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PA Consulting Business Combination | 3 Months Ended
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Dec. 30, 2022
Business Acquisition [Line Items] |
PA Consulting Business Combination | Other Business Combinations StreetLight Data, Inc. On February 4, 2022, the Company acquired StreetLight Data, Inc. ("StreetLight"). StreetLight is a pioneer of mobility analytics who uses its data and machine learning resources to shed light on mobility and enable users to solve complex transportation problems. The Company paid total base consideration of approximately $190.8 million in cash, and issued $0.9 million in equity and $5.2 million in in-the-money stock options to the former owners of StreetLight. The Company also paid off StreetLight's debt of approximately $1.0 million simultaneously with the consummation of the acquisition. The following summarizes the fair values of StreetLight's assets acquired and liabilities assumed as of the acquisition date (in millions):
Assets |
Cash and cash equivalents | $ | 7.3 |
Receivables | 5.2 |
Property, equipment and improvements, net | 0.1 |
Goodwill | 116.4 |
Identifiable intangible assets | 105.1 |
Prepaid expenses and other current assets | 2.0 |
Total Assets | $ | 236.1 |
Liabilities |
Accounts payable, accrued expenses and other current liabilities | $ | 23.1 |
Other long term liabilities | 16.1 |
Total Liabilities | 39.2 |
Net assets acquired | $ | 196.9 |
Goodwill recognized results from a substantial assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. None of the goodwill recognized is expected to be deductible for tax purposes. The Company has completed its final assessment of the fair values of StreetLight's assets acquired and liabilities assumed. Since the initial preliminary estimates reported in the second quarter of fiscal 2022, the Company has updated certain amounts reflected in the preliminary purchase price allocation, as summarized in the fair values of StreetLight's assets acquired and liabilities assumed as of the acquisition date set forth above, the majority of which related to reclassifications between goodwill and intangibles and for deferred taxes. Identifiable intangibles are technology, data and customer relationships, contracts and backlog and have estimated lives of 5, 4 and 9 years, respectively. No summarized unaudited pro forma results are provided for the StreetLight acquisition due to the immateriality of this acquisition relative to the Company's consolidated financial position and results of operations. BlackLynx On November 19, 2021, Jacobs acquired all outstanding shares of common stock of BlackLynx, a provider of high-performance software, to complement Jacobs' portfolio of cyber, intelligence and digital solutions. The Company paid total base consideration of approximately $235.4 million in cash to the former owners of BlackLynx. In conjunction with the acquisition, the Company also paid off BlackLynx's debt of approximately $5.3 million simultaneously with the consummation of the acquisition. The following summarizes the fair values of BlackLynx's assets acquired and liabilities assumed as of the acquisition date (in millions):
Assets |
Cash and cash equivalents | $ | 5.1 |
Receivables | 7.7 |
Property, equipment and improvements, net | 0.8 |
Goodwill | 195.8 |
Identifiable intangible assets | 51.1 |
Prepaid expenses and other current assets | 3.2 |
Total Assets | $ | 263.7 |
Liabilities |
Accounts payable, accrued expenses and other current liabilities | 19.5 |
Other long term liabilities | 8.8 |
Total Liabilities | 28.3 |
Net assets acquired | $ | 235.4 |
Goodwill recognized results from a substantial assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. None of the goodwill recognized was deductible for tax purposes. The Company has completed its final assessment of the fair values of BlackLynx's assets acquired and liabilities assumed. Since the initial preliminary estimates reported in the first quarter of fiscal 2022, the Company has updated certain amounts reflected in the preliminary purchase price allocation, as summarized in the fair values of BlackLynx's assets acquired and liabilities assumed as of the acquisition date set forth above, the majority of which related to reclassifications between goodwill and intangibles and for deferred taxes. Identifiable intangibles are technology and customer relationships, contracts and backlog and have estimated lives of 8 and 4 years, respectively. No summarized unaudited pro forma results are provided for the BlackLynx acquisition due to the immateriality of this acquisition relative to the Company's consolidated financial position and results of operations.
PA Consulting Group Limited |
Business Acquisition [Line Items] |
PA Consulting Business Combination | PA Consulting Business Combination Deal Summary and Opening Balance Sheet Financial Information On March 2, 2021, Jacobs completed the strategic investment of a 65% interest in PA Consulting, a UK-based leading innovation and transformation consulting firm. The total consideration paid by the Company was $1.7 billion, funded through cash on hand, proceeds from a new term loan and draws on the Company's existing Revolving Credit Facility. The remaining 35% interest was acquired by PA Consulting employees, whose redeemable noncontrolling interests had a fair value of $582.4 million on the closing date, including subsequent purchase accounting adjustments. PA Consulting is accounted for as a consolidated subsidiary and as a separate operating segment. See Note 11- Borrowings for more discussion on the financing for the transaction. The following summarizes the fair values of PA Consulting's assets acquired and liabilities assumed as of the acquisition date (in millions):
Assets |
Cash and cash equivalents | $ | 134.9 |
Receivables | 166.5 |
Property, equipment and improvements, net | 40.5 |
Goodwill | 1,454.0 |
Identifiable intangible assets | 1,004.2 |
Prepaid expenses and other current assets | 9.5 |
Miscellaneous long term assets | 84.0 |
Total Assets | $ | 2,893.6 |
Liabilities |
Accounts payable | $ | 6.5 |
Accrued liabilities and other current liabilities | 354.8 |
Other long term liabilities | 248.0 |
Total Liabilities | 609.3
Redeemable Noncontrolling interests | 582.4 |
Net assets acquired | $ | 1,701.9 |
Goodwill recognized results from a substantial assembled workforce, which does not qualify for separate recognition, as well as expected future economic benefits. None of the goodwill recognized was deductible for tax purposes. The Company has completed its final assessment of the fair values of PA Consulting's assets acquired and liabilities assumed. Since the initial preliminary estimates reported in the second quarter of fiscal 2021, the Company updated certain provisional amounts reflected in the final purchase price allocation, as summarized in the estimated fair values of PA Consulting assets acquired and liabilities assumed above. Identifiable intangibles are customer relationships, contracts and backlog and trade name and have estimated lives ranging from 9 to 20 years (weighted average life of approximately 12 years). Redeemable Noncontrolling Interests In connection with the PA Consulting investment, the Company recorded redeemable noncontrolling interests, including subsequent purchase accounting adjustments, representing the noncontrolling interest holders' equity interests in the form of preferred and common shares of PA Consulting, with substantially all of the value associated with these interests allocable to the preferred shares. During the first quarter of fiscal 2023 and 2022, PA Consulting repurchased certain shares of the redeemable noncontrolling interest holders for $58.4 million and $35.1 million, respectively, in cash. Changes in the redeemable noncontrolling interests d uring the three months ended December 30, 2022 are as follows (in thousands):
Balance at September 30, 2022 |  |  |  |  |  |  |  | $ | 632,522 |
Accrued Preferred Dividend to Preference Shareholders |  |  |  |  |  |  |  | 16,290 |
Attribution of Preferred Dividend to Common Shareholders |  |  |  |  |  |  |  | (16,290) |
Net earnings attributable to redeemable noncontrolling interests to Common Shareholders |  |  |  |  |  |  |  | 3,992 |
Redeemable Noncontrolling interests redemption value adjustment |  |  |  |  |  |  |  | 23,317 |
Repurchase of redeemable noncontrolling interests |  |  |  |  |  |  |  | (69,690) |
Cumulative translation adjustment and other |  |  |  |  |  |  |  | 37,768 |
Balance at December 30, 2022 |  |  |  |  |  |  |  | $ | 627,909 |
In addition, certain employees and non-employees of PA Consulting are eligible to receive equity-based incentive grants in the future under the terms of the applicable agreements. During first quarter of fiscal 2023 and 2022, the Company recorded $4.3 million and $0.2 million, respectively, in expenses associated with these agreements which is reflected in selling, general and administrative expenses in the consolidated statements of earnings. Restricted Cash The Company, through its investment in PA Consulting, held $2.3 million and $13.7 million at December 30, 2022 and September 30, 2022, respectively, in cash that is restricted from general use and is included in prepaid expenses and other current assets on the Consolidated Balance Sheets.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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