,911 |
Effect of exchange rate changes | (9,778) | 75,409 |
Fair value of plan assets at the end of the year | 1,867,481 | 1,076,928 |
Non-U.S. Plans | 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 | 437,056 | |
Fair value of plan assets at the end of the year | 331,155 | 437,056 |
Non-U.S. Plans | Real estate investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 58,974 | |
Fair value of plan assets at the end of the year | 144,142 | 58,974 |
Non-U.S. Plans | Real estate investments | 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 | 58,974 | 55,665 |
Purchases, sales, and settlements | 42,711 | (1,199) |
Realized and unrealized gains | (784) | 2,642 |
Transfers | 0 | 0 |
Effect of exchange rate changes | (1,314) | 1,866 |
Fair value of plan assets at the end of the year | 99,587 | 58,974 |
Non-U.S. 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 | 74,353 | |
Fair value of plan assets at the end of the year | 99,970 | 74,353 |
Non-U.S. Plans | Insurance contracts | 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 | 74,353 | 39,473 |
Purchases, sales, and settlements | 21,626 | 422 |
Realized and unrealized gains | 1,551 | (7,572) |
Transfers | 0 | 40,031 |
Effect of exchange rate changes | (1,748) | 1,999 |
Fair value of plan assets at the end of the year | 95,782 | 74,353 |
Non-U.S. Plans | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the end of the year | 143,833 | |
Non-U.S. Plans | Hedge funds | 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 | 303,729 | 272,517 |
Purchases, sales, and settlements | (154,446) | (9,022) |
Realized and unrealized gains | (6,650) | 19,662 |
Transfers | 0 | 11,758 |
Effect of exchange rate changes | (6,847) | 8,814 |
Fair value of plan assets at the end of the year | $ 135,786 | $ 303,729 |
Pension and Other Postretire_16
Pension and Other Postretirement Benefit Plans - Anticipated Cash Contributions (Details) $ in Thousands | 12 Months Ended |
Sep. 28, 2018USD ($) | |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Anticipated cash contributions | $ 2,601 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Anticipated cash contributions | $ 31,549 |
Pension and Other Postretire_17
Pension and Other Postretirement Benefit Plans - Schedule of Expected Payments to Participants in Pension Plan (Details) $ in Thousands | Sep. 28, 2018USD ($) |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 31,785 |
2,020 | 31,270 |
2,021 | 31,740 |
2,022 | 31,818 |
2,023 | 31,857 |
For the periods 2024 through 2028 | 154,755 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 70,313 |
2,020 | 71,337 |
2,021 | 74,906 |
2,022 | 78,097 |
2,023 | 81,569 |
For the periods 2024 through 2028 | $ 448,246 |
Pension and Other Postretire_18
Pension and Other Postretirement Benefit Plans - Schedule of Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 8,269 | $ 7,509 | $ 14,378 |
Interest cost | 49,324 | 31,205 | 38,892 |
Expected return on plan assets | (83,328) | (56,269) | (50,190) |
Actuarial loss | 6,655 | 10,616 | 9,092 |
Prior service cost | (257) | (329) | (260) |
Net pension cost, before special items | (19,337) | (7,268) | 11,912 |
Curtailment expense/Settlement loss | 1,268 | (298) | (7,512) |
Total net periodic pension (income) cost recognized | (18,069) | (7,566) | 4,400 |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 4,765 | 1,000 | 9,875 |
Interest cost | 13,778 | 5,757 | 16,746 |
Expected return on plan assets | (19,663) | (9,942) | (22,368) |
Actuarial loss | 3,845 | 3,985 | 7,512 |
Prior service cost | 0 | 0 | (176) |
Net pension cost, before special items | 2,725 | 800 | 11,589 |
Curtailment expense/Settlement loss | 4,146 | 1,781 | 8,061 |
Total net periodic pension (income) cost recognized | $ 6,871 | $ 2,581 | $ 19,650 |
