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Organization and Basis of Presentation (Tables)

9 Months Ended

Jun. 30, 2019

Accounting Standards Update 2014-09

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The adoption of Topic 606 resulted in the following changes to our opening balance sheet:

(dollars in thousands)						Balance at September 30, 2018						Adjustments due to adoption of new standard						Opening balance at October 1, 2018
Assets
Accounts receivable - unbilled						$	31,536					$	35,414					$	66,950
Deferred income taxes						6,834						(6,625)						209
Liabilities and shareholders' equity
Deferred revenue - current						51,182						(11,767)						39,415
Deferred income taxes - long-term						26,377						7,074						33,451
Retained earnings						633,281						32,929						666,210
Noncontrolling interests						2,552						553						3,105

The table below shows the effects of the adoption of Topic 606 on our consolidated statement of operations for the three and nine months ended June 30, 2019.

						Three months ended June 30, 2019																														Nine months ended June 30, 2019
(dollars in thousands)						Balance under previous accounting guidance						Adjustments due to adoption of new standard						Balance as reported						Balance under previous accounting guidance						Adjustments due to adoption of new standard						Balance as reported
Revenue						$	728,420					$	2,290					$	730,710					$	2,127,792					$	4,057					$	2,131,849
Income before income taxes						81,440						2,290						83,730						235,908						4,057						239,965
Provision for income taxes						20,031						734						20,765						58,008						1,503						59,511
Net income						61,409						1,556						62,965						177,900						2,554						180,454
(Loss)/income attributable to noncontrolling interests						(91)						158						67						(929)						648						(281)
Net income attributable to MAXIMUS						$	61,500					$	1,398					$	62,898					$	178,829					$	1,906					$	180,735

The effect on our balance sheet would have been as follows:

(dollars in thousands)						Balance at June 30, 2019 under previous accounting guidance						Adjustments due to adoption of new standard						Balance at June 30, 2019 as reported
Assets
Accounts receivable - unbilled						$	56,341					$	37,761					$	94,102
Deferred income taxes						7,199						(6,582)						617
Liabilities and shareholders' equity
Deferred revenue - current						53,032						(12,081)						40,951
Deferred income taxes - long-term						37,195						7,574						44,769
Common stock						501,983						1,201						503,184
Accumulated other comprehensive loss						(40,112)						(998)						(41,110)
Retained earnings						716,887						35,483						752,370
Noncontrolling interests						455						—						455

Accounting Standards Update 2016-15

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Accordingly, we have presented our consolidated statement of cash flows using the new rules for all periods shown. Our balances for cash, cash equivalents and restricted cash are as follows:

						Balance as of
(dollars in thousands)						June 30, 2019						September 30, 2018						June 30, 2018						September 30, 2017
Cash and cash equivalents						$	71,084					$	349,245					$	229,021					$	166,252
Restricted cash (recorded within "other current assets")						7,885						7,314						13,323						13,475
Cash, cash equivalents and restricted cash						$	78,969					$	356,559					$	242,344					$	179,727

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