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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 29, 2024
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from to
Commission File Number 1-7463
JACOBS SOLUTIONS INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | | | | 88-1121891 |
(State or other jurisdiction of incorporation or organization) | | | | (I.R.S. Employer Identification Number) |
| | | | |
1999 Bryan Street | Suite 3500 | Dallas | Texas | 75201 |
(Address of principal executive offices) | | | | (Zip Code) |
(214) 583 – 8500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
_________________________________________________________________ | | | | | | | | | | | |
| | | |
Title of Each Class | | Trading Symbol(s) | Name of Each Exchange on Which Registered |
Common Stock | $1 par value | J | New York Stock Exchange |
Indicate by check-mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: ☒ Yes ☐ No
Indicate by check-mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check-mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
Emerging growth company | ☐ | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check-mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Number of shares of common stock outstanding at April 26, 2024: 125,212,831
JACOBS SOLUTIONS INC.
INDEX TO FORM 10-Q
| | | | | | | | | | | |
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PART I | | |
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| Item 1. | | |
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| Item 2. | | |
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| Item 3. | | |
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| Item 4. | | |
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PART II | | |
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| Item 1. | | |
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| Item 1A. | | |
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| Item 2. | | |
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| Item 3. | | |
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| Item 4. | | |
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| Item 5. | | |
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| Item 6. | | |
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Part I - FINANCIAL INFORMATION
Item 1. Financial Statements.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)
| | | | | | | | | | | |
| March 29, 2024 | | September 29, 2023 |
| (Unaudited) | | |
ASSETS | | | |
Current Assets: | | | |
Cash and cash equivalents | $ | 1,033,519 | | | $ | 926,582 | |
Receivables and contract assets | 3,772,484 | | | 3,558,806 | |
Prepaid expenses and other | 189,455 | | | 204,965 | |
| | | |
Total current assets | 4,995,458 | | | 4,690,353 | |
Property, Equipment and Improvements, net | 341,420 | | | 357,032 | |
Other Noncurrent Assets: | | | |
Goodwill | 7,404,422 | | | 7,343,526 | |
Intangibles, net | 1,209,240 | | | 1,271,943 | |
Deferred income tax assets | 58,383 | | | 53,131 | |
Operating lease right-of-use assets | 392,967 | | | 414,384 | |
Miscellaneous | 495,687 | | | 486,740 | |
Total other noncurrent assets | 9,560,699 | | | 9,569,724 | |
| $ | 14,897,577 | | | $ | 14,617,109 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current Liabilities: | | | |
Current maturities of long-term debt | $ | 837,260 | | | $ | 61,430 | |
Accounts payable | 1,162,078 | | | 1,143,802 | |
Accrued liabilities | 1,204,296 | | | 1,301,644 | |
Operating lease liability | 150,272 | | | 152,077 | |
Contract liabilities | 919,417 | | | 763,608 | |
Total current liabilities | 4,273,323 | | | 3,422,561 | |
Long-term debt | 2,164,843 | | | 2,813,471 | |
Liabilities relating to defined benefit pension and retirement plans | 270,608 | | | 258,540 | |
Deferred income tax liabilities | 150,354 | | | 221,158 | |
Long-term operating lease liability | 501,123 | | | 543,230 | |
Other deferred liabilities | 133,034 | | | 125,088 | |
Commitments and Contingencies | — | | | — | |
Redeemable Noncontrolling interests | 725,830 | | | 632,979 | |
Stockholders’ Equity: | | | |
Capital stock: | | | |
Preferred stock, $1 par value, authorized - 1,000,000 shares; issued and outstanding - none | — | | | — | |
Common stock, $1 par value, authorized - 240,000,000 shares; issued and outstanding - 125,216,293 shares and 125,976,998 shares as of March 29, 2024 and September 29, 2023, respectively | 125,216 | | | 125,977 | |
Additional paid-in capital | 2,733,758 | | | 2,735,325 | |
Retained earnings | 4,576,383 | | | 4,542,872 | |
Accumulated other comprehensive loss | (811,243) | | | (857,954) | |
Total Jacobs stockholders’ equity | 6,624,114 | | | 6,546,220 | |
Noncontrolling interests | 54,348 | | | 53,862 | |
Total Group stockholders’ equity | 6,678,462 | | | 6,600,082 | |
| $ | 14,897,577 | | | $ | 14,617,109 | |
See the accompanying Notes to Consolidated Financial Statements – Unaudited.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
Three and Six Months Ended March 29, 2024 and March 31, 2023
(In thousands, except per share information)
(Unaudited)
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| For the Three Months Ended | | For the Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Revenues | $ | 4,269,093 | | | $ | 4,078,332 | | | $ | 8,428,318 | | | $ | 7,877,001 | |
Direct cost of contracts | (3,364,478) | | | (3,188,038) | | | (6,673,165) | | | (6,171,994) | |
Gross profit | 904,615 | | | 890,294 | | | 1,755,153 | | | 1,705,007 | |
Selling, general and administrative expenses | (623,627) | | | (600,431) | | | (1,270,101) | | | (1,177,339) | |
Operating Profit | 280,988 | | | 289,863 | | | 485,052 | | | 527,668 | |
Other Income (Expense): | | | | | | | |
Interest income | 9,405 | | | 7,630 | | | 17,639 | | | 10,637 | |
Interest expense | (44,232) | | | (40,613) | | | (87,584) | | | (80,690) | |
Miscellaneous expense, net | (4,576) | | | (4,567) | | | (7,771) | | | (7,820) | |
Total other expense, net | (39,403) | | | (37,550) | | | (77,716) | | | (77,873) | |
Earnings from Continuing Operations Before Taxes | 241,585 | | | 252,313 | | | 407,336 | | | 449,795 | |
Income Tax expense from Continuing Operations | (67,283) | | | (19,060) | | | (51,005) | | | (69,163) | |
Net Earnings of the Group from Continuing Operations | 174,302 | | | 233,253 | | | 356,331 | | | 380,632 | |
Net Loss of the Group from Discontinued Operations | (768) | | | (75) | | | (1,342) | | | (783) | |
Net Earnings of the Group | 173,534 | | | 233,178 | | | 354,989 | | | 379,849 | |
Net Earnings Attributable to Noncontrolling Interests from Continuing Operations | (7,340) | | | (7,803) | | | (14,567) | | | (14,834) | |
Net Earnings Attributable to Redeemable Noncontrolling interests | (4,082) | | | (8,863) | | | (6,700) | | | (12,855) | |
Net Earnings Attributable to Jacobs from Continuing Operations | 162,880 | | | 216,587 | | | 335,064 | | | 352,943 | |
Net Earnings Attributable to Jacobs | $ | 162,112 | | | $ | 216,512 | | | $ | 333,722 | | | $ | 352,160 | |
Net Earnings Per Share: | | | | | | | |
Basic Net Earnings from Continuing Operations Per Share | $ | 1.30 | | | $ | 1.71 | | | $ | 2.68 | | | $ | 2.78 | |
Basic Net Loss from Discontinued Operations Per Share | $ | (0.01) | | | $ | — | | | $ | (0.01) | | | $ | (0.01) | |
Basic Earnings Per Share | $ | 1.29 | | | $ | 1.71 | | | $ | 2.66 | | | $ | 2.78 | |
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Diluted Net Earnings from Continuing Operations Per Share | $ | 1.29 | | | $ | 1.70 | | | $ | 2.66 | | | $ | 2.77 | |
Diluted Net Loss from Discontinued Operations Per Share | $ | (0.01) | | | $ | — | | | $ | (0.01) | | | $ | (0.01) | |
Diluted Earnings Per Share | $ | 1.28 | | | $ | 1.70 | | | $ | 2.65 | | | $ | 2.76 | |
See the accompanying Notes to Consolidated Financial Statements - Unaudited.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three and Six Months Ended March 29, 2024 and March 31, 2023
(In thousands)
(Unaudited)
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| For the Three Months Ended | | For the Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Net Earnings of the Group | $ | 173,534 | | | $ | 233,178 | | | $ | 354,989 | | | $ | 379,849 | |
Other Comprehensive Income: | | | | | | | |
Foreign currency translation adjustment | (34,872) | | | 21,951 | | | 73,177 | | | 187,285 | |
Change in cash flow hedges | 1,925 | | | (19,811) | | | (25,741) | | | (29,955) | |
Change in pension plan liabilities | 4,294 | | | 6 | | | (6,459) | | | (22,259) | |
Other comprehensive (loss) income before taxes | (28,653) | | | 2,146 | | | 40,977 | | | 135,071 | |
Income Tax (Expense) Benefit: | | | | | | | |
Foreign currency translation adjustment | — | | | 968 | | | — | | | (5,641) | |
Cash flow hedges | (526) | | | 5,047 | | | 6,669 | | | 8,317 | |
Change in pension plan liabilities | (473) | | | (351) | | | (935) | | | (659) | |
Income Tax (Expense) Benefit: | (999) | | | 5,664 | | | 5,734 | | | 2,017 | |
Net other comprehensive (loss) income | (29,652) | | | 7,810 | | | 46,711 | | | 137,088 | |
Net Comprehensive Income of the Group | 143,882 | | | 240,988 | | | 401,700 | | | 516,937 | |
Net Earnings Attributable to Noncontrolling Interests | (7,340) | | | (7,803) | | | (14,567) | | | (14,834) | |
Net Earnings Attributable to Redeemable Noncontrolling interests | (4,082) | | | (8,863) | | | (6,700) | | | (12,855) | |
Net Comprehensive Income Attributable to Jacobs | $ | 132,460 | | | $ | 224,322 | | | $ | 380,433 | | | $ | 489,248 | |
See the accompanying Notes to Consolidated Financial Statements - Unaudited.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Three Months Ended March 29, 2024 and March 31, 2023
(In thousands)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Jacobs Stockholders’ Equity | | Noncontrolling Interests | | Total Group Stockholders’ Equity |
Balances at December 30, 2022 | $ | 126,669 | | | $ | 2,672,421 | | | $ | 4,230,866 | | | $ | (845,852) | | | $ | 6,184,104 | | | $ | 49,494 | | | $ | 6,233,598 | |
Net earnings | — | | | — | | | 216,512 | | | — | | | 216,512 | | | 7,803 | | | 224,315 | |
Foreign currency translation adjustments, net of deferred taxes of $(968) | — | | | — | | | — | | | 22,919 | | | 22,919 | | | — | | | 22,919 | |
Pension plan liability, net of deferred taxes of $351 | — | | | — | | | — | | | (345) | | | (345) | | | — | | | (345) | |
Change in cash flow hedges, net of deferred taxes of $(5,047) | — | | | — | | | — | | | (14,764) | | | (14,764) | | | — | | | (14,764) | |
Dividends | — | | | — | | | (32,564) | | | — | | | (32,564) | | | — | | | (32,564) | |
Redeemable Noncontrolling interests redemption value adjustment | — | | | — | | | (21,177) | | | — | | | (21,177) | | | — | | | (21,177) | |
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Noncontrolling interests - distributions and other | — | | | — | | | — | | | — | | | — | | | (8,910) | | | (8,910) | |
Stock based compensation | — | | | 15,054 | | | — | | | — | | | 15,054 | | | — | | | 15,054 | |
Issuances of equity securities including shares withheld for taxes | 136 | | | 10,048 | | | (286) | | | — | | | 9,898 | | | — | | | 9,898 | |
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Balances at March 31, 2023 | $ | 126,805 | | | $ | 2,697,523 | | | $ | 4,393,351 | | | $ | (838,042) | | | $ | 6,379,637 | | | $ | 48,387 | | | $ | 6,428,024 | |
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Balances at December 29, 2023 | $ | 125,599 | | | $ | 2,729,416 | | | $ | 4,604,850 | | | $ | (781,591) | | | $ | 6,678,274 | | | $ | 56,576 | | | $ | 6,734,850 | |
Net earnings | — | | | — | | | 162,112 | | | — | | | 162,112 | | | 7,340 | | | 169,452 | |
Foreign currency translation adjustments | — | | | — | | | — | | | (34,872) | | | (34,872) | | | — | | | (34,872) | |
Pension plan liability, net of deferred taxes of $473 | — | | | — | | | — | | | 3,821 | | | 3,821 | | | — | | | 3,821 | |
Change in cash flow hedges, net of deferred taxes of $526 | — | | | — | | | — | | | 1,399 | | | 1,399 | | | — | | | 1,399 | |
Dividends | — | | | — | | | (36,715) | | | — | | | (36,715) | | | — | | | (36,715) | |
Redeemable Noncontrolling interests redemption value adjustment | — | | | — | | | (70,845) | | | — | | | (70,845) | | | — | | | (70,845) | |
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Noncontrolling interests - distributions and other | — | | | — | | | — | | | — | | | — | | | (9,568) | | | (9,568) | |
Stock based compensation | — | | | 15,866 | | | — | | | — | | | 15,866 | | | — | | | 15,866 | |
Issuances of equity securities including shares withheld for taxes | 257 | | | 2,371 | | | (2,108) | | | — | | | 520 | | | — | | | 520 | |
Repurchases of equity securities | (640) | | | (13,895) | | | (80,911) | | | — | | | (95,446) | | | — | | | (95,446) | |
Balances at March 29, 2024 | $ | 125,216 | | | $ | 2,733,758 | | | $ | 4,576,383 | | | $ | (811,243) | | | $ | 6,624,114 | | | $ | 54,348 | | | $ | 6,678,462 | |
See the accompanying Notes to Consolidated Financial Statements – Unaudited.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Six Months Ended March 29, 2024 and March 31, 2023
(In thousands)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Jacobs Stockholders’ Equity | | Noncontrolling Interests | | Total Group Stockholders’ Equity |
Balances at September 30, 2022 | $ | 127,393 | | | $ | 2,682,009 | | | $ | 4,225,784 | | | $ | (975,130) | | | $ | 6,060,056 | | | $ | 44,336 | | | $ | 6,104,392 | |
Net earnings | — | | | — | | | 352,160 | | | — | | | 352,160 | | | 14,834 | | | 366,994 | |
Foreign currency translation adjustments, net of deferred taxes of $5,641 | — | | | — | | | — | | | 181,644 | | | 181,644 | | | — | | | 181,644 | |
Pension liability, net of deferred taxes of $659 | — | | | — | | | — | | | (22,918) | | | (22,918) | | | — | | | (22,918) | |
Change in cash flow hedges, net of deferred taxes of $(8,317) | — | | | — | | | — | | | (21,638) | | | (21,638) | | | — | | | (21,638) | |
Dividends | — | | | — | | | (33,438) | | | — | | | (33,438) | | | — | | | (33,438) | |
Redeemable Noncontrolling interests redemption value adjustment | — | | | — | | | (44,494) | | | — | | | (44,494) | | | — | | | (44,494) | |
Repurchase of redeemable noncontrolling interests | — | | | — | | | 11,337 | | | — | | | 11,337 | | | — | | | 11,337 | |
Noncontrolling interests - distributions and other | — | | | — | | | — | | | — | | | — | | | (10,783) | | | (10,783) | |
Stock based compensation | — | | | 35,285 | | | — | | | — | | | 35,285 | | | — | | | 35,285 | |
Issuances of equity securities including shares withheld for taxes | 650 | | | 6,286 | | | (4,771) | | | — | | | 2,165 | | | — | | | 2,165 | |
Repurchases of equity securities | (1,238) | | | (26,057) | | | (113,227) | | | — | | | (140,522) | | | — | | | (140,522) | |
Balances at March 31, 2023 | $ | 126,805 | | | $ | 2,697,523 | | | $ | 4,393,351 | | | $ | (838,042) | | | $ | 6,379,637 | | | $ | 48,387 | | | $ | 6,428,024 | |
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Balances at September 29, 2023 | $ | 125,977 | | | $ | 2,735,325 | | | $ | 4,542,872 | | | $ | (857,954) | | | $ | 6,546,220 | | | $ | 53,862 | | | $ | 6,600,082 | |
Net earnings | — | | | — | | | 333,722 | | | — | | | 333,722 | | | 14,567 | | | 348,289 | |
Foreign currency translation adjustments | — | | | — | | | — | | | 73,177 | | | 73,177 | | | — | | | 73,177 | |
Pension liability, net of deferred taxes of $935 | — | | | — | | | — | | | (7,394) | | | (7,394) | | | — | | | (7,394) | |
Change in cash flow hedges, net of deferred taxes of $(6,669) | — | | | — | | | — | | | (19,072) | | | (19,072) | | | — | | | (19,072) | |
Dividends | — | | | — | | | (37,077) | | | — | | | (37,077) | | | — | | | (37,077) | |
Redeemable Noncontrolling interests redemption value adjustment | — | | | — | | | (96,562) | | | — | | | (96,562) | | | — | | | (96,562) | |
Repurchase and issuance of redeemable noncontrolling interests | — | | | — | | | 1,898 | | | — | | | 1,898 | | | — | | | 1,898 | |
Noncontrolling interests - distributions and other | — | | | — | | | — | | | — | | | — | | | (14,081) | | | (14,081) | |
Stock based compensation | — | | | 35,176 | | | — | | | — | | | 35,176 | | | — | | | 35,176 | |
Issuances of equity securities including shares withheld for taxes | 667 | | | (5,722) | | | (5,457) | | | — | | | (10,512) | | | — | | | (10,512) | |
Repurchases of equity securities | (1,428) | | | (31,021) | | | (163,013) | | | — | | | (195,462) | | | — | | | (195,462) | |
Balances at March 29, 2024 | $ | 125,216 | | | $ | 2,733,758 | | | $ | 4,576,383 | | | $ | (811,243) | | | $ | 6,624,114 | | | $ | 54,348 | | | $ | 6,678,462 | |
See the accompanying Notes to Consolidated Financial Statements – Unaudited.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended March 29, 2024 and March 31, 2023
(In thousands)
(Unaudited) | | | | | | | | | | | |
| For the Six Months Ended |
| March 29, 2024 | | March 31, 2023 |
Cash Flows from Operating Activities: | | | |
Net earnings attributable to the Group | $ | 354,989 | | | $ | 379,849 | |
Adjustments to reconcile net earnings to net cash flows provided by operations: | | | |
Depreciation and amortization: | | | |
Property, equipment and improvements | 49,723 | | | 55,686 | |
Intangible assets | 103,763 | | | 100,247 | |
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Stock based compensation | 35,176 | | | 35,285 | |
Equity in earnings of operating ventures, net of return on capital distributions | (6,983) | | | (2,931) | |
Loss on disposals of assets, net | 1,210 | | | 828 | |
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Impairment of long-lived assets | — | | | 37,217 | |
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Deferred income taxes | (73,966) | | | 20,785 | |
Changes in assets and liabilities, excluding the effects of businesses acquired: | | | |
Receivables and contract assets, net of contract liabilities | (18,332) | | | 63,229 | |
Prepaid expenses and other current assets | 20,911 | | | (9,940) | |
Miscellaneous other assets | 43,481 | | | 43,472 | |
Accounts payable | 14,764 | | | (15,109) | |
Accrued liabilities | (166,640) | | | (228,857) | |
Other deferred liabilities | 11,073 | | | (53,896) | |
Other, net | 6,369 | | | 8,474 | |
Net cash provided by operating activities | 375,538 | | | 434,339 | |
Cash Flows from Investing Activities: | | | |
Additions to property and equipment | (45,108) | | | (67,389) | |
Disposals of property and equipment and other assets | 145 | | | 15 | |
Capital contributions to equity investees, net of return of capital distributions | 1,660 | | | 8,384 | |
Acquisitions of businesses, net of cash acquired | (14,000) | | | (17,685) | |
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Net cash used for investing activities | (57,303) | | | (76,675) | |
Cash Flows from Financing Activities: | | | |
Proceeds from long-term borrowings | 1,716,577 | | | 2,075,495 | |
Repayments of long-term borrowings | (1,621,390) | | | (2,129,338) | |
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Repayments of short-term borrowings | (9,657) | | | — | |
Debt issuance costs | (1,606) | | | (11,388) | |
Proceeds from issuances of common stock | 22,660 | | | 25,374 | |
Common stock repurchases | (195,462) | | | (140,522) | |
Taxes paid on vested restricted stock | (33,172) | | | (23,209) | |
Cash dividends to shareholders | (70,137) | | | (62,788) | |
Net dividends associated with noncontrolling interests | (14,249) | | | (11,283) | |
Repurchase of redeemable noncontrolling interests | (24,360) | | | (58,353) | |
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Net cash used for financing activities | (230,796) | | | (336,012) | |
Effect of Exchange Rate Changes | 17,631 | | | 49,761 | |
Net Increase in Cash and Cash Equivalents and Restricted Cash | 105,070 | | | 71,413 | |
Cash and Cash Equivalents, including Restricted Cash, at the Beginning of the Period | 929,445 | | | 1,154,207 | |
Cash and Cash Equivalents, including Restricted Cash, at the End of the Period | $ | 1,034,515 | | | $ | 1,225,620 | |
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See the accompanying Notes to Consolidated Financial Statements – Unaudited.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1.Basis of Presentation
Unless the context otherwise requires:
•References herein to “Jacobs” are to Jacobs Solutions Inc. and its predecessors;
•References herein to the “Company”, “we”, “us” or “our” are to Jacobs Solutions Inc. and its consolidated subsidiaries; and
•References herein to the “Group” are to the combined economic interests and activities of the Company and the persons and entities holding noncontrolling interests in our consolidated subsidiaries.
On August 29, 2022, Jacobs Engineering Group Inc. ("JEGI"), the predecessor to Jacobs Solutions Inc., implemented a holding company structure, which resulted in Jacobs Solutions Inc. becoming the parent company of, and successor issuer to, JEGI (the "Holding Company Reorganization"). For purposes of this report, references to Jacobs and the "Company", "we", "us" or "our" or our management or business at any point prior to the Holding Company Implementation Date refer to JEGI, or JEGI and its consolidated subsidiaries as the predecessor to Jacobs Solutions Inc.
The accompanying consolidated financial statements and financial information included herein have been prepared pursuant to the interim period reporting requirements of Form 10-Q. Consequently, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. Readers of this Quarterly Report on Form 10-Q should also read our consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 29, 2023 (“2023 Form 10-K”).
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our consolidated financial statements as of March 29, 2024, and for the three and six months ended March 29, 2024.
Our interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.
On November 20, 2023, Jacobs entered into a definitive agreement to spin-off and combine our Critical Mission Solutions ("CMS") and portions of our Divergent Solutions business, including Cyber & Intelligence (the "Separated Businesses") with Amentum Parent Holdings LLC ("Amentum"), in a Reverse Morris Trust transaction intended to be tax-free to Jacobs’ shareholders for U.S. federal income tax purposes (hereinafter referred to as the “Separation Transaction”). The Separation Transaction, which is expected to close in fiscal year 2024, is subject to regulatory approvals and other customary closing conditions.
On April 26, 2019, Jacobs completed the sale of its Energy, Chemicals and Resources ("ECR") business to Worley Limited ("Worley"), a company incorporated in Australia, for a purchase price of $3.4 billion consisting of (i) $2.8 billion in cash plus (ii) 58.2 million ordinary shares of Worley, subject to adjustments for changes in working capital and certain other items (the “ECR sale”). As a result of the ECR sale, substantially all ECR-related assets and liabilities were sold (the "Disposal Group"). We determined that the Disposal Group should be reported as discontinued operations in accordance with ASC 210-05, Discontinued Operations because their disposal represents a strategic shift that had a major effect on our operations and financial results. As such, the financial results of the ECR business are reflected in our unaudited Consolidated Statements of Earnings as discontinued operations for all periods presented and all of the ECR business to be sold under the terms of the ECR sale had been conveyed to Worley and as such, no amounts remain held for sale.
2. 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.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Please refer to Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements included in our 2023 Form 10-K for a discussion of other significant estimates and assumptions affecting our consolidated financial statements.
3. Fair Value and Fair Value Measurements
Certain amounts included in the accompanying consolidated financial statements are presented at fair value. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as of the date fair value is determined (the “measurement date”). When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider only those assumptions we believe a typical market participant would consider when pricing an asset or liability. In measuring fair value, we use the following inputs in the order of priority indicated:
Level 1 - Quoted prices in active markets for identical assets or liabilities.
Level 2 - Observable inputs other than quoted prices in active markets included in Level 1, such as (i) quoted prices for similar assets or liabilities; (ii) quoted prices in markets that have insufficient volume or infrequent transactions (e.g., less active markets); and (iii) model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data for substantially the full term of the asset or liability.
Level 3 - Unobservable inputs to the valuation methodology that are significant to the fair value measurement.
Please refer to Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements included in our 2023 Form 10-K for a more complete discussion of the various items within the consolidated financial statements measured at fair value and the methods used to determine fair value. Please also refer to Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion regarding the Company's derivative instruments.
The net carrying amounts of cash and cash equivalents, trade receivables and payables and short-term debt approximate fair value due to the short-term nature of these instruments. See Note 12- Borrowings for a discussion of the fair value of long-term debt.
Fair value measurements relating to our business combinations and goodwill allocations related to our Divergent Solutions ("DVS") segment realignment were made primarily using Level 3 inputs including discounted cash flow techniques. Fair value for the identified intangible assets is generally estimated using inputs primarily for the income approach using the multiple period excess earnings method and the relief from royalties method. The significant assumptions used in estimating fair value include (i) revenue projections of the business, including profitability, (ii) attrition rates and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as furniture, fixtures and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. The fair value of the contingent consideration is estimated using a Monte Carlo simulation and the significant assumptions used include projections of revenues and probabilities of meeting those projections. Key inputs to the valuation of the noncontrolling interests include projected cash flows and the expected volatility associated with those cash flows.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
4. New Accounting Pronouncements
ASU 2023-09, Income Taxes, (Topic 740): Improvements to Income Tax Disclosures, provides qualitative and quantitative updates to the Company's effective income tax rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. ASU 2023-09 will be effective for the Company in the first quarter of fiscal 2026. The Company has identified and is implementing changes to processes and internal controls to meet the standard’s updated reporting and disclosure requirements.
ASU 2023-07, Segment Reporting, (Topic 280): Improvements to Reportable Segment Disclosures, requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. ASU 2023-07 will be effective for the Company's annual fiscal 2025 period. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures.
ASU 2023-06, Disclosure Improvements: Amendments - Codification Amendments in Response to the Disclosure Update and Simplification Initiative of the Securities and Exchange Commission ("SEC"). The Financial Accounting Standards Board issued the standard to introduce changes to US GAAP that originate in either SEC Regulation S-X or S-K, which are rules about the form and content of financial reports filed with the SEC. The provisions of the standard are contingent upon instances where the SEC removes the related disclosure provisions from Regulation S-X and S-K. The Company does not expect that the application of this standard will have a material impact on our consolidated financial statements and related disclosures.
5. Revenue Accounting for Contracts
Disaggregation of Revenues
Our revenues are principally derived from contracts to provide a diverse range of technical, professional, and construction services to a large number of industrial, commercial, and governmental clients. We provide a broad range of engineering, design, and architectural services; construction and construction management services; operations and maintenance services; and technical, digital, process, scientific and systems consulting services. We provide our services through offices and subsidiaries located primarily in North America, Europe, the Middle East, India, Australia, Africa, and Asia. We provide our services under cost-reimbursable and fixed-price contracts. Our contracts are with many different customers in numerous industries. Refer to Note 18- Segment Information for additional information on how we disaggregate our revenues by reportable segment.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The following table further disaggregates our revenue by geographic area for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Revenues: | | | | | | | |
United States | $ | 2,878,888 | | | $ | 2,694,735 | | | $ | 5,676,979 | | | $ | 5,231,013 | |
Europe | 957,651 | | | 931,093 | | | 1,882,798 | | | 1,785,666 | |
Canada | 61,654 | | | 61,887 | | | 125,030 | | | 123,716 | |
Asia | 34,673 | | | 35,641 | | | 65,613 | | | 70,463 | |
India | 37,274 | | | 46,829 | | | 73,017 | | | 87,173 | |
Australia and New Zealand | 164,351 | | | 170,069 | | | 338,135 | | | 331,109 | |
Middle East and Africa | 134,602 | | | 138,078 | | | 266,746 | | | 247,861 | |
Total | $ | 4,269,093 | | | $ | 4,078,332 | | | $ | 8,428,318 | | | $ | 7,877,001 | |
Contract Liabilities
Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. Revenue recognized for the three and six months ended March 29, 2024 that was previously included in the contract liability balance on September 29, 2023 was $105.2 million and $474.9 million, respectively. Revenue recognized for the three and six months ended March 31, 2023 that was included in the contract liability balance on September 30, 2022 was $82.7 million and $413.0 million, respectively.
Remaining Performance Obligation
The Company’s remaining performance obligations as of March 29, 2024 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company had approximately $17.5 billion in remaining performance obligations as of March 29, 2024. The Company expects to recognize approximately 56% of its remaining performance obligations into revenue within the next twelve months and the remaining 44% thereafter. The majority of the remaining performance obligations after the first twelve months are expected to be recognized over a four year period.
Although our remaining performance obligations reflect business volumes that are considered to be firm, normal business activities including scope adjustments, deferrals or cancellations may occur that impact volume or expected timing of their recognition. Remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate.
6. Earnings Per Share and Certain Related Information
Basic and diluted earnings per share (“EPS”) are computed using the two-class method, which is an earnings allocation method that determines EPS for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Net earnings used for the purpose of determining basic and diluted EPS is determined by taking net earnings, less earnings available to participating securities and the preferred redeemable noncontrolling interests redemption value adjustment associated with the PA Consulting transaction.
The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Numerator for Basic and Diluted EPS: | | | | | | | |
Net earnings attributable to Jacobs from continuing operations | $ | 162,880 | | | $ | 216,587 | | | $ | 335,064 | | | $ | 352,943 | |
Preferred Redeemable Noncontrolling interests redemption value adjustment (See Note 15- PA Consulting Redeemable Noncontrolling Interests) | — | | | — | | | 1,766 | | | — | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net earnings from continuing operations allocated to common stock for EPS calculation | $ | 162,880 | | | $ | 216,587 | | | $ | 336,830 | | | $ | 352,943 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net loss from discontinued operations allocated to common stock for EPS calculation | $ | (768) | | | $ | (75) | | | $ | (1,342) | | | $ | (783) | |
| | | | | | | |
Net earnings allocated to common stock for EPS calculation | $ | 162,112 | | | $ | 216,512 | | | $ | 335,488 | | | $ | 352,160 | |
| | | | | | | |
Denominator for Basic and Diluted EPS: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Shares used for calculating basic EPS attributable to common stock | 125,712 | | | 126,886 | | | 125,909 | | | 126,855 | |
| | | | | | | |
Effect of dilutive securities: | | | | | | | |
Stock compensation plans | 499 | | | 473 | | | 603 | | | 573 | |
Shares used for calculating diluted EPS attributable to common stock | 126,211 | | | 127,359 | | | 126,512 | | | 127,428 | |
| | | | | | | |
Net Earnings Per Share: | | | | | | | |
Basic Net Earnings from Continuing Operations Per Share | $ | 1.30 | | | $ | 1.71 | | | $ | 2.68 | | | $ | 2.78 | |
Basic Net Loss from Discontinued Operations Per Share | $ | (0.01) | | | $ | — | | | $ | (0.01) | | | $ | (0.01) | |
Basic Earnings Per Share | $ | 1.29 | | | $ | 1.71 | | | $ | 2.66 | | | $ | 2.78 | |
Diluted Net Earnings from Continuing Operations Per Share | $ | 1.29 | | | $ | 1.70 | | | $ | 2.66 | | | $ | 2.77 | |
Diluted Net Loss from Discontinued Operations Per Share | $ | (0.01) | | | $ | — | | | $ | (0.01) | | | $ | (0.01) | |
Diluted Earnings Per Share | $ | 1.28 | | | $ | 1.70 | | | $ | 2.65 | | | $ | 2.76 | |
Note: Per share amounts may not add due to rounding.
Share Repurchases
| | |
On January 16, 2020, the Company's Board of Directors authorized a share repurchase program of up to $1.0 billion of the Company's common stock (the "2020 Repurchase Authorization"). The 2020 Repurchase Authorization expired on January 15, 2023. On January 25, 2023, the Company's Board of Directors authorized an incremental share repurchase program of up to $1.0 billion of the Company's common stock, to expire on January 25, 2026 (the "2023 Repurchase Authorization"). At March 29, 2024, the Company has $679.4 million remaining under the 2023 Repurchase Authorization. |
The following table summarizes repurchase activity under the 2023 Repurchase Authorization through the second fiscal quarter of 2024:
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
| | | | | | | | | | | | | | | | | | | | |
Amount Authorized (2023 Repurchase Authorization) | | Average Price Per Share (1) | | Total Shares Retired | | Shares Repurchased |
$1,000,000,000 | | $136.86 | | 1,428,180 | | 1,428,180 |
(1)Includes commissions paid and excise tax due under the Inflation Reduction Act of 2022 and calculated at the average price per share.
| | |
Our share repurchase program does not obligate the Company to purchase any shares. Share repurchases may be executed through various means including, without limitation, accelerated share repurchases, open market transactions, privately negotiated transactions, purchases pursuant to Rule 10b5-1 plans or otherwise. The authorization for the share repurchase programs may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing, amount and manner of share repurchases may depend upon market conditions and economic circumstances, availability of investment opportunities, the availability and costs of financing, currency fluctuations, the market price of the Company's common stock, other uses of capital and other factors. |
Dividends
On May 2, 2024, the Company’s Board of Directors declared a quarterly dividend of $0.29 per share of the Company’s common stock to be paid on June 21, 2024, to shareholders of record on the close of business on May 24, 2024. Future dividend declarations are subject to review and approval by the Company’s Board of Directors. Dividends paid through the second fiscal quarter of 2024 and the preceding fiscal year are as follows:
| | | | | | | | | | | | | | | | | | | | | | |
Declaration Date | | Record Date | | Payment Date | | Cash Amount (per share) | | |
January 25, 2024 | | February 23, 2024 | | March 22, 2024 | | $0.29 | | |
September 28, 2023 | | October 27, 2023 | | November 9, 2023 | | $0.26 | | |
July 6, 2023 | | July 28, 2023 | | August 25, 2023 | | $0.26 | | |
April 27, 2023 | | May 26, 2023 | | June 23, 2023 | | $0.26 | | |
January 25, 2023 | | February 24, 2023 | | March 24, 2023 | | $0.26 | | |
September 15, 2022 | | September 30, 2022 | | October 28, 2022 | | $0.23 | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
7. Goodwill and Intangibles
The carrying value of goodwill appearing in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023 was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Critical Mission Solutions | | People & Places Solutions | | Divergent Solutions | | PA Consulting | | Total |
Balance September 29, 2023 | $ | 2,244,985 | | | $ | 3,208,193 | | | $ | 595,712 | | | $ | 1,294,636 | | | $ | 7,343,526 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Foreign currency translation and other | 4,392 | | | 5,917 | | | 1,166 | | | 49,421 | | | 60,896 | |
Balance March 29, 2024 | $ | 2,249,377 | | | $ | 3,214,110 | | | $ | 596,878 | | | $ | 1,344,057 | | | $ | 7,404,422 | |
The following table provides certain information related to the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Customer Relationships, Contracts and Backlog | | | | Developed Technology | | Trade Names | | | | | | | | Total |
Balance September 29, 2023 | $ | 1,022,401 | | | | | $ | 74,791 | | | $ | 174,751 | | | | | | | | | $ | 1,271,943 | |
Amortization | (89,669) | | | | | (7,946) | | | (6,148) | | | | | | | | | (103,763) | |
Acquired | — | | | | | — | | | 14,000 | | | | | | | | | 14,000 | |
| | | | | | | | | | | | | | | |
Foreign currency translation and other | 20,544 | | | | | 203 | | | 6,313 | | | | | | | | | 27,060 | |
Balance March 29, 2024 | $ | 953,276 | | | | | $ | 67,048 | | | $ | 188,916 | | | | | | | | | $ | 1,209,240 | |
The following table presents estimated amortization expense of intangible assets for the remainder of fiscal 2024 and for the succeeding years.
| | | | | | | | |
Fiscal Year | | (in millions) |
2024 | | $ | 105.1 | |
2025 | | 209.8 | |
2026 | | 187.0 | |
2027 | | 154.6 | |
2028 | | 143.7 | |
Thereafter | | 409.0 | |
Total | | $ | 1,209.2 | |
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
8. Receivables and Contract Assets
The following table presents the components of receivables and contract assets appearing in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023, as well as certain other related information (in thousands):
| | | | | | | | | | | |
| March 29, 2024 | | September 29, 2023 |
Components of receivables and contract assets: | | | |
Amounts billed, net | $ | 1,517,480 | | | $ | 1,457,333 | |
Unbilled receivables and other | 1,577,510 | | | 1,442,486 | |
Contract assets | 677,494 | | | 658,987 | |
Total receivables and contract assets, net | $ | 3,772,484 | | | $ | 3,558,806 | |
Other information about receivables: | | | |
Amounts due from the United States federal government, included above, net of contract liabilities | $ | 799,371 | | | $ | 802,566 | |
Amounts billed, net consist of amounts invoiced to clients in accordance with the terms of our client contracts and are shown net of an allowance for doubtful accounts. We anticipate that substantially all of such billed amounts will be collected over the next twelve months.
Unbilled receivables and other, which represent an unconditional right to payment subject only to the passage of time, are reclassified to amounts billed when they are billed under the terms of the contract. We anticipate that substantially all of such unbilled amounts will be billed and collected over the next twelve months.
Contract assets represent unbilled amounts where the right to payment is subject to more than merely the passage of time and includes performance-based incentives and services that have been provided in advance of agreed contractual milestones. Contract assets are transferred to unbilled receivables when the right to consideration becomes unconditional and are transferred to amounts billed upon invoicing.
9. Accumulated Other Comprehensive Income
The following table presents the Company's roll forward of accumulated other comprehensive income (loss) after-tax as of March 29, 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Change in Net Pension Obligation | | Foreign Currency Translation Adjustment (1) | | Gain/(Loss) on Cash Flow Hedges (2) | | Total |
Balance at September 29, 2023 | $ | (325,692) | | | $ | (635,937) | | | $ | 103,675 | | | $ | (857,954) | |
Other comprehensive (loss) income | (7,394) | | | 73,177 | | | 259 | | | 66,042 | |
Reclassifications from accumulated other comprehensive income (loss) | — | | | — | | | (19,331) | | | (19,331) | |
Balance at March 29, 2024 | $ | (333,086) | | | $ | (562,760) | | | $ | 84,603 | | | $ | (811,243) | |
(1) Included in the overall foreign currency translation adjustment for the six months ended March 29, 2024 and March 31, 2023 are $(21.2) million and $(87.2) million, respectively, in unrealized gains (losses) on long-term foreign currency denominated intercompany loans not anticipated to be settled in the foreseeable future.
(2) Included in the Company’s cumulative net unrealized gains from interest rate and cross currency swaps recorded in accumulated other comprehensive income as of March 29, 2024 were approximately $20.2 million in unrealized gains, net of taxes, which are expected to be realized in earnings during the twelve months subsequent to March 29, 2024.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
10. Income Taxes
| | |
The Company’s effective tax rates from continuing operations for the three months ended March 29, 2024 and March 31, 2023 were 27.9% and 7.6%, respectively. The most significant items contributing to the difference between the statutory U.S. federal corporate tax rate of 21% and the Company's effective tax rate for the three-month period ended March 29, 2024 were U.S. state income tax expense of $4.0 million and U.S. tax on foreign earnings of $5.5 million. These expense items are expected to have a continuing impact on the Company's effective tax rate for the remainder of the fiscal year. For the three months ended March 31, 2023, the main differences were attributable to a tax benefit of $40.2 million related to uncertain tax positions (“UTPs”) in the U.S. that were effectively settled, of which $30.8 million relates to positions carried forward from the acquisition of CH2M Hill Companies Ltd. that was completed in 2018, as well as a tax benefit of $8.6 million for the release of previously valued foreign tax credits. These benefits were partly offset by U.S. state income tax expense of $5.9 million and U.S. tax on foreign earnings of $4.6 million. |
|
The Company's effective tax rates from continuing operations for the six months ended March 29, 2024 and March 31, 2023 were 12.6% and 15.4%, respectively. The most significant item contributing to the difference between the statutory U.S. federal corporate tax rate of 21% and the Company’s effective tax rate for the six-month period ended March 29, 2024 related to a discrete event associated with the election to treat an Australian subsidiary as a corporation versus a partnership for U.S. tax purposes, with this election resulting in the derecognition of a deferred tax liability and yielding a discrete income tax benefit of $61.6 million as the Company asserts that a component of the investment will be indefinitely reinvested. This benefit was partly offset by U.S. state income tax expense of $7.3 million and U.S. tax on foreign earnings of $8.6 million, which are expected to have a continuing impact on the Company's effective tax rate for the remainder of the fiscal year. For the six months ended March 31, 2023, the main differences were associated with net tax benefits of $39.0 million mostly related to UTPs mentioned above and a tax benefit of $8.6 million for the release of previously valued foreign tax credits, partly offset by U.S. state income tax expense of $10.5 million and U.S. tax on foreign earnings of $8.2 million. |
|
The amount of income taxes the Company pays is subject to ongoing audits by tax jurisdictions around the world. In the normal course of business, the Company is subject to examination by tax authorities throughout the world, including such major jurisdictions as Australia, Canada, India, the Netherlands, the United Kingdom and the United States. Our estimate of the potential outcome of any uncertain tax issue is subject to our assessment of the relevant risks, facts, and circumstances existing at the time. The Company believes that it has adequately provided for reasonably foreseeable outcomes related to these matters. However, future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, which may impact our effective tax rate. |
11. Joint Ventures, VIEs and Other Investments
For the Company's consolidated variable interest entities ("VIE") joint ventures, the carrying value of assets and liabilities was $391.8 million and $244.3 million, respectively, as of March 29, 2024 and $424.2 million and $279.8 million, respectively, as of September 29, 2023. There are no consolidated VIEs that have debt or credit facilities.
