XML 42 R25.htm IDEA: XBRL DOCUMENT v3.24.4
Joint Ventures
 12 Months Ended
Sep. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Joint Ventures Joint Ventures
The Company’s joint ventures provide services to customers including program management and operations and maintenance services. Joint ventures, the combination of two or more partners, are generally formed for a specific project. Management of the joint venture is typically controlled by a joint venture executive committee, comprised of representatives from the joint venture partners. The joint venture executive committee normally provides management oversight and controls decisions which could have a significant impact on the joint venture.
We account for joint ventures in accordance with ASC 810, Consolidation, as discussed in Note 2 — Summary of Significant Accounting Policies. The Company analyzes its joint ventures and classifies them as either:
•a VIE that must be consolidated because the Company is the primary beneficiary or the joint venture is not a VIE and the Company holds the majority voting interest with no significant participative rights available to the other partners; or
•a VIE that does not require consolidation and is treated as an equity method investment because the Company is not the primary beneficiary or the joint venture is not a VIE and the Company does not hold the majority voting interest.
The following table presents selected financial information for our consolidated joint ventures that are VIEs as of September 27, 2024 and September 29, 2023:
As of
(Amounts in millions)September 27, 2024September 29, 2023
Cash and cash equivalents$160 $55 
Current assets322 56 
Non-current assets2 4 
Total assets$484 $115 
Current liabilities$190 $44 
Non-current liabilities1 2 
Total liabilities191 46 
Total Amentum equity228 44 
Non-controlling interests65 25 
Total equity293 69 
Total liabilities and equity$484 $115 
The following table presents selected financial information for our consolidated joint ventures that are VIEs for the years ended September 27, 2024, September 29, 2023 and September 30, 2022:
For the years ended
(Amounts in millions)September 27, 2024September 29, 2023September 30, 2022
Revenues$370 $334 $653 
Cost of revenues(337)(281)(589)
Net income29 50 64 

The Company has an ownership share in approximately 25 active joint ventures that are accounted for as equity method investments and the Company’s ownership percentages generally range from 10% to 51%. The following table presents selected financial information for our unconsolidated joint ventures, included as equity method investments on the consolidated balance sheets, as of September 27, 2024 and September 29, 2023:
As of
(Amounts in millions)September 27, 2024September 29, 2023
Current assets$701 $572 
Non-current assets43 45 
Total assets$744 $617 
Current liabilities$422 $351 
Non-current liabilities16 17 
Total liabilities438 368 
Joint ventures' equity306 249 
Total liabilities and joint ventures' equity$744 $617 
The following table presents selected financial information for our equity method investments for the years ended September 27, 2024, September 29, 2023 and September 30, 2022:
For the years ended
(Amounts in millions)September 27, 2024September 29, 2023September 30, 2022
Revenues$2,634 $2,373 $1,792 
Cost of revenues(2,442)(2,215)(1,718)
Net income183 152 66 
Related party receivables due from our equity method investments were $37 million and $34 million as of September 27, 2024 and September 29, 2023, respectively. These receivables are a result of items purchased and services rendered by us on behalf of our equity method investments. We have assessed these receivables as having minimal collection risk based on our historic experience with these joint ventures and our inherent influence through our ownership interest. The related party revenues earned from our equity method investments was $126 million and $45 million for the years ended September 27, 2024 and September 29, 2023, respectively.
Many of our joint ventures only perform on a single contract. The modification or termination of a contract under a joint venture could trigger an impairment in the fair value of our investment in these entities. In the aggregate, our maximum exposure to losses was $123 million related to our equity method investments as of September 27, 2024.