Pension and Other Postretire_19
Pension and Other Postretirement Benefit Plans - Schedule of Contribution to Multiemployer Pension Plans (Details) - Multiemployer Plans, Pension - Multiemployer Plan, Individually Insignificant Multiemployer Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | $ 56,567 | $ 45,942 | $ 58,741 |
Canada | |||
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | 36,354 | 35,182 | 44,912 |
Europe | |||
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | 10,677 | 6,212 | 8,771 |
United States | |||
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | $ 9,536 | $ 4,548 | $ 5,058 |
Savings and Deferred Compensa_3
Savings and Deferred Compensation Plans Savings and Deferred Compensation Plans (Savings Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Savings And Deferred Compensation Plans [Abstract] | |||
Savings plans contributions | $ 113,135 | $ 82,882 | $ 89,966 |
Savings and Deferred Compensa_4
Savings and Deferred Compensation Plans Savings and Deferred Compensation Plans (Deferred Compensation Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Savings And Deferred Compensation Plans [Abstract] | |||
Deferred compensation plans expense | $ 4,445 | $ 4,368 | $ 5,792 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 4,428,352 | ||
Other comprehensive income (loss) | (153,189) | $ (42,920) | $ (145,830) |
Ending balance | 5,854,345 | 4,428,352 | |
Total | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (653,514) | (610,594) | |
Other comprehensive income (loss) | (170,980) | (51,580) | |
Reclassifications from other comprehensive income (loss) | 17,791 | 8,660 | |
Ending balance | (806,703) | (653,514) | (610,594) |
Change in Pension Liabilities | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (265,578) | (364,625) | |
Other comprehensive income (loss) | (52,528) | 88,113 | |
Reclassifications from other comprehensive income (loss) | 8,239 | 10,934 | |
Ending balance | (309,867) | (265,578) | (364,625) |
Foreign Currency Translation Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (386,140) | (245,613) | |
Other comprehensive income (loss) | (119,070) | (140,527) | |
Reclassifications from other comprehensive income (loss) | 9,193 | 0 | |
Ending balance | (496,017) | (386,140) | (245,613) |
Gain/(Loss) on Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (1,796) | (356) | |
Other comprehensive income (loss) | 618 | 834 | |
Reclassifications from other comprehensive income (loss) | 359 | (2,274) | |
Ending balance | $ (819) | $ (1,796) | $ (356) |
Income Taxes (Consolidated Inco
Income Taxes (Consolidated Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Current income tax expense: | |||
Federal | $ 34,145 | $ 29,297 | $ 36,020 |
State | (597) | 8,535 | 11,336 |
Foreign | 59,889 | 31,347 | 52,259 |
Total current tax expense | 93,437 | 69,179 | 99,615 |
Deferred income tax expense (benefit): | |||
Federal | 252,730 | 29,390 | 6,439 |
State | 15,485 | 3,407 | 485 |
Foreign | 19,911 | 3,866 | (34,331) |
Total deferred tax expense (benefit) | 288,126 | 36,663 | (27,407) |
Consolidated income tax expense | $ 381,563 | $ 105,842 | $ 72,208 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | Oct. 02, 2015 | |
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | $ 264,944 | $ 58,097 | ||
Measurement period adjustments on effective tax rate | 1 year | |||
One time estimated tax on post 1986 earnings | $ 14,300 | |||
Repatriation of foreign earnings, income tax expense | 93,000 | |||
Estimated valuation allowance | 58,100 | |||
Loss carry forwards of foreign subsidiaries | $ 662,400 | $ 490,900 | ||
Effective income tax rate (percent) | 68.90% | 26.90% | 25.20% | |
IRS §179D deduction | $ 4,520 | $ 3,351 | $ 2,153 | |
Nonrecurring benefit | 2,800 | |||
Federal hurricane credit | 5,700 | |||
