SEC Filings

10-Q
AECOM filed this Form 10-Q on 02/06/2019
Entire Document
 

Table of Contents

 

·                  a VIE that does not require consolidation and is treated as an equity method investment because the Company is not the primary beneficiary or the joint venture is not a VIE and the Company does not hold the majority voting interest.

 

As part of the above analysis, if it is determined that the Company has the power to direct the activities that most significantly impact the joint venture’s economic performance, the Company considers whether or not it has the obligation to absorb losses or rights to receive benefits of the VIE that could potentially be significant to the VIE.

 

Contractually required support provided to the Company’s joint ventures is further discussed in Note 14.

 

Summary of unaudited financial information of the consolidated joint ventures is as follows:

 

 

 

December 31,
2018
(unaudited)

 

September 30,
2018

 

 

 

(in millions)

 

Current assets

 

$

906.8

 

$

1,013.7

 

Non-current assets

 

183.4

 

192.7

 

Total assets

 

$

1,090.2

 

$

1,206.4

 

 

 

 

 

 

 

Current liabilities

 

$

645.9

 

$

724.2

 

Non-current liabilities

 

14.5

 

12.7

 

Total liabilities

 

660.4

 

736.9

 

Total AECOM equity

 

257.9

 

284.2

 

Noncontrolling interests

 

171.9

 

185.3

 

Total owners’ equity

 

429.8

 

469.5

 

Total liabilities and owners’ equity

 

$

1,090.2

 

$

1,206.4

 

 

Total revenue of the consolidated joint ventures was $617.5 million and $623.0 million for the three months ended December 31, 2018 and 2017, respectively. The assets of the Company’s consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the general operations of the Company.

 

Summary of unaudited financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements, is as follows:

 

 

 

December 31,
2018

 

September 30,
2018

 

 

 

(in millions)

 

Current assets

 

$

1,778.8

 

$

1,903.3

 

Non-current assets

 

994.8

 

938.3

 

Total assets

 

$

2,773.6

 

$

2,841.6

 

 

 

 

 

 

 

Current liabilities

 

$

1,592.7

 

$

1,658.5

 

Non-current liabilities

 

182.1

 

224.3

 

Total liabilities

 

1,774.8

 

1,882.8

 

Joint ventures’ equity

 

998.8

 

958.8

 

Total liabilities and joint ventures’ equity

 

$

2,773.6

 

$

2,841.6

 

 

 

 

 

 

 

AECOM’s investment in joint ventures

 

$

341.0

 

$

310.7

 

 

 

 

Three Months Ended

 

 

 

December 31,
2018

 

December 31,
2017

 

 

 

(in millions)

 

Revenue

 

$

1,162.2

 

$

1,478.6

 

Cost of revenue

 

1,127.8

 

1,395.2

 

Gross profit

 

$

34.4

 

$

83.4

 

Net income

 

$

32.4

 

$

82.1

 

 

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