0001104659-23-118329 | 10-K | XBRL Viewer

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Revenue Recognition - Disaggregated revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Revenue Recognition
Total revenue	$ 14,378.5	$ 13,148.2	$ 13,340.9
Americas
Revenue Recognition
Total revenue	10,976.4	9,941.6	10,228.3
Europe, Middle East, India, Africa
Revenue Recognition
Total revenue	1,937.3	1,759.8	1,691.3
Asia-Australia-Pacific
Revenue Recognition
Total revenue	1,464.8	1,446.8	1,421.3
Cost reimbursable
Revenue Recognition
Total revenue	6,128.8	5,454.9	5,319.4
Guaranteed maximum price
Revenue Recognition
Total revenue	4,887.7	4,325.0	4,582.7
Fixed-price
Revenue Recognition
Total revenue	$ 3,362.0	$ 3,368.3	$ 3,438.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings Per Share

12 Months Ended

Sep. 30, 2023

Earnings Per Share

Earnings Per Share

15. Earnings Per Share

Basic earnings per share (EPS) excludes dilution and is computed by dividing net income attributable to AECOM by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income attributable to AECOM by the weighted average number of common shares outstanding and potential common shares for the period. The Company

includes as potential common shares the weighted average dilutive effects of equity awards using the treasury stock method. For the periods presented, equity awards excluded from the calculation of potential common shares were not significant.

The following table sets forth a reconciliation of the denominators of basic and diluted earnings per share:


	Fiscal Year Ended
	September 30,	September 30,	September 30,
	2023	2022	2021

	(in millions)
Denominator for basic earnings per share	138.6	140.8	147.3
Potential common shares	1.5	1.9	2.4
Denominator for diluted earnings per share	140.1	142.7	149.7

Major Clients (Details) - Sales Revenue - Customer concentration risk	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Percentage of total revenue
Period for which criteria of threshold percentage for disclosure not met in past	5 years
Minimum
Percentage of total revenue
Percentage of revenue accounted for by no other single client (as a percent)	10.00%
Agencies of U.S. Federal Government
Percentage of total revenue
Concentration (as a percent)	5.00%	6.00%	8.00%

Debt - Other Debt and Other Items (Details) - Other Debt - Standby Letters of Credit - Unsecured - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Debt
Outstanding letters of credit	$ 878.9	$ 640.3
Current borrowing capacity	$ 416.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Schedule II: Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Changes in valuation and qualifying accounts
Balance at Beginning of Year	$ 104.0	$ 92.8	$ 77.9
Additions Charged to Cost of Revenue	40.9	43.9	29.1
Deductions	(50.8)	(29.6)	(14.9)
Other and Foreign Exchange Impact	0.1	(3.1)	0.7
Balance at the End of the Year	$ 94.2	$ 104.0	$ 92.8

Discontinued Operations, Goodwill, and Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Discontinued Operations, Goodwill and Intangible Assets
Intangible Assets, Net	$ 17,769	$ 35,552
Customer relationships
Discontinued Operations, Goodwill and Intangible Assets
Gross Amount	663,800	663,000
Accumulated Amortization	(646,000)	(627,400)
Intangible Assets, Net	$ 17,800	$ 35,600
Customer relationships \| Minimum
Discontinued Operations, Goodwill and Intangible Assets
Amortization Period	1 year
Customer relationships \| Maximum
Discontinued Operations, Goodwill and Intangible Assets
Amortization Period	11 years

Debt - Long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Debt
Total debt	$ 2,217,300	$ 2,224,600
Less: Current portion of debt and short-term borrowings	(89,500)	(48,600)
Less: Unamortized debt issuance costs	(14,400)	(19,300)
Long-term debt	2,113,369	2,156,686
Credit Agreement
Debt
Total debt	1,119,800	1,143,300
2027 Senior Notes
Debt
Total debt	997,300	997,300
Other Debt
Debt
Total debt	$ 100,200	$ 84,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Share-Based Payments - Restricted stock unit, PEP unit, and Stock Option activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Stock options, Weighted average exercise price
Recognized compensation expense	$ 45.9	$ 38.5	$ 44.7
Unrecognized compensation expense	48.3	45.9
Other disclosures
Compensation expense related to share-based payments	45.9	38.5	$ 44.7
Unrecognized compensation expense	$ 48.3	$ 45.9
Recognition period of unrecognized compensation expense	3 years	3 years
Restricted Stock Units
Units
Outstanding at beginning (in units)	1.0	1.3	2.1
Granted (in units)	0.3	0.3	0.4
Vested (in shares)	(0.4)	(0.5)	(0.9)
Cancelled (in shares)	(0.1)	(0.1)	(0.3)
Outstanding at ending (in units)	0.8	1.0	1.3
Weighted Average Grant-Date Fair Value
Outstanding at beginning (in USD per unit)	$ 53.05	$ 38.88	$ 35.56
Granted (in USD per unit)	83.64	74.30	49.21
Vested (in USD per unit)	44.35	29.44	36.24
Cancelled (in USD per unit)	62.09	49.74	36.89
Outstanding at ending (in USD per unit)	$ 68.34	$ 53.05	$ 38.88
PEP Units
Units
Outstanding at beginning (in units)	0.7	1.2	1.6
Granted (in units)	0.2	0.2	0.3
PEP units earned (unearned) (in shares)	0.2	0.6	0.1
Vested (in shares)	(0.4)	(1.3)	(0.6)
Cancelled (in shares)			(0.2)
Outstanding at ending (in units)	0.7	0.7	1.2
Weighted Average Grant-Date Fair Value
Outstanding at beginning (in USD per unit)	$ 60.60	$ 37.22	$ 33.86
Granted (in USD per unit)	94.64	85.46	52.76
PEP units earned (unearned) (in USD per share)	43.19	27.90	37.37
Vested (in USD per unit)	43.19	27.90	38.13
Cancelled (in USD per unit)	71.71	56.64	37.53
Outstanding at ending (in USD per unit)	$ 75.54	$ 60.60	$ 37.22
Stock Options
Shares of stock under options
Balance at the beginning of the period (in shares)	0.3	0.3	0.4
Options exercised (in shares)	(0.2)		(0.1)
Balance at the end of the period (in shares)	0.1	0.3	0.3
Stock options, Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 38.72	$ 38.72	$ 36.41
Options exercised (in dollars per share)	38.72		31.62
Balance at the end of the period (in dollars per share)	$ 38.72	$ 38.72	$ 38.72

Property and Equipment - Useful Lives (Details)	Sep. 30, 2023
Building and land \| Minimum
Property and equipment
Useful Lives	10 years
Building and land \| Maximum
Property and equipment
Useful Lives	45 years
Leasehold Improvements [Member] \| Minimum
Property and equipment
Useful Lives	1 year
Leasehold Improvements [Member] \| Maximum
Property and equipment
Useful Lives	20 years
Computer Equipment \| Minimum
Property and equipment
Useful Lives	3 years
Computer Equipment \| Maximum
Property and equipment
Useful Lives	12 years
Furniture and Fixtures \| Minimum
Property and equipment
Useful Lives	3 years
Furniture and Fixtures \| Maximum
Property and equipment
Useful Lives	10 years

Pension Benefit Obligations

12 Months Ended

Sep. 30, 2023

Pension Benefit Obligations

Pension Benefit Obligations

7. Pension Benefit Obligations

In the U.S., the Company sponsors various qualified defined benefit pension plans. Benefits under these plans generally are based on the employee’s years of creditable service and compensation; however, all U.S. defined benefit plans are closed to new participants and have frozen accruals.

The Company also sponsors various non-qualified plans in the U.S.; all of these plans are frozen. Outside the U.S., the Company sponsors various pension plans, which are appropriate to the country in which the Company operates, some of which are government mandated.

The following tables provide reconciliations of the changes in the U.S. and international plans’ benefit obligations, reconciliations of the changes in the fair value of assets for the last three years ended September 30, and reconciliations of the funded status as of September 30 of each year.


	Fiscal Year Ended
	September 30,				September 30,				September 30,
	2023				2022				2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Change in benefit obligation:
Benefit obligation at beginning of year	$	198.1	$	791.2	$	265.4	$	1,470.8	$	283.9	$	1,440.3
Service cost		—		0.3		—		0.5		—		0.5
Participant contributions		0.1		0.2		0.1		0.3		0.1		0.3
Interest cost		9.8		47.7		4.7		24.1		4.3		21.6
Benefits and expenses paid		(17.2)		(42.2)		(18.4)		(44.3)		(18.5)		(48.6)
Actuarial (gain) loss		(8.8)		(112.5)		(51.9)		(458.1)		(3.7)		(4.7)
Plan settlements		(1.5)		(1.5)		(1.8)		(2.2)		(0.7)		(5.9)
Transfers in		0.7		—		—		—		—		—
Plan amendments		—		—		—		—		—		0.4
Foreign currency translation (gain) loss		—		73.0		—		(199.9)		—		66.9
Benefit obligation at end of year	$	181.2	$	756.2	$	198.1	$	791.2	$	265.4	$	1,470.8


	Fiscal Year Ended
	September 30,				September 30,				September 30,
	2023				2022				2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Change in plan assets
Fair value of plan assets at beginning of year	$	101.4	$	683.5	$	138.9	$	1,251.8	$	129.6	$	1,166.2
Actual return on plan assets		7.8		(54.2)		(27.2)		(374.5)		14.7		61.1
Employer contributions		8.2		24.8		9.8		23.6		13.7		25.2
Participant contributions		0.1		0.2		0.1		0.3		0.1		0.3
Benefits and expenses paid		(17.2)		(42.2)		(18.4)		(44.3)		(18.5)		(48.6)
Plan settlements		(1.5)		(1.5)		(1.8)		(2.2)		(0.7)		(5.9)
Foreign currency translation (loss) gain		—		62.7		—		(171.2)		—		53.5
Fair value of plan assets at end of year	$	98.8	$	673.3	$	101.4	$	683.5	$	138.9	$	1,251.8


	Fiscal Year Ended
	September 30, 2023				September 30, 2022				September 30, 2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Reconciliation of funded status:
Funded status at end of year	$	(82.4)	$	(82.9)	$	(96.7)	$	(107.7)	$	(126.5)	$	(219.0)
Contribution made after measurement date		N/A		N/A		N/A		N/A		N/A		N/A
Net amount recognized at end of year	$	(82.4)	$	(82.9)	$	(96.7)	$	(107.7)	$	(126.5)	$	(219.0)

The following table sets forth the amounts recognized in the consolidated balance sheets as of September 30, 2023, 2022 and 2021:


	Fiscal Year Ended
	September 30, 2023				September 30, 2022				September 30, 2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Amounts recognized in the consolidated balance sheets:
Other non-current assets	$	—	$	38.7	$	—	$	36.8	$	—	$	47.5
Accrued expenses and other current liabilities		(8.4)		—		(8.6)		—		(9.1)		—
Pension benefit obligations		(74.0)		(121.6)		(88.1)		(144.5)		(117.4)		(266.5)
Net amount recognized in the balance sheet	$	(82.4)	$	(82.9)	$	(96.7)	$	(107.7)	$	(126.5)	$	(219.0)

The following table details the reconciliation of amounts in the consolidated statements of stockholders’ equity for the fiscal years ended September 30, 2023, 2022 and 2021:


	Fiscal Year Ended
	September 30, 2023				September 30, 2022				September 30, 2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Reconciliation of amounts in consolidated statements of stockholders’ equity:
Prior service cost	$	(0.1)	$	(1.2)	$	(0.1)	$	(1.2)	$	(0.1)	$	(1.6)
Net loss		(77.5)		(207.1)		(91.7)		(187.1)		(116.5)		(279.5)
Total recognized in accumulated other comprehensive loss	$	(77.6)	$	(208.3)	$	(91.8)	$	(188.3)	$	(116.6)	$	(281.1)

The components of net periodic benefit cost other than the service cost component are included in other income in the consolidated statement of operations. The following table details the components of net periodic benefit cost for the Company’s pension plans for fiscal years ended September 30, 2023, 2022 and 2021:


	Fiscal Year Ended
	September 30, 2023				September 30, 2022				September 30, 2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Components of net periodic benefit cost:
Service costs	$	—	$	0.3	$	—	$	0.5	$	—	$	0.5
Interest cost on projected benefit obligation		9.8		47.7		4.7		24.1		4.3		21.6
Expected return on plan assets		(5.8)		(60.8)		(5.6)		(41.4)		(6.5)		(43.5)
Amortization of prior service costs		—		0.1		—		0.1		—		0.1
Amortization of net loss (gain)		3.5		(0.6)		5.6		6.9		5.9		9.2
Settlement (gain) loss recognized		(0.1)		0.2		0.2		0.3		0.2		0.8
Net periodic benefit cost (credit)	$	7.4	$	(13.1)	$	4.9	$	(9.5)	$	3.9	$	(11.3)

The amount of applicable deferred income taxes included in other comprehensive income arising from a change in net prior service cost and net gain/loss was $3.1 million, $18.8 million, and $9.3 million in the years ended September 30, 2023, 2022 and 2021, respectively.

Amounts included in accumulated other comprehensive loss as of September 30, 2023 that are expected to be recognized as components of net periodic benefit cost during fiscal 2024 are (in millions):


	U.S.		Int’l
Amortization of prior service cost	$	—	$	(0.1)
Amortization of net actuarial (losses) gain		(3.1)		2.3
Total	$	(3.1)	$	2.2

The table below provides additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets.


	Fiscal Year Ended
	September 30,				September 30,				September 30,
	2023				2022				2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Projected benefit obligation	$	168.8	$	628.1	$	184.8	$	601.4	$	247.8	$	1,248.8
Accumulated benefit obligation	$	168.8	$	628.1	$	184.8	$	600.1	$	247.8	$	1,243.9
Fair value of plan assets	$	98.8	$	506.5	$	101.4	$	456.9	$	138.9	$	982.4

Funding requirements for each pension plan are determined based on the local laws of the country where such pension plan resides. In certain countries, the funding requirements are mandatory while in other countries, they are discretionary. The Company currently intends to contribute $22.2 million to the international plans in fiscal 2024. The required minimum contributions for U.S. plans are not significant. In addition, the Company may make discretionary contributions. The Company currently intends to contribute $12.9 million to U.S. plans in fiscal 2024.

The table below provides the expected future benefit payments, in millions:


Year Ending September 30,	U.S.		Int’l
2024	$	20.2	$	47.1
2025		19.3		45.0
2026		19.1		46.3
2027		18.1		47.8
2028		17.4		49.3
2029-2033		74.3		267.6
Total	$	168.4	$	503.1

The underlying assumptions for the pension plans are as follows:


	Fiscal Year Ended
	September 30,				September 30,				September 30,
	2023				2022				2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Weighted-average assumptions to determine benefit obligation:
Discount rate	5.76	%	5.65	%	5.40	%	5.27	%	2.46	%	1.98	%
Salary increase rate	N/A		3.06	%	N/A		3.48	%	N/A		3.13	%
Weighted-average assumptions to determine net periodic benefit cost:
Discount rate	5.40	%	5.27	%	2.46	%	1.98	%	2.20	%	1.67	%
Salary increase rate	N/A		3.48	%	N/A		3.13	%	N/A		2.68	%
Expected long-term rate of return on plan assets	7.00	%	6.04	%	6.25	%	3.93	%	6.80	%	3.95	%

Pension costs are determined using the assumptions as of the beginning of the plan year. The funded status is determined using the assumptions as of the end of the plan year.

The following table summarizes the Company’s target allocation for 2023 and pension plan asset allocation, both U.S. and international, as of September 30, 2023 and 2022:


					Percentage of Plan Assets
					as of September 30,
	Target Allocations				2023				2022
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l
Asset Category:
Equities	32	%	27	%	33	%	24	%	36	%	20	%
Debt	58		61		56		62		48		47
Cash	2		—		2		4		5		15
Property and other	8		12		9		10		11		18
Total	100	%	100	%	100	%	100	%	100	%	100	%

The Company’s domestic and foreign plans seek a competitive rate of return relative to an appropriate level of risk depending on the funded status and obligations of each plan and typically employ both active and passive investment management strategies. The Company’s risk management practices include diversification across asset classes and investment styles and periodic rebalancing toward asset allocation targets. The target asset allocation selected for each plan reflects a risk/return profile that the Company believes is appropriate relative to each plan’s liability structure and return goals.

To develop the expected long-term rate of return on assets assumption, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio and the diversification of the portfolio. This resulted in the selection of a 7.00% and 6.04% weighted-average long-term rate of return on assets assumption for the fiscal year ended September 30, 2023 for U.S. and non-U.S. plans, respectively.

As of September 30, 2023, the fair values of the Company’s pension plan assets by major asset categories were as follows:


			Fair Value Measurement as of
			September 30, 2023
	Total		Quoted		Significant
	Carrying		Prices in		Other		Significant
	Value as of		Active		Observable		Unobservable		Investments
	September 30,		Markets		Inputs		Inputs		measured at
	2023		(Level 1)		(Level 2)		(Level 3)		NAV

	(in millions)
Cash and cash equivalents	$	29.5	$	20.2	$	9.3	$	—	$	—
Debt securities		338.3		338.3		—		—		—
Investment funds:
Diversified and equity funds		43.5		30.3		13.2		—		—
Fixed income funds		26.1		21.7		4.4		—		—
Common collective funds		372.0		—		—		—		372.0
Derivative instruments		(37.3)		1.5		(38.8)		—		—
Total	$	772.1	$	412.0	$	(11.9)	$	—	$	372.0

As of September 30, 2022, the fair values of the Company’s pension plan assets by major asset categories were as follows:


			Fair Value Measurement as of
			September 30, 2022
	Total		Quoted		Significant
	Carrying		Prices in		Other		Significant
	Value as of		Active		Observable		Unobservable		Investments
	September 30,		Markets		Inputs		Inputs		measured at
	2022		(Level 1)		(Level 2)		(Level 3)		NAV

	(in millions)
Cash and cash equivalents	$	104.8	$	99.0	$	5.8	$	—	$	—
Debt securities		339.1		339.1		—		—		—
Investment funds:
Diversified and equity funds		22.2		7.3		14.9		—		—
Fixed income funds		7.9		5.7		2.2		—		—
Common collective funds		451.6		—		—		—		451.6
Derivative instruments		(140.7)		—		(140.7)		—		—
Total	$	784.9	$	451.1	$	(117.8)	$	—	$	451.6

Changes for the year ended September 30, 2022 in the fair value of the Company’s recurring post-retirement plan Level 3 assets are as follows:

Actual return

on plan assets,

Change

September 30,

relating to

Transfer

due to

2021

assets still

assets sold

Purchases,

into /

exchange

September 30,

Beginning

held at

during the

sales and

(out of)

rate

2022

balance

reporting date

period

settlements

Level 3

changes

Ending balance

(in millions)

Level 3 Assets

4.0

—

(0.2)

(3.5)

—

(0.3)

—

Cash equivalents are mostly comprised of short-term money-market instruments and are valued at cost, which approximates fair value.

For investment funds not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker, or investment manager. These funds are categorized as Level 2 if the custodian obtains

corroborated quotes from a pricing vendor or categorized as Level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager.

Fixed income investment funds, not traded on an active exchange, categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers, or quoted prices of securities with similar characteristics.

Hedge funds categorized as Level 3 are valued based on valuation models that include significant unobservable inputs and cannot be corroborated using verifiable observable market data. Hedge funds are valued by independent administrators. Depending on the nature of the assets, the general partners or independent administrators use both the income and market approaches in their models. The market approach consists of analyzing market transactions for comparable assets while the income approach uses earnings or the net present value of estimated future cash flows adjusted for liquidity and other risk factors. As of September 30, 2023, there were no material changes to the valuation techniques.

Common collective funds are valued based on net asset value (NAV) per share or unit as a practical expedient as reported by the fund manager, multiplied by the number of shares or units held as of the measurement date. Accordingly, these NAV-based investments have been excluded from the fair value hierarchy. These collective investment funds have redemption notice periods and are redeemable at the NAV, less transaction fees. There are no significant unfunded commitments related to these investments.

Multiemployer Pension Plans

The Company participates in construction-industry multiemployer pension plans. Generally, the plans provide defined benefits to substantially all employees covered by collective bargaining agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is liable, upon termination or withdrawal from a plan, for its proportionate share of a plan’s unfunded vested liability. The Company’s aggregate contributions to these multiemployer plans were $3.0 million and $2.9 million for the years ended September 30, 2023 and 2022, respectively. At September 30, 2023 and 2022, none of the plans in which the Company participates are individually significant to its consolidated financial statements.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Reportable Segments and Geographic Information - Geographic Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Geographic Information
Long-Lived Assets	$ 4,624.3	$ 5,032.4	$ 5,200.1
Americas
Geographic Information
Long-Lived Assets	3,478.5	3,906.7	3,922.8
Europe, Middle East India, Africa
Geographic Information
Long-Lived Assets	803.5	763.6	872.3
Asia-Australia-Pacific
Geographic Information
Long-Lived Assets	$ 342.3	$ 362.1	$ 405.0

Leases (Tables)

12 Months Ended

Sep. 30, 2023

Leases

Schedule of components of lease expenses


	Fiscal Year Ended
	September 30, 2023		September 30, 2022		September 30, 2021

	(in millions)
Operating lease cost	$	164.0	$	172.5	$	186.5
Finance lease cost:
Amortization of right-of-use assets		23.1		18.0		13.0
Interest on lease liabilities		2.6		2.2		2.0
Variable lease cost		34.1		34.0		35.5
Total lease cost	$	223.8	$	226.7	$	237.0

Schedule of additional balance sheet information related to leases


(in millions except as noted)	Balance Sheet Classification	September 30, 2023		September 30, 2022
Assets:
Operating lease assets	Operating lease right-of-use assets	$	447.0	$	539.8
Finance lease assets	Property and equipment – net		64.8		49.4
Total lease assets		$	511.8	$	589.2

Liabilities:
Current:
Operating lease liabilities	Accrued expenses and other current liabilities	$	139.8	$	145.6
Finance lease liabilities	Current portion of long-term debt		25.0		18.1
Total current lease liabilities			164.8		163.7
Non-current:
Operating lease liabilities	Operating lease liabilities, noncurrent		548.9		595.3
Finance lease liabilities	Long-term debt		39.8		32.0
Total non-current lease liabilities		$	588.7	$	627.3


	As of
	September 30, 2023		September 30, 2022		September 30, 2021
Weighted average remaining lease term (in years):
Operating leases	6.4		6.5		6.9
Finance leases	2.9		3.1		3.5
Weighted average discount rates:
Operating leases	4.3	%	4.0	%	4.3	%
Finance leases	4.1	%	3.8	%	4.3	%

Schedule of additional cash flow information related to leases


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	188.3	$	201.8	$	221.4
Operating cash flows from finance leases		2.5		2.2		2.0
Financing cash flows from finance leases		23.7		19.8		13.7
Right-of-use assets obtained in exchange for new operating leases		96.6		90.9		102.7
Right-of-use assets obtained in exchange for new finance leases		37.5		26.2		28.5

Schedule of total remaining lease payments under the Company's operating and finance leases


	Operating Leases		Finance Leases

Fiscal Year	(in millions)
2024	$	164.4	$	27.2
2025		142.3		21.3
2026		112.8		14.3
2027		86.0		5.8
2028		75.7		0.5
Thereafter		213.1		—
Total lease payments	$	794.3	$	69.1
Less: Amounts representing interest	$	(105.6)	$	(4.3)
Total lease liabilities	$	688.7	$	64.8

Revenue Recognition - Accounts receivable, net (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Billed	$ 2,122,200	$ 1,931,400
Contract retentions	516,500	490,400
Total accounts receivable-gross	2,638,700	2,421,800
Allowance for doubtful accounts and credit losses	(94,200)	(104,000)
Total accounts receivable-net	$ 2,544,453	$ 2,317,812
Additional disclosures
Unbilled receivables are expected to be billed and collected (in months)	12 months	12 months
Significant claims recorded in contract assets and other non-current assets	$ 160,000	$ 110,000
Trade receivables sold with no financial and legal obligations	$ 291,000	$ 240,300
Outstanding receivables
Additional disclosures
Number of customers accounting for 10%	No	No
Concentration Risk Threshold Percentage	10.00%	10.00%

Income Taxes - Additional information (Details) - USD ($) $ in Millions		12 Months Ended			36 Months Ended
	Apr. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2023
Income taxes
Effective tax rate (as a percent)		26.30%	24.70%	21.80%
Valuation allowance related to net deferred tax assets		$ 171.2	$ 154.4		$ 171.2
Corporate tax rate		21.00%	21.00%	21.00%	21.00%
Tax expense related to audit settlement				$ 13.2
Tax rate changes		$ (3.2)	$ (4.1)	(26.8)
Tax benefit from foreign subsidiaries		$ (52.8)	(75.8)	$ (53.2)
United Kingdom
Income taxes
Corporate tax rate	25.00%			19.00%
Tax rate changes				$ 25.9
Foreign [Member]
Income taxes
Valuation allowance related to net operating losses			$ 21.9

Pension Benefit Obligations - Asset Changes (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Change in plan assets
Fair value of plan assets at beginning of year	$ 784.9
Employer contributions	3.0	$ 2.9
Fair value of plan assets at end of year	772.1	784.9
United States
Change in plan assets
Fair value of plan assets at beginning of year	101.4	138.9	$ 129.6
Actual return on plan assets	7.8	(27.2)	14.7
Employer contributions	8.2	9.8	13.7
Participant contributions	0.1	0.1	0.1
Benefits and expenses paid	(17.2)	(18.4)	(18.5)
Plan settlements	(1.5)	(1.8)	(0.7)
Fair value of plan assets at end of year	98.8	101.4	138.9
International
Change in plan assets
Fair value of plan assets at beginning of year	683.5	1,251.8	1,166.2
Actual return on plan assets	(54.2)	(374.5)	61.1
Employer contributions	24.8	23.6	25.2
Participant contributions	0.2	0.3	0.3
Benefits and expenses paid	(42.2)	(44.3)	(48.6)
Plan settlements	(1.5)	(2.2)	(5.9)
Foreign currency translation (loss) gain	62.7	(171.2)	53.5
Fair value of plan assets at end of year	$ 673.3	$ 683.5	$ 1,251.8

Income Taxes - Federal Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2023
Income Taxes
Valuation allowances	$ 16,800
Rate reconciliation
Tax at federal statutory rate	44,800	$ 115,600	$ 85,800
State income tax, net of federal benefit	(7,100)	20,200	8,000
Foreign residual income	59,400	46,400	45,600
Valuation allowance	16,600	(18,000)	12,400
Nondeductible costs	10,700	19,700	6,000
Change in uncertain tax positions	9,400	15,400	8,500
Audit settlement	1,900	(1,500)	10,400
Foreign tax rate differential	200	1,100	8,800
Income tax credits and incentives	(68,200)	(51,000)	(51,300)
Exclusion of tax on non-controlling interests	(9,400)	(5,100)	(6,100)
Tax exempt income	(3,300)	(5,900)	(5,400)
Tax rate changes	(3,200)	(4,100)	(26,800)
Return to provision	(500)	(1,500)	(9,500)
Other items, net	4,800	4,800	2,600
Total income tax expense	$ 56,052	$ 136,051	$ 89,011
Major elements contributing to the difference between the U.S. federal statutory rate of 21% for fiscal year 2022, 2021 and 2020 and the effective tax rate
Tax at federal statutory rate (as a percent)	21.00%	21.00%	21.00%	21.00%
State income tax, net of federal benefit (as a percent)	(3.30%)	3.70%	2.00%
Foreign residual income (as a percent)	27.80%	8.40%	11.10%
Valuation allowance (as a percent)	7.80%	(3.30%)	3.00%
Nondeductible costs (as a percent)	5.00%	3.60%	1.50%
Change in uncertain tax positions (as a percent)	4.40%	2.80%	2.10%
Audit settlement (as a percent)	0.90%	(0.30%)	2.50%
Foreign tax rate differential (as a percent)	0.10%	0.20%	2.10%
Income tax credits and incentive (as a percent)	(31.90%)	(9.30%)	(12.50%)
Exclusion of tax on non-controlling interests (as a percent)	(4.40%)	(0.90%)	(1.50%)
Tax exempt income (as a percent)	(1.50%)	(1.10%)	(1.30%)
Tax rate changes (as a percent)	(1.50%)	(0.70%)	(6.50%)
Return to provision (as a Percent)	(0.20%)	(0.30%)	(2.30%)
Other items, net (as a percent)	2.10%	0.90%	0.60%
Total income tax expense (as a percent)	26.30%	24.70%	21.80%

Joint Ventures and Variable Interest Entities

12 Months Ended

Sep. 30, 2023

Joint Ventures and Variable Interest Entities

Joint Ventures and Variable Interest Entities

6. Joint Ventures and Variable Interest Entities

The Company’s joint ventures provide architecture, engineering, program management, construction management, operations and maintenance services, and invest in real estate projects. Joint ventures, the combination of two or more partners, are generally formed for a specific project. Management of the joint venture is typically controlled by a joint venture executive committee, comprised of representatives from the joint venture partners. The joint venture executive committee normally provides management oversight and controls decisions which could have a significant impact on the joint venture.

Some of the Company’s joint ventures have no employees and minimal operating expenses. For these joint ventures, the Company’s employees perform work for the joint venture, which is then billed to a third-party customer by the joint venture. These joint ventures function as pass- through entities to bill the third-party customer. For consolidated joint ventures of this type, the Company records the entire amount of the services performed and the costs associated with these services, including the services provided by the other joint venture partners, in the Company’s result of operations. For certain of these joint ventures where a fee is added by an unconsolidated joint venture to client billings, the Company’s portion of that fee is recorded in equity in earnings of joint ventures.

The Company also has joint ventures that have their own employees and operating expenses, and to which the Company generally makes a capital contribution. The Company accounts for these joint ventures either as consolidated entities or equity method investments based on the criteria further discussed below.

The Company follows guidance on the consolidation of variable interest entities (VIEs) that requires companies to utilize a qualitative approach to determine whether it is the primary beneficiary of a VIE. The process for identifying the primary beneficiary of a VIE requires consideration of the factors that indicate a party has the power to direct the activities that most significantly impact the joint venture’s economic performance, including powers granted to the joint venture’s program manager, powers contained in the joint venture governing board and, to a certain extent, a company’s economic interest in the joint venture. The Company analyzes its joint ventures and classifies them as either:

●

a VIE that must be consolidated because the Company is the primary beneficiary or the joint venture is not a VIE and the Company holds the majority voting interest with no significant participative rights available to the other partners; or

●

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 discussed in Note 18.

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



	September 30,		September 30,
	2023		2022

	(in millions)
Current assets	$	806.3	$	630.8
Non-current assets		75.9		73.8
Total assets	$	882.2	$	704.6

Current liabilities	$	779.6	$	530.6
Non-current liabilities		1.5		1.5
Total liabilities		781.1		532.1
Total AECOM (deficit) equity		(54.9)		56.7
Noncontrolling interests		156.0		115.8
Total owners’ equity		101.1		172.5
Total liabilities and owners’ equity	$	882.2	$	704.6

Total revenue of the consolidated joint ventures was $1,984.3 million, $1,411.7 million, and $826.8 million for the years ended September 30, 2023, 2022 and 2021, 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 financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements, is as follows:


	September 30,		September 30,
	2023		2022

	(in millions)
Current assets	$	1,177.4	$	1,279.4
Non-current assets		996.3		1,128.7
Total assets	$	2,173.7	$	2,408.1

Current liabilities	$	605.9	$	751.4
Non-current liabilities		441.7		521.3
Total liabilities		1,047.6		1,272.7
Joint ventures’ equity		1,126.1		1,135.4
Total liabilities and joint ventures’ equity	$	2,173.7	$	2,408.1

AECOM’s investment in joint ventures	$	139.2	$	355.0


	Twelve Months Ended
	September 30,		September 30,
	2023		2022

	(in millions)
Revenue	$	1,248.2	$	1,801.5
Cost of revenue		1,170.7		1,743.1
Gross profit	$	77.5	$	58.4
Net income	$	72.9	$	52.1

Summary of AECOM’s equity in earnings of unconsolidated joint ventures is as follows:


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

	(in millions)
Pass-through joint ventures	$	24.5	$	29.2	$	23.6
Other joint ventures		(303.9)		24.4		11.4
Total	$	(279.4)	$	53.6	$	35.0

During fiscal 2023, the Company initiated a process to explore strategic options for the AECOM Capital business, consistent with the Company's focus on its professional services business. During the third quarter of fiscal 2023, the Company identified indicators of impairment in the equity method investments held in its AECOM Capital segment. Specifically, the Company identified evidence that the carrying value of certain of the investments in its real estate portfolio were in excess of their fair values. The Company concluded it no longer had the intent to retain certain of these investments for a period of time sufficient to allow for an anticipated recovery in market value. In the third quarter of fiscal 2023, the Company recorded an impairment loss of $307.0 million to reduce the carrying value of these investments to their estimated fair values. This impairment did not relate to investments in respect of which affiliates of AECOM Capital provide advisory services or manage third party capital. AECOM Capital will continue to manage existing investment vehicles and investments in a manner consistent with their current obligations. Fair value was determined using Level 3 inputs such as forecasted cash flows and comparable sales prices.

Joint Ventures and Variable Interest Entities - Consolidated (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Joint Ventures and Variable Interest Entities
Current assets	$ 6,169,511	$ 5,822,810
Total assets	11,233,398	11,139,315
Current liabilities	5,850,283	5,404,171
Total liabilities	8,849,687	8,533,936
Total AECOM (deficit) equity	2,212,332	2,476,654
Noncontrolling interests	171,379	128,725
Total owners' equity	2,383,711	2,605,379	$ 2,829,577	$ 3,413,544
Total liabilities and joint ventures' equity	11,233,398	11,139,315
Revenue	14,378,461	13,148,182	13,340,852
Consolidated joint ventures
Joint Ventures and Variable Interest Entities
Current assets	806,300	630,800
Non-current assets	75,900	73,800
Total assets	882,200	704,600
Current liabilities	779,600	530,600
Non-current liabilities	1,500	1,500
Total liabilities	781,100	532,100
Total AECOM (deficit) equity	(54,900)	56,700
Noncontrolling interests	156,000	115,800
Total owners' equity	101,100	172,500
Total liabilities and joint ventures' equity	882,200	704,600
Revenue	$ 1,984,300	$ 1,411,700	$ 826,800

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 100,141	$ 334,702	$ 202,980
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	175,725	170,886	176,400
Equity in losses (earnings) of unconsolidated joint ventures	282,291	(46,303)	(39,104)
Distribution of earnings from unconsolidated joint ventures	41,178	27,175	46,358
Non-cash stock compensation	45,882	38,471	44,742
Prepayment premium on redemption of unsecured senior notes			117,500
Impairment of long-lived assets	86,199		105,194
Loss on sale of discontinued operations	43,222	48,095	52,532
Foreign currency translation	969	(31,529)	(42,728)
Deferred income tax (benefit) expense	(135,878)	22,821	(48,265)
Other	6,388	15,295	16,063
Changes in operating assets and liabilities:
Accounts receivable and contract assets	(402,498)	236,605	533,006
Prepaid expenses and other assets	131,903	132,003	(100,526)
Accounts payable	169,514	(102,873)	(250,142)
Accrued expenses and other current liabilities	97,239	48,019	(84,073)
Contract liabilities	137,484	(7,434)	103,999
Other long-term liabilities	(83,779)	(172,297)	(129,266)
Net cash provided by operating activities	695,980	713,636	704,670
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for sale of discontinued operations, net of cash disposed		(42,261)	(265,876)
Investment in unconsolidated joint ventures	(59,772)	(26,672)	(57,388)
Return of investment in unconsolidated joint ventures	20,874	11,723	8,110
Proceeds from sale of investments	5,977	10,242	15,507
Proceeds from disposal of property and equipment	344	8,951	14,822
Payments for capital expenditures	(105,600)	(137,017)	(136,262)
Net cash used in by investing activities	(138,177)	(175,034)	(421,087)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements	3,506,668	3,618,585	3,638,916
Repayments of borrowings under credit agreements	(3,552,639)	(3,657,308)	(2,726,347)
Redemption of unsecured senior notes			(797,252)
Prepayment premium on redemption of unsecured senior notes			(117,500)
Cash paid for debt issuance costs		(155)	(11,280)
Dividends paid	(96,192)	(63,288)
Proceeds from issuance of common stock	32,897	26,666	25,686
Proceeds from exercise of stock options	6,168		4,038
Payments to repurchase common stock	(379,284)	(472,970)	(867,091)
Net distributions to noncontrolling interests	(2,223)	(12,395)	(10,274)
Other financing activities	11,670	(27,450)	(11,429)
Net cash used in financing activities	(472,935)	(588,315)	(872,533)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	512	(8,307)	5,493
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	85,380	(58,020)	(583,457)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	1,176,772	1,234,792	1,818,249
CASH AND CASH EQUIVALENTS AT END OF YEAR	1,262,152	1,176,772	1,234,792
LESS: CASH AND CASH EQUIVALENTS INCLUDED IN CURRENT ASSETS HELD FOR SALE	(1,946)	(4,563)	(5,596)
CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS AT END OF YEAR	1,260,206	1,172,209	1,229,196
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	(153,975)	(104,644)	(255,679)
Net income taxes paid	$ (78,448)	$ (104,742)	$ (114,464)

Concentration of Credit Risk

12 Months Ended

Sep. 30, 2023

Concentration of Credit Risk

Concentration of Credit Risk

10. Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash investments and trade receivables. The Company’s cash balances and short-term investments are maintained in accounts held by major banks and financial institutions located primarily in the U.S., Canada, Europe, Australia, Middle East and Hong Kong. If the Company extends significant credit to clients in a specific geographic area or industry, the Company may experience disproportionately high levels of default if those clients are adversely affected by factors particular to their geographic area or industry. Concentrations of credit risk with respect to trade receivables are limited due to the large number of customers comprising the Company’s customer base, including, in large part, governments, government agencies and quasi-government organizations, and their dispersion across many different industries and geographies. See Note 4 regarding the Company’s foreign revenues. In order to mitigate credit risk, the Company continually reviews the credit worthiness of its major private clients.

Property and Equipment (Tables)

12 Months Ended

Sep. 30, 2023

Property and Equipment

Schedule of property and equipment, at cost


	Fiscal Year Ended
	September 30,		September 30,		Useful Lives
	2023		2022		(years)

	(in millions)
Building and land	$	10.4	$	9.9	10	-	45
Leasehold improvements		329.4		339.7	1	-	20
Computer systems and equipment		716.7		672.1	3	-	12
Furniture and fixtures		97.9		103.1	3	-	10
Total		1,154.4		1,124.8
Accumulated depreciation and amortization		(771.8)		(696.6)
Property and equipment, net	$	382.6	$	428.2

Leases - Lease payments under operating lease (Details) $ in Millions	Sep. 30, 2023 USD ($)
Amounts payable under non-cancelable operating lease commitments
2024	$ 164.4
2025	142.3
2026	112.8
2027	86.0
2028	75.7
Thereafter	213.1
Total lease payments	794.3
Less: Amounts representing interest	(105.6)
Total lease liabilities	$ 688.7

Revenue Recognition

12 Months Ended

Sep. 30, 2023

Revenue Recognition.

Revenue Recognition

4. Revenue Recognition

The Company follows accounting principles for recognizing revenue upon the transfer of control of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. The Company generally recognizes revenues over time as performance obligations are satisfied. The Company generally measures its progress to completion using an input measure of total costs incurred divided by total costs expected to be incurred, which it believes to be the best measure of progress towards completion of the performance obligation. In the course of providing its services, the Company routinely subcontracts for services and incurs other direct costs on behalf of its clients. These costs are passed through to clients and, in accordance with GAAP, are included in the Company’s revenue and cost of revenue. These pass-through revenues for the years ended September 30, 2023, 2022 and 2021 were $7.7 billion, $6.8 billion and $7.2 billion, respectively.

Recognition of revenue and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet date, such as engineering progress, material quantities, the achievement of milestones, penalty provisions, labor productivity and cost estimates. Additionally, the Company is required to make estimates for the amount of consideration to be received, including bonuses, awards, incentive fees, claims, unpriced change orders, penalties, and liquidated damages. Variable consideration is included in the estimate of the transaction price only to the extent that a significant reversal would not be probable. Management continuously monitors factors that may affect the quality of its estimates, and material changes in estimates are disclosed accordingly. Costs attributable to claims are treated as costs of contract performance as incurred.

The following summarizes the Company’s major contract types:

Cost Reimbursable Contracts

Cost reimbursable contracts include cost-plus fixed fee, cost-plus fixed rate, and time-and-materials price contracts. Under cost-plus contracts, the Company charges clients for its costs, including both direct and indirect costs, plus a negotiated fee or rate. The Company recognizes revenue based on actual direct costs incurred and the applicable fixed rate or portion of the fixed fee earned as of the balance sheet date. Under time-and-materials price contracts, the Company negotiates hourly billing rates and charges its clients based on the actual time that it expends on a project. In addition, clients reimburse the Company for materials and other direct incidental expenditures incurred in connection with its performance under the contract. The Company may apply a practical expedient to recognize revenue in the amount in which it has the right to invoice if its right to consideration is equal to the value of performance completed to date.

Guaranteed Maximum Price Contracts (GMP)

GMP contracts share many of the same contract provisions as cost-plus and fixed-price contracts. As with cost-plus contracts, clients are provided a disclosure of all the project costs, and a lump sum or percentage fee is separately identified. The Company provides clients with a guaranteed price for the overall project (adjusted for change orders issued by clients) and a schedule including the expected completion date. Cost overruns or costs associated with project delays in completion could generally be the Company’s responsibility.

For many of the Company’s commercial or residential GMP contracts, the final price is generally not established until the Company has subcontracted a substantial percentage of the trade contracts with terms consistent with the master contract, and it has negotiated additional contractual limitations, such as waivers of consequential damages as well as aggregate caps on liabilities and liquidated damages. Revenue is recognized for GMP contracts as project costs are incurred relative to total estimated project costs.

Fixed-Price Contracts

Fixed-price contracts include both lump-sum and fixed-unit price contracts. Under lump-sum contracts, the Company performs all the work under the contract for a specified fee. Lump-sum contracts are typically subject to price adjustments if the scope of the project changes or unforeseen conditions arise. Under fixed-unit price contracts, the Company performs a number of units of work at an agreed price per unit with the total payment under the contract determined by the actual number of units delivered. Revenue is recognized for fixed-price contracts using the input method measured on a cost-to-cost basis as the Company believes this is the best measure of progress towards completion.

The following tables present the Company’s revenues disaggregated by revenue sources:


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

	(in millions)
Cost reimbursable	$	6,128.8	$	5,454.9	$	5,319.4
Guaranteed maximum price		4,887.7		4,325.0		4,582.7
Fixed price		3,362.0		3,368.3		3,438.8
Total revenue	$	14,378.5	$	13,148.2	$	13,340.9


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

	(in millions)
Americas	$	10,976.4	$	9,941.6	$	10,228.3
Europe, Middle East, India, Africa		1,937.3		1,759.8		1,691.3
Asia-Australia-Pacific		1,464.8		1,446.8		1,421.3
Total revenue	$	14,378.5	$	13,148.2	$	13,340.9

As of September 30, 2023, the Company had allocated $21.9 billion of transaction price to unsatisfied or partially satisfied performance obligations, of which approximately 55% is expected to be satisfied within the next twelve months and the remaining 45% thereafter.

Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. The Company recognized revenue of $1,043.7 million and $565.2 million during the years ended September 30, 2023 and 2022, respectively, that was included in contract liabilities as of September 30, 2022 and 2021, respectively.

The Company’s timing of revenue recognition may not be consistent with its rights to bill and collect cash from its clients. Those rights are generally dependent upon advance billing terms, milestone billings based on the completion of certain phases of work or when services are performed. The Company’s accounts receivables represent amounts billed to clients that have yet to be collected and represent an unconditional right to cash from its clients. Contract assets represent the amount of contract revenue recognized but not yet billed pursuant to contract terms or accounts billed after the balance sheet date. Contract liabilities represent billings as of the balance sheet date, as allowed under the terms of a contract, but not yet recognized as contract revenue pursuant to the Company’s revenue recognition policy.

Net accounts receivable consisted of the following:


	Fiscal Year Ended
	September 30,		September 30,
	2023		2022

	(in millions)
Billed	$	2,122.2	$	1,931.4
Contract retentions		516.5		490.4
Total accounts receivable—gross		2,638.7		2,421.8
Allowance for doubtful accounts and credit losses		(94.2)		(104.0)
Total accounts receivable—net	$	2,544.5	$	2,317.8

Substantially all contract assets as of September 30, 2023 and September 30, 2022 are expected to be billed and collected within twelve months, except for claims. Significant claims recorded in contract assets and other non-current assets were approximately $160 million and $110 million as of September 30, 2023 and 2022, respectively. The asset related to the Deactivation, Demolition, and Removal Project retained from the MS Purchaser as defined in discussed in Note 18 is presented in prepaid expense and other current assets from continuing operations in the Consolidated Balance Sheet. Contract retentions represent amounts invoiced to clients where payments have been withheld from progress payments until the contracted work has been completed and approved by the client but nonetheless represent an unconditional right to cash.

