AECOM (ACM) 10-Q7 Feb 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Dec. 31, 2023	Feb. 01, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	000-52423
Entity Registrant Name	AECOM
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1088522
Entity Address, Address Line One	13355 Noel Road
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	972
Local Phone Number	788-1000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ACM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		136,023,501
Entity Central Index Key	0000868857
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 987,377	$ 1,030,447
Cash in consolidated joint ventures	204,883	229,759
Total cash and cash equivalents	1,192,260	1,260,206
Accounts receivable-net	2,524,502	2,544,453
Contract assets	1,744,521	1,525,051
Prepaid expenses and other current assets	723,139	730,145
Current assets held for sale	85,896	95,221
Income taxes receivable	11,714	14,435
TOTAL CURRENT ASSETS	6,282,032	6,169,511
PROPERTY AND EQUIPMENT-NET	389,728	382,638
DEFERRED TAX ASSETS-NET	459,568	439,604
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES	132,460	139,236
GOODWILL	3,458,675	3,418,930
INTANGIBLE ASSETS-NET	20,745	17,769
OTHER NON-CURRENT ASSETS	208,891	218,666
OPERATING LEASE RIGHT-OF-USE ASSETS	437,822	447,044
TOTAL ASSETS	11,389,921	11,233,398
CURRENT LIABILITIES:
Short-term debt	3,173	3,085
Accounts payable	2,109,617	2,190,755
Accrued expenses and other current liabilities	2,419,998	2,287,546
Income taxes payable	59,219	48,161
Contract liabilities	1,282,681	1,188,742
Current liabilities held for sale	39,424	45,625
Current portion of long-term debt	88,374	86,369
TOTAL CURRENT LIABILITIES	6,002,486	5,850,283
OTHER LONG-TERM LIABILITIES	117,108	123,846
OPERATING LEASE LIABILITIES, NON-CURRENT	523,275	548,851
LONG-TERM LIABILITIES HELD FOR SALE	828	792
DEFERRED TAX LIABILITY-NET	16,953	16,960
PENSION BENEFIT OBLIGATIONS	190,850	195,586
LONG-TERM DEBT	2,110,203	2,113,369
TOTAL LIABILITIES	8,961,703	8,849,687
COMMITMENTS AND CONTINGENCIES (Note 15)
AECOM STOCKHOLDERS' EQUITY:
Common stock-authorized, 300,000,000 shares of $0.01 par value as of December 31, 2023 and September 30, 2023; issued and outstanding 136,018,182 and 136,210,883 shares as of December 31, 2023 and September 30, 2023, respectively	1,360	1,362
Additional paid-in capital	4,245,340	4,241,523
Accumulated other comprehensive loss	(889,788)	(926,577)
Accumulated deficits	(1,109,616)	(1,103,976)
TOTAL AECOM STOCKHOLDERS' EQUITY	2,247,296	2,212,332
Noncontrolling interests	180,922	171,379
TOTAL STOCKHOLDERS' EQUITY	2,428,218	2,383,711
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 11,389,921	$ 11,233,398

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Sep. 30, 2023
Consolidated Balance Sheets
Common stock, authorized shares	300,000,000	300,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued shares	136,018,182	136,210,883
Common stock, outstanding shares	136,018,182	136,210,883

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Operations
Revenue	$ 3,899,920	$ 3,382,355
Cost of revenue	3,655,950	3,167,367
Gross profit	243,970	214,988
Equity in (losses) earnings of joint ventures	(28,941)	9,829
General and administrative expenses	(35,724)	(35,612)
Restructuring costs	(16,180)	(37,459)
Income from operations	163,125	151,746
Other income	2,569	1,984
Interest income	12,102	5,886
Interest expense	(41,257)	(36,700)
Income from continuing operations before taxes	136,539	122,916
Income tax expense for continuing operations	26,658	25,765
Net income from continuing operations	109,881	97,151
Net loss from discontinued operations	(1,287)	(388)
Net income	108,594	96,763
Net income attributable to noncontrolling interests from continuing operations	(13,117)	(9,644)
Net (loss) income attributable to noncontrolling interests from discontinued operations	(1,039)	826
Net income attributable to noncontrolling interests	(14,156)	(8,818)
Net income attributable to AECOM from continuing operations	96,764	87,507
Net (loss) income attributable to AECOM from discontinued operations	(2,326)	438
Net income attributable to AECOM	$ 94,438	$ 87,945
Net income (loss) attributable to AECOM per share:
Basic continuing operations per share	$ 0.71	$ 0.63
Basic discontinued operations per share	(0.02)
Basic earnings per share	0.69	0.63
Diluted continuing operations per share	0.71	0.62
Diluted discontinued operations per share	(0.02)	0.01
Diluted earnings per share	$ 0.69	$ 0.63
Weighted average shares outstanding:
Basic	135,897	138,687
Diluted	137,101	140,642

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive Income
Net income	$ 108,594	$ 96,763
Other comprehensive income, net of tax:
Net unrealized loss on derivatives, net of tax	(14,212)	(1,817)
Foreign currency translation adjustments	60,164	78,124
Pension adjustments, net of tax	(8,998)	(14,847)
Other comprehensive income, net of tax	36,954	61,460
Comprehensive income, net of tax	145,548	158,223
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax	(14,321)	(8,964)
Comprehensive income attributable to AECOM, net of tax	$ 131,227	$ 149,259

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficits	Parent	Non-Controlling Interest	Total
BALANCE at Sep. 30, 2022	$ 1,389	$ 4,156,594	$ (979,675)	$ (701,654)	$ 2,476,654	$ 128,725	$ 2,605,379
Increase (Decrease) in Stockholders' Equity
Net income				87,945	87,945	8,818	96,763
Dividends declared				(25,398)	(25,398)		(25,398)
Other comprehensive income			61,314		61,314	146	61,460
Issuance of stock	10	13,226			13,236		13,236
Repurchases of stock	(9)	(19,997)		(50,004)	(70,010)		(70,010)
Stock-based compensation		11,893			11,893		11,893
Contributions from noncontrolling interests						672	672
Distributions to noncontrolling interests						(1,102)	(1,102)
BALANCE at Dec. 31, 2022	1,390	4,161,716	(918,361)	(689,111)	2,555,634	137,259	2,692,893
BALANCE at Sep. 30, 2023	1,362	4,241,523	(926,577)	(1,103,976)	2,212,332	171,379	2,383,711
Increase (Decrease) in Stockholders' Equity
Net income				94,438	94,438	14,156	108,594
Dividends declared				(30,074)	(30,074)		(30,074)
Other comprehensive income			36,789		36,789	165	36,954
Issuance of stock	9	10,888			10,897		10,897
Repurchases of stock	(11)	(22,123)		(70,004)	(92,138)		(92,138)
Stock-based compensation		15,052			15,052		15,052
Contributions from noncontrolling interests						2,876	2,876
Distributions to noncontrolling interests						(7,654)	(7,654)
BALANCE at Dec. 31, 2023	$ 1,360	$ 4,245,340	$ (889,788)	$ (1,109,616)	$ 2,247,296	$ 180,922	$ 2,428,218

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 108,594	$ 96,763
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	43,322	43,597
Equity in losses (earnings) of unconsolidated joint ventures	28,941	(8,089)
Distribution of earnings from unconsolidated joint ventures	7,434	20,711
Non-cash stock compensation	15,052	11,893
Foreign currency translation	16,587	10,588
Other	547	1,237
Changes in operating assets and liabilities:
Accounts receivable and contract assets	(183,366)	(215,776)
Prepaid expenses and other assets	(11,754)	(21,956)
Accounts payable	(60,266)	(52,192)
Accrued expenses and other current liabilities	121,554	34,092
Contract liabilities	93,745	171,100
Other long-term liabilities	(37,327)	28,046
Net cash provided by operating activities	143,063	120,014
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for business acquisition, net of cash acquired	(18,686)
Investment in unconsolidated joint ventures	(13,797)	(12,198)
Return of investment in unconsolidated joint ventures		718
Proceeds from sale of investments	1,870	2,526
Proceeds from disposal of property and equipment	69	85
Payments for capital expenditures	(56,245)	(36,369)
Net cash used in investing activities	(86,789)	(45,238)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings under credit agreements	1,091,072	735,301
Repayments of borrowings under credit agreements	(1,106,061)	(746,428)
Dividends paid	(24,475)	(20,796)
Proceeds from issuance of common stock	9,678	8,620
Payments to repurchase common stock	(92,138)	(70,010)
Net distributions to noncontrolling interests	(4,778)	(430)
Other financing activities	422	2,363
Net cash used in financing activities	(126,280)	(91,380)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	1,104	2,513
NET DECREASE IN CASH AND CASH EQUIVALENTS	(68,902)	(14,091)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	1,262,152	1,176,772
CASH AND CASH EQUIVALENTS AT END OF PERIOD	1,193,250	1,162,681
LESS CASH AND CASH EQUIVALENTS INCLUDED IN CURRENT ASSETS HELD FOR SALE	(990)	(2,331)
CASH AND CASH EQUIVALENTS OF CONTINUING OPERATIONS AT END OF PERIOD	$ 1,192,260	$ 1,160,350

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Dec. 31, 2023
Basis of Presentation
Basis of Presentation	1. Basis of Presentation The accompanying consolidated financial statements of AECOM (the Company) are unaudited and, in the opinion of management, include all adjustments, including all normal recurring items necessary for a fair statement of the Company’s financial position and results of operations for the periods presented. All intercompany balances and transactions are eliminated in consolidation. The consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended September 30, 2023 (the Annual Report). The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The consolidated financial statements included in this report have been prepared consistently with the accounting policies described in the Annual Report, except as noted, and should be read together with the Annual Report. The results of operations for the three months ended December 31, 2023 are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2024. As discussed in more detail in Note 3, the Company concluded that its self-perform at-risk construction businesses met the criteria for held for sale beginning in the first quarter of fiscal 2020 and met the criteria for discontinued operation classification. As a result, the self-perform at-risk construction businesses are presented in the consolidated statements of operations as discontinued operations for all periods presented. Current and non-current assets and liabilities of these businesses are presented in the consolidated balance sheets as assets and liabilities held for sale. The Company reports its annual results of operations based on 52 or 53-week periods ending on the Friday nearest September 30. The Company reports its quarterly results of operations based on periods ending on the Friday nearest December 31, March 31, and June 30. For clarity of presentation, all periods are presented as if the periods ended on September 30, December 31, March 31, and June 30.

New Accounting Pronouncements a

New Accounting Pronouncements and Changes in Accounting	3 Months Ended
New Accounting Pronouncements and Changes in Accounting	Dec. 31, 2023
New Accounting Pronouncements and Changes in Accounting
New Accounting Pronouncements and Changes in Accounting	2. New Accounting Pronouncements and Changes in Accounting In November 2023, the Financial Accounting Standards Board (FASB) amended the guidance of Accounting Standards Codification (ASC) 280, Segment Reporting In December 2023, the FASB issued ASU 2023-09, Income Taxes