For the Company's proportionate consolidated VIEs, the carrying value of assets and liabilities was $128.9 million and $126.0 million, respectively, as of March 29, 2024, and $132.0 million and $128.9 million, respectively, as of September 29, 2023.
The carrying values of our investments in equity method joint ventures in the Consolidated Balance Sheets (reported in Other Noncurrent Assets: Miscellaneous) as of March 29, 2024 and September 29, 2023 were $54.4 million and $49.6 million, respectively. Additionally, income from equity method joint ventures (reported in Revenue) was $15.2 million and $7.5 million, respectively, during the three months ended March 29, 2024 and March 31, 2023, with $25.5 million and $17.5 million, respectively, for the corresponding six month periods. As of March 29, 2024, the Company's equity method investment carrying values do not include material amounts exceeding their share of the respective joint ventures' reported net assets.
Accounts receivable from unconsolidated joint ventures accounted for under the equity method was $14.4 million and $16.1 million as of March 29, 2024 and September 29, 2023, respectively.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
12. Borrowings
At March 29, 2024 and September 29, 2023, long-term debt consisted of the following (principal amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Interest Rate | | Maturity | | March 29, 2024 | | September 29, 2023 |
Revolving Credit Facility | Benchmark + applicable margin (1) (2) | | February 2028 | | $ | 135,000 | | | $ | 10,000 | |
2021 Term Loan Facility - USD Portion | Benchmark + applicable margin (1) (3) | | February 2026 | | 120,000 | | | 120,000 | |
2021 Term Loan Facility - GBP Portion | Benchmark + applicable margin (1) (3) | | September 2025 | | 823,095 | | | 794,170 | |
2020 Term Loan Facility | Benchmark + applicable margin (1) (4) | | March 2025 (6) | | 837,260 | | | 854,246 | |
Fixed-rate: | | | | | | | |
5.9% Bonds, due 2033 | 5.9% (5) | | March 2033 | | 500,000 | | | 500,000 | |
6.35% Bonds, due 2028 | 6.35% | | August 2028 | | 600,000 | | | 600,000 | |
| | | | | | | |
Less: Current Portion (6) | | | | | (837,260) | | | (51,773) | |
Less: Deferred Financing Fees | | | | | (13,252) | | | (13,172) | |
Total Long-term debt, net | | | | | $ | 2,164,843 | | | $ | 2,813,471 | |
(1)During the year ended September 29, 2023, the aggregate principal amounts denominated in U.S. dollars under the Revolving Credit Facility, the 2021 Term Loan Facility and the 2020 Term Loan Facility (each as defined below) transitioned from underlying LIBOR benchmarked rates to the Term Secured Overnight Financing Rate ("SOFR"). During fiscal 2022, the aggregate principal amounts denominated in British pounds under the Revolving Credit Facility, 2021 Term Loan Facility and 2020 Term Loan Facility transitioned from underlying LIBOR benchmarked rates to Sterling Overnight Index Average ("SONIA") rates.
(2)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Revolving Credit Facility (defined below)), U.S. dollar denominated borrowings under the Revolving Credit Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR rates, or LIBOR rate for the prior fiscal year end, including applicable margins at March 29, 2024 and September 29, 2023 were approximately 6.68% and 8.75%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%. There were no amounts drawn in British pounds as of March 29, 2024.
(3)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Amended and Restated Term Loan Agreement (defined below)), U.S. dollar denominated borrowings under the 2021 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at March 29, 2024 and September 29, 2023 was approximately 6.67% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at March 29, 2024 and September 29, 2023, respectively.
(4)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the 2020 Term Loan Agreement), U.S. dollar denominated borrowings under the 2020 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at March 29, 2024 and September 29, 2023 were approximately 6.68% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at March 29, 2024 and September 29, 2023, respectively.
(5)From and including September 1, 2028 (the “First Step Up Date”), the interest rate payable on the 5.90% Bonds (as defined below) will be increased by an additional 12.5 basis points to 6.025% per annum (the “First Step Up Interest Rate”) unless the Company notifies the Trustee (as defined below) on or before the date that is 15 days prior to the First Step Up Date that the Percentage of Gender Diversity Performance Target (as defined in the First Supplemental Indenture (as defined below)) has been satisfied and receives a related assurance letter verifying such compliance. From and including September 1, 2030 (the “Second Step Up Date”), the interest rate payable on the 5.90% Bonds will be increased by 12.5 basis points to (x) 6.150% per annum if the First Step Up Interest Rate was in effect immediately prior to the Second Step Up Date or (y) 6.025% per annum if the initial interest rate was in effect immediately prior to the Second Step Up Date, unless the Company notifies the Trustee on or before the date that is 15 days prior to the Second Step Up Date that the GHG Emissions Performance Target (as defined in the First Supplemental Indenture) has been satisfied and receives a related assurance letter verifying such compliance.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
(6)Balance as of March 29, 2024 is associated with the March 25, 2025 scheduled maturity of the 2020 Term Loan Facility, which was reclassified from long-term debt in March 2024. Previously reported balance as of September 29, 2023 was comprised of the 2020 Term Loan quarterly principal repayments of 1.25%, or $9.1 million and £3.1 million, of the aggregate initial principal amount borrowed, totaling $51.8 million in U.S. dollars for the subsequent twelve months.
Revolving Credit Facility and Term Loans
The Company and certain of its subsidiaries maintain a sustainability-linked $2.25 billion unsecured revolving credit facility (the “Revolving Credit Facility”) established under a third amended and restated credit agreement, dated February 6, 2023 (the "Revolving Credit Agreement"), among Jacobs and certain of its subsidiaries as borrowers and a syndicate of U.S. and international banks and financial institutions. The credit extensions under the Revolving Credit Facility can be funded in U.S. dollars, British Sterling, Euros, Canadian dollars, Australian dollars, Swedish Krona, Singapore dollars and other agreed upon alternative currencies. The Revolving Credit Agreement also provides for a financial letter of credit sub facility of $400.0 million, permits performance letters of credit, and provides for a $100.0 million sub facility for swing line loans. Letters of credit are subject to fees based on the Company’s Consolidated Leverage Ratio and Debt Rating, whichever is more favorable to the Company.
The Revolving Credit Agreement amended and restated the second amended and restated credit agreement dated March 27, 2019, by and among JEGI and certain of its subsidiaries and a syndicate of banks and financial institutions, in order to, among other things, (a) extend the maturity date of the Revolving Credit Facility to February 6, 2028, (b) replace and adjust interest rates based on market conditions and incorporate a sustainability-linked pricing adjustment, (c) revise the commitment fee on the unused portion of the facility to a range of 0.10% to 0.25% depending on the higher of the pricing level associated with JEGI's Debt Rating or the Consolidated Leverage Ratio, (d) increase the Consolidated Leverage Ratio financial covenant to 3.50:1.00 (subject to temporary increases to 4.00:1.00 following the closing of certain material acquisitions), (e) eliminate the net worth financial covenant and (f) add the Company as a guarantor of the obligations of JEGI and its subsidiaries under the Revolving Credit Agreement.
The Company and JEGI maintain an unsecured delayed draft term loan facility (the “2021 Term Loan Facility”) established under an amended and restated term loan agreement dated February 6, 2023 (the "Amended and Restated Term Loan Agreement"), by and among the Company and JEGI and a syndicate of banks and financial institutions. JEGI borrowed $200.0 million and £650.0 million of term loans under the 2021 Term Loan Facility (reflecting scheduled maturities in February 2026 and September 2025, respectively) and the proceeds of such term loans were used primarily to fund JEGI's investment in PA Consulting. The Amended and Restated Term Loan Agreement amended and restated the term loan agreement dated January 15, 2021, by and among JEGI and a syndicate of U.S. banks and financial institutions to, among other things: (a) extend the maturity date of the U.S. dollar term loan to February 6, 2026 and the British sterling term loan to September 1, 2025, (b) replace and adjust interest rates based on market conditions and incorporate a sustainability-linked pricing adjustment, (c) increase the Consolidated Leverage Ratio financial covenant to 3.50:1.00 (subject to temporary increases to 4.00:1.00 following the closing of certain material acquisitions), (d) eliminate the net worth financial covenant, and (e) add Jacobs as a guarantor of the obligations of JEGI under the Amended and Restated Term Loan Agreement.
During the fourth quarter of fiscal 2023, the Company repaid $80.0 million of the USD portion of the 2021 Term Loan Facility.
On March 25, 2020, JEGI and Jacobs U.K., a wholly owned subsidiary of JEGI, entered into a term loan agreement (the "2020 Term Loan Agreement") with a syndicate of banks and financial institutions, which provides for an unsecured term loan facility (the “2020 Term Loan Facility”). Under the 2020 Term Loan Facility, JEGI borrowed an aggregate principal amount of $730.0 million and Jacobs U.K. borrowed an aggregate principal amount of £250.0 million. The proceeds of the term loans were used to repay an existing term loan with a maturity date of June 2020 and for general corporate purposes. On February 6, 2023, the 2020 Term Loan Agreement was amended to, among other things: (a) replace and adjust interest rates based on market conditions and incorporate a sustainability-linked pricing adjustment, (b) increase the Consolidated Leverage Ratio financial covenant to 3.50:1.00 (subject to temporary increases to 4.00:1.00 following the closing of certain material acquisitions), (c) eliminate the net worth financial covenant, and (d) add Jacobs as a guarantor of the obligations of JEGI and Jacobs U.K. The 2020 Term Loan facility matures in March 2025 and the related outstanding balances under this facility have been reclassified to current maturities of long-term debt in the Company’s March 29, 2024 consolidated balance sheet in the current quarter.
The 2020 Term Loan Facility and the 2021 Term Loan Facility are together referred to as the "Term Loan Facilities".
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
In the fourth quarter of fiscal 2022, the Revolving Credit Facility and Term Loan Facilities were amended to permit the Holding Company Reorganization.
On December 20, 2023, the Revolving Credit Facility and Term Loan Facilities were amended to adjust the point in time at which certain compliance thresholds are tested in connection with the Separation Transaction.
We were in compliance with the covenants under the Revolving Credit Facility and Term Loan Facilities at March 29, 2024.
5.90% Bonds, due 2033
On February 16, 2023, JEGI completed an offering of $500 million aggregate principal amount of 5.90% Bonds due 2033 (the “5.90% Bonds”). The 5.90% Bonds are fully and unconditionally guaranteed by the Company (the “5.90% Bonds Guarantee”). The 5.90% Bonds and the 5.90% Bonds Guarantee were offered pursuant to a prospectus supplement, dated February 13, 2023, to the prospectus dated February 6, 2023, that forms a part of the Company's and JEGI’s automatic shelf registration statement on Form S-3ASR previously filed with the SEC, and were issued pursuant to an Indenture, dated as of February 16, 2023, between JEGI, as issuer, the Company, as guarantor, and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as amended and supplemented by the First Supplemental Indenture, dated as of February 16, 2023 (the “First Supplemental Indenture”). Interest on the 5.90% Bonds is payable semi-annually in arrears on each March 1 and September 1, commencing on September 1, 2023, until maturity. The 5.90% Bonds bear interest at 5.90% per annum, subject to adjustments as discussed in note (5) to the table above.
Prior to December 1, 2032 (the “5.90% Bonds Par Call Date”), JEGI may redeem the 5.90% Bonds at its option, in whole or in part, at any time and from time to time, at the redemption price calculated by JEGI (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the 5.90% Bonds being redeemed, assuming that such 5.90% Bonds matured on the 5.90% Bonds Par Call Date, discounted to the redemption date on a semiannual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the First Supplemental Indenture) plus 35 basis points, less (b) interest accrued to the redemption date, and (2) 100% of the principal amount of such 5.90% Bonds to be redeemed, plus, in either case, accrued and unpaid interest on the 5.90% Bonds, if any, to, but excluding, the redemption date. At any time and from time to time on or after the 5.90% Bonds Par Call Date, JEGI may redeem the 5.90% Bonds, at its option, in whole or in part, at a redemption price equal to 100% of the principal amount of the 5.90% Bonds to be redeemed, plus accrued and unpaid interest thereon, if any, up to, but excluding, the redemption date.
6.35% Bonds, due 2028
On August 18, 2023, JEGI completed an offering of $600 million aggregate principal amount of 6.35% Bonds due 2028 (the “6.35% Bonds”). The 6.35% Bonds are fully and unconditionally guaranteed by the Company (the “6.35% Bonds Guarantee”). The 6.35% Bonds and the 6.35% Bonds Guarantee were offered pursuant to a prospectus supplement, dated August 15, 2023, to the prospectus dated February 6, 2023, that forms a part of the Company and JEGI’s automatic shelf registration statement on Form S-3ASR previously filed with the SEC, and were issued pursuant to the Indenture, as amended and supplemented by the Second Supplemental Indenture, dated as of August 18, 2023 (the “Second Supplemental Indenture”). Interest on the 6.35% Bonds is payable semi-annually in arrears on each February 18 and August 18, commencing on February 18, 2024, until maturity. The Notes will bear interest at a rate of 6.35% per annum and will mature on August 18, 2028. The 6.35% Bonds bear interest at 6.35% per annum.
Prior to July 18, 2028 (the “6.35% Bonds Par Call Date”), JEGI may redeem the 6.35% Bonds at its option, in whole or in part, at any time and from time to time, at the redemption price calculated by JEGI (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the 6.35% Bonds being redeemed, assuming that such 6.35% Bonds matured on the 6.35% Bonds Par Call Date, discounted to the redemption date on a semiannual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the Second Supplemental Indenture) plus 30 basis points, less (b) interest accrued to the redemption date, and (2) 100% of the principal amount of such 6.35% Bonds to be redeemed, plus, in either case, accrued and unpaid interest on the 6.35% Bonds, if any, to, but excluding, the redemption date. At any time and from time to time on or after the 6.35% Bonds Par Call Date, JEGI may redeem the 6.35% Bonds, at its option, in whole or in part, at a redemption price equal to 100% of the principal amount of the 6.35% Bonds to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Other arrangements
During fiscal 2022, the Company entered into two treasury lock agreements with an aggregate notional value of $500.0 million to manage its expected interest rate exposure in anticipation of issuing up to $500.0 million of fixed rate debt. On February 13, 2023 and with the issuance of the 5.90% Bonds, the Company settled these treasury lock agreements. See Note 17- Commitments and Contingencies and Derivative Financial Instruments for more discussion around this transaction.
During fiscal 2020, the Company entered into interest rate and cross currency derivative contracts to swap a portion of our variable rate debt to fixed rate debt. See Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion regarding the Company's derivative instruments.
The Company has issued $0.5 million in letters of credit under the Revolving Credit Facility, leaving $2.11 billion of available borrowing capacity under the Revolving Credit Facility at March 29, 2024. In addition, the Company had issued $289.2 million under various separate, committed and uncommitted letter-of-credit facilities for issued letters of credit totaling $289.7 million at March 29, 2024.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
13. Leases
The components of lease expense (reflected in selling, general and administrative expenses) for the three and six months ended March 29, 2024 and March 31, 2023 were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Lease expense | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Operating lease expense | | $ | 33,992 | | | $ | 35,539 | | | $ | 68,192 | | | $ | 70,821 | |
Variable lease expense | | 9,799 | | | 9,416 | | | 19,136 | | | 18,762 | |
Sublease income | | (4,757) | | | (4,414) | | | (9,468) | | | (8,820) | |
Total lease expense | | $ | 39,034 | | | $ | 40,541 | | | $ | 77,860 | | | $ | 80,763 | |
Supplemental information related to the Company's leases for the six months ended March 29, 2024 and March 31, 2023 was as follows (in thousands):
| | | | | | | | | | | | | | |
| | Six Months Ended |
| | March 29, 2024 | | March 31, 2023 |
Cash paid for amounts included in the measurements of lease liabilities | | $ | 91,565 | | $ | 92,142 |
| | | | |
| | | | |
| | | | |
Right-of-use assets obtained in exchange for new operating lease liabilities | | $ | 23,742 | | $ | 42,150 |
| | | | |
Weighted average remaining lease term - operating leases | | 5.7 years | | 6.1 years |
| | | | |
Weighted average discount rate - operating leases | | 3.4% | | 3.0% |
| | | | |
Total remaining lease payments under the Company's leases for the remainder of fiscal 2024 and for the succeeding years is as follows (in thousands):
| | | | | | | | |
Fiscal Year | | Operating Leases |
2024 | | $ | 89,020 | |
2025 | | 149,091 | |
2026 | | 125,476 | |
2027 | | 102,627 | |
2028 | | 84,734 | |
Thereafter | | 166,659 | |
| | 717,607 | |
Less Interest | | (66,212) | |
| | $ | 651,395 | |
Right-of-Use and Other Long-Lived Asset Impairment
During fiscal 2023, as a result of the Company's transformation initiatives, including the changing nature of the Company's use of office space for its workforce, the Company evaluated its existing real estate lease portfolio. These initiatives resulted in the abandonment of certain leased office spaces and the establishment of a formal plan to sublease certain other leased spaces that will no longer be utilized by the Company. In connection with the Company’s actions related to these initiatives, the Company evaluated certain of its lease right-of-use assets and related property, equipment and leasehold improvements for impairment under ASC 360.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
As a result of the analysis, the Company recognized impairment losses during the three and six months ended March 31, 2023 of $10.1 million and $37.2 million, respectively, which are included in selling, general, and administrative expenses in the accompanying statement of earnings. The impairment losses recorded include $32.4 million related to the right-of-use lease assets and $4.8 million related to the other long-lived assets, including property, equipment, and improvements and leasehold improvements for the fiscal 2023 period.
The fair values for the asset groups relating to the impaired long-lived assets were estimated primarily using discounted cash flow models (income approach) with Level 3 inputs. The significant assumptions used in estimating fair value include the expected downtime prior to the commencement of future subleases, projected sublease income over the remaining lease periods and discount rates that reflect the level of risk associated with receiving future cash flows.
14. Pension and Other Postretirement Benefit Plans
The following table presents the components of net periodic pension benefit expense recognized in earnings during the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Component: | | | | | | | |
Service cost | $ | 2,261 | | | $ | 1,748 | | | $ | 4,522 | | | $ | 3,496 | |
Interest cost | 21,560 | | | 20,233 | | | 43,120 | | | 40,466 | |
Expected return on plan assets | (23,726) | | | (21,091) | | | (47,452) | | | (42,182) | |
Amortization of previously unrecognized items | 1,949 | | | 1,304 | | | 3,898 | | | 2,608 | |
| | | | | | | |
Total net periodic pension benefit expense recognized | $ | 2,044 | | | $ | 2,194 | | | $ | 4,088 | | | $ | 4,388 | |
The service cost component of net periodic pension benefit is presented in the same line item as other compensation costs (direct cost of contracts and selling, general and administrative expenses) and the other components of net periodic pension expense are presented in miscellaneous income (expense), net on the Consolidated Statements of Earnings.
The following table presents certain information regarding the Company’s cash contributions to our pension plans for fiscal 2024 (in thousands):
| | | | | |
Cash contributions made during the first six months of fiscal 2024 | $ | 10,076 | |
Cash contributions projected for the remainder of fiscal 2024 | 9,205 | |
Total | $ | 19,281 | |
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
15. PA Consulting Redeemable Noncontrolling Interests
On March 2, 2021, Jacobs completed the strategic investment of a 65% interest in PA Consulting, a UK-based leading innovation and transformation consulting firm. PA Consulting is accounted for as a consolidated subsidiary and as a separate operating segment.
In connection with the PA Consulting investment, the Company recorded redeemable noncontrolling interests, including subsequent purchase accounting adjustments, representing the noncontrolling interest holders' equity interests in the form of preferred and common shares of PA Consulting, with substantially all of the value associated with these interests allocable to the preferred shares.
During the first half of 2024 and 2023, PA Consulting repurchased certain shares of the redeemable noncontrolling interest holders for cash amounts of $24.4 million and $58.4 million, respectively. The difference between the cash purchase prices and the recorded book values of these repurchased interests was recorded in the Company’s consolidated retained earnings. The Company held 70% and 69% of the outstanding ownership of PA Consulting as of March 29, 2024 and September 29, 2023, respectively.
During the first half of 2024, the Company recognized approximately $1.8 million in redemption value adjustments associated with redeemable noncontrolling interests preference share repurchase and reissuance activities that were recorded as an increase in consolidated retained earnings and a $0.01 increase in earnings per share, the results of which had no impact on the Company’s overall results of operations, financial position or cash flows. See Note 6- Earnings Per Share and Certain Related Information for more information.
Changes in the redeemable noncontrolling interests during the six months ended March 29, 2024 are as follows (in thousands):
| | | | | | | | | | | |
| | | | | | | |
| | | | | | | |
Balance at September 29, 2023 | $ | 632,979 | | | | | | | |
Accrued Preferred Dividend to Preference Shareholders | 39,710 | | | | | | | |
Attribution of Preferred Dividend to Common Shareholders | (39,710) | | | | | | | |
| | | | | | | |
Net earnings attributable to redeemable noncontrolling interests to Common Shareholders | 6,700 | | | | | | | |
Redeemable Noncontrolling interests redemption value adjustment | 96,562 | | | | | | | |
Repurchase of redeemable noncontrolling interests | (26,258) | | | | | | | |
| | | | | | | |
Cumulative translation adjustment and other | 15,847 | | | | | | | |
Balance at March 29, 2024 | $ | 725,830 | | | | | | | |
In addition, certain employees and non-employees of PA Consulting are eligible to receive equity-based incentive grants in the future under the terms of the applicable agreements. During the first six months of fiscal 2024 and 2023, the Company recorded $6.8 million and $1.1 million, respectively, in expenses associated with these agreements which is reflected in selling, general and administrative expenses in the consolidated statements of earnings.
The Company, through its investment in PA Consulting, held $1.0 million and $2.8 million at March 29, 2024 and September 29, 2023, respectively, in cash that is restricted from general use and is included in Prepaid expenses and other in the Company's Consolidated Balance Sheets.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
16. Restructuring and Other Charges
During fiscal 2023, the Company implemented restructuring and separation initiatives relating to the Separation Transaction which are expected to continue through fiscal 2025. Restructuring initiatives were also implemented during fiscal 2023 relating to our investment in PA Consulting, which are expected to continue through fiscal 2024, and the DVS segment reorganization, which is substantially completed. While restructuring activities for each of these programs are comprised mainly of employee termination costs, the separation activities and costs are primarily related to the engagement of outside services, dedicated internal personnel and other related costs dedicated to the Company’s Separation Transaction.
During fiscal 2022, the Company implemented certain restructuring and integration initiatives relating to the acquisitions of (i) BlackLynx, Inc. (“BlackLynx”) in November 2021, and (ii) StreetLight Data, Inc. (“StreetLight”) in February 2022. Also, during fiscal 2022 and continuing into fiscal 2023, the Company implemented further real estate rescaling efforts that were associated with its fiscal 2020 transformation program relating to real estate and other staffing initiatives. These initiatives are substantially complete.
During the fiscal year ended October 1, 2021, the Company recorded other-than-temporary impairment charges on its equity method investment in AWE Management Ltd (“AWE”) which were included in miscellaneous income (expense), net in the consolidated statement of earnings. During fiscal year 2022, the contractual operating arrangement with UK Ministry of Defence was terminated which has resulted in the wind down and full impairment of the AWE Joint Venture with immaterial activity expected going forward.
During fiscal 2021, the Company implemented certain integration initiatives associated with our PA Consulting investment. The activities are substantially completed.
During fiscal 2019 and continuing into fiscal 2020, the Company implemented certain restructuring and separation initiatives associated with the ECR sale and other related cost reduction initiatives. The restructuring activities and related costs were comprised mainly of separation and lease abandonment and sublease programs, while the separation activities and costs were mainly related to the engagement of consulting services and dedicated internal personnel and other related costs dedicated to the Company’s ECR-business separation. The activities of these initiatives have been substantially completed.
As part of the Company's acquisition of CH2M Hill Companies, Ltd. ("CH2M") during fiscal 2018, the Company implemented certain restructuring plans that were comprised mainly of severance and lease abandonment programs as well as integration activities involving the engagement of professional services and internal personnel dedicated to the Company's integration management efforts. The activities of these initiatives have been substantially completed.
Collectively, the above-mentioned restructuring activities are referred to as “Restructuring and other charges.”
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The following table summarizes the impacts of the Restructuring and other charges by reportable segment in connection with the Separation Transaction, PA Consulting investment, DVS segment reorganization, StreetLight and BlackLynx acquisitions, the Company’s transformation initiatives relating to real estate and other staffing programs, the ECR sale, and CH2M acquisition for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Critical Mission Solutions | $ | 4,738 | | | $ | 1,052 | | | $ | 6,901 | | | $ | 3,264 | |
People & Places Solutions | 5,655 | | | 5,869 | | | 13,784 | | | 33,186 | |
Divergent Solutions | 827 | | | 3,630 | | | 1,727 | | | 5,212 | |
PA Consulting | 2,984 | | | — | | | 4,159 | | | — | |
Corporate | 27,724 | | | 2,289 | | | 56,726 | | | 5,622 | |
Total | $ | 41,928 | | | $ | 12,840 | | | $ | 83,297 | | | $ | 47,284 | |
Amounts included in: | | | | | | | |
Operating profit (mainly SG&A) (1) | $ | 41,928 | | | $ | 12,873 | | | $ | 83,297 | | | $ | 47,945 | |
Other Income, net | — | | | (33) | | | — | | | (661) | |
| $ | 41,928 | | | $ | 12,840 | | | $ | 83,297 | | | $ | 47,284 | |
(1)The three and six months ended March 29, 2024 included approximately $38.9 million and $79.1 million, respectively, in restructuring and other charges mainly relating to the Separation Transaction (primarily professional services and employee separation costs). The three and six months ended March 31, 2023, included approximately $11.0 million and $38.7 million, respectively, in charges associated mainly with real estate impairments and related charges, the majority of which related to People and Places Solutions.
The activity in the Company’s accruals for Restructuring and other charges for the six months ended March 29, 2024 is as follows (in thousands):
| | | | | |
Balance at September 29, 2023 | $ | 37,318 | |
Net Charges (Credits) (1) | 83,248 | |
Payments and other | (75,112) | |
Balance at March 29, 2024 | $ | 45,454 | |
(1) Excludes other net charges associated mainly with the real estate related impairments during the six months ended March 29, 2024.
The following table summarizes the Restructuring and other charges by major type of costs for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Lease Abandonments and Impairments | $ | — | | | $ | 10,443 | | | $ | 49 | | | $ | 37,273 | |
Terminations | 11,823 | | | 1,939 | | | 23,551 | | | 8,509 | |
Outside Services (1) | 22,083 | | | 802 | | | 47,066 | | | 1,478 | |
Other (2) | 8,022 | | | (344) | | | 12,631 | | | 24 | |
Total | $ | 41,928 | | | $ | 12,840 | | | $ | 83,297 | | | $ | 47,284 | |
(1) Amounts in the three and six months ended March 29, 2024 are comprised of outside services relating to the Separation Transaction.
(2) Amounts in the three and six months ended March 29, 2024 are comprised of charges relating to the Separation Transaction.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Cumulative amounts incurred to date under our various Restructuring and other activities described above by each major type of cost as of March 29, 2024 are as follows (in thousands):
| | | | | |
Lease Abandonments and Impairments | $ | 432,773 | |
Terminations | 191,867 | |
Outside Services | 392,756 | |
Other | 208,565 | |
Total | $ | 1,225,961 | |
17. Commitments and Contingencies and Derivative Financial Instruments
Derivative Financial Instruments
The Company is exposed to interest rate risk under its variable rate borrowings and additionally, due to the nature of the Company's international operations, we are at times exposed to foreign currency risk. As such, we sometimes enter into foreign exchange hedging contracts and interest rate hedging contracts in order to limit our exposure to fluctuating foreign currencies and interest rates.
During fiscal 2022, the Company entered into two treasury lock agreements with a total notional value of $500 million to manage its interest rate exposure to the anticipated issuance of fixed rate debt before December 2023. On February 13, 2023, the Company settled these treasury lock agreements and issued the 5.90% Bonds in the aggregate principal amount of $500 million, which resulted in the receipt of cash and a gain of $37.4 million, before tax, which is being amortized to interest expense and recognized over the term of the 5.90% Bonds. See Note 12- Borrowings for further discussion relating to the terms of the 5.90% Bonds. The unrealized net gain on these instruments was $25.1 million and $26.5 million, net of tax, and is included in accumulated other comprehensive income as of March 29, 2024 and September 29, 2023, respectively.
In fiscal 2020 we entered into interest rate swap agreements with a notional value of $745.9 million as of March 29, 2024 to manage the interest rate exposure on our variable rate loans. By entering into the swap agreements, the Company converted the LIBOR and SONIA rate based liabilities into fixed rate liabilities, for periods ranging from five to ten years. The fair value of the interest rate swaps at March 29, 2024 was $79.1 million of which $66.2 million is included within miscellaneous other assets and $12.9 million is included within current assets on the consolidated balance sheet as of March 29, 2024. The fair value of interest rate swaps at September 29, 2023 was $102.6 million, which are included in miscellaneous other assets on the consolidated balance sheet as of September 29, 2023. The unrealized net gain on these interest rate swaps as of March 29, 2024 and September 29, 2023 was $59.6 million and $77.2 million, respectively, net of tax, and was included in accumulated other comprehensive income.
Additionally, in fiscal 2020, we entered into a cross currency swap agreement with a notional value of $127.8 million to manage the interest rate and foreign currency exposure on our USD borrowings by a European subsidiary. By entering into the cross currency swap, the Company converted our LIBOR rate based borrowing in USD to a fixed rate Euro liability for three and a half years. During the fourth quarter of fiscal 2023, the Company paid down the borrowings hedged by the cross currency swap and settled the cross currency swap agreement.
During fiscal 2023, the aggregate liability amounts denominated in U.S. dollars transitioned from underlying LIBOR benchmarked rates to the SOFR and the terms of the swaps were amended accordingly. The swaps were designated as cash-flow hedges in accordance with ASC 815, Derivatives and Hedging.
Additionally, the Company held foreign exchange forward contracts in currencies that support our operations, including British Pound, Euro, Australian Dollar and other currencies, with notional values of $946.1 million at March 29, 2024 and $857.7 million at September 29, 2023. The length of these contracts currently ranges from one week to 10 months. The fair value of the foreign exchange contracts at March 29, 2024 was $(4.3) million, of which $(4.9) million is included within current liabilities and $0.6 million is included within current assets on the consolidated balance sheet as of March 29, 2024. The fair value of the contracts as of September 29, 2023 was $9.5 million, of which $16.1 million is included within current assets and $(6.6) million is included within current liabilities on the consolidated balance sheet as of September 29, 2023. Associated income statement impacts are included in miscellaneous income (expense) in the consolidated statements of earnings for both periods.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The fair value measurements of these derivatives are being made using Level 2 inputs under ASC 820, Fair Value Measurement, as the measurements are based on observable inputs other than quoted prices in active markets. We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments. We perform credit evaluations of our counterparties under forward exchange and interest rate contracts and expect all counterparties to meet their obligations. We have not experienced credit losses from our counterparties.
Contractual Guarantees and Insurance
In the normal course of business, we make contractual commitments (some of which are supported by separate guarantees) and on occasion we are a party in a litigation or arbitration proceeding. The litigation or arbitration in which we are involved includes personal injury claims, professional liability claims and breach of contract claims. Where we provide a separate guarantee, it is strictly in support of the underlying contractual commitment. Guarantees take various forms including surety bonds required by law, or standby letters of credit ("LOC" and also referred to as “bank guarantees”) or corporate guarantees given to induce a party to enter into a contract with a subsidiary. Standby LOCs are also used as security for advance payments or in various other transactions. The guarantees have various expiration dates ranging from an arbitrary date to completion of our work (e.g., engineering only) to completion of the overall project. We record in the Consolidated Balance Sheets amounts representing our estimated liability relating to such guarantees, litigation and insurance claims. Guarantees are accounted for in accordance with ASC 460-10, Guarantees, at fair value at the inception of the guarantee.
At March 29, 2024 and September 29, 2023, the Company had issued and outstanding approximately $289.7 million and $322.0 million, respectively, in LOCs and $2.2 billion and $2.0 billion, respectively, in surety bonds.
We maintain insurance coverage for most insurable aspects of our business and operations. Our insurance programs have varying coverage limits depending upon the type of insurance and include certain conditions and exclusions which insurance companies may raise in response to any claim that is asserted by or against the Company. We have also elected to retain a portion of losses and liabilities that occur through using various deductibles, limits, and retentions under our insurance programs. As a result, we may be subject to a future liability for which we are only partially insured or completely uninsured. We intend to mitigate any such future liability by continuing to exercise prudent business judgment in negotiating the terms and conditions of the contracts which the Company enters with its clients. Our insurers are also subject to business risk and, as a result, one or more of them may be unable to fulfill their insurance obligations due to insolvency or otherwise.
Additionally, as a contractor providing services to the U.S. federal government, we are subject to many types of audits, investigations, and claims by, or on behalf of, the government including with respect to contract performance, pricing, cost allocations, procurement practices, labor practices, and socioeconomic obligations. Furthermore, our income, franchise, and similar tax returns and filings are also subject to audit and investigation by the Internal Revenue Service, most states within the United States, as well as by various government agencies representing jurisdictions outside the United States.
Our Consolidated Balance Sheets include amounts representing our probable estimated liability relating to such claims, guarantees, litigation, audits, and investigations. We perform an analysis to determine the level of reserves to establish for insurance-related claims that are known and have been asserted against us, as well as for insurance-related claims that are believed to have been incurred based on actuarial analysis but have not yet been reported to our claims administrators as of the respective balance sheet dates. We include any adjustments to such insurance reserves in our consolidated results of operations. Insurance recoveries are recorded as assets if recovery is probable and estimated liabilities are not reduced by expected insurance recoveries.
The Company believes, after consultation with counsel, that such guarantees, litigation, U.S. government contract-related audits, investigations and claims, and income tax audits and investigations should not have a material adverse effect on our consolidated financial statements, beyond amounts currently accrued.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Litigation and Investigations
In 2012, CH2M HILL Australia PTY Limited, a subsidiary of CH2M, entered into a 50/50 integrated joint venture with Australian construction contractor UGL Infrastructure Pty Limited. The joint venture entered into a Consortium Agreement with General Electric and GE Electrical International Inc. The Consortium was awarded a subcontract by JKC Australia LNG Pty Limited ("JKC") for the engineering, procurement, construction and commissioning of a 360 MW Combined Cycle Power Plant for INPEX Operations Australia Pty Limited at Blaydin Point, Darwin, NT, Australia (the "Legacy CH2M Matter"). The subcontract was terminated in January 2017. In or around August 2017, the Consortium commenced an arbitration. On April 12, 2022, JKC and the Consortium entered into a confidential deed of settlement (“Settlement Agreement”). Under the terms of the Settlement Agreement, CH2M, as guarantor of CH2M Australia PTY Limited’s obligations with respect to the subcontract with JKC, made a cash payment to JKC in April 2022 of AUD 640 million (or approximately $475 million using mid-April 2022 exchange rates). As a result of the settlement agreement, additional pre-tax charges of $91.3 million were recorded during the year ended September 30, 2022 for this matter (over amounts previously reserved and reported in long-term Other Deferred Liabilities in the Company's Consolidated Balance Sheet). The Settlement Agreement provided for a release of claims between JKC and each member of the Consortium, and in connection with this agreement the members of the Consortium also waived all claims against each other and their respective parent guarantors relating to the project.
On December 22, 2008, a coal fly ash pond at the Kingston Power Plant of the Tennessee Valley Authority ("TVA") was breached, releasing fly ash waste into the Emory River and surrounding community. In February 2009, TVA awarded a contract to the Company to provide project management services associated with the clean-up. All remediation and dredging were completed in August 2013 by other contractors under direct contracts with TVA. The Company did not perform the remediation, and its scope was limited to program management services. Certain employees of the contractors performing the cleanup work on the project filed lawsuits against the Company beginning in August 2013, alleging they were injured due to the Company's failure to protect the plaintiffs from exposure to fly ash, and asserting related personal injuries. The primary case, Greg Adkisson, et al. v. Jacobs Engineering Group Inc., case No. 3:13-CV-505-TAV-HBG, filed in the U.S. District Court for the Eastern District of Tennessee, consisted of 10 consolidated cases. This case and the related cases involved several hundred plaintiffs that were employees of the contractors that completed the remediation and dredging work. In the second quarter of fiscal 2023, the Company entered into a settlement agreement with the plaintiffs whose cases had not been previously dismissed. As of the third quarter of fiscal 2023, all conditions to the settlement had been satisfied, and the cases dismissed. The amount of the settlement was not material to the Company's business, financial condition, results of operations or cash flows.
During the fourth quarter of fiscal 2022, the Company recorded a receivable for certain expected third-party recoveries equal to approximately $27 million before tax, which was collected during first half of fiscal 2023.
18. Segment Information
The Company's four operating segments are comprised of its two global lines of business ("LOBs"): Critical Mission Solutions ("CMS") and People & Places Solutions ("P&PS"), its business unit Divergent Solutions ("DVS") and its majority investment in PA Consulting.
The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) and can evaluate the performance of each of these segments and make appropriate resource allocations among each of the segments. Under this organization, the sales function is managed by segment, and accordingly, the associated cost is embedded in the segments and reported to the respective head of each segment. In addition, a portion of the costs of other support functions (e.g., finance, legal, human resources, and information technology) is allocated to each segment using methodologies which, we believe, effectively attribute the cost of these support functions to the revenue generating activities of the Company on a rational basis. The cost of the Company’s cash incentive plan, the Leadership Performance Plan ("LPP"), formerly named the Management Incentive Plan, and the expense associated with the Jacobs 1999 Stock Incentive Plan, which was amended and restated in the second quarter of 2023 and is now referred to as the Jacobs 2023 Stock Incentive Plan (the "2023 SIP") have likewise been charged to the segments except for those amounts determined to relate to the business as a whole (which amounts remain in other corporate expenses).
Financial information for each segment is reviewed by the CODM to assess performance and make decisions regarding the allocation of resources. The CODM evaluates the operating performance of our operating segments using segment operating profit, which is defined as margin less “corporate charges” (e.g., the allocated amounts described above). The Company incurs certain Selling, General and Administrative costs (“SG&A”) that relate to its business as a whole which are not allocated to the segments.
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
The following tables present total revenues and segment operating profit from continuing operations for each reportable segment (in thousands) and includes a reconciliation of segment operating profit to total U.S. GAAP operating profit by including certain corporate-level expenses, Restructuring and other charges (as defined in Note 16- Restructuring and Other Charges) and transaction and integration costs (in thousands).
