XML 67 R12.htm IDEA: XBRL DOCUMENT
v3.19.3

Earnings Per Share and Certain Related Information | 12 Months Ended
--- | ---
Sep. 27, 2019
Earnings Per Share Reconciliation [Abstract] |
Earnings Per Share and Certain Related Information | Earnings Per Share and Certain Related Information Basic and Diluted Earnings Per Share Basic and diluted earnings per share (“EPS”) are computed using the two-class method, which is an earnings allocation method that determines EPS for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Net earnings used for the purpose of determining basic and diluted EPS is determined by taking net earnings, less earnings available to participating securities. The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the years ended September 27, 2019, September 28, 2018 and September 29, 2017 (in thousands):
| For the Years Ended
| September 27, 2019 |  | September 28, 2018 |  | September 30, 2017
Numerator for Basic and Diluted EPS: |  |  |  |  |
Net earnings (loss) attributable to Jacobs from continuing operations | $ | 290,960 |  |  | $ | (4,185 | ) |  | $ | 170,167 |
Net earnings (loss) from continuing operations allocated to participating securities | (415 | ) |  | — |  |  | (1,783 | )
Net earnings (loss) from continuing operations allocated to common stock for EPS calculation | $ | 290,545 |  |  | $ | (4,185 | ) |  | $ | 168,384 |
Net earnings (loss) attributable to Jacobs from discontinued operations | $ | 557,019 |  |  | $ | 167,616 |  |  | $ | 123,560 |
Net earnings (loss) from discontinued operations allocated to participating securities | (795 | ) |  | (808 | ) |  | (1,294 | )
Net earnings (loss) from discontinued operations allocated to common stock for EPS calculation | $ | 556,224 |  |  | $ | 166,808 |  |  | $ | 122,266 |
Net earnings allocated to common stock for EPS calculation | $ | 846,769 |  |  | $ | 162,623 |  |  | $ | 290,650 |
Denominator for Basic and Diluted EPS: |  |  |  |  |
Weighted average basic shares | 138,104 |  |  | 138,182 |  |  | 120,689 |
Shares allocated to participating securities | (197 | ) |  | (646 | ) |  | (1,319 | )
Shares used for calculating basic EPS attributable to common stock | 137,907 |  |  | 137,536 |  |  | 119,370 |
Effect of dilutive securities: |  |  |  |  |
Stock compensation plans (1) | 1,299 |  |  | — |  |  | 777 |
Shares used for calculating diluted EPS attributable to common stock | 139,206 |  |  | 137,536 |  |  | 120,147 |
Net Earnings Per Share: |  |  |  |  |
Basic Net Earnings (Loss) from Continuing Operations Per Share | $ | 2.11 |  |  | $ | (0.03 | ) |  | $ | 1.41 |
Basic Net Earnings from Discontinued Operations Per Share | $ | 4.03 |  |  | $ | 1.21 |  |  | $ | 1.02 |
Basic EPS | $ | 6.14 |  |  | $ | 1.18 |  |  | $ | 2.43 |
Diluted Net Earnings (Loss) from Continuing Operations Per Share | $ | 2.09 |  |  | $ | (0.03 | ) |  | $ | 1.40 |
Diluted Net Earnings from Discontinued Operations Per Share | $ | 4.00 |  |  | $ | 1.21 |  |  | $ | 1.02 |
Diluted EPS | $ | 6.08 |  |  | $ | 1.18 |  |  | $ | 2.42 |
(1) | For the fiscal 2018 period, because net earnings (loss) from continuing operations was a loss, the effect of antidilutive securities of 1,176 was excluded from the denominator in calculating diluted EPS.
Share Repurchases On July 23, 2015, the Company’s Board of Directors authorized a share repurchase program of up to $500 million of the Company’s common stock, to expire on July 31, 2018. On July 19, 2018, the Company's Board of Directors authorized the continuation of this share repurchase program for an additional three years, to expire on July 31, 2021. As of September 27, 2019, no authorized amounts remain outstanding under this program. The following table summarizes the activity under this program during fiscal 2019:
Amount Authorized |  | Average Price Per Share (1) |  | Shares Repurchased |  | Total Shares Retired
$500,000,000 |  | $61.74 |  | 4,005,007 |  | 4,005,007
(1) | Includes commissions paid and calculated at the average price per share since the repurchase program authorization date.