Discontinued Operations, Goodwi

Discontinued Operations, Goodwill, and Intangible Assets	3 Months Ended
Discontinued Operations, Goodwill, and Intangible Assets	Dec. 31, 2023
Discontinued Operations, Goodwill, and Intangible Assets
Discontinued Operations, Goodwill, and Intangible Assets	3. Discontinued Operations, Goodwill and Intangible Assets In the first quarter of fiscal 2020, management approved a plan to dispose of via sale the Company’s self-perform at-risk construction businesses. These businesses include the Company’s civil infrastructure, power, and oil and gas construction businesses that were previously reported in the Company’s Construction Services segment. After consideration of the relevant facts, the Company concluded the assets and liabilities of its self-perform at-risk construction businesses met the criteria for classification as held for sale. The Company concluded the actual and proposed disposal activities represented a strategic shift that would have a major effect on the Company’s operations and financial results and qualified for presentation as discontinued operations in accordance with FASB ASC 205-20. Accordingly, the financial results of the self-perform at-risk construction businesses are presented in the Consolidated Statement of Operations as discontinued operations for all periods presented. Current and non-current assets and liabilities of these businesses not sold as of the balance sheet date are presented in the Consolidated Balance Sheets as assets and liabilities held for sale for both periods presented. The Company completed the sale of its power and oil and gas construction businesses in fiscal 2021 and fiscal 2022, respectively. The Company completed the sale of its civil infrastructure construction business to affiliates of Oroco Capital in the second quarter of fiscal 2021. In the second quarter of fiscal 2023, the Company recorded a $38.9 million loss related to a revised estimate of its contingent consideration receivable recognized at the sale. The following table represents summarized balance sheet information of assets and liabilities held for sale (in millions): December 31, September 30, 2023 2023 Cash and cash equivalents $ 1.0 $ 1.9 Receivables and contract assets 84.9 93.3 Current assets held for sale $ 85.9 $ 95.2 Property and equipment, net $ 14.2 $ 14.2 Write-down of assets to fair value less cost to sell (14.2) (14.2) Non-current assets held for sale $ — $ — Accounts payable and accrued expenses $ 39.4 45.6 Current liabilities held for sale $ 39.4 $ 45.6 Long-term liabilities held for sale $ 0.8 $ 0.8 The following table represents summarized income statement information of discontinued operations (in millions): Three months ended December 31, December 31, 2023 2022 Revenue $ 54.6 $ 41.7 Cost of revenue 52.7 40.3 Gross profit 1.9 1.4 Equity in earnings of joint ventures — (1.7) Loss on disposal activities (3.5) — Transaction costs — (0.2) Loss from operations (1.6) (0.5) Other loss (0.6) — Loss before taxes (2.2) (0.5) Income tax benefit (0.9) (0.1) Net loss from discontinuing operations $ (1.3) $ (0.4) The significant components included in our Consolidated Statement of Cash Flows for the discontinued operations are as follows (in millions): Three months ended December 31, December 31, 2023 2022 Payments for capital expenditures $ — $ (4.0) The Company completed one acquisition in the first quarter of fiscal 2024. The changes in the carrying value of goodwill by reportable segment for the three months ended December 31, 2023 were as follows: Foreign September 30, Exchange December 31, 2023 Impact Acquired 2023 (in millions) Americas $ 2,614.0 $ 4.4 $ 10.3 $ 2,628.7 International 804.9 25.1 — 830.0 Total $ 3,418.9 $ 29.5 $ 10.3 $ 3,458.7 The gross amounts and accumulated amortization of the Company’s acquired identifiable intangible assets with finite useful lives as of December 31, 2023 and September 30, 2023, included in intangible assets—net, in the accompanying consolidated balance sheets, were as follows: December 31, 2023 September 30, 2023 Gross Accumulated Intangible Gross Accumulated Intangible Amortization Amount Amortization Assets, Net Amount Amortization Assets, Net Period (in millions) (years) Backlog and Customer relationships $ 671.3 $ (650.6) $ 20.7 $ 663.8 $ (646.0) $ 17.8 1 - 11 Amortization expense of acquired intangible assets included within cost of revenue was $4.6 million and $4.7 million for the three months ended December 31, 2023 and 2022, respectively. The following table presents estimated amortization expense of existing intangible assets for the remainder of fiscal 2023 and for the succeeding years: Fiscal Year (in millions) 2024 (nine months remaining) $ 13.7 2025 2.2 2026 1.5 2027 1.5 2028 1.5 Thereafter 0.3 Total $ 20.7

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Dec. 31, 2023
Revenue Recognition.
Revenue Recognition	4. 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 Company’s revenue and cost of revenue. These pass-through revenues for the three months ended December 31, 2023 and 2022 were $2.2 billion and $1.8 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, penalties, and liquidated damages. Variable consideration is included in the estimate of the transaction price only to the extent that a significant reversal would not be probable. Management continuously monitors factors that may affect the quality of its estimates, and material changes in estimates are disclosed accordingly. Costs attributable to claims are treated as costs of contract performance as incurred. The following summarizes the Company’s major contract types: Cost Reimbursable Contracts Cost reimbursable contracts include cost-plus fixed fee, cost-plus fixed rate, and time-and-materials price contracts. Under cost-plus contracts, the Company charges clients for its costs, including both direct and indirect costs, plus a negotiated fee or rate. The Company recognizes revenue based on actual direct costs incurred and the applicable fixed rate or portion of the fixed fee earned as of the balance sheet date. Under time-and-materials price contracts, the Company negotiates hourly billing rates and charges its clients based on the actual time that it expends on a project. In addition, clients reimburse the Company for materials and other direct incidental expenditures incurred in connection with its performance under the contract. The Company may apply a practical expedient to recognize revenue in the amount in which it has the right to invoice if its right to consideration is equal to the value of performance completed to date. Guaranteed Maximum Price Contracts (GMP) GMP contracts share many of the same contract provisions as cost-plus and fixed-price contracts. As with cost-plus contracts, clients are provided a disclosure of all the project costs, and a lump sum or percentage fee is separately identified. The Company provides clients with a guaranteed price for the overall project (adjusted for change orders issued by clients) and a schedule including the expected completion date. Cost overruns or costs associated with project delays in completion could generally be the Company’s responsibility. For many of the Company’s commercial or residential GMP contracts, the final price is generally not established until the Company has subcontracted a substantial percentage of the trade contracts with terms consistent with the master contract, and it has negotiated additional contractual limitations, such as waivers of consequential damages as well as aggregate caps on liabilities and liquidated damages. Revenue is recognized for GMP contracts as project costs are incurred relative to total estimated project costs. Fixed-Price Contracts Fixed-price contracts include both lump-sum and fixed-unit price contracts. Under lump-sum contracts, the Company performs all the work under the contract for a specified fee. Lump-sum contracts are typically subject to price adjustments if the scope of the project changes or unforeseen conditions arise. Under fixed-unit price contracts, the Company performs a number of units of work at an agreed price per unit with the total payment under the contract determined by the actual number of units delivered. Revenue is recognized for fixed-price contracts using the input method measured on a cost-to-cost basis as the Company believes this is the best measure of progress towards completion. The following tables present the Company’s revenues disaggregated by revenue sources: Three months ended December 31, December 31, 2023 2022 (in millions) Cost reimbursable $ 1,617.2 $ 1,514.9 Guaranteed maximum price 1,414.9 1,088.2 Fixed price 867.8 779.3 Total revenue $ 3,899.9 $ 3,382.4 Three months ended December 31, December 31, 2023 2022 (in millions) Americas $ 3,038.9 $ 2,579.6 Europe, Middle East, India, Africa 495.4 448.0 Asia-Australia-Pacific 365.6 354.8 Total revenue $ 3,899.9 $ 3,382.4 As of December 31, 2023, the Company had allocated $21.8 billion of transaction price to unsatisfied or partially satisfied performance obligations, of which approximately 55% is expected to be satisfied within the next twelve months. The majority of remaining performance obligation after the first 12 months are expected to be recognized over a two-year period Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. The Company recognized revenue of $527.0 million and $423.0 million during the three months ended December 31, 2023 and 2022, respectively, that was included in contract liabilities as of September 30, 2023 and 2022, respectively. The Company’s timing of revenue recognition may not be consistent with its rights to bill and collect cash from its clients. Those rights are generally dependent upon advance billing terms, milestone billings based on the completion of certain phases of work or when services are performed. The Company’s accounts receivables represent amounts billed to clients that have yet to be collected and represent an unconditional right to cash from its clients. Contract assets represent the amount of contract revenue recognized but not yet billed pursuant to contract terms or accounts billed after the balance sheet date. Contract liabilities represent billings as of the balance sheet date, as allowed under the terms of a contract, but not yet recognized as contract revenue pursuant to the Company’s revenue recognition policy. Net accounts receivable consisted of the following: December 31, September 30, 2023 2023 (in millions) Billed $ 2,031.2 $ 2,122.2 Contract retentions 575.9 516.5 Total accounts receivable—gross 2,607.1 2,638.7 Allowance for doubtful accounts and credit losses (82.6) (94.2) Total accounts receivable—net $ 2,524.5 $ 2,544.5 Substantially all contract assets as of December 31, 2023 and September 30, 2023 are expected to be billed and collected within twelve months, except for claims. Significant claims recorded in contract assets and other non-current assets were approximately $160 million and $160 million as of December 31, 2023 and September 30, 2023, respectively. The asset related to the Deactivation, Demolition, and Removal Project retained from the MS Purchaser as defined in and discussed in Note 15 is presented in prepaid expense and other current assets from continuing operations in the Consolidated Balance Sheet. Contract retentions represent amounts invoiced to clients where payments have been withheld from progress payments until the contracted work has been completed and approved by the client but nonetheless represent an unconditional right to cash. The Company considers a broad range of information to estimate expected credit losses including the related ages of past due balances, projections of credit losses based on historical trends, and collection history and credit quality of its clients. Negative macroeconomic trends or delays in payment of outstanding receivables could result in an increase in the estimated credit losses. No single client accounted for more than 10% of the Company’s outstanding receivables at December 31, 2023 and September 30, 2023. The Company sold trade receivables to financial institutions, of which $298.5 million and $291.0 million were outstanding as of December 31, 2023 and September 30, 2023, respectively. The Company does not retain financial or legal obligations for these receivables that would result in material losses. The Company’s ongoing involvement is limited to the remittance of customer payments to the financial institutions with respect to the sold trade receivables.

Joint Ventures and Variable Int

Joint Ventures and Variable Interest Entities	3 Months Ended
Joint Ventures and Variable Interest Entities	Dec. 31, 2023
Joint Ventures and Variable Interest Entities
Joint Ventures and Variable Interest Entities	5. Joint Ventures and Variable Interest Entities The Company’s joint ventures provide architecture, engineering, program management, construction management, operations and maintenance services, and invest in real estate projects. 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. Some of the Company’s joint ventures have no employees and minimal operating expenses. For these joint ventures, the Company’s employees perform work for the joint venture, which is then billed to a third-party customer by the joint venture. These joint ventures function as pass-through entities to bill the third-party customer. For consolidated joint ventures of this type, the Company records the entire amount of the services performed and the costs associated with these services, including the services provided by the other joint venture partners, in the Company’s result of operations. For certain of these joint ventures where a fee is added by an unconsolidated joint venture to client billings, the Company’s portion of that fee is recorded in equity in earnings of joint ventures. The Company also has joint ventures that have their own employees and operating expenses, and to which the Company generally makes a capital contribution. The Company accounts for these joint ventures either as consolidated entities or equity method investments based on the criteria further discussed below. The Company follows guidance on the consolidation of variable interest entities (VIEs) that requires companies to utilize a qualitative approach to determine whether it is the primary beneficiary of a VIE. The process for identifying the primary beneficiary of a VIE requires consideration of the factors that indicate a party has the power to direct the activities that most significantly impact the joint venture’s economic performance, including powers granted to the joint venture’s program manager, powers contained in the joint venture governing board and, to a certain extent, a company’s economic interest in the joint venture. 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. As part of the above analysis, if it is determined that the Company has the power to direct the activities that most significantly impact the joint venture’s economic performance, the Company considers whether or not it has the obligation to absorb losses or rights to receive benefits of the VIE that could potentially be significant to the VIE. Contractually required support provided to the Company’s joint ventures is further discussed in Note 15. Summary of financial information of the consolidated joint ventures is as follows: December 31, 2023 September 30, (unaudited) 2023 (in millions) Current assets $ 790.2 $ 806.3 Non-current assets 79.1 75.9 Total assets $ 869.3 $ 882.2 Current liabilities $ 769.7 $ 779.6 Non-current liabilities 1.5 1.5 Total liabilities 771.2 781.1 Total AECOM deficit (68.8) (54.9) Noncontrolling interests 166.9 156.0 Total owners’ equity 98.1 101.1 Total liabilities and owners’ equity $ 869.3 $ 882.2 Total revenue of the consolidated joint ventures was $505.1 million and $484.8 million for the three months ended December 31, 2023 and 2022, respectively. The assets of the Company’s consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the general operations of the Company. Summary of unaudited financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements, is as follows: December 31, September 30, 2023 2023 (in millions) Current assets $ 1,203.2 $ 1,177.4 Non-current assets 1,030.8 996.3 Total assets $ 2,234.0 $ 2,173.7 Current liabilities $ 626.8 $ 605.9 Non-current liabilities 439.5 441.7 Total liabilities 1,066.3 1,047.6 Joint ventures’ equity 1,167.7 1,126.1 Total liabilities and joint ventures’ equity $ 2,234.0 $ 2,173.7 AECOM’s investment in unconsolidated joint ventures $ 132.5 $ 139.2 Three Months Ended December 31, December 31, 2023 2022 (in millions) Revenue $ 341.6 $ 329.5 Cost of revenue 318.3 293.0 Gross profit $ 23.3 $ 36.5 Net income $ 22.9 $ 35.3 Summary of AECOM’s equity in earnings of unconsolidated joint ventures is as follows: Three Months Ended December 31, December 31, 2023 2022 (in millions) Pass-through joint ventures $ 7.9 $ 4.2 Other joint ventures (36.8) 5.6 Total $ (28.9) $ 9.8

Pension Benefit Obligations

Pension Benefit Obligations	3 Months Ended
Pension Benefit Obligations	Dec. 31, 2023
Pension Benefit Obligations
Pension Benefit Obligations	6. 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 employee’s 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 Company’s pension plans for the three months ended December 31, 2023 and 2022: Three Months Ended December 31, 2023 December 31, 2022 U.S. Int’l U.S. Int’l (in millions) Components of net periodic benefit cost: Service costs $ — $ 0.1 $ — $ 0.1 Interest cost on projected benefit obligation 2.4 10.7 2.5 11.5 Expected return on plan assets (1.4) (14.1) (1.5) (14.7) Amortization of net loss/(gain) 0.8 (0.6) 0.9 (0.1) Net periodic benefit cost (credit) $ 1.8 $ (3.9) $ 1.9 $ (3.2) The total amounts of employer contributions paid for the three months ended December 31, 2023 were $2.3 million for U.S. plans and $6.2 million for non-U.S. plans. The expected remaining scheduled annual employer contributions for the fiscal year ending September 30, 2024 are $10.6 million for U.S. plans and $16.0 million for non-U.S. plans.

Debt

Debt	3 Months Ended
Debt	Dec. 31, 2023
Debt
Debt	7. Debt Debt consisted of the following: December 31, September 30, 2023 2023 (in millions) Credit Agreement $ 1,112.4 $ 1,119.8 2027 Senior Notes 997.3 997.3 Other debt 105.3 100.2 Total debt 2,215.0 2,217.3 Less: Current portion of debt and short-term borrowings (91.6) (89.5) Less: Unamortized debt issuance costs (13.2) (14.4) Long-term debt $ 2,110.2 $ 2,113.4 The following table presents, in millions, scheduled maturities of the Company’s debt as of December 31, 2023: Fiscal Year 2024 (nine months remaining) $ 77.6 2025 52.7 2026 415.7 2027 1,012.3 2028 656.7 Total $ 2,215.0 Credit Agreement On February 8, 2021, the Company entered into the 2021 Refinancing Amendment to the Credit Agreement (as amended, modified or otherwise supplemented, the “Credit Agreement”), pursuant to which the Company amended and restated its Syndicated Credit Facility Agreement, dated as of October 17, 2014 (as amended prior to February 8, 2021, the “Original Credit Agreement”), between the Company, as borrower, Bank of America, N.A., as administrative agent, and other parties thereto. At the time of amendment, the Credit Agreement consisted of a $1,150,000,000 revolving credit facility (the “Revolving Credit Facility”) and a $246,968,737.50 term loan A facility (the “Term A Facility,” together with the Revolving Credit Facility, the “Credit Facilities”), each of which mature on February 8, 2026. The outstanding loans under the Term A Facility were borrowed in U.S. dollars. Loans under the Revolving Credit Facility may be borrowed, and letters of credit thereunder may be issued, in U.S. dollars or in certain foreign currencies. The proceeds of the Revolving Credit Facility may be used from time to time for ongoing working capital and for other general corporate purposes. The proceeds of the Revolving Credit Facility and the Term A Loan facility borrowed on February 8, 2021 were used to refinance the existing revolving credit facility and the existing term loan facility under the Original Credit Agreement and to pay related fees and expenses. The Credit Agreement permits the Company to designate certain of its subsidiaries as additional co-borrowers from time to time. Currently, there are no co-borrowers under the Credit Facilities. On April 13, 2021, the Company entered into Amendment No. 10 to the Credit Agreement, pursuant to which the lenders thereunder provided a secured term B credit facility (the “Term B Facility”) to the Company in an aggregate principal amount of $700,000,000. The Term B Facility matures on April 13, 2028. The proceeds of the Term B Facility were used to fund the purchase price, fees and expenses in connection with the Company’s cash tender offer to purchase up to $700,000,000 aggregate purchase price (not including any accrued and unpaid interest) of its outstanding 5.875% Senior Notes due 2024. On June 25, 2021, the Company entered into Amendment No. 11 to the Credit Agreement, pursuant to which lenders thereunder have provided the Company an additional $215,000,000 in aggregate principal amount under the Term A Facility. The Company used the net proceeds from the increase in the Term A Facility (together with cash on hand), to (i) redeem all of the Company’s remaining 5.875% Senior Notes due 2024 and (ii) pay fees and expenses related to such redemption. On May 23, 2023, the Company entered into Amendment No. 12 to the Credit Agreement, pursuant to which LIBOR as a benchmark rate of interest was replaced by, in the case of US Dollar-denominated loans, a secured overnight financing rate subject to a spread adjustment, and, in the case of loans denominated in other currencies, other customary successor rates, subject in certain cases to a spread adjustment. On May 23, 2023, the Company entered into Amendment No. 13 to the Credit Agreement, pursuant to which the spread adjustments with respect to the Revolving Credit Facility and the Term A Facility were amended. The applicable interest rate for loans under the Term B Facility is calculated at a per annum rate equal to, at the Company’s option, (a) the Term SOFR (as defined in the Credit Agreement) plus 1.75% or (b) the Base Rate (as defined in the Credit Agreement) plus 0.75%. The applicable interest rate for U.S. Dollar-denominated loans under the Revolving Credit Facility and the Term A Facility is calculated at a per annum rate equal to, at the Company’s option, (a) the Term SOFR (as defined in the Credit Agreement) plus an applicable margin (the “SOFR Applicable Margin”), which is currently at 1.2250% or (b) the Base Rate (as defined in the Credit Agreement) plus an applicable margin (the “Base Rate Applicable Margin,” and together with the SOFR Applicable Margin, the “Applicable Margins”), which is currently at 0.2250%. The applicable interest rate for loans under the Revolving Credit Facility denominated in other currencies is calculated at a per annum rate equal to a customary floating reference rate for such currency specified in the Credit Agreement plus the SOFR Applicable Margin. The Credit Agreement includes certain environmental, social and governance (ESG) metrics relating to the Company’s CO 2 Some of the Company’s material subsidiaries (the “Guarantors”) have guaranteed the Company’s obligations of the borrowers under the Credit Agreement, subject to certain exceptions. The borrowers’ obligations under the Credit Agreement are secured by a lien on substantially all of the Company’s assets and its Guarantors’ assets, subject to certain exceptions. The Credit Agreement contains customary negative covenants that include, among other things, limitations on the ability of the Company and certain of its subsidiaries, subject to certain exceptions, to incur liens and debt, make investments, dispositions, and restricted payments, change the nature of their business, consummate mergers, consolidations and the sale of all or substantially all of their respective assets, taken as a whole, and transact with affiliates. The Company is also required to maintain a consolidated interest coverage ratio of at least 3.00 to 1.00 and a consolidated leverage ratio of less than or equal to 4.00 to 1.00 (subject to certain adjustments in connection with permitted acquisitions), tested on a quarterly basis (the “Financial Covenants”). The Financial Covenants do not apply to the Term B Facility. The Company’s consolidated leverage ratio was 2.00 to 1.00 at December 31, 2023. As of December 31, 2023, the Company was in compliance with the covenants of the Credit Agreement. The Credit Agreement contains customary affirmative covenants, including, among other things, compliance with applicable law, preservation of existence, maintenance of properties and of insurance, and keeping proper books and records. The Credit Agreement contains customary events of default, including, among other things, nonpayment of principal, interest or fees, cross-defaults to other debt, inaccuracies of representations and warranties, failure to perform covenants, events of bankruptcy and insolvency, change of control and unsatisfied judgments, subject in certain cases to notice and cure periods and other exceptions. At December 31, 2023 and September 30, 2023, letters of credit totaled $4.4 million and $4.4 million, respectively, under the Company’s Revolving Credit Facility. As of December 31, 2023 and September 30, 2023, the Company had $1,145.6 million and $1,145.6 million, respectively, available under its revolving credit facility. 2027 Senior Notes On February 21, 2017, the Company completed a private placement offering of $1,000,000,000 aggregate principal amount of its unsecured 5.125% Senior Notes due 2027 (the “2027 Senior Notes”). On June 30, 2017, the Company completed an exchange offer to exchange the unregistered 2027 Senior Notes for registered notes, as well as related guarantees. As of December 31, 2023, the estimated fair value of the 2027 Senior Notes was approximately $979.8 million. The fair value of the 2027 Senior Notes as of December 31, 2023 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of the 2027 Senior Notes. Interest is payable on the 2027 Senior Notes at a rate of 5.125% per annum. Interest on the 2027 Senior Notes is payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2017. The 2027 Senior Notes will mature on March 15, 2027. At any time and from time to time prior to December 15, 2026, the Company may redeem all or part of the 2027 Senior Notes, at a redemption price equal to 100% of their principal amount, plus a “make whole” premium as of the redemption date, and accrued and unpaid interest to the redemption date. On or after December 15, 2026, the Company may redeem all or part of the 2027 Senior Notes at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on the redemption date. The indenture pursuant to which the 2027 Senior Notes were issued contains customary events of default, including, among other things, payment default, exchange default, failure to provide notices thereunder and provisions related to bankruptcy events. The indenture also contains customary negative covenants. The Company was in compliance with the covenants relating to the 2027 Senior Notes as of December 31, 2023. Other Debt and Other Items Other debt consists primarily of obligations under capital leases and loans, and unsecured credit facilities. The Company’s unsecured credit facilities are primarily used for standby letters of credit issued in connection with general and professional liability insurance programs and for contract performance guarantees. At December 31, 2023 and September 30, 2023, these outstanding standby letters of credit totaled $887.6 million and $878.9 million, respectively. As of December 31, 2023, the Company had $406.1 million available under these unsecured credit facilities. Effective Interest Rate The Company’s average effective interest rate on its total debt, including the effects of the interest rate swap and interest rate cap agreements, during the three months ended December 31, 2023 and 2022 was 5.4% and 5.1%, respectively. Interest expense in the consolidated statements of operations included amortization of deferred debt issuance costs for the three months ended December 31, 2023 and 2022 of $1.2 million and $1.2 million, respectively.

Derivative Financial Instrument

Derivative Financial Instruments and Fair Value Measurements	3 Months Ended
	Dec. 31, 2023
Derivative Financial Instruments and Fair Value Measurements
Derivative Financial Instruments and Fair Value Measurements	8. Derivative Financial Instruments and Fair Value Measurements The Company uses interest rate derivative contracts to hedge interest rate exposures on the Company’s variable rate debt. The Company enters into foreign currency derivative contracts with financial institutions to reduce the risk that its cash flows and earnings will be adversely affected by foreign currency exchange rate fluctuations. The Company’s hedging program is not designated for trading or speculative purposes. The Company recognizes derivative instruments as either assets or liabilities on the accompanying consolidated balance sheets at fair value. The Company records changes in the fair value (i.e., gains or losses) of the derivatives that have been designated as accounting hedges in the accompanying consolidated statements of operations as cost of revenue, interest expense or to accumulated other comprehensive loss in the accompanying consolidated balance sheets. Cash Flow Hedges The Company uses interest rate swap and interest rate cap agreements designated as cash flow hedges to limit exposure to variable interest rates on portions of the Company’s debt. The Company initially reports any gain on the effective portion of a cash flow hedge as a component of accumulated other comprehensive loss. Depending on the type of cash flow hedge, the gain is subsequently reclassified against interest expense when the interest expense on the variable rate debt is recognized. If the hedged transaction becomes probable of not occurring, any gain or loss related to interest rate swap or interest rate cap agreements would be recognized in other income. During the third quarter of fiscal 2023, the hedged debt index was changed from LIBOR to SOFR. The notional principal, fixed rates and related effective and expiration dates of the Company’s outstanding interest rate swap agreements were as follows: December 31, 2023 Notional Amount Notional Amount Fixed Effective Expiration Currency (in millions) Rate Date Date USD 400.0 1.283% February 2023 March 2028 September 30, 2023 Notional Amount Notional Amount Fixed Effective Expiration Currency (in millions) Rate Date Date USD 400.0 1.283% February 2023 March 2028 In the fourth quarter of fiscal 2021, the Company entered into new interest rate swap agreements with a notional value of $400.0 million to manage the interest rate exposure of its variable rate loans. The new swaps became effective February 2023 and terminate in March 2028. By entering into the swap agreements, the Company converted a portion of the SOFR rate-based liability into a fixed rate liability. The Company will pay a fixed rate of 1.283% and receive payment at the prevailing one-month SOFR. In the third quarter of fiscal 2022, the Company purchased interest rate cap agreements with a notional value of $300.0 million to manage interest rate exposure of its variable rate loans. The caps became effective on June 30, 2022 and terminate in March 2028. The caps reduce the Company’s exposure to one-month SOFR. In the event one-month SOFR exceeds 3.465%, the Company will receive the spread between prevailing one-month SOFR and 3.465%. Other Foreign Currency Forward Contracts The Company uses foreign currency forward contracts which are not designated as accounting hedges to hedge intercompany transactions and other monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary. Gains and losses on these contracts were not material for the three months ended December 31, 2023 and 2022. Fair Value Measurements The Company’s non-pension financial assets and liabilities recorded at fair value relate to the interest rate swap and interest rate cap agreements included in other current assets, other non-current assets, and other long-term liabilities on December 31, 2023 and were $13.9 million, $23.5 million and $2.4 million, respectively. The fair values of the interest rate swap and interest rate cap agreements included in other current assets and other non-current assets on September 30, 2023 were $17.2 million and $37.5 million, respectively. The fair values of the interest rate swap and interest rate cap agreements were derived by taking the net present value of the expected cash flows using observable market inputs (Level 2) such as SOFR rate curves, futures, volatilities and basis spreads (when applicable). See Note 14 for accumulated balances and reporting period activities of derivatives related to reclassifications out of accumulated other comprehensive loss for the three months ended December 31, 2023 and 2022. Additionally, there were no material losses recognized in income due to amounts excluded from effectiveness testing from the Company’s interest rate swap agreements.

Share-Based Payments

Share-Based Payments	3 Months Ended
Share-Based Payments	Dec. 31, 2023
Share-based Payments
Share-based Payments	9. 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 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 day’s closing market price of the Company’s common stock. Restricted stock units and PEP units activity for the three months ended December 31 was as follows: 2023 2022 Weighted Weighted Weighted Weighted Average Average Average Average Restricted Grant-Date Grant-Date Restricted Grant-Date Grant-Date Stock Units Fair Value PEP Units Fair Value Stock Units Fair Value PEP Units Fair Value (in millions) (in millions) (in millions) (in millions) Outstanding at September 30, 0.8 $ 68.34 0.7 $ 75.54 1.0 $ 53.05 0.7 $ 60.60 Granted 0.3 $ 92.27 0.2 $ 104.66 0.3 $ 83.60 0.2 $ 94.65 PEP units earned — $ — 0.2 $ 52.50 — $ — 0.2 $ 43.19 Vested (0.3) $ 47.82 (0.4) $ 52.50 (0.4) $ 43.44 (0.4) $ 43.19 Outstanding at December 31, 0.8 $ 83.56 0.7 $ 95.29 0.9 $ 65.61 0.7 $ 75.73 Total compensation expense related to these share-based payments including stock options was $15.1 million and $11.9 million during the three months ended December 31, 2023 and 2022, respectively. Unrecognized compensation expense related to total share-based payments outstanding as of December 31, 2023 and September 30, 2023 was $83.6 million and $48.3 million, respectively, to be recognized on a straight-line basis over the awards’ respective vesting periods which are generally three years.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Dec. 31, 2023
Income Taxes
Income Taxes	10. Income Taxes The Company’s effective tax rate was 19.5% and 21.0% for the three months ended December 31, 2023 and 2022, respectively. The most significant items contributing to the difference between the statutory U.S. federal corporate tax rate of 21.0% and the Company’s effective tax rate for the three-month period ended December 31, 2023 were a tax benefit of $13.0 million related to income tax credits and incentives, tax expense of $11.3 million related to foreign residual income, a tax benefit of $6.9 million related to an audit settlement, tax expense of $4.4 million related to changes in valuation allowances, and tax expense of $4.2 million related to state income taxes. All these items, except for the audit settlement, 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 Company’s effective tax rate for the three-month period ended December 31, 2022 were a tax benefit of $8.6 million related to income tax credits and incentives and tax expense of $8.5 million related to foreign residual income. During the first quarter of fiscal 2024, the Company settled its tax audit in Hong Kong for fiscal year 2011 through fiscal year 2021 and recorded a tax benefit of $6.9 million due primarily to changes in uncertain tax positions. The Company is utilizing the annual effective tax rate method under ASC 740 to compute its interim tax provision. The Company’s effective tax rate fluctuates from quarter to quarter due to various factors including the change in the mix of global income and expenses, outcomes of administrative audits, changes in the assessment of valuation allowances due to management’s consideration of new positive or negative evidence during the quarter, and changes in enacted tax laws. The U.S.and many international legislative and regulatory bodies have proposed legislation that could significantly impact how our business activities are taxed. These proposed changes could have a material impact on the Company’s income tax expense and deferred tax balances. The Company is currently under tax audit in several jurisdictions including the U.S. and believes the outcomes which are reasonably possible within the next twelve months, including lapses in statutes of limitations, could result in future adjustments in the liability for uncertain tax positions, but an estimate of the range of the reasonably possible outcomes cannot be made. Generally, the Company does not provide for U.S. taxes or foreign withholding taxes on gross book-tax differences in its non-U.S. subsidiaries because such basis differences of approximately $1.3 billion are able to and intended to be reinvested indefinitely. If these basis differences were distributed, foreign tax credits could become available under current law to partially or fully reduce the resulting U.S. income tax liability. There may also be additional U.S. or foreign income tax liability upon repatriation, although the calculation of such additional taxes is not practicable.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Dec. 31, 2023
Earnings Per Share
Earnings Per Share	11. Earnings Per Share Basic earnings per share (EPS) excludes dilution and is computed by dividing net income attributable to AECOM by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income attributable to AECOM by the weighted average number of common shares outstanding and potential common shares for the period. The Company includes as potential common shares the weighted average dilutive effects of equity awards using the treasury stock method. For the three months ended December 31, 2023 and 2022, equity awards excluded from the calculation of potential common shares were not significant. The following table sets forth a reconciliation of the denominators for basic and diluted earnings per share: Three Months Ended December 31, December 31, 2023 2022 (in millions) Denominator for basic earnings per share 135.9 138.7 Potential common shares 1.2 1.9 Denominator for diluted earnings per share 137.1 140.6

Leases

Leases	3 Months Ended
Leases	Dec. 31, 2023
Leases
Leases	12. Leases The Company and its subsidiaries are lessees in non-cancelable leasing agreements for office buildings and equipment. Substantially all of the Company’s 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 Company’s incremental secured borrowing rate. The discount rate used for operating leases is primarily determined based on an analysis of the Company’s 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 recognized on the balance sheet, and lease expense is recognized on a straight-line basis. The components of lease expenses are as follows: Three Months Ended December 31, 2023 December 31, 2022 (in millions) Operating lease cost $ 37.4 $ 41.5 Finance lease cost Amortization of right-of-use assets 6.8 5.1 Interest on lease liabilities 0.8 0.6 Variable lease cost 8.9 7.9 Total lease cost $ 53.9 $ 55.1 Additional balance sheet information related to leases is as follows: As of As of (in millions except as noted) Balance Sheet Classification December 31, 2023 September 30, 2023 Assets: Operating lease assets Operating lease right-of-use assets $ 437.8 $ 447.0 Finance lease assets Property and equipment – net 70.5 64.8 Total lease assets $ 508.3 $ 511.8 Liabilities: Current: Operating lease liabilities Accrued expenses and other current liabilities $ 144.9 $ 139.8 Finance lease liabilities Current portion of long-term debt 27.0 25.0 Total current lease liabilities 171.9 164.8 Non-current: Operating lease liabilities Operating lease liabilities, noncurrent 523.3 548.9 Finance lease liabilities Long-term debt 42.9 39.8 Total non-current lease liabilities $ 566.2 $ 588.7 As of As of December 31, 2023 September 30, 2023 Weighted average remaining lease term (in years): Operating leases 6.2 6.4 Finance leases 2.9 2.9 Weighted average discount rates: Operating leases 4.9 % 4.3 % Finance leases 4.2 % 4.1 % Additional cash flow information related to leases is as follows: Three Months Ended December 31, December 31, 2023 2022 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 46.2 $ 49.0 Operating cash flows from finance leases 0.8 0.6 Financing cash flows from finance leases 7.6 5.4 Right-of-use assets obtained in exchange for new operating leases 11.6 26.9 Right-of-use assets obtained in exchange for new finance leases 11.5 10.8 Total remaining lease payments under both the Company’s operating and finance leases are as follows: Operating Leases Finance Leases Fiscal Year (in millions) 2024 (nine months remaining) $ 134.3 $ 22.5 2025 149.8 24.7 2026 117.3 17.7 2027 88.4 8.9 2028 77.2 0.8 Thereafter 218.6 — Total lease payments $ 785.6 $ 74.6 Less: Amounts representing interest $ (117.4) $ (4.7) Total lease liabilities $ 668.2 $ 69.9

Other Financial Information

Other Financial Information	3 Months Ended
Other Financial Information	Dec. 31, 2023
Other Financial Information
Other Financial Information	13. Other Financial Information Accrued expenses and other current liabilities consist of the following: December 31, September 30, 2023 2023 (in millions) Accrued salaries and benefits $ 564.5 $ 599.8 Accrued contract costs 1,423.4 1,340.4 Other accrued expenses 432.1 347.3 Total $ 2,420.0 $ 2,287.5 Accrued contract costs above include balances related to professional liability accruals of $813.8 million and $809.6 million as of December 31, 2023 and September 30, 2023, respectively. The remaining accrued contract costs primarily relate to costs for services provided by subcontractors and other non-employees. Liabilities recorded related to accrued contract losses were not material as of December 31, 2023 and September 30, 2023. The Company did not have material revisions to estimates for contracts where revenue is recognized using the input method during the three months ended December 31, 2023 and 2022. During the first three months of fiscal 2024, the Company incurred restructuring expenses of $16.2 million, including personnel and other costs of $8.7 million and real estate costs of $7.5 million, of which $5.0 million was accrued and unpaid at December 31, 2023. During the first three months of fiscal 2023, the Company incurred restructuring expenses of $37.5 million, including personnel and other costs of $36.2 million and real estate costs of $1.3 million, of which $32.6 million was accrued and unpaid at December 31, 2022. On November 13, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.22 per share, which was paid on January 19, 2024 to stockholders of record as of January 4, 2024. As of December 31, 2023, accrued and unpaid dividends totaled $32.3 million and were classified within other accrued expenses on the consolidated balance sheet.

Reclassifications out of Accumu

Reclassifications out of Accumulated Other Comprehensive Loss	3 Months Ended
	Dec. 31, 2023
Reclassifications out of Accumulated Other Comprehensive Loss
Reclassifications out of Accumulated Other Comprehensive Loss	14. Reclassifications out of Accumulated Other Comprehensive Loss The accumulated balances and reporting period activities for the three months ended December 31, 2023 and 2022 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions): Foreign Accumulated Pension Currency Gain/(Loss) on Other Related Translation Derivative Comprehensive Adjustments Adjustments Instruments Loss Balances at September 30, 2023 $ (226.0) $ (739.7) $ 39.1 $ (926.6) Other comprehensive (loss) income before reclassification (9.1) 60.0 (10.6) 40.3 Amounts reclassified from accumulated other comprehensive loss 0.1 — (3.6) (3.5) Balances at December 31, 2023 $ (235.0) $ (679.7) $ 24.9 $ (889.8) Foreign Accumulated Pension Currency Gain/(Loss) on Other Related Translation Derivative Comprehensive Adjustments Adjustments Instruments Loss Balances at September 30, 2022 $ (217.3) $ (799.3) $ 36.9 $ (979.7) Other comprehensive income (loss) before reclassification (15.4) 77.9 (1.8) 60.7 Amounts reclassified from accumulated other comprehensive income (loss) 0.6 — — 0.6 Balances at December 31, 2022 $ (232.1) $ (721.4) $ 35.1 $ (918.4)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	15. 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 Company’s 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 Company’s 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 Company’s unsecured credit arrangements are used for standby letters of credit issued in connection with general and professional liability insurance programs and for contract performance guarantees. At December 31, 2023 and September 30, 2023, these outstanding standby letters of credit totaled $887.6 million and $878.9 million, respectively. As of December 31, 2023, the Company had $406.1 million available under these unsecured credit facilities. Performance arrangements typically have various expiration dates ranging from the completion of the project contract and extending beyond contract completion in some circumstances such as for warranties. The Company may also guarantee that a project, when complete, will achieve specified performance standards. If the project subsequently fails to meet guaranteed performance standards, the Company may incur additional costs, pay liquidated damages or be held responsible for the costs incurred by the client to achieve the required performance standards. The potential payment amount of an outstanding performance arrangement is typically the remaining cost of work to be performed by or on behalf of third parties. Generally, under joint venture arrangements, if a partner is financially unable to complete its share of the contract, the other partner(s) may be required to complete those activities. At December 31, 2023, the Company was contingently liable in the amount of approximately $891.9 million in issued standby letters of credit and $4.9 billion in issued surety bonds primarily to support project execution. In the ordinary course of business, the Company enters into various agreements providing financial or performance assurances to clients on behalf of certain unconsolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support the project execution commitments of these entities. The Company’s investment adviser jointly manages and sponsors the AECOM-Canyon Equity Fund, L.P. (the “Fund”), in which the Company indirectly holds an equity interest and has an ongoing capital commitment to fund investments. At December 31, 2023, the Company has capital commitments of $7.1 million to the Fund over the next 5 years. In addition, in connection with the investment activities of AECOM Capital, the Company provides guarantees of certain contractual obligations, including guarantees for completion of projects, repayment of debt, environmental indemnity obligations and other lender required guarantees. In February 2024, the Company was informed of a potential liability as one of the indemnitors on a divested business’ surety bonds. The Company does not have sufficient information to determine the range of potential impacts, however, it is reasonably possible that the Company may incur additional costs related to these bonds. Department of Energy Deactivation, Demolition, and Removal Project A former affiliate of the Company, Amentum Environment & Energy, Inc., f/k/a AECOM Energy and Construction, Inc. (“Former Affiliate”), executed a cost-reimbursable task order with the Department of Energy (DOE) in 2007 to provide deactivation, demolition and removal services at a New York State project site that, during 2010, experienced contamination and performance issues. In February 2011, the Former Affiliate and the DOE executed a Task Order Modification that changed some cost-reimbursable contract provisions to at-risk. The Task Order Modification, including subsequent amendments, required the DOE to pay all project costs up to $106 million, required the Former Affiliate and the DOE to equally share in all project costs incurred from $106 million to $146 million, and required the Former Affiliate to pay all project costs exceeding $146 million. Due to unanticipated requirements and permitting delays by federal and state agencies, as well as delays and related ground stabilization activities caused by Hurricane Irene in 2011, the Former Affiliate was required to perform work outside the scope of the Task Order Modification. In December 2014, the Former Affiliate submitted an initial set of claims against the DOE pursuant to the Contracts Disputes Acts seeking recovery of $103 million, including additional fees on changed work scope (the “2014 Claims”). On December 6, 2019, the Former Affiliate submitted a second set of claims against the DOE seeking recovery of an additional $60.4 million, including additional project costs and delays outside the scope of the contract as a result of differing site and ground conditions (the “2019 Claims”). The Former Affiliate also submitted three alternative breach of contract claims to the 2014 and 2019 Claims that may entitle the Former Affiliate to recovery of $148.5 million to $329.4 million. On December 30, 2019, the DOE denied the Former Affiliate’s 2014 Claims. On September 25, 2020, the DOE denied the Former Affiliate’s 2019 Claims. The Company filed an appeal of these decisions on December 20, 2020 in the Court of Federal Claims. Deconstruction, decommissioning and site restoration activities are complete. On January 31, 2020, the Company completed the sale of its Management Services business, including the Former Affiliate who worked on the DOE project, to Maverick Purchaser Sub LLC (MS Purchaser), an affiliate of American Securities LLC and Lindsay Goldberg LLC. The Company and the MS Purchaser agreed that all future DOE project claim recoveries and costs will be split 10% to the MS Purchaser and 90% to the Company with the Company retaining control of all future strategic legal decisions. The Company intends to vigorously pursue all claimed amounts but can provide no certainty that the Company will recover 2014 Claims and 2019 Claims submitted against the DOE, or any additional incurred claims or costs, which could have a material adverse effect on the Company’s results of operations. Refinery Turnaround Project A Former Affiliate of the Company entered into an agreement to perform turnaround maintenance services during a planned shutdown at a refinery in Montana in December 2017. The turnaround project was completed in February 2019. Due to circumstances outside of the Company’s Former Affiliate’s control, including client directed changes and delays and the refinery’s condition, the Company’s Former Affiliate performed additional work outside of the original contract of over $90 million and is entitled to payment from the refinery owner of approximately $144 million. In March 2019, the refinery owner sent a letter to the Company’s Former Affiliate alleging it incurred approximately $79 million in damages due to the Company’s Former Affiliate’s project performance. In April 2019, the Company’s Former Affiliate filed and perfected a $132 million construction lien against the refinery for unpaid labor and materials costs. In August 2019, following a subcontractor complaint filed in the Thirteenth Judicial District Court of Montana asserting claims against the refinery owner and the Company’s Former Affiliate, the refinery owner crossclaimed against the Company’s Former Affiliate and the subcontractor. In October 2019, following the subcontractor’s dismissal of its claims, the Company’s Former Affiliate removed the matter to federal court and cross claimed against the refinery owner. In December 2019, the refinery owner claimed $93.0 million in damages and offsets against the Company’s Former Affiliate. On January 31, 2020, the Company completed the sale of its Management Services business, including the Former Affiliate, to the MS Purchaser; however, the Refinery Turnaround Project, including related claims and liabilities, has been retained by the Company. The Company intends to vigorously prosecute and defend this matter; however, the Company cannot provide assurance that the Company will be successful in these efforts. The resolution of this matter and any potential range of loss cannot be reasonably determined or estimated at this time, primarily because the matter raises complex legal issues that Company is continuing to assess.

Reportable Segments

Reportable Segments	3 Months Ended
Reportable Segments	Dec. 31, 2023
Reportable Segments
Reportable Segments	16. Reportable Segments The Company’s reportable segments are presented according to their geographic regions and business activities. The Americas segment provides planning, consulting, architectural and engineering design services, and construction management services to public and private clients in the United States, Canada, and Latin America, while the International segment provides similar professional services to public and private clients in Europe, the Middle East, India, Africa, and the Asia-Australia-Pacific regions. The Company’s AECOM Capital segment primarily invests in and develops real estate projects. These reportable segments are organized by the differing specialized needs of the respective clients, and how the Company manages its business. The Company has aggregated various operating segments into its reportable segments based on their similar characteristics, including similar long term financial performance, the nature of services provided, internal processes for delivering those services, and types of customers. The following tables set forth summarized financial information concerning the Company’s reportable segments: AECOM Reportable Segments: Americas International Capital Corporate Total ( in millions) Three Months Ended December 31, 2023: Revenue $ 3,038.7 $ 861.0 $ 0.2 $ — $ 3,899.9 Gross profit 171.0 72.8 0.2 — 244.0 Equity in earnings of joint ventures 3.6 4.3 (36.9) — (29.0) General and administrative expenses — — (2.4) (33.3) (35.7) Restructuring costs — — — (16.2) (16.2) Operating income (loss) $ 174.6 $ 77.1 $ (39.1) $ (49.5) $ 163.1 Gross profit as a % of revenue 5.6 % 8.5 % — — 6.3 % Three Months Ended December 31, 2022: Revenue $ 2,579.3 $ 802.8 $ 0.3 $ — $ 3,382.4 Gross profit 162.9 51.8 0.3 — 215.0 Equity in earnings of joint ventures 0.9 3.3 5.6 — 9.8 General and administrative expenses — — (2.7) (32.9) (35.6) Restructuring costs — — — (37.5) (37.5) Operating income $ 163.8 $ 55.1 $ 3.2 $ (70.4) $ 151.7 Gross profit as a % of revenue 6.3 % 6.5 % — — 6.4 % Reportable Segments: Total assets December 31, 2023 $ 7,602.3 $ 2,663.2 $ 54.4 $ 984.1 September 30, 2023 $ 7,433.1 $ 2,536.2 $ 64.5 $ 1,104.4

Discontinued Operations, Good_2

Discontinued Operations, Goodwill, and Intangible Assets (Tables)	3 Months Ended
	Dec. 31, 2023
Discontinued Operations, Goodwill, and Intangible Assets
Schedule of balance sheet and income statement information of discontinued operations and significant components included in consolidated statement of cash flows	The following table represents summarized balance sheet information of assets and liabilities held for sale (in millions): December 31, September 30, 2023 2023 Cash and cash equivalents $ 1.0 $ 1.9 Receivables and contract assets 84.9 93.3 Current assets held for sale $ 85.9 $ 95.2 Property and equipment, net $ 14.2 $ 14.2 Write-down of assets to fair value less cost to sell (14.2) (14.2) Non-current assets held for sale $ — $ — Accounts payable and accrued expenses $ 39.4 45.6 Current liabilities held for sale $ 39.4 $ 45.6 Long-term liabilities held for sale $ 0.8 $ 0.8 The following table represents summarized income statement information of discontinued operations (in millions): Three months ended December 31, December 31, 2023 2022 Revenue $ 54.6 $ 41.7 Cost of revenue 52.7 40.3 Gross profit 1.9 1.4 Equity in earnings of joint ventures — (1.7) Loss on disposal activities (3.5) — Transaction costs — (0.2) Loss from operations (1.6) (0.5) Other loss (0.6) — Loss before taxes (2.2) (0.5) Income tax benefit (0.9) (0.1) Net loss from discontinuing operations $ (1.3) $ (0.4) The significant components included in our Consolidated Statement of Cash Flows for the discontinued operations are as follows (in millions): Three months ended December 31, December 31, 2023 2022 Payments for capital expenditures $ — $ (4.0)
Schedule of changes in the carrying value of goodwill by reportable segment	Foreign September 30, Exchange December 31, 2023 Impact Acquired 2023 (in millions) Americas $ 2,614.0 $ 4.4 $ 10.3 $ 2,628.7 International 804.9 25.1 — 830.0 Total $ 3,418.9 $ 29.5 $ 10.3 $ 3,458.7
Schedule of gross amounts and accumulated amortization of finite intangible assets included in intangible assets	December 31, 2023 September 30, 2023 Gross Accumulated Intangible Gross Accumulated Intangible Amortization Amount Amortization Assets, Net Amount Amortization Assets, Net Period (in millions) (years) Backlog and Customer relationships $ 671.3 $ (650.6) $ 20.7 $ 663.8 $ (646.0) $ 17.8 1 - 11
Schedule of estimated future amortization expense of intangible assets	Fiscal Year (in millions) 2024 (nine months remaining) $ 13.7 2025 2.2 2026 1.5 2027 1.5 2028 1.5 Thereafter 0.3 Total $ 20.7

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Dec. 31, 2023
Revenue Recognition.
Schedule of revenues disaggregated by revenue sources	Three months ended December 31, December 31, 2023 2022 (in millions) Cost reimbursable $ 1,617.2 $ 1,514.9 Guaranteed maximum price 1,414.9 1,088.2 Fixed price 867.8 779.3 Total revenue $ 3,899.9 $ 3,382.4 Three months ended December 31, December 31, 2023 2022 (in millions) Americas $ 3,038.9 $ 2,579.6 Europe, Middle East, India, Africa 495.4 448.0 Asia-Australia-Pacific 365.6 354.8 Total revenue $ 3,899.9 $ 3,382.4
Schedule of net accounts receivable	December 31, September 30, 2023 2023 (in millions) Billed $ 2,031.2 $ 2,122.2 Contract retentions 575.9 516.5 Total accounts receivable—gross 2,607.1 2,638.7 Allowance for doubtful accounts and credit losses (82.6) (94.2) Total accounts receivable—net $ 2,524.5 $ 2,544.5