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended | | For the Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Revenues from External Customers: | | | | | | | |
Critical Mission Solutions | $ | 1,229,226 | | | $ | 1,191,056 | | | $ | 2,357,829 | | | $ | 2,266,231 | |
People & Places Solutions | 2,521,860 | | | 2,345,065 | | | 4,992,301 | | | 4,572,050 | |
Divergent Solutions | 224,040 | | | 241,224 | | | 478,220 | | | 455,690 | |
PA Consulting | 293,967 | | | 300,987 | | | 599,968 | | | 583,030 | |
Total | $ | 4,269,093 | | | $ | 4,078,332 | | | $ | 8,428,318 | | | $ | 7,877,001 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended | | For the Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Segment Operating Profit: | | | | | | | |
Critical Mission Solutions | $ | 103,649 | | | $ | 93,943 | | | $ | 197,056 | | | $ | 176,163 | |
People & Places Solutions | 267,765 | | | 232,205 | | | 492,763 | | | 458,825 | |
Divergent Solutions (1) | 18,973 | | | 24,861 | | | 26,556 | | | 36,828 | |
PA Consulting | 60,169 | | | 65,631 | | | 114,624 | | | 116,658 | |
Total Segment Operating Profit | 450,556 | | | 416,640 | | | 830,999 | | | 788,474 | |
Other Corporate Expenses (2) | (117,313) | | | (107,623) | | | (238,373) | | | (201,309) | |
Restructuring, Transaction and Other Charges (3) | (52,255) | | | (19,154) | | | (107,574) | | | (59,497) | |
| | | | | | | |
Total U.S. GAAP Operating Profit | 280,988 | | | 289,863 | | | 485,052 | | | 527,668 | |
Total Other Expense, net | (39,403) | | | (37,550) | | | (77,716) | | | (77,873) | |
Earnings from Continuing Operations Before Taxes | $ | 241,585 | | | $ | 252,313 | | | $ | 407,336 | | | $ | 449,795 | |
| | | | | |
(1) | For the six months ended March 29, 2024, operating profit included an approximate $15 million pre-tax non-cash charge associated with an inventory write down during the fiscal 2024 period comprised of cumulative adjustments of immaterial inventory misstatements previously reported which would not have been material to any prior period financial statements nor to any amounts reported in the current period. |
(2) | Other corporate expenses included intangibles amortization of $52.6 million and $50.5 million for the three months ended March 29, 2024 and March 31, 2023, respectively, and $103.8 million and $100.2 million, for the six months ended March 29, 2024 and March 31, 2023, respectively, along with approximately $11.0 million intangibles impairment charge in the six month period ended, March 29, 2024 . Additionally, the comparison of the six month period of fiscal 2024 to the corresponding 2023 period was unfavorably impacted by the one-time net favorable impact of $41 million relating mainly to changes in employee benefits programs in the prior year, partly offset by year over year favorable department spending as well as favorable impacts of corporate functional overhead cost recovery by our lines of business. |
(3) | The three months and six months ended March 29, 2024 included $38.9 million and $79.1 million, respectively, in restructuring and other charges and $8.4 million and $19.4 million, respectively, of transaction charges, mainly relating to the Separation Transaction (primarily professional services and employee separation costs). Included in the three months and six months ended March 31, 2023 were $10.1 million and $37.2 million, respectively, mainly in real estate impairment charges related to the Company's transformation initiatives. |
| |
| |
JACOBS SOLUTIONS INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
(1)Included in other corporate expenses in the above table are costs and expenses, which relate to general corporate activities as well as corporate-managed benefit and insurance programs. Such costs and expenses include: (i) those elements of SG&A expenses relating to the business as a whole; (ii) those elements of our incentive compensation plans relating to corporate personnel whose other compensation costs are not allocated to the LOBs; (iii) the amortization of intangible assets acquired as part of business combinations; (iv) the quarterly variances between the Company’s actual costs of certain of its self-insured integrated risk and employee benefit programs and amounts charged to the LOBs; and (v) certain adjustments relating to costs associated with the Company’s international defined benefit pension plans. In addition, other corporate expenses may also include from time to time certain adjustments to contract margins (both positive and negative) associated with projects, as well as other items, where it has been determined that such adjustments are not indicative of the performance of the related LOB.
See also the further description of results of operations for our operating segments in Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
General
The purpose of this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is to provide a narrative analysis explaining the reasons for material changes in the Company’s (i) financial condition from the most recent fiscal year-end to March 29, 2024 and (ii) results of operations during the current fiscal period(s) as compared to the corresponding period(s) of the preceding fiscal year. In order to better understand such changes, readers of this MD&A should also read:
•The discussion of the critical and significant accounting policies used by the Company in preparing its consolidated financial statements. The most current discussion of our critical accounting policies appears in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2023 Form 10-K, and the most current discussion of our significant accounting policies appears in Note 2- Significant Accounting Polices in Notes to Consolidated Financial Statements of our 2023 Form 10-K;
•The Company’s fiscal 2023 audited consolidated financial statements and notes thereto included in our 2023 Form 10-K; and
•Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2023 Form 10-K.
In addition to historical information, this MD&A and other parts of this Quarterly Report on Form 10-Q contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as “expects,” “anticipates,” “believes,” “seeks,” “estimates,” “plans,” “intends,” “future,” “will,” “would,” “could,” “can,” “may,” "target," "goal" and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make concerning the financial condition and results of operations and our expectations as to our future growth, prospects, financial outlook and business strategy for fiscal year 2024 or future fiscal years, including our expectations for the timing of completion of restructuring activities and savings to be realized from such activities, as well as the ability to effectuate the Separation Transaction on the expected terms and on the projected timeline, and any assumptions underlying any of the foregoing. Although such statements are based on management’s current estimates and expectations, and/or currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain, and you should not place undue reliance on such statements as actual results may differ materially. We caution the reader that there are a variety of risks, uncertainties and other factors that could cause actual results to differ materially from what is contained, projected or implied by our forward-looking statements. Such factors include uncertainties as to the timing of the Separation Transaction, the impact of the Separation Transaction on Jacobs' and the combined company's businesses if the transaction is completed, including a possible impact on Jacobs' credit profile and a possible decrease in the trading price of Jacobs' and/or the combined company's shares, the possibility that the Separation Transaction, if completed, may not qualify for the expected tax treatment, the ability to obtain all required regulatory approvals, the possibility that closing conditions for the Separation Transaction may not be satisfied or waived, on a timely basis or otherwise, the risk that any consents or approvals required in connection with the Separation Transaction may not be received, the risk that the Separation Transaction may not be completed on the terms or in the time frame expected by the parties, uncertainties as to our and our stockholders' respective ownership percentages of the combined company and the value to be derived from the disposition of Jacobs’ stake in the combined company, unexpected costs, charges or expenses resulting from the Separation Transaction, business and management strategies and the growth expectations of the combined company, the inability of Jacobs' and the combined company to retain and hire key personnel, customers or suppliers while the Separation Transaction is pending or after it is completed, and the ability of the Company to eliminate all stranded costs, as well as other factors related to our business, such as our ability to fully execute on our three-year corporate strategy, including our ability to invest in the tools needed to implement our strategy, competition from existing and future competitors in our target markets, our ability to achieve the cost-savings and synergies contemplated by our recent acquisitions within the expected time frames or to achieve them fully and to successfully integrate acquired businesses, the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from evolving business strategies, including on the Company’s ability to maintain its culture and retain key personnel, the impact of any pandemic, and any resulting economic downturn on our results, prospects and opportunities, measures or restrictions imposed by governments and health officials in response to the pandemic, the timing of the award of projects and funding and potential changes to the amounts provided for, under the Infrastructure Investment and Jobs Act, as well as other legislation related to governmental spending, any changes in U.S. or foreign tax laws, statutes, rules, regulations or ordinances that may adversely impact our future financial positions or results of operations, financial market risks that may affect the Company, including by affecting the Company's access to capital, the cost of such capital and/or the Company's funding obligations under defined benefit pension and postretirement plans, as well as general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates and foreign currency exchange rates, changes in capital markets, instability in the banking industry, or the impact of a possible recession or economic downturn on our results,
prospects and opportunities, and geopolitical events and conflicts, among others. The impact of such matters includes, but is not limited to, the possible reduction in demand for certain of our product solutions and services and the delay or abandonment of ongoing or anticipated projects due to the financial condition of our clients and suppliers or to governmental budget constraints or changes to governmental budgetary priorities; the inability of our clients to meet their payment obligations in a timely manner or at all; potential issues and risks related to a significant portion of our employees working remotely; illness, travel restrictions and other workforce disruptions that have and could continue to negatively affect our supply chain and our ability to timely and satisfactorily complete our clients’ projects; difficulties associated with retaining and hiring additional employees; and the inability of governments in certain of the countries in which we operate to effectively mitigate the financial or other impacts of any future pandemics or infectious disease outbreaks on their economies and workforces and our operations therein. The foregoing factors and potential future developments are inherently uncertain, unpredictable and, in many cases, beyond our control. For a description of these and additional factors that may occur that could cause actual results to differ from our forward-looking statements, see Item 1A, Risk Factors included in our 2023 Form 10-K and in this Quarterly Report on Form 10-Q. We undertake no obligation to release publicly any revisions or updates to any forward-looking statements. We encourage you to read carefully the risk factors, as well as the financial and business disclosures contained in this Quarterly Report on Form 10-Q and in other documents we file from time to time with the United States Securities and Exchange Commission (the "SEC").
Business Overview
At Jacobs, we’re challenging today to reinvent tomorrow by solving the world’s most critical problems for thriving cities, resilient environments, mission-critical outcomes, operational advancement, scientific discovery and cutting-edge manufacturing, turning abstract ideas into realities that transform the world for good. Leveraging a talent force of approximately 60,000, Jacobs provides a full spectrum of professional services including consulting, technical, engineering, scientific and project delivery for the government and private sector.
Over the last seven years, Jacobs has been on a transformation journey, starting with a re-emphasis on business excellence, our culture and brand, and evolving our portfolio to create an inclusive, technology-forward company producing the critical solutions of tomorrow. This transformation included acquiring a 65% stake in PA Consulting Group Limited ("PA Consulting") in fiscal 2021. Acquisitions of Buffalo Group, BlackLynx and StreetLight further positioned us as a leader in high-value government services and technology-enabled solutions.
Our Boldly Moving Forward strategy announced in March of 2022 provides Jacobs with a three-year strategy that builds on our success over the preceding three years and takes advantage of a new lens crafted from the incredible pace of change in the world and in our markets. We’re now focused on broadening our leadership in high growth sectors aligned with long-term secular trends, such as infrastructure renewal and investment, and the global transition to more sustainable ways of living. Our strategy is driven by our purpose to create a more connected, sustainable world and our values. An extensive evaluation of global trends, capabilities and markets to understand the largest opportunities, projected spend and growth rates identified three growth accelerators: Climate Response, Data Solutions, and Consulting & Advisory, which cut across our entire organization and key sectors creating connections among global market trends, our client solutions and our company purpose. Our three growth accelerators are delivering significant value for our clients, positioning Jacobs for high-margin growth while advancing sustainability and social value in the communities where we serve.
Climate Response
As a purpose-led company, we know we have a pivotal role to play across the entire Climate Response value chain – focusing on end-to-end solutions in energy transition, decarbonization, adaptation and resilience, and regenerative and nature-based climate solutions. We consider this not only good business, but our duty to channel our technology-enabled expertise and capabilities toward benefiting people and the planet.
Data Solutions
As our clients navigate multifaceted challenges in a rapidly changing world, we are harnessing our data and digital capabilities, products and tools to help our clients operate more efficiently in a safe environment and capitalize on their data more than ever before. We're empowering innovation and ingenuity to unlock better outcomes. We’re investing in big data, artificial intelligence and generative design while building a technology backbone that enables us to add value in a more efficient way.
Consulting and Advisory
Together with our visionary partner, PA Consulting, we're expanding our position in high-end advisory services and deploying our collective strengths to create significant opportunities for our clients to adapt, innovate and transform.
We're focused on broadening our leadership in sustainable, higher growth, higher value sectors. As part of our strategy, our brand promise: "Challenging today. Reinventing tomorrow." signals our transition to a global technology-forward solutions company. We began trading as “J” on the New York Stock Exchange in December 2019, and in March 2021 our Global Industry Classifications Standard code changed to Research & Consulting Services. Our Focus 2023 Transformation Office drove further innovation, delivering value-creating solutions for our clients and leveraging an integrated digital and technology strategy to improve our efficiency and effectiveness, ultimately freeing up valuable time and resources for reinvestment in our people.
In the fourth quarter fiscal 2022, Jacobs Engineering Group Inc. (the predecessor parent company) created a new holding company, Jacobs Solutions Inc., which became the new parent company of Jacobs Engineering Group Inc. As a result of the transaction, the predecessor parent company's then-current stockholders automatically became stockholders of Jacobs Solutions Inc., on a one-for-one basis, with the same number of shares and same ownership percentage of the predecessor parent company’s common stock that they held immediately prior to the transaction.
Operating Segments
The services we provide fall into the following two lines of business (LOB): Critical Mission Solutions (CMS) and People & Places Solutions (P&PS). Our LOBs, our business unit Divergent Solutions (DVS), which operates as an integrated offering to both LOBs, and a majority investment in PA Consulting (PA) constitute the Company’s reportable segments and are the foundation for how Jacobs helps create a more connected, sustainable world. For additional information regarding our segments, including information about our financial results by segment and financial results by geography, see Note 18- Segment Information and Note 5- Revenue Accounting for Contracts of Notes to Consolidated Financial Statements.
Critical Mission Solutions (CMS)
Jacobs' Critical Mission Solutions line of business provides a full spectrum of solutions for clients to address evolving challenges like information and cyber warfare, digital transformation and modernization, national security and defense, space exploration, digital asset management and the green energy transition. Our core capabilities include program management and mission operations; systems digital engineering and mission integration, research, development, test and evaluation; integration, operation, maintenance and sustainment of systems and facilities; enterprise-level IT operations and mission IT delivery, software development, and software application integration; engineering, design and construction of specialized technical facilities and systems; environmental remediation; specialized training; robotics and automation; and other highly technical consulting solutions. We deliver these capabilities for government agencies as well as commercial clients in the U.S. and international markets.
We leverage our deep experience to support clients in the Aerospace, Automotive, Space, Telecom, Intel, Defense and Energy sectors to develop lasting solutions in the communities where we live and work.
CMS is included as part of the Separation Transaction announced on November 20, 2023, which is expected to close in fiscal year 2024, subject to regulatory approvals and other customary closing conditions.
People & Places Solutions (P&PS)
Jacobs' People & Places Solutions line of business provides end-to-end solutions for our clients’ most complex challenges related to climate change, energy transition, connected mobility, integrated water management, pharmaceutical and semi-conductor manufacturing. In doing so, we combine deep experience in the following end markets - Advanced Manufacturing, Cities & Places, Energy, Environment, Transportation and Water. Our core skills revolve around consulting, planning, architecture, design, engineering, infrastructure delivery services including project, program and construction management and long-term operation of facilities. Solutions are delivered as standalone professional service engagements, comprehensive program management partnerships, and selective progressive design-build and construction management at-risk delivery services. Increasingly, we use data science and technology-enabled expertise to deliver positive and enduring outcomes for the clients and communities we serve.
Our clients include national, state and local governments in the U.S., Europe, U.K., Middle East, and Asia Pacific, and multinational and local private sector clients throughout the world.
Divergent Solutions (DVS)
Jacobs’ operating segment, Divergent Solutions, serves as the core foundation for developing and delivering innovative, next-generation cloud, cyber, data and digital technologies. DVS further strengthens our ability to drive value for clients of both LOBs by leveraging a full spectrum of cyber, data analytics, systems and software application integration services across Jacobs. Our core capabilities include global strategic alliances, innovation collaboration, next-generation technologies, software and data as a service, and data and secure solutions, all aligned to high-growth verticals of Water, Transportation, Advanced Manufacturing and National Security. DVS clients include government agencies and commercial clients in the U.S. and international markets. The Separation Transaction announced on November 20, 2023 includes portions of DVS, including its Cyber & Intelligence business.
PA Consulting
Jacobs invested in a 65% stake in PA Consulting, the company that is bringing ingenuity to life. PA Consulting accelerates new growth ideas from concept, through design and development and to commercial success, and revitalizes organizations, building leadership, culture, systems and processes to make innovation a reality. PA Consulting's global team of approximately 4,000, which includes strategists, innovators, designers, consultants, digital experts, scientists, engineers and technologists work across seven sectors: consumer and manufacturing, defense and security, energy and utilities, financial services, government, health and life sciences, and transport to make a positive impact alongside the clients it supports, bringing ingenuity to life.
PA Consulting has a diverse mix of private and public sector clients. Private sector clients include global household names like Unilever, and start-ups like PulPac, which converts plant fibers into sustainable packaging to reduce single-use plastic. From sustainable airports with Amsterdam Airport Schiphol and enhanced home security with ADT, to resilient banking with Bankomat, pioneering medtech with Hubly Surgical, and accelerating the energy transition with Invenergy and energyRe. Public sector clients include the U.K.'s Ministry of Defence, Nuclear Decommissioning Authority, Norwegian Labour and Welfare Administration, and Danish Tax Agency.
In a fast-moving, complex world, we’re deploying the collective strengths of Jacobs and PA Consulting to create significant opportunities for our clients. Alongside Copenhagen Metro – one of the most advanced public transport systems in Europe – we’re providing strategic management and technical services to support its operations and maintenance. We’ve also been selected by the U.K. Department for Transport to provide technical and commercial advice on its portfolio of rail and other transport mode agreements, major projects and programs, and its policy and strategic work in transport.
Results of Operations for the three and six months ended March 29, 2024 and March 31, 2023
(in thousands, except per share information) | | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended | | For the Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Revenues | $ | 4,269,093 | | | $ | 4,078,332 | | | $ | 8,428,318 | | | $ | 7,877,001 | |
Direct cost of contracts | (3,364,478) | | | (3,188,038) | | | (6,673,165) | | | (6,171,994) | |
Gross profit | 904,615 | | | 890,294 | | | 1,755,153 | | | 1,705,007 | |
Selling, general and administrative expenses | (623,627) | | | (600,431) | | | (1,270,101) | | | (1,177,339) | |
Operating Profit | 280,988 | | | 289,863 | | | 485,052 | | | 527,668 | |
Other Income (Expense): | | | | | | | |
Interest income | 9,405 | | | 7,630 | | | 17,639 | | | 10,637 | |
Interest expense | (44,232) | | | (40,613) | | | (87,584) | | | (80,690) | |
Miscellaneous expense, net | (4,576) | | | (4,567) | | | (7,771) | | | (7,820) | |
Total other expense, net | (39,403) | | | (37,550) | | | (77,716) | | | (77,873) | |
Earnings from Continuing Operations Before Taxes | 241,585 | | | 252,313 | | | 407,336 | | | 449,795 | |
Income Tax expense from Continuing Operations | (67,283) | | | (19,060) | | | (51,005) | | | (69,163) | |
Net Earnings of the Group from Continuing Operations | 174,302 | | | 233,253 | | | 356,331 | | | 380,632 | |
Net Loss of the Group from Discontinued Operations | (768) | | | (75) | | | (1,342) | | | (783) | |
Net Earnings of the Group | 173,534 | | | 233,178 | | | 354,989 | | | 379,849 | |
Net Earnings Attributable to Noncontrolling Interests from Continuing Operations | (7,340) | | | (7,803) | | | (14,567) | | | (14,834) | |
Net Earnings Attributable to Redeemable Noncontrolling interests | (4,082) | | | (8,863) | | | (6,700) | | | (12,855) | |
Net Earnings Attributable to Jacobs from Continuing Operations | 162,880 | | | 216,587 | | | 335,064 | | | 352,943 | |
Net Earnings Attributable to Jacobs | $ | 162,112 | | | $ | 216,512 | | | $ | 333,722 | | | $ | 352,160 | |
Net Earnings Per Share: | | | | | | | |
Basic Net Earnings from Continuing Operations Per Share | $ | 1.30 | | | $ | 1.71 | | | $ | 2.68 | | | $ | 2.78 | |
Basic Net Loss from Discontinued Operations Per Share | $ | (0.01) | | | $ | — | | | $ | (0.01) | | | $ | (0.01) | |
Basic Earnings Per Share | $ | 1.29 | | | $ | 1.71 | | | $ | 2.66 | | | $ | 2.78 | |
| | | | | | | |
Diluted Net Earnings from Continuing Operations Per Share | $ | 1.29 | | | $ | 1.70 | | | $ | 2.66 | | | $ | 2.77 | |
Diluted Net Loss from Discontinued Operations Per Share | $ | (0.01) | | | $ | — | | | $ | (0.01) | | | $ | (0.01) | |
Diluted Earnings Per Share | $ | 1.28 | | | $ | 1.70 | | | $ | 2.65 | | | $ | 2.76 | |
Overview – Three and Six Month Periods Ended March 29, 2024
Net earnings attributable to the Company from continuing operations for the second fiscal quarter ended March 29, 2024 were $162.9 million (or $1.29 per diluted share), a decrease of $53.7 million, from net earnings of $216.6 million (or $1.70 per diluted share) for the corresponding period last year. Current quarter favorable underlying operating performance compared to the prior year period was more than offset mainly by $52.3 million in pre-tax Restructuring and other charges and transaction costs due primarily to expenses incurred relating to the Separation Transaction (mainly professional services and employee separation costs), compared to fiscal 2023 amounts of $19.1 million mainly associated with the Company's transformation initiatives relating to real estate, which are discussed in Note 16- Restructuring and Other Charges. Further, our reported net earnings for the current year quarter were unfavorably impacted by an increase in income taxes of $48.2 million compared to the fiscal 2023 period, attributable mainly to a tax benefit in the prior year quarter of $40.2 million related to uncertain tax positions in the U.S. that were effectively settled as discussed in Note 10- Income Taxes.
For the six months ended March 29, 2024, net earnings attributable to the Company from continuing operations were $335.1 million (or $2.66 per diluted share), a decrease of $17.9 million, from net earnings of $352.9 million (or $2.77 per diluted share) for the corresponding period last year. Current favorable underlying operating performance compared to the prior year period was more than offset by approximately $98.5 million in Restructuring and other charges and transactions costs activities relating to the Separation Transaction for the current fiscal year-to-date period, compared to fiscal 2023 amounts of $38.7 million associated with the Company's transformation initiatives relating to real estate, which are discussed in Note 16- Restructuring and Other Charges. Further, the 2023 first fiscal quarter included a net favorable impact of approximately $15.0 million in overhead cost reductions associated mainly with one-time benefit program changes, which was offset in part by higher incentive and other compensation charges and higher investments in company technology platforms. Our reported net earnings for the first half of fiscal 2024 were also favorably impacted by lower income taxes of $18.2 million compared to the fiscal 2023 period, due mainly to a deferred income tax benefit of $61.6 million related to Australia in the first quarter of fiscal 2024 and offset in part mainly by the uncertain tax positions in the U.S. that were effectively settled in the prior year period as mentioned above, combined with other current quarter income tax items further discussed in Note 10- Income Taxes. Finally, earnings attributable to redeemable noncontrolling interests were $6.2 million lower for the six months ended March 29, 2024 due to lower net earnings results in our PA Consulting investment compared to the corresponding period last year.
Consolidated Results of Operations
Revenues for the second fiscal quarter of 2024 were $4.27 billion, an increase of $190.8 million, or 4.7%, from $4.08 billion for the corresponding period last year. For the six months ended March 29, 2024, revenues were $8.43 billion, an increase of $551.3 million, or 7.0%, from $7.88 billion for the corresponding period last year. Revenue increases for the quarterly year over year period were due mainly to the Company's P&PS business as well as increases seen in our CMS business. For the six month periods higher revenue levels in P&PS as well as across all of our lines of businesses contributed to our favorable revenue results. The P&PS business benefited primarily from stronger performance in its Advanced Facilities, Federal & Environmental and Energy & Power operations while our CMS business benefited from stronger performance in Energy, Security & Technology. Our revenues were favorably impacted by foreign currency translation of $31.4 million and $82.3 for the three and six months ended March 29, 2024, respectively, across our international businesses, as compared to an unfavorable impact of $109.0 million and $267.0 million for the three and six months ended March 31, 2023, respectively.
Gross profit for the second fiscal quarter of 2024 was $904.6 million, an increase of $14.3 million, or 1.6%, from $890.3 million from the corresponding period last year, with gross profit margins of 21.2% and 21.8% for the respective periods. Gross profit for the six months ended March 29, 2024 was $1.76 billion, an increase of $50.1 million, or 2.9%, from $1.71 billion from the corresponding period last year. Our gross profit margins were 20.8% and 21.6% for the six months ended March 29, 2024 and March 31, 2023, respectively. The Company's increase in gross profit was mainly attributable to higher revenues as mentioned above, with slight margin impacts from year over year mix as well as personnel cost impacts primarily in the six month period.
See Segment Financial Information discussion for further information on the Company’s results of operations at the operating segment.
SG&A expenses for the three and six months ended March 29, 2024 were $623.6 million and $1.27 billion respectively, compared to $600.4 million and $1.18 billion for the corresponding period last year, representing an
increase of $23.2 million and $92.8 million or 3.9% and 7.9%, respectively. SG&A expenses for the three and six months ended March 29, 2024 were impacted by Restructuring and other charges of $47.4 million and $98.5 million respectively, primarily related to the Separation Transaction (mainly professional services and employee separation costs), in comparison to prior period Restructuring and other charges related to real estate related costs of $11.0 million and $38.7 million respectively. These unfavorable items were offset in part by department spend decreases compared to the prior year periods in connection with the Company's cost reduction programs. Also, SG&A expenses were impacted by unfavorable foreign currency translation of $4.6 million and $13.9 million, respectively, for the three and six months March 29, 2024 as compared to favorable impacts of $23.1 million and $50.6 million for the corresponding periods last year.
Net interest expense for the three and six months ended March 29, 2024 was $34.8 million and $69.9 million respectively, an increase of $1.8 million and decrease of $0.1 million from $33.0 million and $70.1 million, or 5.6% and 0.2%, respectively, for the corresponding periods last year. The increase in net interest expense for the three month period ended March 29, 2024 is due primarily to interest rates increasing throughout fiscal year 2023 and fiscal year 2024. The increase in interest expense was offset in part by higher interest rates on cash held and by the Company's lower overall levels of outstanding debt compared to the corresponding periods last year.
Miscellaneous expense, net for the three and six months ended March 29, 2024 of $4.6 million and $7.8 million, respectively, remained flat in comparison to $4.6 million and $7.8 million for the corresponding periods last year.
The Company’s effective tax rates from continuing operations for the three months ended March 29, 2024 and March 31, 2023 were 27.9% and 7.6%, respectively. The most significant items contributing to the difference between the statutory U.S. federal corporate tax rate of 21% and the Company's effective tax rate for the three-month period ended March 29, 2024 were U.S. state income tax expense of $4.0 million and U.S. tax on foreign earnings of $5.5 million. These expense items are expected to have a continuing impact on the Company's effective tax rate for the remainder of the fiscal year. For the three months ended March 31, 2023, the main differences were attributable to a tax benefit of $40.2 million related to uncertain tax positions (“UTPs”) in the U.S. that were effectively settled, of which $30.8 million relates to positions carried forward from the acquisition of CH2M Hill Companies Ltd. that was completed in 2018, as well as a tax benefit of $8.6 million for the release of previously valued foreign tax credits. These benefits were partly offset by U.S. state income tax expense of $5.9 million and U.S. tax on foreign earnings of $4.6 million.
The Company's effective tax rates from continuing operations for the six months ended March 29, 2024 and March 31, 2023 were 12.6% and 15.4%, respectively. The most significant item contributing to the difference between the statutory U.S. federal corporate tax rate of 21% and the Company’s effective tax rate for the six-month period ended March 29, 2024 related to a discrete event associated with the election to treat an Australian subsidiary as a corporation versus a partnership for U.S. tax purposes, with this election resulting in the derecognition of a deferred tax liability and yielding a discrete income tax benefit of $61.6 million as the Company asserts that a component of the investment will be indefinitely reinvested. This benefit was partly offset by U.S. state income tax expense of $7.3 million and U.S. tax on foreign earnings of $8.6 million, which are expected to have a continuing impact on the Company's effective tax rate for the remainder of the fiscal year. For the six months ended March 31, 2023, the main differences were associated with net tax benefits of $39.0 million mostly related to UTPs mentioned above and a tax benefit of $8.6 million for the release of previously valued foreign tax credits, partly offset by U.S. state income tax expense of $10.5 million and U.S. tax on foreign earnings of $8.2 million.
The amount of income taxes the Company pays is subject to ongoing audits by tax jurisdictions around the world. In the normal course of business, the Company is subject to examination by tax authorities throughout the world, including such major jurisdictions as Australia, Canada, India, the Netherlands, the United Kingdom and the United States. Our estimate of the potential outcome of any uncertain tax issue is subject to our assessment of the relevant risks, facts, and circumstances existing at the time. The Company believes that it has adequately provided for reasonably foreseeable outcomes related to these matters. However, future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, which may impact our effective tax rate.
Net earnings attributable to noncontrolling interests for the three and six months ended March 29, 2024 of $11.4 million and $21.3 million, respectively and $16.7 million and $27.7 million for the corresponding periods last year were lower primarily due to lower net earnings results in our PA Consulting investment compared to the prior year quarter.
Restructuring and Other Charges
During fiscal 2023, the Company implemented restructuring initiatives relating to the Separation Transaction. The Company incurred approximately $19.8 million in fiscal 2023 and $19.7 million during the six months ended March 29, 2024, in pre-tax cash charges in connection with these initiatives. These actions, which are expected to be substantially completed before the end of fiscal 2025, are expected to result in estimated gross annualized pre-tax cash savings of approximately $94 million to $115 million. We will likely incur additional charges under this program through fiscal 2025, which are expected to result in additional savings in future periods.
During third quarter fiscal 2023, the Company approved a plan to improve business processes and cost structures of our PA Consulting investment by reorganizing senior management and reducing headcount. In connection with these initiatives, which are expected to be substantially complete before the end of fiscal 2024, the Company incurred approximately $14.3 million during fiscal 2023 and $4.2 million in the six months ending March 29, 2024, in pre-tax cash charges. These activities are expected to result in estimated gross annualized pre-tax cash savings of approximately $45 million to $60 million.
During fiscal 2023, the Company implemented restructuring and cost reduction initiatives relating to the formation of the reporting and operating segment, Divergent Solutions, which were substantially completed in fiscal 2023. The Company incurred approximately $7.5 million in pre-tax cash charges in connection with these initiatives during the year ended September 29, 2023. These actions are expected to result in estimated gross annualized pre-tax cash savings of approximately $20 million to $24 million.
During fiscal 2020 and continuing into fiscal 2023, the Company implemented further real estate rescaling efforts that were associated with its fiscal 2020 transformation program relating to real estate. These activities were substantially completed in fiscal 2023. In connection with these efforts, the Company has incurred $47.3 million and $72.4 million for the years ended September 29, 2023 and September 30, 2022, respectively, in pre-tax mainly non-cash charges. These actions resulted in non-cash savings related to the future amortization of lease right-of-use assets over the remaining lease terms. Additionally, the objective of these initiatives was to create a modern, flexible work platform tailored to employees’ needs due to globalization and digital advances and to create total emissions savings that will be realized as we continue to optimize our real estate footprint.
Refer to Note 16– Restructuring and Other Charges for further information regarding restructuring and integration initiatives.
Segment Financial Information
The following tables provide selected financial information for our operating segments and includes a reconciliation of segment operating profit to total U.S. GAAP operating profit from continuing operations by including certain corporate-level expenses, Restructuring and other charges and transaction and integration costs (in thousands).
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Revenues from External Customers: | | | | | | | |
Critical Mission Solutions | $ | 1,229,226 | | | $ | 1,191,056 | | | $ | 2,357,829 | | | $ | 2,266,231 | |
People & Places Solutions | 2,521,860 | | | 2,345,065 | | | 4,992,301 | | | 4,572,050 | |
Divergent Solutions | 224,040 | | | 241,224 | | | 478,220 | | | 455,690 | |
PA Consulting | 293,967 | | | 300,987 | | | 599,968 | | | 583,030 | |
Total | $ | 4,269,093 | | | $ | 4,078,332 | | | $ | 8,428,318 | | | $ | 7,877,001 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Segment Operating Profit: | | | | | | | |
Critical Mission Solutions | $ | 103,649 | | | $ | 93,943 | | | $ | 197,056 | | | $ | 176,163 | |
People & Places Solutions | 267,765 | | | 232,205 | | | 492,763 | | | 458,825 | |
Divergent Solutions (1) | 18,973 | | | 24,861 | | | 26,556 | | | 36,828 | |
PA Consulting | 60,169 | | | 65,631 | | | 114,624 | | | 116,658 | |
Total Segment Operating Profit | 450,556 | | | 416,640 | | | 830,999 | | | 788,474 | |
Other Corporate Expenses (2) | (117,313) | | | (107,623) | | | (238,373) | | | (201,309) | |
Restructuring, Transaction and Other Charges (3) | (52,255) | | | (19,154) | | | (107,574) | | | (59,497) | |
| | | | | | | |
Total U.S. GAAP Operating Profit | 280,988 | | | 289,863 | | | 485,052 | | | 527,668 | |
Total Other Expense, net | (39,403) | | | (37,550) | | | (77,716) | | | (77,873) | |
Earnings Before Taxes from Continuing Operations | $ | 241,585 | | | $ | 252,313 | | | $ | 407,336 | | | $ | 449,795 | |
| | | | | |
(1) | For the six months ended March 29, 2024, operating profit included an approximate $15 million pre-tax non-cash charge associated with an inventory write down during the fiscal 2024 period comprised of cumulative adjustments of immaterial inventory misstatements previously reported which would not have been material to any prior period financial statements nor to any amounts reported in the current period. |
(2) | Other corporate expenses included intangibles amortization of $52.6 million and $50.5 million for the three months ended March 29, 2024 and March 31, 2023, respectively, and $103.8 million and $100.2 million, for the six months ended March 29, 2024 and March 31, 2023, respectively, along with approximately $11.0 million intangibles impairment charge in the six month period ended, March 29, 2024 . Additionally, the comparison of the six month period of fiscal 2024 to the corresponding 2023 period was unfavorably impacted by the one-time net favorable impact of $41 million relating mainly to changes in employee benefits programs in the prior year, partly offset by year over year favorable department spending as well as favorable impacts of corporate functional overhead cost recovery by our lines of business. |
(3) | The three months and six months ended March 29, 2024 included $38.9 million and $79.1 million, respectively, in restructuring and other charges and $8.4 million and $19.4 million, respectively, of transaction charges, mainly relating to the Separation Transaction (primarily professional services and employee separation costs). Included in the three months and six months ended March 31, 2023 were $10.1 million and $37.2 million, respectively, mainly in real estate impairment charges related to the Company's transformation initiatives. |
| |
Critical Mission Solutions
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Revenue | $ | 1,229,226 | | | $ | 1,191,056 | | | $ | 2,357,829 | | | $ | 2,266,231 | |
Operating Profit | $ | 103,649 | | | $ | 93,943 | | | $ | 197,056 | | | $ | 176,163 | |
| | |
Critical Mission Solutions segment revenues for the three and six months ended March 29, 2024 were $1.23 billion and $2.36 billion respectively, an increase of $38.2 million and $91.6 million, or 3.2% and 4.0%, from reported amounts of $1.19 billion and $2.27 billion for the corresponding periods last year. During the three and six months ended March 29, 2024, revenue benefited from increased volume in the nuclear remediation and energy sectors in the United Kingdom as well as strong performance in the U.S. space, defense, and energy markets. Foreign currency translation had approximately $9.6 million and $22.6 million in favorable impacts on revenues for the three and six months ended March 29, 2024, respectively, compared to $25.5 million and $58.6 million in unfavorable impacts in the corresponding prior year periods. |
|
Operating profit for the segment was $103.6 million and $197.1 million respectively, for the three and six months ended March 29, 2024, which was an increase of $9.7 million and $20.9 million, or 10.3% and 11.9%, from $93.9 million and $176.2 million compared to the corresponding periods in the prior year. Operating profit level and margin trends for the year-over-year periods were favorably impacted by increased profitability in the United Kingdom and U.S. nuclear remediation markets, and U.S. commercial markets. Foreign currency translation had approximately $1.3 million and $3.1 million in favorable impacts on operating profit for the three and six months ended March 29, 2024, as compared to $3.3 million and $7.2 million in unfavorable impacts in the corresponding prior year periods. |
People & Places Solutions
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Revenue | $ | 2,521,860 | | | $ | 2,345,065 | | | $ | 4,992,301 | | | $ | 4,572,050 | |
Operating Profit | $ | 267,765 | | | $ | 232,205 | | | $ | 492,763 | | | $ | 458,825 | |
| | |
Revenues for the People & Places Solutions segment for the three and six months ended March 29, 2024 was $2.52 billion and $4.99 billion respectively, an increase of $176.8 million and $420.3 million, or 7.5% and 9.2%, from reported amounts of $2.35 billion and $4.57 billion for the corresponding periods last year. The increase in revenue for the three and six months ended March 29, 2024 was driven by net revenue growth across all sectors, specifically in water, life sciences and energy. Foreign currency translation had approximately $8.9 million and $29.6 million in favorable impacts on revenues for the three and six months ended March 29, 2024, as compared to $51.2 million and $134.5 million in unfavorable impacts in the corresponding prior year periods. |
|
Operating profit for the People & Places Solutions segment for the three and six month period ended March 29, 2024 was $267.8 million and $492.8 million respectively, an increase of $35.6 million and $33.9 million, or 15.3% and 7.4%, from $232.2 million and $458.8 million for the corresponding period last year. The increase in the three and six month periods is a result of higher year over year segment revenues mentioned above with partially offsetting impacts from higher corporate cost allocations versus the prior year period. Foreign currency translation had approximately $1.9 million and $5.4 million in favorable impacts on operating profit for the three and six months ended March 29, 2024, as compared to $9.5 million and $25.4 million in unfavorable impacts in the corresponding prior year periods. |
Divergent Solutions
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Revenue | $ | 224,040 | | | $ | 241,224 | | | $ | 478,220 | | | $ | 455,690 | |
Operating Profit | $ | 18,973 | | | $ | 24,861 | | | $ | 26,556 | | | $ | 36,828 | |
| | |
Revenues for the Divergent Solutions segment for the three and six months ended March 29, 2024 were $224.0 million and $478.2 million, respectively, a change of $(17.2) million and $22.5 million, or (7.1)% and 4.9%, from $241.2 million and $455.7 million for the corresponding periods last year. The decrease in revenue for the three months ended March 29, 2024 was mainly due to a national government program ending. The six month increase is due to a startup of new programs previously won in fiscal 2023. Foreign currency translation did not have a material impact on revenue in our Divergent Solutions segment for either period presented. |
|
Operating profit for the segment was $19.0 million and $26.6 million, for the three and six months ended March 29, 2024, respectively, a decrease of $5.9 million and $10.3 million, or 23.7% and 27.9%, from $24.9 million and $36.8 million for the corresponding periods last year. The three month decrease is driven by higher software licensing revenue in the second quarter of fiscal 2023. Operating profit for the six month period reflected strong underlying performance in the Cyber & Intelligence business unit and the new programs previously won in fiscal 2023, although fully offset by an approximate one-time $15 million pre-tax non-cash charge associated with an inventory write down during the fiscal 2024 period. Foreign currency translation had an immaterial impact on operating profit in our Divergent Solutions segment for both periods presented. |
PA Consulting
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 |
Revenue | $ | 293,967 | | | $ | 300,987 | | | $ | 599,968 | | | $ | 583,030 | |
Operating Profit | $ | 60,169 | | | $ | 65,631 | | | $ | 114,624 | | | $ | 116,658 | |
| | |
Revenues for the PA Consulting segment for the three and six months ended March 29, 2024 were $294.0 million and $600.0 million, respectively, a change of $(7.0) million and $16.9 million, or (2.3)% and 2.9%, from $301.0 million and $583.0 million in the corresponding periods last year. The three and six month changes are primarily due to growth in PA Consulting's Defence & Security, Public Sector, Energy & Utilities, and Advanced Facilities businesses with stronger growth during the first fiscal quarter. Foreign currency translation had approximately $12.4 million and $29.1 million in favorable impacts on revenues for the three and six months ended March 29, 2024, respectively, as compared to $30.7 million and $72.3 million in unfavorable impacts in the corresponding prior year periods. |
|
Operating profit for the segment for the three and six months ended March 29, 2024 was $60.2 million and $114.6 million, respectively, a decrease of $5.5 million and $2.0 million, or 8.3% and 1.7%, from $65.6 million and $116.7 million in the corresponding periods last year, due mainly to impacts from changes in revenue noted above as well as impacts from timing of certain personnel related expenses incurred in connection with our cost management programs. |
Other Corporate Expenses
Other corporate expenses for the three and six months ended March 29, 2024 were $117.3 million and $238.4 million, respectively, an increase of $9.7 million and $37.1 million, or 9.0% and 18.4%, from $107.6 million and $201.3 million for the corresponding periods last year. The three month period of fiscal 2024 was impacted mainly by increases in expense associated with certain contingent equity-based agreements in connection with our PA Consulting investment. The comparison of the six months period of fiscal 2024 to the corresponding 2023 period was further unfavorably impacted by a one-time net favorable impact of $41 million relating mainly to changes in employee benefits programs during first quarter 2023, partly offset by year over year favorable department spending as well as favorable impacts of
corporate functional overhead cost recovery by our lines of business. Additionally, the fiscal 2024 year-to-date period reflects approximately $11 million in one-time non-cash intangibles impairment charges.
Included in other corporate expenses are costs and expenses which relate to general corporate activities as well as corporate-managed benefit and insurance programs. Such costs and expenses include: (i) those elements of SG&A expenses relating to the business as a whole; (ii) those elements of our incentive compensation plans relating to corporate personnel whose other compensation costs are not allocated to the LOBs; (iii) the amortization of intangible assets acquired as part of business combinations; (iv) the quarterly variances between the Company’s actual costs of certain of its self-insured integrated risk and employee benefit programs and amounts charged to the LOBs; and (v) certain adjustments relating to costs associated with the Company’s international defined benefit pension plans. In addition, other corporate expenses may also include from time to time certain adjustments to contract margins (both positive and negative) associated with projects, as well as other items, where it has been determined that such adjustments are not indicative of the performance of the related LOB.
Backlog Information
Backlog represents revenue we expect to realize for work to be completed by our consolidated subsidiaries and our proportionate share of work to be performed by unconsolidated joint ventures. Because of variations in the nature, size, expected duration, funding commitments, and the scope of services required by our contracts, the amount and timing of when backlog will be recognized as revenues includes significant estimates and can vary greatly between individual contracts.
Consistent with industry practice, substantially all of our contracts are subject to cancellation or termination at the option of the client, including our U.S. government work. While management uses all information available to determine backlog, at any given time our backlog is subject to changes in the scope of services to be provided as well as increases or decreases in costs relating to the contracts included therein. Backlog is not necessarily an indicator of future revenues.