Gross unrecognized tax benefits | 179,140 | 38,580 | $ 44,167 | $ 42,666 |
Accrued interest and penalties | 56,300 | $ 36,600 | ||
Decrease in unrecognized tax benefits | 6,500 | |||
Change In tax rate income tax expense benefit | $ 139,800 | |||
Statutory tax rate | 24.60% | 35.00% | 35.00% | |
Change in enacted tax rate, amount | $ 139,800 | |||
Provisional Foreign Tax Credit, Valuation Allowance | 104,200 | |||
Change in deferred tax assets valuation allowance, amount | 104,221 | $ 0 | ||
Foreign income tax rate to new US statutory rate differential, amount | 9,900 | |||
Foreign income Tax rate to new US Statutory rate of prior year differential, amount | 26,800 | |||
Expiring Between 2018 and 2037 | Foreign Country | ||||
Income Tax Contingency [Line Items] | ||||
Loss carry forwards of foreign subsidiaries | 168,100 | |||
No Expiration Date | Foreign Country | ||||
Income Tax Contingency [Line Items] | ||||
Loss carry forwards of foreign subsidiaries | 494,300 | |||
Accounting Standards Update 2013-11 [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Gross unrecognized tax benefits | 76,700 | |||
Retained Earnings | Accounting Standards Update 2018-02 | ||||
Income Tax Contingency [Line Items] | ||||
Cumulative effect of change on retained earnings | $ 10,200 |
Income Taxes (Components of Net
Income Taxes (Components of Net Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Obligations related to: | ||
Defined benefit pension plans | $ 30,483 | $ 52,299 |
Other employee benefit plans | 190,548 | 192,299 |
Net Operating Losses | 167,424 | 136,783 |
Self-insurance programs | 0 | 489 |
Contract revenues and costs | 130,116 | (18,374) |
Deferred Tax Assets, Deferred Rent | 5,454 | 25,654 |
Deferred Rent | 145,931 | 0 |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 8,764 | |
Restructuring | 14,515 | 18,258 |
Other | 3,533 | 19,389 |
Valuation Allowance | (264,944) | (58,097) |
Gross deferred tax assets | 431,824 | 368,700 |
Deferred tax liabilities: | ||
Depreciation and amortization | (206,705) | (176,327) |
Deferred Tax Liabilities, Self Insurance Programs | (3,513) | 0 |
Unremitted earnings | (79,418) | 0 |
Other, net | 0 | (1,438) |
Gross deferred tax liabilities | (289,636) | (177,765) |
Net deferred tax assets | $ 142,188 | $ 190,935 |
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 | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefits realized under stock plans | $ 4.7 | $ 5.2 | $ 1.5 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense in Consolidated Statements of Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory amount | $ 136,458 | $ 137,626 | $ 100,353 |
State taxes, net of the federal benefit | 7,587 | 8,955 | 7,853 |
Exclusion of tax on non-controlling interests | (2,389) | 2,223 | (1,418) |
Foreign: | |||
Difference in tax rates of foreign operations | 9,860 | (16,987) | (17,184) |
Benefit from foreign valuation allowance release | (5,105) | (3,085) | (11,182) |
U.K. tax rate change on deferred tax assets | 0 | 0 | 8,853 |
Nontaxable income from foreign affiliate | 0 | (3,280) | 0 |
U.S. tax cost of foreign operations | 6,577 | 18,612 | 30,850 |
Tax differential on foreign earnings | 11,332 | (4,740) | 11,337 |
Foreign tax credits | (21,729) | (20,454) | (44,018) |
Tax Reform | 154,150 | 0 | 0 |
Valuation Allowance | 104,221 | 0 | |
Uncertain tax positions | (1,297) | (5,779) | 1,449 |
Other items: | |||
IRS §179D deduction | (4,520) | (3,351) | (2,153) |
IRS §199D deduction | 0 | (2,113) | (2,800) |
Foreign partnership income/(loss) | (3,990) | (9,861) | (2,658) |
Other items – net | 1,740 | 3,336 | 4,263 |
Total other items | (6,770) | (11,989) | (3,348) |
Consolidated income tax expense | $ 381,563 | $ 105,842 | $ 72,208 |
Statutory tax rate | 24.60% | 35.00% | 35.00% |