Joint Ventures and Variable I_2

Joint Ventures and Variable Interest Entities (Tables)	3 Months Ended
Joint Ventures and Variable Interest Entities (Tables)	Dec. 31, 2023
Joint Ventures and Variable Interest Entities
Schedule of financial information of the consolidated joint ventures	December 31, 2023 September 30, (unaudited) 2023 (in millions) Current assets $ 790.2 $ 806.3 Non-current assets 79.1 75.9 Total assets $ 869.3 $ 882.2 Current liabilities $ 769.7 $ 779.6 Non-current liabilities 1.5 1.5 Total liabilities 771.2 781.1 Total AECOM deficit (68.8) (54.9) Noncontrolling interests 166.9 156.0 Total owners’ equity 98.1 101.1 Total liabilities and owners’ equity $ 869.3 $ 882.2
Schedule of financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements	December 31, September 30, 2023 2023 (in millions) Current assets $ 1,203.2 $ 1,177.4 Non-current assets 1,030.8 996.3 Total assets $ 2,234.0 $ 2,173.7 Current liabilities $ 626.8 $ 605.9 Non-current liabilities 439.5 441.7 Total liabilities 1,066.3 1,047.6 Joint ventures’ equity 1,167.7 1,126.1 Total liabilities and joint ventures’ equity $ 2,234.0 $ 2,173.7 AECOM’s investment in unconsolidated joint ventures $ 132.5 $ 139.2 Three Months Ended December 31, December 31, 2023 2022 (in millions) Revenue $ 341.6 $ 329.5 Cost of revenue 318.3 293.0 Gross profit $ 23.3 $ 36.5 Net income $ 22.9 $ 35.3
Schedule of AECOM's equity in earnings of unconsolidated joint ventures	Three Months Ended December 31, December 31, 2023 2022 (in millions) Pass-through joint ventures $ 7.9 $ 4.2 Other joint ventures (36.8) 5.6 Total $ (28.9) $ 9.8

Pension Benefit Obligations (Ta

Pension Benefit Obligations (Tables)	3 Months Ended
Pension Benefit Obligations (Tables)	Dec. 31, 2023
Pension Benefit Obligations
Schedule of components of net periodic cost for the Company's pension and post-retirement plans	Three Months Ended December 31, 2023 December 31, 2022 U.S. Int’l U.S. Int’l (in millions) Components of net periodic benefit cost: Service costs $ — $ 0.1 $ — $ 0.1 Interest cost on projected benefit obligation 2.4 10.7 2.5 11.5 Expected return on plan assets (1.4) (14.1) (1.5) (14.7) Amortization of net loss/(gain) 0.8 (0.6) 0.9 (0.1) Net periodic benefit cost (credit) $ 1.8 $ (3.9) $ 1.9 $ (3.2)

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Dec. 31, 2023
Debt
Schedule of debt	December 31, September 30, 2023 2023 (in millions) Credit Agreement $ 1,112.4 $ 1,119.8 2027 Senior Notes 997.3 997.3 Other debt 105.3 100.2 Total debt 2,215.0 2,217.3 Less: Current portion of debt and short-term borrowings (91.6) (89.5) Less: Unamortized debt issuance costs (13.2) (14.4) Long-term debt $ 2,110.2 $ 2,113.4
Schedule of maturities of debt	December 31, September 30, 2023 2023 (in millions) Credit Agreement $ 1,112.4 $ 1,119.8 2027 Senior Notes 997.3 997.3 Other debt 105.3 100.2 Total debt 2,215.0 2,217.3 Less: Current portion of debt and short-term borrowings (91.6) (89.5) Less: Unamortized debt issuance costs (13.2) (14.4) Long-term debt $ 2,110.2 $ 2,113.4 The following table presents, in millions, scheduled maturities of the Company’s debt as of December 31, 2023: Fiscal Year 2024 (nine months remaining) $ 77.6 2025 52.7 2026 415.7 2027 1,012.3 2028 656.7 Total $ 2,215.0

Derivative Financial Instrume_2

Derivative Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2023
Derivative Financial Instruments and Fair Value Measurements
Schedule of notional principle, fixed rates and related expiration dates of outstanding interest rate swap agreements	December 31, 2023 Notional Amount Notional Amount Fixed Effective Expiration Currency (in millions) Rate Date Date USD 400.0 1.283% February 2023 March 2028 September 30, 2023 Notional Amount Notional Amount Fixed Effective Expiration Currency (in millions) Rate Date Date USD 400.0 1.283% February 2023 March 2028

Share-based Payments (Tables)

Share-based Payments (Tables)	3 Months Ended
Share-based Payments (Tables)	Dec. 31, 2023
Share-based Payments
Schedule of restricted stock units and PEP units activity	2023 2022 Weighted Weighted Weighted Weighted Average Average Average Average Restricted Grant-Date Grant-Date Restricted Grant-Date Grant-Date Stock Units Fair Value PEP Units Fair Value Stock Units Fair Value PEP Units Fair Value (in millions) (in millions) (in millions) (in millions) Outstanding at September 30, 0.8 $ 68.34 0.7 $ 75.54 1.0 $ 53.05 0.7 $ 60.60 Granted 0.3 $ 92.27 0.2 $ 104.66 0.3 $ 83.60 0.2 $ 94.65 PEP units earned — $ — 0.2 $ 52.50 — $ — 0.2 $ 43.19 Vested (0.3) $ 47.82 (0.4) $ 52.50 (0.4) $ 43.44 (0.4) $ 43.19 Outstanding at December 31, 0.8 $ 83.56 0.7 $ 95.29 0.9 $ 65.61 0.7 $ 75.73

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2023
Earnings Per Share
Schedule of reconciliation of the denominators for basic and diluted EPS	Three Months Ended December 31, December 31, 2023 2022 (in millions) Denominator for basic earnings per share 135.9 138.7 Potential common shares 1.2 1.9 Denominator for diluted earnings per share 137.1 140.6

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases
Schedule of components of lease expenses	Three Months Ended December 31, 2023 December 31, 2022 (in millions) Operating lease cost $ 37.4 $ 41.5 Finance lease cost Amortization of right-of-use assets 6.8 5.1 Interest on lease liabilities 0.8 0.6 Variable lease cost 8.9 7.9 Total lease cost $ 53.9 $ 55.1
Schedule of additional balance sheet information related to leases	As of As of (in millions except as noted) Balance Sheet Classification December 31, 2023 September 30, 2023 Assets: Operating lease assets Operating lease right-of-use assets $ 437.8 $ 447.0 Finance lease assets Property and equipment – net 70.5 64.8 Total lease assets $ 508.3 $ 511.8 Liabilities: Current: Operating lease liabilities Accrued expenses and other current liabilities $ 144.9 $ 139.8 Finance lease liabilities Current portion of long-term debt 27.0 25.0 Total current lease liabilities 171.9 164.8 Non-current: Operating lease liabilities Operating lease liabilities, noncurrent 523.3 548.9 Finance lease liabilities Long-term debt 42.9 39.8 Total non-current lease liabilities $ 566.2 $ 588.7 As of As of December 31, 2023 September 30, 2023 Weighted average remaining lease term (in years): Operating leases 6.2 6.4 Finance leases 2.9 2.9 Weighted average discount rates: Operating leases 4.9 % 4.3 % Finance leases 4.2 % 4.1 %
Schedule of additional cash flow information related to leases	Three Months Ended December 31, December 31, 2023 2022 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 46.2 $ 49.0 Operating cash flows from finance leases 0.8 0.6 Financing cash flows from finance leases 7.6 5.4 Right-of-use assets obtained in exchange for new operating leases 11.6 26.9 Right-of-use assets obtained in exchange for new finance leases 11.5 10.8
Schedule of total remaining lease payments under the Company's operating and finance leases	Operating Leases Finance Leases Fiscal Year (in millions) 2024 (nine months remaining) $ 134.3 $ 22.5 2025 149.8 24.7 2026 117.3 17.7 2027 88.4 8.9 2028 77.2 0.8 Thereafter 218.6 — Total lease payments $ 785.6 $ 74.6 Less: Amounts representing interest $ (117.4) $ (4.7) Total lease liabilities $ 668.2 $ 69.9

Other Financial Information (Ta

Other Financial Information (Tables)	3 Months Ended
Other Financial Information (Tables)	Dec. 31, 2023
Other Financial Information
Schedule of accrued expenses and other current liabilities	December 31, September 30, 2023 2023 (in millions) Accrued salaries and benefits $ 564.5 $ 599.8 Accrued contract costs 1,423.4 1,340.4 Other accrued expenses 432.1 347.3 Total $ 2,420.0 $ 2,287.5

Reclassifications out of Accu_2

Reclassifications out of Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Dec. 31, 2023
Reclassifications out of Accumulated Other Comprehensive Loss
Schedule of accumulated balances and reporting period activities related to reclassifications out of accumulated other comprehensive loss	The accumulated balances and reporting period activities for the three months ended December 31, 2023 and 2022 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions): Foreign Accumulated Pension Currency Gain/(Loss) on Other Related Translation Derivative Comprehensive Adjustments Adjustments Instruments Loss Balances at September 30, 2023 $ (226.0) $ (739.7) $ 39.1 $ (926.6) Other comprehensive (loss) income before reclassification (9.1) 60.0 (10.6) 40.3 Amounts reclassified from accumulated other comprehensive loss 0.1 — (3.6) (3.5) Balances at December 31, 2023 $ (235.0) $ (679.7) $ 24.9 $ (889.8) Foreign Accumulated Pension Currency Gain/(Loss) on Other Related Translation Derivative Comprehensive Adjustments Adjustments Instruments Loss Balances at September 30, 2022 $ (217.3) $ (799.3) $ 36.9 $ (979.7) Other comprehensive income (loss) before reclassification (15.4) 77.9 (1.8) 60.7 Amounts reclassified from accumulated other comprehensive income (loss) 0.6 — — 0.6 Balances at December 31, 2022 $ (232.1) $ (721.4) $ 35.1 $ (918.4)

Reportable Segments (Tables)

Reportable Segments (Tables)	3 Months Ended
Reportable Segments (Tables)	Dec. 31, 2023
Reportable Segments
Summary of financial information concerning the Company's reportable segments	AECOM Reportable Segments: Americas International Capital Corporate Total ( in millions) Three Months Ended December 31, 2023: Revenue $ 3,038.7 $ 861.0 $ 0.2 $ — $ 3,899.9 Gross profit 171.0 72.8 0.2 — 244.0 Equity in earnings of joint ventures 3.6 4.3 (36.9) — (29.0) General and administrative expenses — — (2.4) (33.3) (35.7) Restructuring costs — — — (16.2) (16.2) Operating income (loss) $ 174.6 $ 77.1 $ (39.1) $ (49.5) $ 163.1 Gross profit as a % of revenue 5.6 % 8.5 % — — 6.3 % Three Months Ended December 31, 2022: Revenue $ 2,579.3 $ 802.8 $ 0.3 $ — $ 3,382.4 Gross profit 162.9 51.8 0.3 — 215.0 Equity in earnings of joint ventures 0.9 3.3 5.6 — 9.8 General and administrative expenses — — (2.7) (32.9) (35.6) Restructuring costs — — — (37.5) (37.5) Operating income $ 163.8 $ 55.1 $ 3.2 $ (70.4) $ 151.7 Gross profit as a % of revenue 6.3 % 6.5 % — — 6.4 % Reportable Segments: Total assets December 31, 2023 $ 7,602.3 $ 2,663.2 $ 54.4 $ 984.1 September 30, 2023 $ 7,433.1 $ 2,536.2 $ 64.5 $ 1,104.4

Basis of Presentation (Details)

Basis of Presentation (Details)	3 Months Ended
Basis of Presentation (Details)	Dec. 31, 2023
Minimum
Basis of presentation
Length of fiscal year	364 days
Maximum
Basis of presentation
Length of fiscal year	371 days

Discontinued Operations, Good_3

Discontinued Operations, Goodwill, and Intangible Assets - Sale of businesses (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Held for sale \| Civil infrastructure construction business
Discontinued Operations, Goodwill and Intangible Assets
Loss on disposal of business	$ 38.9

Discontinued Operations, Good_4

Discontinued Operations, Goodwill, and Intangible Assets - Balance sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Summary of financial information of the Disposal Group is as follows:
Long-term liabilities held for sale	$ 828	$ 792
Held for sale
Summary of financial information of the Disposal Group is as follows:
Cash and cash equivalents	1,000	1,900
Receivables and contract assets	84,900	93,300
Current assets held for sale	85,900	95,200
Property and equipment, net	14,200	14,200
Write-down of assets to fair value less cost to sell	(14,200)	(14,200)
Accounts payable and accrued expenses	39,400	45,600
Current liabilities held for sale	39,400	45,600
Long-term liabilities held for sale	$ 800	$ 800

Discontinued Operations, Good_5

Discontinued Operations, Goodwill, and Intangible Assets - Income statement information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Discontinued Operations, Goodwill and Intangible Assets
Net loss from discontinuing operations	$ (1,287)	$ (388)
Held for sale
Discontinued Operations, Goodwill and Intangible Assets
Revenue	54,600	41,700
Cost of revenue	52,700	40,300
Gross profit	1,900	1,400
Equity in earnings of joint ventures		(1,700)
Loss on disposal activities	(3,500)
Transaction costs		(200)
Loss from operations	(1,600)	(500)
Other loss	(600)
Loss before taxes	(2,200)	(500)
Income tax benefit	(900)	(100)
Net loss from discontinuing operations	$ (1,300)	$ (400)

Discontinued Operations, Good_6

Discontinued Operations, Goodwill, and Intangible Assets - Statement of cash flows (Details) $ in Millions	3 Months Ended
	Dec. 31, 2022 USD ($)
Held for sale
Discontinued Operations, Goodwill and Intangible Assets
Payments for capital expenditures	$ (4)

Discontinued Operations, Good_7

Discontinued Operations, Goodwill, and Intangible Assets - Goodwill by segments (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2023 USD ($)
Changes in the carrying value of goodwill by reporting segment
Goodwill at the beginning of the period	$ 3,418,930
Foreign exchange impact	29,500
Acquired	10,300
Goodwill at the end of the period	3,458,675
Americas
Changes in the carrying value of goodwill by reporting segment
Goodwill at the beginning of the period	2,614,000
Foreign exchange impact	4,400
Acquired	10,300
Goodwill at the end of the period	2,628,700
International
Changes in the carrying value of goodwill by reporting segment
Goodwill at the beginning of the period	804,900
Foreign exchange impact	25,100
Goodwill at the end of the period	$ 830,000

Discontinued Operations, Good_8

Discontinued Operations, Goodwill, and Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Discontinued Operations, Goodwill and Intangible Assets
Intangible Assets, Net	$ 20,745	$ 17,769
Backlog and Customer relationships
Discontinued Operations, Goodwill and Intangible Assets
Gross Amount	671,300	663,800
Accumulated Amortization	(650,600)	(646,000)
Intangible Assets, Net	$ 20,700	$ 17,800
Backlog and Customer relationships \| Minimum
Discontinued Operations, Goodwill and Intangible Assets
Amortization Period	1 year
Backlog and Customer relationships \| Maximum
Discontinued Operations, Goodwill and Intangible Assets
Amortization Period	11 years

Discontinued Operations, Good_9

Discontinued Operations, Goodwill, and Intangible Assets - Amortization expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Discontinued Operations, Goodwill, and Intangible Assets
Amortization expense	$ 4,600	$ 4,700
Discontinued Operations, Goodwill and Intangible Assets
2024 (nine months remaining)	13,700
2025	2,200
2026	1,500
2027	1,500
2028	1,500
Thereafter	300
Intangible Assets, Net	$ 20,745		$ 17,769

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Billions	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Billions	Dec. 31, 2023	Dec. 31, 2022
ASU 2014-09
Revenue Recognition
Passed through costs included in revenue and cost of sales	$ 2.2	$ 1.8

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition
Total revenue	$ 3,899.9	$ 3,382.4
Americas
Revenue Recognition
Total revenue	3,038.9	2,579.6
Europe, Middle East, India, Africa
Revenue Recognition
Total revenue	495.4	448
Asia-Australia-Pacific
Revenue Recognition
Total revenue	365.6	354.8
Cost reimbursable
Revenue Recognition
Total revenue	1,617.2	1,514.9
Guaranteed maximum price
Revenue Recognition
Total revenue	1,414.9	1,088.2
Fixed-price
Revenue Recognition
Total revenue	$ 867.8	$ 779.3

Revenue Recognition - Performan

Revenue Recognition - Performance obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition
Performance obligation	$ 21,800
Recognized revenue	$ 527	$ 423
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue Recognition
Performance obligation, percent to be satisfied	55%
Performance obligation expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue Recognition
Performance obligation expected timing of satisfaction period	2 years

Revenue Recognition - Accounts

Revenue Recognition - Accounts receivable, net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Billed	$ 2,031,200	$ 2,122,200
Contract retentions	575,900	516,500
Total accounts receivable-gross	2,607,100	2,638,700
Allowance for doubtful accounts and credit losses	(82,600)	(94,200)
Total accounts receivable-net	$ 2,524,502	2,544,453
Additional disclosures
Unbilled receivables are expected to be billed and collected (in months)	12 months
Significant claims recorded in contract assets and other non-current assets	$ 160,000	160,000
Trade receivables sold with no financial and legal obligations	$ 298,500	$ 291,000
Outstanding receivables
Additional disclosures
Number of customers accounting for 10%	No	No
Concentration Risk Threshold Percentage	10%	10%

Joint Ventures and Variable I_3

Joint Ventures and Variable Interest Entities - Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Joint Ventures and Variable Interest Entities
Current assets	$ 6,282,032		$ 6,169,511
TOTAL ASSETS	11,389,921		11,233,398
Current liabilities	6,002,486		5,850,283
TOTAL LIABILITIES	8,961,703		8,849,687
Total AECOM deficit	2,247,296		2,212,332
Noncontrolling interests	180,922		171,379
TOTAL STOCKHOLDERS' EQUITY	2,428,218	$ 2,692,893	2,383,711	$ 2,605,379
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	11,389,921		11,233,398
Revenue	3,899,920	3,382,355
Consolidated joint ventures
Joint Ventures and Variable Interest Entities
Current assets	790,200		806,300
Non-current assets	79,100		75,900
TOTAL ASSETS	869,300		882,200
Current liabilities	769,700		779,600
Non-current liabilities	1,500		1,500
TOTAL LIABILITIES	771,200		781,100
Total AECOM deficit	(68,800)		(54,900)
Noncontrolling interests	166,900		156,000
TOTAL STOCKHOLDERS' EQUITY	98,100		101,100
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	869,300		$ 882,200
Revenue	$ 505,100	$ 484,800

Joint Ventures and Variable I_4

Joint Ventures and Variable Interest Entities - Unconsolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Financial Information
Current assets	$ 6,282,032		$ 6,169,511
TOTAL ASSETS	11,389,921		11,233,398
Current liabilities	6,002,486		5,850,283
TOTAL LIABILITIES	8,961,703		8,849,687
Joint ventures' equity	2,428,218	$ 2,692,893	2,383,711	$ 2,605,379
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	11,389,921		11,233,398
AECOM's investment in unconsolidated joint ventures	132,460		139,236
Joint ventures summarized financial information
Revenue	3,899,920	3,382,355
Cost of revenue	3,655,950	3,167,367
Gross profit	243,970	214,988
Net income	108,594	96,763
Unconsolidated joint ventures
Financial Information
Current assets	1,203,200		1,177,400
Non-current assets	1,030,800		996,300
TOTAL ASSETS	2,234,000		2,173,700
Current liabilities	626,800		605,900
Non-current liabilities	439,500		441,700
TOTAL LIABILITIES	1,066,300		1,047,600
Joint ventures' equity	1,167,700		1,126,100
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,234,000		2,173,700
AECOM's investment in unconsolidated joint ventures	132,500		$ 139,200
Joint ventures summarized financial information
Revenue	341,600	329,500
Cost of revenue	318,300	293,000
Gross profit	23,300	36,500
Net income	$ 22,900	$ 35,300

Joint Ventures and Variable I_5

Joint Ventures and Variable Interest Entities - Equity in Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financial Information
Equity in (losses) earnings of joint ventures	$ (28,941)	$ 9,829
Unconsolidated joint ventures
Financial Information
Equity in (losses) earnings of joint ventures	(28,900)	9,800
Unconsolidated joint ventures \| Pass-through joint ventures
Financial Information
Equity in (losses) earnings of joint ventures	7,900	4,200
Unconsolidated joint ventures \| Other joint ventures
Financial Information
Equity in (losses) earnings of joint ventures	$ (36,800)	$ 5,600

Pension Benefit Obligations (De

Pension Benefit Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Percentage of Plan Assets:
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income	Other Nonoperating Income
United States
Percentage of Plan Assets:
Interest cost on projected benefit obligation	$ 2.4	$ 2.5
Expected return on plan assets	(1.4)	(1.5)
Amortization of net loss/(gain)	0.8	0.9
Net periodic benefit cost (credit)	1.8	1.9
Change in benefit obligation:
Employer contributions	2.3
Expected remaining scheduled annual employer contributions for the current fiscal year	10.6
International
Percentage of Plan Assets:
Service costs	0.1	0.1
Interest cost on projected benefit obligation	10.7	11.5
Expected return on plan assets	(14.1)	(14.7)
Amortization of net loss/(gain)	(0.6)	(0.1)
Net periodic benefit cost (credit)	(3.9)	$ (3.2)
Change in benefit obligation:
Employer contributions	6.2
Expected remaining scheduled annual employer contributions for the current fiscal year	$ 16

Debt - Long-term debt (Details)

Debt - Long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Debt
Total debt	$ 2,215,000	$ 2,217,300
Less: Current portion of debt and short-term borrowings	(91,600)	(89,500)
Less: Unamortized debt issuance costs	(13,200)	(14,400)
Long-term debt	2,110,203	2,113,369
Credit Agreement
Debt
Total debt	1,112,400	1,119,800
2027 Senior Notes
Debt
Total debt	997,300	997,300
Other Debt
Debt
Total debt	$ 105,300	$ 100,200

Debt - Scheduled Maturities (De

Debt - Scheduled Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Debt
2024 (nine months remaining)	$ 77.6
2025	52.7
2026	415.7
2027	1,012.3
2028	656.7
Total	$ 2,215	$ 2,217.3

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details)	May 23, 2023	Feb. 08, 2021 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 25, 2021 USD ($)	Apr. 13, 2021 USD ($)
2014 Credit Agreement \| Base Rate
Debt agreements
Interest rate, basis spread (as a percent)	0.75%
2014 Credit Agreement \| SOFR
Debt agreements
Interest rate, basis spread (as a percent)	1.75%
2014 Credit Agreement \| Term loan A
Debt agreements
Maximum borrowing capacity					$ 215,000,000
Credit Agreement
Debt agreements
Consolidated leverage ratio			2
Credit Agreement \| Base Rate
Debt agreements
Interest rate, basis spread (as a percent)		0.225%
Credit Agreement \| SOFR
Debt agreements
Interest rate, basis spread (as a percent)		1.225%
Credit Agreement \| Minimum
Debt agreements
Consolidated interest coverage ratio		3
Credit Agreement \| Maximum
Debt agreements
Consolidated leverage ratio		4
Credit Agreement \| Term loan A
Debt agreements
Maximum borrowing capacity		$ 246,968,737.50
Credit Agreement \| Term B facility
Debt agreements
Maximum borrowing capacity						$ 700,000,000
Credit Agreement \| Revolving credit facility
Debt agreements
Maximum borrowing capacity		$ 1,150,000,000
Current borrowing capacity			$ 1,145,600,000	$ 1,145,600,000
Outstanding letters of credit			$ 4,400,000	$ 4,400,000
2024 Senior Notes
Debt agreements
Cash tender offer to purchase						$ 700,000,000
Interest rate (as a percent)					5.875%	5.875%

Debt - 2027 Senior Notes (Detai

Debt - 2027 Senior Notes (Details) - 2027 Senior Notes - USD ($)	Feb. 21, 2017	Dec. 31, 2023
Debt
Face amount	$ 1,000,000,000
Interest rate (as a percent)	5.125%
Fair value of debt instrument		$ 979,800,000
At any time and from time to time prior to December 15, 2026
Debt
Redemption price (in percent)	100%
At any time on or after December 15, 2026
Debt
Redemption price (in percent)	100%

Debt - Other Debt and Other Ite

Debt - Other Debt and Other Items (Details) - Other Debt - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023
Unsecured
Debt
Current borrowing capacity	$ 406.1
Standby Letters of Credit
Debt
Outstanding letters of credit	$ 887.6	$ 878.9

Debt - Effective Interest Rate

Debt - Effective Interest Rate (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt
Effective interest rate including effects of interest rate swap agreements	5.40%	5.10%
Amortization of deferred debt issuance costs	$ 1.2	$ 1.2

Derivative Financial Instrume_3

Derivative Financial Instruments and Fair Value Measurements - Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2022	Sep. 30, 2021
Interest Rate Cap
Derivative financial instruments
Notional Amount			$ 300
Interest Rate Cap \| Maximum
Derivative financial instruments
Fixed Rate (as a percent)			3.465%
Interest Rate Swap
Derivative financial instruments
Notional Amount				$ 400
Fixed Rate (as a percent)				1.283%
Spread Rate (as a percent)			3.465%
Designated as Hedging Instrument \| Interest Rate Swap \| USD \| February 2023
Derivative financial instruments
Notional Amount	$ 400	$ 400
Fixed Rate (as a percent)	1.283%	1.283%

Derivative Financial Instrume_4

Derivative Financial Instruments and Fair Value Measurements - Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Interest Rate Swap and Interest Rate Cap \| Other current assets
Derivative financial instruments
Fair values of the interest rate swap and cap agreements	$ 13.9	$ 17.2
Interest Rate Swap and Interest Rate Cap \| Other non-current assets
Derivative financial instruments
Fair values of the interest rate swap and cap agreements	23.5	$ 37.5
Interest Rate Swap and Interest Rate Cap \| Other long-term liabilities
Derivative financial instruments
Fair values of the interest rate swap and cap agreements	2.4
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest Rate Swap
Derivative financial instruments
Losses recognized in income	$ 0

Share-Based Payments - Restrict

Share-Based Payments - Restricted stock unit, PEP unit, and Stock Option activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Other disclosures
Unrecognized compensation expense	$ 83.6		$ 48.3
Recognition period of unrecognized compensation expense	3 years		3 years
Restricted Stock Units
Units
Outstanding at beginning (in units)	0.8	1	1
Granted (in units)	0.3	0.3
Vested (in shares)	(0.3)	(0.4)
Outstanding at ending (in units)	0.8	0.9	0.8
Weighted Average Grant-Date Fair Value
Outstanding at beginning (in USD per unit)	$ 68.34	$ 53.05	$ 53.05
Granted (in USD per unit)	92.27	83.60
Vested (in USD per unit)	47.82	43.44
Outstanding at ending (in USD per unit)	$ 83.56	$ 65.61	$ 68.34
Other disclosures
Compensation expense related to share-based payments	$ 15.1	$ 11.9
PEP Units
Share-based Payments
Vesting period	3 years
Units
Outstanding at beginning (in units)	0.7	0.7	0.7
Granted (in units)	0.2	0.2
PEP units earned (in units)	0.2	0.2
Vested (in shares)	(0.4)	(0.4)
Outstanding at ending (in units)	0.7	0.7	0.7
Weighted Average Grant-Date Fair Value
Outstanding at beginning (in USD per unit)	$ 75.54	$ 60.60	$ 60.60
Granted (in USD per unit)	104.66	94.65
PEP units earned (in USD per unit)	52.50	43.19
Vested (in USD per unit)	52.50	43.19
Outstanding at ending (in USD per unit)	$ 95.29	$ 75.73	$ 75.54

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Effective tax rate (as a percent)	19.50%	21%
Tax at federal statutory rate (as a percent)	21%	21%
Tax benefit related to income tax credits and incentives	$ 13	$ 8.6
Tax expense related to foreign residual income	11.3	$ 8.5
Tax expense related to state income taxes	4.2
Tax expense related to audit settlement	6.9
Tax expense related to valuation allowances	4.4
Gross book-tax differences from non-U.S. subsidiaries	$ 1,300

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
Earnings Per Share (Details) - shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share
Denominator for basic earnings per share	135,897	138,687
Potential common shares	1,200	1,900
Denominator for diluted earnings per share	137,101	140,642

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating lease cost
Operating lease cost	$ 37.4	$ 41.5
Finance lease cost
Amortization of right-of-use assets	6.8	5.1
Interest on lease liabilities	0.8	0.6
Variable lease cost	8.9	7.9
Total lease cost	$ 53.9	$ 55.1

Leases - Additional balance she

Leases - Additional balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Assets:
Operating lease assets	$ 437,822	$ 447,044
Balance Sheet classification of operating lease assets	Operating lease assets	Operating lease assets
Finance lease assets	$ 70,500	$ 64,800
Balance Sheet classification of finance lease assets	PROPERTY AND EQUIPMENT-NET	PROPERTY AND EQUIPMENT-NET
Total lease assets	$ 508,300	$ 511,800
Current:
Operating lease liabilities	$ 144,900	$ 139,800
Balance Sheet classification of operating lease liabilities	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance lease liabilities	$ 27,000	$ 25,000
Balance Sheet classification of finance lease liabilities	Current portion of long-term debt	Current portion of long-term debt
Total current lease liabilities	$ 171,900	$ 164,800
Non-current:
Operating lease liabilities	$ 523,275	$ 548,851
Balance Sheet classification of operating lease liabilities	Operating lease liabilities	Operating lease liabilities
Finance lease liabilities	$ 42,900	$ 39,800
Balance Sheet classification of finance lease liabilities	LONG-TERM DEBT	LONG-TERM DEBT
Total non-current lease liabilities	$ 566,200	$ 588,700
Weighted average remaining lease term (in years):
Operating leases	6 years 2 months 12 days	6 years 4 months 24 days
Finance leases	2 years 10 months 24 days	2 years 10 months 24 days
Weighted average discount rates:
Operating leases	4.90%	4.30%
Finance leases	4.20%	4.10%

Leases - Additional cash flow i

Leases - Additional cash flow information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 46.2	$ 49
Operating cash flows from finance leases	0.8	0.6
Financing cash flows from finance leases	7.6	5.4
Right-of-use assets obtained in exchange for new operating leases	11.6	26.9
Right-of-use assets obtained in exchange for new finance leases	$ 11.5	$ 10.8

Leases - Lease payments under o

Leases - Lease payments under operating lease (Details) $ in Millions	Dec. 31, 2023 USD ($)
Amounts payable under non-cancelable operating lease commitments
2024 (nine months remaining)	$ 134.3
2025	149.8
2026	117.3
2027	88.4
2028	77.2
Thereafter	218.6
Total lease payments	785.6
Less: Amounts representing interest	(117.4)
Total lease liabilities	$ 668.2

Leases - Lease payments under f

Leases - Lease payments under finance lease (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases
2024 (nine months remaining)	$ 22.5
2025	24.7
2026	17.7
2027	8.9
2028	0.8
Total lease payments	74.6
Less: Amounts representing interest	(4.7)
Total lease liabilities	$ 69.9

Other Financial Information (De

Other Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Nov. 13, 2023	Sep. 30, 2023
Accrued expenses and other current liabilities
Accrued salaries and benefits	$ 564,500			$ 599,800
Accrued contract costs	1,423,400			1,340,400
Other accrued expenses	432,100			347,300
Total	2,419,998			2,287,546
Restructuring costs	16,180	$ 37,459
Accrued restructuring expenses	5,000
Restructuring cost related to margins and delivery efficiency		1,300
Dividend paid per share in cash			$ 0.22
Accrued and unpaid dividend	32,300
Personnel and other costs
Accrued expenses and other current liabilities
Restructuring costs	8,700	32,600
Real estate costs
Accrued expenses and other current liabilities
Restructuring costs	7,500
Real estate costs \| Russia
Accrued expenses and other current liabilities
Restructuring costs		$ 36,200
Professional liability accrual
Accrued expenses and other current liabilities
Accrued contract costs	$ 813,800			$ 809,600

Reclassifications out of Accu_3

Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accumulated balances
Balance at the beginning of the period	$ (926,577)
Balance at the end of the period	(889,788)
Pension Related Adjustments
Accumulated balances
Balance at the beginning of the period	(226,000)	$ (217,300)
Other comprehensive (loss) income before reclassification	(9,100)	(15,400)
Amounts reclassified from accumulated other comprehensive loss	100	600
Balance at the end of the period	(235,000)	(232,100)
Foreign Currency Translation Adjustments
Accumulated balances
Balance at the beginning of the period	(739,700)	(799,300)
Other comprehensive (loss) income before reclassification	60,000	77,900
Balance at the end of the period	(679,700)	(721,400)
Gain/(Loss) on Derivative Instruments
Accumulated balances
Balance at the beginning of the period	39,100	36,900
Other comprehensive (loss) income before reclassification	(10,600)	(1,800)
Amounts reclassified from accumulated other comprehensive loss	(3,600)
Balance at the end of the period	24,900	35,100
Accumulated Other Comprehensive Loss
Accumulated balances
Balance at the beginning of the period	(926,600)	(979,700)
Other comprehensive (loss) income before reclassification	40,300	60,700
Amounts reclassified from accumulated other comprehensive loss	(3,500)	600
Balance at the end of the period	$ (889,800)	$ (918,400)

Commitments and Contingencies -

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Standby letters of credit
Commitments and Contingencies
Outstanding standby letters of credit	$ 887.6	$ 878.9
Amount available	406.1
Contingency liability	891.9
Surety Bond
Commitments and Contingencies
Contingency liability	4,900
Fund investment capital
Commitments and Contingencies
Commitment	$ 7.1
Commitment period	5 years

Commitments and Contingencies_2

Commitments and Contingencies - DOE Project (Details) - Task order to provide deactivation, demolition and removal services at New York State project site - USD ($) $ in Millions	Jan. 31, 2020	Dec. 06, 2019	Dec. 31, 2023	Dec. 31, 2014
Commitments and Contingencies
Percentage of claim recoveries due to purchaser	10%
Percentage of claim recoveries due to seller	90%
Former Affiliate
Commitments and Contingencies
Minimum project cost to pay			$ 146
Department of Energy
Commitments and Contingencies
Maximum project cost to pay			106
Additional fees on changed work scope		$ 60.4		$ 103
Former Affiliate and DOE
Commitments and Contingencies
Maximum project cost to pay			146
Minimum project cost to pay			$ 106
Former Affiliate \| Department of Energy \| Minimum
Commitments and Contingencies
Damages sought		148.5
Former Affiliate \| Department of Energy \| Maximum
Commitments and Contingencies
Damages sought		$ 329.4

Commitments and Contingencies_3

Commitments and Contingencies - Refinery Turnaround Project (Details) - Refinery Turnaround Project - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2019	Apr. 30, 2019	Mar. 31, 2019	Dec. 31, 2023
Commitments and Contingencies
Amount of work outside original contract				$ 90
Payment entitled to				$ 144
Construction lien against the refinery for unpaid labor and materials costs		$ 132
A Refinery in Montana
Commitments and Contingencies
Damages sought, counter party	$ 93		$ 79

Reportable Segments - Summarize

Reportable Segments - Summarized financial information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Summarized financial information concerning the Company's reportable segments
Revenue	$ 3,899,920	$ 3,382,355
Gross profit	243,970	214,988
Equity in earnings of joint ventures	(28,941)	9,829
General and administrative expenses	(35,724)	(35,612)
Restructuring costs	(16,180)	(37,459)
Operating income (loss)	163,125	151,746
Segment assets	11,389,921		$ 11,233,398
Total
Summarized financial information concerning the Company's reportable segments
Revenue	3,899,900	3,382,400
Gross profit	244,000	215,000
Equity in earnings of joint ventures	(29,000)	9,800
General and administrative expenses	(35,700)	(35,600)
Restructuring costs	(16,200)	(37,500)
Operating income (loss)	$ 163,100	$ 151,700
Gross profit as a % of revenue	6.30%	6.40%
Operating Segments \| Americas
Summarized financial information concerning the Company's reportable segments
Revenue	$ 3,038,700	$ 2,579,300
Gross profit	171,000	162,900
Equity in earnings of joint ventures	3,600	900
Operating income (loss)	$ 174,600	$ 163,800
Gross profit as a % of revenue	5.60%	6.30%
Segment assets	$ 7,602,300		7,433,100
Operating Segments \| International
Summarized financial information concerning the Company's reportable segments
Revenue	861,000	$ 802,800
Gross profit	72,800	51,800
Equity in earnings of joint ventures	4,300	3,300
Operating income (loss)	$ 77,100	$ 55,100
Gross profit as a % of revenue	8.50%	6.50%
Segment assets	$ 2,663,200		2,536,200
Operating Segments \| AECOM Capital
Summarized financial information concerning the Company's reportable segments
Revenue	200	$ 300
Gross profit	200	300
Equity in earnings of joint ventures	(36,900)	5,600
General and administrative expenses	(2,400)	(2,700)
Operating income (loss)	(39,100)	3,200
Segment assets	54,400		64,500
Corporate
Summarized financial information concerning the Company's reportable segments
General and administrative expenses	(33,300)	(32,900)
Restructuring costs	(16,200)	(37,500)
Operating income (loss)	(49,500)	$ (70,400)
Segment assets	$ 984,100		$ 1,104,400

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 94,438	$ 87,945

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false