The Company considers a broad range of information to estimate expected credit losses including the related ages of past due balances, projections of credit losses based on historical trends, and collection history and credit quality of its clients. Negative macroeconomic trends or delays in payment of outstanding receivables could result in an increase in the estimated credit losses.

No single client accounted for more than 10% of the Company’s outstanding receivables at September 30, 2023 and 2022.

The Company sold trade receivables to financial institutions, of which $291.0 million and $240.3 million were outstanding as of September 30, 2023 and 2022, respectively. The Company does not retain financial or legal obligations for these receivables that would result in material losses. The Company’s ongoing involvement is limited to the remittance of customer payments to the financial institutions with respect to the sold trade receivables.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Other Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 13, 2023
Accrued expenses and other current liabilities
Accrued salaries and benefits	$ 599,800	$ 602,200
Accrued contract costs	1,340,400	1,246,000
Other accrued expenses	347,300	333,200
Total	2,287,546	2,181,408
Restructuring costs	188,404	107,501	$ 48,840
Accrued restructuring expenses	53,300	7,900
Dividend paid per share in cash				$ 0.18
Accrued and unpaid dividend	26,700
Foreign Currency Translation Adjustments
Accrued expenses and other current liabilities
Amounts reclassified from accumulated other comprehensive (loss) income		19,500
Personnel and other costs
Accrued expenses and other current liabilities
Restructuring costs	91,600	27,500
Real estate costs
Accrued expenses and other current liabilities
Restructuring costs	96,800	10,900
Real estate costs \| Russia
Accrued expenses and other current liabilities
Restructuring costs		69,100
To improve margins and deliver efficiencies
Accrued expenses and other current liabilities
Restructuring cost related to margins and delivery efficiency		38,400
Professional liability accrual
Accrued expenses and other current liabilities
Accrued contract costs	$ 809,600	$ 789,300

Joint Ventures and Variable Interest Entities - Equity in Earnings (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Financial Information
Equity in (losses) earnings of joint ventures		$ (279,352)	$ 53,640	$ 35,044
Impairment loss	$ 307,000
Unconsolidated joint ventures
Financial Information
Equity in (losses) earnings of joint ventures		(279,400)	53,600	35,000
Unconsolidated joint ventures \| Pass-through joint ventures
Financial Information
Equity in (losses) earnings of joint ventures		24,500	29,200	23,600
Unconsolidated joint ventures \| Other joint ventures
Financial Information
Equity in (losses) earnings of joint ventures		$ (303,900)	$ 24,400	$ 11,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficits Cumulative effect of accounting standard adoption	Accumulated Deficits	Parent Cumulative effect of accounting standard adoption	Parent	Non-Controlling Interest	Cumulative effect of accounting standard adoption	Total
BALANCE at Sep. 30, 2020	$ 1,570	$ 4,035,414	$ (918,674)		$ 174,248		$ 3,292,558	$ 120,986		$ 3,413,544
Increase (Decrease) in Stockholders' Equity
Net income					173,185		173,185	29,795		202,980
Other comprehensive income (loss)			18,297				18,297	234		18,531
Issuance of stock	25	58,733					58,758			58,758
Repurchases of stock	(163)	(23,348)			(843,580)		(867,091)			(867,091)
Stock-based compensation		44,742					44,742			44,742
Other transactions with noncontrolling interests								405		405
Disposal of noncontrolling interest of business sold								(24,039)		(24,039)
Contributions from noncontrolling interests								271		271
Distributions to noncontrolling interests								(10,545)		(10,545)
BALANCE at Sep. 30, 2021	1,432	4,115,541	(900,377)	$ (7,979)	(504,126)	$ (7,979)	2,712,470	117,107	$ (7,979)	2,829,577
Increase (Decrease) in Stockholders' Equity
Net income					310,611		310,611	24,091		334,702
Dividends declared					(85,260)		(85,260)			(85,260)
Other comprehensive income (loss)			(79,298)				(79,298)	(850)		(80,148)
Issuance of stock	25	52,605					52,630			52,630
Repurchases of stock	(68)	(50,023)			(422,879)		(472,970)			(472,970)
Stock-based compensation		38,471					38,471			38,471
Other transactions with noncontrolling interests								772		772
Contributions from noncontrolling interests								185		185
Distributions to noncontrolling interests								(12,580)		(12,580)
BALANCE at Sep. 30, 2022	1,389	4,156,594	(979,675)		(701,654)		2,476,654	128,725		2,605,379
Increase (Decrease) in Stockholders' Equity
Net income					55,332		55,332	44,809		100,141
Dividends declared					(100,872)		(100,872)			(100,872)
Other comprehensive income (loss)			53,098				53,098	68		53,166
Issuance of stock	19	64,964					64,983			64,983
Repurchases of stock	(46)	(25,917)			(356,782)		(382,745)			(382,745)
Stock-based compensation		45,882					45,882			45,882
Contributions from noncontrolling interests								17,225		17,225
Distributions to noncontrolling interests								(19,448)		(19,448)
BALANCE at Sep. 30, 2023	$ 1,362	$ 4,241,523	$ (926,577)		$ (1,103,976)		$ 2,212,332	$ 171,379		$ 2,383,711

Debt - Effective Interest Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Debt
Effective interest rate including effects of interest rate swap agreements	5.30%	3.80%	4.40%
Amortization of deferred debt issuance costs	$ 4.9	$ 4.9	$ 10.2

Reclassifications out of Accumulated Other Comprehensive Loss

12 Months Ended

Sep. 30, 2023

Reclassifications out of Accumulated Other Comprehensive Loss

Reclassifications out of Accumulated Other Comprehensive Loss

17. Reclassifications out of Accumulated Other Comprehensive Loss

The accumulated balances and reporting period activities for the years ended September 30, 2023, 2022 and 2021 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions):


			Foreign				Accumulated
	Pension		Currency		Loss on		Other
	Related		Translation		Derivative		Comprehensive
	Adjustments		Adjustments		Instruments		Loss
Balances at September 30, 2020	$	(342.8)	$	(567.3)	$	(8.6)	$	(918.7)
Other comprehensive income (loss) before reclassification		14.6		(12.8)		0.8		2.6
Amounts reclassified from accumulated other comprehensive loss		12.0		—		3.7		15.7
Balances at September 30, 2021	$	(316.2)	$	(580.1)	$	(4.1)	$	(900.4)


			Foreign				Accumulated
	Pension		Currency		Loss on		Other
	Related		Translation		Derivative		Comprehensive
	Adjustments		Adjustments		Instruments		Loss
Balances at September 30, 2021	$	(316.2)	$	(580.1)	$	(4.1)	$	(900.4)
Other comprehensive income (loss) before reclassification		89.9		(238.7)		37.9		(110.9)
Amounts reclassified from accumulated other comprehensive loss		9.0		19.5		3.1		31.6
Balances at September 30, 2022	$	(217.3)	$	(799.3)	$	36.9	$	(979.7)


			Foreign				Accumulated
	Pension		Currency		Loss on		Other
	Related		Translation		Derivative		Comprehensive
	Adjustments		Adjustments		Instruments		Loss
Balances at September 30, 2022	$	(217.3)	$	(799.3)	$	36.9	$	(979.7)
Other comprehensive (loss) income before reclassification		(10.9)		59.6		10.7		59.4
Amounts reclassified from accumulated other comprehensive loss		2.2		—		(8.5)		(6.3)
Balances at September 30, 2023	$	(226.0)	$	(739.7)	$	39.1	$	(926.6)

Discontinued Operations, Goodwill, and Intangible Assets - Sale of businesses (Details) - Held for sale - USD ($) $ in Millions		3 Months Ended
	Jan. 28, 2022	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2021
Civil infrastructure construction business
Discontinued Operations, Goodwill and Intangible Assets
Loss on disposal of business			$ 38.9	$ 40.0
Oil and gas construction business
Discontinued Operations, Goodwill and Intangible Assets
Loss from sale of business	$ 3.0
Consideration	$ 14.0
Amount of cash payment for contingent consideration collected		$ 9.2

Significant Accounting Policies

12 Months Ended

Sep. 30, 2023

Significant Accounting Policies

Significant Accounting Policies

1. Significant Accounting Policies

Organization— AECOM and its consolidated subsidiaries provide planning, consulting, architectural and engineering design services to public and private clients worldwide in major end markets such as transportation, facilities, environmental, energy, water and government. The Company also provides construction services, including building construction and energy, infrastructure and industrial construction, primarily in the Americas.

Fiscal Year—The Company reports results of operations based on 52-or 53-week periods ending on the Friday nearest September 30. For clarity of presentation, all periods are presented as if the year ended on September 30. Fiscal years 2023, 2022 and 2021 each contained 52, 52 and 52 weeks, respectively, and ended on September 29, September 30, and October 1, respectively. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform with the current period’s presentation.

Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant estimates affecting amounts reported in the consolidated financial statements relate to revenues under long-term contracts and self-insurance accruals. Actual results could differ from those estimates.

Principles of Consolidation and Presentation—The consolidated financial statements include the accounts of all majority-owned subsidiaries and joint ventures in which the Company is the primary beneficiary. All inter-company accounts have been eliminated in consolidation. Also see Note 6 regarding joint ventures and variable interest entities.

Government Contract Matters—The Company’s federal government and certain state and local agency contracts are subject to, among other regulations, regulations issued under the Federal Acquisition Regulations (FAR). These regulations can limit the recovery of certain specified indirect costs on contracts and subjects the Company to ongoing multiple audits by government agencies such as the Defense Contract Audit Agency (DCAA). In addition, most of the Company’s federal and state and local contracts are subject to termination at the discretion of the client.

Audits by the DCAA and other agencies consist of reviews of the Company’s overhead rates, operating systems and cost proposals to ensure that the Company accounted for such costs in accordance with the Cost Accounting Standards of the FAR (CAS). If the DCAA determines the Company has not accounted for such costs consistent with CAS, the DCAA may disallow these costs. There can be no assurance that audits by the DCAA or other governmental agencies will not result in material cost disallowances in the future.

Cash and Cash Equivalents—The Company’s cash equivalents include highly liquid investments which have an initial maturity of three months or less.

Allowance for Doubtful Accounts—The Company records its accounts receivable net of an allowance for doubtful accounts. This allowance for doubtful accounts is estimated based on management’s evaluation of the contracts involved and the financial condition of its clients. The factors the Company considers in its contract evaluations include, but are not limited to:

●

Client type—federal or state and local government or commercial client;

●

Historical contract performance;

●

Historical collection and delinquency trends;

●

Client credit worthiness; and

●

General economic conditions.

Derivative Financial Instruments—The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value.

For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income in stockholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions.

The net gain or loss on the effective portion of a derivative instrument that is designated as an economic hedge of the foreign currency translation exposure generated by the re-measurement of certain assets and liabilities denominated in a non-functional currency in a foreign operation is reported in the same manner as a foreign currency translation adjustment. Accordingly, any gains or losses related to these derivative instruments are recognized in current income.

Derivatives that do not qualify as hedges are adjusted to fair value through current income.

Fair Value of Financial Instruments—The Company determines the fair values of its financial instruments, including short-term investments, debt instruments and derivative instruments, and pension and post-retirement plan assets based on inputs or assumptions that market participants would use in pricing an asset or a liability. The Company categorizes its instruments using a valuation hierarchy for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument; Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. The classification of a financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturities of these instruments. The carrying amount of the revolving credit facility approximates fair value because the interest rates are based upon variable reference rates.

The Company’s fair value measurement methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Although the Company believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to determine fair value could result in a different fair value measurement at the reporting date.

Property and Equipment—Property and equipment are recorded at cost and are depreciated over their estimated useful lives using the straight-line method. Expenditures for maintenance and repairs are expensed as incurred. Typically, estimated useful lives range from ten to forty-five years for buildings, three to ten years for furniture and fixtures and three to twelve years for computer systems and equipment. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the remaining terms of the underlying lease agreement.

Long-Lived Assets—Long-lived assets to be held and used are reviewed for impairment whenever events or circumstances indicate that the assets may not be recoverable. The carrying amount of an asset to be held and used is not recoverable if it exceeds the sum of the undiscounted cash flows expected from the use and eventual disposition of the asset. For assets to be held and used, impairment losses are recognized based upon the excess of the asset’s carrying amount over the fair value of the asset. For long-lived assets to be disposed, impairment losses are recognized at the lower of the carrying amount or fair value less cost to sell.

Goodwill and Acquired Intangible Assets—Goodwill represents the excess of amounts paid over the fair value of net assets acquired from an acquisition. In order to determine the amount of goodwill resulting from an acquisition, the Company performs an assessment to determine the value of the acquired company’s tangible and identifiable intangible assets and liabilities. In its assessment, the Company determines whether identifiable intangible assets exist, which typically include backlog and customer relationships. Intangible assets are amortized over the period in which the contractual or economic benefits of the intangible assets are expected to be realized.

The Company tests goodwill for impairment annually for each reporting unit in the fourth quarter of the fiscal year and between annual tests, if events occur or circumstances change which suggest that goodwill should be evaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. A reporting unit is defined as an operating segment or one level below an operating segment. The Company’s impairment tests are performed at the operating segment level as they represent the Company’s reporting units.

Goodwill is evaluated for impairment either by assessing qualitative factors or by performing a quantitative assessment. Qualitative factors, such as overall financial performance, industry or market considerations, or other relevant events, are assessed to determine if it is more likely than not that the fair value of the reporting units is less than their carrying amounts. During a quantitative impairment test, the Company estimates the fair value of the reporting unit using income and market approaches, and compares that amount to the carrying value of that reporting unit. In the event the fair value of the reporting unit is determined to be less than the carrying value, goodwill is impaired, and an impairment loss is recognized equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. See also Note 3.

Pension Plans—The Company has certain defined benefit pension plans. The Company calculates the market-related value of assets, which is used to determine the return-on-assets component of annual pension expense and the cumulative net unrecognized gain or loss subject to amortization. This calculation reflects the Company’s anticipated long-term rate of return and amortization of the difference between the actual return (including capital, dividends, and interest) and the expected return over a five-year period. Cumulative net unrecognized gains or losses that exceed 10% of the greater of the projected benefit obligation or the fair market related value of plan assets are subject to amortization.

Insurance Reserves—The Company maintains insurance for certain insurable business risks. Insurance coverage contains various retention and deductible amounts for which the Company accrues a liability based upon reported claims and an actuarially determined estimated liability for certain claims incurred but not reported. It is generally the Company’s policy not to accrue for any potential legal expense to be incurred in defending the Company’s position. The Company believes that its accruals for estimated liabilities associated with professional and other liabilities are sufficient and any excess liability beyond the accrual is not expected to have a material adverse effect on the Company’s results of operations or financial position.

Foreign Currency Translation—The Company’s functional currency is generally the U.S. dollar, except for foreign operations where the functional currency is generally the local currency. Results of operations for foreign entities are translated to U.S. dollars using the average exchange rates during the period. Assets and liabilities for foreign entities are translated using the exchange rates in effect as of the date of the balance sheet. Resulting translation adjustments are recorded as a foreign currency translation adjustment into other accumulated comprehensive income/(loss) in stockholders’ equity.

The Company uses foreign currency forward contracts from time to time to mitigate foreign currency risk. The Company limits exposure to foreign currency fluctuations in most of its contracts through provisions that require client payments in currencies corresponding to the currency in which costs are incurred. As a result of this natural hedge, the Company generally does not need to hedge foreign currency cash flows for contract work performed.

Noncontrolling Interests—Noncontrolling interests represent the equity investments of the minority owners in the Company’s joint ventures and other subsidiary entities that the Company consolidates in its financial statements.

Income Taxes—The Company files a consolidated U.S. federal corporate income tax return and combined / consolidated state tax returns and separate company state tax returns. The Company accounts for certain income and expense items differently for financial reporting and income tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. In determining the need for a valuation allowance, management reviews both positive and negative evidence, including the nature, frequency, and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset that would otherwise expire. Based upon management’s assessment of all available evidence, the Company has concluded that it is more likely than not that the deferred tax assets, net of valuation allowance, will be realized.

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act, which significantly changed U.S. tax law and included a provision to tax global intangible low-taxed income (GILTI) of foreign subsidiaries. The Company recognizes taxes due under the GILTI provision as a current period expense.

Derivative Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2023

Derivative Financial Instruments and Fair Value Measurements

Schedule of notional principle, fixed rates and related expiration dates of outstanding interest rate swap agreements


September 30, 2023
Notional Amount	Notional Amount		Fixed		Effective	Expiration
Currency	(in millions)		Rate		Date	Date
USD		400.0	1.283	%	February 2023	March 2028


September 30, 2022
Notional Amount	Notional Amount		Fixed		Effective	Expiration
Currency	(in millions)		Rate		Date	Date
USD		200.0	2.60	%	March 2018	February 2023
USD		400.0	1.349	%	February 2023	March 2028

Commitments and Contingencies - DOE Project (Details) - Task order to provide deactivation, demolition and removal services at New York State project site - USD ($) $ in Millions	Jan. 31, 2020	Dec. 06, 2019	Sep. 30, 2023	Dec. 31, 2014
Commitments and Contingencies
Percentage of claim recoveries due to purchaser	10.00%
Percentage of claim recoveries due to seller	90.00%
Former Affiliate
Commitments and Contingencies
Minimum project cost to pay			$ 146.0
Department of Energy
Commitments and Contingencies
Maximum project cost to pay			106.0
Additional fees on changed work scope		$ 60.4		$ 103.0
Former Affiliate and DOE
Commitments and Contingencies
Maximum project cost to pay			146.0
Minimum project cost to pay			$ 106.0
Former Affiliate \| Department of Energy \| Minimum
Commitments and Contingencies
Damages sought		148.5
Former Affiliate \| Department of Energy \| Maximum
Commitments and Contingencies
Damages sought		$ 329.4

Other Financial Information (Tables)

12 Months Ended

Sep. 30, 2023

Other Financial Information

Schedule of accrued expenses and other current liabilities


	Fiscal Year Ended
	September 30,		September 30,
	2023		2022

	(in millions)
Accrued salaries and benefits	$	599.8	$	602.2
Accrued contract costs		1,340.4		1,246.0
Other accrued expenses		347.3		333.2
	$	2,287.5	$	2,181.4

Derivative Financial Instruments and Fair Value Measurements

12 Months Ended

Sep. 30, 2023

Derivative Financial Instruments and Fair Value Measurements

Derivative Financial Instruments and Fair Value Measurements

9. Derivative Financial Instruments and Fair Value Measurements

The Company uses interest rate derivative contracts to hedge interest rate exposures on the Company’s variable rate debt. The Company enters into foreign currency derivative contracts with financial institutions to reduce the risk that its cash flows and earnings will be adversely affected by foreign currency exchange rate fluctuations. The Company’s hedging program is not designated for trading or speculative purposes.

The Company recognizes derivative instruments as either assets or liabilities on the accompanying consolidated balance sheets at fair value. The Company records changes in the fair value (i.e., gains or losses) of the derivatives that have been designated as accounting hedges in the accompanying consolidated statements of operations as cost of revenue, interest expense or to accumulated other comprehensive loss in the accompanying consolidated balance sheets.

Cash Flow Hedges

The Company uses interest rate swap and interest rate cap agreements designated as cash flow hedges to limit exposure to variable interest rates on portions of the Company’s debt. The Company initially reports any gain on the effective portion of a cash flow hedge as a component of accumulated other comprehensive loss. Depending on the type of cash flow hedge, the gain is subsequently reclassified against interest expense when the interest expense on the variable rate debt is recognized. If the hedged transaction becomes probable of not occurring, any gain or loss related to interest rate swap or interest rate cap agreements would be recognized in other income.

During the third quarter of fiscal 2023, the hedged debt index was changed from LIBOR to SOFR. The notional principal, fixed rates and related effective and expiration dates of the Company’s outstanding interest rate swap agreements were as follows:


September 30, 2023
Notional Amount	Notional Amount		Fixed		Effective	Expiration
Currency	(in millions)		Rate		Date	Date
USD		400.0	1.283	%	February 2023	March 2028


September 30, 2022
Notional Amount	Notional Amount		Fixed		Effective	Expiration
Currency	(in millions)		Rate		Date	Date
USD		200.0	2.60	%	March 2018	February 2023
USD		400.0	1.349	%	February 2023	March 2028

In the fourth quarter of fiscal 2021, the Company entered into new interest rate swap agreements with a notional value of $400.0 million to manage the interest rate exposure of its variable rate loans. The new swaps will become effective February 2023 and terminate in March 2028. By entering into the swap agreements, the Company converted a portion of the SOFR rate-based liability into a fixed rate liability. The Company will pay a fixed rate of 1.283% and receive payment at the prevailing one-month SOFR.

In the third quarter of fiscal 2022, the Company purchased interest rate cap agreements with a notional value of $300.0 million to manage interest rate exposure of its variable rate loans. The caps became effective on June 30, 2022 and terminate in March 2028. The caps reduce the Company’s exposure to one-month SOFR. In the event one-month SOFR exceeds 3.465%, the Company will pay the spread between prevailing one-month SOFR and 3.465%.

Other Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts which are not designated as accounting hedges to hedge intercompany transactions and other monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary. Gains and losses on these contracts were not material for the years ended September 30, 2023, 2022 and 2021.

Fair Value Measurements

The Company’s non-pension financial assets and liabilities recorded at fair value relate to the interest rate swap and interest rate cap agreements included in other current assets and other non-current assets on September 30, 2023 and were $17.2 million and $37.5 million, respectively. The fair values of the interest rate swap and interest rate cap agreements included in other current assets and other non-current assets on September 30, 2022 were $9.4 million and $41.8 million, respectively. The fair values of the interest rate

swap and interest rate cap agreements were derived by taking the net present value of the expected cash flows using observable market inputs (Level 2) such as SOFR rate curves, futures, volatilities and basis spreads (when applicable).

See Note 17 for accumulated balances and reporting period activities of derivatives related to reclassifications out of accumulated other comprehensive income for the years ended September 30, 2023, 2022 and 2021. Additionally, there were no material losses recognized in income due to amounts excluded from effectiveness testing from the Company’s interest rate swap agreements.

Pension Benefit Obligations - Target Allocation and Plan Assets Allocations (Details)	Sep. 30, 2023	Sep. 30, 2022
United States
Percentage of Plan Assets:
Target allocations (as a percent)	100.00%
Percentage of Plan Assets (as a percent)	100.00%	100.00%
United States \| Equities
Percentage of Plan Assets:
Target allocations (as a percent)	32.00%
Percentage of Plan Assets (as a percent)	33.00%	36.00%
United States \| Debt
Percentage of Plan Assets:
Target allocations (as a percent)	58.00%
Percentage of Plan Assets (as a percent)	56.00%	48.00%
United States \| Cash
Percentage of Plan Assets:
Target allocations (as a percent)	2.00%
Percentage of Plan Assets (as a percent)	2.00%	5.00%
United States \| Property And Other
Percentage of Plan Assets:
Target allocations (as a percent)	8.00%
Percentage of Plan Assets (as a percent)	9.00%	11.00%
International
Percentage of Plan Assets:
Target allocations (as a percent)	100.00%
Percentage of Plan Assets (as a percent)	100.00%	100.00%
International \| Equities
Percentage of Plan Assets:
Target allocations (as a percent)	27.00%
Percentage of Plan Assets (as a percent)	24.00%	20.00%
International \| Debt
Percentage of Plan Assets:
Target allocations (as a percent)	61.00%
Percentage of Plan Assets (as a percent)	62.00%	47.00%
International \| Cash
Percentage of Plan Assets:
Percentage of Plan Assets (as a percent)	4.00%	15.00%
International \| Property And Other
Percentage of Plan Assets:
Target allocations (as a percent)	12.00%
Percentage of Plan Assets (as a percent)	10.00%	18.00%

Income Taxes - Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Income Taxes
Income from domestic operations before income tax expense	$ 129,200	$ 235,200	$ 98,600
Income from foreign operations before income tax expense	342,600	315,400	310,200
Current:
Federal	67,700	22,800	32,200
State	71,900	16,000	6,800
Foreign	52,800	75,800	53,200
Total current income tax expense	192,400	114,600	92,200
Deferred:
Federal	(71,800)	22,100	(28,800)
State	(84,300)	11,800	18,800
Foreign	19,800	(12,400)	6,800
Total deferred income tax benefit	(136,300)	21,500	(3,200)
Total income tax expense	$ 56,052	$ 136,051	$ 89,011

Discontinued Operations, Goodwill, and Intangible Assets - Amortization expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Discontinued Operations, Goodwill, and Intangible Assets
Amortization expense	$ 18,600	$ 18,900
Discontinued Operations, Goodwill and Intangible Assets
2024	17,100
2025	700
Intangible Assets, Net	$ 17,769	$ 35,552

Derivative Financial Instruments and Fair Value Measurements - Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021
Interest Rate Cap
Derivative financial instruments
Notional Amount			$ 300.0
Fixed Rate (as a percent)			3.465%
Interest Rate Cap \| Maximum
Derivative financial instruments
Fixed Rate (as a percent)			3.465%
Interest Rate Swap
Derivative financial instruments
Notional Amount				$ 400.0
Fixed Rate (as a percent)				1.283%
Designated as Hedging Instrument \| Interest Rate Swap \| USD \| March 2018
Derivative financial instruments
Notional Amount		$ 200.0
Fixed Rate (as a percent)		2.60%
Designated as Hedging Instrument \| Interest Rate Swap \| USD \| February 2023
Derivative financial instruments
Notional Amount	$ 400.0	$ 400.0
Fixed Rate (as a percent)	1.283%	1.349%

Significant Accounting Policies - Pension Plans (Details)	12 Months Ended
	Sep. 30, 2023
Significant Accounting Policies
Market-related valuation calculation period (in years)	5 years
Net unrecognized gain (loss) threshold subject to amortization (in percent)	10.00%

Debt - Credit Agreement (Details)			12 Months Ended
Debt - Credit Agreement (Details)	May 23, 2023	Feb. 08, 2021 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 25, 2021 USD ($)	Apr. 13, 2021 USD ($)
Debt agreements
Proceeds from borrowings under credit agreements			$ 3,506,668,000	$ 3,618,585,000	$ 3,638,916,000
2014 Credit Agreement \| Base Rate
Debt agreements
Interest rate, basis spread (as a percent)	0.75%
2014 Credit Agreement \| SOFR
Debt agreements
Interest rate, basis spread (as a percent)	1.75%
2014 Credit Agreement \| Term loan A
Debt agreements
Maximum borrowing capacity						$ 215,000,000
Credit Agreement
Debt agreements
Consolidated leverage ratio			2.00
Credit Agreement \| Base Rate
Debt agreements
Interest rate, basis spread (as a percent)		0.225%
Credit Agreement \| LIBOR
Debt agreements
Interest rate, basis spread (as a percent)		1.225%
Credit Agreement \| Minimum
Debt agreements
Consolidated interest coverage ratio		3.00
Credit Agreement \| Maximum
Debt agreements
Consolidated leverage ratio		4.00
Credit Agreement \| Term loan A
Debt agreements
Maximum borrowing capacity		$ 246,968,737.50
Credit Agreement \| Term B facility
Debt agreements
Maximum borrowing capacity							$ 700,000,000
Credit Agreement \| Revolving credit facility
Debt agreements
Maximum borrowing capacity		$ 1,150,000,000
Current borrowing capacity			$ 1,145,600,000	1,145,600,000
Outstanding letters of credit			$ 4,400,000	$ 4,400,000
2024 Senior Notes
Debt agreements
Cash tender offer to purchase							$ 700,000,000
Interest rate (as a percent)						5.875%	5.875%

Leases - Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Leases
Retained earnings	$ (1,103,976)	$ (1,103,976)	$ (701,654)
Operating lease cost
Operating lease cost		164,000	172,500	$ 186,500
Finance lease cost
Impairment of leasehold and right of use assets	$ 86,200
Amortization of right-of-use assets		23,100	18,000	13,000
Interest on lease liabilities		2,600	2,200	2,000
Variable lease cost		34,100	34,000	35,500
Total lease cost		$ 223,800	$ 226,700	$ 237,000

Leases - Additional balance sheet information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Assets:
Operating lease assets	$ 447,044	$ 539,773
Balance Sheet classification of operating lease assets	Operating lease assets	Operating lease assets
Finance lease assets	$ 64,800	$ 49,400
Balance Sheet classification of finance lease assets	PROPERTY AND EQUIPMENT-NET	PROPERTY AND EQUIPMENT-NET
Total lease assets	$ 511,800	$ 589,200
Current:
Operating lease liabilities	$ 139,800	$ 145,600
Balance Sheet classification of operating lease liabilities	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance lease liabilities	$ 25,000	$ 18,100
Balance Sheet classification of finance lease liabilities	Current portion of long-term debt	Current portion of long-term debt
Total current lease liabilities	$ 164,800	$ 163,700
Non-current:
Operating lease liabilities	$ 548,851	$ 595,308
Balance Sheet classification of operating lease liabilities	Operating lease liabilities	Operating lease liabilities
Finance lease liabilities	$ 39,800	$ 32,000
Balance Sheet classification of finance lease liabilities	LONG-TERM DEBT	LONG-TERM DEBT
Total non-current lease liabilities	$ 588,700	$ 627,300
Weighted average remaining lease term (in years):
Operating leases	6 years 4 months 24 days	6 years 6 months	6 years 10 months 24 days
Finance leases	2 years 10 months 24 days	3 years 1 month 6 days	3 years 6 months
Weighted average discount rates:
Operating leases	4.30%	4.00%	4.30%
Finance leases	4.10%	3.80%	4.30%

Pension Benefit Obligations - Future payments (Details) $ in Millions	Sep. 30, 2023 USD ($)
United States
Expected future benefit payments
2024	$ 20.2
2025	19.3
2026	19.1
2027	18.1
2028	17.4
2029-2033	74.3
Total	168.4
International
Expected future benefit payments
2024	47.1
2025	45.0
2026	46.3
2027	47.8
2028	49.3
2029-2033	267.6
Total	$ 503.1

Schedule II: Valuation and Qualifying Accounts

12 Months Ended

Sep. 30, 2023

Schedule II: Valuation and Qualifying Accounts

Schedule II: Valuation and Qualifying Accounts

Schedule II: Valuation and Qualifying Accounts

(amounts in millions)


	Balance at		Additions				Other and		Balance at
	Beginning		Charged to Cost				Foreign		the End of
	of Year		of Revenue		Deductions^(a)		Exchange Impact		the Year
Allowance for Doubtful Accounts
Fiscal Year 2023	$	104.0	$	40.9	$	(50.8)	$	0.1	$	94.2
Fiscal Year 2022	$	92.8	$	43.9	$	(29.6)	$	(3.1)	$	104.0
Fiscal Year 2021	$	77.9	$	29.1	$	(14.9)	$	0.7	$	92.8

(a)	Primarily relates to accounts written-off and recoveries

Leases - Lease payments under finance lease (Details) $ in Millions	Sep. 30, 2023 USD ($)
Leases
2024	$ 27.2
2025	21.3
2026	14.3
2027	5.8
2028	0.5
Total lease payments	69.1
Less: Amounts representing interest	(4.3)
Total lease liabilities	$ 64.8

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Consolidated Statements of Comprehensive Income
Net income	$ 100,141	$ 334,702	$ 202,980
Other comprehensive income (loss), net of tax:
Net unrealized gain on derivatives, net of tax	2,165	41,002	4,541
Foreign currency translation adjustments	59,720	(220,043)	(12,601)
Pension adjustments, net of tax	(8,719)	98,893	26,591
Other comprehensive income (loss), net of tax	53,166	(80,148)	18,531
Comprehensive income, net of tax	153,307	254,554	221,511
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax	(44,877)	(23,241)	(30,029)
Comprehensive income attributable to AECOM, net of tax	$ 108,430	$ 231,313	$ 191,482

Discontinued Operations, Goodwill, and Intangible Assets - Income statement information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Discontinued Operations, Goodwill and Intangible Assets
Impairment of long-lived assets	$ (86,199)		$ (105,194)
Net loss from discontinuing operations	(57,207)	$ (79,929)	(116,813)
Held for sale
Discontinued Operations, Goodwill and Intangible Assets
Revenue	212,800	347,400	771,500
Cost of revenue	223,200	360,200	760,500
Gross (loss) profit	(10,400)	(12,800)	11,000
Equity in earnings of joint ventures	(2,900)	(7,400)	4,000
Loss on disposal activities	(50,600)	(48,100)	(52,500)
Transaction costs	(200)	(9,700)	(15,300)
Impairment of long-lived assets			105,200
Loss from operations	(64,100)	(78,000)	(158,000)
Other loss	(1,000)
Interest expense		(100)	(500)
Loss before taxes	(65,100)	(78,100)	(158,500)
Income tax (benefit) expense	(7,900)	1,800	(41,700)
Net loss from discontinuing operations	$ (57,200)	$ (79,900)	$ (116,800)

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 1,030,447	$ 972,661
Cash in consolidated joint ventures	229,759	199,548
Total cash and cash equivalents	1,260,206	1,172,209
Accounts receivable-net	2,544,453	2,317,812
Contract assets	1,525,051	1,405,299
Prepaid expenses and other current assets	730,145	759,402
Current assets held for sale	95,221	79,000
Income taxes receivable	14,435	89,088
TOTAL CURRENT ASSETS	6,169,511	5,822,810
PROPERTY AND EQUIPMENT-NET	382,638	428,239
DEFERRED TAX ASSETS-NET	439,604	284,154
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES	139,236	354,983
GOODWILL	3,418,930	3,380,761
INTANGIBLE ASSETS-NET	17,769	35,552
OTHER NON-CURRENT ASSETS	218,666	293,043
OPERATING LEASE RIGHT-OF-USE ASSETS	447,044	539,773
Total assets	11,233,398	11,139,315
CURRENT LIABILITIES:
Short-term debt	3,085	5,032
Accounts payable	2,190,755	2,027,314
Accrued expenses and other current liabilities	2,287,546	2,181,408
Income taxes payable	48,161	46,336
Contract liabilities	1,188,742	1,051,258
Current liabilities held for sale	45,625	49,249
Current portion of long-term debt	86,369	43,574
TOTAL CURRENT LIABILITIES	5,850,283	5,404,171
OTHER LONG-TERM LIABILITIES	123,846	135,795
OPERATING LEASE LIABILITIES, NON-CURRENT	548,851	595,308
LONG-TERM LIABILITIES HELD FOR SALE	792	200
DEFERRED TAX LIABILITY-NET	16,960	9,224
PENSION BENEFIT OBLIGATIONS	195,586	232,552
LONG-TERM DEBT	2,113,369	2,156,686
Total liabilities	8,849,687	8,533,936
COMMITMENTS AND CONTINGENCIES (Note 18)
AECOM STOCKHOLDERS' EQUITY:
Common stock-authorized, 300,000,000 shares of $0.01 par value as of September 30, 2023 and 2022; issued and outstanding 136,210,883 and 138,933,907 shares as of September 30, 2023 and 2022, respectively	1,362	1,389
Additional paid-in capital	4,241,523	4,156,594
Accumulated other comprehensive loss	(926,577)	(979,675)
Accumulated deficits	(1,103,976)	(701,654)
TOTAL AECOM STOCKHOLDERS' EQUITY	2,212,332	2,476,654
Noncontrolling interests	171,379	128,725
Total owners' equity	2,383,711	2,605,379
Total liabilities and joint ventures' equity	$ 11,233,398	$ 11,139,315

Share-Based Payments - Stock Incentive Plans (Details) - 2020 Stock Incentive Plan shares in Millions	12 Months Ended
	Sep. 30, 2023 shares
Share-based Payments
Securities available for future issuance (in shares)	10.2
Employee Stock Option
Share-based Payments
Expiration term of unexercised options	7 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

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-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-Subparagraph (c)(2)(ii)
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Topic 718
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-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Pension Benefit Obligations (Tables)

12 Months Ended

Sep. 30, 2023

Pension Benefit Obligations

Schedule of reconciliations of the changes in the U.S. and international plans' benefit obligations


	Fiscal Year Ended
	September 30,				September 30,				September 30,
	2023				2022				2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Change in benefit obligation:
Benefit obligation at beginning of year	$	198.1	$	791.2	$	265.4	$	1,470.8	$	283.9	$	1,440.3
Service cost		—		0.3		—		0.5		—		0.5
Participant contributions		0.1		0.2		0.1		0.3		0.1		0.3
Interest cost		9.8		47.7		4.7		24.1		4.3		21.6
Benefits and expenses paid		(17.2)		(42.2)		(18.4)		(44.3)		(18.5)		(48.6)
Actuarial (gain) loss		(8.8)		(112.5)		(51.9)		(458.1)		(3.7)		(4.7)
Plan settlements		(1.5)		(1.5)		(1.8)		(2.2)		(0.7)		(5.9)
Transfers in		0.7		—		—		—		—		—
Plan amendments		—		—		—		—		—		0.4
Foreign currency translation (gain) loss		—		73.0		—		(199.9)		—		66.9
Benefit obligation at end of year	$	181.2	$	756.2	$	198.1	$	791.2	$	265.4	$	1,470.8

Schedule of reconciliations of the changes in the fair value of assets


	Fiscal Year Ended
	September 30,				September 30,				September 30,
	2023				2022				2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Change in plan assets
Fair value of plan assets at beginning of year	$	101.4	$	683.5	$	138.9	$	1,251.8	$	129.6	$	1,166.2
Actual return on plan assets		7.8		(54.2)		(27.2)		(374.5)		14.7		61.1
Employer contributions		8.2		24.8		9.8		23.6		13.7		25.2
Participant contributions		0.1		0.2		0.1		0.3		0.1		0.3
Benefits and expenses paid		(17.2)		(42.2)		(18.4)		(44.3)		(18.5)		(48.6)
Plan settlements		(1.5)		(1.5)		(1.8)		(2.2)		(0.7)		(5.9)
Foreign currency translation (loss) gain		—		62.7		—		(171.2)		—		53.5
Fair value of plan assets at end of year	$	98.8	$	673.3	$	101.4	$	683.5	$	138.9	$	1,251.8

Schedule of reconciliations of the funded status


	Fiscal Year Ended
	September 30, 2023				September 30, 2022				September 30, 2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Reconciliation of funded status:
Funded status at end of year	$	(82.4)	$	(82.9)	$	(96.7)	$	(107.7)	$	(126.5)	$	(219.0)
Contribution made after measurement date		N/A		N/A		N/A		N/A		N/A		N/A
Net amount recognized at end of year	$	(82.4)	$	(82.9)	$	(96.7)	$	(107.7)	$	(126.5)	$	(219.0)

Schedule of amounts recognized in the consolidated balance sheets


	Fiscal Year Ended
	September 30, 2023				September 30, 2022				September 30, 2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Amounts recognized in the consolidated balance sheets:
Other non-current assets	$	—	$	38.7	$	—	$	36.8	$	—	$	47.5
Accrued expenses and other current liabilities		(8.4)		—		(8.6)		—		(9.1)		—
Pension benefit obligations		(74.0)		(121.6)		(88.1)		(144.5)		(117.4)		(266.5)
Net amount recognized in the balance sheet	$	(82.4)	$	(82.9)	$	(96.7)	$	(107.7)	$	(126.5)	$	(219.0)

Schedule of reconciliation of amounts in the consolidated statements of stockholder's equity


	Fiscal Year Ended
	September 30, 2023				September 30, 2022				September 30, 2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Reconciliation of amounts in consolidated statements of stockholders’ equity:
Prior service cost	$	(0.1)	$	(1.2)	$	(0.1)	$	(1.2)	$	(0.1)	$	(1.6)
Net loss		(77.5)		(207.1)		(91.7)		(187.1)		(116.5)		(279.5)
Total recognized in accumulated other comprehensive loss	$	(77.6)	$	(208.3)	$	(91.8)	$	(188.3)	$	(116.6)	$	(281.1)

Schedule of components of net periodic cost for the Company's pension and post-retirement plans


	Fiscal Year Ended
	September 30, 2023				September 30, 2022				September 30, 2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Components of net periodic benefit cost:
Service costs	$	—	$	0.3	$	—	$	0.5	$	—	$	0.5
Interest cost on projected benefit obligation		9.8		47.7		4.7		24.1		4.3		21.6
Expected return on plan assets		(5.8)		(60.8)		(5.6)		(41.4)		(6.5)		(43.5)
Amortization of prior service costs		—		0.1		—		0.1		—		0.1
Amortization of net loss (gain)		3.5		(0.6)		5.6		6.9		5.9		9.2
Settlement (gain) loss recognized		(0.1)		0.2		0.2		0.3		0.2		0.8
Net periodic benefit cost (credit)	$	7.4	$	(13.1)	$	4.9	$	(9.5)	$	3.9	$	(11.3)

Schedule of amounts included in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year

Amounts included in accumulated other comprehensive loss as of September 30, 2023 that are expected to be recognized as components of net periodic benefit cost during fiscal 2024 are (in millions):


	U.S.		Int’l
Amortization of prior service cost	$	—	$	(0.1)
Amortization of net actuarial (losses) gain		(3.1)		2.3
Total	$	(3.1)	$	2.2

Schedule of additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets


	Fiscal Year Ended
	September 30,				September 30,				September 30,
	2023				2022				2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Projected benefit obligation	$	168.8	$	628.1	$	184.8	$	601.4	$	247.8	$	1,248.8
Accumulated benefit obligation	$	168.8	$	628.1	$	184.8	$	600.1	$	247.8	$	1,243.9
Fair value of plan assets	$	98.8	$	506.5	$	101.4	$	456.9	$	138.9	$	982.4

Schedule of expected future benefit payments

The table below provides the expected future benefit payments, in millions:


Year Ending September 30,	U.S.		Int’l
2024	$	20.2	$	47.1
2025		19.3		45.0
2026		19.1		46.3
2027		18.1		47.8
2028		17.4		49.3
2029-2033		74.3		267.6
Total	$	168.4	$	503.1

Schedule of underlying assumptions for the pension plans


	Fiscal Year Ended
	September 30,				September 30,				September 30,
	2023				2022				2021
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l

	(in millions)
Weighted-average assumptions to determine benefit obligation:
Discount rate	5.76	%	5.65	%	5.40	%	5.27	%	2.46	%	1.98	%
Salary increase rate	N/A		3.06	%	N/A		3.48	%	N/A		3.13	%
Weighted-average assumptions to determine net periodic benefit cost:
Discount rate	5.40	%	5.27	%	2.46	%	1.98	%	2.20	%	1.67	%
Salary increase rate	N/A		3.48	%	N/A		3.13	%	N/A		2.68	%
Expected long-term rate of return on plan assets	7.00	%	6.04	%	6.25	%	3.93	%	6.80	%	3.95	%

Schedule of the Company's target allocation and pension plan asset allocation, both U.S. and international


					Percentage of Plan Assets
					as of September 30,
	Target Allocations				2023				2022
	U.S.		Int’l		U.S.		Int’l		U.S.		Int’l
Asset Category:
Equities	32	%	27	%	33	%	24	%	36	%	20	%
Debt	58		61		56		62		48		47
Cash	2		—		2		4		5		15
Property and other	8		12		9		10		11		18
Total	100	%	100	%	100	%	100	%	100	%	100	%

Schedule of fair values of the Company's post retirement benefit plan assets by major asset categories


			Fair Value Measurement as of
			September 30, 2023
	Total		Quoted		Significant
	Carrying		Prices in		Other		Significant
	Value as of		Active		Observable		Unobservable		Investments
	September 30,		Markets		Inputs		Inputs		measured at
	2023		(Level 1)		(Level 2)		(Level 3)		NAV

	(in millions)
Cash and cash equivalents	$	29.5	$	20.2	$	9.3	$	—	$	—
Debt securities		338.3		338.3		—		—		—
Investment funds:
Diversified and equity funds		43.5		30.3		13.2		—		—
Fixed income funds		26.1		21.7		4.4		—		—
Common collective funds		372.0		—		—		—		372.0
Derivative instruments		(37.3)		1.5		(38.8)		—		—
Total	$	772.1	$	412.0	$	(11.9)	$	—	$	372.0


			Fair Value Measurement as of
			September 30, 2022
	Total		Quoted		Significant
	Carrying		Prices in		Other		Significant
	Value as of		Active		Observable		Unobservable		Investments
	September 30,		Markets		Inputs		Inputs		measured at
	2022		(Level 1)		(Level 2)		(Level 3)		NAV

	(in millions)
Cash and cash equivalents	$	104.8	$	99.0	$	5.8	$	—	$	—
Debt securities		339.1		339.1		—		—		—
Investment funds:
Diversified and equity funds		22.2		7.3		14.9		—		—
Fixed income funds		7.9		5.7		2.2		—		—
Common collective funds		451.6		—		—		—		451.6
Derivative instruments		(140.7)		—		(140.7)		—		—
Total	$	784.9	$	451.1	$	(117.8)	$	—	$	451.6

Schedule of changes in the fair value of the Company's post-retirement plan Level 3 assets

Actual return

on plan assets,

Change

September 30,

relating to

Transfer

due to

2021

assets still

assets sold

Purchases,

into /

exchange

September 30,

Beginning

held at

during the

sales and

(out of)

rate

2022

balance

reporting date

period

settlements

Level 3

changes

Ending balance

(in millions)

Level 3 Assets

4.0

—

(0.2)

(3.5)

—

(0.3)

—

Share-Based Payments - Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Share-based Payments
Compensation expense under defined contribution plans	$ 23.1	$ 22.7	$ 26.1

Revenue Recognition (Details) - USD ($) $ in Billions	12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Billions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Revenue Recognition.
Passed through costs included in revenue and cost of sales	$ 7.7	$ 6.8	$ 7.2

Income Taxes - Deferred tax (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Deferred tax assets:
Compensation and benefit accruals not currently deductible	$ 92.2	$ 91.6
Net operating loss carryforwards	102.3	113.7
Self-insurance reserves	23.2	4.5
Research and experimentation and other tax credits	43.1	111.4
Pension liability	44.7	52.1
Accrued liabilities	295.1	280.4
Capital loss carryforward	64.0	64.4
Partnership investment	102.0
Other	7.1	5.3
Total deferred tax assets	773.7	723.4
Deferred tax liabilities:
Unearned revenue	(7.0)	(1.5)
Depreciation and amortization	(13.1)	(111.4)
Acquired intangible assets	(5.4)	(11.2)
Investment in subsidiaries	(10.7)	(10.8)
Right of use assets	(94.0)	(125.6)
Contingent consideration	(34.2)	(33.6)
Other	(15.5)
Total deferred tax liabilities	(179.9)	(294.1)
Valuation allowance	(171.2)	(154.4)
Net deferred tax assets	422.6	274.9
Income Taxes, additional disclosures
Capital loss carryforwards	199.4	205.2
Remaining gross tax asset exclusive of tax liabilities realized	602.5
Valuation allowance related to the AECOM Capital impairment charge	21.0
Increase in valuation allowance	16.8
Decrease in valuation allowance related to capital losses	3.3
Increase in valuation allowance related to state net operating losses and credits	0.9
Gross book-tax differences from non-U.S. subsidiaries	1,300.0
Liability for unrecognized tax benefits, including potential interest and penalties, net of related tax benefit	79.5	70.5
Unrecognized tax benefits	62.1	55.2	$ 46.4
Unrecognized tax benefits that would be included in the effective tax rate if recognized	60.7
Other Credits
Income Taxes, additional disclosures
Unused tax credits	10.4
Federal
Income Taxes, additional disclosures
Net operating loss carryforwards	757.5	848.0
Liability for unrecognized tax benefits, including potential interest and penalties, net of related tax benefit	62.1	55.2
State
Income Taxes, additional disclosures
Net operating loss carryforwards	757.5	$ 848.0
State \| Research and development
Income Taxes, additional disclosures
Unused tax credits	27.2
Foreign Tax Authority [Member]
Income Taxes, additional disclosures
Net operating loss carryforwards	757.5
Foreign Tax Authority [Member] \| Research and development
Income Taxes, additional disclosures
Unused tax credits	$ 9.6

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Property and equipment
Property and equipment, gross	$ 1,154,400	$ 1,124,800
Accumulated depreciation and amortization	(771,800)	(696,600)
Property and equipment, net	382,638	428,239
Depreciation expense	152,300	147,000	$ 143,600
Building and land
Property and equipment
Property and equipment, gross	10,400	9,900
Leasehold improvements
Property and equipment
Property and equipment, gross	329,400	339,700
Computer systems and equipment
Property and equipment
Property and equipment, gross	716,700	672,100
Furniture and fixtures
Property and equipment
Property and equipment, gross	$ 97,900	$ 103,100

Pension Benefit Obligations - Funded Status (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
United States
Reconciliation of funded status:
Funded status at end of year	$ (82.4)	$ (96.7)	$ (126.5)
Net amount recognized at end of year	(82.4)	(96.7)	(126.5)
International
Reconciliation of funded status:
Funded status at end of year	(82.9)	(107.7)	(219.0)
Net amount recognized at end of year	$ (82.9)	$ (107.7)	$ (219.0)

Pension Benefit Obligations - Level 3 (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Change in plan assets
Fair value of plan assets at beginning of year	$ 784.9
Fair value of plan assets at end of year	$ 772.1	$ 784.9
Level 3 Assets
Change in plan assets
Fair value of plan assets at beginning of year		4.0
Actual return on plan assets, relating to assets sold during the period		(0.2)
Purchases, sales and settlements		(3.5)
Change due to exchange rate changes		$ (0.3)
Fair value of plan assets at end of year

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Discontinued Operations, Goodwill, and Intangible Assets - Balance sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Summary of financial information of the Disposal Group is as follows:
Long-term liabilities held for sale	$ 792	$ 200
Held for sale
Summary of financial information of the Disposal Group is as follows:
Cash and cash equivalents	1,900	4,600
Receivables and contract assets	93,300	66,200
Other		8,200
Current assets held for sale	95,200	79,000
Property and equipment, net	14,200	8,000
Write-down of assets to fair value less cost to sell	(14,200)	(8,000)
Accounts payable and accrued expenses	45,600	49,200
Current liabilities held for sale	45,600	49,200
Long-term liabilities held for sale	$ 800	$ 200

Commitments and Contingencies - Refinery Turnaround Project (Details) - Refinery Turnaround Project - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Sep. 30, 2023
Commitments and Contingencies
Amount of work outside original contract				$ 90.0
Payment entitled to				$ 144.0
Construction lien against the refinery for unpaid labor and materials costs		$ 132.0
A Refinery in Montana
Commitments and Contingencies
Damages sought, counter party	$ 93.0		$ 79.0

New Accounting Pronouncements and Changes in Accounting

12 Months Ended

Sep. 30, 2023

New Accounting Pronouncements and Changes in Accounting

New Accounting Pronouncements and Changes in Accounting

2. New Accounting Pronouncements and Changes in Accounting

In December 2019, the Financial Accounting Standards Board (FASB) issued new accounting guidance which simplifies the accounting for income taxes. The guidance amends certain exceptions to the general principles of Accounting Standards Codification (ASC) 740, Income Taxes, and simplifies several areas such as accounting for a franchise tax or similar tax that is partially based on income. The Company adopted the new guidance starting on October 1, 2021. The adoption of the new guidance did not have a significant impact on the Company’s consolidated financial statements.

In October 2021, the FASB issued final guidance to companies that apply ASC 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. The new guidance creates an exception to the general requirement to measure acquired assets and liabilities at fair value on the acquisition date. Under this exception, an acquirer applies ASC 606 to recognize and measure contract assets and contract liabilities on the acquisition date. The Company adopted the new guidance starting on October 1, 2022 on a prospective basis and the revised guidance will be applied to any business combinations the Company undertakes.

Pension Benefit Obligations - Asset Categories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Post-retirement plan
Fair values of plan assets	$ 772.1	$ 784.9
Cash and Cash Equivalents
Post-retirement plan
Fair values of plan assets	29.5	104.8
Debt securities
Post-retirement plan
Fair values of plan assets	338.3	339.1
Diversified and equity funds
Post-retirement plan
Fair values of plan assets	43.5	22.2
Fixed income funds
Post-retirement plan
Fair values of plan assets	26.1	7.9
Common collective funds
Post-retirement plan
Fair values of plan assets	372.0	451.6
Derivative instruments
Post-retirement plan
Fair values of plan assets	(37.3)	(140.7)
Quoted Prices in Active Markets (Level 1)
Post-retirement plan
Fair values of plan assets	412.0	451.1
Quoted Prices in Active Markets (Level 1) \| Cash and Cash Equivalents
Post-retirement plan
Fair values of plan assets	20.2	99.0
Quoted Prices in Active Markets (Level 1) \| Debt securities
Post-retirement plan
Fair values of plan assets	338.3	339.1
Quoted Prices in Active Markets (Level 1) \| Diversified and equity funds
Post-retirement plan
Fair values of plan assets	30.3	7.3
Quoted Prices in Active Markets (Level 1) \| Fixed income funds
Post-retirement plan
Fair values of plan assets	21.7	5.7
Quoted Prices in Active Markets (Level 1) \| Derivative instruments
Post-retirement plan
Fair values of plan assets	1.5
Significant Other Observable Inputs (Level 2)
Post-retirement plan
Fair values of plan assets	(11.9)	(117.8)
Significant Other Observable Inputs (Level 2) \| Cash and Cash Equivalents
Post-retirement plan
Fair values of plan assets	9.3	5.8
Significant Other Observable Inputs (Level 2) \| Diversified and equity funds
Post-retirement plan
Fair values of plan assets	13.2	14.9
Significant Other Observable Inputs (Level 2) \| Fixed income funds
Post-retirement plan
Fair values of plan assets	4.4	2.2
Significant Other Observable Inputs (Level 2) \| Derivative instruments
Post-retirement plan
Fair values of plan assets	(38.8)	(140.7)
Significant Unobservable Inputs (Level 3)
Post-retirement plan
Fair values of plan assets			$ 4.0
Investments measured at NAV
Post-retirement plan
Fair values of plan assets	372.0	451.6
Investments measured at NAV \| Common collective funds
Post-retirement plan
Fair values of plan assets	$ 372.0	$ 451.6

Discontinued Operations, Goodwill, and Intangible Assets - Statement of cash flows (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Held for sale
Discontinued Operations, Goodwill and Intangible Assets
Payments for capital expenditures	$ (6.2)	$ (2.7)	$ (7.3)

Property and Equipment

12 Months Ended

Sep. 30, 2023

Property and Equipment

Property and Equipment

5. Property and Equipment

Property and equipment, at cost, consists of the following:


	Fiscal Year Ended
	September 30,		September 30,		Useful Lives
	2023		2022		(years)

	(in millions)
Building and land	$	10.4	$	9.9	10	-	45
Leasehold improvements		329.4		339.7	1	-	20
Computer systems and equipment		716.7		672.1	3	-	12
Furniture and fixtures		97.9		103.1	3	-	10
Total		1,154.4		1,124.8
Accumulated depreciation and amortization		(771.8)		(696.6)
Property and equipment, net	$	382.6	$	428.2

Depreciation expense for the fiscal years ended September 30, 2023, 2022 and 2021 was $152.3 million, $147.0 million, and $143.6 million, respectively. Depreciation is calculated using primarily the straight-line method over the estimated useful lives of the

assets, or in the case of leasehold improvements and capitalized leases, the lesser of the remaining term of the lease or its estimated useful life.

Discontinued Operations, Goodwill, and Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2023

Discontinued Operations, Goodwill, and Intangible Assets

Schedule of balance sheet and income statement information of discontinued operations and significant components included in consolidated statement of cash flows

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


	September 30,		September 30,
	2023		2022

Cash and cash equivalents	$	1.9	$	4.6
Receivables and contract assets		93.3		66.2
Other		—		8.2
Current assets held for sale	$	95.2	$	79.0

Property and equipment, net	$	14.2	$	8.0
Write-down of assets to fair value less cost to sell		(14.2)		(8.0)
Non-current assets held for sale	$	—	$	—

Accounts payable and accrued expenses	$	45.6	$	49.2
Current liabilities held for sale	$	45.6	$	49.2

Long-term liabilities held for sale	$	0.8	$	0.2

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


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

Revenue	$	212.8	$	347.4	$	771.5
Cost of revenue		223.2		360.2		760.5
Gross (loss) profit		(10.4)		(12.8)		11.0
Equity in earnings of joint ventures		(2.9)		(7.4)		4.0
Loss on disposal activities		(50.6)		(48.1)		(52.5)
Transaction costs		(0.2)		(9.7)		(15.3)
Impairment of long-lived assets		—		—		(105.2)
Loss from operations		(64.1)		(78.0)		(158.0)
Other loss		(1.0)		—		—
Interest expense		—		(0.1)		(0.5)
Loss before taxes		(65.1)		(78.1)		(158.5)
Income tax (benefit) expense		(7.9)		1.8		(41.7)
Net loss from discontinued operations	$	(57.2)	$	(79.9)	$	(116.8)

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


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

Payments for capital expenditures	$	(6.2)	$	(2.7)	$	(7.3)

Schedule of changes in the carrying value of goodwill by reportable segment


			Foreign
	September 30,		Exchange		September 30,
	2022		Impact		2023

	(in millions)
Americas	$	2,610.7	$	3.3	$	2,614.0
International		770.1		34.8		804.9
Total	$	3,380.8	$	38.1	$	3,418.9

Schedule of gross amounts and accumulated amortization of finite intangible assets included in intangible assets


	September 30, 2023						September 30, 2022
	Gross		Accumulated		Intangible		Gross		Accumulated		Intangible		Amortization
	Amount		Amortization		Assets, Net		Amount		Amortization		Assets, Net		Period

	(in millions)												(years)
Customer relationships	$	663.8	$	(646.0)	$	17.8	$	663.0	$	(627.4)	$	35.6	1 - 11

Schedule of estimated future amortization expense of intangible assets


Fiscal Year	(in millions)
2024	$	17.1
2025		0.7
Total	$	17.8

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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-Name Accounting Standards Codification
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+ Details

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 24
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+ Details

Share-Based Payments - PEP, RSU (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Information concerning outstanding and exercisable options
Compensation expense related to share-based payments	$ 45.9	$ 38.5	$ 44.7
Unrecognized compensation expense	$ 48.3	$ 45.9
Recognition period of unrecognized compensation expense	3 years	3 years
PEP Units
Information concerning outstanding and exercisable options
Weighted average grant-date fair value of awards granted (in dollars per share)	$ 94.64	$ 85.46	$ 52.76
Restricted Stock Units (RSUs) [Member]
Information concerning outstanding and exercisable options
Weighted average grant-date fair value of awards granted (in dollars per share)	$ 83.64	$ 74.30	$ 49.21
Performance Earnings Program \| PEP Units
Information concerning outstanding and exercisable options
Vesting period	3 years

Reportable Segments and Geographic Information - Summarized financial information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Summarized financial information concerning the Company's reportable segments
Revenue	$ 14,378,461	$ 13,148,182	$ 13,340,852
Gross profit	945,465	847,974	798,421
Equity in earnings of joint ventures	(279,352)	53,640	35,044
General and administrative expenses	(153,575)	(147,309)	(155,072)
Restructuring costs	(188,404)	(107,501)	(48,840)
Operating income	324,134	646,804	629,553
Segment assets	11,233,398	11,139,315
Total
Summarized financial information concerning the Company's reportable segments
Revenue	14,378,500	13,148,200	13,340,900
Gross profit	945,500	848,000	798,400
Equity in earnings of joint ventures	(279,400)	53,600	35,000
General and administrative expenses	(153,600)	(147,300)	(155,000)
Restructuring costs	(188,400)	(107,500)	(48,800)
Operating income	$ 324,100	$ 646,800	$ 629,600
Gross profit as a % of revenue	6.60%	6.40%	6.00%
Operating Segments \| Americas
Summarized financial information concerning the Company's reportable segments
Revenue	$ 10,975,700	$ 9,939,300	$ 10,226,300
Gross profit	699,700	639,900	631,600
Equity in earnings of joint ventures	14,900	13,900	11,400
Operating income	714,600	653,800	643,000
Segment assets	$ 7,433,100	$ 7,232,200	$ 7,204,600
Gross profit as a % of revenue	6.40%	6.40%	6.20%
Operating Segments \| International
Summarized financial information concerning the Company's reportable segments
Revenue	$ 3,402,100	$ 3,206,700	$ 3,112,600
Gross profit	245,100	205,900	164,800
Equity in earnings of joint ventures	9,600	15,300	12,200
Operating income	254,700	221,200	177,000
Segment assets	$ 2,536,200	$ 2,467,900	$ 2,764,500
Gross profit as a % of revenue	7.20%	6.40%	5.30%
Operating Segments \| AECOM Capital
Summarized financial information concerning the Company's reportable segments
Revenue	$ 700	$ 2,200	$ 2,000
Gross profit	700	2,200	2,000
Equity in earnings of joint ventures	(303,900)	24,400	11,400
General and administrative expenses	(12,600)	(12,600)	(11,100)
Operating income	(315,800)	14,000	2,300
Segment assets	64,500	264,900	234,600
Corporate
Summarized financial information concerning the Company's reportable segments
General and administrative expenses	(141,000)	(134,700)	(143,900)
Restructuring costs	(188,400)	(107,500)	(48,800)
Operating income	(329,400)	(242,200)	(192,700)
Segment assets	$ 1,104,400	$ 1,095,300	$ 1,390,900

Reportable Segments and Geographic Information (Tables)

12 Months Ended

Sep. 30, 2023

Reportable Segments and Geographic Information

Summary of financial information concerning the Company's reportable segments


							AECOM
Reportable Segments:	Americas			International			Capital		Corporate		Total

	(in millions)
Fiscal Year Ended September 30, 2023:
Revenue	$	10,975.7		$	3,402.1		$	0.7	$	—	$	14,378.5
Gross profit		699.7			245.1			0.7		—		945.5
Equity in earnings of joint ventures		14.9			9.6			(303.9)		—		(279.4)
General and administrative expenses		—			—			(12.6)		(141.0)		(153.6)
Restructuring costs		—			—			—		(188.4)		(188.4)
Operating income		714.6			254.7			(315.8)		(329.4)		324.1
Segment assets		7,433.1			2,536.2			64.5		1,104.4
Gross profit as a % of revenue		6.4	%		7.2	%		—		—		6.6	%

Fiscal Year Ended September 30, 2022:
Revenue	$	9,939.3		$	3,206.7		$	2.2	$	—	$	13,148.2
Gross profit		639.9			205.9			2.2		—		848.0
Equity in earnings of joint ventures		13.9			15.3			24.4		—		53.6
General and administrative expenses		—			—			(12.6)		(134.7)		(147.3)
Restructuring costs		—			—			—		(107.5)		(107.5)
Operating income		653.8			221.2			14.0		(242.2)		646.8
Segment assets		7,232.2			2,467.9			264.9		1,095.3
Gross profit as a % of revenue		6.4	%		6.4	%		—		—		6.4	%

Fiscal Year Ended September 30, 2021:
Revenue	$	10,226.3		$	3,112.6		$	2.0	$	—	$	13,340.9
Gross profit		631.6			164.8			2.0		—		798.4
Equity in earnings of joint ventures		11.4			12.2			11.4		—		35.0
General and administrative expenses		—			—			(11.1)		(143.9)		(155.0)
Restructuring costs		—			—			—		(48.8)		(48.8)
Operating income		643.0			177.0			2.3		(192.7)		629.6
Segment assets		7,204.6			2,764.5			234.6		1,390.9
Gross profit as a % of revenue		6.2	%		5.3	%		—		—		6.0	%

Schedule of Geographic Information


		Fiscal Year Ended
		September 30,	September 30,		September 30,
Long-Lived Assets		2023	2022		2021

		(in millions)
Americas	$	3,478.5	$	3,906.7	$	3,922.8
Europe, Middle East, India, Africa		803.5		763.6		872.3
Asia-Australia-Pacific		342.3		362.1		405.0
Total	$	4,624.3	$	5,032.4	$	5,200.1

Leases

12 Months Ended

Sep. 30, 2023

Leases

Leases

11. Leases

The Company and its subsidiaries are lessees in non-cancelable leasing agreements for office buildings and equipment. Substantially all of the Company’s office building leases are operating leases, and its equipment leases are both operating and finance leases. The Company groups lease and non-lease components for its equipment leases into a single lease component but separates lease and non-lease components for its office building leases.

The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Company’s incremental secured borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company’s incremental secured borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease.

The related lease payments are expensed on a straight-line basis over the lease term, including, as applicable, any free-rent period during which the Company has the right to use the asset. For leases with renewal options where the renewal is reasonably assured, the lease term, including the renewal period, is used to determine the appropriate lease classification and to compute periodic rental expense. Leases with initial terms shorter than 12 months are not recognized on the balance sheet, and lease expense is recognized on a straight-line basis.

During the fourth quarter of fiscal 2023, the Company approved a restructuring plan primarily to optimize its office real estate portfolio with its freedom to grow strategy, which initiated a review of the carrying value of right-of-use assets and leasehold improvements. In connection with the review, the Company identified leased assets that were no longer recoverable. The Company recorded an impairment charge of $86.2 million to reduce its right-of-use assets and leasehold improvements to their fair values and recorded the expense in restructuring costs on the Consolidated Statement of Operations. Fair value was determined primarily using Level 3 inputs, such as discounted cash flows.

The components of lease expenses are as follows:


	Fiscal Year Ended
	September 30, 2023		September 30, 2022		September 30, 2021

	(in millions)
Operating lease cost	$	164.0	$	172.5	$	186.5
Finance lease cost:
Amortization of right-of-use assets		23.1		18.0		13.0
Interest on lease liabilities		2.6		2.2		2.0
Variable lease cost		34.1		34.0		35.5
Total lease cost	$	223.8	$	226.7	$	237.0

Additional balance sheet information related to leases is as follows:


(in millions except as noted)	Balance Sheet Classification	September 30, 2023		September 30, 2022
Assets:
Operating lease assets	Operating lease right-of-use assets	$	447.0	$	539.8
Finance lease assets	Property and equipment – net		64.8		49.4
Total lease assets		$	511.8	$	589.2

Liabilities:
Current:
Operating lease liabilities	Accrued expenses and other current liabilities	$	139.8	$	145.6
Finance lease liabilities	Current portion of long-term debt		25.0		18.1
Total current lease liabilities			164.8		163.7
Non-current:
Operating lease liabilities	Operating lease liabilities, noncurrent		548.9		595.3
Finance lease liabilities	Long-term debt		39.8		32.0
Total non-current lease liabilities		$	588.7	$	627.3


	As of
	September 30, 2023		September 30, 2022		September 30, 2021
Weighted average remaining lease term (in years):
Operating leases	6.4		6.5		6.9
Finance leases	2.9		3.1		3.5
Weighted average discount rates:
Operating leases	4.3	%	4.0	%	4.3	%
Finance leases	4.1	%	3.8	%	4.3	%

Additional cash flow information related to leases is as follows:


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	188.3	$	201.8	$	221.4
Operating cash flows from finance leases		2.5		2.2		2.0
Financing cash flows from finance leases		23.7		19.8		13.7
Right-of-use assets obtained in exchange for new operating leases		96.6		90.9		102.7
Right-of-use assets obtained in exchange for new finance leases		37.5		26.2		28.5

Total remaining lease payments under both the Company’s operating and finance leases are as follows:


	Operating Leases		Finance Leases

Fiscal Year	(in millions)
2024	$	164.4	$	27.2
2025		142.3		21.3
2026		112.8		14.3
2027		86.0		5.8
2028		75.7		0.5
Thereafter		213.1		—
Total lease payments	$	794.3	$	69.1
Less: Amounts representing interest	$	(105.6)	$	(4.3)
Total lease liabilities	$	688.7	$	64.8

Revenue Recognition (Tables)

12 Months Ended

Sep. 30, 2023

Revenue Recognition.

