Financial Analysis

Commitments and Contingencies The Company records amounts representing its probable estimated liabilities relating to claims, guarantees, litigation, audits and investigations. The Company relies in part on qualified actuaries to assist it in determining the level of reserves to establish for insurance-related claims that are known and have been asserted against it, and for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to the Companys claims administrators as of the respective balance sheet dates. The Company includes any adjustments to such insurance reserves in its consolidated results of operations. The Companys reasonably possible loss disclosures are presented on a gross basis prior to the consideration of insurance recoveries. The Company does not record gain contingencies until they are realized. In the ordinary course of business, the Company may not be aware that it or its affiliates are under investigation and may not be aware of whether or not a known investigation has been concluded. In the ordinary course of business, the Company may enter into various arrangements providing financial or performance assurance to clients, lenders, or partners. Such arrangements include standby letters of credit, surety bonds, and corporate guarantees to support the creditworthiness or the project execution commitments of its affiliates, partnerships and joint ventures. The Companys unsecured credit arra …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Debt consisted of the following: September 30, 2025 September 30, 2024 (in millions) Credit Agreement $ 1,439.9 $ 1,446.6 2027 Senior Notes 997.3 2033 Senior Notes 1,200.0 Other debt 103.8 95.9 Total debt 2,743.7 2,539.8 Less: Current portion of debt and short-term borrowings (66.3) (66.9) Less: Unamortized debt issuance costs (30.2) (22.6) Long-term debt $ 2,647.2 $ 2,450.3 The following table presents, in millions, scheduled maturities of the Companys debt as of September 30, 2025: Fiscal Year 2026 $ 66.3 2027 31.2 2028 22.1 2029 761.3 2030 6.8 Thereafter 1,856.0 Total $ 2,743.7 Credit Agreement On April 19, 2024, the Company entered into Amendment No. 14 to Syndicated Facility Agreement (as amended, modified or otherwise supplemented, the Credit Agreement), pursuant to which the Company obtained a new $$1,500,000,000 revolving credit facility (the New Revolving Credit Facility), a new $750,000,000 term loan A facility (the New Term A Facility and, together with the New Revolving Credit Facility, the New Pro Rata Facilities) and a new $700,000,000 term loan B facility (the New Term B Facility and, together with the New Pro Rata Facilities, the New Credit Facilities). The New Revolving Credit Facility and the New Term A Facility mature on April 19, 2029. The New Term B Facility matures on April 19, 2031. The New Term A Facility and the New Term B Facility were borrowed in full on April 19, 2024 in U.S. dollars. Loans under the New Revolving Credit Facility may be borrow …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present the Companys revenues disaggregated by revenue sources: Fiscal Year Ended September 30, 2025 September 30, 2024 September 30, 2023 (in millions) Cost reimbursable $ 6,196.1 $ 6,361.4 $ 6,128.8 Guaranteed maximum price 5,960.7 6,030.0 4,887.7 Fixed price 3,982.8 3,714.1 3,362.0 Total revenue $ 16,139.6 $ 16,105.5 $ 14,378.5 Fiscal Year Ended September 30, 2025 September 30, 2024 September 30, 2023 (in millions) Americas $ 12,526.4 $ 12,487.0 $ 10,976.4 Europe, Middle East, India, Africa 2,153.3 2,141.5 1,937.3 Asia-Australia-Pacific 1,459.9 1,477.0 1,464.8 Total revenue $ 16,139.6 $ 16,105.5 $ 14,378.5 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-Based Payments Defined Contribution Plans Substantially all permanent domestic employees are eligible to participate in defined contribution plans provided by the Company. Under these plans, participants may make contributions into a variety of funds, including a fund that is fully invested in Company stock. Employees are not required to allocate any funds to Company stock; however, the Company does provide an annual Company match in AECOM shares. Employees may generally reallocate their account balances on a daily basis; however, employees classified as insiders are restricted under the Companys insider trading policy. Compensation expense for the employer contributions related to AECOM stock issued under defined contribution plans during fiscal years ended September 30, 2025, 2024 and 2023 was $26.0 million, $24.7 million, and $23.1 million, respectively. Stock Incentive Plans Under the 2020 Stock Incentive Plan, the Company has up to 11.3 million securities remaining available for future issuance as of September 30, 2025. Stock options may be granted to employees and non-employee directors with an exercise price not less than the fair market value of the stock on the date of grant. Unexercised options expire seven years after date of grant. The Company grants stock units to employees under its Performance Earnings Program (PEP), whereby units are earned and issued dependent upon meeting established cumulative performance objectives and vest over a three-year service …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Income Taxes Income before income taxes included income from domestic operations of $392.7 million, $233.0 million, and loss of $129.2 million for fiscal years ended September 30, 2025, 2024 and 2023 and income from foreign operations of $522.9 million, $485.2 million, and $342.6 million for fiscal years ended September 30, 2025, 2024 and 2023. Income tax expense was comprised of: Fiscal