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Pension Benefit Obligations | 12 Months Ended
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Sep. 30, 2016
Pension Benefit Obligations |
Pension Benefit Obligations | 7. Pension Benefit Obligations In the U.S., the Company sponsors various qualified defined benefit pension plans. The legacy AECOM defined benefit plan covers substantially all permanent AECOM employees hired as of March 1, 1998. The other recently acquired plans cover employees of URS and the Hunt Corporation at the time of their acquisition. Benefits under these plans generally are based on the employee's years of creditable service and compensation. The Company adopted an amendment to freeze benefits under the URS Federal Services, Inc. Employees Retirement Plan during the three months ended December 31, 2015, which resulted in the curtailment gain listed below. All defined benefit plans are closed to new participants and all defined benefit plans have frozen accruals. The Company also sponsors various non-qualified plans in the U.S.; all of these plans are frozen. Outside the U.S., the Company sponsors various pension plans, which are appropriate to the country in which the Company operates, some of which are government mandated. The following tables provide reconciliations of the changes in the U.S. and international plans' benefit obligations, reconciliations of the changes in the fair value of assets for the last three years ended September 30, and reconciliations of the funded status as of September 30 of each year.
|  | Fiscal Year Ended |
|  | September 30, 2016 |  | September 30, 2015 |  | September 30, 2014 |
|  | U.S. |  | Int'l |  | U.S. |  | Int'l |  | U.S. |  | Int'l |
|  | (in millions) |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 718.2 |  | $ | 1,239.2 |  | $ | 217.0 |  | $ | 676.6 |  | $ | 180.3 |  | $ | 622.1 |
Service cost |  |  | 4.3 |  |  | 1.0 |  |  | 6.8 |  |  | 1.1 |  |  | — |  |  | 0.7 |
Participant contributions |  |  | 0.1 |  |  | 0.5 |  |  | 0.4 |  |  | 0.5 |  |  | 0.4 |  |  | 0.2 |
Interest cost |  |  | 22.0 |  |  | 39.2 |  |  | 28.2 |  |  | 47.1 |  |  | 7.8 |  |  | 27.9 |
Benefits and expenses paid |  |  | (37.4 | ) |  | (41.9 | ) |  | (33.9 | ) |  | (41.0 | ) |  | (12.8 | ) |  | (23.3 | )
Actuarial (gain) loss |  |  | 52.3 |  |  | 377.1 |  |  | (41.0 | ) |  | 10.6 |  |  | 23.2 |  |  | 62.3 |
Plan settlements |  |  | (32.9 | ) |  | (0.7 | ) |  | (20.1 | ) |  | (2.5 | ) |  | — |  |  | (2.0 | )
Plan amendments |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Plan curtailments |  |  | (6.8 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net transfer in/(out)/acquisitions |  |  | — |  |  | — |  |  | 560.8 |  |  | 618.6 |  |  | 18.1 |  |  | — |
Foreign currency translation (gain) loss |  |  | — |  |  | (208.2 | ) |  | — |  |  | (71.8 | ) |  | — |  |  | (11.3 | )
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Benefit obligation at end of year |  | $ | 720.0 |  | $ | 1,406.2 |  | $ | 718.2 |  | $ | 1,239.2 |  | $ | 217.0 |  | $ | 676.6 |
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|  | Fiscal Year Ended |
|  | September 30, 2016 |  | September 30, 2015 |  | September 30, 2014 |
|  | U.S. |  | Int'l |  | U.S. |  | Int'l |  | U.S. |  | Int'l |
|  | (in millions) |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 459.0 |  | $ | 925.8 |  | $ | 139.7 |  | $ | 532.6 |  | $ | 119.8 |  | $ | 489.9 |
Actual return on plan assets |  |  | 49.6 |  |  | 215.9 |  |  | (2.8 | ) |  | 49.9 |  |  | 14.2 |  |  | 60.4 |
Employer contributions |  |  | 18.5 |  |  | 20.2 |  |  | 42.1 |  |  | 24.4 |  |  | 4.9 |  |  | 16.4 |
Participant contributions |  |  | 0.1 |  |  | 0.5 |  |  | 0.4 |  |  | 0.5 |  |  | 0.4 |  |  | 0.2 |
Benefits and expenses paid |  |  | (37.4 | ) |  | (41.9 | ) |  | (33.9 | ) |  | (41.0 | ) |  | (12.8 | ) |  | (23.3 | )
Plan settlements |  |  | (32.9 | ) |  | (0.7 | ) |  | (20.1 | ) |  | (2.5 | ) |  | — |  |  | (2.0 | )
