XML 67 R16.htm IDEA: XBRL DOCUMENT
v3.19.3

Goodwill and Intangible Assets | 12 Months Ended
--- | ---
Sep. 29, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table summarizes the changes in the carrying value of goodwill:
| GSG |  | CIG |  | Total
| (in thousands)
Balance at October 1, 2017 | $ | 361,761 |  |  | $ | 379,125 |  |  | $ | 740,886 |
Acquisitions | 27,526 |  |  | 58,353 |  |  | 85,879 |
Divestiture | — |  |  | (12,160 | ) |  | (12,160 | )
Translation and other | 454 |  |  | (16,239 | ) |  | (15,785 | )
Balance at September 30, 2018 | 389,741 |  |  | 409,079 |  |  | 798,820 |
Acquisitions | 53,098 |  |  | 93,601 |  |  | 146,699 |
Impairment | — |  |  | (7,755 | ) |  | (7,755 | )
Translation and other | (1,037 | ) |  | (11,907 | ) |  | (12,944 | )
Balance at September 29, 2019 | $ | 441,802 |  |  | $ | 483,018 |  |  | $ | 924,820 |
We perform our annual goodwill impairment review at the beginning of our fiscal fourth quarter. Our last review at July 1, 2019 (i.e. the first day of our fourth quarter in fiscal 2019), indicated that we had no impairment of goodwill, and all of our reporting units had estimated fair values that were in excess of their carrying values, including goodwill. All of our reporting units had estimated fair values that exceeded their carrying values by more than 25%. We also regularly evaluate whether events and circumstances have occurred that may indicate a potential change in the recoverability of goodwill. We perform interim goodwill impairment reviews between our annual reviews if certain events and circumstances have occurred, such as a deterioration in general economic conditions; an increase in the competitive environment; a change in management, key personnel, strategy or customers; negative or declining cash flows; or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods. Although we believe that our estimates of fair value for these reporting units are reasonable, if financial performance for these reporting units falls significantly below our expectations or market prices for similar business decline, the goodwill for these reporting units could become impaired. During the fourth quarter of fiscal 2019, we performed as strategic review of our operations. As a result, we decided to dispose of our Canadian turn-key pipeline activities in the Remediation and Field Services ("RFS") reporting unit, which is in the CIG reportable segment. We performed an interim goodwill impairment review of the RFS reporting unit and recorded a $7.8 million goodwill impairment charge. As a result of the impairment charge, the estimated fair value of the RFS reporting unit equals its carrying value of $61 million at September 29, 2019, including the remaining $48.8 million of goodwill. If the financial performance of the remaining operations in the RFS reporting unit were to fall below our revenue growth or operating profit margin forecasts, or we are required to increase the discount rate used in our cash flow analysis, the related goodwill may become further impaired. Foreign exchange translation relates to the goodwill balances of our foreign subsidiaries with functional currencies that are different than our reporting currency. The gross amounts of goodwill for GSG were $459.5 million and $407.4 million at September 29, 2019 and September 30, 2018, respectively, excluding $17.7 million of accumulated impairment. The gross amounts of goodwill for CIG were $588.7 million and $507.0 million at September 29, 2019 and September 30, 2018, respectively, excluding $105.7 million and $97.9 million, respectively, of accumulated impairment. The gross amount and accumulated amortization of our acquired identifiable intangible assets with finite useful lives included in "Intangible assets – net" on the consolidated balance sheets, were as follows:
| Fiscal Year Ended
| September 29, 2019 |  | September 30, 2018
| Weighted- Average Remaining Life (in years) |  | Gross Amount |  | Accumulated Amortization |  | Gross Amount |  | Accumulated Amortization
| ($ in thousands)
Non-compete agreements | — |  | $ | — |  |  | $ | — |  |  | $ | 83 |  |  | $ | (83 | )
Client relations | 2.8 |  | 56,779 |  |  | (50,455 | ) |  | 54,639 |  |  | (46,449 | )
Backlog | 1.2 |  | 32,229 |  |  | (24,968 | ) |  | 23,371 |  |  | (20,007 | )
Technology and trade names | 2.3 |  | 7,714 |  |  | (4,859 | ) |  | 8,144 |  |  | (3,575 | )
Total |  |  | $ | 96,722 |  |  | $ | (80,282 | ) |  | $ | 86,237 |  |  | $ | (70,114 | )
Foreign currency translation adjustments reduced net identifiable intangible assets by $0.3 million and $0.9 million in fiscal 2019 and 2018, respectively. Amortization expense for the identifiable intangible assets for fiscal 2019, 2018 and 2017 was $11.6 million, $18.2 million and $22.8 million, respectively. Estimated amortization expense for the succeeding four years is as follows:
| Amount
| (in thousands)
2020 | $ | 9,401 |
2021 | 4,551 |
2022 | 1,602 |
2023 | 886 |
Total | $ | 16,440 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration