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Joint Ventures and VIE's | 12 Months Ended
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Oct. 02, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Joint Ventures and VIE's | Joint Ventures and VIEs For consolidated joint ventures, the entire amount of the revenue recognized for services performed and the costs associated with these services, including the services provided by the other joint venture partners, are included in the Company's result of operations. Likewise, the entire amount of each of the assets and liabilities are included in the Company’s consolidated balance sheet. There are no consolidated VIEs that have debt or credit facilities. Summary financial information of consolidated VIEs is as follows (in millions):
| October 2, 2020 |  | September 27, 2019
Current assets | $ | 261.6 |  |  | $ | 192.6 |
Non-Current assets | 0.2 |  |  | — |
Total assets | $ | 261.8 |  |  | $ | 192.6 |
Current liabilities | $ | 190.3 |  |  | $ | 138.5 |
Non-current liabilities | — |  |  | — |
Total liabilities | $ | 190.3 |  |  | $ | 138.5 |
| For the Years Ended
| October 2, 2020 |  | September 27, 2019 |  | September 28, 2018
Revenue | $ | 912.9 |  |  | $ | 571.6 |  |  | $ | 481.4 |
Direct cost of contracts | (807.9) |  |  | (526.7) |  |  | (452.9) |
Gross profit | 105.0 |  |  | 44.9 |  |  | 28.5 |
Net earnings | $ | 72.6 |  |  | $ | 45.2 |  |  | $ | 28.4 |
Unconsolidated joint ventures are accounted for under the equity method or proportionate consolidation. Proportionate consolidation is used for joint ventures that include unincorporated legal entities and activities of the joint venture are construction-related. For those joint ventures accounted for under proportionate consolidation, only the Company’s pro rata share of assets, liabilities, revenue, and costs are included in the Company’s balance sheet and results of operations. For the proportionate consolidated VIEs, the carrying value of assets and liabilities was $64.1 million and $63.0 million as of October 2, 2020, respectively and $61.1 million and $63.7 million as of September 27, 2019, respectively. For those joint ventures accounted for under the equity method, the Company's investment balances for the joint venture is included in other noncurrent Assets: miscellaneous on the balance sheet and the Company’s pro rata share of net income is included in revenue. In limited cases, there are basis differences between the equity in the joint venture and Jacobs' investment created when Jacobs purchased their share of the joint venture. These basis differences are amortized based on an internal allocation to underlying net assets, excluding allocations to goodwill. As of October 2, 2020, the Company’s equity method investments exceeded its share of venture net assets by $71.1 million. Our investments in equity method joint ventures on the Consolidated Balance Sheets as of October 2, 2020 and September 27, 2019 were a net asset of $161.3 million and $157.9 million, respectively. During the years ended October 2, 2020, September 27, 2019, and September 28, 2018, we recognized income from equity method joint ventures of $82.2 million, $48.5 million, and $47.9 million, respectively. Summary financial information of unconsolidated joint ventures accounted for under the equity method, as derived from their unaudited financial statements, is as follows (in millions):
| October 2, 2020 |  | September 27, 2019
Current assets | $ | 1,697.0 |  |  | $ | 1,443.5 |
Non-Current assets | 34.9 |  |  | 29.9 |
Total assets | $ | 1,731.9 |  |  | $ | 1,473.4 |
Current liabilities | $ | 889.7 |  |  | $ | 692.1 |
Non-current liabilities | 631.0 |  |  | 473.6 |
Total liabilities | 1,520.7 |  |  | 1,165.7 |
Joint ventures' equity | 211.2 |  |  | 307.7 |
Total liabilities & joint venture equity | $ | 1,731.9 |  |  | $ | 1,473.4 |
| For the Years Ended
| October 2, 2020 |  | September 27, 2019 |  | September 28, 2018
Revenue | $ | 3,447.0 |  |  | $ | 3,533.1 |  |  | $ | 3,165.0 |
Direct cost of contracts | (3,126.6) |  |  | (3,176.2) |  |  | (2,902.5) |
Gross profit | $ | 320.4 |  |  | $ | 356.9 |  |  | $ | 262.5 |
Net earnings | $ | 245.3 |  |  | $ | 227.0 |  |  | $ | 221.1 |
Accounts receivable from unconsolidated joint ventures accounted for under the equity method is $8.3 million and $19.5 million as of October 2, 2020 and September 27, 2019, respectively. The Company currently holds a 24.5% interest in AWE Management Ltd (AWE ML) that is accounted for under the equity method, and the carrying value of the Company’s investment as of October 2, 2020 was approximately $38 million. As of October 2, 2020, AWE ML was under a contractual operating arrangement with the UK Ministry of Defence (MoD) with multiple years remaining under the arrangement. Subsequent to year end, on November 2, 2020, the MoD unexpectedly announced plans to change its current operating agreements with AWE ML that would result in the early termination of the current contract in 2021. The Company is currently evaluating this subsequent development, including the potential impact on our accounting for this equity method investment in future quarters.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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