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Revenue Accounting for Contracts and Adoption of ASC Topic 606 (Tables)

12 Months Ended

Sep. 27, 2019

Revenue from Contract with Customer [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The following table presents how the adoption of ASC Topic 606 affected certain line items in the Consolidated Statements of Earnings:

	Year Ended
	September 27, 2019
(in thousands)	Recognition Under Previous Guidance				Impact of the Adoption of ASC Topic 606				Recognition Under ASC Topic 606
Revenues	$	12,714,710			$	23,158			$	12,737,868
Direct costs of contracts	(10,260,840		)		—				(10,260,840		)
Gross profit	2,453,870				23,158				2,477,028
Selling, general and administrative expenses	(2,072,177		)		—				(2,072,177		)
Operating Profit	381,693				23,158				404,851
Earnings from Continuing Operations Before Taxes	327,801				23,158				350,959
Income tax expense for Continuing Operations	(32,308		)		(4,646		)		(36,954		)
Net Earnings of the Group from Continuing Operations	295,493				18,512				314,005
Net Earnings of the Group from Discontinued Operations	554,464				4,750				559,214
Net Earnings of the Group	849,957				23,262				873,219
Net Earnings Attributable to Jacobs from Continuing Operations	272,448				18,512				290,960
Net Earnings Attributable to Jacobs from Discontinued Operations	552,269				4,750				557,019
Net Earnings Attributable to Jacobs	$	824,717			$	23,262			$	847,979

The following table presents how the adoption of ASC Topic 606 affected certain line items in the Consolidated Balance Sheets:

	September 27, 2019
(in thousands)	Recognition Under Previous Guidance				Impact of the Adoption of ASC Topic 606				Recognition Under ASC Topic 606
Receivables and contract assets (previously presented as Receivables)	$	2,839,813			$	396			$	2,840,209
Current assets held for sale	$	952			$	—			$	952
Miscellaneous noncurrent assets	$	917,448			$	754			$	918,202
Contract Liabilities (previously presented as Billings in excess of costs)	$	410,464			$	3,744			$	414,208
Current liabilities held for sale	$	2,573			$	—			$	2,573

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- References

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=116846552&loc=d3e765-108305

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 270
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-Subparagraph (SX 210.10-01.(b)(6))
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

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