Net transfer in/(out)/acquisitions |  |  | — |  |  | — |  |  | 333.6 |  |  | 415.5 |  |  | 13.2 |  |  | — |
Foreign currency translation (loss) gain |  |  | — |  |  | (146.6 | ) |  | — |  |  | (53.6 | ) |  | — |  |  | (9.0 | )
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Fair value of plan assets at end of year |  | $ | 456.9 |  | $ | 973.2 |  | $ | 459.0 |  | $ | 925.8 |  | $ | 139.7 |  | $ | 532.6 |
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|  | Fiscal Year Ended |
|  | September 30, 2016 |  | September 30, 2015 |  | September 30, 2014 |
|  | U.S. |  | Int'l |  | U.S. |  | Int'l |  | U.S. |  | Int'l |
|  | (in millions) |
Reconciliation of funded status: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded status at end of year |  | $ | (263.1 | ) | $ | (433.0 | ) | $ | (259.2 | ) | $ | (313.4 | ) | $ | (77.3 | ) | $ | (144.0 | )
Contribution made after measurement date |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |
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Net amount recognized at end of year |  | $ | (263.1 | ) | $ | (433.0 | ) | $ | (259.2 | ) | $ | (313.4 | ) | $ | (77.3 | ) | $ | (144.0 | )
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The following table sets forth the amounts recognized in the consolidated balance sheets as of September 30, 2016, 2015 and 2014:
|  | Fiscal Year Ended |
|  | September 30, 2016 |  | September 30, 2015 |  | September 30, 2014 |
|  | U.S. |  | Int'l |  | U.S. |  | Int'l |  | U.S. |  | Int'l |
|  | (in millions) |
Amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other non-current assets |  | $ | 2.0 |  | $ | 5.3 |  | $ | 1.6 |  | $ | 1.7 |  | $ | — |  | $ | 1.1 |
Accrued expenses and other current liabilities |  |  | (9.3 | ) |  | — |  |  | (10.6 | ) |  | — |  |  | (1.7 | ) |  | — |
Pension benefit obligations |  |  | (255.8 | ) |  | (438.3 | ) |  | (250.2 | ) |  | (315.1 | ) |  | (75.6 | ) |  | (145.1 | )
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Net amount recognized in the balance sheet |  | $ | (263.1 | ) | $ | (433.0 | ) | $ | (259.2 | ) | $ | (313.4 | ) | $ | (77.3 | ) | $ | (144.0 | )
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The following table details the reconciliation of amounts in the consolidated statements of stockholders' equity for the fiscal years ended September 30, 2016, 2015 and 2014:
|  | Fiscal Year Ended |
|  | September 30, 2016 |  | September 30, 2015 |  | September 30, 2014 |
|  | U.S. |  | Int'l |  | U.S. |  | Int'l |  | U.S. |  | Int'l |
|  | (in millions) |
Reconciliation of amounts in consolidated statements of stockholders' equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service credit (cost) |  | $ | (0.2 | ) | $ | 4.4 |  | $ | — |  | $ | 5.3 |  | $ | — |  | $ | 5.8 |
Net (loss) |  |  | (129.6 | ) |  | (343.3 | ) |  | (99.3 | ) |  | (183.6 | ) |  | (113.0 | ) |  | (190.1 | )
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Total recognized in accumulated other comprehensive (loss) |  | $ | (129.8 | ) | $ | (338.9 | ) | $ | (99.3 | ) | $ | (178.3 | ) | $ | (113.0 | ) | $ | (184.3 | )
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The following table details the components of net periodic benefit cost for the Company's pension plans for years ended 2016, 2015 and 2014:
|  | Fiscal Year Ended |
|  | September 30, 2016 |  | September 30, 2015 |  | September 30, 2014 |
|  | U.S. |  | Int'l |  | U.S. |  | Int'l |  | U.S. |  | Int'l |
|  | (in millions) |
Components of net periodic (benefit) cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service costs |  | $ | 4.3 |  | $ | 1.0 |  | $ | 6.8 |  | $ | 1.1 |  | $ | — |  | $ | 0.7 |
Interest cost on projected benefit obligation |  |  | 22.0 |  |  | 39.2 |  |  | 28.2 |  |  | 47.1 |  |  | 7.8 |  |  | 27.9 |
Expected return on plan assets |  |  | (30.8 | ) |  | (48.0 | ) |  | (29.4 | ) |  | (49.4 | ) |  | (8.6 | ) |  | (26.1 | )
