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Pension and Other Post Retirement Benefit Plans
 12 Months Ended
Sep. 27, 2024
Retirement Benefits [Abstract]  
Pension and Other Post Retirement Benefit Plans Pension and Other Post Retirement Benefit Plans
Company-Only Sponsored Plans
We sponsor various defined benefit pension and other post retirement plans covering employees of certain U.S. and international subsidiaries. The pension plans provide pension benefits that are based on the employee’s compensation and years of service. Our funding policy varies by country and plan according to applicable local funding requirements and plan-specific funding agreements.
The accounting for pension and other post retirement benefit plans requires the use of assumptions and estimates in order to calculate periodic benefit cost and the value of the plans’ assets and benefit obligations. These assumptions include discount rates, investment returns, and projected salary increases, among others. The discount rates used in valuing the plans' benefit obligations were determined with reference to high quality corporate and government bonds that are appropriately matched to the duration of each plan's obligations. The expected long-term rate of return on plan assets is generally based on using country-specific simulation models which select a single outcome for expected return based on the target asset allocation. The expected long-term rates of return used in the valuation are the annual average
returns generated by these assumptions over a 20-year period for each asset class based on the expected long-term rate of return of the underlying assets.
The following table sets forth the changes in the plans’ combined net benefit obligation (segregated between plans existing within and outside the U.S.) for the years ended September 27, 2024 and September 29, 2023 (in thousands):
 U.S. PlansNon-U.S. Plans
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Net benefit obligation at the beginning of the year$281,852 $299,503 $1,300,261 $1,365,466 
Service cost119 140 8,922 6,926 
Interest cost15,574 15,629 71,270 74,077 
Participants’ contributions— — 91 143 
Actuarial losses (gains) (1)25,571 (6,533)65,940 (176,207)
Benefits paid(26,370)(26,887)(77,446)(76,739)
Curtailments/settlements/plan amendments (2)— — (32,496)(1,313)
Effect of exchange rate changes and other, net— — 183,329 107,908 
Net benefit obligation at the end of the year$296,746 $281,852 $1,519,871 $1,300,261 
(1)Actuarial losses (gains) primarily driven by change in discount rates.
(2)In fiscal 2024, we completed a termination and buy-out of the primary PA Consulting pension plan which relieves the Company of any future obligations with no impact to net income.
The following table sets forth the changes in the combined Fair Value of the plans’ assets (segregated between plans existing within and outside the U.S.) for the years ended September 27, 2024 and September 29, 2023 (in thousands):
 U.S. PlansNon-U.S. Plans
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Fair value of plan assets at the beginning of the year$277,583 $286,193 $1,243,025 $1,297,625 
Actual returns (losses) on plan assets42,523 18,310 111,948 (103,324)
Employer contributions92 85 23,787 28,991 
Participants’ contributions— — 91 143 
Gross benefits paid(26,370)(27,005)(77,447)(77,070)
Curtailments/settlements/plan amendments (1)— — (32,246)(1,313)
Effect of exchange rate changes and other, net— — 171,435 97,973 
Fair value of plan assets at the end of the year$293,828 $277,583 $1,440,593 $1,243,025 
(1)     In fiscal 2024, we completed a termination and buy-out of the primary PA Consulting pension plan which relieves the Company of any future obligations with no impact to net income.
The following table reconciles the combined funded statuses of the plans recognized in the accompanying Consolidated Balance Sheets at September 27, 2024 and September 29, 2023 (segregated between plans existing within and outside the U.S.) (in thousands):
 U.S. PlansNon-U.S. Plans
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Net benefit obligation at the end of the year$296,746 $281,852 $1,519,871 $1,300,261 
Fair value of plan assets at the end of the year293,828 277,583 1,440,593 1,243,025 
Underfunded amount recognized at the end of the year$2,918 $4,269 $79,278 $57,236 
The following table presents the accumulated benefit obligation at September 27, 2024 and September 29, 2023 (segregated between plans existing within and outside the U.S.) (in thousands):
 U.S. PlansNon-U.S. Plans
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Accumulated benefit obligation at the end of the year$295,691 $280,956 $1,499,884 $1,285,980 
The following table presents the amounts recognized in the accompanying Consolidated Balance Sheets at September 27, 2024 and September 29, 2023 (segregated between plans existing within and outside the U.S.) (in thousands): 
 U.S. PlansNon-U.S. Plans
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Prepaid benefit cost included in noncurrent assets$— $758 $62,056 $57,678 
Accrued benefit cost included in current liabilities90 80 6,833 5,182 
Accrued benefit cost included in noncurrent liabilities2,828 4,947 134,501 109,732 
Net amount recognized at the end of the year$2,918 $4,269 $79,278 $57,236 
The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s U.S. plans for the years ended September 27, 2024, September 29, 2023 and September 30, 2022:
 For the Years Ended
 September 27, 2024September 29, 2023September 30, 2022
Discount rates
4.6% to 4.9%
5.8% to 5.9%
4.2% to 5.5%
Rates of compensation increases3.5%3.5%3.5%
Expected long-term rates of return on assets
5.4% to 6.2%
4.8% to 7.0%
  5.5% to 6.4%
The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s non-U.S. plans for the years ended September 27, 2024, September 29, 2023 and September 30, 2022:
For the Years Ended
 September 27, 2024September 29, 2023September 30, 2022
Discount rates
3.4% to 7.0%
 
