Company Quick10K Filing
AECOM
Price37.45 EPS-1
Shares158 P/E-32
MCap5,906 P/FCF8
Net Debt2,205 EBIT-184
TEV8,111 TEV/EBIT-44
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-02-10
10-K 2020-09-30 Filed 2020-11-19
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-06
10-Q 2019-12-31 Filed 2020-02-05
10-K 2019-09-30 Filed 2019-11-13
10-Q 2019-06-28 Filed 2019-08-07
10-Q 2019-03-29 Filed 2019-05-08
10-Q 2018-12-28 Filed 2019-02-06
10-K 2018-09-28 Filed 2018-11-13
10-Q 2018-06-29 Filed 2018-08-08
10-Q 2018-03-30 Filed 2018-05-09
10-Q 2017-12-29 Filed 2018-02-07
10-K 2017-09-29 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-Q 2016-12-30 Filed 2017-02-08
10-K 2016-09-30 Filed 2016-11-16
10-Q 2016-07-01 Filed 2016-08-10
10-Q 2016-04-01 Filed 2016-05-11
10-Q 2016-01-01 Filed 2016-02-10
10-K 2015-10-02 Filed 2015-11-25
10-Q 2015-06-30 Filed 2015-08-12
10-Q 2015-04-03 Filed 2015-05-13
10-Q 2015-01-02 Filed 2015-02-11
10-K 2014-09-30 Filed 2014-11-17
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-07
10-Q 2013-12-31 Filed 2014-02-05
10-K 2013-09-30 Filed 2013-11-13
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-Q 2012-12-31 Filed 2013-02-06
10-K 2012-09-30 Filed 2012-11-19
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-07
10-Q 2011-12-31 Filed 2012-02-06
10-K 2011-09-30 Filed 2011-11-21
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-Q 2010-12-31 Filed 2011-02-09
10-K 2010-09-30 Filed 2010-11-22
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-Q 2009-12-31 Filed 2010-02-10
8-K 2021-02-16 Other Events, Exhibits
8-K 2021-02-08 Enter Agreement, Earnings, Other Events, Exhibits
8-K 2020-12-07 Officers, Other Events, Exhibits
8-K 2020-11-18
8-K 2020-11-16
8-K 2020-11-03
8-K 2020-10-02
8-K 2020-10-02
8-K 2020-09-22
8-K 2020-09-09
8-K 2020-08-31
8-K 2020-08-10
8-K 2020-08-04
8-K 2020-07-30
8-K 2020-07-21
8-K 2020-06-16
8-K 2020-06-15
8-K 2020-05-26
8-K 2020-05-19
8-K 2020-05-05
8-K 2020-04-03
8-K 2020-03-10
8-K 2020-01-28
8-K 2019-12-10
8-K 2019-11-27
8-K 2019-11-22
8-K 2019-11-18
8-K 2019-11-12
8-K 2019-10-12
8-K 2019-08-23
8-K 2019-08-06
8-K 2019-06-17
8-K 2019-05-08
8-K 2019-03-06
8-K 2019-02-04
8-K 2018-11-14
8-K 2018-11-12
8-K 2018-08-09
8-K 2018-08-07
8-K 2018-05-08
8-K 2018-03-13
8-K 2018-02-28
8-K 2018-02-14
8-K 2018-02-06

ACM 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II.Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosure
Item 6. Exhibits
EX-10.1 acm-20201231xex10d1.htm
EX-10.2 acm-20201231xex10d2.htm
EX-31.1 acm-20201231xex31d1.htm
EX-31.2 acm-20201231xex31d2.htm
EX-32 acm-20201231xex32.htm
EX-95 acm-20201231xex95.htm

AECOM Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
10.07.95.83.71.6-0.52012201420172020
Rev, G Profit, Net Income
3.32.00.6-0.7-2.1-3.42012201420172020
Ops, Inv, Fin

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Table of Contents

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 December 31, 2020

OR

   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to           

Commission File Number 0-52423

AECOM

(Exact name of registrant as specified in its charter)

Delaware

    

61-1088522

State or Other Jurisdiction Of

Incorporation or Organization

I.R.S. Employer Identification Number

300 South Grand Avenue, Suite 900

Los Angeles, California

90071

Address of Principal Executive Offices

Zip Code

(213) 593-8100

Registrant’s Telephone Number, Including Area Code

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

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, $0.01 par value

ACM

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 

As of February 4, 2021, 147,711,548 shares of the registrant’s common stock were outstanding.

