Annual report pursuant to Section 13 and 15(d)

Business and summary of significant accounting policies (Tables)

v3.19.3
Business and summary of significant accounting policies (Tables)
12 Months Ended
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The adoption of Topic 606 resulted in the following changes to our opening balance sheet:
(dollars in thousands) Balance at September 30, 2018 Adjustments due to adoption of new standard Opening balance at October 1, 2018
Assets
Accounts receivable - unbilled $ 31,536    $ 35,414    $ 66,950   
Deferred income taxes 6,834    (6,625)   209   
Liabilities and shareholders' equity
Deferred revenue - current 51,182    (11,767)   39,415   
Deferred income taxes - long-term 26,377    7,074    33,451   
Retained earnings 633,281    32,929    666,210   
Noncontrolling interests 2,552    553    3,105   
  
The table below shows the effects of the adoption of Topic 606 on our consolidated statements of operations for the year ended September 30, 2019.
  Twelve months ended September 30, 2019
(dollars in thousands, except per share data) Balance under previous accounting guidance Adjustments due to adoption of new standard Balance as reported
Revenue $ 2,883,697    $ 3,118    $ 2,886,815   
Income before income taxes 314,202    3,118    317,320   
Provision for income taxes 75,539    1,286    76,825   
Net income 238,663    1,832    240,495   
(Loss)/income attributable to noncontrolling interests (977)   648    (329)  
Net income attributable to MAXIMUS $ 239,640    $ 1,184    $ 240,824   
Basic earnings per share attributable to MAXIMUS $ 3.72    $ 0.01    $ 3.73   
Diluted earnings per share attributable to MAXIMUS $ 3.70    $ 0.02    $ 3.72   
The effect on our balance sheet would have been as follows:
(dollars in thousands) Balance at September 30, 2019 under previous accounting guidance Adjustments due to adoption of new standard Balance at September 30, 2019 as reported
Assets
Accounts receivable - unbilled $ 88,390    $ 35,494    $ 123,884   
Deferred income taxes 8,065    (7,879)   186   
Liabilities and shareholders' equity
Deferred revenue - current 54,834    (11,490)   43,344   
Deferred income taxes - long-term 41,055    5,505    46,560   
Common stock 497,232    1,201    498,433   
Accumulated other comprehensive loss (43,018)   (2,362)   (45,380)  
Retained earnings 759,978    34,761    794,739   
Schedule of Cash and Cash Equivalents Our balances for cash, cash equivalents and restricted cash are as follows:
Balance as of
(dollars in thousands) September 30, 2019 September 30, 2018 September 30, 2017 September 30, 2016
Cash and cash equivalents $ 105,565    $ 349,245    $ 166,252    $ 66,199   
Restricted cash (recorded within "other current assets") 10,927    7,314    13,475    14,094   
Cash, cash equivalents and restricted cash $ 116,492    $ 356,559    $ 179,727    $ 80,293   
Restrictions on Cash and Cash Equivalents Our balances for cash, cash equivalents and restricted cash are as follows:
Balance as of
(dollars in thousands) September 30, 2019 September 30, 2018 September 30, 2017 September 30, 2016
Cash and cash equivalents $ 105,565    $ 349,245    $ 166,252    $ 66,199   
Restricted cash (recorded within "other current assets") 10,927    7,314    13,475    14,094   
Cash, cash equivalents and restricted cash $ 116,492    $ 356,559    $ 179,727    $ 80,293