Amortization of prior service credits |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Amortization of net loss |  |  | 4.0 |  |  | 5.4 |  |  | 4.3 |  |  | 5.9 |  |  | 4.0 |  |  | 4.9 |
Curtailment gain recognized |  |  | (6.8 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlement (gain) loss recognized |  |  | (0.9 | ) |  | 0.1 |  |  | 0.6 |  |  | 0.7 |  |  | — |  |  | 0.4 |
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Net periodic (benefit) cost |  | $ | (8.2 | ) | $ | (2.5 | ) | $ | 10.5 |  | $ | 5.2 |  | $ | 3.2 |  | $ | 7.6 |
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The amount, net of applicable deferred income taxes, included in other comprehensive income arising from a change in net prior service cost and net gain/loss was $26.2 million, $6.9 million, and $7.6 million in the years ended September 30, 2016, 2015 and 2014, respectively. Amounts included in accumulated other comprehensive loss as of September 30, 2016 that are expected to be recognized as components of net periodic benefit cost during fiscal 2017 are (in millions):
|  | U.S. |  | Int'l |
Amortization of prior service credit |  | $ | — |  | $ | 0.2 |
Amortization of net actuarial losses |  |  | (4.3 | ) |  | (13.4 | )
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Total |  | $ | (4.3 | ) | $ | (13.2 | )
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The table below provides additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets.
|  | Fiscal Year Ended |
|  | September 30, 2016 |  | September 30, 2015 |  | September 30, 2014 |
|  | U.S. |  | Int'l |  | U.S. |  | Int'l |  | U.S. |  | Int'l |
|  | (in millions) |
Projected benefit obligation |  | $ | 694.8 |  | $ | 1,220.3 |  | $ | 692.5 |  | $ | 1,226.2 |  | $ | 217.0 |  | $ | 658.5 |
Accumulated benefit obligation |  |  | 694.8 |  |  | 1,215.7 |  |  | 686.5 |  |  | 1,222.0 |  |  | 217.0 |  |  | 656.3 |
Fair value of plan assets |  |  | 453.2 |  |  | 782.1 |  |  | 455.6 |  |  | 911.2 |  |  | 139.7 |  |  | 513.4 |
Funding requirements for each pension plan are determined based on the local laws of the country where such pension plan resides. In certain countries, the funding requirements are mandatory while in other countries, they are discretionary. The Company currently intends to contribute $24.0 million to the international plans in fiscal 2017. There is a required minimum contribution of $0.4 million for one of the U.S. plans. In addition, the Company may make discretionary contributions. The Company currently intends to contribute $9.8 million to U.S. plans in fiscal 2017. The table below provides the expected future benefit payments, in millions:
Year Ending September 30, |  | U.S. |  | Int'l |
2017 |  | $ | 40.6 |  | $ | 38.9 |
2018 |  |  | 41.3 |  |  | 39.3 |
2019 |  |  | 40.9 |  |  | 42.1 |
2020 |  |  | 41.9 |  |  | 42.1 |
2021 |  |  | 42.0 |  |  | 44.2 |
2022 - 2026 |  |  | 207.5 |  |  | 240.2 |
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Total |  | $ | 414.2 |  | $ | 446.8 |
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The underlying assumptions for the pension plans are as follows:
|  | Fiscal Year Ended |
|  | September 30, 2016 |  | September 30, 2015 |  | September 30, 2014 |
|  | U.S. |  | Int'l |  | U.S. |  | Int'l |  | U.S. |  | Int'l |
Weighted-average assumptions to determine benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.41 | % |  | 2.35 | % |  | 4.10 | % |  | 3.80 | % |  | 4.00 | % |  | 3.94 | %
Salary increase rate |  |  | N/A |  |  | 2.61 | % |  | 3.81 | % |  | 2.51 | % |  | N/A |  |  | 2.38 | %
Weighted-average assumptions to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.10 | % |  | 3.80 | % |  | 3.88 | % |  | 3.92 | % |  | 4.40 | % |  | 4.44 | %
Salary increase rate |  |  | N/A |  |  | 2.65 | % |  | 4.50 | % |  | 2.65 | % |  | N/A |  |  | 2.58 | %
Expected long-term rate of return on plan assets |  |  | 6.72 | % |  | 5.74 | % |  | 6.73 | % |  | 6.00 | % |  | 7.50 | % |  | 5.40 | %
