Company Quick10K Filing
Jacobs Engineering Group
Price-0.00 EPS6
Shares139 P/E-0
MCap-0 P/FCF0
Net Debt570 EBIT950
TEV570 TEV/EBIT1
TTM 2019-09-27, in MM, except price, ratios
10-Q 2021-04-02 Filed 2021-05-10
10-Q 2021-01-01 Filed 2021-02-09
10-K 2020-10-02 Filed 2020-11-24
10-Q 2020-03-27 Filed 2020-05-06
10-Q 2019-12-27 Filed 2020-02-04
8-K 2020-11-27
8-K 2020-11-24
8-K 2020-08-14
8-K 2020-05-06
8-K 2020-05-06
8-K 2020-03-25
8-K 2020-02-04
8-K 2020-01-14

J 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 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosure.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 exhibit311q2fy2021.htm
EX-31.2 exhibit312q2fy2021.htm
EX-32.1 exhibit321q2fy2021.htm
EX-32.2 exhibit322q2fy2021.htm

Jacobs Engineering Group Earnings 2021-04-02

Balance SheetIncome StatementCash Flow
151296302018201820192020
Assets, Equity
3.42.72.01.40.70.02018201820192020
Rev, G Profit, Net Income
2.31.40.6-0.3-1.1-2.02018201820192020
Ops, Inv, Fin

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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 April 2, 2021
    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 ENGINEERING GROUP INC.
(Exact name of registrant as specified in its charter)

Delaware95-4081636
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
1999 Bryan StreetSuite 1200DallasTexas75201
(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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock$1 par valueJNew 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
Page 1


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 filerAccelerated filer
Non-accelerated filerSmaller 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 30, 2021: 130,215,393
Page 2


JACOBS ENGINEERING GROUP INC.
INDEX TO FORM 10-Q

Page No.
PART I
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


Page 2


Part I - FINANCIAL INFORMATION
Item 1.    Financial Statements.

Page 3


JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)
(Unaudited)
April 2, 2021October 2, 2020
ASSETS
Current Assets:
Cash and cash equivalents$893,284 $862,424 
Receivables and contract assets3,301,623 3,167,310 
Prepaid expenses and other431,606 162,355 
Investment in equity securities451,405 347,510 
Total current assets5,077,918 4,539,599 
Property, Equipment and Improvements, net360,241 319,371 
Other Noncurrent Assets:
Goodwill7,235,520 5,639,091 
Intangibles, net1,684,682 658,340 
Deferred income tax assets147,218 211,047 
Operating lease right-of-use assets654,419 576,915 
Miscellaneous402,070 409,990 
Total other noncurrent assets10,123,909 7,495,383 
$15,562,068 $12,354,353 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term debt$53,813 $ 
Accounts payable914,408 1,061,754 
Accrued liabilities1,727,219 1,249,883 
Operating lease liability176,253 164,312 
Contract liabilities531,146 465,648 
Total current liabilities3,402,839 2,941,597 
Long-term Debt3,425,852 1,676,941 
Liabilities relating to defined benefit pension and retirement plans555,222 568,176 
Deferred income tax liabilities178,199 3,366 
Long-term operating lease liability783,982 735,202 
Other deferred liabilities585,263 573,404 
Commitments and Contingencies
Redeemable Noncontrolling interests586,965  
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 130,172,177 shares and 129,747,783
shares as of April 2, 2021 and October 2, 2020, respectively
130,172 129,748 
Additional paid-in capital2,621,454 2,598,446 
Retained earnings4,125,452 4,020,575 
Accumulated other comprehensive loss(868,639)(933,057)
Total Jacobs stockholders’ equity6,008,439 5,815,712 
Noncontrolling interests35,307 39,955 
Total Group stockholders’ equity6,043,746 5,855,667 
$15,562,068 $12,354,353 
See the accompanying Notes to Consolidated Financial Statements – Unaudited.