On January 17, 2019, the Company’s Board of Directors authorized an additional share repurchase program of up to $1.0 billion of the Company’s common stock, to expire on January 16, 2022. On February 19, 2019, the Company launched accelerated share repurchase programs by advancing $250 million to two financial institutions in privately negotiated transactions (collectively, the "First 2019 ASR Program"). The specific number of shares that the Company repurchased under the First 2019 ASR Program was determined based generally on a discount to the volume-weighted average price per share of the Company's common stock during a calculation period completed on June 5, 2019. The purchase was recorded as a share retirement for purposes of calculating earnings per share. On August 21, 2019, the Company launched a second accelerated share repurchase program by advancing $250 million to a financial institution in a privately negotiated transaction (the "Second 2019 ASR Program"). The specific number of shares that the Company ultimately will repurchase under the Second 2019 ASR Program will be determined based generally on a discount to the volume-weighted average price per share of the Company's common stock during a calculation period to be completed no later than December 2019. The purchase will be recorded as a share retirement for purposes of calculating earnings per share. Subsequent to the launch of the First 2019 ASR Program, the Second 2019 ASR Program and other share repurchases, the Company has $393.7 million remaining under its $1.0 billion share repurchase authorization. The following table summarizes the activity under this program during fiscal 2019:
Amount Authorized | Average Price Per Share (1) |  | Shares Repurchased |  | Total Shares Retired
$1,000,000,000 | $86.43 |  | 7,014,633 |  | 7,014,633
(1) | Includes commissions paid and calculated at the average price per share since the repurchase program authorization date.
Share repurchases may be executed through various means including, without limitation, accelerated share repurchases, open market transactions, privately negotiated transactions, purchases pursuant to a Rule 10b5-1 plan or otherwise. The share repurchase program does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing and amount of share repurchases may depend upon market conditions and economic circumstances, availability of investment opportunities, the availability and costs of financing, currency fluctuations, the market price of the Company's common stock, other uses of capital and other factors. Common and Preferred Stock Jacobs is authorized to issue two classes of capital stock designated “common stock” and “preferred stock” (each has a par value of $1.00 per share). The preferred stock may be issued in one or more series. The number of shares to be included in a series as well as each series’ designation, relative powers, dividend and other preferences, rights and qualifications, redemption provisions and restrictions are to be fixed by the Company’s Board of Directors at the time each series is issued. Except as may be provided by the Company’s Board of Directors in a preferred stock designation, or otherwise provided for by statute, the holders of shares of common stock have the exclusive right to vote for the election of directors and on all other matters requiring stockholder action. The holders of shares of common stock are entitled to dividends if and when declared by the Company’s Board of Directors from whatever assets are legally available for that purpose. Dividends On September 19, 2019, the Company’s Board of Directors declared a quarterly dividend of $0.17 per share of the Company’s common stock which was paid on November 1, 2019, to shareholders of record on the close of business on October 4, 2019. Future dividend declarations are subject to review and approval by the Company’s Board of Directors. Dividends paid through September 27, 2019 and the preceding fiscal year are as follows:
Declaration Date |  | Record Date |  | Payment Date |  | Cash Amount (per share)
July 11, 2019 |  | July 26, 2019 |  | August 23, 2019 |  | $0.17
May 2, 2019 |  | May 17, 2019 |  | June 14, 2019 |  | $0.17
January 17, 2019 |  | February 15, 2019 |  | March 15, 2019 |  | $0.17
September 11, 2018 |  | September 28, 2018 |  | October 26, 2018 |  | $0.15
July 19, 2018 |  | August 3, 2018 |  | August 31, 2018 |  | $0.15
May 3, 2018 |  | May 18, 2018 |  | June 15, 2018 |  | $0.15
January 18, 2018 |  | February 16, 2018 |  | March 16, 2018 |  | $0.15
September 27, 2017 |  | October 13, 2017 |  | November 10, 2017 |  | $0.15

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareReconciliationAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration