Quarterly report pursuant to Section 13 or 15(d)

Organization and Basis of Presentation (Tables)

v3.19.2
Organization and Basis of Presentation (Tables)
9 Months Ended
Jun. 30, 2019
Accounting Standards Update 2014-09  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The adoption of Topic 606 resulted in the following changes to our opening balance sheet:
(dollars in thousands) Balance at September 30, 2018 Adjustments due to adoption of new standard Opening balance at October 1, 2018
Assets
Accounts receivable - unbilled $ 31,536  $ 35,414  $ 66,950 
Deferred income taxes 6,834  (6,625) 209 
Liabilities and shareholders' equity
Deferred revenue - current 51,182  (11,767) 39,415 
Deferred income taxes - long-term 26,377  7,074  33,451 
Retained earnings 633,281  32,929  666,210 
Noncontrolling interests 2,552  553  3,105 
  
The table below shows the effects of the adoption of Topic 606 on our consolidated statement of operations for the three and nine months ended June 30, 2019.
  Three months ended June 30, 2019 Nine months ended June 30, 2019
(dollars in thousands) Balance under previous accounting guidance Adjustments due to adoption of new standard Balance as reported Balance under previous accounting guidance Adjustments due to adoption of new standard Balance as reported
Revenue $ 728,420  $ 2,290  $ 730,710  $ 2,127,792  $ 4,057  $ 2,131,849 
Income before income taxes 81,440  2,290  83,730  235,908  4,057  239,965 
Provision for income taxes 20,031  734  20,765  58,008  1,503  59,511 
Net income 61,409  1,556  62,965  177,900  2,554  180,454 
(Loss)/income attributable to noncontrolling interests (91) 158  67  (929) 648  (281)
Net income attributable to MAXIMUS $ 61,500  $ 1,398  $ 62,898  $ 178,829  $ 1,906  $ 180,735 
The effect on our balance sheet would have been as follows:
(dollars in thousands) Balance at June 30, 2019 under previous accounting guidance Adjustments due to adoption of new standard Balance at June 30, 2019 as reported
Assets
Accounts receivable - unbilled $ 56,341  $ 37,761  $ 94,102 
Deferred income taxes 7,199  (6,582) 617 
Liabilities and shareholders' equity
Deferred revenue - current 53,032  (12,081) 40,951 
Deferred income taxes - long-term 37,195  7,574  44,769 
Common stock 501,983  1,201  503,184 
Accumulated other comprehensive loss (40,112) (998) (41,110)
Retained earnings 716,887  35,483  752,370 
Noncontrolling interests 455  —  455 
Accounting Standards Update 2016-15  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
Accordingly, we have presented our consolidated statement of cash flows using the new rules for all periods shown. Our balances for cash, cash equivalents and restricted cash are as follows:
Balance as of
(dollars in thousands) June 30,
2019
September 30, 2018 June 30,
2018
September 30, 2017
Cash and cash equivalents $ 71,084  $ 349,245  $ 229,021  $ 166,252 
Restricted cash (recorded within "other current assets") 7,885  7,314  13,323  13,475 
Cash, cash equivalents and restricted cash $ 78,969  $ 356,559  $ 242,344  $ 179,727