Year Ended September 30, 2025 September 30, 2024 September 30, 2023 (in millions) Current: Federal $ 88.9 $ 15.1 $ 67.7 State 26.4 (78.6) 71.9 Foreign 56.1 63.5 52.8 Total current income tax expense 171.4 192.4 Deferred: Federal 7.7 45.2 (71.8) State (6.5) 68.1 (84.3) Foreign 31.4 39.6 19.8 Total deferred income tax expense (benefit) 32.6 152.9 (136.3) Total income tax expense $ 204.0 $ 152.9 $ 56.1 The major elements contributing to the difference between the U.S. federal statutory rate of 21% for fiscal years ended September 30, 2025, 2024 and 2023 and the effective tax rate are as follows: Fiscal Year Ended September 30, 2025 September 30, 2024 September 30, 2023 Amount % Amount % Amount % (in millions) Tax at federal statutory rate $ 192.3 21.0 % $ 150.8 21.0 % $ 44.8 21.0 % State income tax, net of federal benefit 16.1 1.8 (8.5) (1.2) (7.1) (3.3) Change in uncertain tax positions 46.7 5.1 18.6 2.6 9.4 4.4 Foreign residual income 41.9 4.6 43.8 6.1 59.4 27.8 Nondeductible costs 16.6 1.8 20.6 2.9 10.7 5.0 Tax rate changes 2.3 0.3 1.2 0.2 (3.2) (1.5) Audit settlement 1.4 0.1 0.5 0.1 1.9 0.9 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company and its subsidiaries are lessees in non-cancelable leasing agreements for office buildings and equipment. Substantially all of the Companys office building leases are operating leases, and its equipment leases are both operating and finance leases. The Company groups lease and non-lease components for its equipment leases into a single lease component but separates lease and non-lease components for its office building leases. The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Companys incremental secured borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Companys incremental secured borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease. The related lease payments are expensed on a straight-line basis over the lease term, including, as applicable, any free-rent period during which the Company has the right to use the asset. For leases with renewal options where the renewal is reasonably assured, the lease term, including the renewal period, is used to determine the appropriate lease classification and to compute periodic rental expense. Leases with initial terms shorter than 12 months are not r …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

In November 2023, the Financial Accounting Standards Board (FASB) amended the guidance of Accounting Standards Codification (ASC) 280, Segment Reporting , requiring public entities to disclose significant segment expenses and other segment items on an interim basis. The new guidance is effective for the Company for its annual financial statements in fiscal year 2025 and for its interim financial statements in fiscal year 2026. The adoption of the new guidance did not significantly impact the Company's financial presentation. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which includes amendments that further enhance the income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. The update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments are effective for the Companys annual periods beginning October 1, 2025, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial statement presentation. In November 2024, the FASB issued ASU 2024-03 requiring public entities to provide disaggregated disclosures in the notes of the financial statements of certain categories of expenses that are included in expense line items on the face of the income statement on an interim basis. The new guidance is eff …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension Benefit Obligations In the U.S., the Company sponsors various qualified defined benefit pension plans. Benefits under these plans generally are based on the employees years of creditable service and compensation; however, all U.S. defined benefit plans are closed to new participants and 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, 2025 September 30, 2024 September 30, 2023 U.S. Intl U.S. Intl U.S. Intl (in millions) Change in benefit obligation: Benefit obligation at beginning of year $ 186.9 $ 860.4 $ 181.2 $ 756.2 $ 198.1 $ 791.2 Service cost 0.2 0.2 0.3 Participant contributions 0.1 0.2 0.1 0.3 0.1 0.2 Interest cost 7.9 40.1 9.7 43.7 9.8 47.7 Benefits and expenses paid (17.1) (46.2) (17.6) (47.7) (17.2) (42.2) Actuarial loss (gain) (0.2) (69.8) 13.5 37.0 (8.8) (112.5) Plan settlements (0.7) (3.2) (1.5) (1.5) Transfers in 0.7 Foreign currency translation loss 4.4 73.9 73.0 Benefit obligation at end of year …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition The Company follows accounting principles for recognizing revenue upon the transfer of control of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. The Company generally recognizes revenues over time as performance obligations are satisfied. The Company generally measures its progress to completion using an input measure of total costs incurred divided by total costs expected to be incurred, which it believes to be the best measure of progress towards completion of the performance obligation. In the course of providing its services, the Company routinely subcontracts for services and incurs other direct costs on behalf of its clients. These costs are passed through to clients and, in accordance with GAAP, are included in the Companys revenue and cost of revenue. These pass-through revenues for the years ended September 30, 2025, 2024 and 2023 were $8.6 billion, $8.9 billion and $7.7 billion, respectively. Recognition of revenue and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet date, such as engineering