Table of Contents

AECOM

INDEX

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements

1

Consolidated Balance Sheets as of December 31, 2020 (unaudited) and September 30, 2020

1

Consolidated Statements of Operations for the Three Months Ended December 31, 2020 (unaudited) and December 31, 2019 (unaudited)

2

Consolidated Statements of Comprehensive Income for the Three Months Ended December 31, 2020 (unaudited) and December 31, 2019 (unaudited)

3

Consolidated Statements of Stockholders’ Equity for the Three Months Ended December 31, 2020 (unaudited) and December 31, 2019 (unaudited)

4

Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2020 (unaudited) and December 31, 2019 (unaudited)

5

Notes to Consolidated Financial Statements (unaudited)

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

45

Item 4.

Controls and Procedures

45

PART II.

OTHER INFORMATION

46

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 4.

Mine Safety Disclosure

47

Item 6.

Exhibits

48

SIGNATURES

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

AECOM

Consolidated Balance Sheets

(unaudited - in thousands, except share data)

December 31, 

September 30, 

    

2020

    

2020

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

940,857

$

1,599,688

Cash in consolidated joint ventures

 

103,891

 

108,644

Total cash and cash equivalents

 

1,044,748

 

1,708,332

Accounts receivable—net

 

2,930,891

 

2,865,888

Contract assets

1,488,615

1,536,389

Prepaid expenses and other current assets

 

738,945

 

667,393

Current assets held for sale

666,724

716,727

Income taxes receivable

 

30,969

 

35,637

TOTAL CURRENT ASSETS

 

6,900,892

 

7,530,366

PROPERTY AND EQUIPMENT—NET

 

412,636

 

381,672

DEFERRED TAX ASSETS—NET

 

380,997

 

357,318

INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES

 

254,616

 

229,312

GOODWILL

 

3,514,482

 

3,484,221

INTANGIBLE ASSETS—NET

 

72,003

 

76,917

OTHER NON-CURRENT ASSETS

158,326

160,036

OPERATING LEASE RIGHT-OF-USE ASSETS

669,390

652,115

NON-CURRENT ASSETS HELD FOR SALE

 

141,213

 

126,994

TOTAL ASSETS

$

12,504,555

$

12,998,951

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Short-term debt

$

2,282

$

223

Accounts payable

 

2,264,703

 

2,352,144

Accrued expenses and other current liabilities

 

2,265,731

 

2,211,734

Income taxes payable

47,968

47,103

Contract liabilities

 

1,051,439

 

988,881

Current liabilities held for sale

347,477

469,718

Current portion of long-term debt

 

21,996

 

20,651

TOTAL CURRENT LIABILITIES

 

6,001,596

 

6,090,454

OTHER LONG-TERM LIABILITIES

 

146,642

 

162,784

OPERATING LEASE LIABILITIES, NON-CURRENT

752,769

745,287

LONG-TERM LIABILITIES HELD FOR SALE

88,990

98,793

DEFERRED TAX LIABILITY—NET

5,643

3,491

PENSION BENEFIT OBLIGATIONS

444,380

443,462

LONG-TERM DEBT

 

2,044,358

 

2,041,136

TOTAL LIABILITIES

 

9,484,378

 

9,585,407

COMMITMENTS AND CONTINGENCIES (Note 15)

AECOM STOCKHOLDERS’ EQUITY:

Common stock—authorized, 300,000,000 shares of $0.01 par value as of December 31, 2020 and September 30, 2020; issued and outstanding 148,576,375 and 157,044,687 shares as of December 31, 2020 and September 30, 2020, respectively

 

1,486

 

1,570

Additional paid-in capital

 

4,038,149

 

4,035,414

Accumulated other comprehensive loss

 

(876,792)

 

(918,674)

(Accumulated deficits) Retained earnings

 

(254,639)

 

174,248

TOTAL AECOM STOCKHOLDERS’ EQUITY

 

2,908,204

 

3,292,558

Noncontrolling interests

 

111,973

 

120,986

TOTAL STOCKHOLDERS’ EQUITY

 

3,020,177

 

3,413,544

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

12,504,555

$

12,998,951

See accompanying Notes to Consolidated Financial Statements.