Because certain contracts (e.g., contracts relating to large Engineering, Procurement & Construction ("EPC") projects as well as national government programs) can cause large increases to backlog in the fiscal period in which we recognize the award, and because many of our contracts require us to provide services that span over several fiscal quarters (and sometimes over fiscal years), we have presented our backlog on a year-over-year basis, rather than on a sequential, quarter-over-quarter basis.
The following table summarizes our backlog at March 29, 2024 and March 31, 2023 (in millions):
| | | | | | | | | | | |
| March 29, 2024 | | March 31, 2023 |
Critical Mission Solutions | $ | 8,453 | | | $ | 8,136 | |
People & Places Solutions | 17,929 | | | 17,563 | |
Divergent Solutions | 2,682 | | | 2,956 | |
PA Consulting | 344 | | | 319 | |
Total | $ | 29,408 | | | $ | 28,974 | |
| | |
The increase in backlog in Critical Mission Solutions from March 31, 2023 was primarily driven by growth and increased funding levels in the United Kingdom and U.S. nuclear remediation markets along with growth in the U.K. defense sector that offset slower growth in the U.S. Defense sector. |
|
The increase in backlog in People & Places Solutions from March 31, 2023 was predominantly driven by growth in the Life Sciences and Energy markets. |
|
The decrease in backlog in Divergent Solutions (DVS) from March 31, 2023 was primarily due to a major program ending prior than expected, as discussed above. |
|
The increase in backlog in PA Consulting from March 31, 2023 was primarily driven by strategic focus on long-term projects as well as organic year-over-year growth of the business. |
|
Consolidated backlog differs from the Company’s remaining performance obligations as defined by ASC 606 primarily because of contract change orders or new wins not yet processed and our national government contracts where our policy is to generally include in backlog the contract award, whether funded or unfunded excluding certain option periods while our remaining performance obligations represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. Additionally, the Company does not include our proportionate share of backlog related to unconsolidated joint ventures in our remaining performance obligations.
Liquidity and Capital Resources
At March 29, 2024, our principal sources of liquidity consisted of $1.03 billion in cash and cash equivalents and $2.11 billion of available borrowing capacity under our $2.25 billion revolving credit agreement (the "Revolving Credit Facility"). We finance much of our operations and growth through cash generated by our operations.
Cash and cash equivalents at March 29, 2024 were $1.03 billion, representing an increase of $106.9 million from $926.6 million at September 29, 2023, the reasons for which are described below.
Our net cash flow provided by operations of $375.5 million during the six months ended March 29, 2024 was unfavorable by $58.8 million in comparison to the cash flow provided by operations of $434.3 million for the corresponding prior year period. The year-over-year decrease in cash from operations is due mainly to higher cash used for income tax payments and increases in accounts receivable, partly offset by higher cash generated from net earnings.
Our net cash used for investing activities for the six months ended March 29, 2024 was $57.3 million, compared to cash used for investing activities of $76.7 million in the corresponding prior year period, with this change due primarily to lower levels of additions to plant, property and equipment in the current year.
Our net cash used for financing activities of $230.8 million for the six months ended March 29, 2024 is driven by share repurchases of $195.5 million, $70.1 million in dividends to shareholders, and $24.4 million in net PA Consulting related redeemable noncontrolling interests purchase and issuance activity, partly offset by net proceeds from borrowings of $85.5 million. Cash used for financing activities in the corresponding prior year period was $336.0 million, due primarily to share repurchases of $140.5 million, $62.8 million in dividends to shareholders, $58.4 million in net PA Consulting related redeemable noncontrolling interests purchase and issuance activity, and net repayments from borrowings of $53.8 million.
At March 29, 2024, the Company had approximately $250.1 million in cash and cash equivalents held in the U.S. and $783.4 million held outside of the U.S. (primarily in the U.K., the Eurozone, Australia, India, Canada, Saudi Arabia and the United Arab Emirates), which is used primarily for funding operations in those regions. Other than the tax cost of
repatriating funds to the U.S. (see Note 7- Income Taxes of Notes to Consolidated Financial Statements included in our 2023 Form 10-K), there are no material impediments to repatriating these funds to the U.S.
The Company had $289.7 million in letters of credit outstanding at March 29, 2024. Of this amount, $0.5 million was issued under the Revolving Credit Facility and $289.2 million was issued under separate, committed and uncommitted letter-of-credit facilities.
Long-term debt as of March 29, 2024 decreased by $648.6 million compared to September 29, 2023 primarily due to the reclassification of $785.7 million from long-term to short-term in March 2024 in connection with the March 25, 2025 scheduled maturity of the 2020 Term Loan Facility.
Under the Separation Transaction, Jacobs and its shareholders will own up to 63% of the combined company's common stock upon consummation of the transaction, the exact amount of which will be determined based on the achievement of certain fiscal year 2024 operating profit targets. Jacobs is also expected to receive $1 billion of cash proceeds at closing, subject to customary adjustments. The Company expects to use this cash received at closing to repay outstanding indebtedness. Jacobs is also expected to realize additional value after closing through the disposition of its retained equity stake in the combined company within 12 months.
On February 6, 2023, the Company refinanced its Revolving Credit Facility and Term Loan Facilities, and on February 16, 2023, the Company issued the 5.90% Bonds in the aggregate principal amount of $500.0 million. On August 18, 2023, the Company issued the 6.35% Bonds in the aggregate principal amount of $600.0 million. See Note 12 - Borrowings for further discussion relating to the terms of the 5.90% Bonds, the 6.35% Bonds, the Revolving Credit Facility and Term Loan Facilities following the issuances and refinancing.
We believe we have adequate liquidity and capital resources to fund our projected cash requirements for the next twelve months based on the liquidity provided by our cash and cash equivalents on hand, our borrowing capacity and our continuing cash from operations.
We were in compliance with all of our debt covenants at March 29, 2024.
Supplemental Obligor Group Financial Information
On February 16, 2023, Jacobs Engineering Group Inc., a wholly-owned subsidiary of Jacobs Solutions Inc. (together, the "Obligor Group"), completed an offering of $500 million aggregate principal amount of 5.90% Bonds, due 2033 and on August 18, 2023, completed an offering of $600 million aggregate principal amount of 6.35% Bonds, due 2028 (collectively the “Bonds”). The Bonds are fully and unconditionally guaranteed by the Company (the “Guarantees”). The Bonds and the respective Guarantees were offered pursuant to prospectus supplements, dated February 13, 2023 and August 15, 2023, respectively, to the prospectus dated February 6, 2023, that forms a part of the Company and JEGI’s automatic shelf registration statement on Form S-3ASR (File Nos. 333-269605 and 333-269605-01) previously filed with the SEC.
In accordance with SEC Regulation S-X Rule 13-01, set forth below is the summarized financial information for the Obligor Group on a combined basis after elimination of (i) intercompany transactions and balances between Jacobs and JEGI and (ii) equity in the earnings from and investments in all other subsidiaries of the Company that do not guarantee the registered securities of either Jacobs or JEG. This summarized financial information (in thousands) has been prepared and presented pursuant to Regulation S-X Rule 13-01, “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities” and is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP.
| | | | | |
| Six Months Ended |
(in thousands) | March 29, 2024 |
Summarized Statement of Earnings Data | |
Revenue | $ | 1,922,302 | |
| |
Direct Costs | $ | 1,601,264 | |
| |
Selling, General and Administrative Expenses | $ | 275,859 | |
Net loss attributable to Guarantor Subsidiaries from continuing operations | $ | (17,360) | |
Noncontrolling interests | $ | 1,126 | |
| | | | | | | | | | | |
(in thousands) | March 29, 2024 | | September 29, 2023 |
Summarized Balance Sheet Data | | | |
Current assets, less receivables from Non-Guarantor Subsidiaries | $ | 1,018,317 | | | $ | 693,037 | |
Current receivables from Non-Guarantor Subsidiaries | $ | — | | | $ | — | |
Noncurrent assets, less noncurrent receivables from Non-Guarantor Subsidiaries | $ | 469,574 | | | $ | 459,276 | |
Noncurrent receivables from Non-Guarantor Subsidiaries | $ | 582,498 | | | $ | 610,900 | |
Current liabilities | $ | 1,154,781 | | | $ | 616,140 | |
Current liabilities to Non-Guarantor Subsidiaries | $ | 617,497 | | | $ | 387,461 | |
Long-term Debt | $ | 2,164,932 | | | $ | 2,561,590 | |
Other Noncurrent liabilities, less amounts payable to Non-Guarantor Subsidiaries | $ | 242,663 | | | $ | 248,852 | |
Noncurrent liabilities to Non-Guarantor Subsidiaries | $ | 435,868 | | | $ | 343,674 | |
Noncontrolling interests | $ | 873 | | | $ | 577 | |
Accumulated deficit | $ | (2,546,225) | | | $ | (2,395,081) | |
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We do not enter into derivative financial instruments for trading, speculation or other similar purposes that would expose the Company to market risk. In the normal course of business, our results of operations are exposed to risks associated with fluctuations in interest rates and currency exchange rates.
Interest Rate Risk
Please see the Note 12- Borrowings in Notes to Consolidated Financial Statements appearing under Part I, Item 1 of this Quarterly Report on Form 10-Q, which is incorporated herein by reference, for a discussion of the Revolving Credit Facility, Term Loan Facilities and Note Purchase Agreement.
Our Revolving Credit Facility, Term Loan Facilities and certain other debt obligations are subject to variable rate interest which could be adversely affected by an increase in interest rates. As of March 29, 2024, we had an aggregate of $1.92 billion in outstanding borrowings under our Revolving Credit Facility and Term Loan Facilities. Interest on amounts borrowed under these agreements is subject to adjustment based on the Company’s Consolidated Leverage Ratio (as defined in the credit agreements governing the Revolving Credit Facility and the Term Loan Facilities). Depending on the Company’s Consolidated Leverage Ratio, borrowings denominated in U.S. dollars under the Revolving Credit Facility and the Term Loan Facilities bear interest at a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0.0% and 0.625% including applicable margins while borrowings denominated in British pounds under these respective facilities bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%. Additionally, our Revolving Credit Facility, Term Loan Facilities and our 5.90% Bonds have interest rates subject to potential increases relating to certain ESG metrics as stipulated in the related agreements and as discussed in Note 12- Borrowings.
However, as discussed in Note 17- Commitments and Contingencies and Derivative Financial Instruments, we are party to swap agreements with an aggregate notional value of $745.9 million to convert the variable rate interest based liabilities associated with a corresponding amount of our debt into fixed interest rate liabilities, leaving $1.17 billion in principal amount subject to variable interest rate risk. Additionally, during fiscal 2022, we entered into two treasury lock arrangements with an aggregate notional value of $500.0 million, which were settled in the second quarter fiscal 2023, and are disclosed in further detail in Note 17- Commitments and Contingencies and Derivative Financial Instruments.
For the six months ended March 29, 2024, our weighted average borrowings that are subject to floating rate exposure were approximately $1.34 billion. If floating interest rates had increased by 1.00%, our interest expense for the six months ended March 29, 2024 would have increased by approximately $6.7 million.
Foreign Currency Risk
In situations where the Company incurs costs in currencies other than our functional currency, we sometimes enter into foreign exchange contracts to limit our exposure to fluctuating foreign currencies. We follow the provisions of ASC 815, Derivatives and Hedging in accounting for our derivative contracts. The Company has $946.1 million in notional value of exchange rate sensitive instruments at March 29, 2024. See Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures are those controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), to allow timely decisions regarding required disclosure.
The Company’s management, with the participation of its Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), evaluated the effectiveness of the Company’s disclosure controls and procedures as defined by Rule 13a-15(e) of the Exchange Act defined above, as of March 29, 2024, the end of the period covered by this Quarterly Report on Form 10-Q (the “Evaluation Date”). Based on that evaluation, the Company’s management, with the participation of the Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) concluded that the Company’s disclosure controls and procedures, as of the Evaluation Date, were effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes to our internal control over financial reporting which were identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act during the quarter ended March 29, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The information required by this Item 1 is included in the Note 17- Commitments and Contingencies and Derivative Financial Instruments included in the Notes to Consolidated Financial Statements appearing under Part I, Item 1 of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.
Item 1A. Risk Factors.
Please refer to Item 1A- Risk Factors in our 2023 Form 10-K, which is incorporated herein by reference, for a discussion of some of the factors that have affected our business, financial condition, and results of operations in the past and which could affect us in the future. There have been no material changes to those risk factors. Before making an investment decision with respect to our common stock, you should carefully consider those risk factors, as well as the financial and business disclosures contained in this Quarterly Report on Form 10-Q and our other current and periodic reports filed with the SEC.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
There were no sales of unregistered securities during the second fiscal quarter of 2024.
Share Repurchases
On January 25, 2023, the Company's Board of Directors authorized a share repurchase program of up to $1.0 billion of the Company's stock, to expire on January 25, 2026 (the "2023 Repurchase Authorization"). A summary of repurchases of the Company’s common stock made during the second quarter of fiscal 2024 under the 2023 Share Repurchase Authorization follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Period | | Total Number of Shares Purchased | | Average Price Per Share (1) | | Total Number of Shares Purchased under the 2023 Repurchase Authorization | | Approximate Dollar Value of Shares that May Yet Be Purchased Under the 2023 Repurchase Authorization |
February 14, 2024 - February 23, 2024 | | 150,475 | | $145.66 | | 150,475 | | $752,900,871 |
February 26, 2024 - March 28, 2024 | | 488,947 | | $150.38 | | 488,947 | | $679,372,362 |
(1)Includes commissions paid and excise tax due under the Inflation Reduction Act of 2022 and calculated at the average price per share.
Our share repurchase program does not obligate the Company to purchase any shares. Share repurchases may be executed through various means including, without limitation, accelerated share repurchases, open market transactions, privately negotiated transactions, purchases pursuant to Rule 10b5-1 plans or otherwise. The authorization for the share repurchase programs may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing, amount and manner of share repurchases may depend upon market conditions and economic circumstances, availability of investment opportunities, the availability and costs of financing, currency fluctuations, the market price of the Company's common stock, other uses of capital and other factors.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosure.
None.
Item 5. Other Information.
During the period covered by this Quarterly Report on Form 10-Q, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K.
Item 6. Exhibits.
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3.1 | |
3.2 | |
3.3 | |
10.1#* | |
22.1* | |
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101 | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 29, 2024, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Earnings, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. |
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 29, 2024, (formatted as Inline XBRL and contained in Exhibit 101). |
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* Filed herewith
# Management contract or compensatory plan or arrangement
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
JACOBS SOLUTIONS INC.
| | | | | |
By: | /s/ Kevin C. Berryman |
| Kevin C. Berryman |
| |
| Chief Financial Officer |
| (Principal Financial Officer) |
| |
Date: | May 7, 2024 |
JACOBS SOLUTIONS INC.
EXECUTIVE SEVERANCE PLAN
(AS AMENDED JANUARY 24, 2024)
1.Purpose. The purpose of this Jacobs Solutions Inc. Executive Severance Plan, as amended (this “Plan”) is to retain certain senior executives of the Company by reason of providing appropriate severance benefits and to ensure their continued dedication to their duties, including in the event of a Change in Control (as defined in Section 24 below).
2.Eligible Participants. Employees participating in the Plan (each, a “Participant”) will be those senior executives who are approved by the Human Resource and Compensation Committee of the Company’s Board of Directors (the “Committee”) in its sole discretion and designated as a Participant. In the Committee’s discretion, Participants may be designated to participate in the Plan with respect to the payments and benefits under either (or both) of Section 3(a) (“Qualifying Termination – No Change in Control”) or Section 3(b) (“Qualifying Termination After a Change in Control”), in each case on a standalone, immediate and/or delayed basis.
3.Payments Upon a Qualifying Termination of Employment.
(a)Qualifying Termination – No Change in Control. If, prior to or more than two (2) years following a Change in Control, the employment of the Participant is terminated under circumstances constituting a Qualifying Termination, then, subject to the Participant’s execution of a Release as set forth in Section 4 below, the Company shall provide to the Participant:
(i)a lump sum cash payment equal to the result of multiplying the Participant’s applicable Severance Multiple (see Exhibit A to this Plan, Table 2) by the sum of (x) the Participant’s Base Salary and (y) the Participant’s Target Annual Incentive Award;
(ii)a lump sum cash payment equal to the Participant’s Annual Incentive Award based on actual performance (prorated to the number of days worked in the fiscal year);
(iii)a lump sum cash payment equal to the result of multiplying the Participant’s applicable Severance Multiple (see Exhibit A to this Plan, Table 2) by the annual premium that would be payable for the continued receipt of financial planning services which the Participant receives as of immediately prior to his or her Date of Termination;
(iv)a lump sum cash payment equal to the result of multiplying the Participant’s applicable Severance Multiple (see Exhibit A to this Plan, Table 2) by the annual COBRA premium that would be payable by the Participant for continued participation in the Company’s group health plans in which the Participant participates immediately prior to his or her Date of Termination; and
(v)the Participant’s unvested and outstanding Company equity awards (or equity awards issued to the Participant in replacement of such Company equity awards in connection with a Change in Control) that are scheduled to vest within the nine (9) month period following the Date of Termination shall continue to vest in accordance with their original vesting schedule irrespective of the termination of the Participant’s employment (subject, for the avoidance of doubt, to the satisfaction of any applicable performance criteria).
The cash payments specified in paragraphs (i), (iii) and (iv) of this Section 3(a) shall be paid within ninety (90) days following the Date of Termination; provided that if the full release review and revocation period described in Section 4 of this Plan spans two calendar years, then the payment
shall be made in the second calendar year. The cash payment specified in paragraph (ii) of this Section 3(a) shall be paid only after actual performance is determined against the metrics established for the Participant’s applicable line of business or corporate function for the Annual Incentive Award and will be paid at such time as payments under the Company’s annual bonus plan are paid to the annual bonus plan participants.
(b)Qualifying Termination After a Change in Control. If, during the two (2)-year period following a Change in Control, the employment of the Participant is terminated under circumstances constituting a Qualifying Termination, then, subject to the Participant’s execution of a Release as set forth in Section 4 below, the Company shall provide to the Participant:
(i)a lump sum cash payment equal to the result of multiplying the Participant’s applicable Severance Multiple (see Exhibit A to this Plan, Table 1) by the sum of (x) the Participant’s Base Salary and (y) the Participant’s Target Annual Incentive Award;
(ii)a lump sum cash payment equal to the Participant’s Annual Incentive Award based on actual performance (prorated to the number of days worked in the fiscal year);
(iii)a lump sum cash payment equal to the result of multiplying the Participant’s applicable Severance Multiple (see Exhibit A to this Plan, Table 1) by the annual premium that would be payable for the continued receipt of financial planning services which the Participant receives as of immediately prior to his or her Date of Termination; and
(iv)a lump sum cash payment equal to the result of multiplying the Participant’s applicable Severance Multiple (see Exhibit A to this Plan, Table 1) by the annual COBRA premium that would be payable by the Participant for continued participation in the Company’s group health plans in which the Participant participates immediately prior to his or her Date of Termination.
The cash payments specified in paragraphs (i), (iii) and (iv) of this Section 3(b) shall be paid within ninety (90) days following the Date of Termination; provided that if the release review and revocation period described in Section 4 of this Plan spans two calendar years, then the payment shall be made in the second calendar year. The cash payment specified in paragraph (ii) of this Section 3(b) shall be paid only after actual performance is determined against the metrics established for the Participant’s applicable line of business or corporate function for the Annual Incentive Award and will be paid at such time as payments under the Company’s annual bonus plan are paid to the annual bonus plan participants. The treatment of any Company equity awards (or equity awards issued to the Participant in replacement of such Company equity awards in connection with the Change in Control) that remain outstanding and unvested as of the Date of Termination shall be governed by the Company’s 1999 Stock Incentive Plan (or any successor plan) and any award agreements thereunder.
(c)Except as otherwise expressly provided pursuant to this Plan, this Plan shall be construed and administered in a manner which avoids duplication of compensation and benefits which may be provided under any other plan, program, policy or other arrangement or individual contract or under any statute, rule or regulation. In the event a Participant is covered by any other plan, program, policy, individually negotiated agreement or other arrangement, in effect as of his or her Date of Termination, that may duplicate the payments and benefits provided for in this Section 3, the Committee is specifically empowered to reduce or eliminate the duplicative benefits provided for under the Plan.
4.Release. A Participant’s receipt of payments and benefits under Section 3 above will be conditioned on the Participant’s execution of a Waiver and General Release of claims in a form acceptable to the Company (a “Release”), which shall be provided to the Participant no later than ten (10) business days after the Date of Termination and must be executed by the Participant within the forty-five (45) day review period, not be revoked by the Participant within the seven (7) day revocation period, and become effective by the Participant by the fifty-second (52nd) day following Participant’s receipt of the Release.
5.Withholding Taxes. The Company shall withhold from all payments due to the Participant (or his beneficiary or estate) hereunder all taxes which, by applicable federal, state, local or other law, the Company is required to withhold therefrom.
6.Expenses. If any contest or dispute shall arise under this Plan involving termination of a Participant’s employment with the Company or involving the failure or refusal of the Company to perform fully in accordance with the terms hereof, each party shall be responsible for its own legal fees and related expenses, if any, incurred in connection with such contest or dispute.
7.No Guarantee of Continued Employment. The Participant agrees and understands that his or her employment with the Company is at-will. Nothing in this Plan will be deemed to entitle the Participant to continued employment with the Company or its Subsidiaries or affect any right the Company has to terminate or alter the terms and conditions of the Participant’s employment with the Company.
8.Restrictive Covenants. A Participant’s participation in the Plan is conditioned up and explicitly subject to the Participant agreeing to and abiding by the following restrictive covenants:
(a)Confidential Information. The Participant agrees and understands that in the Participant’s position with the Company, the Participant will be exposed to and will receive information relating to the confidential affairs of the Company and its affiliates, including, without limitation, technical information, intellectual property, business and marketing plans, strategies, customer information, software, other information concerning the products, promotions, development, financing, expansion plans, business policies and practices of the Company and its affiliates and other forms of information considered by the Company and its affiliates to be confidential or in the nature of trade secrets (including, without limitation, ideas, research and development, know-how, formulas, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost information and business and marketing plans and proposals) (collectively, the “Confidential Information”). Confidential Information shall not include information that is generally known to the public or within the relevant trade or industry other than due to the Participant’s violation of this Section 8 or disclosure by a third party who is known by the Participant to owe the Company an obligation of confidentiality with respect to such information. The Participant agrees that at all times during the Participant’s employment with the Company and at all times thereafter, the Participant shall not disclose such Confidential Information, either directly or indirectly, to any individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof (each a “Person”) without the prior written consent of the Company. The Participant further agrees to take all reasonable steps to protect and maintain the confidentiality of the Company’s Confidential Information, including by adhering to the Company Code of Conduct, policies and training pertaining to the protection of Company confidential, proprietary and trade secret information. In this regard, Employee agrees not to download, copy or transfer Confidential Information (including to unauthorized external devices, such as a personal hard drive or thumb drive) in violation of such Code of Conduct, policies or training, and further agrees not to undertake
any conduct that sabotages the Company’s business and/or IT systems or which is intended to avoid or which has the effect of avoiding Company IT security and IT security protocols that pertain to the protection of Confidential Information. This confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of the Participant’s employment with the Company, the Participant shall promptly supply to the Company all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product or document which has been produced by, received by or otherwise submitted to the Participant during or prior to the Participant’s employment with the Company, and any copies thereof in the Participant’s (or capable of being reduced to the Participant’s) possession.
Notwithstanding the foregoing and subject to the Participant’s protected rights described in this Section 8(a), the Participant may disclose or use such Confidential Information only to the extent that disclosure or use thereof is required (i) in the course of Participant’s employment with the Company and consistent with the promotion of its best interests or (ii) by a court, regulatory authority or any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”); provided that the Participant promptly notifies the Company’s Legal Department and cooperates fully with the Company in obtaining any available protective order or the equivalent thereof prior to the disclosure of such information; provided, further that any Confidential Information shall continue to be subject to this Section 8 for other purposes to the extent it is subject to a protective order or the equivalent.
In addition, nothing herein or in any other agreement between the Participant and the Company shall (i) restrict or prohibit the Participant (or the Participant’s attorney) from initiating communications directly with, responding to any inquiries from, providing truthful testimony before, providing Confidential Information to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a self-regulatory authority or a Governmental Entity, including the Securities and Exchange Commission, or from making other disclosures that are protected under the whistleblower provisions of any applicable federal or state law or regulation or (ii) preclude the Participant from disclosing or discussing information lawfully acquired about wages, hours or other terms and conditions of employment if used by the Participant for purposes protected by Section 7 of the National Labor Relations Act such as joining or forming a union, engaging in collective bargaining or engaging in other concerted activity for the mutual aid or protection of employees. The Participant recognizes that, in connection with any such activity, the Participant must inform such authority that the information the Participant is providing is confidential. Despite the foregoing, the Participant is not permitted to reveal to any third party, including any self-regulatory authority or Governmental Entity, information the Participant came to learn during the Participant’s service to the Company that is protected from disclosure by any applicable privilege, including but not limited to the attorney-client privilege or attorney work product doctrine. The Company does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other privileged information.
Notwithstanding the foregoing, the Participant agrees to waive the Participant’s right to recover monetary damages in connection with any charge, complaint or lawsuit filed by the Participant or anyone else on the Participant’s behalf (whether involving a governmental entity or not); provided that the Participant is not agreeing to waive, and this Plan shall not be read as requiring the Participant to waive, any right the Participant may have to receive a bounty or an award for information provided to any Governmental Entity. Pursuant to 18 U.S.C. § 1833, Participant acknowledges that Participant will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret if he/she (i) makes such
disclosure in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) such disclosure was made in a complaint or other document filed in a lawsuit or other proceeding if such filing is made under seal. Participant understands that if Participant files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Participant may disclose the trade secret to Participant’s attorney and use the trade secret information in the court proceeding if Participant (x) files any document containing the trade secret under seal, and (y) does not disclose the trade secret, except pursuant to court order. Nothing in this Plan, or any other Plan that Participant has with the Company, is intended to conflict with 18 U.S.C. § 1833 or create liability for disclosures of trade secrets that are expressly allowed by such section.
(b)Non-Competition. If a Participant’s employment is terminated in accordance with Section 3 of this Plan, then, during the one-year period immediately following such Participant’s Date of Termination (the “Restricted Period”), such Participant shall not, directly or indirectly, own, manage, operate, join, control, participate in, consult with, render services for, be employed by or participate in the ownership, management, operation or control of, or be connected in any manner with, including, without limitation, holding any position as a stockholder, director, officer, consultant, independent contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below); provided, that, in no event shall (i) ownership by the Participant of two percent (2%) or less of the outstanding securities of any class of any issuer whose securities are registered under the Securities Exchange Act of 1934, as amended, standing alone, be prohibited by this Section 8(b), so long as the Participant does not have, or exercise, any rights to manage or operate the business of such issuer other than rights as a shareholder thereof or (ii) being employed by an entity, standing alone, be prohibited by this Section 8(b), so long as the entity has more than one discrete and readily distinguishable part of its business and the Participant’s duties are not at or involving the part of the entity’s business that is actively engaged in a Restricted Enterprise. For purposes of this paragraph, “Restricted Enterprise” shall mean any Person that is engaged, directly or indirectly, in (or intends or proposes to engage in, or has been organized for the purpose of engaging in) a business that is in competition with the Business (as defined below) or any other business of the Company or any of its affiliates in any country or territory in which the Company or any of its affiliates markets any of its services or products or has plans to begin marketing any of its services or products in such country or territory. During the Restricted Period, upon request of the Company, the Participant shall notify the Company of the Participant’s then-current employment status. For purposes of this Plan, “Business” shall mean the business of engineering, construction, consulting, design, design-build, procurement, operations and management, program management and technical services for national and local governments and/or private clients. This Section 8(b) will not apply to any Participant based out of any jurisdiction which, by applicable law, prohibits a non-compete obligation of the type set out in this Section 8(b).
(c)Non-Solicitation. During the Restricted Period, a Participant shall not, directly or indirectly (including through another entity), (i) induce or attempt to induce any employee or independent contractor of the Company or any of its Subsidiaries to leave the employ of the Company or such Subsidiary, or in any way interfere with the relationship between the Company and any of its Subsidiaries and any employee or independent contractor thereof, (ii) hire any person who was an employee or independent contractor of the Company or any of its Subsidiaries within 12 months prior to the date of hire, or (iii) solicit or attempt to solicit or induce or attempt to induce any joint venture partner, customer, supplier, licensee or other business relation (including teaming arrangements) of the Company or any of its Subsidiaries to transact business with a Restricted Enterprise or to cease doing business with the Company or such Subsidiary or in any way interfere with the relationship between any such joint venture partner, customer, supplier, licensee or business
relation and the Company and any Subsidiary. Any aspect of Section 8(c)(i), (ii) and/or (ii) that is prohibited by applicable law in the jurisdiction(s) in which the Participant is based out of will not apply to that Participant.
(d)Non-Disparagement. To the fullest extent permitted by law, in the event a Participant’s employment is terminated in accordance with Section 3 of this Plan, the Participant shall not, after the Date of Termination, make any statement that would libel, slander, criticize, ridicule or disparage the Company, any of its Subsidiaries or their respective past or present officers, directors, employees, managers, members or agents. Nothing herein shall prevent such Participant from responding accurately and fully to any question, inquiry or request for information when required by legal process or prohibit Participant from making statements or engaging in any other activities or conduct protected by the National Labor Relations Act. For the avoidance of doubt, nothing herein shall be construed to prevent or limit Participant from recovering a bounty or award for providing information to any Governmental Entity concerning any suspected violation of law.
(e)Enforcement. If, at the time of enforcement of this Section 8, a court holds that the restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that the maximum duration, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by law. Because each Participant’s services are unique, the parties hereto agree that money damages would be an inadequate remedy for any breach of this Section 8. Therefore, in the event a breach or threatened breach of this Section 8, the Company and its Subsidiaries and any of their respective successors and assigns may, in addition to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof (without posting a bond or other security).
(f)Recoupment; Cessation of Obligations. If a Participant materially breaches Section 8(a), 8(b), 8(c) or 8(d) hereof during the Restricted Period, the Company will have the right to recoup from the Participant all payments and benefits (or the value thereof as determined by the Committee in its sole discretion) provided to such Participant under this Plan and any obligation of the Company to make or provide any payments or benefits under this Plan will cease.
(g)Extension of Restricted Period. The Restricted Period shall be tolled for any period during which the Participant is in breach of any of Sections 8(b) or (c) hereof.
9.Section 280G of the Code.
(a)In the event that any payments or benefits (whether under this Plan or otherwise) payable to a Participant (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this Section 9, would be subject to the excise tax imposed by Section 4999 of the Code, then such payments and benefits will be either (x) delivered in full, or (y) delivered as to such lesser extent that would result in no portion of such payments and benefits being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed by Section 4999 of the Code (and any equivalent state or local excise taxes), results in the receipt by the Participant on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such payments and benefits may be taxable under Section 4999 of the Code. Any reduction in payments and/or benefits required by this provision will occur in the following order: (i) reduction of cash payments; (ii) reduction of vesting acceleration of equity awards; and (iii) reduction
of other benefits paid or provided to Executive. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant for equity awards. If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis.
(b)All determinations required to be made under this Section 9, including the reduction payments hereunder and the assumptions to be utilized in arriving at such determinations, will be made by a public accounting firm that is retained by the Company as of the date immediately prior to the Change in Control (the “Accounting Firm”) which will provide detailed supporting calculations both to the Company and the Participant within fifteen (15) business days of the receipt of notice from the Company or the Participant that there has been a Qualifying Termination that may result in a payment that may be subject to Section 4999 of the Code, or such earlier time as is requested by the Company, and whose determination will be conclusive and binding upon the Participant and the Company for all purposes. For purposes of making the calculations required by this Section 9, the Accounting Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive agree to furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this provision. The Company will bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this provision. Any determinations by the Accounting Firm with respect to whether any payments or benefits are subject to reduction under this Section 9 will be binding upon the Company and the Participant.
10.Successors; Binding Agreement. This Plan will survive any Change in Control, and the provisions of this Plan will be binding upon the surviving corporation, which will be treated as the Company hereunder. The benefits provided under this Plan shall inure to the benefit of and be enforceable by the Participant’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Participant dies while any amounts would be payable to the Participant hereunder had the Participant continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Plan to such person or persons appointed in writing by the Participant to receive such amounts or, if no person is so appointed, to the Participant’s estate.
11.Notice. (a) For purposes of this Plan, all notices and other communications required or permitted hereunder must be in writing and will be deemed to have been duly given when delivered or five (5) days after deposit in the United States mail, certified and return receipt requested, postage prepaid and addressed as follows:
If to the Participant: the address listed as the Participant’s address in the Company’s personnel files.
If to the Company:
Jacobs Solutions Inc.
Attention: General Counsel
1999 Bryan Street
Suite 3500
Dallas, Texas 75201
or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.
(a)A written notice of the Participant’s Date of Termination by the Company or the Participant, as the case may be, to the other, will (i) indicate the specific termination provision in this Plan relied upon, (ii) specify the termination date (which date, for Qualifying Termination – No Change in Control and Qualifying Termination After Change in Control terminations, shall be not less than thirty (30) nor more than forty (40) days after the giving of such notice) and (iii) to the extent the Participant is serving a notice of termination claiming Good Reason, set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Participant’s employment for Good Reason. The failure by the Participant or the Company to set forth in such notice any fact or circumstance which contributes to a showing of Good Reason or Cause does not waive any right of the Participant or the Company hereunder or preclude the Participant or the Company from asserting such fact or circumstance in enforcing the Participant’s or the Company’s rights hereunder. For the avoidance of any doubt, for any Cause termination, the Company is not obligated to give any advance notice of the Participant’s Date of Termination.
12.Full Settlement; Resolution of Disputes and Costs.
(a)In no event will the Participant be obligated to seek other employment or take other action by way of mitigation of the amounts payable to the Participant under any of the provisions of this Plan and such amounts shall not be reduced whether or not the Participant obtains other employment.
(b)The parties will use good faith efforts to resolve any controversy, dispute or claim arising out of, or relating to this Plan or the breach thereof. If, despite their good faith efforts, the parties are unable to resolve such controversy, dispute or claim through their own efforts, the parties shall attempt to resolve such disputes through mediation, except that this requirement will not apply to any controversy, claim or dispute under or relating to Section 8 of this Plan. If such mediation is unsuccessful, or if a claim relates to Section 8 of this Plan or relates to Section 18 of this Plan (but provided only if the Participant has fully and timely exhausted the administrative process set out in Section 18 of this Plan), such controversy, dispute or claim shall be settled exclusively by arbitration in Texas by one neutral arbitrator (selected by mutual agreement of the parties) in accordance with JAMS Employment Arbitration Rules and Procedures (“JAMS Rules”) and subject to the Federal Arbitration Act, 9 U.S.C. Section 1, et. seq. A copy of the JAMS Rules may be found at http://www.jamsadr.com/rules-employment-arbitration/ or by searching the internet for “JAMS Employment Arbitration Rules”. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. Notwithstanding anything in this Plan to the contrary, any arbitrator who adjudicates any dispute, controversy or claim arising between a Participant and the Company, or any of their delegates or successors, in respect of any determination by the Company, or any of its delegates or successors, regarding a Participant’s Qualifying Termination that occurs after a Change in Control, will apply a de novo standard of review to any determinations made by such delegate or successor of the Company. Such de novo standard shall apply notwithstanding the grant of full discretion hereunder to any such delegate or successor of the Company or characterization of any such decision by such delegate or successor of the Company as final, binding or conclusive on any party.
13.Employment with Subsidiaries. Employment with the Company for purposes of this Plan shall include employment with any Subsidiary.
14.Survival. The respective obligations and benefits afforded to the Company and the Participant as provided in Sections 3 (to the extent that payments or benefits are owed as a result of a termination of employment that occurs during the term of this Plan), 4, 5, 6 and 8 shall survive the termination of this Plan.
15.GOVERNING LAW; VALIDITY. EXCEPT TO THE EXTENT THIS PLAN IS SUBJECT TO ERISA, THE INTERPRETATION, CONSTRUCTION AND PERFORMANCE OF THIS PLAN SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLE OF CONFLICTS OF LAWS, AND APPLICABLE FEDERAL LAWS. THE INVALIDITY OR UNENFORCEABILITY OF ANY PROVISION OF THIS PLAN SHALL NOT AFFECT THE VALIDITY OR ENFORCEABILITY OF ANY OTHER PROVISION OF THIS PLAN, WHICH OTHER PROVISIONS SHALL REMAIN IN FULL FORCE AND EFFECT. FOR THE AVOIDANCE OF DOUBT, ANY ARBITRATOR SELECTED IN ACCORDANCE WITH SECTION 12 OF THIS PLAN SHALL BE BOUND BY AND APPLY DELAWARE’S STATUTE OF LIMITATIONS IN RESOLVING ANY CONTROVERSY, DISPUTE OR CLAIM ARISING UNDER THIS PLAN.
16.Amendment and Termination. The Committee may amend or terminate the Plan at any time without the consent of the Participants; provided, however, that Participants must be given at least six (6) months’ notice of amendments that are adverse to the interests of the Participants, including the termination of a Participant’s participation in the Plan, and provided, further, that any termination or amendments to the Plan that are adverse to the interests of any Participant and made in anticipation of a Change in Control will give a Participant the right to enforce his or her rights pursuant to this Section. Notwithstanding the foregoing, during the period commencing on a Change in Control and ending on the second anniversary of the Change in Control, no Participant’s participation hereunder may be terminated and the Plan may not be terminated or amended in any manner which is materially adverse to the interests of any Participant without the prior written consent of such Participant. Further notwithstanding the foregoing provisions in this Section 16, a Participant’s participation in the Plan shall immediately cease, irrespective of timing, if the Participant voluntarily resigns from the Company or if the Participant voluntarily retires from the Company.
17.Interpretation and Administration. The Plan shall be administered by the Committee (or any successor committee); provided that the Board may act in lieu of the Committee. The Committee (or any successor committee) will have the authority (i) to exercise all of the powers granted to it under the Plan, (ii) to construe, interpret and implement the Plan, (iii) to prescribe, amend and rescind rules and regulations relating to the Plan, (iv) to make all determinations necessary or advisable in administration of the Plan, (v) to correct any defect, supply any omission and reconcile any inconsistency in the Plan, and (vi) to delegate its responsibilities and authority hereunder to a subcommittee of the Committee or an individual executive or collection of executives of the Company. Actions of the Board or the Committee (or any successor committee) shall be taken by a majority vote of its members.
18.Claims and Appeals. Participants may submit claims for benefits by giving notice to the Company pursuant to Section 11 of this Plan. If a Participant believes that he or she has not received coverage or benefits to which he or she is entitled under the Plan, the Participant may notify the General Counsel of the Company (or the Chief Administrative Officer of the Company where the Participant submitting the claim is the General Counsel) in writing of a claim for coverage or benefits. If the claim for coverage or benefits is denied in whole or in part, the General Counsel (or the Chief Administrative Officer, as applicable) shall notify the applicant in writing of such denial within thirty (30) days (which may be extended to sixty (60) days under special circumstances), with such notice setting forth: (i) the specific reasons for the denial; (ii) the Plan provisions upon which the denial is based; (iii) any additional material or information necessary for the applicant to perfect his or her claim; and (iv) the procedures for requesting a review of the denial. Upon a denial of a claim by the General Counsel (or the Chief Administrative Officer, as applicable), the Participant may: (i) request a review of the denial by the Committee or, where review authority has been so delegated, by such other person or entity as may be designated by the Committee for this purpose; (ii) review any Plan documents relevant to his or her claim; and (iii) submit issues and comments to the Committee or its
delegate that are relevant to the review. Any request for review must be made in writing and received by the Committee or its delegate within sixty (60) days of the date the applicant received notice of the initial denial, unless special circumstances require an extension of time for processing. The Committee or its delegate will make a written ruling on the applicant’s request for review setting forth the reasons for the decision and the Plan provisions upon which the denial, if appropriate, is based. This written ruling shall be made within thirty (30) days of the date the Committee or its delegate receives the applicant’s request for review unless special circumstances require an extension of time for processing, in which case a decision will be rendered as soon as possible, but not later than sixty (60) days after receipt of the request for review. All extensions of time permitted by this Section 18 will be permitted at the sole discretion of the Committee or its delegate. If the Committee does not provide the Participant with written notice of the denial of his or her appeal within sixty (60) days after receipt of the request for review by the Committee or its delegate, the Participant’s claim shall be deemed denied. Any arbitration relating to a benefit determination under Section 18 of this Plan must be initiated no later than 18 months after the date the claimant first receives notice of the Committee’s or its delegate’s benefit determination.
19.Type of Plan. This Plan is intended to be, and shall be interpreted as an unfunded employee welfare plan under Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and Section 2520.104-24 of the Department of Labor Regulations, maintained primarily for the purpose of providing employee welfare benefits, to the extent that it provides welfare benefits, and under Sections 201, 301 and 401 of ERISA, as a plan that is unfunded and maintained primarily for the purpose of providing deferred compensation, to the extent that it provides such compensation, in each case for a select group of management or highly compensated employees (i.e., a “top hat” plan).