Pension costs are determined using the assumptions as of the beginning of the plan year. The funded status is determined using the assumptions as of the end of the plan year. The following table summarizes the Company's target allocation for 2016 and pension plan asset allocation, both U.S. and international, as of September 30, 2016 and 2015:
|  |  |  |  |  | Percentage of Plan Assets as of September 30, |
|  | Target Allocations |
|  | 2016 |  | 2015 |
|  | U.S. |  | Int'l |  | U.S. |  | Int'l |  | U.S. |  | Int'l |
Asset Category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  |  | 42 | % |  | 28 | % |  | 42 | % |  | 28 | % |  | 37 | % |  | 27 | %
Debt |  |  | 48 |  |  | 30 |  |  | 49 |  |  | 34 |  |  | 59 |  |  | 30 |
Cash |  |  | 1 |  |  | 10 |  |  | 1 |  |  | 7 |  |  | 1 |  |  | 4 |
Property and other |  |  | 9 |  |  | 32 |  |  | 8 |  |  | 31 |  |  | 3 |  |  | 39 |
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Total |  |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
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The Company's domestic and foreign plans seek a competitive rate of return relative to an appropriate level of risk depending on the funded status and obligations of each plan and typically employ both active and passive investment management strategies. The Company's risk management practices include diversification across asset classes and investment styles and periodic rebalancing toward asset allocation targets. The target asset allocation selected for each plan reflects a risk/return profile that the Company believes is appropriate relative to each plan's liability structure and return goals. To develop the expected long-term rate of return on assets assumption, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio and the diversification of the portfolio. This resulted in the selection of a 6.72% and 5.74% weighted-average long-term rate of return on assets assumption for the fiscal year ended September 30, 2016 for U.S. and non-U.S. plans, respectively. As of September 30, 2016, the fair values of the Company's post-retirement benefit plan assets by major asset categories were as follows:
|  |  |  | Fair Value Measurement as of September 30, 2016 |
|  | Total Carrying Value as of September 30, 2016 |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  | (in millions) |
Cash and cash equivalents |  | $ | 70.6 |  | $ | 14.3 |  | $ | 56.3 |  | $ | — |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |
Global equity securities |  |  | 49.4 |  |  | — |  |  | 49.4 |  |  | — |
Domestic equity securities |  |  | 57.1 |  |  | — |  |  | 57.1 |  |  | — |
Investment funds |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified funds |  |  | 223.1 |  |  | — |  |  | 223.1 |  |  | — |
Equity funds |  |  | 362.0 |  |  | 5.1 |  |  | 356.9 |  |  | — |
Fixed income funds |  |  | 548.5 |  |  | 3.7 |  |  | 544.8 |  |  | — |
Hedge funds |  |  | 62.5 |  |  | — |  |  | 48.4 |  |  | 14.1 |
Assets held by insurance company |  |  | 32.3 |  |  | — |  |  | 32.3 |  |  | — |
Other |  |  | 24.6 |  |  | — |  |  | 24.6 |  |  | — |
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Total |  | $ | 1,430.1 |  | $ | 23.1 |  | $ | 1,392.9 |  | $ | 14.1 |
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As of September 30, 2015, the fair values of the Company's post-retirement benefit plan assets by major asset categories are as follows:
|  |  |  | Fair Value Measurement as of September 30, 2015 |
|  | Total Carrying Value as of September 30, 2015 |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |
|  | (in millions) |
Cash and cash equivalents |  | $ | 44.4 |  | $ | 11.0 |  | $ | 33.4 |  | $ | — |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |
Global equity securities |  |  | 52.8 |  |  | — |  |  | 52.8 |  |  | — |
Domestic equity securities |  |  | 60.0 |  |  | — |  |  | 60.0 |  |  | — |