Page 4


JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
Three and Six Months Ended April 2, 2021 and March 27, 2020
(In thousands, except per share information)
(Unaudited)
For the Three Months EndedFor the Six Months Ended
April 2, 2021March 27, 2020April 2, 2021March 27, 2020
Revenues$3,547,873 $3,427,180 $6,929,708 $6,787,229 
Direct cost of contracts(2,780,860)(2,779,045)(5,530,636)(5,494,522)
Gross profit767,013 648,135 1,399,072 1,292,707 
Selling, general and administrative expenses(808,125)(480,357)(1,226,246)(973,582)
Operating (Loss) Profit(41,112)167,778 172,826 319,125 
Other Income (Expense):
Interest income608 985 1,732 1,931 
Interest expense(15,464)(15,154)(32,777)(29,971)
Miscellaneous (expense) income, net(56,313)(330,414)100,047 (213,719)
Total other (expense) income, net(71,169)(344,583)69,002 (241,759)
(Loss) Earnings from Continuing Operations Before Taxes(112,281)(176,805)241,828 77,366 
Income Tax Benefit (Expense) from Continuing Operations20,772 61,122 (66,250)(7,368)
Net (Loss) Earnings of the Group from Continuing Operations(91,509)(115,683)175,578 69,998 
Net Earnings of the Group from Discontinued Operations11,320 29,880 11,305 107,468 
Net (Loss) Earnings of the Group(80,189)(85,803)186,883 177,466 
Net Earnings Attributable to Noncontrolling Interests from Continuing Operations(10,158)(6,284)(20,184)(12,540)
Net Loss Attributable to Redeemable Noncontrolling interests101,392  101,392  
Net (Loss) Earnings Attributable to Jacobs from Continuing Operations(275)(121,967)256,786 57,458 
Net Earnings (Loss) Attributable to Jacobs$11,045 $(92,087)$268,091 $164,926 
Net Earnings Per Share:
Basic Net (Loss) Earnings from Continuing Operations Per Share$ $(0.92)$1.97 $0.43 
Basic Net Earnings from Discontinued Operations Per Share$0.09 $0.23 $0.09 $0.81 
Basic Earnings (Loss) Per Share$0.08 $(0.69)$2.06 $1.24 
Diluted Net (Loss) Earnings from Continuing Operations Per Share$ $(0.92)$1.96 $0.43 
Diluted Net Earnings from Discontinued Operations Per Share$0.09 $0.23 $0.09 $0.80 
Diluted Earnings (Loss) Per Share$0.08 $(0.69)$2.04 $1.23 
See the accompanying Notes to Consolidated Financial Statements - Unaudited.

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JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three and Six Months Ended April 2, 2021 and March 27, 2020
(In thousands)
(Unaudited)
For the Three Months EndedFor the Six Months Ended
April 2, 2021March 27, 2020April 2, 2021March 27, 2020
Net (Loss) Earnings of the Group$(80,189)$(85,803)$186,883 $177,466 
Other Comprehensive Income:
Foreign currency translation adjustment(15,450)(116,575)70,888 (64,278)
Gain on cash flow hedges27,604  31,187 18 
Change in pension and retiree medical plan liabilities1,490 28,717 (17,863)12,466 
Other comprehensive income before taxes13,644 (87,858)84,212 (51,794)
Income Tax (Expense) Benefit:
Foreign currency translation adjustment3,409 18,429 (11,036)18,429 
Cash flow hedges(7,315) (7,094) 
Change in pension and retiree medical plan liabilities(838)3,278 (1,664)3,860 
Income Tax (Expense) Benefit:(4,744)21,707 (19,794)22,289 
Net other comprehensive income (loss)8,900 (66,151)64,418 (29,505)
Net Comprehensive (Loss) Income of the Group(71,289)(151,954)251,301 147,961 
Net Earnings Attributable to Noncontrolling Interests(10,158)(6,284)(20,184)(12,540)
Net Loss Attributable to Redeemable Noncontrolling interests101,392  101,392  
Net Comprehensive (Loss) Income Attributable to Jacobs$19,945 $(158,238)$332,509 $135,421 
See the accompanying Notes to Consolidated Financial Statements - Unaudited.

