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Acquisitions (Tables) | 12 Months Ended
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Oct. 01, 2023
Business Combination and Asset Acquisition [Abstract] |
Preliminary purchase price allocation | The table below represents the preliminary purchase price allocation for RPS based on estimates, assumptions, valuations and other analyses as of January 23, 2023, that has not been finalized in order to make a definitive allocation. The purchase consideration, excluding the aforementioned forward contract gain, is allocated to the tangible and intangible assets, and liabilities of RPS based on their estimated fair values, with any excess purchase consideration allocated to goodwill as follows (in thousands):
| Amount
Cash and cash equivalents | $ | 32,093 |
Accounts receivable and contract assets | 202,303 |
Prepaid expenses and other current assets | 45,999 |
Income taxes receivables | 1,999 |
Property and equipment | 38,435 |
Right-of-use assets, operating leases | 40,179 |
Intangible assets | 174,094 |
Deferred income taxes | 36,388 |
Other long-term assets | 1,061 |
Total assets acquired | 572,551 |
Account Payable | $ | (44,376) |
Accrued compensation | (19,073) |
Contract liabilities | (46,287) |
Income tax payable | (7,083) |
Short-term lease liabilities, operating leases | (13,477) |
Other current liabilities | (135,474) |
Current portion of long-term debt | (91,973) |
Long-term lease liabilities, operating leases | (26,702) |
Other long-term liabilities | (18,571) |
Deferred tax liabilities | (41,613) |
Total liabilities assumed | (444,629) |
Fair value of net assets acquired | 127,922 |
Goodwill | 656,287 |
Total purchase consideration | $ | 784,209 |
Schedule of fair value assigned to acquired intangible assets | The following table summarizes the estimated fair values that were assigned to intangible assets at the acquisition date:
| Fair Value | Weighted-Average Estimated Useful Life
| (in thousands) | (in years)
Backlog | $ | 27,880 |  | 1.6
Trade names | 27,260 |  | 3.0
Client relations | 118,954 |  | 11.1
Total intangible assets acquired | $ | 174,094 |  | 8.3
Supplemental consolidated financial results | Following are the supplemental consolidated financial results of Tetra Tech and RPS on an unaudited pro forma basis, as if the RPS acquisition had been consummated as of the beginning of fiscal 2022 (in thousands):
| Fiscal Year Ended
| October 1, 2023 |  | October 2, 2022
Revenue | $ | 4,780,404 |  |  | $ | 4,271,580 |
Net income including noncontrolling interests | $ | 223,857 |  |  | $ | 152,964 |
Summary of changes in the carrying value of estimated contingent earn-out liabilities | The following table summarizes the changes in the carrying value of estimated contingent earn-out liabilities (in thousands):
| Fiscal Year Ended
| October 1, 2023 |  | October 2, 2022 |  | October 3, 2021
Beginning balance | $ | 65,566 |  |  | $ | 59,297 |  |  | $ | 32,617 |
Acquisition date fair value of contingent earn-out liabilities | 12,248 |  |  | 31,341 |  |  | 50,235 |
Change in fair value of contingent earn-out liabilities | 2,480 |  |  | 2,184 |  |  | 992 |
Re-measurement of contingent earn-out liabilities | 12,255 |  |  | 329 |  |  | (3,273) |
Foreign exchange impact | 2,201 |  |  | (7,152) |  |  | (596) |
Earn-out payments: |  |  |  |  |
Reported as cash used in operating activities | — |  |  | (310) |  |  | (427) |
Reported as cash used in financing activities | (21,328) |  |  | (20,123) |  |  | (20,251) |
Ending balance | $ | 73,422 |  |  | $ | 65,566 |  |  | $ | 59,297 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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