State taxes, net of the federal benefit | 1.40% | 2.30% | 2.70% |
Exclusion of tax on non-controlling interests | (0.40%) | 0.60% | (0.50%) |
Foreign: | |||
Difference in tax rates of foreign operations | 1.80% | (4.30%) | (6.00%) |
Benefit from foreign valuation allowance release | (0.90%) | (0.80%) | (3.90%) |
U.K. tax rate change on deferred tax assets | 0.00% | 0.00% | 3.10% |
Nontaxable income from foreign affiliate | 0.00% | (0.80%) | 0.00% |
U.S. tax cost of foreign operations | 1.20% | 4.70% | 10.90% |
Tax differential on foreign earnings | 2.00% | (1.20%) | 4.10% |
Foreign tax credits | (3.90%) | (5.20%) | (15.40%) |
Tax Reform | 27.80% | (0.00%) | (0.00%) |
Valuation Allowance | 18.80% | 0.00% | 0.00% |
Uncertain tax positions | (0.20%) | (1.50%) | 0.50% |
Other items: | |||
IRS §179D deduction | (0.80%) | (0.80%) | (0.80%) |
IRS §199D deduction | 0.00% | (0.50%) | (1.00%) |
Foreign partnership income/(loss) | (0.70%) | (2.50%) | (0.90%) |
Other items – net | 0.30% | 0.70% | 1.50% |
Total other items | (1.20%) | (3.10%) | (1.20%) |
Taxes on income (percent) | 68.90% | 26.90% | 25.20% |
Income Taxes (Income Tax Paymen
Income Taxes (Income Tax Payments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income tax payments | $ 44,290 | $ 78,390 | $ 116,300 |
Income Taxes (Components of our
Income Taxes (Components of our Consolidated Earnings Before Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Tax Examination [Line Items] | |||||||||||||||
Results of operations, income before income taxes | $ 197,839 | $ 192,783 | $ 122,167 | $ 41,916 | $ 119,450 | $ 127,396 | $ 60,491 | $ 85,880 | $ 35,673 | $ 102,807 | $ 90,456 | $ 57,787 | $ 554,705 | $ 393,217 | $ 286,723 |
United States earnings | |||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||
Results of operations, income before income taxes | 282,123 | 232,342 | 206,159 | ||||||||||||
Foreign earnings | |||||||||||||||
Income Tax Examination [Line Items] | |||||||||||||||
Results of operations, income before income taxes | $ 272,582 | $ 160,875 | $ 80,564 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward [Abstract] | |||
Balance, beginning of year | $ 38,580 | $ 44,167 | $ 42,666 |
Acquisition of CH2M | 137,912 | 0 | 0 |
Additions based on tax positions related to the current year | 9,780 | 5,900 | 5,670 |
Additions for tax positions of prior years | 5,561 | 237 | 367 |
Reductions for tax positions of prior years | (8,962) | (4,524) | (2,451) |
Settlement | (3,731) | (7,200) | (2,085) |
Balance, end of year | $ 179,140 | $ 38,580 | $ 44,167 |
Commitments and Contingencies_3
Commitments and Contingencies and Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Jul. 28, 2015 | Sep. 28, 2018 |
Loss Contingencies [Line Items] | ||
Lease Term | 10 years | |
Letter of Credit | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, amount outstanding | $ 2.5 | |
Letter of Credit | Committed And Uncommitted Letter Of Credit Facility | ||
Loss Contingencies [Line Items] | ||
Line of credit facility, amount outstanding | 444.1 | |
Line of Credit | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | 446.6 | |
Surety Bond | ||
Loss Contingencies [Line Items] | ||
Letters of credit outstanding | $ 870.3 |
Commitments and Contingencies_4
Commitments and Contingencies and Derivative Financial Instruments (Commitments Under Operating Leases) (Details) $ in Thousands | Sep. 28, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 215,375 |
2,020 | 187,228 |
2,021 | 158,781 |
2,022 | 135,991 |
2,023 | 115,614 |
Thereafter | 344,120 |
Operating Leases, Future Minimum Payments Due | 1,157,109 |
Amounts representing sublease income | (19,443) |
Total, net aggregate future lease payments | $ 1,137,666 |
Commitments and Contingencies_5