3.8% to 6.9%
 
2.4% to 7.4%
Rates of compensation increases
2.6% to 9.0%
 
2.8% to 9.0%
 
2.5% to 9.0%
Expected long-term rates of return on assets
4.6% to 7.8%
 
5.3% to 7.6%
 
3.3% to 7.5%
The following table presents certain amounts relating to our U.S. plans recognized in accumulated other comprehensive (gain) loss at September 27, 2024, September 29, 2023 and September 30, 2022 (in thousands):
 September 27, 2024September 29, 2023September 30, 2022
Arising during the period:   
Net actuarial losses (gains)$1,576 $(4,032)$578 
Prior service cost— — —
Total 1,576 (4,032)578
Reclassification adjustments:   
Net actuarial gains (losses) 1,031 1,335 (2,157)
Prior service benefit(321)(324)(324)
Total 710 1,011 (2,481)
Total$2,286 $(3,021)$(1,903)
The following table presents certain amounts relating to our non-U.S. plans recognized in accumulated other comprehensive (gain) loss at September 27, 2024, September 29, 2023 and September 30, 2022 (in thousands):
 September 27, 2024September 29, 2023September 30, 2022
Arising during the period:   
Net actuarial losses (gains)$49,685 $27,188 $(78,705)
Prior service cost— — — 
Total49,685 27,188 (78,705)
Reclassification adjustments:   
Net actuarial losses(5,601)(4,802)(5,492)
Prior service benefit(1,125)(1,068)(1,066)
Total(6,726)(5,870)(6,558)
Total$42,959 $21,318 $(85,263)
The following table presents certain amounts relating to our plans recorded in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at September 27, 2024 and September 29, 2023 (segregated between U.S. and non-U.S. plans) (in thousands):
 U.S. PlansNon-U.S. Plans
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Net actuarial losses$37,552 $34,940 $310,884 $269,671 
Prior service cost47 373 22,454 20,708 
Total$37,599 $35,313 $333,338 $290,379 
The following table presents the amount of accumulated comprehensive income that will be amortized against earnings as part of our net periodic benefit cost in fiscal 2025 based on 2024 exchange rates (segregated between U.S. and non-U.S. plans) (in thousands):
 U.S. PlansNon-U.S. Plans
Unrecognized net actuarial losses$1,482 $8,948 
Unrecognized prior service cost63 1,465 
Accumulated comprehensive losses to be recorded against earnings$1,545 $10,413 
We consider various factors in developing the estimates for the expected, long-term rates of return on plan assets. These factors include the projected, long-term rates of returns on the various types of assets in which the plans invest, as
well as historical returns. In general, investment allocations are determined by each plan’s trustees and/or investment committees. The objectives of the plans’ investment policies are to (i) maximize returns while preserving capital; (ii) provide returns sufficient to meet the current and long-term obligations of the plan as the obligations become due; and (iii) maintain a diversified portfolio of assets so as to reduce the risk associated with having a disproportionate amount of the plans’ total assets invested in any one type of asset, issuer or geography. None of our pension plans hold Jacobs common stock directly (although some plans may hold shares indirectly through investments in mutual funds). The plans’ weighted average asset allocations at September 27, 2024 and September 29, 2023 (the measurement dates used in valuing the plans’ assets and liabilities) were as follows:
 