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AECOM

Consolidated Statements of Operations

(unaudited - in thousands, except per share data)

Three Months Ended

December 31, 

December 31, 

    

2020

    

2019

Revenue

$

3,313,155

$

3,235,610

Cost of revenue

 

3,128,785

 

3,069,810

Gross profit

 

184,370

 

165,800

Equity in earnings of joint ventures

 

8,201

 

9,928

General and administrative expenses

 

(38,360)

 

(43,614)

Restructuring costs

(13,038)

(44,925)

Income from operations

 

141,173

 

87,189

Other income

 

3,853

 

4,008

Interest expense

 

(30,651)

 

(40,377)

Income from continuing operations before taxes

 

114,375

 

50,820

Income tax expense for continuing operations

 

25,601

 

15,906

Net income from continuing operations

 

88,774

 

34,914

Net (loss) income from discontinued operations

 

(55,752)

 

18,180

Net income

33,022

53,094

Net income attributable to noncontrolling interests from continuing operations

(5,414)

(4,047)

Net income attributable to noncontrolling interests from discontinued operations

(1,480)

(8,443)

Net income attributable to noncontrolling interests

(6,894)

(12,490)

Net income attributable to AECOM from continuing operations

83,360

30,867

Net (loss) income attributable to AECOM from discontinued operations

(57,232)

9,737

Net income attributable to AECOM

$

26,128

$

40,604

Net income (loss) attributable to AECOM per share:

Basic continuing operations per share

$

0.55

$

0.20

Basic discontinued operations per share

$

(0.38)

$

0.06

Basic earnings per share

$

0.17

$

0.26

Diluted continuing operations per share

$

0.54

$

0.19

Diluted discontinued operations per share

$

(0.37)

$

0.06

Diluted earnings per share

$

0.17

$

0.25

Weighted average shares outstanding:

Basic

 

151,424

 

157,332

Diluted

 

153,744

 

160,657

See accompanying Notes to Consolidated Financial Statements.

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AECOM

Consolidated Statements of Comprehensive Income

(unaudited—in thousands)

Three Months Ended

December 31, 

December 31, 

    

2020

    

2019

Net income

$

33,022

$

53,094

Other comprehensive income, net of tax:

Net unrealized gain on derivatives, net of tax

 

889

 

3,031

Foreign currency translation adjustments

 

51,951

 

48,206

Pension adjustments, net of tax

 

(10,753)

 

(9,599)

Other comprehensive income, net of tax

 

42,087

 

41,638

Comprehensive income

 

75,109

 

94,732

Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax

 

(7,099)

 

(12,597)

Comprehensive income attributable to AECOM

$

68,010

$

82,135

See accompanying Notes to Consolidated Financial Statements.

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AECOM

Consolidated Statements of Stockholders’ Equity

(unaudited—in thousands)

    

    

Accumulated 

    

    

Total 

    

    

Additional 

Other 

AECOM 

Non-

Total 

Common 

Paid-In 

Comprehensive

Retained 

Stockholders’ 

Controlling 

Stockholders’ 

    

Stock

    

Capital

    

 Loss

    

Earnings

    

Equity

    

Interests

    

Equity

BALANCE AT SEPTEMBER 30, 2019

$

1,575

$

3,953,650

$

(864,197)

$

599,548

$

3,690,576

$

208,774

$

3,899,350

Net income

40,604

40,604

12,490

53,094

Cumulative effect of accounting standard adoption

(87,787)

(87,787)

(87,787)

Other comprehensive income

41,531

41,531

107

41,638

Issuance of stock

17

5,316

5,333

5,333

Repurchases of stock

(10)

(23,625)

(14,875)

(38,510)

(38,510)

Stock based compensation

 

21,255

21,255

21,255

Other transactions with noncontrolling interests

(186)

(186)

Contributions from noncontrolling interests

 

  

 

 

 

 

 

2,813

 

2,813

Distributions to noncontrolling interests

 

  

 

 

 

 

 

(37,596)

 

(37,596)

BALANCE AT DECEMBER 31, 2019

$

1,582

$

3,956,596

 

$

(822,666)

 

$

537,490

 

$

3,673,002

 

$

186,402

 

$

3,859,404

    

    

Accumulated 

    

    

Total 

    

    

Additional 

Other 

Retained

AECOM 

Non-

Total 

Common 

Paid-In 

Comprehensive

Earnings

Stockholders’ 

Controlling 

Stockholders’ 

    

Stock

    

Capital

    

 Loss

    

(Deficits)

    

Equity

    

Interests

    

Equity

BALANCE AT SEPTEMBER 30, 2020

$

1,570

$

4,035,414

$

(918,674)

$

174,248

$

3,292,558

$

120,986

$

3,413,544

Net income

26,128

26,128

6,894

33,022

Cumulative effect of accounting standard adoption

(7,979)

(7,979)

(7,979)

Other comprehensive income

41,882

41,882

205

42,087

Issuance of stock

15

9,094

9,109

9,109

Repurchases of stock

(99)

(21,722)

(447,036)

(468,857)

(468,857)

Stock based compensation

 

  

 

15,363

 

 

 

15,363

 

 

15,363

Other transactions with noncontrolling interests

2,307

2,307

Disposal of noncontrolling interest of business sold

(13,070)

(13,070)

Contributions from noncontrolling interests

 

  

 

 

 

 

 

79

 

79

Distributions to noncontrolling interests

 

  

 

 

 

 

 

(5,428)

(5,428)

BALANCE AT DECEMBER 31, 2020

$

1,486

$

4,038,149

 

$

(876,792)

 

$

(254,639)

 

$

2,908,204

 

$

111,973

 

$

3,020,177

See accompanying Notes to Consolidated Financial Statements.

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AECOM

Consolidated Statements of Cash Flows

(unaudited - in thousands)

Three Months Ended December 31, 

    

2020

    

2019

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

33,022

$

53,094

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization

 

39,523

 

57,875

Equity in earnings of unconsolidated joint ventures

 

(15,877)

 

(14,800)

Distribution of earnings from unconsolidated joint ventures

 

12,780

 

16,867

Non-cash stock compensation

 

15,363

 

21,255

Impairment of long-lived assets

95,814

Loss on sale of discontinued operations

11,334

Foreign currency translation

 

7,954

 

16,077

Other

4,276

4,127

Changes in operating assets and liabilities, net of effects of acquisitions:

Accounts receivable and contract assets

 

2,069

 

(129,001)

Prepaid expenses and other assets

 

(133,598)

 

(28,619)

Accounts payable

 

(119,025)

 

(91,375)

Accrued expenses and other current liabilities

 

(31,951)

 

(209,185)

Contract liabilities

97,348

 

90,620

Other long-term liabilities

 

(11,928)

 

6,135

Net cash provided by (used in) operating activities

$

7,104

$

(206,930)

CASH FLOWS FROM INVESTING ACTIVITIES:

Payment for disposal of discontinued operations including cash disposed

(90,159)

Investment in unconsolidated joint ventures

(36,080)

(41,103)

Return of investment in unconsolidated joint ventures

2,808

3,516

Proceeds from sale of investments

3,436

500

Proceeds from disposal of property and equipment

9,629

556

Payments for capital expenditures

 

(30,902)

 

(31,594)

Net cash used in investing activities

$

(141,268)

$

(68,125)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from borrowings under credit agreements

$

409,710

$

1,810,509

Repayments of borrowings under credit agreements

 

(415,106)

 

(1,694,733)

Proceeds from issuance of common stock

8,099

 

4,743

Payments to repurchase common stock

(468,857)

(38,510)

Net distributions to noncontrolling interests

(5,349)

(34,783)

Other financing activities

2,035

32,126

Net cash (used in) provided by financing activities

$

(469,468)

$

79,352

EFFECT OF EXCHANGE RATE CHANGES ON CASH

 

6,912

 

2,714

NET DECREASE IN CASH AND CASH EQUIVALENTS

 

(596,720)

 

(192,989)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

1,818,249

 

1,080,354

CASH AND CASH EQUIVALENTS AT END OF PERIOD

1,221,529

887,365

LESS CASH AND CASH EQUIVALENTS INCLUDED IN CURRENT ASSETS HELD FOR SALE

(176,781)

(161,929)

CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS AT END OF PERIOD

$

1,044,748

$

725,436

See accompanying Notes to Consolidated Financial Statements.