Commitments and Contingencies and Derivative Financial Instruments (Rent Expense and Sublease Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 217,550 | $ 145,344 | $ 151,539 |
Sublease income | (5,514) | (7,052) | (7,212) |
Net rent | $ 212,036 | $ 138,292 | $ 144,327 |
Commitments and Contingencies_6
Commitments and Contingencies and Derivative Financial Instruments (Significant Terms of the Lease) (Details) $ in Thousands | 12 Months Ended |
Sep. 28, 2018USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
End of lease term | 2,025 |
End of term purchase option | $ 76,950 |
Residual value guaranty | $ 62,412 |
Contractual Guarantees, Litig_2
Contractual Guarantees, Litigation, Investigations, and Insurance (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Aug. 31, 2017 | Sep. 28, 2012 |
UGL Infrastructure Pty Limited | |||
Loss Contingencies [Line Items] | |||
Percentage of ownership interest in joint venture | 50.00% | ||
Nui Phao Mining Company | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ 167 | ||
General Electric and GE Electrical International Inc | Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ 665.5 | ||
JKC Australia LNG Pty Limited | Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ 1,700 |
Other Financial Information O_2
Other Financial Information Other Financial Information (Narrative) (Details) | 12 Months Ended |
Sep. 28, 2018 | |
Other Financial Information [Abstract] | |
Billed receivables collection period (in months) | 12 months |
Duration which unbilled amounts will be billed and collected over (duration) | 12 months |
Other Financial Information O_3
Other Financial Information Other Financial Information (Components of Receivables) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Components of receivables: | ||
Amounts billed, net | $ 1,597,297 | $ 949,060 |
Unbilled receivables and other | 1,933,000 | 1,118,144 |
Retentions receivable | 24,633 | 35,339 |
Total receivables, net | 3,554,930 | 2,102,543 |
Other information about receivables: | ||
Amounts due from the United States federal government included above, net of advanced billings | 472,846 | 226,236 |
Claims receivable | $ 0 | $ 4,600 |
Other Financial Information O_4
Other Financial Information Other Financial Information (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | $ 1,156,601 | $ 979,714 |
Accumulated depreciation and amortization | (698,895) | (629,803) |
Property, Equipment and Improvements, net | 457,706 | 349,911 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | 19,327 | 17,197 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | 129,336 | 93,313 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | 721,274 | 627,609 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | 268,979 | 220,295 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | $ 17,685 | $ 21,300 |
Other Financial Information O_5
Other Financial Information Other Financial Information (Miscellaneous Noncurrent Assets) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Other Financial Information [Abstract] | ||
Deferred income taxes | $ 319,405 | $ 368,700 |
Deferred compensation arrangement investments | 282,974 | 142,522 |
Equity Method Investments | 219,614 | 131,400 |
Notes receivable | 1,274 | 17,839 |
Other | 48,425 | 31,561 |
Total | $ 871,692 | $ 692,022 |
Other Financial Information O_6
Other Financial Information Other Financial Information (Components of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Other Financial Information [Abstract] | ||
Accrued payroll and related liabilities | $ 864,670 | $ 572,946 |
Project-related accruals | 45,349 | 71,815 |
Non project-related accruals | 349,384 | 116,051 |
Insurance liabilities | 64,976 | 67,546 |
Sales and other similar taxes | 83,151 | 32,163 |