 U.S. PlansNon-U.S. Plans
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Equity securities1 %3 %15 %16 %
Debt securities79 %65 %57 %50 %
Real estate investments— %— %6 %10 %
Other20 %32 %22 %24 %
The following table presents the fair value of the Company’s Domestic U.S. plan assets at September 27, 2024, segregated by level of fair value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):
 September 27, 2024
 Fair Value, Determined Using Fair Value Measurement Inputs
 Level 1Level 2Level 3Investments measured at Net Asset ValueTotal
Equities$2,845 $— $— $— $2,845 
Domestic bonds10,081 207,644 — — 217,725 
Overseas bonds— 12,621 — — 12,621 
Cash and equivalents10,723 — — — 10,723 
Mutual funds49,914 — — — 49,914 
Total$73,563 $220,265 $— $— $293,828 
The following table presents the fair value of the Company’s non-U.S. plan assets at September 27, 2024, segregated by level of fair value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):
 September 27, 2024
 Fair Value, Determined Using Fair Value Measurement Inputs
 Level 1Level 2Level 3Investments measured at Net Asset ValueTotal
Domestic equities$— $61,722 $— $1,890 $63,612 
Overseas equities— 62,988 — 89,912 152,900 
Domestic bonds— 43,563 — — 43,563 
Overseas bonds— 697,585 — 82,512 780,097 
Cash and equivalents17,161 — — — 17,161 
Real estate— 12,101 42,479 39,041 93,621 
Insurance contracts— — 62,337 — 62,337 
Hedge funds— — 81,771 19,776 101,547 
Mutual funds— 125,755 — — 125,755 
Total$17,161 $1,003,714 $186,587 $233,131 $1,440,593 

The following table presents the fair value of the Company’s U.S. plan assets at September 29, 2023, segregated by level of fair value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):
 September 29, 2023
 Fair Value, Determined Using Fair Value Measurement Inputs
 Level 1Level 2Level 3Investments measured at Net Asset ValueTotal
Equities$8,172 $— $— $— $8,172 
Domestic bonds3,803 151,969 — — 155,772 
Overseas bonds— 23,734 — — 23,734 
Cash and equivalents17,841 — — — 17,841 
Mutual funds72,064 — — — 72,064 
Total$101,880 $175,703 $— $— $277,583 
The following table presents the fair value of the Company’s non-U.S. plan assets at September 29, 2023, segregated by level of fair value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands):
 September 29, 2023
 Fair Value, Determined Using Fair Value Measurement Inputs
 Level 1Level 2Level 3Investments measured at Net Asset ValueTotal
Domestic equities$— $50,243 $— $761 $51,004 
Overseas equities— 74,377 — 80,123 154,500 
Domestic bonds— 30,505 — — 30,505 
Overseas bonds— 520,322 — 65,243 585,565 
Cash and equivalents21,568 434 — — 22,002 
Real estate— 4,145 84,755 35,199 124,099 
Insurance contracts— — 87,160 — 87,160 
Hedge funds— — 78,617 19,130 97,747 
Mutual funds— 90,443 — — 90,443 
Total$21,568 $770,469 $250,532 $200,456 $1,243,025 
The following table summarizes the changes in the fair value of the Company’s non-U.S. Pension Plans’ Level 3 assets for the years ended September 27, 2024 and September 29, 2023 (in thousands):
 Real EstateInsurance ContractsHedge Funds
Balance at Balance at September 30, 2022$102,868 $80,231 $138,603 
Net purchases, sales, and settlements(35,119)8,587 (56,624)
Realized and unrealized gains (losses)12,842 (13,555)(11,532)
Effect of exchange rate changes4,164 11,897 8,170 
Balance at September 29, 2023$84,755 $87,160 $78,617 
Net purchases, sales, and settlements(59,738)(31,262)(19,567)
Realized and unrealized gains3,993 2,923 7,532 
Effect of exchange rate changes13,469 3,516 15,189 
Balance at September 27, 2024$42,479 $62,337 $81,771 
The following table presents the amount of cash contributions we anticipate making into the plans during fiscal 2025 (in thousands):
 U.S. PlansNon-U.S. Plans
Anticipated cash contributions$— $35,642 
The following table presents the total benefit payments expected to be paid to plan participants during each of the next five fiscal years, and in total for the five years thereafter (in thousands):
 U.S. PlansNon-U.S. Plans
2025$29,991 $82,321 
202628,151 81,729 
202726,866 87,669 
202826,456 87,469 
202925,042 88,331 
For the periods 2030 through 2034108,571 453,880 
The following table presents the components of net periodic benefit cost for the Company’s U.S. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended September 27, 2024, September 29, 2023 and September 30, 2022 (in thousands):
 September 27, 2024September 29, 2023September 30, 2022
Service cost$119 $140 $236 
Interest cost15,574 15,629 10,350 
Expected return on plan assets(19,058)(19,496)(16,933)
Actuarial (gains) losses(1,384)(1,770)2,861 
Prior service cost431 430 430 
Net pension income, before special items$(4,318)$(5,067)$(3,056)
Curtailment expense/Settlement gains— — (206)
Total net periodic pension income recognized$(4,318)$(5,067)$(3,262)
The following table presents the components of net periodic benefit cost for the Company’s Non-U.S. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended September 27, 2024, September 29, 2023 and September 30, 2022 (in thousands):
 September 27, 2024September 29, 2023September 30, 2022
Service cost$8,922 $6,926 $6,480 
Interest cost71,270 74,077 42,328 
Expected return on plan assets(76,510)(73,387)(71,875)
Actuarial losses7,320 6,317 7,147 
Prior service cost1,501 1,424 1,421 
Net pension cost (income), before special items$12,503 $15,357 $(14,499)
Curtailment expense/Settlement losses258 208 329 
Total net periodic pension cost (income) recognized$12,761 $15,565 $(14,170)
The service cost component of net periodic pension income is presented in direct cost of contracts and selling, general and administrative expenses while all other components are presented in miscellaneous income (expense), net on the Consolidated Statements of Earnings for the years presented above.
Multiemployer Plans
In the U.S. and various other countries, we contribute to trusteed pension plans covering hourly and certain salaried employees under industry-wide agreements. Contributions are based on the hours worked by employees covered under these agreements and are charged to direct costs of contracts on a current basis. With respect to these multiemployer plans, the Company's liability to fund these plans is generally limited to the contributions we are required to make under collective bargaining agreements.
Based on our review of our multiemployer pension plans under the guidance provided in ASU 2011-09— Compensation-Retirement Benefits-Multiemployer Plans, we have concluded that none of the multiemployer pension plans into which we contribute are individually significant to our Consolidated Financial Statements.
The following table presents the Company’s contributions to these multiemployer plans for the years ended September 27, 2024, September 29, 2023 and September 30, 2022 (in thousands):
 September 27, 2024September 29, 2023September 30, 2022
Europe$1,769 $1,635 $1,548 
United States156 154 174 
Contributions to multiemployer pension plans$1,925 $1,789 $1,722