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AECOM

Notes to Consolidated Financial Statements

(unaudited)

1.    Basis of Presentation

The accompanying consolidated financial statements of AECOM (the Company) are unaudited and, in the opinion of management, include all adjustments, including all normal recurring items necessary for a fair statement of the Company’s financial position and results of operations for the periods presented. All intercompany balances and transactions are eliminated in consolidation.

The consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended September 30, 2020 (the Annual Report). The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

The consolidated financial statements included in this report have been prepared consistently with the accounting policies described in the Annual Report, except as noted, and should be read together with the Annual Report.

The results of operations for the three months ended December 31, 2020 are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2021.

On January 31, 2020, the Company completed the sale of its Management Services business to an affiliate of American Securities LLC and Lindsay Goldberg LLC . Additionally, as discussed in more detail in Note 3, the Company concluded that its self-perform at-risk construction businesses met the criteria for held for sale beginning in the first quarter of fiscal year 2020. Collectively, the Management Services business and the self-perform at-risk construction businesses met the criteria for discontinued operation classification. As a result, the Management Services business and the self-perform at-risk construction businesses are presented in the consolidated statements of operations as discontinued operations for all periods presented. Current and non-current assets and liabilities of these businesses are presented in the consolidated balance sheets as assets and liabilities held for sale.

The Company reports its annual results of operations based on 52 or 53-week periods ending on the Friday nearest September 30. The Company reports its quarterly results of operations based on periods ending on the Friday nearest December 31, March 31, and June 30. For clarity of presentation, all periods are presented as if the periods ended on September 30, December 31, March 31, and June 30.

2.    New Accounting Pronouncements and Changes in Accounting

In February 2016, the FASB issued new accounting guidance which changes accounting requirements for leases. The new guidance requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet. It also requires disclosure of key information about leasing arrangements to increase transparency and comparability among organizations. The Company adopted the new guidance beginning October 1, 2019 using the modified retrospective adoption method, which resulted in a downward adjustment to retained earnings of $87.8 million, net of tax. Detailed disclosures regarding the adoption and other required disclosures can be found in Note 12.

In June 2016, the FASB issued a new credit loss standard that changes the impairment model for most financial assets and some other instruments. The new guidance replaces the “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The Company adopted the new guidance effective October 1, 2020 using a modified retrospective approach that resulted in a $8.0 million, net of tax, reduction to retained earnings without restating comparative periods. Additional disclosures regarding the adoption can be found in Note 4.

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In February 2018, the FASB issued new accounting guidance which provides entities the option to reclassify certain tax effects from other comprehensive income to retained earnings. The guidance addresses a narrow-scope financial reporting issue related to the tax effects that may become stranded in accumulated other comprehensive income as a result of the enactment of the Tax Cuts and Jobs Act (Tax Act). Under the guidance, an entity may elect to reclassify the income tax effects of the Tax Act on items within accumulated other comprehensive income to retained earnings. The Company has determined that it will not make this election.

In August 2018, the FASB issued new accounting guidance aligning the capitalization of certain implementation costs incurred in a hosting arrangement that is a service contract with previously existing guidance for capitalizing costs incurred to develop internal-use software. The new guidance was effective for the Company’s fiscal year starting October 1, 2020. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued new accounting guidance amending the disclosure requirements for fair value measurements. These improvements require more disclosure for amounts measured at fair value, and specifically unobservable inputs used in fair value measurements. The Company adopted the new guidance starting on October 1, 2020. Adoption of the new guidance did not have a significant impact on the Company’s financial reporting process.

In August 2018, the FASB issued new accounting guidance for the disclosure requirements of defined benefit pension plans. The amended guidance eliminates certain disclosure requirements that were no longer considered to be cost beneficial. The Company expects to adopt the new guidance starting on October 1, 2021 and does not expect adoption of the new guidance will have a significant impact on its financial reporting process.

In March 2020, the Securities and Exchange Commission (SEC) adopted final rules that amend the financial disclosure requirement for guarantors of registered debt securities in Rule 3-10 of Regulation S-X. The new rules amend and streamline the disclosures required by guarantors and issuers of guaranteed securities. Among other things, the new disclosures may be located outside the financial statements. The new rule was effective January 4, 2021, and early adoption is permitted. The Company adopted the new rule on March 31, 2020. Accordingly, the revised condensed consolidating financial information is presented outside of these consolidated financial statements.