Deferred rent | 58,988 | 60,593 |
Dividends payable | 22,111 | 18,573 |
Total | $ 1,488,629 | $ 939,687 |
Other Financial Information O_7
Other Financial Information Other Financial Information (Components of Other Deferred Liabilities) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Other Financial Information [Abstract] | ||
Liabilities relating to defined benefit pension and early retirement plans | $ 352,855 | $ 254,483 |
Liabilities relating to nonqualified deferred compensation arrangements | 238,830 | 114,616 |
Deferred income taxes | 177,217 | 177,765 |
Miscellaneous | 639,969 | 185,417 |
Total | $ 1,408,871 | $ 732,281 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended | |
Sep. 28, 2018Business | Sep. 29, 2017segment | |
Segment Reporting [Abstract] | ||
Number of operating and reporting segments | 3 | 4 |
Segment Information - Schedule
Segment Information - Schedule of Total Services Revenues for Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | $ 4,142,644 | $ 4,156,663 | $ 3,935,028 | $ 2,750,311 | $ 2,653,866 | $ 2,514,751 | $ 2,302,567 | $ 2,551,604 | $ 2,640,587 | $ 2,693,873 | $ 2,781,763 | $ 2,847,934 | $ 14,984,646 | $ 10,022,788 | $ 10,964,157 |
Segment Information - Schedul_2
Segment Information - Schedule of Total Revenues, Segment Operating Profit and Total Asset for Reporting Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | $ 4,142,644 | $ 4,156,663 | $ 3,935,028 | $ 2,750,311 | $ 2,653,866 | $ 2,514,751 | $ 2,302,567 | $ 2,551,604 | $ 2,640,587 | $ 2,693,873 | $ 2,781,763 | $ 2,847,934 | $ 14,984,646 | $ 10,022,788 | $ 10,964,157 |
Total Segment Operating Profit | $ 241,312 | 212,729 | $ 146,286 | 47,644 | $ 106,993 | $ 128,475 | $ 68,173 | 88,628 | 82,811 | 109,556 | 86,781 | 59,450 | 647,971 | 392,269 | 338,598 |
Restructuring and Other Charges | $ (43,900) | $ (87,000) | $ (31,700) | (170,148) | (134,206) | (187,630) | |||||||||
(Gain) loss on sales of businesses and investments | 20,967 | (10,880) | 41,410 | ||||||||||||
Total Other (Expense) Income, net | (72,299) | (9,932) | (10,465) | ||||||||||||
Earnings Before Taxes | 554,705 | 393,217 | 286,723 | ||||||||||||
Restructuring charges excluded segment profit | $ 36,000 | $ 25,800 | $ 25,700 | $ 48,100 | 190,806 | ||||||||||
CH2M HILL Companies, Ltd. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Transaction Costs | (80,436) | (17,100) | 0 | ||||||||||||
Restructuring charges excluded segment profit | 190,806 | 135,438 | 187,907 | ||||||||||||
Operating Segments | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total Segment Operating Profit | 1,012,257 | 625,170 | 586,328 | ||||||||||||
Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Other Corporate Expenses | (113,702) | (81,595) | (60,100) | ||||||||||||
Corporate | CH2M HILL Companies, Ltd. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring charges excluded segment profit | 77,148 | 42,781 | 41,816 | ||||||||||||
Aerospace, Technology, Environmental and Nuclear | Operating Segments | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 4,372,008 | 2,464,363 | 2,845,913 | ||||||||||||
Total Segment Operating Profit | 311,871 | 200,179 | 215,119 | ||||||||||||
Litigation expenses included in segment profit | 15,000 | ||||||||||||||
Aerospace, Technology, Environmental and Nuclear | Operating Segments | CH2M HILL Companies, Ltd. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring charges excluded segment profit | 20,254 | 2,356 | 8,210 | ||||||||||||
Buildings, Infrastructure and Advanced Facilities | Operating Segments | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 6,184,883 | 3,830,697 | 3,419,505 | ||||||||||||
Total Segment Operating Profit | 482,277 | 263,679 | 217,412 | ||||||||||||
Restructuring charges excluded segment profit | 23,800 | ||||||||||||||