20.Non-Assignability. Benefits under the Plan may not be assigned by the Participant. The terms and conditions of the Plan shall be binding on the successors and assigns of the Company.
21.Section 409A.
(a)To the extent a Participant would otherwise be entitled to any payment or benefit that under this Plan, or any plan or arrangement of the Company or its affiliates, constitutes “deferred compensation” subject to Section 409A and that if paid or provided during the six (6) months beginning on the Date of Termination of a Participant’s employment would be subject to the Section 409A additional tax because the Participant is a “specified employee” (within the meaning of Section 409A and as determined by the Company) the payment or benefit will be paid or provided (or will commence being paid or provided, as applicable) to the Participant on the earlier of the first day of the seventh (7th) month following the Participant’s Date of Termination or the Participant’s death. In addition, any payment or benefit due upon a termination of the Participant’s employment that represents a “deferral of compensation” within the meaning of Section 409A shall be paid or provided to the Participant only upon a “separation from service” as defined in Treasury Regulation Section 1.409A-1(h). Each severance payment made under this Plan shall be deemed to be a separate payment, and amounts payable under Section 3 of this Plan shall be deemed not to be a “deferral of compensation” subject to Section 409A to the extent provided in the exceptions in Treasury Regulation Sections 1.409A-1(b)(4) (“short-term deferrals”) and (b)(9) (“separation pay plans,” including the exception under subparagraph (iii)) and other applicable provisions of Treasury Regulation Section 1.409A-1 through A-6.
(b)Notwithstanding anything to the contrary in this Plan or elsewhere, in the event that a Participant waives the provisions of another severance or change in control agreement or arrangement to participate in this Plan and such participation in this Plan is later determined to be a
“substitution” (within the meaning of Section 409A) for the benefits under such agreement or arrangement, then any payment or benefit under this Plan that such Participant becomes entitled to receive during the remainder of the waived term of such agreement or arrangement shall be payable in accordance with the time and form of payment provisions of such agreement or arrangement.
22.Certain Reductions; Recoupment. Notwithstanding anything in this Plan to the contrary, in no event shall any payment or benefit under this Plan be paid, provided or accrued, if any such payment, provision or accrual would be in violation of applicable law, rule or regulation (“Applicable Law”). In addition, to the extent that any provision of Applicable Law or any recoupment policy or practice of the Company as in effect from time to time requires any payments or benefits paid (or provided or to be paid or provided) to a Participant to be forfeited or recouped from the Participant, each such payment or benefit shall be subject to forfeiture or recoupment, as applicable, and such Participant’s right to receive or retain each such payment or benefit shall terminate.
23.Effective Date. The Plan, as amended, shall be effective as of [•], 2024.
24.Definitions. As used in this Plan, the following terms shall have the respective meanings set forth below:
(a)“Annual Incentive Award” means the annual cash incentive bonus awarded to a Participant by the Company (or its affiliates) from time to time.
(b)“Base Salary” means the Participant’s annual rate of base salary as in effect on the Participant’s Date of Termination (or, if greater, the highest annual rate of base salary during the twelve-month period immediately prior to the Participant’s Date of Termination).
(c)“Board” means the Board of Directors of the Company and, after a Change in Control, the “board of directors” of the surviving corporation.
(d)“Cause” means the Company’s termination of the Participant’s employment with the Company following the occurrence of any one or more of the following:
(i)The Participant is convicted of, or pleads guilty or nolo contendere to, a felony;
(ii)The Participant willfully and continually fails to substantially perform the Participant’s duties with the Company (other than any such failure resulting from the Participant’s incapacity due to physical or mental illness) after a written demand for substantial performance is delivered to the Participant by the Chief Executive Officer (or, in the case of the Chief Executive Officer, by the Board) which specifically identifies the manner in which the Board or the Chief Executive Officer, as applicable, believes that the Participant has not substantially performed his or her duties;
(iii)The Participant willfully engages in conduct that is materially injurious to the Company or its affiliates, monetarily or otherwise;
(iv)The Participant commits an act of gross misconduct in connection with the performance of the Participant’s duties to the Company;
(v)The Participant’s willful violation of any material Company policy; or
(vi)The Participant materially breaches any employment, confidentiality, restrictive covenant or other similar agreement between the Company and the Participant.
(e)“Change in Control” means the occurrence of any one of the following events:
(i)during any period of not more than 24 months, individuals who constitute the Board as of the beginning of the period (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the beginning of such period, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) will be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or publicly threatened election contest with respect to directors or as a result of any other actual or publicly threatened solicitation of proxies by or on behalf of any person other than the Board will be deemed to be an Incumbent Director;
(ii)any “person” (as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 35% or more of the combined voting power of the Company’s then-outstanding securities eligible to vote for the election of the Board (“Company Voting Securities”); provided, however, that the event described in this paragraph (b) will not be deemed to be a Change in Control by virtue of the ownership, or acquisition, of Company Voting Securities: (A) by the Company, (B) by any employee benefit plan (or related trust) sponsored or maintained by the Company, (C) by any underwriter temporarily holding securities pursuant to an offering of such securities or (D) pursuant to a Non-Qualifying Transaction (as defined in paragraph (c) of this definition);
(iii)the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination: (A) 50% or more of the total voting power of (x) the entity resulting from such Business Combination (the “Surviving Entity”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of at least 95% of the voting power, is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Entity or the parent), is or becomes the beneficial owner, directly or indirectly, of 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the parent (or, if there is no parent, the Surviving Entity) and (C) at least a majority of the members of the board of directors of the parent (or, if there is no parent, the Surviving Entity) following the consummation of the Business Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any Business
Combination which satisfies all of the criteria specified in (A), (B) and (C) of this paragraph (c) will be deemed to be a “Non-Qualifying Transaction”); or
(iv)the consummation of a sale of 50% or more of the Company’s assets (other than to an affiliate of the Company); or
(v)the Company’s stockholders approve a plan of complete liquidation or dissolution of the Company.
Notwithstanding the foregoing, a Change in Control will not be deemed to occur solely because any person acquires beneficial ownership of more than 30% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control will then occur.
(f) “Code” means the Internal Revenue Code of 1986, as amended.
(g)“Company” means Jacobs Solutions Inc.
(h)“Date of Termination” means (i) the effective date on which the Participant’s employment by the Company terminates as specified in a prior written notice by the Company or the Participant, as the case may be, to the other, delivered pursuant to Section 11 or (ii) if the Participant’s employment by the Company terminates by reason of death, the date of death of the Participant.
(i)“Disability” means termination of the Participant’s employment by the Company due to the Participant’s long term disability under the terms of the long term disability plan of the Company, in effect on the day in question, whether or not the Participant is covered by such plan.
(j)“Good Reason” means, with respect to any Participant, the occurrence of any of the following events without the Participant’s written consent:
(i)a material reduction and adverse change in the position, duties or responsibilities of the Participant from those in effect immediately prior to such change;
(ii)a reduction by the Company in the Participant’s rate of annual base salary or material reduction in annual target bonus opportunity, as in effect on the Effective Date or as the same may be increased from time to time thereafter (other than a reduction of less than 10% that is applicable to all employees generally);
(iii)a relocation of the Participant’s primary work location to a distance of more than fifty (50) miles from its location as of immediately prior to such change; or
(iv)a material breach by the Company (or a successor) of this Plan or any employment agreement between the Company and the Participant.
provided, however, that such event will not constitute Good Reason under this Plan unless (1) the Participant provides notice to the Company within thirty (30) days following the initial existence of an event constituting Good Reason, (2) the Company does not remedy such event (if remediation is possible) within thirty (30) days following the Company’s receipt of notice of such event, and (3)
the Participant separates from service with the Company within ninety (90) days following the initial existence of such an event constituting Good Reason.
(k)“Qualifying Termination” means a termination of the Participant’s employment with the Company (i) by the Company other than for Cause or (ii) during the two (2) year period following a Change in Control, by the Participant for Good Reason. Termination of the Participant’s employment on account of death, Disability, by the Company for Cause, by the Participant other than for Good Reason or by the Participant for Good Reason outside of the two (2) year period following a Change in Control shall not be treated as a Qualifying Termination. Notwithstanding the preceding sentence, the death of the Participant after notice of termination other than for Cause in accordance with subsection (i) of the first sentence herein, or after notice of termination for Good Reason in accordance with subsection (ii) of the first sentence herein, has been validly provided shall be deemed to be a Qualifying Termination.
(l)“Subsidiary” means any corporation or other entity in which the Company has a direct or indirect ownership interest of 50% or more of the total combined voting power of the then outstanding securities or interests of such corporation or other entity entitled to vote generally in the election of directors (or members of any similar governing body) or in which the Company has the right to receive 50% or more of the distribution of profits or 50% of the assets or liquidation or dissolution.
(m)“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the final Treasury Regulations issued thereunder.
(n)“Severance Multiple” means, for each Participant, the multiple set forth in the applicable table on Exhibit A hereto corresponding to such Participant’s participation level as determined by the Committee and communicated to the Participant by the Company.
(o)“Target Annual Incentive Award” means a Participant’s target Annual Incentive Award for the fiscal year in which the Participant’s Date of Termination occurs (or, if greater, the Participant’s target Annual Incentive Award immediately preceding the Change in Control); provided, however, that in the event no target Annual Incentive Award has been established for the Participant for either the fiscal year of termination or the period immediately preceding the Change in Control, “Target Annual Incentive Award” shall mean the average Annual Incentive Award paid to the Participant for the three most recently completed fiscal years before the year of termination.
EXHIBIT A
SEVERANCE MULTIPLES
| | | | | | | | |
Table 1 – Two Year Period Post-Change in Control Qualifying Termination |
Participation Level | Severance Multiple |
Base Salary | Annual Incentive |
Chief Executive Officer and Executive Chair Level | 2 | 2 |
Executive Level (non-CEO/non-Executive Chair) | 1 | 1 |
| | | | | |
Table 2 - Non-Change in Control Qualifying Termination |
Participation Level | Severance Multiple |
Base Salary plus Target Annual Incentive Award |
Chief Executive Officer and Executive Chair Level | 1.5 |
Executive Level (non-CEO/non-Executive Chair) | 1 |
List of Issuers of Guaranteed Securities
As of March 29, 2024, the following wholly-owned subsidiary of Jacobs Solutions Inc. was the issuer of the 5.90% Bonds due 2033 and the 6.35% Bonds due 2028, which are guaranteed by Jacobs Solutions Inc.
| | | | | |
Name of Subsidiary | Jurisdiction of Incorporation |
Jacobs Engineering Group Inc. | Delaware |
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Bob Pragada, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 29, 2024 of Jacobs Solutions Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | |
/s/ Bob Pragada |
Bob Pragada |
Chief Executive Officer |
|
May 7, 2024 |
CERTIFICATION OF CHIEF FINANCIAL OFFICER
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Kevin C. Berryman, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 29, 2024 of Jacobs Solutions Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | |
/s/Kevin C. Berryman |
Kevin Berryman |
Chief Financial Officer |
|
May 7, 2024 |
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
Pursuant to 18 U.S.C. Section 1350
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report of Jacobs Solutions Inc. (the “Company”) on Form 10-Q for the quarter ended March 29, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Bob Pragada, Chief Executive Officer of the Company (principal executive officer), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | |
/s/Bob Pragada |
Bob Pragada |
Chief Executive Officer |
|
May 7, 2024 |
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
CERTIFICATION OF CHIEF FINANCIAL OFFICER
Pursuant to 18 U.S.C. Section 1350
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report of Jacobs Solutions Inc. (the “Company”) on Form 10-Q for the quarter ended March 29, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kevin C. Berryman, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | |
/s/Kevin C. Berryman |
Kevin C. Berryman |
|
Chief Financial Officer |
|
May 7, 2024 |
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.24.1.u1
Cover Page - shares
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6 Months Ended |
|
Mar. 29, 2024 |
Apr. 26, 2024 |
Cover [Abstract] |
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true
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Mar. 29, 2024
|
|
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false
|
|
Entity File Number |
1-7463
|
|
Entity Registrant Name |
JACOBS SOLUTIONS INC.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
88-1121891
|
|
Entity Address, Address Line One |
1999 Bryan Street
|
|
Entity Address, Address Line Two |
Suite 3500
|
|
Entity Address, City or Town |
Dallas
|
|
Entity Address, State or Province |
TX
|
|
Entity Address, Postal Zip Code |
75201
|
|
City Area Code |
214
|
|
Local Phone Number |
583 – 8500
|
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Title of 12(b) Security |
Common Stock
|
|
Trading Symbol |
J
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
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Yes
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Large Accelerated Filer
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false
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false
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v3.24.1.u1
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Mar. 29, 2024 |
Sep. 29, 2023 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 1,033,519
|
$ 926,582
|
Receivables and contract assets |
3,772,484
|
3,558,806
|
Prepaid expenses and other |
189,455
|
204,965
|
Total current assets |
4,995,458
|
4,690,353
|
Property, Equipment and Improvements, net |
341,420
|
357,032
|
Other Noncurrent Assets: |
|
|
Goodwill |
7,404,422
|
7,343,526
|
Intangibles, net |
1,209,240
|
1,271,943
|
Deferred income tax assets |
58,383
|
53,131
|
Operating lease right-of-use assets |
392,967
|
414,384
|
Miscellaneous |
495,687
|
486,740
|
Total other noncurrent assets |
9,560,699
|
9,569,724
|
Assets |
14,897,577
|
14,617,109
|
Current Liabilities: |
|
|
Current maturities of long-term debt |
837,260
|
61,430
|
Accounts payable |
1,162,078
|
1,143,802
|
Accrued liabilities |
1,204,296
|
1,301,644
|
Operating lease liability |
150,272
|
152,077
|
Contract liabilities |
919,417
|
763,608
|
Total current liabilities |
4,273,323
|
3,422,561
|
Long-term debt |
2,164,843
|
2,813,471
|
Liabilities relating to defined benefit pension and retirement plans |
270,608
|
258,540
|
Deferred income tax liabilities |
150,354
|
221,158
|
Long-term operating lease liability |
501,123
|
543,230
|
Other deferred liabilities |
133,034
|
125,088
|
Commitments and Contingencies |
0
|
0
|
Redeemable Noncontrolling interests |
725,830
|
632,979
|
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 - 125,216,293 shares and 125,976,998 shares as of March 29, 2024 and September 29, 2023, respectively |
125,216
|
125,977
|
Additional paid-in capital |
2,733,758
|
2,735,325
|
Retained earnings |
4,576,383
|
4,542,872
|
Accumulated other comprehensive loss |
(811,243)
|
(857,954)
|
Total Jacobs stockholders’ equity |
6,624,114
|
6,546,220
|
Noncontrolling interests |
54,348
|
53,862
|
Total Group stockholders’ equity |
6,678,462
|
6,600,082
|
Total liabilities and equity |
$ 14,897,577
|
$ 14,617,109
|
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v3.24.1.u1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Mar. 29, 2024 |
Sep. 29, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value (in dollars per share) |
$ 1
|
$ 1
|
Preferred stock, authorized (in shares) |
1,000,000
|
1,000,000
|
Preferred stock, issued (in shares) |
0
|
0
|
Preferred stock, outstanding (in shares) |
0
|
0
|
Common stock, par value (in dollars per share) |
$ 1
|
$ 1
|
Common stock, authorized (in shares) |
240,000,000
|
240,000,000
|
Common stock, issued (in shares) |
125,216,293
|
125,976,998
|
Common stock, outstanding (in shares) |
125,216,293
|
125,976,998
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.1.u1
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 4,269,093
|
$ 4,078,332
|
$ 8,428,318
|
$ 7,877,001
|
Direct cost of contracts |
(3,364,478)
|
(3,188,038)
|
(6,673,165)
|
(6,171,994)
|
Gross profit |
904,615
|
890,294
|
1,755,153
|
1,705,007
|
Selling, general and administrative expenses |
(623,627)
|
(600,431)
|
(1,270,101)
|
(1,177,339)
|
Operating Profit |
280,988
|
289,863
|
485,052
|
527,668
|
Other Income (Expense): |
|
|
|
|
Interest income |
9,405
|
7,630
|
17,639
|
10,637
|
Interest expense |
(44,232)
|
(40,613)
|
(87,584)
|
(80,690)
|
Miscellaneous expense, net |
(4,576)
|
(4,567)
|
(7,771)
|
(7,820)
|
Total other expense, net |
(39,403)
|
(37,550)
|
(77,716)
|
(77,873)
|
Earnings from Continuing Operations Before Taxes |
241,585
|
252,313
|
407,336
|
449,795
|
Income Tax expense from Continuing Operations |
(67,283)
|
(19,060)
|
(51,005)
|
(69,163)
|
Net Earnings of the Group from Continuing Operations |
174,302
|
233,253
|
356,331
|
380,632
|
Net Loss of the Group from Discontinued Operations |
(768)
|
(75)
|
(1,342)
|
(783)
|
Net Earnings of the Group |
173,534
|
233,178
|
354,989
|
379,849
|
Net Earnings Attributable to Noncontrolling Interests from Continuing Operations |
(7,340)
|
(7,803)
|
(14,567)
|
(14,834)
|
Net Earnings Attributable to Redeemable Noncontrolling interests |
(4,082)
|
(8,863)
|
(6,700)
|
(12,855)
|
Net Earnings Attributable to Jacobs from Continuing Operations |
162,880
|
216,587
|
335,064
|
352,943
|
Net Earnings Attributable to Jacobs |
$ 162,112
|
$ 216,512
|
$ 333,722
|
$ 352,160
|
Net Earnings Per Share: |
|
|
|
|
Basic Net Earnings from Continuing Operations Per Share (in dollars per share) |
$ 1.30
|
$ 1.71
|
$ 2.68
|
$ 2.78
|
Basic Net Loss from Discontinued Operations Per Share (in dollars per share) |
(0.01)
|
0
|
(0.01)
|
(0.01)
|
Basic Earnings Per Share (in dollars per share) |
1.29
|
1.71
|
2.66
|
2.78
|
Diluted Net Earnings from Continuing Operations Per Share (in dollars per share) |
1.29
|
1.70
|
2.66
|
2.77
|
Diluted Net Loss from Discontinued Operations Per Share (in dollars per share) |
(0.01)
|
0
|
(0.01)
|
(0.01)
|
Diluted Earnings Per Share (in dollars per share) |
$ 1.28
|
$ 1.70
|
$ 2.65
|
$ 2.76
|
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v3.24.1.u1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net Earnings of the Group |
$ 173,534
|
$ 233,178
|
$ 354,989
|
$ 379,849
|
Other Comprehensive Income: |
|
|
|
|
Foreign currency translation adjustment |
(34,872)
|
21,951
|
73,177
|
187,285
|
Change in cash flow hedges |
1,925
|
(19,811)
|
(25,741)
|
(29,955)
|
Change in pension plan liabilities |
4,294
|
6
|
(6,459)
|
(22,259)
|
Other comprehensive (loss) income before taxes |
(28,653)
|
2,146
|
40,977
|
135,071
|
Income Tax (Expense) Benefit: |
|
|
|
|
Foreign currency translation adjustment |
0
|
968
|
0
|
(5,641)
|
Cash flow hedges |
(526)
|
5,047
|
6,669
|
8,317
|
Change in pension plan liabilities |
(473)
|
(351)
|
(935)
|
(659)
|
Income Tax (Expense) Benefit: |
(999)
|
5,664
|
5,734
|
2,017
|
Net other comprehensive (loss) income |
(29,652)
|
7,810
|
46,711
|
137,088
|
Net Comprehensive Income of the Group |
143,882
|
240,988
|
401,700
|
516,937
|
Net Earnings Attributable to Noncontrolling Interests |
(7,340)
|
(7,803)
|
(14,567)
|
(14,834)
|
Net Earnings Attributable to Redeemable Noncontrolling interests |
(4,082)
|
(8,863)
|
(6,700)
|
(12,855)
|
Net Comprehensive Income Attributable to Jacobs |
$ 132,460
|
$ 224,322
|
$ 380,433
|
$ 489,248
|
X |
- DefinitionNet Income (Loss) Attributable to Redeemable Noncontrolling Interest, Continuing Operations
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v3.24.1.u1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands |
Total |
Total Jacobs Stockholders’ Equity |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests |
Beginning balance at Sep. 30, 2022 |
$ 6,104,392
|
$ 6,060,056
|
$ 127,393
|
$ 2,682,009
|
$ 4,225,784
|
$ (975,130)
|
$ 44,336
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net earnings |
366,994
|
352,160
|
|
|
352,160
|
|
14,834
|
Foreign currency translation adjustments, net of deferred taxes |
181,644
|
181,644
|
|
|
|
181,644
|
|
Pension liability, net of deferred taxes |
(22,918)
|
(22,918)
|
|
|
|
(22,918)
|
|
Change in cash flow hedges, net of deferred taxes |
(21,638)
|
(21,638)
|
|
|
|
(21,638)
|
|
Dividends |
(33,438)
|
(33,438)
|
|
|
(33,438)
|
|
|
Redeemable Noncontrolling interests redemption value adjustment |
(44,494)
|
(44,494)
|
|
|
(44,494)
|
|
|
Repurchase and issuance of redeemable noncontrolling interests |
11,337
|
11,337
|
|
|
11,337
|
|
|
Noncontrolling interests - distributions and other |
(10,783)
|
|
|
|
|
|
(10,783)
|
Stock based compensation |
35,285
|
35,285
|
|
35,285
|
|
|
|
Issuances of equity securities including shares withheld for taxes |
2,165
|
2,165
|
650
|
6,286
|
(4,771)
|
|
|
Repurchases of equity securities |
(140,522)
|
(140,522)
|
(1,238)
|
(26,057)
|
(113,227)
|
|
|
Ending balance at Mar. 31, 2023 |
6,428,024
|
6,379,637
|
126,805
|
2,697,523
|
4,393,351
|
(838,042)
|
48,387
|
Beginning balance at Dec. 30, 2022 |
6,233,598
|
6,184,104
|
126,669
|
2,672,421
|
4,230,866
|
(845,852)
|
49,494
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net earnings |
224,315
|
216,512
|
|
|
216,512
|
|
7,803
|
Foreign currency translation adjustments, net of deferred taxes |
22,919
|
22,919
|
|
|
|
22,919
|
|
Pension liability, net of deferred taxes |
(345)
|
(345)
|
|
|
|
(345)
|
|
Change in cash flow hedges, net of deferred taxes |
(14,764)
|
(14,764)
|
|
|
|
(14,764)
|
|
Dividends |
(32,564)
|
(32,564)
|
|
|
(32,564)
|
|
|
Redeemable Noncontrolling interests redemption value adjustment |
(21,177)
|
(21,177)
|
|
|
(21,177)
|
|
|
Noncontrolling interests - distributions and other |
(8,910)
|
|
|
|
|
|
(8,910)
|
Stock based compensation |
15,054
|
15,054
|
|
15,054
|
|
|
|
Issuances of equity securities including shares withheld for taxes |
9,898
|
9,898
|
136
|
10,048
|
(286)
|
|
|
Ending balance at Mar. 31, 2023 |
6,428,024
|
6,379,637
|
126,805
|
2,697,523
|
4,393,351
|
(838,042)
|
48,387
|
Beginning balance at Sep. 29, 2023 |
6,600,082
|
6,546,220
|
125,977
|
2,735,325
|
4,542,872
|
(857,954)
|
53,862
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net earnings |
348,289
|
333,722
|
|
|
333,722
|
|
14,567
|
Foreign currency translation adjustments, net of deferred taxes |
73,177
|
73,177
|
|
|
|
73,177
|
|
Pension liability, net of deferred taxes |
(7,394)
|
(7,394)
|
|
|
|
(7,394)
|
|
Change in cash flow hedges, net of deferred taxes |
(19,072)
|
(19,072)
|
|
|
|
(19,072)
|
|
Dividends |
(37,077)
|
(37,077)
|
|
|
(37,077)
|
|
|
Redeemable Noncontrolling interests redemption value adjustment |
(96,562)
|
(96,562)
|
|
|
(96,562)
|
|
|
Repurchase and issuance of redeemable noncontrolling interests |
1,898
|
1,898
|
|
|
1,898
|
|
|
Noncontrolling interests - distributions and other |
(14,081)
|
|
|
|
|
|
(14,081)
|
Stock based compensation |
35,176
|
35,176
|
|
35,176
|
|
|
|
Issuances of equity securities including shares withheld for taxes |
(10,512)
|
(10,512)
|
667
|
(5,722)
|
(5,457)
|
|
|
Repurchases of equity securities |
(195,462)
|
(195,462)
|
(1,428)
|
(31,021)
|
(163,013)
|
|
|
Ending balance at Mar. 29, 2024 |
6,678,462
|
6,624,114
|
125,216
|
2,733,758
|
4,576,383
|
(811,243)
|
54,348
|
Beginning balance at Dec. 29, 2023 |
6,734,850
|
6,678,274
|
125,599
|
2,729,416
|
4,604,850
|
(781,591)
|
56,576
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
Net earnings |
169,452
|
162,112
|
|
|
162,112
|
|
7,340
|
Foreign currency translation adjustments, net of deferred taxes |
(34,872)
|
(34,872)
|
|
|
|
(34,872)
|
|
Pension liability, net of deferred taxes |
3,821
|
3,821
|
|
|
|
3,821
|
|
Change in cash flow hedges, net of deferred taxes |
1,399
|
1,399
|
|
|
|
1,399
|
|
Dividends |
(36,715)
|
(36,715)
|
|
|
(36,715)
|
|
|
Redeemable Noncontrolling interests redemption value adjustment |
(70,845)
|
(70,845)
|
|
|
(70,845)
|
|
|
Noncontrolling interests - distributions and other |
(9,568)
|
|
|
|
|
|
(9,568)
|
Stock based compensation |
15,866
|
15,866
|
|
15,866
|
|
|
|
Issuances of equity securities including shares withheld for taxes |
520
|
520
|
257
|
2,371
|
(2,108)
|
|
|
Repurchases of equity securities |
(95,446)
|
(95,446)
|
(640)
|
(13,895)
|
(80,911)
|
|
|
Ending balance at Mar. 29, 2024 |
$ 6,678,462
|
$ 6,624,114
|
$ 125,216
|
$ 2,733,758
|
$ 4,576,383
|
$ (811,243)
|
$ 54,348
|
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Statement of Stockholders' Equity [Abstract] |
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$ 0
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$ (968)
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$ 0
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$ 5,641
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473
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351
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935
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659
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$ 526
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$ (5,047)
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$ (6,669)
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$ (8,317)
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Cash Flows from Operating Activities: |
|
|
Net earnings attributable to the Group |
$ 354,989
|
$ 379,849
|
Depreciation and amortization: |
|
|
Property, equipment and improvements |
49,723
|
55,686
|
Intangible assets |
103,763
|
100,247
|
Stock based compensation |
35,176
|
35,285
|
Equity in earnings of operating ventures, net of return on capital distributions |
(6,983)
|
(2,931)
|
Loss on disposals of assets, net |
1,210
|
828
|
Impairment of long-lived assets |
0
|
37,217
|
Deferred income taxes |
(73,966)
|
20,785
|
Changes in assets and liabilities, excluding the effects of businesses acquired: |
|
|
Receivables and contract assets, net of contract liabilities |
(18,332)
|
63,229
|
Prepaid expenses and other current assets |
20,911
|
(9,940)
|
Miscellaneous other assets |
43,481
|
43,472
|
Accounts payable |
14,764
|
(15,109)
|
Accrued liabilities |
(166,640)
|
(228,857)
|
Other deferred liabilities |
11,073
|
(53,896)
|
Other, net |
6,369
|
8,474
|
Net cash provided by operating activities |
375,538
|
434,339
|
Cash Flows from Investing Activities: |
|
|
Additions to property and equipment |
(45,108)
|
(67,389)
|
Disposals of property and equipment and other assets |
145
|
15
|
Capital contributions to equity investees, net of return of capital distributions |
1,660
|
8,384
|
Acquisitions of businesses, net of cash acquired |
(14,000)
|
(17,685)
|
Net cash used for investing activities |
(57,303)
|
(76,675)
|
Cash Flows from Financing Activities: |
|
|
Proceeds from long-term borrowings |
1,716,577
|
2,075,495
|
Repayments of long-term borrowings |
(1,621,390)
|
(2,129,338)
|
Repayments of short-term borrowings |
(9,657)
|
0
|
Debt issuance costs |
(1,606)
|
(11,388)
|
Proceeds from issuances of common stock |
22,660
|
25,374
|
Common stock repurchases |
(195,462)
|
(140,522)
|
Taxes paid on vested restricted stock |
(33,172)
|
(23,209)
|
Cash dividends to shareholders |
(70,137)
|
(62,788)
|
Net dividends associated with noncontrolling interests |
(14,249)
|
(11,283)
|
Repurchase of redeemable noncontrolling interests |
(24,360)
|
(58,353)
|
Net cash used for financing activities |
(230,796)
|
(336,012)
|
Effect of Exchange Rate Changes |
17,631
|
49,761
|
Net Increase in Cash and Cash Equivalents and Restricted Cash |
105,070
|
71,413
|
Cash and Cash Equivalents, including Restricted Cash, at the Beginning of the Period |
929,445
|
1,154,207
|
Cash and Cash Equivalents, including Restricted Cash, at the End of the Period |
$ 1,034,515
|
$ 1,225,620
|
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v3.24.1.u1
Basis of Presentation
|
6 Months Ended |
Mar. 29, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis of Presentation Unless the context otherwise requires: •References herein to “Jacobs” are to Jacobs Solutions Inc. and its predecessors; •References herein to the “Company”, “we”, “us” or “our” are to Jacobs Solutions Inc. and its consolidated subsidiaries; and •References herein to the “Group” are to the combined economic interests and activities of the Company and the persons and entities holding noncontrolling interests in our consolidated subsidiaries.
On August 29, 2022, Jacobs Engineering Group Inc. ("JEGI"), the predecessor to Jacobs Solutions Inc., implemented a holding company structure, which resulted in Jacobs Solutions Inc. becoming the parent company of, and successor issuer to, JEGI (the "Holding Company Reorganization"). For purposes of this report, references to Jacobs and the "Company", "we", "us" or "our" or our management or business at any point prior to the Holding Company Implementation Date refer to JEGI, or JEGI and its consolidated subsidiaries as the predecessor to Jacobs Solutions Inc. The accompanying consolidated financial statements and financial information included herein have been prepared pursuant to the interim period reporting requirements of Form 10-Q. Consequently, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. Readers of this Quarterly Report on Form 10-Q should also read our consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 29, 2023 (“2023 Form 10-K”). In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our consolidated financial statements as of March 29, 2024, and for the three and six months ended March 29, 2024. Our interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. On November 20, 2023, Jacobs entered into a definitive agreement to spin-off and combine our Critical Mission Solutions ("CMS") and portions of our Divergent Solutions business, including Cyber & Intelligence (the "Separated Businesses") with Amentum Parent Holdings LLC ("Amentum"), in a Reverse Morris Trust transaction intended to be tax-free to Jacobs’ shareholders for U.S. federal income tax purposes (hereinafter referred to as the “Separation Transaction”). The Separation Transaction, which is expected to close in fiscal year 2024, is subject to regulatory approvals and other customary closing conditions. On April 26, 2019, Jacobs completed the sale of its Energy, Chemicals and Resources ("ECR") business to Worley Limited ("Worley"), a company incorporated in Australia, for a purchase price of $3.4 billion consisting of (i) $2.8 billion in cash plus (ii) 58.2 million ordinary shares of Worley, subject to adjustments for changes in working capital and certain other items (the “ECR sale”). As a result of the ECR sale, substantially all ECR-related assets and liabilities were sold (the "Disposal Group"). We determined that the Disposal Group should be reported as discontinued operations in accordance with ASC 210-05, Discontinued Operations because their disposal represents a strategic shift that had a major effect on our operations and financial results. As such, the financial results of the ECR business are reflected in our unaudited Consolidated Statements of Earnings as discontinued operations for all periods presented and all of the ECR business to be sold under the terms of the ECR sale had been conveyed to Worley and as such, no amounts remain held for sale.
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v3.24.1.u1
Use of Estimates and Assumptions
|
6 Months Ended |
Mar. 29, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Use of Estimates and Assumptions |
Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires us to employ estimates and make assumptions that affect the reported amounts of certain assets and liabilities; the revenues and expenses reported for the periods covered by the financial statements; and certain amounts disclosed in these Notes to the Consolidated Financial Statements. Although such estimates and assumptions are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available and past experience, actual results could differ significantly from those estimates and assumptions. Our estimates, judgments and assumptions are evaluated periodically and adjusted accordingly. Please refer to Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements included in our 2023 Form 10-K for a discussion of other significant estimates and assumptions affecting our consolidated financial statements.
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v3.24.1.u1
Fair Value and Fair Value Measurements
|
6 Months Ended |
Mar. 29, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value and Fair Value Measurements |
Fair Value and Fair Value Measurements Certain amounts included in the accompanying consolidated financial statements are presented at fair value. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as of the date fair value is determined (the “measurement date”). When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider only those assumptions we believe a typical market participant would consider when pricing an asset or liability. In measuring fair value, we use the following inputs in the order of priority indicated: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets included in Level 1, such as (i) quoted prices for similar assets or liabilities; (ii) quoted prices in markets that have insufficient volume or infrequent transactions (e.g., less active markets); and (iii) model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data for substantially the full term of the asset or liability. Level 3 - Unobservable inputs to the valuation methodology that are significant to the fair value measurement. Please refer to Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements included in our 2023 Form 10-K for a more complete discussion of the various items within the consolidated financial statements measured at fair value and the methods used to determine fair value. Please also refer to Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion regarding the Company's derivative instruments. The net carrying amounts of cash and cash equivalents, trade receivables and payables and short-term debt approximate fair value due to the short-term nature of these instruments. See Note 12- Borrowings for a discussion of the fair value of long-term debt. Fair value measurements relating to our business combinations and goodwill allocations related to our Divergent Solutions ("DVS") segment realignment were made primarily using Level 3 inputs including discounted cash flow techniques. Fair value for the identified intangible assets is generally estimated using inputs primarily for the income approach using the multiple period excess earnings method and the relief from royalties method. The significant assumptions used in estimating fair value include (i) revenue projections of the business, including profitability, (ii) attrition rates and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as furniture, fixtures and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. The fair value of the contingent consideration is estimated using a Monte Carlo simulation and the significant assumptions used include projections of revenues and probabilities of meeting those projections. Key inputs to the valuation of the noncontrolling interests include projected cash flows and the expected volatility associated with those cash flows.
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v3.24.1.u1
New Accounting Pronouncements
|
6 Months Ended |
Mar. 29, 2024 |
Accounting Standards Update and Change in Accounting Principle [Abstract] |
|
New Accounting Pronouncements |
New Accounting Pronouncements ASU 2023-09, Income Taxes, (Topic 740): Improvements to Income Tax Disclosures, provides qualitative and quantitative updates to the Company's effective income tax rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. ASU 2023-09 will be effective for the Company in the first quarter of fiscal 2026. The Company has identified and is implementing changes to processes and internal controls to meet the standard’s updated reporting and disclosure requirements. ASU 2023-07, Segment Reporting, (Topic 280): Improvements to Reportable Segment Disclosures, requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. ASU 2023-07 will be effective for the Company's annual fiscal 2025 period. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures. ASU 2023-06, Disclosure Improvements: Amendments - Codification Amendments in Response to the Disclosure Update and Simplification Initiative of the Securities and Exchange Commission ("SEC"). The Financial Accounting Standards Board issued the standard to introduce changes to US GAAP that originate in either SEC Regulation S-X or S-K, which are rules about the form and content of financial reports filed with the SEC. The provisions of the standard are contingent upon instances where the SEC removes the related disclosure provisions from Regulation S-X and S-K. The Company does not expect that the application of this standard will have a material impact on our consolidated financial statements and related disclosures.
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v3.24.1.u1
Revenue Accounting for Contracts
|
6 Months Ended |
Mar. 29, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Accounting for Contracts |
Revenue Accounting for Contracts Disaggregation of Revenues Our revenues are principally derived from contracts to provide a diverse range of technical, professional, and construction services to a large number of industrial, commercial, and governmental clients. We provide a broad range of engineering, design, and architectural services; construction and construction management services; operations and maintenance services; and technical, digital, process, scientific and systems consulting services. We provide our services through offices and subsidiaries located primarily in North America, Europe, the Middle East, India, Australia, Africa, and Asia. We provide our services under cost-reimbursable and fixed-price contracts. Our contracts are with many different customers in numerous industries. Refer to Note 18- Segment Information for additional information on how we disaggregate our revenues by reportable segment. The following table further disaggregates our revenue by geographic area for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Revenues: | | | | | | | | United States | $ | 2,878,888 | | | $ | 2,694,735 | | | $ | 5,676,979 | | | $ | 5,231,013 | | Europe | 957,651 | | | 931,093 | | | 1,882,798 | | | 1,785,666 | | Canada | 61,654 | | | 61,887 | | | 125,030 | | | 123,716 | | Asia | 34,673 | | | 35,641 | | | 65,613 | | | 70,463 | | India | 37,274 | | | 46,829 | | | 73,017 | | | 87,173 | | Australia and New Zealand | 164,351 | | | 170,069 | | | 338,135 | | | 331,109 | | Middle East and Africa | 134,602 | | | 138,078 | | | 266,746 | | | 247,861 | | Total | $ | 4,269,093 | | | $ | 4,078,332 | | | $ | 8,428,318 | | | $ | 7,877,001 | |
Contract Liabilities Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. Revenue recognized for the three and six months ended March 29, 2024 that was previously included in the contract liability balance on September 29, 2023 was $105.2 million and $474.9 million, respectively. Revenue recognized for the three and six months ended March 31, 2023 that was included in the contract liability balance on September 30, 2022 was $82.7 million and $413.0 million, respectively. Remaining Performance Obligation The Company’s remaining performance obligations as of March 29, 2024 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company had approximately $17.5 billion in remaining performance obligations as of March 29, 2024. The Company expects to recognize approximately 56% of its remaining performance obligations into revenue within the next twelve months and the remaining 44% thereafter. The majority of the remaining performance obligations after the first twelve months are expected to be recognized over a four year period. Although our remaining performance obligations reflect business volumes that are considered to be firm, normal business activities including scope adjustments, deferrals or cancellations may occur that impact volume or expected timing of their recognition. Remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate.