3.    Discontinued Operations, Goodwill and Intangible Assets

During the second quarter of fiscal 2020, the Company completed the sale of its Management Services business to Maverick Purchaser Sub, LLC (Purchaser), an affiliate of American Securities LLC and Lindsay Goldberg LLC. The Company received total cash consideration of $2.28 billion inclusive of the receipt in the third quarter of fiscal 2020 of $122.0 million received in connection with a favorable working capital purchase price adjustment and contingent consideration of approximately $120 million attributable to certain claims related to prior work and engagements. As a result of the sale, the Company recognized a pre-tax gain of $161.9 million. The gain on sale was included in the net loss from discontinued operations in the Consolidated Statements of Operations.

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Additionally, in the first quarter of fiscal 2020, management approved a plan to dispose via sale the Company’s self-perform at-risk construction businesses within the next year. These businesses include the Company’s civil infrastructure, power, and oil and gas construction businesses that were previously reported in the Company’s Construction Services segment. After consideration of the relevant facts, the Company concluded the assets and liabilities of its Management Services business and its self-perform at-risk construction businesses met the criteria for classification as held for sale. The Company concluded the actual and proposed disposal activities represented a strategic shift that will have a major effect on the Company’s operations and financial results and qualified for presentation as discontinued operations in accordance with FASB Accounting Standards Codification (ASC) 205-20. Accordingly, the financial results of the Management Services business and the self-perform at-risk construction businesses are presented in the Consolidated Statement of Operations as discontinued operations for all periods presented. Current and non-current assets and liabilities of these businesses not sold as of the balance sheet date are presented in the Consolidated Balance Sheets as assets and liabilities held for sale for both periods presented. Interest expense allocated to discontinued operations represents interest expenses for the discontinued operations’ finance leases and term loans, which were required to be settled upon the sale of the Management Services business.

During the first quarter of fiscal 2021, the Company completed the sale of its power construction business to CriticalPoint Capital, LLC. The Company recorded a pre-tax loss on the sale of $11.3 million related to working capital calculations, which is expected to finalize in the next quarter.

The Company also completed the sale of its civil infrastructure construction business to affiliates of Oroco Capital in the second quarter of fiscal 2021. During the first quarter of fiscal 2021, the Company recorded a $58.3 million loss related to the remeasurement of its civil infrastructure construction businesses to fair value less cost to sell, net of tax. Fair value was estimated using Level 3 inputs, such as forecasted cash flows and earnings performance, and Level 2 inputs, including the expected sales price.

The following table represents summarized balance sheet information of assets and liabilities held for sale (in millions):

    

December 31, 

    

September 30, 

2020

2020

Cash and cash equivalents

$

176.8

$

109.9

Receivables and contract assets

 

463.8

 

544.3

Other

 

26.1

 

62.5

Current assets held for sale

$

666.7

$

716.7

Property and equipment, net

$

122.4

$

119.8

Other

 

287.5

 

254.4

Write-down of assets to fair value less cost to sell

(268.7)

(247.2)

Non-current assets held for sale

$

141.2

$

127.0

Accounts payable and accrued expenses

$

249.5

$

394.5

Contract liabilities

 

93.7

 

73.6

Other

 

4.3

 

1.6

Current liabilities held for sale

$

347.5

$

469.7

Long-term liabilities held for sale

$

89.0

$

98.8

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The following table represents summarized income statement information of discontinued operations (in millions):

Three months ended

 

    

December 31, 

    

December 31, 

 

2020

2019

 

Revenue

$

330.7

$

1,502.8

Cost of revenue

 

322.9

 

1,473.5

Gross profit

 

7.8

 

29.3

Equity in earnings of joint ventures

 

7.7

 

4.9

Loss on disposal activities

(11.3)

Transaction costs

(10.9)

Impairment of long-lived assets

(95.8)

(Loss) income from operations

 

(102.5)

 

34.2

Other income

 

 

1.2

Interest expense

 

(0.2)

 

(12.8)

(Loss) income before taxes

 

(102.7)

 

22.6

Income tax (benefit) expense

 

(46.9)

 

4.4

Net (loss) income from discontinuing operations

$

(55.8)

$

18.2

The significant components included in our Consolidated Statement of Cash Flows for the discontinued operations are as follows (in millions):

Three months ended

 

    

December 31,