Buildings, Infrastructure and Advanced Facilities | Operating Segments | CH2M HILL Companies, Ltd. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring charges excluded segment profit | 56,238 | 47,743 | 24,566 | ||||||||||||
Energy, Chemicals and Resources | Operating Segments | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 4,427,755 | 3,727,728 | 4,698,739 | ||||||||||||
Total Segment Operating Profit | 218,109 | 161,312 | 153,797 | ||||||||||||
Energy, Chemicals and Resources | Operating Segments | CH2M HILL Companies, Ltd. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring charges excluded segment profit | 37,166 | 42,558 | 113,315 | ||||||||||||
Other Expense | CH2M HILL Companies, Ltd. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Amortization of deferred financing fees | $ 1,800 | $ 1,200 | $ 277 |
Segment Information - Revenue a
Segment Information - Revenue and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues: | $ 4,142,644 | $ 4,156,663 | $ 3,935,028 | $ 2,750,311 | $ 2,653,866 | $ 2,514,751 | $ 2,302,567 | $ 2,551,604 | $ 2,640,587 | $ 2,693,873 | $ 2,781,763 | $ 2,847,934 | $ 14,984,646 | $ 10,022,788 | $ 10,964,157 |
Property, equipment and improvements, net: | 457,706 | 349,911 | 319,673 | 457,706 | 349,911 | 319,673 | |||||||||
United States | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues: | 9,519,085 | 5,822,843 | 6,247,448 | ||||||||||||
Property, equipment and improvements, net: | 316,633 | 220,416 | 195,392 | 316,633 | 220,416 | 195,392 | |||||||||
Europe | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues: | 2,768,739 | 2,262,092 | 2,346,224 | ||||||||||||
Property, equipment and improvements, net: | 59,019 | 46,108 | 37,163 | 59,019 | 46,108 | 37,163 | |||||||||
Canada | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues: | 863,531 | 590,604 | 927,942 | ||||||||||||
Property, equipment and improvements, net: | 21,559 | 18,435 | 21,464 | 21,559 | 18,435 | 21,464 | |||||||||
Asia | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues: | 316,339 | 253,167 | 299,952 | ||||||||||||
Property, equipment and improvements, net: | 3,588 | 2,793 | 3,069 | 3,588 | 2,793 | 3,069 | |||||||||
India | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues: | 211,983 | 165,295 | 187,929 | ||||||||||||
Property, equipment and improvements, net: | 19,446 | 19,191 | 13,350 | 19,446 | 19,191 | 13,350 | |||||||||
Australia and New Zealand | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues: | 719,566 | 628,945 | 436,670 | ||||||||||||
Property, equipment and improvements, net: | 16,151 | 18,692 | 18,888 | 16,151 | 18,692 | 18,888 | |||||||||
South America and Mexico | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues: | 159,700 | 73,456 | 125,610 | ||||||||||||
Property, equipment and improvements, net: | 4,562 | 4,619 | 5,621 | 4,562 | 4,619 | 5,621 | |||||||||
Middle East and Africa | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Revenues: | 425,703 | 226,386 | 392,382 | ||||||||||||
Property, equipment and improvements, net: | $ 16,748 | $ 19,657 | $ 24,726 | $ 16,748 | $ 19,657 | $ 24,726 |
Segment Information - Schedul_3
Segment Information - Schedule of Concentration Risk Percent (Details) | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
U.S. Federal Government and it's Agencies | Customer Concentration Risk | |||
Product Information [Line Items] | |||
Concentration risk, percentage | 23.00% | 19.00% | 21.00% |
Selected Quarterly Informatio_3
Selected Quarterly Information - Unaudited - Schedule of Quarterly Infomration (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 30, 2016 | Jul. 01, 2016 | Apr. 01, 2016 | Jan. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Selected Quarterly Financial Information [Line Items] | |||||||||||||||