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v3.24.1.u1
Earnings Per Share and Certain Related Information
|
6 Months Ended |
Mar. 29, 2024 |
Earnings Per Share Reconciliation [Abstract] |
|
Earnings Per Share and Certain Related Information |
Earnings Per Share and Certain Related Information Basic and diluted earnings per share (“EPS”) are computed using the two-class method, which is an earnings allocation method that determines EPS for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Net earnings used for the purpose of determining basic and diluted EPS is determined by taking net earnings, less earnings available to participating securities and the preferred redeemable noncontrolling interests redemption value adjustment associated with the PA Consulting transaction. The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Numerator for Basic and Diluted EPS: | | | | | | | | Net earnings attributable to Jacobs from continuing operations | $ | 162,880 | | | $ | 216,587 | | | $ | 335,064 | | | $ | 352,943 | | Preferred Redeemable Noncontrolling interests redemption value adjustment (See Note 15- PA Consulting Redeemable Noncontrolling Interests) | — | | | — | | | 1,766 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | Net earnings from continuing operations allocated to common stock for EPS calculation | $ | 162,880 | | | $ | 216,587 | | | $ | 336,830 | | | $ | 352,943 | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss from discontinued operations allocated to common stock for EPS calculation | $ | (768) | | | $ | (75) | | | $ | (1,342) | | | $ | (783) | | | | | | | | | | Net earnings allocated to common stock for EPS calculation | $ | 162,112 | | | $ | 216,512 | | | $ | 335,488 | | | $ | 352,160 | | | | | | | | | | Denominator for Basic and Diluted EPS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares used for calculating basic EPS attributable to common stock | 125,712 | | | 126,886 | | | 125,909 | | | 126,855 | | | | | | | | | | Effect of dilutive securities: | | | | | | | | Stock compensation plans | 499 | | | 473 | | | 603 | | | 573 | | Shares used for calculating diluted EPS attributable to common stock | 126,211 | | | 127,359 | | | 126,512 | | | 127,428 | | | | | | | | | | Net Earnings Per Share: | | | | | | | | Basic Net Earnings from Continuing Operations Per Share | $ | 1.30 | | | $ | 1.71 | | | $ | 2.68 | | | $ | 2.78 | | Basic Net Loss from Discontinued Operations Per Share | $ | (0.01) | | | $ | — | | | $ | (0.01) | | | $ | (0.01) | | Basic Earnings Per Share | $ | 1.29 | | | $ | 1.71 | | | $ | 2.66 | | | $ | 2.78 | | Diluted Net Earnings from Continuing Operations Per Share | $ | 1.29 | | | $ | 1.70 | | | $ | 2.66 | | | $ | 2.77 | | Diluted Net Loss from Discontinued Operations Per Share | $ | (0.01) | | | $ | — | | | $ | (0.01) | | | $ | (0.01) | | Diluted Earnings Per Share | $ | 1.28 | | | $ | 1.70 | | | $ | 2.65 | | | $ | 2.76 | |
Note: Per share amounts may not add due to rounding. Share Repurchases | | | On January 16, 2020, the Company's Board of Directors authorized a share repurchase program of up to $1.0 billion of the Company's common stock (the "2020 Repurchase Authorization"). The 2020 Repurchase Authorization expired on January 15, 2023. On January 25, 2023, the Company's Board of Directors authorized an incremental share repurchase program of up to $1.0 billion of the Company's common stock, to expire on January 25, 2026 (the "2023 Repurchase Authorization"). At March 29, 2024, the Company has $679.4 million remaining under the 2023 Repurchase Authorization. |
The following table summarizes repurchase activity under the 2023 Repurchase Authorization through the second fiscal quarter of 2024: | | | | | | | | | | | | | | | | | | | | | Amount Authorized (2023 Repurchase Authorization) | | Average Price Per Share (1) | | Total Shares Retired | | Shares Repurchased | $1,000,000,000 | | $136.86 | | 1,428,180 | | 1,428,180 |
(1)Includes commissions paid and excise tax due under the Inflation Reduction Act of 2022 and calculated at the average price per share.
| | | Our share repurchase program does not obligate the Company to purchase any shares. Share repurchases may be executed through various means including, without limitation, accelerated share repurchases, open market transactions, privately negotiated transactions, purchases pursuant to Rule 10b5-1 plans or otherwise. The authorization for the share repurchase programs may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing, amount and manner of share repurchases may depend upon market conditions and economic circumstances, availability of investment opportunities, the availability and costs of financing, currency fluctuations, the market price of the Company's common stock, other uses of capital and other factors. |
Dividends On May 2, 2024, the Company’s Board of Directors declared a quarterly dividend of $0.29 per share of the Company’s common stock to be paid on June 21, 2024, to shareholders of record on the close of business on May 24, 2024. Future dividend declarations are subject to review and approval by the Company’s Board of Directors. Dividends paid through the second fiscal quarter of 2024 and the preceding fiscal year are as follows: | | | | | | | | | | | | | | | | | | | | | | | Declaration Date | | Record Date | | Payment Date | | Cash Amount (per share) | | | January 25, 2024 | | February 23, 2024 | | March 22, 2024 | | $0.29 | | | September 28, 2023 | | October 27, 2023 | | November 9, 2023 | | $0.26 | | | July 6, 2023 | | July 28, 2023 | | August 25, 2023 | | $0.26 | | | April 27, 2023 | | May 26, 2023 | | June 23, 2023 | | $0.26 | | | January 25, 2023 | | February 24, 2023 | | March 24, 2023 | | $0.26 | | | September 15, 2022 | | September 30, 2022 | | October 28, 2022 | | $0.23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.24.1.u1
Goodwill and Intangibles
|
6 Months Ended |
Mar. 29, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangibles |
Goodwill and Intangibles The carrying value of goodwill appearing in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023 was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Critical Mission Solutions | | People & Places Solutions | | Divergent Solutions | | PA Consulting | | Total | Balance September 29, 2023 | $ | 2,244,985 | | | $ | 3,208,193 | | | $ | 595,712 | | | $ | 1,294,636 | | | $ | 7,343,526 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency translation and other | 4,392 | | | 5,917 | | | 1,166 | | | 49,421 | | | 60,896 | | Balance March 29, 2024 | $ | 2,249,377 | | | $ | 3,214,110 | | | $ | 596,878 | | | $ | 1,344,057 | | | $ | 7,404,422 | |
The following table provides certain information related to the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Customer Relationships, Contracts and Backlog | | | | Developed Technology | | Trade Names | | | | | | | | Total | Balance September 29, 2023 | $ | 1,022,401 | | | | | $ | 74,791 | | | $ | 174,751 | | | | | | | | | $ | 1,271,943 | | Amortization | (89,669) | | | | | (7,946) | | | (6,148) | | | | | | | | | (103,763) | | Acquired | — | | | | | — | | | 14,000 | | | | | | | | | 14,000 | | | | | | | | | | | | | | | | | | Foreign currency translation and other | 20,544 | | | | | 203 | | | 6,313 | | | | | | | | | 27,060 | | Balance March 29, 2024 | $ | 953,276 | | | | | $ | 67,048 | | | $ | 188,916 | | | | | | | | | $ | 1,209,240 | |
The following table presents estimated amortization expense of intangible assets for the remainder of fiscal 2024 and for the succeeding years. | | | | | | | | | Fiscal Year | | (in millions) | 2024 | | $ | 105.1 | | 2025 | | 209.8 | | 2026 | | 187.0 | | 2027 | | 154.6 | | 2028 | | 143.7 | | Thereafter | | 409.0 | | Total | | $ | 1,209.2 | |
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v3.24.1.u1
Receivables and Contract Assets
|
6 Months Ended |
Mar. 29, 2024 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
|
Receivables and Contract Assets |
Receivables and Contract Assets The following table presents the components of receivables and contract assets appearing in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023, as well as certain other related information (in thousands): | | | | | | | | | | | | | March 29, 2024 | | September 29, 2023 | Components of receivables and contract assets: | | | | Amounts billed, net | $ | 1,517,480 | | | $ | 1,457,333 | | Unbilled receivables and other | 1,577,510 | | | 1,442,486 | | Contract assets | 677,494 | | | 658,987 | | Total receivables and contract assets, net | $ | 3,772,484 | | | $ | 3,558,806 | | Other information about receivables: | | | | Amounts due from the United States federal government, included above, net of contract liabilities | $ | 799,371 | | | $ | 802,566 | |
Amounts billed, net consist of amounts invoiced to clients in accordance with the terms of our client contracts and are shown net of an allowance for doubtful accounts. We anticipate that substantially all of such billed amounts will be collected over the next twelve months. Unbilled receivables and other, which represent an unconditional right to payment subject only to the passage of time, are reclassified to amounts billed when they are billed under the terms of the contract. We anticipate that substantially all of such unbilled amounts will be billed and collected over the next twelve months. Contract assets represent unbilled amounts where the right to payment is subject to more than merely the passage of time and includes performance-based incentives and services that have been provided in advance of agreed contractual milestones. Contract assets are transferred to unbilled receivables when the right to consideration becomes unconditional and are transferred to amounts billed upon invoicing.
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v3.24.1.u1
Accumulated Other Comprehensive Income
|
6 Months Ended |
Mar. 29, 2024 |
Equity [Abstract] |
|
Accumulated Other Comprehensive Income |
Accumulated Other Comprehensive Income The following table presents the Company's roll forward of accumulated other comprehensive income (loss) after-tax as of March 29, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Change in Net Pension Obligation | | Foreign Currency Translation Adjustment (1) | | Gain/(Loss) on Cash Flow Hedges (2) | | Total | Balance at September 29, 2023 | $ | (325,692) | | | $ | (635,937) | | | $ | 103,675 | | | $ | (857,954) | | Other comprehensive (loss) income | (7,394) | | | 73,177 | | | 259 | | | 66,042 | | Reclassifications from accumulated other comprehensive income (loss) | — | | | — | | | (19,331) | | | (19,331) | | Balance at March 29, 2024 | $ | (333,086) | | | $ | (562,760) | | | $ | 84,603 | | | $ | (811,243) | |
(1) Included in the overall foreign currency translation adjustment for the six months ended March 29, 2024 and March 31, 2023 are $(21.2) million and $(87.2) million, respectively, in unrealized gains (losses) on long-term foreign currency denominated intercompany loans not anticipated to be settled in the foreseeable future. (2) Included in the Company’s cumulative net unrealized gains from interest rate and cross currency swaps recorded in accumulated other comprehensive income as of March 29, 2024 were approximately $20.2 million in unrealized gains, net of taxes, which are expected to be realized in earnings during the twelve months subsequent to March 29, 2024.
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v3.24.1.u1
Income Taxes
|
6 Months Ended |
Mar. 29, 2024 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes | | | The Company’s effective tax rates from continuing operations for the three months ended March 29, 2024 and March 31, 2023 were 27.9% and 7.6%, respectively. The most significant items contributing to the difference between the statutory U.S. federal corporate tax rate of 21% and the Company's effective tax rate for the three-month period ended March 29, 2024 were U.S. state income tax expense of $4.0 million and U.S. tax on foreign earnings of $5.5 million. These expense items are expected to have a continuing impact on the Company's effective tax rate for the remainder of the fiscal year. For the three months ended March 31, 2023, the main differences were attributable to a tax benefit of $40.2 million related to uncertain tax positions (“UTPs”) in the U.S. that were effectively settled, of which $30.8 million relates to positions carried forward from the acquisition of CH2M Hill Companies Ltd. that was completed in 2018, as well as a tax benefit of $8.6 million for the release of previously valued foreign tax credits. These benefits were partly offset by U.S. state income tax expense of $5.9 million and U.S. tax on foreign earnings of $4.6 million. |
| The Company's effective tax rates from continuing operations for the six months ended March 29, 2024 and March 31, 2023 were 12.6% and 15.4%, respectively. The most significant item contributing to the difference between the statutory U.S. federal corporate tax rate of 21% and the Company’s effective tax rate for the six-month period ended March 29, 2024 related to a discrete event associated with the election to treat an Australian subsidiary as a corporation versus a partnership for U.S. tax purposes, with this election resulting in the derecognition of a deferred tax liability and yielding a discrete income tax benefit of $61.6 million as the Company asserts that a component of the investment will be indefinitely reinvested. This benefit was partly offset by U.S. state income tax expense of $7.3 million and U.S. tax on foreign earnings of $8.6 million, which are expected to have a continuing impact on the Company's effective tax rate for the remainder of the fiscal year. For the six months ended March 31, 2023, the main differences were associated with net tax benefits of $39.0 million mostly related to UTPs mentioned above and a tax benefit of $8.6 million for the release of previously valued foreign tax credits, partly offset by U.S. state income tax expense of $10.5 million and U.S. tax on foreign earnings of $8.2 million. | | The amount of income taxes the Company pays is subject to ongoing audits by tax jurisdictions around the world. In the normal course of business, the Company is subject to examination by tax authorities throughout the world, including such major jurisdictions as Australia, Canada, India, the Netherlands, the United Kingdom and the United States. Our estimate of the potential outcome of any uncertain tax issue is subject to our assessment of the relevant risks, facts, and circumstances existing at the time. The Company believes that it has adequately provided for reasonably foreseeable outcomes related to these matters. However, future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, which may impact our effective tax rate. |
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v3.24.1.u1
Joint Ventures, VIEs and Other Investments
|
6 Months Ended |
Mar. 29, 2024 |
Equity Method Investments and Joint Ventures [Abstract] |
|
Joint Ventures, VIEs and Other Investments |
Joint Ventures, VIEs and Other Investments For the Company's consolidated variable interest entities ("VIE") joint ventures, the carrying value of assets and liabilities was $391.8 million and $244.3 million, respectively, as of March 29, 2024 and $424.2 million and $279.8 million, respectively, as of September 29, 2023. There are no consolidated VIEs that have debt or credit facilities. For the Company's proportionate consolidated VIEs, the carrying value of assets and liabilities was $128.9 million and $126.0 million, respectively, as of March 29, 2024, and $132.0 million and $128.9 million, respectively, as of September 29, 2023. The carrying values of our investments in equity method joint ventures in the Consolidated Balance Sheets (reported in Other Noncurrent Assets: Miscellaneous) as of March 29, 2024 and September 29, 2023 were $54.4 million and $49.6 million, respectively. Additionally, income from equity method joint ventures (reported in Revenue) was $15.2 million and $7.5 million, respectively, during the three months ended March 29, 2024 and March 31, 2023, with $25.5 million and $17.5 million, respectively, for the corresponding six month periods. As of March 29, 2024, the Company's equity method investment carrying values do not include material amounts exceeding their share of the respective joint ventures' reported net assets. Accounts receivable from unconsolidated joint ventures accounted for under the equity method was $14.4 million and $16.1 million as of March 29, 2024 and September 29, 2023, respectively.
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- DefinitionThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.
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v3.24.1.u1
Borrowings
|
6 Months Ended |
Mar. 29, 2024 |
Debt Disclosure [Abstract] |
|
Borrowings |
Borrowings At March 29, 2024 and September 29, 2023, long-term debt consisted of the following (principal amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Interest Rate | | Maturity | | March 29, 2024 | | September 29, 2023 | Revolving Credit Facility | Benchmark + applicable margin (1) (2) | | February 2028 | | $ | 135,000 | | | $ | 10,000 | | 2021 Term Loan Facility - USD Portion | Benchmark + applicable margin (1) (3) | | February 2026 | | 120,000 | | | 120,000 | | 2021 Term Loan Facility - GBP Portion | Benchmark + applicable margin (1) (3) | | September 2025 | | 823,095 | | | 794,170 | | 2020 Term Loan Facility | Benchmark + applicable margin (1) (4) | | March 2025 (6) | | 837,260 | | | 854,246 | | Fixed-rate: | | | | | | | | 5.9% Bonds, due 2033 | 5.9% (5) | | March 2033 | | 500,000 | | | 500,000 | | 6.35% Bonds, due 2028 | 6.35% | | August 2028 | | 600,000 | | | 600,000 | | | | | | | | | | Less: Current Portion (6) | | | | | (837,260) | | | (51,773) | | Less: Deferred Financing Fees | | | | | (13,252) | | | (13,172) | | Total Long-term debt, net | | | | | $ | 2,164,843 | | | $ | 2,813,471 | |
(1)During the year ended September 29, 2023, the aggregate principal amounts denominated in U.S. dollars under the Revolving Credit Facility, the 2021 Term Loan Facility and the 2020 Term Loan Facility (each as defined below) transitioned from underlying LIBOR benchmarked rates to the Term Secured Overnight Financing Rate ("SOFR"). During fiscal 2022, the aggregate principal amounts denominated in British pounds under the Revolving Credit Facility, 2021 Term Loan Facility and 2020 Term Loan Facility transitioned from underlying LIBOR benchmarked rates to Sterling Overnight Index Average ("SONIA") rates. (2)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Revolving Credit Facility (defined below)), U.S. dollar denominated borrowings under the Revolving Credit Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR rates, or LIBOR rate for the prior fiscal year end, including applicable margins at March 29, 2024 and September 29, 2023 were approximately 6.68% and 8.75%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%. There were no amounts drawn in British pounds as of March 29, 2024. (3)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Amended and Restated Term Loan Agreement (defined below)), U.S. dollar denominated borrowings under the 2021 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at March 29, 2024 and September 29, 2023 was approximately 6.67% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at March 29, 2024 and September 29, 2023, respectively. (4)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the 2020 Term Loan Agreement), U.S. dollar denominated borrowings under the 2020 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at March 29, 2024 and September 29, 2023 were approximately 6.68% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at March 29, 2024 and September 29, 2023, respectively. (5)From and including September 1, 2028 (the “First Step Up Date”), the interest rate payable on the 5.90% Bonds (as defined below) will be increased by an additional 12.5 basis points to 6.025% per annum (the “First Step Up Interest Rate”) unless the Company notifies the Trustee (as defined below) on or before the date that is 15 days prior to the First Step Up Date that the Percentage of Gender Diversity Performance Target (as defined in the First Supplemental Indenture (as defined below)) has been satisfied and receives a related assurance letter verifying such compliance. From and including September 1, 2030 (the “Second Step Up Date”), the interest rate payable on the 5.90% Bonds will be increased by 12.5 basis points to (x) 6.150% per annum if the First Step Up Interest Rate was in effect immediately prior to the Second Step Up Date or (y) 6.025% per annum if the initial interest rate was in effect immediately prior to the Second Step Up Date, unless the Company notifies the Trustee on or before the date that is 15 days prior to the Second Step Up Date that the GHG Emissions Performance Target (as defined in the First Supplemental Indenture) has been satisfied and receives a related assurance letter verifying such compliance. (6)Balance as of March 29, 2024 is associated with the March 25, 2025 scheduled maturity of the 2020 Term Loan Facility, which was reclassified from long-term debt in March 2024. Previously reported balance as of September 29, 2023 was comprised of the 2020 Term Loan quarterly principal repayments of 1.25%, or $9.1 million and £3.1 million, of the aggregate initial principal amount borrowed, totaling $51.8 million in U.S. dollars for the subsequent twelve months. Revolving Credit Facility and Term Loans The Company and certain of its subsidiaries maintain a sustainability-linked $2.25 billion unsecured revolving credit facility (the “Revolving Credit Facility”) established under a third amended and restated credit agreement, dated February 6, 2023 (the "Revolving Credit Agreement"), among Jacobs and certain of its subsidiaries as borrowers and a syndicate of U.S. and international banks and financial institutions. The credit extensions under the Revolving Credit Facility can be funded in U.S. dollars, British Sterling, Euros, Canadian dollars, Australian dollars, Swedish Krona, Singapore dollars and other agreed upon alternative currencies. The Revolving Credit Agreement also provides for a financial letter of credit sub facility of $400.0 million, permits performance letters of credit, and provides for a $100.0 million sub facility for swing line loans. Letters of credit are subject to fees based on the Company’s Consolidated Leverage Ratio and Debt Rating, whichever is more favorable to the Company. The Revolving Credit Agreement amended and restated the second amended and restated credit agreement dated March 27, 2019, by and among JEGI and certain of its subsidiaries and a syndicate of banks and financial institutions, in order to, among other things, (a) extend the maturity date of the Revolving Credit Facility to February 6, 2028, (b) replace and adjust interest rates based on market conditions and incorporate a sustainability-linked pricing adjustment, (c) revise the commitment fee on the unused portion of the facility to a range of 0.10% to 0.25% depending on the higher of the pricing level associated with JEGI's Debt Rating or the Consolidated Leverage Ratio, (d) increase the Consolidated Leverage Ratio financial covenant to 3.50:1.00 (subject to temporary increases to 4.00:1.00 following the closing of certain material acquisitions), (e) eliminate the net worth financial covenant and (f) add the Company as a guarantor of the obligations of JEGI and its subsidiaries under the Revolving Credit Agreement. The Company and JEGI maintain an unsecured delayed draft term loan facility (the “2021 Term Loan Facility”) established under an amended and restated term loan agreement dated February 6, 2023 (the "Amended and Restated Term Loan Agreement"), by and among the Company and JEGI and a syndicate of banks and financial institutions. JEGI borrowed $200.0 million and £650.0 million of term loans under the 2021 Term Loan Facility (reflecting scheduled maturities in February 2026 and September 2025, respectively) and the proceeds of such term loans were used primarily to fund JEGI's investment in PA Consulting. The Amended and Restated Term Loan Agreement amended and restated the term loan agreement dated January 15, 2021, by and among JEGI and a syndicate of U.S. banks and financial institutions to, among other things: (a) extend the maturity date of the U.S. dollar term loan to February 6, 2026 and the British sterling term loan to September 1, 2025, (b) replace and adjust interest rates based on market conditions and incorporate a sustainability-linked pricing adjustment, (c) increase the Consolidated Leverage Ratio financial covenant to 3.50:1.00 (subject to temporary increases to 4.00:1.00 following the closing of certain material acquisitions), (d) eliminate the net worth financial covenant, and (e) add Jacobs as a guarantor of the obligations of JEGI under the Amended and Restated Term Loan Agreement. During the fourth quarter of fiscal 2023, the Company repaid $80.0 million of the USD portion of the 2021 Term Loan Facility.
On March 25, 2020, JEGI and Jacobs U.K., a wholly owned subsidiary of JEGI, entered into a term loan agreement (the "2020 Term Loan Agreement") with a syndicate of banks and financial institutions, which provides for an unsecured term loan facility (the “2020 Term Loan Facility”). Under the 2020 Term Loan Facility, JEGI borrowed an aggregate principal amount of $730.0 million and Jacobs U.K. borrowed an aggregate principal amount of £250.0 million. The proceeds of the term loans were used to repay an existing term loan with a maturity date of June 2020 and for general corporate purposes. On February 6, 2023, the 2020 Term Loan Agreement was amended to, among other things: (a) replace and adjust interest rates based on market conditions and incorporate a sustainability-linked pricing adjustment, (b) increase the Consolidated Leverage Ratio financial covenant to 3.50:1.00 (subject to temporary increases to 4.00:1.00 following the closing of certain material acquisitions), (c) eliminate the net worth financial covenant, and (d) add Jacobs as a guarantor of the obligations of JEGI and Jacobs U.K. The 2020 Term Loan facility matures in March 2025 and the related outstanding balances under this facility have been reclassified to current maturities of long-term debt in the Company’s March 29, 2024 consolidated balance sheet in the current quarter. The 2020 Term Loan Facility and the 2021 Term Loan Facility are together referred to as the "Term Loan Facilities". In the fourth quarter of fiscal 2022, the Revolving Credit Facility and Term Loan Facilities were amended to permit the Holding Company Reorganization. On December 20, 2023, the Revolving Credit Facility and Term Loan Facilities were amended to adjust the point in time at which certain compliance thresholds are tested in connection with the Separation Transaction. We were in compliance with the covenants under the Revolving Credit Facility and Term Loan Facilities at March 29, 2024. 5.90% Bonds, due 2033 On February 16, 2023, JEGI completed an offering of $500 million aggregate principal amount of 5.90% Bonds due 2033 (the “5.90% Bonds”). The 5.90% Bonds are fully and unconditionally guaranteed by the Company (the “5.90% Bonds Guarantee”). The 5.90% Bonds and the 5.90% Bonds Guarantee were offered pursuant to a prospectus supplement, dated February 13, 2023, to the prospectus dated February 6, 2023, that forms a part of the Company's and JEGI’s automatic shelf registration statement on Form S-3ASR previously filed with the SEC, and were issued pursuant to an Indenture, dated as of February 16, 2023, between JEGI, as issuer, the Company, as guarantor, and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as amended and supplemented by the First Supplemental Indenture, dated as of February 16, 2023 (the “First Supplemental Indenture”). Interest on the 5.90% Bonds is payable semi-annually in arrears on each March 1 and September 1, commencing on September 1, 2023, until maturity. The 5.90% Bonds bear interest at 5.90% per annum, subject to adjustments as discussed in note (5) to the table above. Prior to December 1, 2032 (the “5.90% Bonds Par Call Date”), JEGI may redeem the 5.90% Bonds at its option, in whole or in part, at any time and from time to time, at the redemption price calculated by JEGI (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the 5.90% Bonds being redeemed, assuming that such 5.90% Bonds matured on the 5.90% Bonds Par Call Date, discounted to the redemption date on a semiannual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the First Supplemental Indenture) plus 35 basis points, less (b) interest accrued to the redemption date, and (2) 100% of the principal amount of such 5.90% Bonds to be redeemed, plus, in either case, accrued and unpaid interest on the 5.90% Bonds, if any, to, but excluding, the redemption date. At any time and from time to time on or after the 5.90% Bonds Par Call Date, JEGI may redeem the 5.90% Bonds, at its option, in whole or in part, at a redemption price equal to 100% of the principal amount of the 5.90% Bonds to be redeemed, plus accrued and unpaid interest thereon, if any, up to, but excluding, the redemption date. 6.35% Bonds, due 2028 On August 18, 2023, JEGI completed an offering of $600 million aggregate principal amount of 6.35% Bonds due 2028 (the “6.35% Bonds”). The 6.35% Bonds are fully and unconditionally guaranteed by the Company (the “6.35% Bonds Guarantee”). The 6.35% Bonds and the 6.35% Bonds Guarantee were offered pursuant to a prospectus supplement, dated August 15, 2023, to the prospectus dated February 6, 2023, that forms a part of the Company and JEGI’s automatic shelf registration statement on Form S-3ASR previously filed with the SEC, and were issued pursuant to the Indenture, as amended and supplemented by the Second Supplemental Indenture, dated as of August 18, 2023 (the “Second Supplemental Indenture”). Interest on the 6.35% Bonds is payable semi-annually in arrears on each February 18 and August 18, commencing on February 18, 2024, until maturity. The Notes will bear interest at a rate of 6.35% per annum and will mature on August 18, 2028. The 6.35% Bonds bear interest at 6.35% per annum. Prior to July 18, 2028 (the “6.35% Bonds Par Call Date”), JEGI may redeem the 6.35% Bonds at its option, in whole or in part, at any time and from time to time, at the redemption price calculated by JEGI (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the 6.35% Bonds being redeemed, assuming that such 6.35% Bonds matured on the 6.35% Bonds Par Call Date, discounted to the redemption date on a semiannual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the Second Supplemental Indenture) plus 30 basis points, less (b) interest accrued to the redemption date, and (2) 100% of the principal amount of such 6.35% Bonds to be redeemed, plus, in either case, accrued and unpaid interest on the 6.35% Bonds, if any, to, but excluding, the redemption date. At any time and from time to time on or after the 6.35% Bonds Par Call Date, JEGI may redeem the 6.35% Bonds, at its option, in whole or in part, at a redemption price equal to 100% of the principal amount of the 6.35% Bonds to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. Other arrangements During fiscal 2022, the Company entered into two treasury lock agreements with an aggregate notional value of $500.0 million to manage its expected interest rate exposure in anticipation of issuing up to $500.0 million of fixed rate debt. On February 13, 2023 and with the issuance of the 5.90% Bonds, the Company settled these treasury lock agreements. See Note 17- Commitments and Contingencies and Derivative Financial Instruments for more discussion around this transaction. During fiscal 2020, the Company entered into interest rate and cross currency derivative contracts to swap a portion of our variable rate debt to fixed rate debt. See Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion regarding the Company's derivative instruments. The Company has issued $0.5 million in letters of credit under the Revolving Credit Facility, leaving $2.11 billion of available borrowing capacity under the Revolving Credit Facility at March 29, 2024. In addition, the Company had issued $289.2 million under various separate, committed and uncommitted letter-of-credit facilities for issued letters of credit totaling $289.7 million at March 29, 2024.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.24.1.u1
Leases
|
6 Months Ended |
Mar. 29, 2024 |
Leases [Abstract] |
|
Leases |
Leases The components of lease expense (reflected in selling, general and administrative expenses) for the three and six months ended March 29, 2024 and March 31, 2023 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Lease expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating lease expense | | $ | 33,992 | | | $ | 35,539 | | | $ | 68,192 | | | $ | 70,821 | | Variable lease expense | | 9,799 | | | 9,416 | | | 19,136 | | | 18,762 | | Sublease income | | (4,757) | | | (4,414) | | | (9,468) | | | (8,820) | | Total lease expense | | $ | 39,034 | | | $ | 40,541 | | | $ | 77,860 | | | $ | 80,763 | |
Supplemental information related to the Company's leases for the six months ended March 29, 2024 and March 31, 2023 was as follows (in thousands): | | | | | | | | | | | | | | | | | Six Months Ended | | | March 29, 2024 | | March 31, 2023 | Cash paid for amounts included in the measurements of lease liabilities | | $ | 91,565 | | $ | 92,142 | | | | | | | | | | | | | | | | Right-of-use assets obtained in exchange for new operating lease liabilities | | $ | 23,742 | | $ | 42,150 | | | | | | Weighted average remaining lease term - operating leases | | 5.7 years | | 6.1 years | | | | | | Weighted average discount rate - operating leases | | 3.4% | | 3.0% | | | | | |
Total remaining lease payments under the Company's leases for the remainder of fiscal 2024 and for the succeeding years is as follows (in thousands): | | | | | | | | | Fiscal Year | | Operating Leases | 2024 | | $ | 89,020 | | 2025 | | 149,091 | | 2026 | | 125,476 | | 2027 | | 102,627 | | 2028 | | 84,734 | | Thereafter | | 166,659 | | | | 717,607 | | Less Interest | | (66,212) | | | | $ | 651,395 | |
Right-of-Use and Other Long-Lived Asset Impairment During fiscal 2023, as a result of the Company's transformation initiatives, including the changing nature of the Company's use of office space for its workforce, the Company evaluated its existing real estate lease portfolio. These initiatives resulted in the abandonment of certain leased office spaces and the establishment of a formal plan to sublease certain other leased spaces that will no longer be utilized by the Company. In connection with the Company’s actions related to these initiatives, the Company evaluated certain of its lease right-of-use assets and related property, equipment and leasehold improvements for impairment under ASC 360. As a result of the analysis, the Company recognized impairment losses during the three and six months ended March 31, 2023 of $10.1 million and $37.2 million, respectively, which are included in selling, general, and administrative expenses in the accompanying statement of earnings. The impairment losses recorded include $32.4 million related to the right-of-use lease assets and $4.8 million related to the other long-lived assets, including property, equipment, and improvements and leasehold improvements for the fiscal 2023 period. The fair values for the asset groups relating to the impaired long-lived assets were estimated primarily using discounted cash flow models (income approach) with Level 3 inputs. The significant assumptions used in estimating fair value include the expected downtime prior to the commencement of future subleases, projected sublease income over the remaining lease periods and discount rates that reflect the level of risk associated with receiving future cash flows.
|
Leases |
Leases The components of lease expense (reflected in selling, general and administrative expenses) for the three and six months ended March 29, 2024 and March 31, 2023 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Lease expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating lease expense | | $ | 33,992 | | | $ | 35,539 | | | $ | 68,192 | | | $ | 70,821 | | Variable lease expense | | 9,799 | | | 9,416 | | | 19,136 | | | 18,762 | | Sublease income | | (4,757) | | | (4,414) | | | (9,468) | | | (8,820) | | Total lease expense | | $ | 39,034 | | | $ | 40,541 | | | $ | 77,860 | | | $ | 80,763 | |
Supplemental information related to the Company's leases for the six months ended March 29, 2024 and March 31, 2023 was as follows (in thousands): | | | | | | | | | | | | | | | | | Six Months Ended | | | March 29, 2024 | | March 31, 2023 | Cash paid for amounts included in the measurements of lease liabilities | | $ | 91,565 | | $ | 92,142 | | | | | | | | | | | | | | | | Right-of-use assets obtained in exchange for new operating lease liabilities | | $ | 23,742 | | $ | 42,150 | | | | | | Weighted average remaining lease term - operating leases | | 5.7 years | | 6.1 years | | | | | | Weighted average discount rate - operating leases | | 3.4% | | 3.0% | | | | | |
Total remaining lease payments under the Company's leases for the remainder of fiscal 2024 and for the succeeding years is as follows (in thousands): | | | | | | | | | Fiscal Year | | Operating Leases | 2024 | | $ | 89,020 | | 2025 | | 149,091 | | 2026 | | 125,476 | | 2027 | | 102,627 | | 2028 | | 84,734 | | Thereafter | | 166,659 | | | | 717,607 | | Less Interest | | (66,212) | | | | $ | 651,395 | |
Right-of-Use and Other Long-Lived Asset Impairment During fiscal 2023, as a result of the Company's transformation initiatives, including the changing nature of the Company's use of office space for its workforce, the Company evaluated its existing real estate lease portfolio. These initiatives resulted in the abandonment of certain leased office spaces and the establishment of a formal plan to sublease certain other leased spaces that will no longer be utilized by the Company. In connection with the Company’s actions related to these initiatives, the Company evaluated certain of its lease right-of-use assets and related property, equipment and leasehold improvements for impairment under ASC 360. As a result of the analysis, the Company recognized impairment losses during the three and six months ended March 31, 2023 of $10.1 million and $37.2 million, respectively, which are included in selling, general, and administrative expenses in the accompanying statement of earnings. The impairment losses recorded include $32.4 million related to the right-of-use lease assets and $4.8 million related to the other long-lived assets, including property, equipment, and improvements and leasehold improvements for the fiscal 2023 period. The fair values for the asset groups relating to the impaired long-lived assets were estimated primarily using discounted cash flow models (income approach) with Level 3 inputs. The significant assumptions used in estimating fair value include the expected downtime prior to the commencement of future subleases, projected sublease income over the remaining lease periods and discount rates that reflect the level of risk associated with receiving future cash flows.
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v3.24.1.u1
Pension and Other Postretirement Benefit Plans
|
6 Months Ended |
Mar. 29, 2024 |
Retirement Benefits [Abstract] |
|
Pension and Other Postretirement Benefit Plans |
Pension and Other Postretirement Benefit Plans The following table presents the components of net periodic pension benefit expense recognized in earnings during the three and six months ended March 29, 2024 and March 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Component: | | | | | | | | Service cost | $ | 2,261 | | | $ | 1,748 | | | $ | 4,522 | | | $ | 3,496 | | Interest cost | 21,560 | | | 20,233 | | | 43,120 | | | 40,466 | | Expected return on plan assets | (23,726) | | | (21,091) | | | (47,452) | | | (42,182) | | Amortization of previously unrecognized items | 1,949 | | | 1,304 | | | 3,898 | | | 2,608 | | | | | | | | | | Total net periodic pension benefit expense recognized | $ | 2,044 | | | $ | 2,194 | | | $ | 4,088 | | | $ | 4,388 | |
The service cost component of net periodic pension benefit is presented in the same line item as other compensation costs (direct cost of contracts and selling, general and administrative expenses) and the other components of net periodic pension expense are presented in miscellaneous income (expense), net on the Consolidated Statements of Earnings. The following table presents certain information regarding the Company’s cash contributions to our pension plans for fiscal 2024 (in thousands): | | | | | | Cash contributions made during the first six months of fiscal 2024 | $ | 10,076 | | Cash contributions projected for the remainder of fiscal 2024 | 9,205 | | Total | $ | 19,281 | |
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v3.24.1.u1
PA Consulting Redeemable Noncontrolling Interests
|
6 Months Ended |
Mar. 29, 2024 |
PA Consulting Group Limited |
|
Business Acquisition [Line Items] |
|
PA Consulting Redeemable Noncontrolling Interests |
PA Consulting Redeemable Noncontrolling Interests On March 2, 2021, Jacobs completed the strategic investment of a 65% interest in PA Consulting, a UK-based leading innovation and transformation consulting firm. PA Consulting is accounted for as a consolidated subsidiary and as a separate operating segment. In connection with the PA Consulting investment, the Company recorded redeemable noncontrolling interests, including subsequent purchase accounting adjustments, representing the noncontrolling interest holders' equity interests in the form of preferred and common shares of PA Consulting, with substantially all of the value associated with these interests allocable to the preferred shares. During the first half of 2024 and 2023, PA Consulting repurchased certain shares of the redeemable noncontrolling interest holders for cash amounts of $24.4 million and $58.4 million, respectively. The difference between the cash purchase prices and the recorded book values of these repurchased interests was recorded in the Company’s consolidated retained earnings. The Company held 70% and 69% of the outstanding ownership of PA Consulting as of March 29, 2024 and September 29, 2023, respectively. During the first half of 2024, the Company recognized approximately $1.8 million in redemption value adjustments associated with redeemable noncontrolling interests preference share repurchase and reissuance activities that were recorded as an increase in consolidated retained earnings and a $0.01 increase in earnings per share, the results of which had no impact on the Company’s overall results of operations, financial position or cash flows. See Note 6- Earnings Per Share and Certain Related Information for more information. Changes in the redeemable noncontrolling interests during the six months ended March 29, 2024 are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at September 29, 2023 | $ | 632,979 | | | | | | | | Accrued Preferred Dividend to Preference Shareholders | 39,710 | | | | | | | | Attribution of Preferred Dividend to Common Shareholders | (39,710) | | | | | | | | | | | | | | | | Net earnings attributable to redeemable noncontrolling interests to Common Shareholders | 6,700 | | | | | | | | Redeemable Noncontrolling interests redemption value adjustment | 96,562 | | | | | | | | Repurchase of redeemable noncontrolling interests | (26,258) | | | | | | | | | | | | | | | | Cumulative translation adjustment and other | 15,847 | | | | | | | | Balance at March 29, 2024 | $ | 725,830 | | | | | | | |
In addition, certain employees and non-employees of PA Consulting are eligible to receive equity-based incentive grants in the future under the terms of the applicable agreements. During the first six months of fiscal 2024 and 2023, the Company recorded $6.8 million and $1.1 million, respectively, in expenses associated with these agreements which is reflected in selling, general and administrative expenses in the consolidated statements of earnings. The Company, through its investment in PA Consulting, held $1.0 million and $2.8 million at March 29, 2024 and September 29, 2023, respectively, in cash that is restricted from general use and is included in Prepaid expenses and other in the Company's Consolidated Balance Sheets.