progress, material quantities, the achievement of milestones, penalty provisions, labor productivity and cost estimates. Additionally, the Company is required to make estimates for the amount of consideration to be received, including bonuses, awards, incentive fees, claims, unpriced change …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Reportable Segments and Geographic Information The Company manages its operations under three reportable segments according to their geographic regions and business activities. In identifying its reportable segments, the Company considered the financial information provided to its chief operating decision maker (CODM), who is the chief executive officer. The financial data is organized by geographic region and global business lines. The CODM uses this information to allocate resources and assess the performance of the segments primarily based on revenue less pass-through revenue and attributable earnings before interest, tax, and amortization expense along with forecasts, market activity, and other non-financial information. Information provided to the CODM for purposes of making operating decisions and evaluating segment performance excludes asset-related information. After considering various factors, including the development and utilization of financial data to the CODM, the Company concluded that identifying its operating segments by geography was consistent with the objectives of ASC 280-10. Certain operating segments have been aggregated based on similar characteristics, including long-term financial performance, the nature of services provided, internal process for delivering those services, and types of customers, to arrive at the Companys reportable segments. The Companys Americas reportable segment provides planning, consulting, architectural and engineering design …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Significant Accounting Policies Organization AECOM and its consolidated subsidiaries provide planning, consulting, advisory, architectural and engineering design services, construction management and program management to public and private clients worldwide in major end markets such as transportation, facilities, environmental, energy, water and government. Fiscal Year The Company reports its annual results of operations based on 52-or 53- week periods ending on the Friday nearest September 30. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform with the current periods presentation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant estimates affecting amounts reported in the consolidated financial statements relate to revenues under long-term contracts and self-insurance accruals. Actual results could differ from those estimates. Principles of Consolidation and Presentation The consolidated financial statements include the accounts of all majority-owned subsidiaries and joint ventures in which the Company is …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders Equity Common Stock Units Common stock units are only redeemable for common stock. In the event of liquidation of the Company, holders of stock units are entitled to no greater rights than holders of common stock. See also Note 13. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies The Company records amounts representing its probable estimated liabilities relating to claims, guarantees, litigation, audits and investigations. The Company relies in part on qualified actuaries to assist it in determining the level of reserves to establish for insurance-related claims that are known and have been asserted against it, and for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to the Companys claims administrators as of the respective balance sheet dates. The Company includes any adjustments to such insurance reserves in its consolidated results of operations. The Companys reasonably possible loss disclosures are presented on a gross basis prior to the consideration of insurance recoveries. The Company does not record gain contingencies until they are realized. In the ordinary course of business, the Company may not be aware that it or its affiliates are under investigation and may not be aware of whether or not a known investigation has been concluded. In the ordinary course of business, the Company may enter into various arrangements providing financial or performance assurance to clients, lenders, or partners. Such arrangements include standby letters of credit, surety bonds, and corporate guarantees to support the creditworthiness or the project execution commitments of its affiliates, partnerships and joint ventures. The Companys unsecured credit arra …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt Debt consisted of the following: December 31, 2025 September 30, 2025 (in millions) Credit Agreement $ 1,438.2 $ 1,439.9 2033 Senior Notes 1,200.0 1,200.0 Other debt 100.3 103.8 Total debt 2,738.5 2,743.7 Less: Current portion of debt and short-term borrowings (65.9) (66.3) Less: Unamortized debt issuance costs (28.8) (30.2) Long-term debt $ 2,643.8 $ 2,647.2 The following table presents, in millions, scheduled maturities of the Companys debt as of December 31, 2025: Fiscal Year 2026 (nine months remaining) $ 56.5 2027 32.6 2028 23.6 2029 762.7 2030 7.0 Thereafter 1,856.1 Total $ 2,738.5 Credit Agreement On April 19, 2024, the Company entered into Amendment No. 14 to Syndicated Facility Agreement (as amended, modified or otherwise supplemented, the ""Credit Agreement""), pursuant to which the Company obtained a new $1,500,000,000 revolving credit facility (the New Revolving Credit Facility), a new $750,000,000 term