Revenues | $ 4,142,644 | $ 4,156,663 | $ 3,935,028 | $ 2,750,311 | $ 2,653,866 | $ 2,514,751 | $ 2,302,567 | $ 2,551,604 | $ 2,640,587 | $ 2,693,873 | $ 2,781,763 | $ 2,847,934 | $ 14,984,646 | $ 10,022,788 | $ 10,964,157 |
Operating Profit | 241,312 | 212,729 | 146,286 | 47,644 | 106,993 | 128,475 | 68,173 | 88,628 | 82,811 | 109,556 | 86,781 | 59,450 | 647,971 | 392,269 | 338,598 |
Earnings before taxes | 197,839 | 192,783 | 122,167 | 41,916 | 119,450 | 127,396 | 60,491 | 85,880 | 35,673 | 102,807 | 90,456 | 57,787 | 554,705 | 393,217 | 286,723 |
Net earnings attributable to the Group | (31,422) | 150,071 | 51,932 | 2,561 | 93,428 | 88,629 | 44,165 | 61,153 | 29,883 | 70,937 | 63,389 | 50,306 | 173,142 | 287,375 | 214,515 |
Net earnings attributable to Jacobs | $ (37,541) | $ 150,222 | $ 48,587 | $ 2,163 | $ 94,141 | $ 89,032 | $ 50,018 | $ 60,536 | $ 29,644 | $ 69,055 | $ 65,250 | $ 46,514 | $ 163,431 | $ 293,727 | $ 210,463 |
Earnings per share: | |||||||||||||||
Basic (in dollars per share) | $ (0.26) | $ 1.05 | $ 0.34 | $ 0.02 | $ 0.78 | $ 0.74 | $ 0.41 | $ 0.50 | $ 0.25 | $ 0.58 | $ 0.54 | $ 0.38 | $ 1.18 | $ 2.43 | $ 1.75 |
Diluted (in dollars per share) | (0.26) | $ 1.05 | 0.34 | $ 0.02 | 0.78 | 0.74 | 0.41 | $ 0.50 | $ 0.24 | $ 0.57 | $ 0.54 | $ 0.38 | $ 1.17 | $ 2.42 | $ 1.73 |
Restructuring Charges | $ 36,000 | $ 25,800 | $ 25,700 | $ 48,100 | $ 190,806 | ||||||||||
Effect of restructuring charge on earnings per diluted share (in dollars per share) | $ 0.3 | $ 0.21 | $ 0.21 | $ 0.39 | |||||||||||
Restructuring and other charges | $ 43,900 | $ 87,000 | $ 31,700 | 170,148 | $ 134,206 | $ 187,630 | |||||||||
Effect of restructuring and other charges on earnings per diluted share (in dollars per share) | $ 1.57 | $ 0.31 | $ 0.66 | $ 0.75 | $ 0.11 | $ 0.05 | $ 0.37 | $ 0.18 | |||||||
Gain (Loss) on disposal of business and investments | (20,967) | 10,058 | (41,410) | ||||||||||||
CH2M Acquisition | |||||||||||||||
Earnings per share: | |||||||||||||||
Restructuring Charges | 190,806 | $ 135,438 | $ 187,907 | ||||||||||||
Professional fees and integration costs | $ 10,600 | ||||||||||||||
Effect of professional fees and integration costs on earnings per diluted share (in dollars per share) | $ 0.09 | ||||||||||||||
Loss on Sale of Subsidiary | |||||||||||||||
Earnings per share: | |||||||||||||||
Restructuring Charges | $ 17,100 | ||||||||||||||
Effect of restructuring charge on earnings per diluted share (in dollars per share) | $ 0.14 | ||||||||||||||
Revenue | |||||||||||||||
Earnings per share: | |||||||||||||||
Restructuring and other charges | $ 1,000 | $ 16,500 | |||||||||||||
Operating Profit | |||||||||||||||
Earnings per share: | |||||||||||||||
Restructuring and other charges | $ 38,500 | $ 51,300 | $ 73,700 | $ 19,500 | 10,700 | 72,200 | |||||||||
Net Earnings Attributable to Jacobs | |||||||||||||||
Earnings per share: | |||||||||||||||
Restructuring and other charges | $ 225,900 | $ 95,400 | $ 94,800 | $ 13,600 | $ 6,300 | $ 45,200 | |||||||||
Non-Cash Write-Off on Equity Investment | |||||||||||||||
Earnings per share: | |||||||||||||||
Restructuring Charges | $ 10,400 | ||||||||||||||
Effect of restructuring charge on earnings per diluted share (in dollars per share) | $ 0.09 | ||||||||||||||
Other | CH2M Acquisition | |||||||||||||||
Earnings per share: | |||||||||||||||
Gain (Loss) on disposal of business and investments | $ (21,000) |
Subsequent Events (Details)
Subsequent Events (Details) - WorleyParsons Limited, ECR Business - Subsequent Event $ in Millions | Oct. 21, 2018USD ($) |
Subsequent Event [Line Items] | |
Consideration transferred | $ 3,300 |
Business combination consideration paid in cash | 2,600 |
Business combination consideration equity issued | $ 700 |