Schedule of revenues disaggregated by revenue sources


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

	(in millions)
Cost reimbursable	$	6,128.8	$	5,454.9	$	5,319.4
Guaranteed maximum price		4,887.7		4,325.0		4,582.7
Fixed price		3,362.0		3,368.3		3,438.8
Total revenue	$	14,378.5	$	13,148.2	$	13,340.9


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

	(in millions)
Americas	$	10,976.4	$	9,941.6	$	10,228.3
Europe, Middle East, India, Africa		1,937.3		1,759.8		1,691.3
Asia-Australia-Pacific		1,464.8		1,446.8		1,421.3
Total revenue	$	14,378.5	$	13,148.2	$	13,340.9

Schedule of net accounts receivable


	Fiscal Year Ended
	September 30,		September 30,
	2023		2022

	(in millions)
Billed	$	2,122.2	$	1,931.4
Contract retentions		516.5		490.4
Total accounts receivable—gross		2,638.7		2,421.8
Allowance for doubtful accounts and credit losses		(94.2)		(104.0)
Total accounts receivable—net	$	2,544.5	$	2,317.8

Major Clients

12 Months Ended

Sep. 30, 2023

Major Clients

Major Clients

20. Major Clients

No single client accounted for 10% or more of the Company’s revenue in any of the past five fiscal years. Approximately 5%, 6%, and 8% of the Company’s revenue was derived through direct contracts with agencies of the U.S. federal government in the years ended September 30, 2023, 2022 and 2021, respectively.

Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
Earnings Per Share (Details) - shares shares in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share
Denominator for basic earnings per share	138,614	140,768	147,279
Potential common shares	1,500	1,900	2,400
Denominator for diluted earnings per share	140,109	142,696	149,676

Debt - Scheduled Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Debt
2024	$ 89.5
2025	49.6
2026	412.6
2027	1,009.2
2028	656.4
Total	$ 2,217.3	$ 2,224.6

Joint Ventures and Variable Interest Entities (Tables)

12 Months Ended

Sep. 30, 2023

Joint Ventures and Variable Interest Entities

Schedule of financial information of the consolidated joint ventures



	September 30,		September 30,
	2023		2022

	(in millions)
Current assets	$	806.3	$	630.8
Non-current assets		75.9		73.8
Total assets	$	882.2	$	704.6

Current liabilities	$	779.6	$	530.6
Non-current liabilities		1.5		1.5
Total liabilities		781.1		532.1
Total AECOM (deficit) equity		(54.9)		56.7
Noncontrolling interests		156.0		115.8
Total owners’ equity		101.1		172.5
Total liabilities and owners’ equity	$	882.2	$	704.6

Schedule of financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements


	September 30,		September 30,
	2023		2022

	(in millions)
Current assets	$	1,177.4	$	1,279.4
Non-current assets		996.3		1,128.7
Total assets	$	2,173.7	$	2,408.1

Current liabilities	$	605.9	$	751.4
Non-current liabilities		441.7		521.3
Total liabilities		1,047.6		1,272.7
Joint ventures’ equity		1,126.1		1,135.4
Total liabilities and joint ventures’ equity	$	2,173.7	$	2,408.1

AECOM’s investment in joint ventures	$	139.2	$	355.0


	Twelve Months Ended
	September 30,		September 30,
	2023		2022

	(in millions)
Revenue	$	1,248.2	$	1,801.5
Cost of revenue		1,170.7		1,743.1
Gross profit	$	77.5	$	58.4
Net income	$	72.9	$	52.1

Schedule of AECOM's equity in earnings of unconsolidated joint ventures


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

	(in millions)
Pass-through joint ventures	$	24.5	$	29.2	$	23.6
Other joint ventures		(303.9)		24.4		11.4
Total	$	(279.4)	$	53.6	$	35.0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Sep. 30, 2022
Consolidated Balance Sheets
Common stock, authorized shares	300,000,000	300,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued shares	136,210,883	138,933,907
Common stock, outstanding shares	136,210,883	138,933,907

Commitments and Contingencies

12 Months Ended

Sep. 30, 2023

Commitments and Contingencies

Commitments and Contingencies

18. Commitments and Contingencies

The Company records amounts representing its probable estimated liabilities relating to claims, guarantees, litigation, audits and investigations. The Company relies in part on qualified actuaries to assist it in determining the level of reserves to establish for insurance-related claims that are known and have been asserted against it, and for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to the Company’s claims administrators as of the respective balance sheet dates. The Company includes any adjustments to such insurance reserves in its consolidated results of operations. The Company’s reasonably possible loss disclosures are presented on a gross basis prior to the consideration of insurance recoveries. The Company does not record gain contingencies until they are realized. In the ordinary course of business, the Company may not be aware that it or its affiliates are under investigation and may not be aware of whether or not a known investigation has been concluded.

In the ordinary course of business, the Company may enter into various arrangements providing financial or performance assurance to clients, lenders, or partners. Such arrangements include standby letters of credit, surety bonds, and corporate guarantees to support the creditworthiness or the project execution commitments of its affiliates, partnerships and joint ventures. The Company’s unsecured credit arrangements are used for standby letters of credit issued in connection with general and professional liability insurance programs and for contract performance guarantees. At September 30, 2023 and 2022, these outstanding standby letters of credit totaled $878.9 million and $640.3 million, respectively. As of September 30, 2023, the Company had $416.7 million available under these unsecured credit facilities. Performance arrangements typically have various expiration dates ranging from the completion of the project contract and extending beyond contract completion in some circumstances such as for warranties. The Company may also guarantee that a project, when complete, will achieve specified performance standards. If the project subsequently fails to meet guaranteed performance standards, the Company may incur additional costs, pay liquidated damages or be held responsible for the costs incurred by the client to achieve the required performance standards. The potential payment amount of an outstanding performance arrangement is typically the remaining cost of work to be performed by or on behalf of third parties. Generally, under joint venture arrangements, if a partner is financially unable to complete its share of the contract, the other partner(s) may be required to complete those activities.

At September 30, 2023, the Company was contingently liable in the amount of approximately $883.3 million in issued standby letters of credit and $4.6 billion in issued surety bonds primarily to support project execution.

In the ordinary course of business, the Company enters into various agreements providing financial or performance assurances to clients on behalf of certain unconsolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support the project execution commitments of these entities.

The Company’s investment adviser jointly manages and sponsors the AECOM-Canyon Equity Fund, L.P. (the “Fund”), in which the Company indirectly holds an equity interest and has an ongoing capital commitment to fund investments. At September 30, 2023, the Company has capital commitments of $8.3 million to the Fund over the next 5 years.

In addition, in connection with the investment activities of AECOM Capital, the Company provides guarantees of certain contractual obligations, including guarantees for completion of projects, repayment of debt, environmental indemnity obligations and other lender required guarantees.

Department of Energy Deactivation, Demolition, and Removal Project

A former affiliate of the Company, Amentum Environment & Energy, Inc., f/k/a AECOM Energy and Construction, Inc. (“Former Affiliate”), executed a cost-reimbursable task order with the Department of Energy (DOE) in 2007 to provide deactivation, demolition and removal services at a New York State project site that, during 2010, experienced contamination and performance issues. In February 2011, the Former Affiliate and the DOE executed a Task Order Modification that changed some cost-reimbursable contract provisions to at-risk. The Task Order Modification, including subsequent amendments, required the DOE to pay all project costs up to $106 million, required the Former Affiliate and the DOE to equally share in all project costs incurred from $106 million to $146 million, and required the Former Affiliate to pay all project costs exceeding $146 million.

Due to unanticipated requirements and permitting delays by federal and state agencies, as well as delays and related ground stabilization activities caused by Hurricane Irene in 2011, the Former Affiliate was required to perform work outside the scope of the Task Order Modification. In December 2014, the Former Affiliate submitted an initial set of claims against the DOE pursuant to the Contracts Disputes Acts seeking recovery of $103 million, including additional fees on changed work scope (the “2014 Claims”). On December 6, 2019, the Former Affiliate submitted a second set of claims against the DOE seeking recovery of an additional $60.4 million, including additional project costs and delays outside the scope of the contract as a result of differing site and ground conditions (the “2019 Claims”). The Former Affiliate also submitted three alternative breach of contract claims to the 2014 and 2019 Claims that may entitle the Former Affiliate to recovery of $148.5 million to $329.4 million. On December 30, 2019, the DOE denied the Former Affiliate’s 2014 Claims. On September 25, 2020, the DOE denied the Former Affiliate’s 2019 Claims. The Company filed an appeal of these decisions on December 20, 2020 in the Court of Federal Claims. Deconstruction, decommissioning and site restoration activities are complete.

On January 31, 2020, the Company completed the sale of its Management Services business, including the Former Affiliate who worked on the DOE project, to Maverick Purchaser Sub LLC (MS Purchaser), an affiliate of American Securities LLC and Lindsay Goldberg LLC. The Company and the MS Purchaser agreed that all future DOE project claim recoveries and costs will be split 10% to the MS Purchaser and 90% to the Company with the Company retaining control of all future strategic legal decisions.

The Company intends to vigorously pursue all claimed amounts but can provide no certainty that the Company will recover 2014 Claims and 2019 Claims submitted against the DOE, or any additional incurred claims or costs, which could have a material adverse effect on the Company’s results of operations.

Refinery Turnaround Project

A Former Affiliate of the Company entered into an agreement to perform turnaround maintenance services during a planned shutdown at a refinery in Montana in December 2017. The turnaround project was completed in February 2019. Due to circumstances outside of the Company’s Former Affiliate’s control, including client directed changes and delays and the refinery’s condition, the Company’s Former Affiliate performed additional work outside of the original contract over $90 million and is entitled to payment from the refinery owner of approximately $144 million. In March 2019, the refinery owner sent a letter to the Company’s Former Affiliate alleging it incurred approximately $79 million in damages due to the Company’s Former Affiliate’s project performance. In April 2019, the Company’s Former Affiliate filed and perfected a $132 million construction lien against the refinery for unpaid labor and materials costs. In August 2019, following a subcontractor complaint filed in the Thirteen Judicial District Court of Montana

asserting claims against the refinery owner and the Company’s Former Affiliate, the refinery owner crossclaimed against the Company’s Former Affiliate and the subcontractor. In October 2019, following the subcontractor’s dismissal of its claims, the Company’s Former Affiliate removed the matter to federal court and cross claimed against the refinery owner. In December 2019, the refinery owner claimed $93.0 million in damages and offsets against the Company’s Former Affiliate.

On January 31, 2020, the Company completed the sale of its Management Services business, including the Former Affiliate, to the MS Purchaser; however, the Refinery Turnaround Project, including related claims and liabilities, has been retained by the Company.

The Company intends to vigorously prosecute and defend this matter; however, the Company cannot provide assurance that the Company will be successful in these efforts. The resolution of this matter and any potential range of loss cannot be reasonably determined or estimated at this time, primarily because the matter raises complex legal issues that Company is continuing to assess.

Pension Benefit Obligations - Equity Recognition (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
United States
Reconciliation of amounts in consolidated statements of stockholders' equity:
Prior service cost	$ (0.1)	$ (0.1)	$ (0.1)
Net loss	(77.5)	(91.7)	(116.5)
Total recognized in accumulated other comprehensive loss	(77.6)	(91.8)	(116.6)
International
Reconciliation of amounts in consolidated statements of stockholders' equity:
Prior service cost	(1.2)	(1.2)	(1.6)
Net loss	(207.1)	(187.1)	(279.5)
Total recognized in accumulated other comprehensive loss	$ (208.3)	$ (188.3)	$ (281.1)

Debt (Tables)

12 Months Ended

Sep. 30, 2023

Debt

Schedule of debt


	September 30,		September 30,
	2023		2022

	(in millions)
Credit Agreement	$	1,119.8	$	1,143.3
2027 Senior Notes		997.3		997.3
Other debt		100.2		84.0
Total debt		2,217.3		2,224.6
Less: Current portion of debt and short-term borrowings		(89.5)		(48.6)
Less: Unamortized debt issuance costs		(14.4)		(19.3)
Long-term debt	$	2,113.4	$	2,156.7

Schedule of maturities of debt

The following table presents, in millions, scheduled maturities of the Company’s debt as of September 30, 2023:


Fiscal Year
2024	$	89.5
2025		49.6
2026		412.6
2027		1,009.2
2028		656.4
Thereafter		—
Total	$	2,217.3

Income Taxes

12 Months Ended

Sep. 30, 2023

Income Taxes

Income Taxes

14. Income Taxes

Income (loss) before income taxes included loss from domestic operations of $129.2 million, income of $235.2 million, and income of $98.6 million for fiscal years ended September 30, 2023, 2022 and 2021 and income from foreign operations of $342.6 million, $315.4 million, and $310.2 million for fiscal years ended September 30, 2023, 2022 and 2021.

Income tax expense was comprised of:


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

	(in millions)
Current:
Federal	$	67.7	$	22.8	$	32.2
State		71.9		16.0		6.8
Foreign		52.8		75.8		53.2
Total current income tax expense		192.4		114.6		92.2
Deferred:
Federal		(71.8)		22.1		(28.8)
State		(84.3)		11.8		18.8
Foreign		19.8		(12.4)		6.8
Total deferred income tax benefit		(136.3)		21.5		(3.2)
Total income tax expense	$	56.1	$	136.1	$	89.0

The major elements contributing to the difference between the U.S. federal statutory rate of 21% for fiscal years ended September 30, 2023, 2022 and 2021 and the effective tax rate are as follows:


	Fiscal Year Ended
	September 30,				September 30,				September 30,
	2023				2022				2021
	Amount		%		Amount		%		Amount		%

	(in millions)
Tax at federal statutory rate	$	44.8	21.0	%	$	115.6	21.0	%	$	85.8	21.0	%
State income tax, net of federal benefit		(7.1)	(3.3)			20.2	3.7			8.0	2.0
Foreign residual income		59.4	27.8			46.4	8.4			45.6	11.1
Valuation allowance		16.6	7.8			(18.0)	(3.3)			12.4	3.0
Nondeductible costs		10.7	5.0			19.7	3.6			6.0	1.5
Change in uncertain tax positions		9.4	4.4			15.4	2.8			8.5	2.1
Audit settlement		1.9	0.9			(1.5)	(0.3)			10.4	2.5
Foreign tax rate differential		0.2	0.1			1.1	0.2			8.8	2.1
Income tax credits and incentives		(68.2)	(31.9)			(51.0)	(9.3)			(51.3)	(12.5)
Exclusion of tax on non-controlling interests		(9.4)	(4.4)			(5.1)	(0.9)			(6.1)	(1.5)
Tax exempt income		(3.3)	(1.5)			(5.9)	(1.1)			(5.4)	(1.3)
Tax rate changes		(3.2)	(1.5)			(4.1)	(0.7)			(26.8)	(6.5)
Return to provision		(0.5)	(0.2)			(1.5)	(0.3)			(9.5)	(2.3)
Other items, net		4.8	2.1			4.8	0.9			2.6	0.6
Total income tax expense	$	56.1	26.3	%	$	136.1	24.7	%	$	89.0	21.8	%

During fiscal 2023, valuation allowances in the amount of $21.0 million related to the AECOM Capital impairment charge were established for the portion of the charge that is not expected to be realized.

During fiscal 2022, valuation allowances in the amount of $21.9 million primarily related to net operating losses in certain foreign entities were released due to sufficient positive evidence. The positive evidence included a realignment of the Company’s global transfer pricing methodology which resulted in forecasting the utilization of the net operating losses within the foreseeable future.

During fiscal 2021, the United Kingdom enacted a corporate tax rate increase from 19% to 25% beginning April 2023 requiring deferred tax assets and liabilities to be remeasured. The remeasurement resulted in a $25.9 million tax benefit, which is included in tax rate changes above.

During fiscal 2021, the Company partially settled its U.S. federal audit for fiscal 2015 and 2016 and recorded tax expense of $13.2 million due primarily to changes in tax attributes.

The Company is currently under tax audit in several jurisdictions including the U.S. and believe the outcomes which are reasonably possible within the next twelve months, including lapses in statutes of limitations, could result in adjustments, but will not result in a material change in the liability for uncertain tax positions.

Generally, the Company would reverse its valuation allowance in a particular tax jurisdiction if the positive evidence examined, such as projected and sustainable earnings or a tax-planning strategy that allows for the usage of the deferred tax asset, is sufficient to overcome significant negative evidence, such as large net operating loss carryforwards or a cumulative history of losses in recent years. In the United States, the valued deferred tax assets have a restricted life or use under relevant tax law and, therefore, it is unlikely that the valuation allowance related to these assets will reverse. In addition, the Company is continually investigating tax planning strategies that, if prudent and feasible, may be implemented to realize a deferred tax asset that would otherwise expire unutilized. The identification and internal/external approval (as relevant) of such a prudent and feasible tax planning strategy could cause a reduction in the valuation allowance.

The deferred tax assets (liabilities) are as follows:


	Fiscal Year Ended
	September 30,		September 30,
	2023		2022

	(in millions)
Deferred tax assets:
Compensation and benefit accruals not currently deductible	$	92.2	$	91.6
Net operating loss carryforwards		102.3		113.7
Self-insurance reserves		23.2		4.5
Research and experimentation and other tax credits		43.1		111.4
Pension liability		44.7		52.1
Accrued liabilities		295.1		280.4
Capital loss carryforward		64.0		64.4
Partnership investment		102.0		—
Other		7.1		5.3
Total deferred tax assets		773.7		723.4
Deferred tax liabilities:
Unearned revenue		(7.0)		(1.5)
Depreciation and amortization		(13.1)		(111.4)
Acquired intangible assets		(5.4)		(11.2)
Investment in subsidiaries		(10.7)		(10.8)
Right of use assets		(94.0)		(125.6)
Contingent consideration		(34.2)		(33.6)
Other		(15.5)		—
Total deferred tax liabilities		(179.9)		(294.1)
Valuation allowance		(171.2)		(154.4)
Net deferred tax assets	$	422.6	$	274.9

As of September 30, 2023, and 2022, the Company has available unused federal, foreign and state net operating loss (NOL) carryforwards of $757.5 million and $848.0 million, respectively, which expire at various dates over the next several years and capital loss carryforwards of $199.4 million and $205.2 million, respectively, which mostly expire in 2025; some foreign NOL carryforwards never expire. In addition, as of September 30, 2023, the Company has unused state and foreign research and development credits of $27.2 million and $9.6 million, respectively, and other credits of $10.4 million which expire at various dates over the next several years.

As of September 30, 2023 and 2022, gross deferred tax assets were $773.7 million and $723.4 million, respectively. The Company has recorded a valuation allowance of $171.2 million and $154.4 million as of September 30, 2023 and 2022, respectively,

primarily related to foreign and state net operating loss carryforwards, capital loss carryforwards, tax credits and other deferred tax assets. The Company has performed an assessment of positive and negative evidence, including the nature, frequency, and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset that would otherwise expire. Although realization is not assured, based on the Company’s assessment, the Company has concluded that it is more likely than not that the remaining gross deferred tax asset (exclusive of deferred tax liabilities) of $602.5 million will be realized and, as such, no additional valuation allowance has been provided. The net increase in the valuation allowance of $16.8 million is primarily attributable to an increase in valuation allowances of $21.0 million related to the AECOM Capital impairment charge in the US, a decrease in valuation allowances on foreign net operating losses and currency translation adjustments of $3.3 million, and decreases in valuation allowances of $0.9 million related to state net operating losses and credits.

Generally, the Company does not provide for U.S. taxes or foreign withholding taxes on gross book-tax differences in its non-U.S. subsidiaries because such basis differences of approximately $1.3 billion are able to and intended to be reinvested indefinitely. If these basis differences were distributed, foreign tax credits could become available under current law to partially or fully reduce the resulting U.S. income tax liability. There may also be additional U.S. or foreign income tax liability upon repatriation, although the calculation of such additional taxes is not practicable.

As of September 30, 2023, and 2022, the Company had a liability for unrecognized tax benefits, including potential interest and penalties, net of related tax benefit, totaling $79.5 million and $70.5 million, respectively. The gross unrecognized tax benefits as of September 30, 2023 and 2022 were $62.1 million and $55.2 million, respectively, excluding interest, penalties, and related tax benefit. Of the $62.1 million, approximately $60.7 million would be included in the effective tax rate if recognized. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:


	Fiscal Year Ended
	September 30,		September 30,
	2023		2022

	(in millions)
Balance at the beginning of the year	$	55.2	$	46.4
Gross increase in current period’s tax positions		3.5		17.4
Gross increase in prior years’ tax positions		17.9		2.4
Gross decrease in prior years’ tax positions		(13.3)		(8.0)
Decrease due to settlement with tax authorities		(1.0)		(1.4)
Decrease due to lapse of statute of limitations		—		(0.5)
Gross change due to foreign exchange fluctuations		(0.2)		(1.1)
Balance at the end of the year	$	62.1	$	55.2

The Company classifies interest and penalties related to uncertain tax positions within the income tax expense line in the accompanying consolidated statements of operations. As of September 30, 2023, the accrued interest and penalties were $24.4 million and $1.5 million, respectively, excluding any related income tax benefits. As of September 30, 2022, the accrued interest and penalties were $20.5 million and $1.7 million, respectively, excluding any related income tax benefits.

The Company files income tax returns in numerous tax jurisdictions, including the U.S., and numerous U.S. states and non-U.S. jurisdictions around the world. The statute of limitations varies by jurisdiction in which the Company operates. Because of the number of jurisdictions in which the Company files tax returns, in any given year the statute of limitations in certain jurisdictions may expire without examination within the 12-month period from the balance sheet date.

While it is reasonably possible that the total amounts of unrecognized tax benefits could significantly increase or decrease within the next twelve months, an estimate of the range of possible change cannot be made.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 21
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Pension Benefit Obligations - Multiemployer (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Pension Benefit Obligations
Aggregate contributions to these multiemployer plans	$ 3.0	$ 2.9

Significant Accounting Policies - Fiscal Year (Details)	12 Months Ended
Significant Accounting Policies - Fiscal Year (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Significant Accounting Policies
Length of fiscal year	364 days	364 days	364 days
Minimum
Significant Accounting Policies
Length of fiscal year	364 days
Maximum
Significant Accounting Policies
Length of fiscal year	371 days

Reportable Segments and Geographic Information

12 Months Ended

Sep. 30, 2023

Reportable Segments and Geographic Information

Reportable Segments and Geographic Information

19. Reportable Segments and Geographic Information

The Company’s reportable segments are presented according to their geographic regions and business activities. The Americas segment provides planning, consulting, architectural and engineering design services, and construction management services to public and private clients in the United States, Canada, and Latin America, while the International segment provides similar professional services to public and private clients in Europe, the Middle East, India, Africa, and the Asia-Australia-Pacific regions.