Investment funds |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified funds |  |  | 287.4 |  |  | — |  |  | 287.4 |  |  | — |
Equity funds |  |  | 309.6 |  |  | — |  |  | 309.6 |  |  | — |
Fixed income funds |  |  | 542.5 |  |  | — |  |  | 542.5 |  |  | — |
Hedge funds |  |  | 53.0 |  |  | — |  |  | 39.4 |  |  | 13.6 |
Assets held by insurance company |  |  | 35.1 |  |  | — |  |  | 35.1 |  |  | — |
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Total |  | $ | 1,384.8 |  | $ | 11.0 |  | $ | 1,360.2 |  | $ | 13.6 |
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Changes for the year ended September 30, 2016, in the fair value of the Company's recurring post-retirement plan Level 3 assets are as follows:
|  | September 30, 2015 Beginning balance |  | Actual return on plan assets, relating to assets still held at reporting date |  | Actual return on plan assets, relating to assets sold during the period |  | Purchases, sales and settlements |  | Transfer into / (out of) Level 3 |  | Change due to exchange rate changes |  | September 30, 2016 Ending balance |
|  | (in millions) |
Investment funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge funds |  | $ | 13.6 |  | $ | 0.5 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 14.1 |
Changes for the year ended September 30, 2015, in the fair value of the Company's recurring post-retirement plan Level 3 assets are as follows:
|  | September 30, 2014 Beginning balance |  | Actual return on plan assets, relating to assets still held at reporting date |  | Actual return on plan assets, relating to assets sold during the period |  | Purchases, sales and settlements |  | Transfer into / (out of) Level 3 |  | Change due to exchange rate changes |  | September 30, 2015 Ending balance |
|  | (in millions) |
Investment funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge funds |  | $ | 13.7 |  | $ | (0.1 | ) | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 13.6 |
Cash equivalents are mostly comprised of short-term money-market instruments and are valued at cost, which approximates fair value. For equity investment funds not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker, or investment manager. These funds are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as Level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager. Fixed income investment funds categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers, or quoted prices of securities with similar characteristics. Hedge funds categorized as Level 3 are valued based on valuation models that include significant unobservable inputs and cannot be corroborated using verifiable observable market data. Hedge funds are valued by independent administrators. Depending on the nature of the assets, the general partners or independent administrators use both the income and market approaches in their models. The market approach consists of analyzing market transactions for comparable assets while the income approach uses earnings or the net present value of estimated future cash flows adjusted for liquidity and other risk factors. As of September 30, 2016, there were no material changes to the valuation techniques. Multiemployer Pension Plans The Company participates in over 200 construction-industry multiemployer pension plans. Generally, the plans provide defined benefits to substantially all employees covered by collective bargaining agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is liable, upon termination or withdrawal from a plan, for its proportionate share of a plan's unfunded vested liability. The Company's aggregate contributions to these multiemployer plans were $49.5 million and $54.5 million for the years ended September 30, 2016 and 2015, respectively. At September 30, 2016 and 2015, none of the plans in which the Company participates are individually significant to its consolidated financial statements.

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