Page 6


JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Three Months Ended April 2, 2021 and March 27, 2020
(In thousands)
(Unaudited)
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Jacobs Stockholders’ EquityNoncontrolling InterestsTotal Group Stockholders’ Equity
Balances at December 27, 2019$133,001 $2,605,765 $4,145,825 $(880,166)$6,004,425 $57,746 $6,062,171 
Net (loss) earnings— — (92,087)— (92,087)6,284 (85,803)
Foreign currency translation adjustments, net of deferred taxes of $(18,429)
— — — (98,146)(98,146)— (98,146)
Pension liability, net of deferred taxes of $(3,278)
— — — 31,995 31,995 — 31,995 
Dividends— — (25,453)— (25,453)— (25,453)
Noncontrolling interests - distributions and other— 5,002 — — 5,002 (12,830)(7,828)
Stock based compensation — 9,533 24 — 9,557 — 9,557 
Issuances of equity securities including shares withheld for taxes208 12,294 (190)— 12,312 — 12,312 
Repurchases of equity securities(3,224)(63,177)(219,421)— (285,822)— (285,822)
Balances at March 27, 2020
$129,985 $2,569,417 $3,808,698 $(946,317)$5,561,783 $51,200 $5,612,983 
Balances at January 1, 2021$130,035 $2,597,586 $4,249,408 $(877,539)$6,099,490 $43,877 $6,143,367 
Net earnings, excluding $(101.4) million in loss relating to redeemable noncontrolling interests
— — 11,045 — 11,045 10,158 21,203 
Foreign currency translation adjustments, net of deferred taxes of $(3,409)
— — — (12,041)(12,041)— (12,041)
Pension liability, net of deferred taxes of $838
— — — 652 652 — 652 
Gain on derivatives, net of deferred taxes of $7,315
— — — 20,289 20,289 — 20,289 
Dividends(27,482)(27,482)— (27,482)
Redeemable Noncontrolling interests redemption value adjustment to Common Shareholders— — (107,238)— (107,238)— (107,238)
Noncontrolling interests - distributions and other— — — — — (18,728)(18,728)
Stock based compensation — 15,136 — — 15,136 — 15,136 
Issuances of equity securities including shares withheld for taxes137 8,732 (133)— 8,736 — 8,736 
Repurchases of equity securities— — (148)— (148)— (148)
Balances at April 2, 2021$130,172 $2,621,454 $4,125,452 $(868,639)$6,008,439 $35,307 $6,043,746 
See the accompanying Notes to Consolidated Financial Statements – Unaudited.





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JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Six Months Ended April 2, 2021 and March 27, 2020
(In thousands)
(Unaudited)
Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total Jacobs Stockholders’ EquityNoncontrolling InterestsTotal Group Stockholders’ Equity
Balances at September 27, 2019$132,879 $2,559,450 $3,939,174 $(916,812)$5,714,691 $53,967 $5,768,658 
Net earnings— — 164,926 — 164,926 12,540 177,466 
Foreign currency translation adjustments, net of deferred taxes of $(18,429)
— — — (45,849)(45,849)— (45,849)
Pension and retiree medical plan liability, net of deferred taxes of $(3,860)
— — — 16,326 16,326 — 16,326 
Gain on derivatives, net of deferred taxes of $
— — — 18 18 — 18 
Dividends— — (25,522)— (25,522)(25,522)
Noncontrolling interests - distributions and other— 5,002 — — 5,002 (15,307)(10,305)
Stock based compensation — 22,733 1,102 — 23,835 — 23,835 
Issuances of equity securities including shares withheld for taxes682 2,179 (8,683)— (5,822)— (5,822)
Repurchases of equity securities(3,576)(19,947)(262,299)— (285,822)— (285,822)
Balances at March 27, 2020$129,985 $2,569,417 $3,808,698 $(946,317)$5,561,783 $51,200 $5,612,983 
Balances at October 2, 2020129,748 2,598,446 4,020,575 (933,057)5,815,712 39,955 5,855,667 
Net earnings, excluding $(101.4) million million in loss relating to redeemable noncontrolling interests
— — 268,091 — 268,091 20,184 288,275 
Foreign currency translation adjustments, net of deferred taxes of $11,036
— — — 59,852 59,852 — 59,852 
Pension liability, net of deferred taxes of $1,664
— — — (19,527)(19,527)— (19,527)
(Loss) Gain on derivatives, net of deferred taxes of $7,094
— — — 24,093 24,093 — 24,093 
Dividends— — (27,515)— (27,515)— (27,515)
Redeemable Noncontrolling interests redemption value adjustment to Common Shareholders— — (107,238)— (107,238)— (107,238)
Noncontrolling interests - distributions and other— — — — — (24,832)(24,832)
Stock based compensation — 26,977 — — 26,977 — 26,977 
Issuances of equity securities including shares withheld for taxes675 1,058 (8,790)— (7,057)— (7,057)
Repurchases of equity securities(251)(5,027)(19,671)— (24,949)— (24,949)
Balances at April 2, 2021$130,172 $2,621,454 $4,125,452 $(868,639)$6,008,439 $35,307 $6,043,746 