The Company’s AECOM Capital (ACAP) segment primarily invests in and develops real estate projects. These reportable segments are organized by the differing specialized needs of the respective clients, and how the Company manages its business. The Company has aggregated various operating segments into its reportable segments based on their similar characteristics, including similar long term financial performance, the nature of services provided, internal processes for delivering those services, and types of customers.

The following tables set forth summarized financial information concerning the Company’s reportable segments:


							AECOM
Reportable Segments:	Americas			International			Capital		Corporate		Total

	(in millions)
Fiscal Year Ended September 30, 2023:
Revenue	$	10,975.7		$	3,402.1		$	0.7	$	—	$	14,378.5
Gross profit		699.7			245.1			0.7		—		945.5
Equity in earnings of joint ventures		14.9			9.6			(303.9)		—		(279.4)
General and administrative expenses		—			—			(12.6)		(141.0)		(153.6)
Restructuring costs		—			—			—		(188.4)		(188.4)
Operating income		714.6			254.7			(315.8)		(329.4)		324.1
Segment assets		7,433.1			2,536.2			64.5		1,104.4
Gross profit as a % of revenue		6.4	%		7.2	%		—		—		6.6	%

Fiscal Year Ended September 30, 2022:
Revenue	$	9,939.3		$	3,206.7		$	2.2	$	—	$	13,148.2
Gross profit		639.9			205.9			2.2		—		848.0
Equity in earnings of joint ventures		13.9			15.3			24.4		—		53.6
General and administrative expenses		—			—			(12.6)		(134.7)		(147.3)
Restructuring costs		—			—			—		(107.5)		(107.5)
Operating income		653.8			221.2			14.0		(242.2)		646.8
Segment assets		7,232.2			2,467.9			264.9		1,095.3
Gross profit as a % of revenue		6.4	%		6.4	%		—		—		6.4	%

Fiscal Year Ended September 30, 2021:
Revenue	$	10,226.3		$	3,112.6		$	2.0	$	—	$	13,340.9
Gross profit		631.6			164.8			2.0		—		798.4
Equity in earnings of joint ventures		11.4			12.2			11.4		—		35.0
General and administrative expenses		—			—			(11.1)		(143.9)		(155.0)
Restructuring costs		—			—			—		(48.8)		(48.8)
Operating income		643.0			177.0			2.3		(192.7)		629.6
Segment assets		7,204.6			2,764.5			234.6		1,390.9
Gross profit as a % of revenue		6.2	%		5.3	%		—		—		6.0	%

Geographic Information:


		Fiscal Year Ended
		September 30,	September 30,		September 30,
Long-Lived Assets		2023	2022		2021

		(in millions)
Americas	$	3,478.5	$	3,906.7	$	3,922.8
Europe, Middle East, India, Africa		803.5		763.6		872.3
Asia-Australia-Pacific		342.3		362.1		405.0
Total	$	4,624.3	$	5,032.4	$	5,200.1

Long-lived assets consist of noncurrent assets excluding deferred tax assets.

- Definition

The 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 15
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Pension Benefit Obligations - AOCI (Details) $ in Millions	Sep. 30, 2023 USD ($)
United States
Amounts included in AOCI that are expected to be recognized as components of net periodic benefit cost during the next fiscal year
Amortization of net actuarial (losses) gain	$ (3.1)
Total	(3.1)
International
Amounts included in AOCI that are expected to be recognized as components of net periodic benefit cost during the next fiscal year
Amortization of prior service cost	(0.1)
Amortization of net actuarial (losses) gain	2.3
Total	$ 2.2

Debt

12 Months Ended

Sep. 30, 2023

Debt

Debt

8. Debt

Debt consisted of the following:


	September 30,		September 30,
	2023		2022

	(in millions)
Credit Agreement	$	1,119.8	$	1,143.3
2027 Senior Notes		997.3		997.3
Other debt		100.2		84.0
Total debt		2,217.3		2,224.6
Less: Current portion of debt and short-term borrowings		(89.5)		(48.6)
Less: Unamortized debt issuance costs		(14.4)		(19.3)
Long-term debt	$	2,113.4	$	2,156.7

The following table presents, in millions, scheduled maturities of the Company’s debt as of September 30, 2023:


Fiscal Year
2024	$	89.5
2025		49.6
2026		412.6
2027		1,009.2
2028		656.4
Thereafter		—
Total	$	2,217.3

Credit Agreement

On February 8, 2021, the Company entered into the 2021 Refinancing Amendment to the Credit Agreement (as amended, modified or otherwise supplemented, the “Credit Agreement”), pursuant to which the Company amended and restated its Syndicated Credit Facility Agreement, dated as of October 17, 2014 (as amended prior to February 8, 2021, the “Original Credit Agreement”), between the Company, as borrower, Bank of America, N.A., as administrative agent, and other parties thereto. At the time of amendment, the Credit Agreement consisted of a $1,150,000,000 revolving credit facility (the “Revolving Credit Facility”) and a $246,968,737.50 term loan A facility (the “Term A Facility,” together with the Revolving Credit Facility, the “Credit Facilities”), each of which mature on February 8, 2026. The outstanding loans under the Term A Facility were borrowed in U.S. dollars. Loans under the Revolving Credit Facility may be borrowed, and letters of credit thereunder may be issued, in U.S. dollars or in certain foreign currencies. The proceeds of the Revolving Credit Facility may be used from time to time for ongoing working capital and for other general corporate purposes. The proceeds of the Revolving Credit Facility and the Term A Loan facility borrowed on February 8, 2021 were used to refinance the existing revolving credit facility and the existing term loan facility under the Original Credit Agreement and to pay related fees and expenses. The Credit Agreement permits the Company to designate certain of its subsidiaries as additional co-borrowers from time to time. Currently, there are no co-borrowers under the Credit Facilities.

On April 13, 2021, the Company entered into Amendment No. 10 to the Credit Agreement, pursuant to which the lenders thereunder provided a secured term B credit facility (the “Term B Facility”) to the Company in an aggregate principal amount of $700,000,000. The Term B Facility matures on April 13, 2028. The proceeds of the Term B Facility were used to fund the purchase price, fees and expenses in connection with the Company’s cash tender offer to purchase up to $700,000,000 aggregate purchase price (not including any accrued and unpaid interest) of its outstanding 5.875% Senior Notes due 2024.

On June 25, 2021, the Company entered into Amendment No. 11 to the Credit Agreement, pursuant to which lenders thereunder have provided the Company an additional $215,000,000 in aggregate principal amount under the Term A Facility. The Company used the net proceeds from the increase in the Term A Facility (together with cash on hand), to (i) redeem all of the Company’s remaining 5.875% Senior Notes due 2024 and (ii) pay fees and expenses related to such redemption.

On May 23, 2023, the Company entered into Amendment No. 12 to the Credit Agreement, pursuant to which LIBOR as a benchmark rate of interest was replaced by, in the case of US Dollar-denominated loans, a secured overnight financing rate subject to a spread adjustment, and, in the case of loans denominated in other currencies, other customary successor rates, subject in certain cases to a spread adjustment. On May 23, 2023, the Company entered into Amendment No. 13 to the Credit Agreement, pursuant to which the spread adjustments with respect to the Revolving Credit Facility and the Term A Facility was amended.

The applicable interest rate for loans under the Term B Facility is calculated at a per annum rate equal to, at the Company’s option, (a) the Term SOFR (as defined in the Credit Agreement) plus 1.75% or (b) the Base Rate (as defined in the Credit Agreement) plus 0.75%.

The applicable interest rate for U.S. Dollar-denominated loans under the Revolving Credit Facility and the Term A Facility is calculated at a per annum rate equal to, at the Company’s option, (a) the Term SOFR (as defined in the Credit Agreement) plus an applicable margin (the “SOFR Applicable Margin”), which is currently at 1.2250% or (b) the Base Rate (as defined in the Credit Agreement) plus an applicable margin (the “Base Rate Applicable Margin,” and together with the SOFR Applicable Margin, the “Applicable Margins”), which is currently at 0.2250%. The applicable interest rate for loans under the Revolving Credit Facility denominated in other currencies is calculated at a per annum rate equal to a customary floating reference rate for such currency specified in the Credit Agreement plus the SOFR Applicable Margin. The Credit Agreement includes certain environmental, social and governance (ESG) metrics relating to the Company’s CO² emissions and its percentage of employees who identify as women (each, a “Sustainability Metric”). The Applicable Margins for the Term A Facility and the Revolving Credit Facility and the commitment fees for the Revolving Credit Facility will be adjusted on an annual basis based on the Company’s achievement of preset thresholds for each Sustainability Metric.

Some of the Company’s material subsidiaries (the “Guarantors”) have guaranteed the Company’s obligations of the borrowers under the Credit Agreement, subject to certain exceptions. The borrowers’ obligations under the Credit Agreement are secured by a lien on substantially all of the Company’s assets and its Guarantors’ assets, subject to certain exceptions.

The Credit Agreement contains customary negative covenants that include, among other things, limitations on the ability of the Company and certain of its subsidiaries, subject to certain exceptions, to incur liens and debt, make investments, dispositions, and restricted payments, change the nature of their business, consummate mergers, consolidations and the sale of all or substantially all of

their respective assets, taken as a whole, and transact with affiliates. The Company is also required to maintain a consolidated interest coverage ratio of at least 3.00 to 1.00 and a consolidated leverage ratio of less than or equal to 4.00 to 1.00 (subject to certain adjustments in connection with permitted acquisitions), tested on a quarterly basis (the “Financial Covenants”). The Financial Covenants do not apply to the Term B Facility. The Company’s consolidated leverage ratio was 2.00 to 1.00 at September 30, 2023. As of September 30, 2023, the Company was in compliance with the covenants of the Credit Agreement.

The Credit Agreement contains customary affirmative covenants, including, among other things, compliance with applicable law, preservation of existence, maintenance of properties and of insurance, and keeping proper books and records. The Credit Agreement contains customary events of default, including, among other things, nonpayment of principal, interest or fees, cross-defaults to other debt, inaccuracies of representations and warranties, failure to perform covenants, events of bankruptcy and insolvency, change of control and unsatisfied judgments, subject in certain cases to notice and cure periods and other exceptions.

At September 30, 2023 and September 30, 2022, letters of credit totaled $4.4 million and $4.4 million, respectively, under our Revolving Credit Facility. As of September 30, 2023 and September 30, 2022, we had $1,145.6 million and $1,145.6 million, respectively, available under our revolving credit facility.

2027 Senior Notes

On February 21, 2017, the Company completed a private placement offering of $1,000,000,000 aggregate principal amount of its unsecured 5.125% Senior Notes due 2027 (the “2027 Senior Notes”). On June 30, 2017, the Company completed an exchange offer to exchange the unregistered 2027 Senior Notes for registered notes, as well as related guarantees.

As of September 30, 2023, the estimated fair value of the 2027 Senior Notes was approximately $939.9 million. The fair value of the 2027 Senior Notes as of September 30, 2023 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of the 2027 Senior Notes. Interest is payable on the 2027 Senior Notes at a rate of 5.125% per annum. Interest on the 2027 Senior Notes is payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2017. The 2027 Senior Notes will mature on March 15, 2027.

At any time and from time to time prior to December 15, 2026, the Company may redeem all or part of the 2027 Senior Notes, at a redemption price equal to 100% of their principal amount, plus a “make whole” premium as of the redemption date, and accrued and unpaid interest to the redemption date. On or after December 15, 2026, the Company may redeem all or part of the 2027 Senior Notes at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on the redemption date.

The indenture pursuant to which the 2027 Senior Notes were issued contains customary events of default, including, among other things, payment default, exchange default, failure to provide notices thereunder and provisions related to bankruptcy events. The indenture also contains customary negative covenants.

The Company was in compliance with the covenants relating to the 2027 Senior Notes as of September 30, 2023.

Other Debt and Other Items

Other debt consists primarily of obligations under capital leases and loans, and unsecured credit facilities. The Company’s unsecured credit facilities are primarily used for standby letters of credit issued in connection with general and professional liability insurance programs and for contract performance guarantees. At September 30, 2023 and September 30, 2022, these outstanding standby letters of credit totaled $878.9 million and $640.3 million, respectively. As of September 30, 2023, the Company had $416.7 million available under these unsecured credit facilities.

Effective Interest Rate

The Company’s average effective interest rate on its total debt, including the effects of the interest rate swap and interest rate cap agreements, during the years ended September 30, 2023, 2022 and 2021 was 5.3%, 3.8% and 4.4%, respectively.

Interest expense in the consolidated statements of operations included amortization of deferred debt issuance costs for the years ended September 30, 2023, 2022 and 2021 of $4.9 million, $4.9 million and $10.2 million, respectively.

- Definition

The 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Share-Based Payments

12 Months Ended

Sep. 30, 2023

Share-based Payments

Share-based Payments

13. Share-Based Payments

Defined Contribution Plans—Substantially all permanent domestic employees are eligible to participate in defined contribution plans provided by the Company. Under these plans, participants may make contributions into a variety of funds, including a fund that is fully invested in Company stock. Employees are not required to allocate any funds to Company stock; however, the Company does provide an annual Company match in AECOM shares. Employees may generally reallocate their account balances on a daily basis; however, employees classified as insiders are restricted under the Company’s insider trading policy. Compensation expense for the employer contributions related to AECOM stock issued under defined contribution plans during fiscal years ended September 30, 2023, 2022 and 2021 was $23.1 million, $22.7 million, and $26.1 million, respectively.

Stock Incentive Plans—Under the 2020 Stock Incentive Plan, the Company has up to 10.2 million securities remaining available for future issuance as of September 30, 2023. Stock options may be granted to employees and non-employee directors with an exercise price not less than the fair market value of the stock on the date of grant. Unexercised options expire seven years after date of grant.

The fair value of the Company’s employee stock option awards is estimated on the date of grant. The expected term of awards granted represents the period of time the awards are expected to be outstanding. The risk-free interest rate is based on U.S. Treasury bond rates with maturities equal to the expected term of the option on the grant date. The Company uses historical data as a basis to estimate the probability of forfeitures.

The Company grants stock units to employees under its Performance Earnings Program (PEP), whereby units are earned and issued dependent upon meeting established cumulative performance objectives and vest over a three-year service period. Additionally, the Company issues restricted stock units to employees which are earned based on service conditions. The grant date fair value of PEP awards and restricted stock unit awards is primarily based on that day’s closing market price of the Company’s common stock.

Restricted stock unit, PEP unit, and Stock Option activity for the year ended September 30 was as follows:


		Weighted			Weighted
		Average			Average			Weighted
	Restricted	Grant-Date			Grant-Date			Average
	Stock Units	Fair Value		PEP Units	Fair Value		Stock Options	Exercise Price
	(in millions)			(in millions)			(in millions)
Outstanding at September 30, 2020	2.1	$	35.56	1.6	$	33.86	0.4	$	36.41
Granted	0.4	$	49.21	0.3	$	52.76	—	$	—
PEP units earned (unearned)	—	$	—	0.1	$	37.37	—	$	—
Vested / Exercised	(0.9)	$	36.24	(0.6)	$	38.13	(0.1)	$	31.62
Cancelled	(0.3)	$	36.89	(0.2)	$	37.53	—	$	—
Outstanding at September 30, 2021	1.3	$	38.88	1.2	$	37.22	0.3	$	38.72
Granted	0.3	$	74.30	0.2	$	85.46	—	$	—
PEP units earned (unearned)	—	$	—	0.6	$	27.90	—	$	—
Vested / Exercised	(0.5)	$	29.44	(1.3)	$	27.90	—	$	—
Cancelled	(0.1)	$	49.74	—	$	56.64	—	$	—
Outstanding at September 30, 2022	1.0	$	53.05	0.7	$	60.60	0.3	$	38.72
Granted	0.3	$	83.64	0.2	$	94.64	—	$	—
PEP units earned (unearned)	—	$	—	0.2	$	43.19	—	$	—
Vested / Exercised	(0.4)	$	44.35	(0.4)	$	43.19	(0.2)	$	38.72
Cancelled	(0.1)	$	62.09	—	$	71.71	—	$	—
Outstanding at September 30, 2023	0.8	$	68.34	0.7	$	75.54	0.1	$	38.72

Total compensation expense related to these share-based payments including stock options was $45.9 million, $38.5 million, and $44.7 million during the years ended September 30, 2023, 2022 and 2021, respectively. Unrecognized compensation expense related

to total share-based payments outstanding as of September 30, 2023 and 2022 was $48.3 million and $45.9 million, respectively, to be recognized on a straight-line basis over the awards’ respective vesting periods which are generally three years.

Joint Ventures and Variable Interest Entities - Unconsolidated (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Financial Information
Current assets	$ 6,169,511	$ 5,822,810
Total assets	11,233,398	11,139,315
Current liabilities	5,850,283	5,404,171
Total liabilities	8,849,687	8,533,936
Joint ventures' equity	2,383,711	2,605,379	$ 2,829,577	$ 3,413,544
Total liabilities and joint ventures' equity	11,233,398	11,139,315
AECOM's investment in joint ventures	139,236	354,983
Joint ventures summarized financial information
Revenue	14,378,461	13,148,182	13,340,852
Cost of revenue	13,432,996	12,300,208	12,542,431
Gross profit	945,465	847,974	798,421
Net income	100,141	334,702	$ 202,980
Unconsolidated joint ventures
Financial Information
Current assets	1,177,400	1,279,400
Non-current assets	996,300	1,128,700
Total assets	2,173,700	2,408,100
Current liabilities	605,900	751,400
Non-current liabilities	441,700	521,300
Total liabilities	1,047,600	1,272,700
Joint ventures' equity	1,126,100	1,135,400
Total liabilities and joint ventures' equity	2,173,700	2,408,100
AECOM's investment in joint ventures	139,200	355,000
Joint ventures summarized financial information
Revenue	1,248,200	1,801,500
Cost of revenue	1,170,700	1,743,100
Gross profit	77,500	58,400
Net income	$ 72,900	$ 52,100

Significant Accounting Policies - Property and Equipment (Details)	Sep. 30, 2023
Minimum \| Building and land
Property, Plant and Equipment
Estimated useful live (in years)	10 years
Minimum \| Furniture and fixtures
Property, Plant and Equipment
Estimated useful live (in years)	3 years
Minimum \| Computer systems and equipment
Property, Plant and Equipment
Estimated useful live (in years)	3 years
Maximum \| Building and land
Property, Plant and Equipment
Estimated useful live (in years)	45 years
Maximum \| Furniture and fixtures
Property, Plant and Equipment
Estimated useful live (in years)	10 years
Maximum \| Computer systems and equipment
Property, Plant and Equipment
Estimated useful live (in years)	12 years

Discontinued Operations, Goodwill, and Intangible Assets

12 Months Ended

Sep. 30, 2023

Discontinued Operations, Goodwill, and Intangible Assets

Discontinued Operations, Goodwill, and Intangible Assets

3. Discontinued Operations, Goodwill, and Intangible Assets

In the first quarter of fiscal 2020, management approved a plan to dispose of via sale the Company’s self-perform at-risk construction businesses. 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 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 would have a major effect on the Company’s operations and financial results and qualified for presentation as discontinued operations in accordance with FASB ASC 205-20. Accordingly, the financial results of 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.

The Company completed the sale of its civil infrastructure construction business to affiliates of Oroco Capital in the second quarter of fiscal 2021. In the first quarter of fiscal 2022, the Company recorded an additional $40.0 million loss primarily related to revisions of estimates for its working capital obligation to be paid and a contingent consideration receivable. In the second quarter of fiscal 2023, the Company recorded a $38.9 million loss related to a revised estimate of its contingent consideration receivable recognized at the sale. Under the terms of the sale agreement, the Company made the required cash payments and delivered the cash and cash equivalents, including cash in consolidated joint ventures, on the balance sheet at closing. As a result, the Company recorded the net cash impact of the sale as a use of cash in the investing section of its statement of cash flows.

On January 28, 2022, the Company completed the sale of its oil and gas construction business to affiliates of Graham Maintenance Services LP for a purchase price of $14 million, subject to cash, debt and working capital adjustments. The Company recorded a pre-tax gain of approximately $3.0 million on the sale, net of transaction costs. During the third quarter of fiscal 2023, the Company collected approximately $9.2 million cash payment for contingent consideration completing this transaction.