loan A facility (the New Term A Facility and, together with the New Revolving Credit Facility, the New Pro Rata Facilities) and a new $700,000,000 term loan B facility (the New Term B Facility and, together with the New Pro Rata Facilities, the New Credit Facilities). The New Revolving Credit Facility and the New Term A Facility mature on April 19, 2029. The New Term B Facility matures on April 19, 2031. The New Term A Facility and the New Term B Facility were borrowed in full on April 19, 2024 in U.S. dollars. Loans under the New Revolving Credit Facility ma …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present the Companys revenues disaggregated by revenue sources: Three Months Ended December 31, 2025 December 31, 2024 (in millions) Cost reimbursable $ 1,598.5 $ 1,505.7 Guaranteed maximum price 1,350.2 1,527.4 Fixed-price 882.1 981.1 Total revenue $ 3,830.8 $ 4,014.2 Three Months Ended December 31, 2025 December 31, 2024 (in millions) Americas $ 2,977.2 $ 3,112.1 Europe, Middle East, India, Africa 522.4 537.0 Asia-Australia-Pacific 331.2 365.1 Total revenue $ 3,830.8 $ 4,014.2 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-based Payments The Company grants stock units to employees under its Performance Earnings Program (PEP), whereby units are earned and issued dependent upon meeting established cumulative performance objectives and vest over a three-year service period. Additionally, the Company issues restricted stock units to employees and directors which are earned based on service conditions. The grant date fair value of PEP awards and restricted stock unit awards is primarily based on that days closing market price of the Companys common stock. Restricted stock units and PEP unit activity for the three months ended December 31 was as follows: 2025 2024 Restricted Stock Units Weighted Average Grant-Date Fair Value PEP Units Weighted Average Grant-Date Fair Value Restricted Stock Units Weighted Average Grant-Date Fair Value PEP Units Weighted Average Grant-Date Fair Value (in millions) (in millions) (in millions) (in millions) Outstanding at September 30, 0.7 $ 95.64 0.6 $ 109.74 0.8 $ 83.96 0.7 $ 95.38 Granted 0.3 $ 97.98 0.3 $ 90.09 0.2 $ 111.45 0.2 $ 129.50 PEP units earned $ 0.1 $ 94.82 $ 0.1 $ 85.46 Vested (0.2) $ 83.30 (0.3) $ 94.82 (0.2) $ 74.63 (0.3) $ 85.46 Cancelled 0.0 $ 86.63 0.0 $ 105.03 0.0 $ 84.14 0.0 $ 104.43 Outstanding at December 31, 0.8 $ 99.99 0.7 $ 106.74 0.8 $ 95.45 0.7 $ 109.68 Total compensation expense related to these share-based payments including stock options was $16.0 million and $16.8 million during the three months ended December 31, 2025 and 2024, res …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Income Taxes The Companys effective tax rate was 19.7% and 13.4% for the three months ended December 31, 2025 and 2024, respectively. The most significant items contributing to the difference between the statutory U.S. federal corporate tax rate of 21.0% and the Companys effective tax rate for the three-month period ended December 31, 2025 were a tax benefit of $15.1 million related to income tax credits and incentives, and tax expense of $13.2 million related to foreign residual income. All these items are expected to have a continuing impact on the effective tax rate for the remainder of the fiscal year. The most significant items contributing to the difference between the statutory U.S. federal corporate tax rate of 21.0% and the Companys effective tax rate for the three-month period ended December 31, 2024 were a tax benefit of $20.1 million related to deferred tax assets recognized due to legal entity restructuring, a tax benefit of $17.6 million related to income tax credits and incentives, tax expense of $15.1 million related to foreign residual income, and tax expense of $6.1 million related to state income taxes. During the first quarter of fiscal 2025, the Company recognized deferred tax assets of $20.1 million related to legal entity restructuring. The restructuring resulted in the recognition of deferred tax assets related to tax attributes that are expected to be utilized against future taxable income. The Company is utilizing the annual effective tax rate method …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company and its subsidiaries are lessees in non-cancelable leasing agreements for office buildings and equipment. Substantially all of the Companys office building leases are operating leases, and its equipment leases are both operating and finance leases. The Company groups lease and non-lease components for its equipment leases into a single lease component but separates lease and non-lease components for its office building leases. The Company recognizes a right-of-use asset and lease liability for its operating leases at the commencement date equal to the present value of the contractual minimum lease payments over the lease term. The present value is calculated using the rate implicit in the lease, if known, or the Companys incremental secured borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Companys incremental secured borrowing rate, while the discount rate used for finance leases is primarily determined by the rate specified in the lease. The related lease payments are expensed on a straight-line basis over the lease term, including, as applicable, any free-rent period during which the Company has the right to use the asset. For leases with renewal options where the renewal is reasonably assured, the lease term, including the renewal period, is used to determine the appropriate lease classification and to compute periodic rental expense. Leases with initial terms shorter than 12 months are not r …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