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v3.24.1.u1
Restructuring and Other Charges
|
6 Months Ended |
Mar. 29, 2024 |
Restructuring and Related Activities [Abstract] |
|
Restructuring and Other Charges |
Restructuring and Other Charges During fiscal 2023, the Company implemented restructuring and separation initiatives relating to the Separation Transaction which are expected to continue through fiscal 2025. Restructuring initiatives were also implemented during fiscal 2023 relating to our investment in PA Consulting, which are expected to continue through fiscal 2024, and the DVS segment reorganization, which is substantially completed. While restructuring activities for each of these programs are comprised mainly of employee termination costs, the separation activities and costs are primarily related to the engagement of outside services, dedicated internal personnel and other related costs dedicated to the Company’s Separation Transaction. During fiscal 2022, the Company implemented certain restructuring and integration initiatives relating to the acquisitions of (i) BlackLynx, Inc. (“BlackLynx”) in November 2021, and (ii) StreetLight Data, Inc. (“StreetLight”) in February 2022. Also, during fiscal 2022 and continuing into fiscal 2023, the Company implemented further real estate rescaling efforts that were associated with its fiscal 2020 transformation program relating to real estate and other staffing initiatives. These initiatives are substantially complete. During the fiscal year ended October 1, 2021, the Company recorded other-than-temporary impairment charges on its equity method investment in AWE Management Ltd (“AWE”) which were included in miscellaneous income (expense), net in the consolidated statement of earnings. During fiscal year 2022, the contractual operating arrangement with UK Ministry of Defence was terminated which has resulted in the wind down and full impairment of the AWE Joint Venture with immaterial activity expected going forward. During fiscal 2021, the Company implemented certain integration initiatives associated with our PA Consulting investment. The activities are substantially completed. During fiscal 2019 and continuing into fiscal 2020, the Company implemented certain restructuring and separation initiatives associated with the ECR sale and other related cost reduction initiatives. The restructuring activities and related costs were comprised mainly of separation and lease abandonment and sublease programs, while the separation activities and costs were mainly related to the engagement of consulting services and dedicated internal personnel and other related costs dedicated to the Company’s ECR-business separation. The activities of these initiatives have been substantially completed. As part of the Company's acquisition of CH2M Hill Companies, Ltd. ("CH2M") during fiscal 2018, the Company implemented certain restructuring plans that were comprised mainly of severance and lease abandonment programs as well as integration activities involving the engagement of professional services and internal personnel dedicated to the Company's integration management efforts. The activities of these initiatives have been substantially completed. Collectively, the above-mentioned restructuring activities are referred to as “Restructuring and other charges.” The following table summarizes the impacts of the Restructuring and other charges by reportable segment in connection with the Separation Transaction, PA Consulting investment, DVS segment reorganization, StreetLight and BlackLynx acquisitions, the Company’s transformation initiatives relating to real estate and other staffing programs, the ECR sale, and CH2M acquisition for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Critical Mission Solutions | $ | 4,738 | | | $ | 1,052 | | | $ | 6,901 | | | $ | 3,264 | | People & Places Solutions | 5,655 | | | 5,869 | | | 13,784 | | | 33,186 | | Divergent Solutions | 827 | | | 3,630 | | | 1,727 | | | 5,212 | | PA Consulting | 2,984 | | | — | | | 4,159 | | | — | | Corporate | 27,724 | | | 2,289 | | | 56,726 | | | 5,622 | | Total | $ | 41,928 | | | $ | 12,840 | | | $ | 83,297 | | | $ | 47,284 | | Amounts included in: | | | | | | | | Operating profit (mainly SG&A) (1) | $ | 41,928 | | | $ | 12,873 | | | $ | 83,297 | | | $ | 47,945 | | Other Income, net | — | | | (33) | | | — | | | (661) | | | $ | 41,928 | | | $ | 12,840 | | | $ | 83,297 | | | $ | 47,284 | |
(1)The three and six months ended March 29, 2024 included approximately $38.9 million and $79.1 million, respectively, in restructuring and other charges mainly relating to the Separation Transaction (primarily professional services and employee separation costs). The three and six months ended March 31, 2023, included approximately $11.0 million and $38.7 million, respectively, in charges associated mainly with real estate impairments and related charges, the majority of which related to People and Places Solutions. The activity in the Company’s accruals for Restructuring and other charges for the six months ended March 29, 2024 is as follows (in thousands): | | | | | | Balance at September 29, 2023 | $ | 37,318 | | Net Charges (Credits) (1) | 83,248 | | Payments and other | (75,112) | | Balance at March 29, 2024 | $ | 45,454 | |
(1) Excludes other net charges associated mainly with the real estate related impairments during the six months ended March 29, 2024. The following table summarizes the Restructuring and other charges by major type of costs for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Lease Abandonments and Impairments | $ | — | | | $ | 10,443 | | | $ | 49 | | | $ | 37,273 | | Terminations | 11,823 | | | 1,939 | | | 23,551 | | | 8,509 | | Outside Services (1) | 22,083 | | | 802 | | | 47,066 | | | 1,478 | | Other (2) | 8,022 | | | (344) | | | 12,631 | | | 24 | | Total | $ | 41,928 | | | $ | 12,840 | | | $ | 83,297 | | | $ | 47,284 | |
(1) Amounts in the three and six months ended March 29, 2024 are comprised of outside services relating to the Separation Transaction. (2) Amounts in the three and six months ended March 29, 2024 are comprised of charges relating to the Separation Transaction. Cumulative amounts incurred to date under our various Restructuring and other activities described above by each major type of cost as of March 29, 2024 are as follows (in thousands): | | | | | | Lease Abandonments and Impairments | $ | 432,773 | | Terminations | 191,867 | | Outside Services | 392,756 | | Other | 208,565 | | Total | $ | 1,225,961 | |
|
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v3.24.1.u1
Commitments and Contingencies and Derivative Financial Instruments
|
6 Months Ended |
Mar. 29, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies and Derivative Financial Instruments |
Commitments and Contingencies and Derivative Financial Instruments Derivative Financial Instruments The Company is exposed to interest rate risk under its variable rate borrowings and additionally, due to the nature of the Company's international operations, we are at times exposed to foreign currency risk. As such, we sometimes enter into foreign exchange hedging contracts and interest rate hedging contracts in order to limit our exposure to fluctuating foreign currencies and interest rates. During fiscal 2022, the Company entered into two treasury lock agreements with a total notional value of $500 million to manage its interest rate exposure to the anticipated issuance of fixed rate debt before December 2023. On February 13, 2023, the Company settled these treasury lock agreements and issued the 5.90% Bonds in the aggregate principal amount of $500 million, which resulted in the receipt of cash and a gain of $37.4 million, before tax, which is being amortized to interest expense and recognized over the term of the 5.90% Bonds. See Note 12- Borrowings for further discussion relating to the terms of the 5.90% Bonds. The unrealized net gain on these instruments was $25.1 million and $26.5 million, net of tax, and is included in accumulated other comprehensive income as of March 29, 2024 and September 29, 2023, respectively. In fiscal 2020 we entered into interest rate swap agreements with a notional value of $745.9 million as of March 29, 2024 to manage the interest rate exposure on our variable rate loans. By entering into the swap agreements, the Company converted the LIBOR and SONIA rate based liabilities into fixed rate liabilities, for periods ranging from five to ten years. The fair value of the interest rate swaps at March 29, 2024 was $79.1 million of which $66.2 million is included within miscellaneous other assets and $12.9 million is included within current assets on the consolidated balance sheet as of March 29, 2024. The fair value of interest rate swaps at September 29, 2023 was $102.6 million, which are included in miscellaneous other assets on the consolidated balance sheet as of September 29, 2023. The unrealized net gain on these interest rate swaps as of March 29, 2024 and September 29, 2023 was $59.6 million and $77.2 million, respectively, net of tax, and was included in accumulated other comprehensive income. Additionally, in fiscal 2020, we entered into a cross currency swap agreement with a notional value of $127.8 million to manage the interest rate and foreign currency exposure on our USD borrowings by a European subsidiary. By entering into the cross currency swap, the Company converted our LIBOR rate based borrowing in USD to a fixed rate Euro liability for three and a half years. During the fourth quarter of fiscal 2023, the Company paid down the borrowings hedged by the cross currency swap and settled the cross currency swap agreement. During fiscal 2023, the aggregate liability amounts denominated in U.S. dollars transitioned from underlying LIBOR benchmarked rates to the SOFR and the terms of the swaps were amended accordingly. The swaps were designated as cash-flow hedges in accordance with ASC 815, Derivatives and Hedging. Additionally, the Company held foreign exchange forward contracts in currencies that support our operations, including British Pound, Euro, Australian Dollar and other currencies, with notional values of $946.1 million at March 29, 2024 and $857.7 million at September 29, 2023. The length of these contracts currently ranges from one week to 10 months. The fair value of the foreign exchange contracts at March 29, 2024 was $(4.3) million, of which $(4.9) million is included within current liabilities and $0.6 million is included within current assets on the consolidated balance sheet as of March 29, 2024. The fair value of the contracts as of September 29, 2023 was $9.5 million, of which $16.1 million is included within current assets and $(6.6) million is included within current liabilities on the consolidated balance sheet as of September 29, 2023. Associated income statement impacts are included in miscellaneous income (expense) in the consolidated statements of earnings for both periods. The fair value measurements of these derivatives are being made using Level 2 inputs under ASC 820, Fair Value Measurement, as the measurements are based on observable inputs other than quoted prices in active markets. We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments. We perform credit evaluations of our counterparties under forward exchange and interest rate contracts and expect all counterparties to meet their obligations. We have not experienced credit losses from our counterparties. Contractual Guarantees and Insurance In the normal course of business, we make contractual commitments (some of which are supported by separate guarantees) and on occasion we are a party in a litigation or arbitration proceeding. The litigation or arbitration in which we are involved includes personal injury claims, professional liability claims and breach of contract claims. Where we provide a separate guarantee, it is strictly in support of the underlying contractual commitment. Guarantees take various forms including surety bonds required by law, or standby letters of credit ("LOC" and also referred to as “bank guarantees”) or corporate guarantees given to induce a party to enter into a contract with a subsidiary. Standby LOCs are also used as security for advance payments or in various other transactions. The guarantees have various expiration dates ranging from an arbitrary date to completion of our work (e.g., engineering only) to completion of the overall project. We record in the Consolidated Balance Sheets amounts representing our estimated liability relating to such guarantees, litigation and insurance claims. Guarantees are accounted for in accordance with ASC 460-10, Guarantees, at fair value at the inception of the guarantee. At March 29, 2024 and September 29, 2023, the Company had issued and outstanding approximately $289.7 million and $322.0 million, respectively, in LOCs and $2.2 billion and $2.0 billion, respectively, in surety bonds. We maintain insurance coverage for most insurable aspects of our business and operations. Our insurance programs have varying coverage limits depending upon the type of insurance and include certain conditions and exclusions which insurance companies may raise in response to any claim that is asserted by or against the Company. We have also elected to retain a portion of losses and liabilities that occur through using various deductibles, limits, and retentions under our insurance programs. As a result, we may be subject to a future liability for which we are only partially insured or completely uninsured. We intend to mitigate any such future liability by continuing to exercise prudent business judgment in negotiating the terms and conditions of the contracts which the Company enters with its clients. Our insurers are also subject to business risk and, as a result, one or more of them may be unable to fulfill their insurance obligations due to insolvency or otherwise. Additionally, as a contractor providing services to the U.S. federal government, we are subject to many types of audits, investigations, and claims by, or on behalf of, the government including with respect to contract performance, pricing, cost allocations, procurement practices, labor practices, and socioeconomic obligations. Furthermore, our income, franchise, and similar tax returns and filings are also subject to audit and investigation by the Internal Revenue Service, most states within the United States, as well as by various government agencies representing jurisdictions outside the United States. Our Consolidated Balance Sheets include amounts representing our probable estimated liability relating to such claims, guarantees, litigation, audits, and investigations. We perform an analysis to determine the level of reserves to establish for insurance-related claims that are known and have been asserted against us, as well as for insurance-related claims that are believed to have been incurred based on actuarial analysis but have not yet been reported to our claims administrators as of the respective balance sheet dates. We include any adjustments to such insurance reserves in our consolidated results of operations. Insurance recoveries are recorded as assets if recovery is probable and estimated liabilities are not reduced by expected insurance recoveries. The Company believes, after consultation with counsel, that such guarantees, litigation, U.S. government contract-related audits, investigations and claims, and income tax audits and investigations should not have a material adverse effect on our consolidated financial statements, beyond amounts currently accrued. Litigation and Investigations In 2012, CH2M HILL Australia PTY Limited, a subsidiary of CH2M, entered into a 50/50 integrated joint venture with Australian construction contractor UGL Infrastructure Pty Limited. The joint venture entered into a Consortium Agreement with General Electric and GE Electrical International Inc. The Consortium was awarded a subcontract by JKC Australia LNG Pty Limited ("JKC") for the engineering, procurement, construction and commissioning of a 360 MW Combined Cycle Power Plant for INPEX Operations Australia Pty Limited at Blaydin Point, Darwin, NT, Australia (the "Legacy CH2M Matter"). The subcontract was terminated in January 2017. In or around August 2017, the Consortium commenced an arbitration. On April 12, 2022, JKC and the Consortium entered into a confidential deed of settlement (“Settlement Agreement”). Under the terms of the Settlement Agreement, CH2M, as guarantor of CH2M Australia PTY Limited’s obligations with respect to the subcontract with JKC, made a cash payment to JKC in April 2022 of AUD 640 million (or approximately $475 million using mid-April 2022 exchange rates). As a result of the settlement agreement, additional pre-tax charges of $91.3 million were recorded during the year ended September 30, 2022 for this matter (over amounts previously reserved and reported in long-term Other Deferred Liabilities in the Company's Consolidated Balance Sheet). The Settlement Agreement provided for a release of claims between JKC and each member of the Consortium, and in connection with this agreement the members of the Consortium also waived all claims against each other and their respective parent guarantors relating to the project. On December 22, 2008, a coal fly ash pond at the Kingston Power Plant of the Tennessee Valley Authority ("TVA") was breached, releasing fly ash waste into the Emory River and surrounding community. In February 2009, TVA awarded a contract to the Company to provide project management services associated with the clean-up. All remediation and dredging were completed in August 2013 by other contractors under direct contracts with TVA. The Company did not perform the remediation, and its scope was limited to program management services. Certain employees of the contractors performing the cleanup work on the project filed lawsuits against the Company beginning in August 2013, alleging they were injured due to the Company's failure to protect the plaintiffs from exposure to fly ash, and asserting related personal injuries. The primary case, Greg Adkisson, et al. v. Jacobs Engineering Group Inc., case No. 3:13-CV-505-TAV-HBG, filed in the U.S. District Court for the Eastern District of Tennessee, consisted of 10 consolidated cases. This case and the related cases involved several hundred plaintiffs that were employees of the contractors that completed the remediation and dredging work. In the second quarter of fiscal 2023, the Company entered into a settlement agreement with the plaintiffs whose cases had not been previously dismissed. As of the third quarter of fiscal 2023, all conditions to the settlement had been satisfied, and the cases dismissed. The amount of the settlement was not material to the Company's business, financial condition, results of operations or cash flows.
During the fourth quarter of fiscal 2022, the Company recorded a receivable for certain expected third-party recoveries equal to approximately $27 million before tax, which was collected during first half of fiscal 2023.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.1.u1
Segment Information
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6 Months Ended |
Mar. 29, 2024 |
Segment Reporting [Abstract] |
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Segment Information |
Segment Information The Company's four operating segments are comprised of its two global lines of business ("LOBs"): Critical Mission Solutions ("CMS") and People & Places Solutions ("P&PS"), its business unit Divergent Solutions ("DVS") and its majority investment in PA Consulting. The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) and can evaluate the performance of each of these segments and make appropriate resource allocations among each of the segments. Under this organization, the sales function is managed by segment, and accordingly, the associated cost is embedded in the segments and reported to the respective head of each segment. In addition, a portion of the costs of other support functions (e.g., finance, legal, human resources, and information technology) is allocated to each segment using methodologies which, we believe, effectively attribute the cost of these support functions to the revenue generating activities of the Company on a rational basis. The cost of the Company’s cash incentive plan, the Leadership Performance Plan ("LPP"), formerly named the Management Incentive Plan, and the expense associated with the Jacobs 1999 Stock Incentive Plan, which was amended and restated in the second quarter of 2023 and is now referred to as the Jacobs 2023 Stock Incentive Plan (the "2023 SIP") have likewise been charged to the segments except for those amounts determined to relate to the business as a whole (which amounts remain in other corporate expenses). Financial information for each segment is reviewed by the CODM to assess performance and make decisions regarding the allocation of resources. The CODM evaluates the operating performance of our operating segments using segment operating profit, which is defined as margin less “corporate charges” (e.g., the allocated amounts described above). The Company incurs certain Selling, General and Administrative costs (“SG&A”) that relate to its business as a whole which are not allocated to the segments. The following tables present total revenues and segment operating profit from continuing operations for each reportable segment (in thousands) and includes a reconciliation of segment operating profit to total U.S. GAAP operating profit by including certain corporate-level expenses, Restructuring and other charges (as defined in Note 16- Restructuring and Other Charges) and transaction and integration costs (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Revenues from External Customers: | | | | | | | | Critical Mission Solutions | $ | 1,229,226 | | | $ | 1,191,056 | | | $ | 2,357,829 | | | $ | 2,266,231 | | People & Places Solutions | 2,521,860 | | | 2,345,065 | | | 4,992,301 | | | 4,572,050 | | Divergent Solutions | 224,040 | | | 241,224 | | | 478,220 | | | 455,690 | | PA Consulting | 293,967 | | | 300,987 | | | 599,968 | | | 583,030 | | Total | $ | 4,269,093 | | | $ | 4,078,332 | | | $ | 8,428,318 | | | $ | 7,877,001 | |
| | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Segment Operating Profit: | | | | | | | | Critical Mission Solutions | $ | 103,649 | | | $ | 93,943 | | | $ | 197,056 | | | $ | 176,163 | | People & Places Solutions | 267,765 | | | 232,205 | | | 492,763 | | | 458,825 | | Divergent Solutions (1) | 18,973 | | | 24,861 | | | 26,556 | | | 36,828 | | PA Consulting | 60,169 | | | 65,631 | | | 114,624 | | | 116,658 | | Total Segment Operating Profit | 450,556 | | | 416,640 | | | 830,999 | | | 788,474 | | Other Corporate Expenses (2) | (117,313) | | | (107,623) | | | (238,373) | | | (201,309) | | Restructuring, Transaction and Other Charges (3) | (52,255) | | | (19,154) | | | (107,574) | | | (59,497) | | | | | | | | | | Total U.S. GAAP Operating Profit | 280,988 | | | 289,863 | | | 485,052 | | | 527,668 | | Total Other Expense, net | (39,403) | | | (37,550) | | | (77,716) | | | (77,873) | | Earnings from Continuing Operations Before Taxes | $ | 241,585 | | | $ | 252,313 | | | $ | 407,336 | | | $ | 449,795 | |
| | | | | | (1) | For the six months ended March 29, 2024, operating profit included an approximate $15 million pre-tax non-cash charge associated with an inventory write down during the fiscal 2024 period comprised of cumulative adjustments of immaterial inventory misstatements previously reported which would not have been material to any prior period financial statements nor to any amounts reported in the current period. | (2) | Other corporate expenses included intangibles amortization of $52.6 million and $50.5 million for the three months ended March 29, 2024 and March 31, 2023, respectively, and $103.8 million and $100.2 million, for the six months ended March 29, 2024 and March 31, 2023, respectively, along with approximately $11.0 million intangibles impairment charge in the six month period ended, March 29, 2024 . Additionally, the comparison of the six month period of fiscal 2024 to the corresponding 2023 period was unfavorably impacted by the one-time net favorable impact of $41 million relating mainly to changes in employee benefits programs in the prior year, partly offset by year over year favorable department spending as well as favorable impacts of corporate functional overhead cost recovery by our lines of business. | (3) | The three months and six months ended March 29, 2024 included $38.9 million and $79.1 million, respectively, in restructuring and other charges and $8.4 million and $19.4 million, respectively, of transaction charges, mainly relating to the Separation Transaction (primarily professional services and employee separation costs). Included in the three months and six months ended March 31, 2023 were $10.1 million and $37.2 million, respectively, mainly in real estate impairment charges related to the Company's transformation initiatives. | | | | |
(1)Included in other corporate expenses in the above table are costs and expenses, which relate to general corporate activities as well as corporate-managed benefit and insurance programs. Such costs and expenses include: (i) those elements of SG&A expenses relating to the business as a whole; (ii) those elements of our incentive compensation plans relating to corporate personnel whose other compensation costs are not allocated to the LOBs; (iii) the amortization of intangible assets acquired as part of business combinations; (iv) the quarterly variances between the Company’s actual costs of certain of its self-insured integrated risk and employee benefit programs and amounts charged to the LOBs; and (v) certain adjustments relating to costs associated with the Company’s international defined benefit pension plans. In addition, other corporate expenses may also include from time to time certain adjustments to contract margins (both positive and negative) associated with projects, as well as other items, where it has been determined that such adjustments are not indicative of the performance of the related LOB. See also the further description of results of operations for our operating segments in Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.1.u1
Use of Estimates and Assumptions (Policies)
|
6 Months Ended |
Mar. 29, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Use of Estimates and Assumptions |
Please refer to Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements included in our 2023 Form 10-K for a discussion of other significant estimates and assumptions affecting our consolidated financial statements.
|
Fair Value and Fair Value Measurements |
Certain amounts included in the accompanying consolidated financial statements are presented at fair value. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as of the date fair value is determined (the “measurement date”). When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider only those assumptions we believe a typical market participant would consider when pricing an asset or liability. In measuring fair value, we use the following inputs in the order of priority indicated: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets included in Level 1, such as (i) quoted prices for similar assets or liabilities; (ii) quoted prices in markets that have insufficient volume or infrequent transactions (e.g., less active markets); and (iii) model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data for substantially the full term of the asset or liability. Level 3 - Unobservable inputs to the valuation methodology that are significant to the fair value measurement. Please refer to Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements included in our 2023 Form 10-K for a more complete discussion of the various items within the consolidated financial statements measured at fair value and the methods used to determine fair value. Please also refer to Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion regarding the Company's derivative instruments. The net carrying amounts of cash and cash equivalents, trade receivables and payables and short-term debt approximate fair value due to the short-term nature of these instruments. See Note 12- Borrowings for a discussion of the fair value of long-term debt. Fair value measurements relating to our business combinations and goodwill allocations related to our Divergent Solutions ("DVS") segment realignment were made primarily using Level 3 inputs including discounted cash flow techniques. Fair value for the identified intangible assets is generally estimated using inputs primarily for the income approach using the multiple period excess earnings method and the relief from royalties method. The significant assumptions used in estimating fair value include (i) revenue projections of the business, including profitability, (ii) attrition rates and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as furniture, fixtures and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. The fair value of the contingent consideration is estimated using a Monte Carlo simulation and the significant assumptions used include projections of revenues and probabilities of meeting those projections. Key inputs to the valuation of the noncontrolling interests include projected cash flows and the expected volatility associated with those cash flows.
|
New Accounting Pronouncements |
New Accounting Pronouncements ASU 2023-09, Income Taxes, (Topic 740): Improvements to Income Tax Disclosures, provides qualitative and quantitative updates to the Company's effective income tax rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. ASU 2023-09 will be effective for the Company in the first quarter of fiscal 2026. The Company has identified and is implementing changes to processes and internal controls to meet the standard’s updated reporting and disclosure requirements. ASU 2023-07, Segment Reporting, (Topic 280): Improvements to Reportable Segment Disclosures, requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. ASU 2023-07 will be effective for the Company's annual fiscal 2025 period. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures. ASU 2023-06, Disclosure Improvements: Amendments - Codification Amendments in Response to the Disclosure Update and Simplification Initiative of the Securities and Exchange Commission ("SEC"). The Financial Accounting Standards Board issued the standard to introduce changes to US GAAP that originate in either SEC Regulation S-X or S-K, which are rules about the form and content of financial reports filed with the SEC. The provisions of the standard are contingent upon instances where the SEC removes the related disclosure provisions from Regulation S-X and S-K. The Company does not expect that the application of this standard will have a material impact on our consolidated financial statements and related disclosures.
|
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- DefinitionDisclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.
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v3.24.1.u1
Revenue Accounting for Contracts (Tables)
|
6 Months Ended |
Mar. 29, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregation of Revenue |
The following table further disaggregates our revenue by geographic area for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Revenues: | | | | | | | | United States | $ | 2,878,888 | | | $ | 2,694,735 | | | $ | 5,676,979 | | | $ | 5,231,013 | | Europe | 957,651 | | | 931,093 | | | 1,882,798 | | | 1,785,666 | | Canada | 61,654 | | | 61,887 | | | 125,030 | | | 123,716 | | Asia | 34,673 | | | 35,641 | | | 65,613 | | | 70,463 | | India | 37,274 | | | 46,829 | | | 73,017 | | | 87,173 | | Australia and New Zealand | 164,351 | | | 170,069 | | | 338,135 | | | 331,109 | | Middle East and Africa | 134,602 | | | 138,078 | | | 266,746 | | | 247,861 | | Total | $ | 4,269,093 | | | $ | 4,078,332 | | | $ | 8,428,318 | | | $ | 7,877,001 | |
|
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- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.24.1.u1
Earnings Per Share and Certain Related Information (Tables)
|
6 Months Ended |
Mar. 29, 2024 |
Earnings Per Share Reconciliation [Abstract] |
|
Schedule of Earnings Per Share |
The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Numerator for Basic and Diluted EPS: | | | | | | | | Net earnings attributable to Jacobs from continuing operations | $ | 162,880 | | | $ | 216,587 | | | $ | 335,064 | | | $ | 352,943 | | Preferred Redeemable Noncontrolling interests redemption value adjustment (See Note 15- PA Consulting Redeemable Noncontrolling Interests) | — | | | — | | | 1,766 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | Net earnings from continuing operations allocated to common stock for EPS calculation | $ | 162,880 | | | $ | 216,587 | | | $ | 336,830 | | | $ | 352,943 | | | | | | | | | | | | | | | | | | | | | | | | | | Net loss from discontinued operations allocated to common stock for EPS calculation | $ | (768) | | | $ | (75) | | | $ | (1,342) | | | $ | (783) | | | | | | | | | | Net earnings allocated to common stock for EPS calculation | $ | 162,112 | | | $ | 216,512 | | | $ | 335,488 | | | $ | 352,160 | | | | | | | | | | Denominator for Basic and Diluted EPS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Shares used for calculating basic EPS attributable to common stock | 125,712 | | | 126,886 | | | 125,909 | | | 126,855 | | | | | | | | | | Effect of dilutive securities: | | | | | | | | Stock compensation plans | 499 | | | 473 | | | 603 | | | 573 | | Shares used for calculating diluted EPS attributable to common stock | 126,211 | | | 127,359 | | | 126,512 | | | 127,428 | | | | | | | | | | Net Earnings Per Share: | | | | | | | | Basic Net Earnings from Continuing Operations Per Share | $ | 1.30 | | | $ | 1.71 | | | $ | 2.68 | | | $ | 2.78 | | Basic Net Loss from Discontinued Operations Per Share | $ | (0.01) | | | $ | — | | | $ | (0.01) | | | $ | (0.01) | | Basic Earnings Per Share | $ | 1.29 | | | $ | 1.71 | | | $ | 2.66 | | | $ | 2.78 | | Diluted Net Earnings from Continuing Operations Per Share | $ | 1.29 | | | $ | 1.70 | | | $ | 2.66 | | | $ | 2.77 | | Diluted Net Loss from Discontinued Operations Per Share | $ | (0.01) | | | $ | — | | | $ | (0.01) | | | $ | (0.01) | | Diluted Earnings Per Share | $ | 1.28 | | | $ | 1.70 | | | $ | 2.65 | | | $ | 2.76 | |
|
Schedule of Share Repurchases |
The following table summarizes repurchase activity under the 2023 Repurchase Authorization through the second fiscal quarter of 2024: | | | | | | | | | | | | | | | | | | | | | Amount Authorized (2023 Repurchase Authorization) | | Average Price Per Share (1) | | Total Shares Retired | | Shares Repurchased | $1,000,000,000 | | $136.86 | | 1,428,180 | | 1,428,180 |
(1)Includes commissions paid and excise tax due under the Inflation Reduction Act of 2022 and calculated at the average price per share.
|
Schedule of Dividends Declared |
Dividends paid through the second fiscal quarter of 2024 and the preceding fiscal year are as follows: | | | | | | | | | | | | | | | | | | | | | | | Declaration Date | | Record Date | | Payment Date | | Cash Amount (per share) | | | January 25, 2024 | | February 23, 2024 | | March 22, 2024 | | $0.29 | | | September 28, 2023 | | October 27, 2023 | | November 9, 2023 | | $0.26 | | | July 6, 2023 | | July 28, 2023 | | August 25, 2023 | | $0.26 | | | April 27, 2023 | | May 26, 2023 | | June 23, 2023 | | $0.26 | | | January 25, 2023 | | February 24, 2023 | | March 24, 2023 | | $0.26 | | | September 15, 2022 | | September 30, 2022 | | October 28, 2022 | | $0.23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
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- DefinitionTabular disclosure of information related to dividends declared, including paid and unpaid dividends.
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v3.24.1.u1
Goodwill and Intangibles (Tables)
|
6 Months Ended |
Mar. 29, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Carrying Value of Goodwill by Reportable Segment Appearing in Accompanying Consolidated Balance Sheets |
The carrying value of goodwill appearing in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023 was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Critical Mission Solutions | | People & Places Solutions | | Divergent Solutions | | PA Consulting | | Total | Balance September 29, 2023 | $ | 2,244,985 | | | $ | 3,208,193 | | | $ | 595,712 | | | $ | 1,294,636 | | | $ | 7,343,526 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency translation and other | 4,392 | | | 5,917 | | | 1,166 | | | 49,421 | | | 60,896 | | Balance March 29, 2024 | $ | 2,249,377 | | | $ | 3,214,110 | | | $ | 596,878 | | | $ | 1,344,057 | | | $ | 7,404,422 | |
|
Schedule of Acquired Intangibles in Accompanying Consolidated Balance Sheets |
The following table provides certain information related to the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Customer Relationships, Contracts and Backlog | | | | Developed Technology | | Trade Names | | | | | | | | Total | Balance September 29, 2023 | $ | 1,022,401 | | | | | $ | 74,791 | | | $ | 174,751 | | | | | | | | | $ | 1,271,943 | | Amortization | (89,669) | | | | | (7,946) | | | (6,148) | | | | | | | | | (103,763) | | Acquired | — | | | | | — | | | 14,000 | | | | | | | | | 14,000 | | | | | | | | | | | | | | | | | | Foreign currency translation and other | 20,544 | | | | | 203 | | | 6,313 | | | | | | | | | 27,060 | | Balance March 29, 2024 | $ | 953,276 | | | | | $ | 67,048 | | | $ | 188,916 | | | | | | | | | $ | 1,209,240 | |
|
Schedule of Estimated Amortization Expense of Intangible Assets |
The following table presents estimated amortization expense of intangible assets for the remainder of fiscal 2024 and for the succeeding years. | | | | | | | | | Fiscal Year | | (in millions) | 2024 | | $ | 105.1 | | 2025 | | 209.8 | | 2026 | | 187.0 | | 2027 | | 154.6 | | 2028 | | 143.7 | | Thereafter | | 409.0 | | Total | | $ | 1,209.2 | |
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v3.24.1.u1
Receivables and Contract Assets (Tables)
|
6 Months Ended |
Mar. 29, 2024 |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
|
Schedule of Receivables |
The following table presents the components of receivables and contract assets appearing in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023, as well as certain other related information (in thousands): | | | | | | | | | | | | | March 29, 2024 | | September 29, 2023 | Components of receivables and contract assets: | | | | Amounts billed, net | $ | 1,517,480 | | | $ | 1,457,333 | | Unbilled receivables and other | 1,577,510 | | | 1,442,486 | | Contract assets | 677,494 | | | 658,987 | | Total receivables and contract assets, net | $ | 3,772,484 | | | $ | 3,558,806 | | Other information about receivables: | | | | Amounts due from the United States federal government, included above, net of contract liabilities | $ | 799,371 | | | $ | 802,566 | |
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v3.24.1.u1
Accumulated Other Comprehensive Income (Tables)
|
6 Months Ended |
Mar. 29, 2024 |
Equity [Abstract] |
|
Schedule of Reclassification out of Accumulated Other Comprehensive Income |
The following table presents the Company's roll forward of accumulated other comprehensive income (loss) after-tax as of March 29, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Change in Net Pension Obligation | | Foreign Currency Translation Adjustment (1) | | Gain/(Loss) on Cash Flow Hedges (2) | | Total | Balance at September 29, 2023 | $ | (325,692) | | | $ | (635,937) | | | $ | 103,675 | | | $ | (857,954) | | Other comprehensive (loss) income | (7,394) | | | 73,177 | | | 259 | | | 66,042 | | Reclassifications from accumulated other comprehensive income (loss) | — | | | — | | | (19,331) | | | (19,331) | | Balance at March 29, 2024 | $ | (333,086) | | | $ | (562,760) | | | $ | 84,603 | | | $ | (811,243) | |
(1) Included in the overall foreign currency translation adjustment for the six months ended March 29, 2024 and March 31, 2023 are $(21.2) million and $(87.2) million, respectively, in unrealized gains (losses) on long-term foreign currency denominated intercompany loans not anticipated to be settled in the foreseeable future. (2) Included in the Company’s cumulative net unrealized gains from interest rate and cross currency swaps recorded in accumulated other comprehensive income as of March 29, 2024 were approximately $20.2 million in unrealized gains, net of taxes, which are expected to be realized in earnings during the twelve months subsequent to March 29, 2024.
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v3.24.1.u1
Borrowings (Tables)
|
6 Months Ended |
Mar. 29, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long-term Debt |
At March 29, 2024 and September 29, 2023, long-term debt consisted of the following (principal amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Interest Rate | | Maturity | | March 29, 2024 | | September 29, 2023 | Revolving Credit Facility | Benchmark + applicable margin (1) (2) | | February 2028 | | $ | 135,000 | | | $ | 10,000 | | 2021 Term Loan Facility - USD Portion | Benchmark + applicable margin (1) (3) | | February 2026 | | 120,000 | | | 120,000 | | 2021 Term Loan Facility - GBP Portion | Benchmark + applicable margin (1) (3) | | September 2025 | | 823,095 | | | 794,170 | | 2020 Term Loan Facility | Benchmark + applicable margin (1) (4) | | March 2025 (6) | | 837,260 | | | 854,246 | | Fixed-rate: | | | | | | | | 5.9% Bonds, due 2033 | 5.9% (5) | | March 2033 | | 500,000 | | | 500,000 | | 6.35% Bonds, due 2028 | 6.35% | | August 2028 | | 600,000 | | | 600,000 | | | | | | | | | | Less: Current Portion (6) | | | | | (837,260) | | | (51,773) | | Less: Deferred Financing Fees | | | | | (13,252) | | | (13,172) | | Total Long-term debt, net | | | | | $ | 2,164,843 | | | $ | 2,813,471 | |
(1)During the year ended September 29, 2023, the aggregate principal amounts denominated in U.S. dollars under the Revolving Credit Facility, the 2021 Term Loan Facility and the 2020 Term Loan Facility (each as defined below) transitioned from underlying LIBOR benchmarked rates to the Term Secured Overnight Financing Rate ("SOFR"). During fiscal 2022, the aggregate principal amounts denominated in British pounds under the Revolving Credit Facility, 2021 Term Loan Facility and 2020 Term Loan Facility transitioned from underlying LIBOR benchmarked rates to Sterling Overnight Index Average ("SONIA") rates. (2)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Revolving Credit Facility (defined below)), U.S. dollar denominated borrowings under the Revolving Credit Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR rates, or LIBOR rate for the prior fiscal year end, including applicable margins at March 29, 2024 and September 29, 2023 were approximately 6.68% and 8.75%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%. There were no amounts drawn in British pounds as of March 29, 2024. (3)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Amended and Restated Term Loan Agreement (defined below)), U.S. dollar denominated borrowings under the 2021 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at March 29, 2024 and September 29, 2023 was approximately 6.67% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at March 29, 2024 and September 29, 2023, respectively. (4)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the 2020 Term Loan Agreement), U.S. dollar denominated borrowings under the 2020 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at March 29, 2024 and September 29, 2023 were approximately 6.68% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at March 29, 2024 and September 29, 2023, respectively. (5)From and including September 1, 2028 (the “First Step Up Date”), the interest rate payable on the 5.90% Bonds (as defined below) will be increased by an additional 12.5 basis points to 6.025% per annum (the “First Step Up Interest Rate”) unless the Company notifies the Trustee (as defined below) on or before the date that is 15 days prior to the First Step Up Date that the Percentage of Gender Diversity Performance Target (as defined in the First Supplemental Indenture (as defined below)) has been satisfied and receives a related assurance letter verifying such compliance. From and including September 1, 2030 (the “Second Step Up Date”), the interest rate payable on the 5.90% Bonds will be increased by 12.5 basis points to (x) 6.150% per annum if the First Step Up Interest Rate was in effect immediately prior to the Second Step Up Date or (y) 6.025% per annum if the initial interest rate was in effect immediately prior to the Second Step Up Date, unless the Company notifies the Trustee on or before the date that is 15 days prior to the Second Step Up Date that the GHG Emissions Performance Target (as defined in the First Supplemental Indenture) has been satisfied and receives a related assurance letter verifying such compliance. (6)Balance as of March 29, 2024 is associated with the March 25, 2025 scheduled maturity of the 2020 Term Loan Facility, which was reclassified from long-term debt in March 2024. Previously reported balance as of September 29, 2023 was comprised of the 2020 Term Loan quarterly principal repayments of 1.25%, or $9.1 million and £3.1 million, of the aggregate initial principal amount borrowed, totaling $51.8 million in U.S. dollars for the subsequent twelve months.
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v3.24.1.u1
Leases (Tables)
|
6 Months Ended |
Mar. 29, 2024 |
Leases [Abstract] |
|
Schedule of Lease Cost |
The components of lease expense (reflected in selling, general and administrative expenses) for the three and six months ended March 29, 2024 and March 31, 2023 were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Lease expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating lease expense | | $ | 33,992 | | | $ | 35,539 | | | $ | 68,192 | | | $ | 70,821 | | Variable lease expense | | 9,799 | | | 9,416 | | | 19,136 | | | 18,762 | | Sublease income | | (4,757) | | | (4,414) | | | (9,468) | | | (8,820) | | Total lease expense | | $ | 39,034 | | | $ | 40,541 | | | $ | 77,860 | | | $ | 80,763 | |
Supplemental information related to the Company's leases for the six months ended March 29, 2024 and March 31, 2023 was as follows (in thousands): | | | | | | | | | | | | | | | | | Six Months Ended | | | March 29, 2024 | | March 31, 2023 | Cash paid for amounts included in the measurements of lease liabilities | | $ | 91,565 | | $ | 92,142 | | | | | | | | | | | | | | | | Right-of-use assets obtained in exchange for new operating lease liabilities | | $ | 23,742 | | $ | 42,150 | | | | | | Weighted average remaining lease term - operating leases | | 5.7 years | | 6.1 years | | | | | | Weighted average discount rate - operating leases | | 3.4% | | 3.0% | | | | | |
|
Schedule of Operating Lease Maturity |
Total remaining lease payments under the Company's leases for the remainder of fiscal 2024 and for the succeeding years is as follows (in thousands): | | | | | | | | | Fiscal Year | | Operating Leases | 2024 | | $ | 89,020 | | 2025 | | 149,091 | | 2026 | | 125,476 | | 2027 | | 102,627 | | 2028 | | 84,734 | | Thereafter | | 166,659 | | | | 717,607 | | Less Interest | | (66,212) | | | | $ | 651,395 | |
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v3.24.1.u1
Pension and Other Postretirement Benefit Plans (Tables)
|
6 Months Ended |
Mar. 29, 2024 |
Retirement Benefits [Abstract] |
|
Schedule of Pension Plans' Net Benefit Obligation |
The following table presents the components of net periodic pension benefit expense recognized in earnings during the three and six months ended March 29, 2024 and March 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Component: | | | | | | | | Service cost | $ | 2,261 | | | $ | 1,748 | | | $ | 4,522 | | | $ | 3,496 | | Interest cost | 21,560 | | | 20,233 | | | 43,120 | | | 40,466 | | Expected return on plan assets | (23,726) | | | (21,091) | | | (47,452) | | | (42,182) | | Amortization of previously unrecognized items | 1,949 | | | 1,304 | | | 3,898 | | | 2,608 | | | | | | | | | | Total net periodic pension benefit expense recognized | $ | 2,044 | | | $ | 2,194 | | | $ | 4,088 | | | $ | 4,388 | |
|
Schedule of Certain Information Regarding Cash Contributions |
The following table presents certain information regarding the Company’s cash contributions to our pension plans for fiscal 2024 (in thousands): | | | | | | Cash contributions made during the first six months of fiscal 2024 | $ | 10,076 | | Cash contributions projected for the remainder of fiscal 2024 | 9,205 | | Total | $ | 19,281 | |
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v3.24.1.u1
PA Consulting Redeemable Noncontrolling Interests (Tables)
|
6 Months Ended |
Mar. 29, 2024 |
PA Consulting Group Limited |
|
Business Acquisition [Line Items] |
|
Schedule of Redeemable Noncontrolling Interest |
Changes in the redeemable noncontrolling interests during the six months ended March 29, 2024 are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at September 29, 2023 | $ | 632,979 | | | | | | | | Accrued Preferred Dividend to Preference Shareholders | 39,710 | | | | | | | | Attribution of Preferred Dividend to Common Shareholders | (39,710) | | | | | | | | | | | | | | | | Net earnings attributable to redeemable noncontrolling interests to Common Shareholders | 6,700 | | | | | | | | Redeemable Noncontrolling interests redemption value adjustment | 96,562 | | | | | | | | Repurchase of redeemable noncontrolling interests | (26,258) | | | | | | | | | | | | | | | | Cumulative translation adjustment and other | 15,847 | | | | | | | | Balance at March 29, 2024 | $ | 725,830 | | | | | | | |
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v3.24.1.u1
Restructuring and Other Charges (Tables)
|
6 Months Ended |
Mar. 29, 2024 |
Restructuring and Related Activities [Abstract] |
|
Schedule of Restructuring and Other Charges Impacts on Reportable Segment Income by Line of Business |
The following table summarizes the impacts of the Restructuring and other charges by reportable segment in connection with the Separation Transaction, PA Consulting investment, DVS segment reorganization, StreetLight and BlackLynx acquisitions, the Company’s transformation initiatives relating to real estate and other staffing programs, the ECR sale, and CH2M acquisition for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Critical Mission Solutions | $ | 4,738 | | | $ | 1,052 | | | $ | 6,901 | | | $ | 3,264 | | People & Places Solutions | 5,655 | | | 5,869 | | | 13,784 | | | 33,186 | | Divergent Solutions | 827 | | | 3,630 | | | 1,727 | | | 5,212 | | PA Consulting | 2,984 | | | — | | | 4,159 | | | — | | Corporate | 27,724 | | | 2,289 | | | 56,726 | | | 5,622 | | Total | $ | 41,928 | | | $ | 12,840 | | | $ | 83,297 | | | $ | 47,284 | | Amounts included in: | | | | | | | | Operating profit (mainly SG&A) (1) | $ | 41,928 | | | $ | 12,873 | | | $ | 83,297 | | | $ | 47,945 | | Other Income, net | — | | | (33) | | | — | | | (661) | | | $ | 41,928 | | | $ | 12,840 | | | $ | 83,297 | | | $ | 47,284 | |
(1)The three and six months ended March 29, 2024 included approximately $38.9 million and $79.1 million, respectively, in restructuring and other charges mainly relating to the Separation Transaction (primarily professional services and employee separation costs). The three and six months ended March 31, 2023, included approximately $11.0 million and $38.7 million, respectively, in charges associated mainly with real estate impairments and related charges, the majority of which related to People and Places Solutions.
|
Schedule of Restructuring and Other Activities |
The activity in the Company’s accruals for Restructuring and other charges for the six months ended March 29, 2024 is as follows (in thousands): | | | | | | Balance at September 29, 2023 | $ | 37,318 | | Net Charges (Credits) (1) | 83,248 | | Payments and other | (75,112) | | Balance at March 29, 2024 | $ | 45,454 | |
(1) Excludes other net charges associated mainly with the real estate related impairments during the six months ended March 29, 2024.
|
Schedule of Restructuring and Other Activities by Major Type of Costs |
The following table summarizes the Restructuring and other charges by major type of costs for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Lease Abandonments and Impairments | $ | — | | | $ | 10,443 | | | $ | 49 | | | $ | 37,273 | | Terminations | 11,823 | | | 1,939 | | | 23,551 | | | 8,509 | | Outside Services (1) | 22,083 | | | 802 | | | 47,066 | | | 1,478 | | Other (2) | 8,022 | | | (344) | | | 12,631 | | | 24 | | Total | $ | 41,928 | | | $ | 12,840 | | | $ | 83,297 | | | $ | 47,284 | |
(1) Amounts in the three and six months ended March 29, 2024 are comprised of outside services relating to the Separation Transaction. (2) Amounts in the three and six months ended March 29, 2024 are comprised of charges relating to the Separation Transaction.
|
Schedule of Cumulative Amounts Incurred for Restructuring and Other Activities Costs |
Cumulative amounts incurred to date under our various Restructuring and other activities described above by each major type of cost as of March 29, 2024 are as follows (in thousands): | | | | | | Lease Abandonments and Impairments | $ | 432,773 | | Terminations | 191,867 | | Outside Services | 392,756 | | Other | 208,565 | | Total | $ | 1,225,961 | |
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v3.24.1.u1
Segment Information (Tables)
|
6 Months Ended |
Mar. 29, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Total Revenues, Segment Operating Profit and Total Asset for Reporting Segment |
The following tables present total revenues and segment operating profit from continuing operations for each reportable segment (in thousands) and includes a reconciliation of segment operating profit to total U.S. GAAP operating profit by including certain corporate-level expenses, Restructuring and other charges (as defined in Note 16- Restructuring and Other Charges) and transaction and integration costs (in thousands). | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Revenues from External Customers: | | | | | | | | Critical Mission Solutions | $ | 1,229,226 | | | $ | 1,191,056 | | | $ | 2,357,829 | | | $ | 2,266,231 | | People & Places Solutions | 2,521,860 | | | 2,345,065 | | | 4,992,301 | | | 4,572,050 | | Divergent Solutions | 224,040 | | | 241,224 | | | 478,220 | | | 455,690 | | PA Consulting | 293,967 | | | 300,987 | | | 599,968 | | | 583,030 | | Total | $ | 4,269,093 | | | $ | 4,078,332 | | | $ | 8,428,318 | | | $ | 7,877,001 | |
| | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended | | For the Six Months Ended | | March 29, 2024 | | March 31, 2023 | | March 29, 2024 | | March 31, 2023 | Segment Operating Profit: | | | | | | | | Critical Mission Solutions | $ | 103,649 | | | $ | 93,943 | | | $ | 197,056 | | | $ | 176,163 | | People & Places Solutions | 267,765 | | | 232,205 | | | 492,763 | | | 458,825 | | Divergent Solutions (1) | 18,973 | | | 24,861 | | | 26,556 | | | 36,828 | | PA Consulting | 60,169 | | | 65,631 | | | 114,624 | | | 116,658 | | Total Segment Operating Profit | 450,556 | | | 416,640 | | | 830,999 | | | 788,474 | | Other Corporate Expenses (2) | (117,313) | | | (107,623) | | | (238,373) | | | (201,309) | | Restructuring, Transaction and Other Charges (3) | (52,255) | | | (19,154) | | | (107,574) | | | (59,497) | | | | | | | | | | Total U.S. GAAP Operating Profit | 280,988 | | | 289,863 | | | 485,052 | | | 527,668 | | Total Other Expense, net | (39,403) | | | (37,550) | | | (77,716) | | | (77,873) | | Earnings from Continuing Operations Before Taxes | $ | 241,585 | | | $ | 252,313 | | | $ | 407,336 | | | $ | 449,795 | |
| | | | | | (1) | For the six months ended March 29, 2024, operating profit included an approximate $15 million pre-tax non-cash charge associated with an inventory write down during the fiscal 2024 period comprised of cumulative adjustments of immaterial inventory misstatements previously reported which would not have been material to any prior period financial statements nor to any amounts reported in the current period. | (2) | Other corporate expenses included intangibles amortization of $52.6 million and $50.5 million for the three months ended March 29, 2024 and March 31, 2023, respectively, and $103.8 million and $100.2 million, for the six months ended March 29, 2024 and March 31, 2023, respectively, along with approximately $11.0 million intangibles impairment charge in the six month period ended, March 29, 2024 . Additionally, the comparison of the six month period of fiscal 2024 to the corresponding 2023 period was unfavorably impacted by the one-time net favorable impact of $41 million relating mainly to changes in employee benefits programs in the prior year, partly offset by year over year favorable department spending as well as favorable impacts of corporate functional overhead cost recovery by our lines of business. | (3) | The three months and six months ended March 29, 2024 included $38.9 million and $79.1 million, respectively, in restructuring and other charges and $8.4 million and $19.4 million, respectively, of transaction charges, mainly relating to the Separation Transaction (primarily professional services and employee separation costs). Included in the three months and six months ended March 31, 2023 were $10.1 million and $37.2 million, respectively, mainly in real estate impairment charges related to the Company's transformation initiatives. | | | | |
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v3.24.1.u1
Revenue Accounting for Contracts - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
$ 4,269,093
|
$ 4,078,332
|
$ 8,428,318
|
$ 7,877,001
|
United States |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
2,878,888
|
2,694,735
|
5,676,979
|
5,231,013
|
Europe |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
957,651
|
931,093
|
1,882,798
|
1,785,666
|
Canada |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
61,654
|
61,887
|
125,030
|
123,716
|
Asia |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
34,673
|
35,641
|
65,613
|
70,463
|
India |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
37,274
|
46,829
|
73,017
|
87,173
|
Australia and New Zealand |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
164,351
|
170,069
|
338,135
|
331,109
|
Middle East and Africa |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenues |
$ 134,602
|
$ 138,078
|
$ 266,746
|
$ 247,861
|
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Revenue Accounting for Contracts - Remaining Performance Obligation (Details) $ in Billions |
Mar. 29, 2024
USD ($)
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligation, amounts |
$ 17.5
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-30 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
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Remaining performance obligation, percentage |
56.00%
|
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12 months
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-30 |
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44.00%
|
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|
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v3.24.1.u1
Earnings Per Share and Certain Related Information - Schedule of EPS to Denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Numerator for Basic and Diluted EPS: |
|
|
|
|
Net earnings attributable to Jacobs from continuing operations |
$ 162,880
|
$ 216,587
|
$ 335,064
|
$ 352,943
|
Preferred Redeemable Noncontrolling interests redemption value adjustment (See Note 15- PA Consulting Redeemable Noncontrolling Interests) |
0
|
0
|
1,766
|
0
|
Net earnings from continuing operations allocated to common stock for EPS calculation |
162,880
|
216,587
|
336,830
|
352,943
|
Net loss from discontinued operations allocated to common stock for EPS calculation |
(768)
|
(75)
|
(1,342)
|
(783)
|
Net earnings allocated to common stock for EPS calculation |
$ 162,112
|
$ 216,512
|
$ 335,488
|
$ 352,160
|
Denominator for Basic and Diluted EPS: |
|
|
|
|
Shares used for calculating basic EPS attributable to common stock (in shares) |
125,712
|
126,886
|
125,909
|
126,855
|
Effect of dilutive securities: |
|
|
|
|
Stock compensation plans (in shares) |
499
|
473
|
603
|
573
|
Shares used for calculating diluted EPS attributable to common stock (in shares) |
126,211
|
127,359
|
126,512
|
127,428
|
Basic Earnings Per Share |
|
|
|
|
Basic Net Earnings from Continuing Operations Per Share (in dollars per share) |
$ 1.30
|
$ 1.71
|
$ 2.68
|
$ 2.78
|
Basic Net Loss from Discontinued Operations Per Share (in dollars per share) |
(0.01)
|
0
|
(0.01)
|
(0.01)
|
Basic Earnings Per Share (in dollars per share) |
1.29
|
1.71
|
2.66
|
2.78
|
Diluted Earnings Per Share |
|
|
|
|
Diluted Net Earnings from Continuing Operations Per Share (in dollars per share) |
1.29
|
1.70
|
2.66
|
2.77
|
Diluted Net Loss from Discontinued Operations Per Share (in dollars per share) |
(0.01)
|
0
|
(0.01)
|
(0.01)
|
Diluted Earnings Per Share (in dollars per share) |
$ 1.28
|
$ 1.70
|
$ 2.65
|
$ 2.76
|
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v3.24.1.u1
Earnings Per Share and Certain Related Information - Narrative (Details) - USD ($)
|
May 02, 2024 |
Jan. 25, 2024 |
Sep. 28, 2023 |
Jul. 06, 2023 |
Apr. 27, 2023 |
Jan. 25, 2023 |
Sep. 15, 2022 |
Mar. 29, 2024 |
Jan. 16, 2020 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Dividend declared (in dollars per share) |
|
$ 0.29
|
$ 0.26
|
$ 0.26
|
$ 0.26
|
$ 0.26
|
$ 0.23
|
|
|
Subsequent Event |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Dividend declared (in dollars per share) |
$ 0.29
|
|
|
|
|
|
|
|
|
2020 Stock Repurchase Program |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Amount authorized to be repurchased |
|
|
|
|
|
|
|
|
$ 1,000,000,000
|
2023 Stock Repurchase Program |
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Amount authorized to be repurchased |
|
|
|
|
|
$ 1,000,000,000
|
|
$ 1,000,000,000
|
|
Remaining authorized repurchase amount |
|
|
|
|
|
|
|
$ 679,400,000
|
|
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v3.24.1.u1
Earnings Per Share and Certain Related Information - Schedule of Share Repurchases (Details) - 2023 Stock Repurchase Program - USD ($)
|
3 Months Ended |
|
Mar. 29, 2024 |
Jan. 25, 2023 |
Class of Stock [Line Items] |
|
|
Amount authorized to be repurchased |
$ 1,000,000,000
|
$ 1,000,000,000
|
Average Price Per Share (in dollars per share) |
$ 136.86
|
|
Total Shares Retired (in shares) |
1,428,180
|
|
Shares Repurchased (in shares) |
1,428,180
|
|
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v3.24.1.u1
Earnings Per Share and Certain Related Information - Schedule of Dividends (Details) - $ / shares
|
Mar. 22, 2024 |
Jan. 25, 2024 |
Nov. 09, 2023 |
Sep. 28, 2023 |
Aug. 25, 2023 |
Jul. 06, 2023 |
Jun. 23, 2023 |
Apr. 27, 2023 |
Mar. 24, 2023 |
Jan. 25, 2023 |
Oct. 28, 2022 |
Sep. 15, 2022 |
Earnings Per Share Reconciliation [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
|
Dividend declared (in dollars per share) |
|
$ 0.29
|
|
$ 0.26
|
|
$ 0.26
|
|
$ 0.26
|
|
$ 0.26
|
|
$ 0.23
|
Dividends paid (in dollars per share) |
$ 0.29
|
|
$ 0.26
|
|
$ 0.26
|
|
$ 0.26
|
|
$ 0.26
|
|
$ 0.23
|
|
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v3.24.1.u1
Goodwill and Intangibles - Schedule of Carrying Value of Goodwill by Reportable Segment Appearing in Accompanying Consolidated Balance Sheets (Details) $ in Thousands |
6 Months Ended |
Mar. 29, 2024
USD ($)
|
Goodwill [Roll Forward] |
|
Balance at the beginning of the period |
$ 7,343,526
|
Foreign currency translation and other |
60,896
|
Balance at the end of the period |
7,404,422
|
Critical Mission Solutions |
|
Goodwill [Roll Forward] |
|
Balance at the beginning of the period |
2,244,985
|
Foreign currency translation and other |
4,392
|
Balance at the end of the period |
2,249,377
|
People & Places Solutions |
|
Goodwill [Roll Forward] |
|
Balance at the beginning of the period |
3,208,193
|
Foreign currency translation and other |
5,917
|
Balance at the end of the period |
3,214,110
|
Divergent Solutions |
|
Goodwill [Roll Forward] |
|
Balance at the beginning of the period |
595,712
|
Foreign currency translation and other |
1,166
|
Balance at the end of the period |
596,878
|
PA Consulting |
|
Goodwill [Roll Forward] |
|
Balance at the beginning of the period |
1,294,636
|
Foreign currency translation and other |
49,421
|
Balance at the end of the period |
$ 1,344,057
|
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Goodwill and Intangibles - Schedule of Acquired Intangibles in Accompanying Consolidated Balance Sheets (Details) $ in Thousands |
6 Months Ended |
Mar. 29, 2024
USD ($)
|
Finite-lived Intangible Assets [Roll Forward] |
|
Beginning balance |
$ 1,271,943
|
Amortization |
(103,763)
|
Acquired |
14,000
|
Foreign currency translation and other |
27,060
|
Ending balance |
1,209,240
|
Customer Relationships, Contracts and Backlog |
|
Finite-lived Intangible Assets [Roll Forward] |
|
Beginning balance |
1,022,401
|
Amortization |
(89,669)
|
Acquired |
0
|
Foreign currency translation and other |
20,544
|
Ending balance |
953,276
|
Developed Technology |
|
Finite-lived Intangible Assets [Roll Forward] |
|
Beginning balance |
74,791
|
Amortization |
(7,946)
|
Acquired |
0
|
Foreign currency translation and other |
203
|
Ending balance |
67,048
|
Trade Names |
|
Finite-lived Intangible Assets [Roll Forward] |
|
Beginning balance |
174,751
|
Amortization |
(6,148)
|
Acquired |
14,000
|
Foreign currency translation and other |
6,313
|
Ending balance |
$ 188,916
|
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Goodwill and Intangibles - Schedule of Estimated Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 29, 2024 |
Sep. 29, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2024 |
$ 105,100
|
|
2025 |
209,800
|
|
2026 |
187,000
|
|
2027 |
154,600
|
|
2028 |
143,700
|
|
Thereafter |
409,000
|
|
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$ 1,209,240
|
$ 1,271,943
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Receivables and Contract Assets (Details) - USD ($) $ in Thousands |
Mar. 29, 2024 |
Sep. 29, 2023 |
Components of receivables and contract assets: |
|
|
Amounts billed, net |
$ 1,517,480
|
$ 1,457,333
|
Unbilled receivables and other |
1,577,510
|
1,442,486
|
Contract assets |
677,494
|
658,987
|
Total receivables and contract assets, net |
3,772,484
|
3,558,806
|
Related Party |
|
|
Other information about receivables: |
|
|
Amounts due from the United States federal government, included above, net of contract liabilities |
$ 799,371
|
$ 802,566
|
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Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
Beginning balance |
$ 6,600,082
|
$ 6,104,392
|
Other comprehensive (loss) income |
66,042
|
|
Reclassifications from accumulated other comprehensive income (loss) |
(19,331)
|
|
Ending balance |
6,678,462
|
6,428,024
|
Foreign currency translation adjustment |
(21,200)
|
(87,200)
|
Interest rate and cross currency swap gains to be reclassified during the next 12 months |
20,200
|
|
Total |
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
Beginning balance |
(857,954)
|
(975,130)
|
Ending balance |
(811,243)
|
$ (838,042)
|
Change in Net Pension Obligation |
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
Beginning balance |
(325,692)
|
|
Other comprehensive (loss) income |
(7,394)
|
|
Reclassifications from accumulated other comprehensive income (loss) |
0
|
|
Ending balance |
(333,086)
|
|
Foreign Currency Translation Adjustment |
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
Beginning balance |
(635,937)
|
|
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73,177
|
|
Reclassifications from accumulated other comprehensive income (loss) |
0
|
|
Ending balance |
(562,760)
|
|
Gain/(Loss) on Cash Flow Hedges |
|
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] |
|
|
Beginning balance |
103,675
|
|
Other comprehensive (loss) income |
259
|
|
Reclassifications from accumulated other comprehensive income (loss) |
(19,331)
|
|
Ending balance |
$ 84,603
|
|
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v3.24.1.u1
Joint Ventures, VIEs and Other Investments (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Sep. 29, 2023 |
Variable Interest Entity [Line Items] |
|
|
|
|
|
Consolidated assets |
$ 14,897,577
|
|
$ 14,897,577
|
|
$ 14,617,109
|
Income from equity method investments |
|
|
6,983
|
$ 2,931
|
|
Variable Interest Entity, Primary Beneficiary |
|
|
|
|
|
Variable Interest Entity [Line Items] |
|
|
|
|
|
Consolidated assets |
391,800
|
|
391,800
|
|
424,200
|
Consolidated liabilities |
244,300
|
|
244,300
|
|
279,800
|
VIE, not primary beneficiary |
|
|
|
|
|
Variable Interest Entity [Line Items] |
|
|
|
|
|
Consolidated assets |
128,900
|
|
128,900
|
|
132,000
|
Consolidated liabilities |
126,000
|
|
126,000
|
|
128,900
|
Equity method investments |
54,400
|
|
54,400
|
|
49,600
|
Income from equity method investments |
15,200
|
$ 7,500
|
25,500
|
$ 17,500
|
|
Accounts receivable from unconsolidated joint ventures accounted for under the equity method |
$ 14,400
|
|
$ 14,400
|
|
$ 16,100
|
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v3.24.1.u1
Borrowings - Schedule of Long-term Debt (Details) $ in Thousands |
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Aug. 18, 2023 |
Feb. 16, 2023 |
Dec. 29, 2023 |
Mar. 29, 2024
USD ($)
|
Sep. 29, 2023
USD ($)
|
Sep. 29, 2023
GBP (£)
|
Mar. 29, 2024
GBP (£)
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Long-term debt |
|
|
|
$ 2,164,843
|
$ 2,813,471
|
|
|
Less: Current Portion |
|
|
|
(837,260)
|
(51,773)
|
|
|
Less: Deferred Financing Fees |
|
|
|
(13,252)
|
(13,172)
|
|
|
2021 Term Loan Facility - USD Portion |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Long-term debt |
|
|
|
$ 120,000
|
120,000
|
|
|
2021 Term Loan Facility - USD Portion | Base Interest Rate | Minimum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
0.00%
|
|
|
|
2021 Term Loan Facility - USD Portion | Base Interest Rate | Maximum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
0.625%
|
|
|
|
2021 Term Loan Facility - GBP Portion |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Long-term debt |
|
|
|
$ 823,095
|
$ 794,170
|
|
|
2021 Term Loan Facility - GBP Portion | Sterling Overnight Interbank Average Rate (SONIA) |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Effective interest rate |
|
|
|
6.47%
|
6.47%
|
|
6.47%
|
2021 Term Loan Facility - GBP Portion | Sterling Overnight Interbank Average Rate (SONIA) | Minimum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
1.658%
|
0.908%
|
|
|
|
2020 Term Loan Facility |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Long-term debt |
|
|
|
$ 837,260
|
$ 854,246
|
|
|
Quarterly principal payment, percent of aggregate borrowings |
|
|
|
|
1.25%
|
|
|
Quarterly principal payment |
|
|
|
|
$ 9,100
|
£ 3,100,000
|
|
2020 Term Loan Facility | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Effective interest rate |
|
|
|
6.68%
|
|
|
6.68%
|
2020 Term Loan Facility | Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
0.975%
|
|
|
|
2020 Term Loan Facility | Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
1.725%
|
|
|
|
2020 Term Loan Facility | Base Interest Rate | Minimum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
0.00%
|
|
|
|
2020 Term Loan Facility | Base Interest Rate | Maximum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
0.625%
|
|
|
|
2020 Term Loan Facility | London Interbank Offered Rate (LIBOR) |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Effective interest rate |
|
|
|
|
6.68%
|
|
|
2020 Term Loan Facility | Sterling Overnight Interbank Average Rate (SONIA) |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Effective interest rate |
|
|
|
6.47%
|
6.47%
|
|
6.47%
|
2020 Term Loan Facility | Sterling Overnight Interbank Average Rate (SONIA) | Minimum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
1.658%
|
0.908%
|
|
|
|
5.90% Bonds | Senior Notes |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Long-term debt |
|
|
|
$ 500,000
|
$ 500,000
|
|
|
Interest rate |
|
5.90%
|
|
|
|
|
|
Interest rate, increase (decrease) over period |
|
0.35%
|
|
|
|
|
|
5.90% Bonds | Senior Notes | First Step Up Date |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Interest rate |
|
|
|
5.90%
|
|
|
5.90%
|
Debt instrument, basis spread on variable rate |
|
|
|
6.025%
|
|
|
|
Interest rate, increase (decrease) over period |
|
|
|
0.125%
|
|
|
|
Interest rate payable period |
|
|
|
15 days
|
|
|
|
5.90% Bonds | Senior Notes | Second Step Up Date |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Interest rate |
|
|
|
5.90%
|
|
|
5.90%
|
Debt instrument, basis spread on variable rate |
|
|
|
6.15%
|
|
|
|
Interest rate, increase (decrease) over period |
|
|
|
0.125%
|
|
|
|
Interest rate payable period |
|
|
|
15 days
|
|
|
|
6.35% Bonds | Senior Notes |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Long-term debt |
|
|
|
$ 600,000
|
$ 600,000
|
|
|
Interest rate |
6.35%
|
|
|
|
|
|
|
Interest rate, increase (decrease) over period |
0.30%
|
|
|
|
|
|
|
2021 Term Loan Facility - USD Portion | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Effective interest rate |
|
|
|
6.67%
|
|
|
6.67%
|
2021 Term Loan Facility - USD Portion | Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
0.975%
|
|
|
|
2021 Term Loan Facility - USD Portion | Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
1.725%
|
|
|
|
2021 Term Loan Facility - USD Portion | London Interbank Offered Rate (LIBOR) |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Effective interest rate |
|
|
|
|
6.68%
|
|
|
Revolving Credit Facility |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Long-term debt |
|
|
|
$ 135,000
|
$ 10,000
|
|
£ 0
|
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Effective interest rate |
|
|
|
6.68%
|
|
|
6.68%
|
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
0.975%
|
|
|
|
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
1.725%
|
|
|
|
Revolving Credit Facility | Base Interest Rate | Minimum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
0.00%
|
|
|
|
Revolving Credit Facility | Base Interest Rate | Maximum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
0.625%
|
|
|
|
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Effective interest rate |
|
|
|
|
8.75%
|
|
|
Revolving Credit Facility | Sterling Overnight Interbank Average Rate (SONIA) | Minimum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
0.908%
|
|
|
|
Revolving Credit Facility | Sterling Overnight Interbank Average Rate (SONIA) | Maximum |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, basis spread on variable rate |
|
|
|
1.658%
|
|
|
|
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v3.24.1.u1
Borrowings - Narrative (Details) $ in Thousands, £ in Millions |
|
|
|
|
6 Months Ended |
|
|
|
|
Aug. 18, 2023
USD ($)
|
Feb. 16, 2023
USD ($)
|
Feb. 06, 2023
USD ($)
|
Feb. 06, 2023
GBP (£)
|
Mar. 27, 2019 |
Mar. 29, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
Sep. 29, 2023
USD ($)
|
Feb. 13, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
derivative_agreement
|
Mar. 25, 2020
USD ($)
|
Mar. 25, 2020
GBP (£)
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term borrowings |
|
|
|
|
|
$ 1,716,577
|
$ 2,075,495
|
|
|
|
|
|
Line of Credit |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
|
|
|
|
289,700
|
|
$ 322,000
|
|
|
|
|
Treasury Lock |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of instruments held | derivative_agreement |
|
|
|
|
|
|
|
|
|
2
|
|
|
Derivative notional amount |
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
|
Fixed Rate Date | Treasury Lock |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
|
500,000
|
$ 500,000
|
|
|
|
2021 Term Loan Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from long-term borrowings |
|
|
$ 200,000
|
£ 650.0
|
|
|
|
|
|
|
|
|
Long-term line of credit |
|
|
|
|
|
|
|
$ 80,000
|
|
|
|
|
2020 Term Loan Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
|
|
|
|
|
|
|
|
|
$ 730,000
|
|
2020 Term Loan Facility | U.K. subsidiary |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount | £ |
|
|
|
|
|
|
|
|
|
|
|
£ 250.0
|
5.90% Bonds | Senior Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
5.90%
|
|
|
|
|
|
|
|
|
|
|
Interest rate, increase (decrease) over period |
|
0.35%
|
|
|
|
|
|
|
|
|
|
|
Redemption price percentage |
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
6.35% Bonds | Senior Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
$ 600,000
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
6.35%
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate, increase (decrease) over period |
0.30%
|
|
|
|
|
|
|
|
|
|
|
|
Redemption price percentage |
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Available borrowing capacity |
|
|
|
|
|
2,110,000
|
|
|
|
|
|
|
Revolving Credit Facility | Unsecured Revolving Credit Facility February 6, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Credit facility, maximum borrowing capacity |
|
|
$ 2,250,000
|
|
|
|
|
|
|
|
|
|
Revolving Credit Facility | Second Amendment to the Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Covenant, leverage ratio, maximum |
|
|
|
|
3.50
|
|
|
|
|
|
|
|
Covenant, leverage ratio, temporary maximum |
|
|
|
|
4.00
|
|
|
|
|
|
|
|
Revolving Credit Facility | Second Amendment to the Revolving Credit Facility | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit facility, unused capacity, commitment fee percentage |
|
|
|
|
0.10%
|
|
|
|
|
|
|
|
Revolving Credit Facility | Second Amendment to the Revolving Credit Facility | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Line of credit facility, unused capacity, commitment fee percentage |
|
|
|
|
0.25%
|
|
|
|
|
|
|
|
Revolving Credit Facility | 2021 Term Loan Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Covenant, leverage ratio, maximum |
|
|
3.50
|
|
|
|
|
|
|
|
|
|
Covenant, leverage ratio, temporary maximum |
|
|
4.00
|
|
|
|
|
|
|
|
|
|
Revolving Credit Facility | 2020 Term Loan Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Covenant, leverage ratio, maximum |
|
|
3.50
|
|
|
|
|
|
|
|
|
|
Covenant, leverage ratio, temporary maximum |
|
|
4.00
|
|
|
|
|
|
|
|
|
|
Letter of Credit |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Credit facility, maximum borrowing capacity |
|
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
Letter of Credit | Revolving Credit Facility |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term line of credit |
|
|
|
|
|
500
|
|
|
|
|
|
|
Letter of Credit | Committed and Uncommitted Letter-of-Credit Facilities |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term line of credit |
|
|
|
|
|
$ 289,200
|
|
|
|
|
|
|
Sub Facility Of Swing Line Loans |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Credit facility, maximum borrowing capacity |
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
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v3.24.1.u1
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Leases [Abstract] |
|
|
|
|
Operating lease expense |
$ 33,992
|
$ 35,539
|
$ 68,192
|
$ 70,821
|
Variable lease expense |
9,799
|
9,416
|
19,136
|
18,762
|
Sublease income |
(4,757)
|
(4,414)
|
(9,468)
|
(8,820)
|
Total lease expense |
$ 39,034
|
$ 40,541
|
$ 77,860
|
$ 80,763
|
X |
- DefinitionAmount of lease cost recognized by lessee for lease contract.
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v3.24.1.u1
Leases - Schedule of Operating Lease Maturity (Details) $ in Thousands |
Mar. 29, 2024
USD ($)
|
Leases [Abstract] |
|
2024 |
$ 89,020
|
2025 |
149,091
|
2026 |
125,476
|
2027 |
102,627
|
2028 |
84,734
|
Thereafter |
166,659
|
Remaining lease payments under operating leases |
717,607
|
Less Interest |
(66,212)
|
Operating lease liabilities |
$ 651,395
|
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v3.24.1.u1
Leases - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Lessee, Lease, Description [Line Items] |
|
|
|
Recognized impairment charges |
$ 10,100
|
|
$ 37,200
|
Impairment of long-lived assets |
|
$ 0
|
37,217
|
Right-of-Use Lease Asset |
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
Impairment of long-lived assets |
|
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32,400
|
Other Long-Lived Assets |
|
|
|
Lessee, Lease, Description [Line Items] |
|
|
|
Impairment of long-lived assets |
|
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$ 4,800
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Pension and Other Postretirement Benefit Plans - Schedule of Pension Plans' Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Component: |
|
|
|
|
Service cost |
$ 2,261
|
$ 1,748
|
$ 4,522
|
$ 3,496
|
Interest cost |
21,560
|
20,233
|
43,120
|
40,466
|
Expected return on plan assets |
(23,726)
|
(21,091)
|
(47,452)
|
(42,182)
|
Amortization of previously unrecognized items |
1,949
|
1,304
|
3,898
|
2,608
|
Total net periodic pension benefit expense recognized |
$ 2,044
|
$ 2,194
|
$ 4,088
|
$ 4,388
|
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PA Consulting Redeemable Noncontrolling Interests - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Sep. 29, 2023 |
Mar. 02, 2021 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
Repurchase of redeemable noncontrolling interests |
|
|
$ 24,360
|
$ 58,353
|
|
|
Preferred redeemable noncontrolling interests redemption value adjustment |
$ 0
|
$ 0
|
$ 1,766
|
0
|
|
|
Preference share effect on basic earnings per share (in dollars per share) |
|
|
$ 0.01
|
|
|
|
PA Consulting Employees |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Ownership interest of employees |
70.00%
|
|
70.00%
|
|
69.00%
|
|
PA Consulting Group Limited |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Percentage of outstanding shares of common and preferred stock acquired |
|
|
|
|
|
65.00%
|
Allocated share-based compensation expense |
|
|
$ 6,800
|
$ 1,100
|
|
|
Cash in employee benefit trust |
$ 1,000
|
|
$ 1,000
|
|
$ 2,800
|
|
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v3.24.1.u1
PA Consulting Redeemable Noncontrolling Interests - Schedule of Change in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] |
|
|
|
|
Redeemable noncontrolling interest, beginning balance |
|
|
$ 53,862
|
|
Attribution of Preferred Dividend to Common Shareholders |
$ (9,568)
|
$ (8,910)
|
(14,081)
|
$ (10,783)
|
Redeemable noncontrolling interest, ending balance |
54,348
|
|
54,348
|
|
PA Consulting Employees |
|
|
|
|
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] |
|
|
|
|
Redeemable noncontrolling interest, beginning balance |
|
|
632,979
|
|
Accrued Preferred Dividend to Preference Shareholders |
|
|
39,710
|
|
Attribution of Preferred Dividend to Common Shareholders |
|
|
(39,710)
|
|
Net earnings attributable to redeemable noncontrolling interests to Common Shareholders |
|
|
6,700
|
|
Redeemable Noncontrolling interests redemption value adjustment |
|
|
96,562
|
|
Repurchase of redeemable noncontrolling interests |
|
|
(26,258)
|
|
Cumulative translation adjustment and other |
|
|
15,847
|
|
Redeemable noncontrolling interest, ending balance |
$ 725,830
|
|
$ 725,830
|
|
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v3.24.1.u1
Restructuring and Other Charges - Schedule of Restructuring and Other Charges Impacts on Reportable Segment Income by Line of Business (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring and other charges |
|
|
$ 83,248
|
|
CH2M HILL Companies, Ltd. |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring and other charges |
$ 41,928
|
$ 12,840
|
83,297
|
$ 47,284
|
CH2M HILL Companies, Ltd. | Operating profit (mainly SG&A) |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring and other charges |
41,928
|
12,873
|
83,297
|
47,945
|
Real estate impairment and other moving cost |
|
11,000
|
|
38,700
|
CH2M HILL Companies, Ltd. | Operating profit (mainly SG&A) | Professional Services and Employee Seperation |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring and other charges |
38,900
|
|
79,100
|
|
CH2M HILL Companies, Ltd. | Other Income, net |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring and other charges |
0
|
(33)
|
0
|
(661)
|
CH2M HILL Companies, Ltd. | Corporate |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring and other charges |
27,724
|
2,289
|
56,726
|
5,622
|
CH2M HILL Companies, Ltd. | Critical Mission Solutions | Operating Segments |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring and other charges |
4,738
|
1,052
|
6,901
|
3,264
|
CH2M HILL Companies, Ltd. | People & Places Solutions | Operating Segments |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring and other charges |
5,655
|
5,869
|
13,784
|
33,186
|
CH2M HILL Companies, Ltd. | Divergent Solutions | Operating Segments |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring and other charges |
827
|
3,630
|
1,727
|
5,212
|
CH2M HILL Companies, Ltd. | PA Consulting | Operating Segments |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring and other charges |
$ 2,984
|
$ 0
|
$ 4,159
|
$ 0
|
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v3.24.1.u1
Restructuring and Other Charges - Schedule of Restructuring and Other Activities by Major Type of Costs (Details) - CH2M Hill, KeyM, John Wood Group Acquisitions and ECR Sale - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring costs |
$ 41,928
|
$ 12,840
|
$ 83,297
|
$ 47,284
|
Lease Abandonments and Impairments |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring costs |
0
|
10,443
|
49
|
37,273
|
Terminations |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring costs |
11,823
|
1,939
|
23,551
|
8,509
|
Outside Services |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring costs |
22,083
|
802
|
47,066
|
1,478
|
Other |
|
|
|
|
Restructuring Cost and Reserve [Line Items] |
|
|
|
|
Restructuring costs |
$ 8,022
|
$ (344)
|
$ 12,631
|
$ 24
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v3.24.1.u1
Commitments and Contingencies and Derivative Financial Instruments (Details) $ in Millions, $ in Millions |
|
|
6 Months Ended |
12 Months Ended |
|
|
|
Feb. 13, 2023
USD ($)
|
Apr. 12, 2022
USD ($)
|
Apr. 12, 2022
AUD ($)
|
Mar. 29, 2024
USD ($)
|
Sep. 29, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
derivative_agreement
|
Oct. 02, 2020
USD ($)
|
Sep. 28, 2012
MW
|
Dec. 22, 2008
case
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Recorded third-party environmental recoveries receivable |
|
|
|
|
|
$ 27.0
|
|
|
|
JKC Australia LNG Pty Limited |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Settlement payment |
|
$ 475.0
|
|
|
|
|
|
|
|
General Electric and GE Electrical International Inc |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Plant capacity (in MW's) | MW |
|
|
|
|
|
|
|
360
|
|
Settlement payment |
|
|
$ 640
|
|
|
|
|
|
|
Litigation expenses included in segment profit |
|
|
|
|
|
$ 91.3
|
|
|
|
Kingston Power Plant of the TVA, Secondary Case No. 3:13CV-505-TAV-HBG |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Number of pending claims | case |
|
|
|
|
|
|
|
|
10
|
UGL Infrastructure Pty Limited | Consortium Agreement |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Percentage of ownership interest in joint venture |
|
|
|
|
|
|
|
50.00%
|
|
Surety Bond |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Aggregate principal balance of short-term debt |
|
|
|
$ 2,200.0
|
$ 2,000.0
|
|
|
|
|
LOCs |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Aggregate principal balance of short-term debt |
|
|
|
289.7
|
322.0
|
|
|
|
|
Treasury Lock |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Number of instruments held | derivative_agreement |
|
|
|
|
|
2
|
|
|
|
Derivative notional amount |
|
|
|
|
|
$ 500.0
|
|
|
|
Gain on derivatives, before taxes |
$ 37.4
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on derivatives |
|
|
|
25.1
|
26.5
|
|
|
|
|
Treasury Lock | Fixed Rate Date |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative fixed interest rate |
5.90%
|
|
|
|
|
|
|
|
|
Aggregate principal amount |
$ 500.0
|
|
|
|
500.0
|
|
|
|
|
Interest Rate Swap |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative notional amount |
|
|
|
745.9
|
|
|
|
|
|
Unrealized gain (loss) on derivatives |
|
|
|
59.6
|
77.2
|
|
|
|
|
Derivative assets (liabilities), at fair value |
|
|
|
79.1
|
102.6
|
|
|
|
|
Interest Rate Swap | Other Current Assets |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative assets (liabilities), at fair value |
|
|
|
12.9
|
|
|
|
|
|
Interest Rate Swap | Total Other Non-current Assets |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative assets (liabilities), at fair value |
|
|
|
$ 66.2
|
|
|
|
|
|
Interest Rate Swap | Minimum |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Term of derivative contract |
|
|
|
5 years
|
|
|
|
|
|
Interest Rate Swap | Maximum |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Term of derivative contract |
|
|
|
10 years
|
|
|
|
|
|
Cross Currency Interest Rate Contract |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative notional amount |
|
|
|
|
|
|
$ 127.8
|
|
|
Cross Currency Interest Rate Contract | Minimum |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Term of derivative contract |
|
|
|
3 years 6 months
|
|
|
|
|
|
Foreign Exchange Forward |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative notional amount |
|
|
|
$ 946.1
|
857.7
|
|
|
|
|
Derivative assets (liabilities), at fair value |
|
|
|
(4.3)
|
9.5
|
|
|
|
|
Foreign Exchange Forward | Current Liabilities |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative assets (liabilities), at fair value |
|
|
|
(4.9)
|
(6.6)
|
|
|
|
|
Foreign Exchange Forward | Current Assets |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Derivative assets (liabilities), at fair value |
|
|
|
$ 0.6
|
$ 16.1
|
|
|
|
|
Foreign Exchange Forward | Minimum |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Term of derivative contract |
|
|
|
7 days
|
|
|
|
|
|
Foreign Exchange Forward | Maximum |
|
|
|
|
|
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
|
|
Term of derivative contract |
|
|
|
10 months
|
|
|
|
|
|
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v3.24.1.u1
Segment Information - Schedule of Total Revenues, Segment Operating Profit and Total Asset for Reporting Segment (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Revenues from External Customers: |
|
|
|
|
Revenues |
$ 4,269,093
|
$ 4,078,332
|
$ 8,428,318
|
$ 7,877,001
|
Segment Operating Profit: |
|
|
|
|
Total Segment Operating Profit |
280,988
|
289,863
|
485,052
|
527,668
|
Restructuring, Transaction and Other Charges |
(52,255)
|
(19,154)
|
(107,574)
|
(59,497)
|
Total U.S. GAAP Operating Profit |
280,988
|
289,863
|
485,052
|
527,668
|
Total Other Expense, net |
(39,403)
|
(37,550)
|
(77,716)
|
(77,873)
|
Earnings from Continuing Operations Before Taxes |
241,585
|
252,313
|
407,336
|
449,795
|
Inventory |
|
|
15,000
|
|
Amortization of intangible assets |
|
|
103,763
|
|
Asset impairment charges |
|
|
11,000
|
|
One-time benefit program changes |
|
41,000
|
|
|
Restructuring charges |
|
|
83,248
|
|
Real estate related impairments and other transformation |
|
10,100
|
|
37,200
|
Professional Services and Employee Seperation |
|
|
|
|
Segment Operating Profit: |
|
|
|
|
Restructuring, Transaction and Other Charges |
(8,400)
|
|
(19,400)
|
|
CH2M HILL Companies, Ltd. |
|
|
|
|
Segment Operating Profit: |
|
|
|
|
Restructuring charges |
41,928
|
12,840
|
83,297
|
47,284
|
Operating profit (mainly SG&A) | CH2M HILL Companies, Ltd. |
|
|
|
|
Segment Operating Profit: |
|
|
|
|
Restructuring charges |
41,928
|
12,873
|
83,297
|
47,945
|
Operating profit (mainly SG&A) | CH2M HILL Companies, Ltd. | Professional Services and Employee Seperation |
|
|
|
|
Segment Operating Profit: |
|
|
|
|
Restructuring charges |
38,900
|
|
79,100
|
|
Operating Segments |
|
|
|
|
Segment Operating Profit: |
|
|
|
|
Total Segment Operating Profit |
450,556
|
416,640
|
830,999
|
788,474
|
Total U.S. GAAP Operating Profit |
450,556
|
416,640
|
830,999
|
788,474
|
Corporate |
|
|
|
|
Segment Operating Profit: |
|
|
|
|
Other Corporate Expenses |
(117,313)
|
(107,623)
|
(238,373)
|
(201,309)
|
Corporate | CH2M HILL Companies, Ltd. |
|
|
|
|
Segment Operating Profit: |
|
|
|
|
Restructuring charges |
27,724
|
2,289
|
56,726
|
5,622
|
Corporate | Other Expense |
|
|
|
|
Segment Operating Profit: |
|
|
|
|
Amortization of intangible assets |
52,600
|
50,500
|
103,800
|
100,200
|
Critical Mission Solutions | Operating Segments |
|
|
|
|
Revenues from External Customers: |
|
|
|
|
Revenues |
1,229,226
|
1,191,056
|
2,357,829
|
2,266,231
|
Segment Operating Profit: |
|
|
|
|
Total Segment Operating Profit |
103,649
|
93,943
|
197,056
|
176,163
|
Total U.S. GAAP Operating Profit |
103,649
|
93,943
|
197,056
|
176,163
|
Critical Mission Solutions | Operating Segments | CH2M HILL Companies, Ltd. |
|
|
|
|
Segment Operating Profit: |
|
|
|
|
Restructuring charges |
4,738
|
1,052
|
6,901
|
3,264
|
People & Places Solutions | Operating Segments |
|
|
|
|
Revenues from External Customers: |
|
|
|
|
Revenues |
2,521,860
|
2,345,065
|
4,992,301
|
4,572,050
|
Segment Operating Profit: |
|
|
|
|
Total Segment Operating Profit |
267,765
|
232,205
|
492,763
|
458,825
|
Total U.S. GAAP Operating Profit |
267,765
|
232,205
|
492,763
|
458,825
|
Divergent Solutions | Operating Segments |
|
|
|
|
Revenues from External Customers: |
|
|
|
|
Revenues |
224,040
|
241,224
|
478,220
|
455,690
|
Segment Operating Profit: |
|
|
|
|
Total Segment Operating Profit |
18,973
|
24,861
|
26,556
|
36,828
|
Total U.S. GAAP Operating Profit |
18,973
|
24,861
|
26,556
|
36,828
|
Divergent Solutions | Operating Segments | CH2M HILL Companies, Ltd. |
|
|
|
|
Segment Operating Profit: |
|
|
|
|
Restructuring charges |
827
|
3,630
|
1,727
|
5,212
|
PA Consulting | Operating Segments |
|
|
|
|
Revenues from External Customers: |
|
|
|
|
Revenues |
293,967
|
300,987
|
599,968
|
583,030
|
Segment Operating Profit: |
|
|
|
|
Total Segment Operating Profit |
60,169
|
65,631
|
114,624
|
116,658
|
Total U.S. GAAP Operating Profit |
60,169
|
65,631
|
114,624
|
116,658
|
PA Consulting | Operating Segments | CH2M HILL Companies, Ltd. |
|
|
|
|
Segment Operating Profit: |
|
|
|
|
Restructuring charges |
$ 2,984
|
$ 0
|
$ 4,159
|
$ 0
|
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