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


	September 30,		September 30,
	2023		2022

Cash and cash equivalents	$	1.9	$	4.6
Receivables and contract assets		93.3		66.2
Other		—		8.2
Current assets held for sale	$	95.2	$	79.0

Property and equipment, net	$	14.2	$	8.0
Write-down of assets to fair value less cost to sell		(14.2)		(8.0)
Non-current assets held for sale	$	—	$	—

Accounts payable and accrued expenses	$	45.6	$	49.2
Current liabilities held for sale	$	45.6	$	49.2

Long-term liabilities held for sale	$	0.8	$	0.2

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


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

Revenue	$	212.8	$	347.4	$	771.5
Cost of revenue		223.2		360.2		760.5
Gross (loss) profit		(10.4)		(12.8)		11.0
Equity in earnings of joint ventures		(2.9)		(7.4)		4.0
Loss on disposal activities		(50.6)		(48.1)		(52.5)
Transaction costs		(0.2)		(9.7)		(15.3)
Impairment of long-lived assets		—		—		(105.2)
Loss from operations		(64.1)		(78.0)		(158.0)
Other loss		(1.0)		—		—
Interest expense		—		(0.1)		(0.5)
Loss before taxes		(65.1)		(78.1)		(158.5)
Income tax (benefit) expense		(7.9)		1.8		(41.7)
Net loss from discontinued operations	$	(57.2)	$	(79.9)	$	(116.8)

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


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

Payments for capital expenditures	$	(6.2)	$	(2.7)	$	(7.3)

The changes in the carrying value of goodwill by reportable segment for the year ended September 30, 2023 were as follows:


			Foreign
	September 30,		Exchange		September 30,
	2022		Impact		2023

	(in millions)
Americas	$	2,610.7	$	3.3	$	2,614.0
International		770.1		34.8		804.9
Total	$	3,380.8	$	38.1	$	3,418.9

The gross amounts and accumulated amortization of the Company’s acquired identifiable intangible assets with finite useful lives as of September 30, 2023 and 2022, included in intangible assets—net, in the accompanying consolidated balance sheets, were as follows:


	September 30, 2023						September 30, 2022
	Gross		Accumulated		Intangible		Gross		Accumulated		Intangible		Amortization
	Amount		Amortization		Assets, Net		Amount		Amortization		Assets, Net		Period

	(in millions)												(years)
Customer relationships	$	663.8	$	(646.0)	$	17.8	$	663.0	$	(627.4)	$	35.6	1 - 11

Amortization expense of acquired intangible assets included within cost of revenue was $18.6 million and $18.9 million for the years ended September 30, 2023 and 2022, respectively. The following table presents estimated amortization expense of existing intangible assets for the succeeding years:


Fiscal Year	(in millions)
2024	$	17.1
2025		0.7
Total	$	17.8

Derivative Financial Instruments and Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Interest Rate Swap and Interest Rate Cap \| Other current assets
Derivative financial instruments
Fair values of the interest rate swap and cap agreements	$ 17.2
Interest Rate Swap and Interest Rate Cap \| Other non-current assets
Derivative financial instruments
Fair values of the interest rate swap and cap agreements	37.5
Interest Rate Swap \| Other current assets
Derivative financial instruments
Fair values of the interest rate swap and cap agreements		$ 9.4
Interest Rate Swap \| Other non-current assets
Derivative financial instruments
Fair values of the interest rate swap and cap agreements		$ 41.8
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap
Derivative financial instruments
Losses recognized in income	$ 0.0

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Standby letters of credit
Commitments and Contingencies
Outstanding standby letters of credit	$ 878.9	$ 640.3
Amount available	416.7
Contingency liability	883.3
Surety Bond
Commitments and Contingencies
Contingency liability	4,600.0
Fund investment capital
Commitments and Contingencies
Commitment	$ 8.3
Commitment period	5 years

Income Taxes (Tables)

12 Months Ended

Sep. 30, 2023

Income Taxes

Schedule of income tax (benefit) expense


	Fiscal Year Ended
	September 30,		September 30,		September 30,
	2023		2022		2021

	(in millions)
Current:
Federal	$	67.7	$	22.8	$	32.2
State		71.9		16.0		6.8
Foreign		52.8		75.8		53.2
Total current income tax expense		192.4		114.6		92.2
Deferred:
Federal		(71.8)		22.1		(28.8)
State		(84.3)		11.8		18.8
Foreign		19.8		(12.4)		6.8
Total deferred income tax benefit		(136.3)		21.5		(3.2)
Total income tax expense	$	56.1	$	136.1	$	89.0

Schedule of major elements contributing to the difference between the U.S. federal statutory rate of 21% for fiscal years ended September 30, 2022, 2021 and 2020 and the effective tax rate


	Fiscal Year Ended
	September 30,				September 30,				September 30,
	2023				2022				2021
	Amount		%		Amount		%		Amount		%

	(in millions)
Tax at federal statutory rate	$	44.8	21.0	%	$	115.6	21.0	%	$	85.8	21.0	%
State income tax, net of federal benefit		(7.1)	(3.3)			20.2	3.7			8.0	2.0
Foreign residual income		59.4	27.8			46.4	8.4			45.6	11.1
Valuation allowance		16.6	7.8			(18.0)	(3.3)			12.4	3.0
Nondeductible costs		10.7	5.0			19.7	3.6			6.0	1.5
Change in uncertain tax positions		9.4	4.4			15.4	2.8			8.5	2.1
Audit settlement		1.9	0.9			(1.5)	(0.3)			10.4	2.5
Foreign tax rate differential		0.2	0.1			1.1	0.2			8.8	2.1
Income tax credits and incentives		(68.2)	(31.9)			(51.0)	(9.3)			(51.3)	(12.5)
Exclusion of tax on non-controlling interests		(9.4)	(4.4)			(5.1)	(0.9)			(6.1)	(1.5)
Tax exempt income		(3.3)	(1.5)			(5.9)	(1.1)			(5.4)	(1.3)
Tax rate changes		(3.2)	(1.5)			(4.1)	(0.7)			(26.8)	(6.5)
Return to provision		(0.5)	(0.2)			(1.5)	(0.3)			(9.5)	(2.3)
Other items, net		4.8	2.1			4.8	0.9			2.6	0.6
Total income tax expense	$	56.1	26.3	%	$	136.1	24.7	%	$	89.0	21.8	%

Schedule of deferred tax assets (liabilities)


	Fiscal Year Ended
	September 30,		September 30,
	2023		2022

	(in millions)
Deferred tax assets:
Compensation and benefit accruals not currently deductible	$	92.2	$	91.6
Net operating loss carryforwards		102.3		113.7
Self-insurance reserves		23.2		4.5
Research and experimentation and other tax credits		43.1		111.4
Pension liability		44.7		52.1
Accrued liabilities		295.1		280.4
Capital loss carryforward		64.0		64.4
Partnership investment		102.0		—
Other		7.1		5.3
Total deferred tax assets		773.7		723.4
Deferred tax liabilities:
Unearned revenue		(7.0)		(1.5)
Depreciation and amortization		(13.1)		(111.4)
Acquired intangible assets		(5.4)		(11.2)
Investment in subsidiaries		(10.7)		(10.8)
Right of use assets		(94.0)		(125.6)
Contingent consideration		(34.2)		(33.6)
Other		(15.5)		—
Total deferred tax liabilities		(179.9)		(294.1)
Valuation allowance		(171.2)		(154.4)
Net deferred tax assets	$	422.6	$	274.9

Schedule of reconciliation of the beginning and ending amount of gross unrecognized tax benefits


	Fiscal Year Ended
	September 30,		September 30,
	2023		2022

	(in millions)
Balance at the beginning of the year	$	55.2	$	46.4
Gross increase in current period’s tax positions		3.5		17.4
Gross increase in prior years’ tax positions		17.9		2.4
Gross decrease in prior years’ tax positions		(13.3)		(8.0)
Decrease due to settlement with tax authorities		(1.0)		(1.4)
Decrease due to lapse of statute of limitations		—		(0.5)
Gross change due to foreign exchange fluctuations		(0.2)		(1.1)
Balance at the end of the year	$	62.1	$	55.2

Revenue Recognition - Performance obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue Recognition
Performance obligation	$ 21,900.0
Recognized revenue	$ 1,043.7	$ 565.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue Recognition
Performance obligation, percent to be satisfied	55.00%
Performance obligation expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue Recognition
Performance obligation, percent to be satisfied	45.00%
Performance obligation expected timing of satisfaction period

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Sep. 30, 2023	Nov. 10, 2023
Document and Entity Information
Document Type	10-K
Document Period End Date	Sep. 30, 2023
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-52423
Entity Registrant Name	AECOM
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1088522
Entity Address, Address Line One	13355 Noel Road
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	972
Local Phone Number	788-1000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ACM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		135,987,254
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float	$ 11.7
Document Financial Statement Error Correction [Flag]	false
Entity Central Index Key	0000868857
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Los Angeles, California

Pension Benefit Obligations - Periodic Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
United States
Defined Benefit Plan
Interest cost on projected benefit obligation	$ 9.8	$ 4.7	$ 4.3
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income	Other Nonoperating Income
Expected return on plan assets	$ (5.8)	$ (5.6)	$ (6.5)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income	Other Nonoperating Income
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income	Other Nonoperating Income
Amortization of net loss (gain)	$ 3.5	$ 5.6	$ 5.9
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income	Other Nonoperating Income
Settlement (gain) loss recognized	$ (0.1)	$ 0.2	$ 0.2
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income	Other Nonoperating Income
Net periodic benefit cost (credit)	$ 7.4	$ 4.9	$ 3.9
International
Defined Benefit Plan
Service costs	0.3	0.5	0.5
Interest cost on projected benefit obligation	$ 47.7	$ 24.1	$ 21.6
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income	Other Nonoperating Income
Expected return on plan assets	$ (60.8)	$ (41.4)	$ (43.5)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income	Other Nonoperating Income
Amortization of prior service costs (credits)	$ 0.1	$ 0.1	$ 0.1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income	Other Nonoperating Income
Amortization of net loss (gain)	$ (0.6)	$ 6.9	$ 9.2
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income	Other Nonoperating Income
Settlement (gain) loss recognized	$ 0.2	$ 0.3	$ 0.8
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income	Other Nonoperating Income
Net periodic benefit cost (credit)	$ (13.1)	$ (9.5)	$ (11.3)
Pension Plan, Defined Benefit
Defined Benefit Plan
Applicable deferred income taxes, included in OCI arising from net prior service cost and net gain/loss	$ 3.1	$ 18.8	$ 9.3

Share-Based Payments - Options (Details) - Employee Stock Option - $ / shares shares in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2021
Number of Options
Balance at the beginning of the period (in shares)	0.3	0.4
Exercised (in shares)	(0.2)	(0.1)
Balance at the end of the period (in shares)	0.1	0.3
Stock options, Weighted average exercise price
Balance at the beginning of the period (in dollars per share)	$ 38.72	$ 36.41
Exercised (in dollars per share)	38.72	31.62
Balance at the end of the period (in dollars per share)	$ 38.72	$ 38.72

Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2023

Significant Accounting Policies

Fiscal Year

Use of Estimates

Principles of Consolidation and Presentation

Government Contract Matters

Cash and Cash Equivalents

Cash and Cash Equivalents—The Company’s cash equivalents include highly liquid investments which have an initial maturity of three months or less.

Allowance for Doubtful Accounts

●

Client type—federal or state and local government or commercial client;

●

Historical contract performance;

●

Historical collection and delinquency trends;

●

Client credit worthiness; and

●

General economic conditions.

Derivative Financial Instruments

Derivative Financial Instruments—The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value.

Derivatives that do not qualify as hedges are adjusted to fair value through current income.

Fair Value of Financial Instruments

Property and Equipment

Long-Lived Assets

Goodwill and Acquired Intangible Assets

Pension Plans

Insurance Reserves

Foreign Currency Translation

Noncontrolling Interests

Income Taxes

Debt - 2027 Senior Notes (Details) - 2027 Senior Notes - USD ($)	Feb. 21, 2017	Sep. 30, 2023
Debt
Face amount	$ 1,000,000,000
Interest rate (as a percent)	5.125%
Fair value of debt instrument		$ 939,900,000
At any time and from time to time prior to December 15, 2026
Debt
Redemption price (in percent)	100.00%
At any time on or after December 15, 2026
Debt
Redemption price (in percent)	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings Per Share (Tables)

12 Months Ended

Sep. 30, 2023

Earnings Per Share

Schedule of reconciliation of the denominators for basic and diluted EPS


	Fiscal Year Ended
	September 30,	September 30,	September 30,
	2023	2022	2021

	(in millions)
Denominator for basic earnings per share	138.6	140.8	147.3
Potential common shares	1.5	1.9	2.4
Denominator for diluted earnings per share	140.1	142.7	149.7

Leases - Additional cash flow information (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 188.3	$ 201.8	$ 221.4
Operating cash flows from finance leases	2.5	2.2	2.0
Financing cash flows from finance leases	23.7	19.8	13.7
Right-of-use assets obtained in exchange for new operating leases	96.6	90.9	102.7
Right-of-use assets obtained in exchange for new finance leases	$ 37.5	$ 26.2	$ 28.5

Stockholders' Equity

12 Months Ended

Sep. 30, 2023

Stockholders' Equity

Stockholders' Equity

12. Stockholders’ Equity

Common Stock Units—Common stock units are only redeemable for common stock. In the event of liquidation of the Company, holders of stock units are entitled to no greater rights than holders of common stock. See also Note 13.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Accumulated balances
Balance at the beginning of the period	$ (979,675)
Balance at the end of the period	(926,577)	$ (979,675)
Pension Related Adjustments
Accumulated balances
Balance at the beginning of the period	(217,300)	(316,200)	$ (342,800)
Other comprehensive income (loss) before reclassification	(10,900)	89,900	14,600
Amounts reclassified from accumulated other comprehensive income (loss)	2,200	9,000	12,000
Balance at the end of the period	(226,000)	(217,300)	(316,200)
Foreign Currency Translation Adjustments
Accumulated balances
Balance at the beginning of the period	(799,300)	(580,100)	(567,300)
Other comprehensive income (loss) before reclassification	59,600	(238,700)	(12,800)
Amounts reclassified from accumulated other comprehensive income (loss)		19,500
Balance at the end of the period	(739,700)	(799,300)	(580,100)
Loss on Derivative Instruments
Accumulated balances
Balance at the beginning of the period	36,900	(4,100)	(8,600)
Other comprehensive income (loss) before reclassification	10,700	37,900	800
Amounts reclassified from accumulated other comprehensive income (loss)	(8,500)	3,100	3,700
Balance at the end of the period	39,100	36,900	(4,100)
Accumulated Other Comprehensive Loss
Accumulated balances
Balance at the beginning of the period	(979,700)	(900,400)	(918,700)
Other comprehensive income (loss) before reclassification	59,400	(110,900)	2,600
Amounts reclassified from accumulated other comprehensive income (loss)	(6,300)	31,600	15,700
Balance at the end of the period	$ (926,600)	$ (979,700)	$ (900,400)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Income Taxes - Gross Unrecognized (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Balance at the beginning of the year	$ 55.2	$ 46.4
Gross increase in current period's tax positions	3.5	17.4
Gross increase in prior years' tax positions	17.9	2.4
Gross decrease in prior years' tax positions	(13.3)	(8.0)
Decrease due to settlement with tax authorities	(1.0)	(1.4)
Decrease due to lapse of statute of limitations		(0.5)
Gross change due to foreign exchange fluctuations	(0.2)	(1.1)
Balance at the end of the year	62.1	55.2
Income Taxes, additional disclosures
Accrued interest, excluding any related income tax benefits	24.4	20.5
Accrued penalties, excluding any related income tax benefits	$ 1.5	$ 1.7

Pension Benefit Obligations - Underlying assumptions (Details)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
United States
Weighted-average assumptions to determine benefit obligation:
Discount rate (as a percent)	5.76%	5.40%	2.46%
Weighted-average assumptions to determine net periodic benefit cost:
Discount rate (as a percent)	5.40%	2.46%	2.20%
Expected long-term rate of return on plan assets (as a percent)	7.00%	6.25%	6.80%
International
Weighted-average assumptions to determine benefit obligation:
Discount rate (as a percent)	5.65%	5.27%	1.98%
Salary increase rate (as a percent)	3.06%	3.48%	3.13%
Weighted-average assumptions to determine net periodic benefit cost:
Discount rate (as a percent)	5.27%	1.98%	1.67%
Salary increase rate (as a percent)	3.48%	3.13%	2.68%
Expected long-term rate of return on plan assets (as a percent)	6.04%	3.93%	3.95%

Pension Benefit Obligations - Excess of Plan Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
United States
Additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets
Projected benefit obligation	$ 168.8	$ 184.8	$ 247.8
Accumulated benefit obligation	168.8	184.8	247.8
Fair value of plan assets	98.8	101.4	138.9
Expected employer contributions in next fiscal year	12.9
International
Additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets
Projected benefit obligation	628.1	601.4	1,248.8
Accumulated benefit obligation	628.1	600.1	1,243.9
Fair value of plan assets	506.5	$ 456.9	$ 982.4
Expected employer contributions in next fiscal year	$ 22.2

Other Financial Information

12 Months Ended

Sep. 30, 2023

Other Financial Information

Other Financial Information

16. Other Financial Information

Accrued expenses and other current liabilities consist of the following:


	Fiscal Year Ended
	September 30,		September 30,
	2023		2022

	(in millions)
Accrued salaries and benefits	$	599.8	$	602.2
Accrued contract costs		1,340.4		1,246.0
Other accrued expenses		347.3		333.2
	$	2,287.5	$	2,181.4

Accrued contract costs above include balances related to professional liability accruals of $809.6 million and $789.3 million as of September 30, 2023 and 2022, respectively. The remaining accrued contract costs primarily relate to costs for services provided by subcontractors and other non-employees. Liabilities recorded related to accrued contract losses were not material as of September 30, 2023 and 2022. The Company did not have material revisions to estimates for contracts where revenue is recognized using the input method during the twelve months ended September 30, 2023 and 2022. For the year ended September 30, 2023, the Company incurred restructuring expenses of $188.4 million, included personnel and other costs of $91.6 million and real estate costs of $96.8 million, of which $53.3 million was accrued and unpaid at September 30, 2023. During the year ended September 30, 2022, the Company incurred restructuring expenses of $107.5 million, of which $69.1 million was related to the exit of our Russia-related businesses. The remaining $38.4 million related to actions to improve margins and deliver efficiencies. These expenses included personnel and other costs of $27.5 million and real estate costs of $10.9 million, of which $7.9 million was accrued and unpaid at September 30, 2022.

On September 13, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.18 per share, which was paid on October 20, 2023 to stockholders of record as of the close of business on October 5, 2023. As of September 30, 2023, accrued and unpaid dividends totaled $26.7 million and were classified within other accrued expenses on the consolidated balance sheet.

Reclassifications out of Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Sep. 30, 2023

Reclassifications out of Accumulated Other Comprehensive Loss

Schedule of accumulated balances and reporting period activities related to reclassifications out of accumulated other comprehensive loss


			Foreign				Accumulated
	Pension		Currency		Loss on		Other
	Related		Translation		Derivative		Comprehensive
	Adjustments		Adjustments		Instruments		Loss
Balances at September 30, 2020	$	(342.8)	$	(567.3)	$	(8.6)	$	(918.7)
Other comprehensive income (loss) before reclassification		14.6		(12.8)		0.8		2.6
Amounts reclassified from accumulated other comprehensive loss		12.0		—		3.7		15.7
Balances at September 30, 2021	$	(316.2)	$	(580.1)	$	(4.1)	$	(900.4)


			Foreign				Accumulated
	Pension		Currency		Loss on		Other
	Related		Translation		Derivative		Comprehensive
	Adjustments		Adjustments		Instruments		Loss
Balances at September 30, 2021	$	(316.2)	$	(580.1)	$	(4.1)	$	(900.4)
Other comprehensive income (loss) before reclassification		89.9		(238.7)		37.9		(110.9)
Amounts reclassified from accumulated other comprehensive loss		9.0		19.5		3.1		31.6
Balances at September 30, 2022	$	(217.3)	$	(799.3)	$	36.9	$	(979.7)


			Foreign				Accumulated
	Pension		Currency		Loss on		Other
	Related		Translation		Derivative		Comprehensive
	Adjustments		Adjustments		Instruments		Loss
Balances at September 30, 2022	$	(217.3)	$	(799.3)	$	36.9	$	(979.7)
Other comprehensive (loss) income before reclassification		(10.9)		59.6		10.7		59.4
Amounts reclassified from accumulated other comprehensive loss		2.2		—		(8.5)		(6.3)
Balances at September 30, 2023	$	(226.0)	$	(739.7)	$	39.1	$	(926.6)

Discontinued Operations, Goodwill, and Intangible Assets - Goodwill by segments (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2023 USD ($)
Changes in the carrying value of goodwill by reporting segment
Goodwill at the beginning of the period	$ 3,380,761
Foreign exchange impact	38,100
Goodwill at the end of the period	3,418,930
Americas
Changes in the carrying value of goodwill by reporting segment
Goodwill at the beginning of the period	2,610,700
Foreign exchange impact	3,300
Goodwill at the end of the period	2,614,000
International
Changes in the carrying value of goodwill by reporting segment
Goodwill at the beginning of the period	770,100
Foreign exchange impact	34,800
Goodwill at the end of the period	$ 804,900

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Pension Benefit Obligations - Benefit Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
United States
Change in benefit obligation:
Benefit obligation at beginning of year	$ 198.1	$ 265.4	$ 283.9
Participant contributions	0.1	0.1	0.1
Interest cost	9.8	4.7	4.3
Benefits and expenses paid	(17.2)	(18.4)	(18.5)
Actuarial (gain) loss	(8.8)	(51.9)	(3.7)
Plan settlements	(1.5)	(1.8)	(0.7)
Transfers in	0.7
Benefit obligation at end of year	181.2	198.1	265.4
International
Change in benefit obligation:
Benefit obligation at beginning of year	791.2	1,470.8	1,440.3
Service cost	0.3	0.5	0.5
Participant contributions	0.2	0.3	0.3
Interest cost	47.7	24.1	21.6
Benefits and expenses paid	(42.2)	(44.3)	(48.6)
Actuarial (gain) loss	(112.5)	(458.1)	(4.7)
Plan settlements	(1.5)	(2.2)	(5.9)
Plan amendments			0.4
Foreign currency translation (gain) loss	73.0	(199.9)	66.9
Benefit obligation at end of year	$ 756.2	$ 791.2	$ 1,470.8

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Consolidated Statements of Operations
Revenue	$ 14,378,461	$ 13,148,182	$ 13,340,852
Cost of revenue	13,432,996	12,300,208	12,542,431
Gross profit	945,465	847,974	798,421
Equity in (losses) earnings of joint ventures	(279,352)	53,640	35,044
General and administrative expenses	(153,575)	(147,309)	(155,072)
Restructuring costs	(188,404)	(107,501)	(48,840)
Income from operations	324,134	646,804	629,553
Other income	8,357	5,942	10,883
Interest income	40,251	8,210	6,720
Interest expense	(159,342)	(110,274)	(238,352)
Income from continuing operations before taxes	213,400	550,682	408,804
Income tax expense for continuing operations	56,052	136,051	89,011
Net income from continuing operations	157,348	414,631	319,793
Net loss from discontinued operations	(57,207)	(79,929)	(116,813)
Net income	100,141	334,702	202,980
Net income attributable to noncontrolling interests from continuing operations	(43,262)	(25,521)	(25,109)
Net (loss) income attributable to noncontrolling interests from discontinued operations	(1,547)	1,430	(4,686)
Net income attributable to noncontrolling interests	(44,809)	(24,091)	(29,795)
Net income attributable to AECOM from continuing operations	114,086	389,110	294,684
Net loss attributable to AECOM from discontinued operations	(58,754)	(78,499)	(121,499)
Net income attributable to AECOM	$ 55,332	$ 310,611	$ 173,185
Net income (loss) attributable to AECOM per share:
Basic continuing operations per share	$ 0.82	$ 2.76	$ 2.00
Basic discontinued operations per share	(0.42)	(0.55)	(0.82)
Basic earnings per share	0.40	2.21	1.18
Diluted continuing operations per share	0.81	2.73	1.97
Diluted discontinued operations per share	(0.42)	(0.55)	(0.81)
Diluted earnings per share	$ 0.39	$ 2.18	$ 1.16
Weighted average shares outstanding:
Basic	138,614	140,768	147,279
Diluted	140,109	142,696	149,676

Pension Benefit Obligations - Balance Sheet Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Amounts recognized in the consolidated balance sheets:
Pension benefit obligations	$ (195,586)	$ (232,552)
United States
Amounts recognized in the consolidated balance sheets:
Accrued expenses and other current liabilities	(8,400)	(8,600)	$ (9,100)
Pension benefit obligations	(74,000)	(88,100)	(117,400)
Net amount recognized in the balance sheet	(82,400)	(96,700)	(126,500)
International
Amounts recognized in the consolidated balance sheets:
Other non-current assets	38,700	36,800	47,500
Pension benefit obligations	(121,600)	(144,500)	(266,500)
Net amount recognized in the balance sheet	$ (82,900)	$ (107,700)	$ (219,000)

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details