See the accompanying Notes to Consolidated Financial Statements – Unaudited.

Page 8


JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended April 2, 2021 and March 27, 2020
(In thousands)
(Unaudited)
For the Six Months Ended
April 2, 2021March 27, 2020
Cash Flows from Operating Activities:
Net earnings attributable to the Group$186,883 $177,466 
Adjustments to reconcile net earnings to net cash flows provided by operations:
Depreciation and amortization:
Property, equipment and improvements48,079 44,718 
Intangible assets53,753 43,939 
Gain on sale of ECR business(15,608)(81,910)
(Gain) loss on investment in equity securities(114,443)270,225 
Stock based compensation26,977 23,835 
Equity in earnings of operating ventures, net of return on capital distributions6,353 235 
Loss (gain) on disposals of assets, net353 (247)
Impairment of equity method investment33,197  
Loss on pension and retiree medical plan changes  2,651 
Deferred income taxes41,063 73,440 
Changes in assets and liabilities, excluding the effects of businesses acquired:
Receivables and contract assets, net of contract liabilities73,542 (213,685)
Prepaid expenses and other current assets14,521 (8,777)
Miscellaneous other assets76,401 68,430 
Accounts payable(152,750)(152,665)
Accrued liabilities99,198 (53,567)
 Other deferred liabilities(22,490)(153,508)
      Other, net(4,797)(25,612)
          Net cash provided by operating activities350,232 14,968 
Cash Flows from Investing Activities:
Additions to property and equipment(45,053)(61,337)
Disposals of property and equipment and other assets427 38 
Capital contributions to equity investees, net of return of capital distributions(4,193)(12,358)
Acquisitions of businesses, net of cash acquired(1,741,062)(286,534)
Disposal of investment in equity securities13,027  
Proceeds (payments) related to sales of businesses36,360 (5,061)
          Net cash used for investing activities(1,740,494)(365,252)
Cash Flows from Financing Activities:
Proceeds from long-term borrowings3,118,315 2,737,764 
Repayments of long-term borrowings(1,328,283)(826,463)
Proceeds from short-term borrowings 78 
Repayments of short-term borrowings(7,675)(200,008)
Debt issuance costs(2,697)(1,807)
Proceeds from issuances of common stock18,585 18,920 
Common stock repurchases(24,949)(285,822)
Taxes paid on vested restricted stock(25,642)(24,742)
Cash dividends, including to noncontrolling interests(81,880)(63,530)
            Net cash provided by financing activities1,665,774 1,354,390 
Effect of Exchange Rate Changes28,918 20,705 
Net Increase in Cash and Cash Equivalents and Restricted Cash304,430 1,024,811 
Cash and Cash Equivalents, including Restricted Cash, at the Beginning of the Period862,424 631,068 
Cash and Cash Equivalents, including Restricted Cash at the End of the Period$1,166,854 $1,655,879 
See the accompanying Notes to Consolidated Financial Statements – Unaudited.



Page 9


JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1.Basis of Presentation
Unless the context otherwise requires:
References herein to “Jacobs” are to Jacobs Engineering Group Inc. and its predecessors;
References herein to the “Company”, “we”, “us” or “our” are to Jacobs Engineering Group 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.
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 October 2, 2020 (“2020 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 at April 2, 2021, and for the three and six month periods ended April 2, 2021.
Our interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year.
Effective the beginning of fiscal first quarter 2020, the Company adopted ASU 2016-02, Leases ("ASC 842"), including the subsequent ASU's that amended and clarified the related guidance. The Company adopted ASC 842 using a modified retrospective approach, and accordingly the new guidance was applied to leases that existed or were entered into after the first day of adoption without adjusting the comparative periods presented. Please refer to Note-13 Leases for required disclosures related to leases.
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. The total consideration paid by the Company was $1.7 billion, funded through cash on hand, a new term loan and draws on the Company's existing revolver. Further, in connection with the transaction, an additional $266.6 million had not yet been distributed at April 2, 2021 due to continuing employment requirements. Consequently, this amount represents compensation expense incurred related to the acquisition that is expected to be paid in the third quarter of fiscal 2021, and is reflected in selling, general and administrative expense on the consolidated income statement for the current fiscal quarter. The remaining 35% interest is held by PA Consulting employees, whose redeemable noncontrolling interests had a fair value of $581.1 million on the closing date. PA Consulting is accounted for as a consolidated subsidiary and as a separate operating segment under U.S. GAAP accounting rules. See Note 15- PA Consulting Business Combination for more discussion on the investment and Note 12- Borrowings for more discussion on the financing for the transaction.
On November 24, 2020, a subsidiary of Jacobs completed the acquisition of Buffalo Group, a leader in advanced cyber and intelligence solutions. The Company paid total consideration of $190.1 million, which was comprised of approximately $182.4 million in cash to the former owners of Buffalo Group and contingent consideration of $7.7 million which is expected to be settled in fiscal 2022. In conjunction with the acquisition, the Company assumed the Buffalo Group's debt of approximately $7.7 million. The Company repaid all of the assumed Buffalo Group debt by the end of the first fiscal quarter of 2021. The Company has recorded its preliminary purchase price allocation associated with the acquisition, which is summarized in Note 16- Other Business Combinations.
On March 6, 2020, a subsidiary of Jacobs completed the acquisition of the nuclear consulting, remediation and program management business of John Wood Group, a U.K.-based energy services company, for an enterprise value of £246 million, or approximately $317.9 million, less cash acquired of $24.3 million. The Company has recorded its final purchase price allocation associated with the acquisition, which is summarized in Note 16- Other Business Combinations.
On April 26, 2019, Jacobs completed the sale of its Energy, Chemicals and Resources ("ECR") business to Worley Limited, a company incorporated in Australia ("Worley"), for a purchase price of $3.4 billion consisting of (i) $2.8 billion in

Page 10

JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
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. As of October 2, 2020, 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. For further discussion, see Note 17- Sale of Energy, Chemicals and Resources ("ECR") Business to the consolidated financial statements.
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 accompanying consolidated 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 including considerations for potential impacts of the continuing coronavirus (COVID-19) pandemic, 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 2020 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 2020 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- Sale of Energy, Chemicals and Resources for discussion regarding the Company's investment in Worley ordinary shares and Note 19- 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.

Page 11

JACOBS ENGINEERING GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
4.    New Accounting Pronouncements
ASU 2017-04, Simplifying the Test for Goodwill Impairment, is effective for fiscal years beginning after December 15, 2019. ASU 2017-04 removed the second step of the goodwill impairment test, which requires a hypothetical purchase price allocation. An entity will now recognize a goodwill impairment charge for the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. The adoption of ASU 2017-04 did not have a material impact on the Company's financial position, results of operations or cash flows.
ASU No. 2016-13, Financial Instruments - Credit Losses ("ASC 326"): Measurement of Credit Losses on Financial Instruments requires entities to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial assets may be recorded and presented, and that expand disclosures. This standard was effective beginning with the first fiscal quarter 2021. The adoption of ASU 326 did not have a material impact on the Company's financial position, results of operations or cash flows.
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 process, scientific, and systems consulting services. We provide our services through offices and subsidiaries located primarily in North America, South America, Europe, the Middle East, India, Australia, Africa, and Asia. We provide our services under cost-reimbursable and fixed-price contracts. Our contracts are with many different customers in numerous industries. Refer to Note 20- 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 April 2, 2021 and March 27, 2020 (in thousands):
Three Months EndedSix Months Ended
April 2, 2021March 27, 2020April 2, 2021March 27, 2020
Revenues: 
     United States$2,474,672 $2,543,387 $4,931,712 $