In December 2023, the Financial Accounting Standard Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which includes amendments that further enhance the income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. The update also includes certain other amendments to improve the effectiveness of income tax disclosures. The standard is effective for the Company for its annual financial statements in fiscal year 2026 and can be applied either prospectively or retrospectively. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures. In November 2024, the FASB issued ASU 2024-03 requiring public entities to provide disaggregated disclosures in the notes of the financial statements of certain categories of expenses that are included in expense line items on the face of the income statement on an interim basis. The new guidance is effective for the Company for its annual financial statements in fiscal year 2027 and for its interim financial statements in fiscal year 2028, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this new guidance will have on its financial statements. In September 2025, the FASB issued ASU 2025-06 to clarify and modernize the accounting for costs related to internal-use software. The guidance removes references to proje …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension Benefit Obligations In the U.S., the Company sponsors various qualified defined benefit pension plans. Benefits under these plans generally are based on the employees years of creditable service and compensation; however, all U.S. defined benefit plans are closed to new participants and 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 components of net periodic benefit cost other than the service cost component are included in other income in the consolidated statement of operations. The following table details the components of net periodic benefit cost for the Companys pension plans for the three months ended December 31, 2025 and 2024: Three Months Ended December 31, 2025 December 31, 2024 U.S. Intl U.S. Intl (in millions) Components of net periodic benefit cost: Interest cost on projected benefit obligation 1.9 10.0 2.0 9.9 Expected return on plan assets (1.3) (13.8) (1.2) (12.8) Amortization of net loss (gain) 1.0 (0.1) 0.9 (0.3) Net periodic benefit cost (credit) $ 1.6 $ (3.9) $ 1.7 $ (3.2) The total amounts of employer contributions paid for the three months ended December 31, 2025 were $2.4 million for U.S. plans and $6.4 million for non-U.S. plans. The expected remaining scheduled annual employer contributions for the f …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition The Company follows accounting principles for recognizing revenue upon the transfer of control of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. The Company generally recognizes revenues over time as performance obligations are satisfied. The Company generally measures its progress to completion using an input measure of total costs incurred divided by total costs expected to be incurred, which it believes to be the best measure of progress towards completion of the performance obligation. In the course of providing its services, the Company routinely subcontracts for services and incurs other direct costs on behalf of its clients. These costs are passed through to clients and, in accordance with GAAP, are included in the Companys revenue and cost of revenue. These pass-through revenues for the three months ended December 31, 2025 and 2024 were $2.0 billion and $2.2 billion, respectively. Recognition of revenue and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet date, such as engineering progress, material quantities, the achievement of milestones, penalty provisions, labor productivity and cost estimates. Additionally, the Company is required to make estimates for the amount of consideration to be received, including bonuses, awards, incentive fees, claims, unpriced change orders, penalt …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Reportable Segments The Company manages its operations under three reportable segments according to their geographic regions and business activities. In identifying its reportable segments, the Company considered the financial information provided to its chief operating decision maker (CODM), who is the chief executive officer. The financial data is organized by geographic region and global business lines. The CODM uses this information to allocate resources and assess the performance of the segments primarily based on revenue less pass-through revenue and attributable earnings before interest, tax, and amortization expense along with forecasts, market activity, and other non-financial information. Information provided to the CODM for purposes of making operating decisions and evaluating segment performance excludes asset-related information. After considering various factors, including the development and utilization of financial data to the CODM, the Company concluded that identifying its operating segments by geography was consistent with the objectives of ASC 280-10. Certain operating segments have been aggregated based on similar characteristics, including long-term financial performance, the nature of services provided, internal process for delivering those services, and types of customers, to arrive at the Companys reportable segments. The Companys Americas reportable segment provides planning, consulting, architectural and engineering design services, and construction …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing