XML 45 R30.htm IDEA: XBRL DOCUMENT v3.19.2
Discontinued Operations - Sale of Energy, Chemicals and Resources ("ECR") Business (Tables)
 9 Months Ended
Jun. 28, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The following table represents earnings (loss) from discontinued operations, net of tax (in thousands):
 
Three Months Ended (1)
 
For the Nine Months Ended (1)
 
June 28, 2019
 
June 29, 2018
 
June 28, 2019
 
June 29, 2018
Revenues
$
392,526

 
$
1,223,040

 
$
2,718,317

 
$
3,254,085

Direct cost of contracts
(340,525
)
 
(1,060,548
)
 
(2,336,076
)
 
(2,785,343
)
Gross profit
52,001

 
162,492

 
382,241

 
468,742

Selling, general and administrative expenses
(39,556
)
 
(118,324
)
 
(333,155
)
 
(306,829
)
Operating Profit (Loss)
12,445

 
44,168

 
49,086

 
161,913

Gain on sale of ECR business
917,697

 
—

 
917,697

 
—

Other (expense) income, net
(7,864
)
 
1,983

 
(40,158
)
 
6,374

Earnings Before Taxes from Discontinued Operations
922,278

 
46,151

 
926,625

 
168,287

Income Tax Expense
(486,594
)
 
(11,538
)
 
(487,788
)
 
(42,072
)
Net Earnings of the Group from Discontinued Operations
$
435,684

 
$
34,613

 
$
438,837

 
$
126,215


(1) The ECR business was sold April 26, 2019, therefore the three-month and nine-month periods ended June 28, 2019 include only one month and seven months, respectively, of results. 
Selling, general and administrative expenses includes $111.0 million and total other (expense) income, net includes $36.0 million for the nine months ended June 29, 2018 recorded in connection with charges recognized in the second quarter of 2019 related to the Nui Phao ("NPMC") legal matter described in Note 18.
The following tables represent the assets and liabilities held for sale (in thousands):
 
June 28, 2019
 
September 28, 2018
Cash and cash equivalents
$
—

 
$
158,488

Receivables and contract assets
2,704

 
1,040,996

Prepaid expenses and other
—

 
37,200

Current assets held for sale
$
2,704

 
$
1,236,684

Property, Equipment and Improvements, net
$
1,665

 
$
199,847

Goodwill
24,896

 
1,308,000

Intangibles, net
—

 
83,005

Miscellaneous
530

 
110,838

Noncurrent assets held for sale
$
27,091

 
$
1,701,690

Notes payable
$
—

 
$
1,782

Accounts payable
—

 
351,482

Accrued liabilities
2,040

 
321,627

Contract liabilities
63

 
81,679

Current liabilities held for sale
$
2,103

 
$
756,570

Long-term Debt
$
—

 
$
2,710

Other Deferred Liabilities
—

 
147,894

Noncurrent liabilities held for sale
$
—

 
$
150,604

    
The significant components included in our Consolidated Statements of Cash Flows for the discontinued operations are as follows (in thousands):
 
For the Nine Months Ended
 
June 28, 2019
 
June 29, 2018
Depreciation and amortization:
 
 
 
Property, equipment and improvements
$
2,110

 
$
19,052

Intangible assets
$
614

 
$
9,443

Additions to property and equipment
$
(9,204
)
 
$
(14,433
)
Stock based compensation
$
10,852

 
$
7,637