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Goodwill and Intangible Assets | 12 Months Ended
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Sep. 29, 2024
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 by reportable segment (in thousands):
| GSG |  | CIG |  | Total
Balance at October 2, 2022 | $ | 519,102 |  |  | $ | 591,310 |  |  | $ | 1,110,412 |
Acquisition activity | 138,380 |  |  | 621,496 |  |  | 759,876 |
Translation and other adjustments | 2,460 |  |  | 7,496 |  |  | 9,956 |
Balance at October 1, 2023 | 659,942 |  |  | 1,220,302 |  |  | 1,880,244 |
Acquisition activity | 84,865 |  |  | — |  |  | 84,865 |
Translation and other adjustments | 6,010 |  |  | 75,450 |  |  | 81,460 |
Balance at September 29, 2024 | $ | 750,817 |  |  | $ | 1,295,752 |  |  | $ | 2,046,569 |
Goodwill amounts are presented net of reductions from historical impairment adjustments. The fiscal 2024 goodwill addition resulted from the purchase price allocations for our recent acquisitions which are preliminary and subject to adjustment based upon the final determinations of the net assets acquired and information to perform the final valuation. Goodwill adjustments primarily related to the foreign currency translation adjustments which resulted from our foreign subsidiaries with functional currencies that are different than our reporting currency. We per form our annual goodwill impairment review at the beginning of our fiscal fourth quarter. Our last review at July 1, 2024 (i.e., the first day of our fourth quarter in fiscal 2024) 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. As of July 1, 2024, we had no reporting units that had estimated fair values that exceeded their carrying values by less than 72%. We also regularly evaluate whether events and c ircumstances 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. The gross amounts of goodwill for GSG were $768.5 million and $677.6 million at fiscal 2024 and 2023 year-ends, respectively, excluding accumulated impairment of $17.7 million for each period. The gross amounts of goodwill for CIG were $1,417.3 million and $1,341.8 million at fiscal 2024 and 2023 year-ends, respectively, excluding accumulated impairment of $121.5 million for each period. The fo llowing tabl e presents the gross amount and accumulated amortization of our acquired identifiable intangible assets with finite useful lives included in "Intangible assets, net" on the consolidated balance sheets ($ in thousands):
| Fiscal Year Ended |  |
| September 29, 2024 |  | October 1, 2023
| Weighted- Average Remaining Life (in years) |  | Gross Amount |  | Accumulated Amortization |  | Net Amount |  | Gross Amount |  | Accumulated Amortization |  | Net Amount
Client relations | 8.3 |  | $ | 198,726 |  |  | $ | (57,975) |  |  | $ | 140,751 |  |  | $ | 169,217 |  |  | $ | (36,072) |  |  | $ | 133,145 |
Backlog | 0.4 |  | 75,194 |  |  | (71,101) |  |  | 4,093 |  |  | 63,825 |  |  | (47,802) |  |  | 16,023 |
Trade names | 1.4 |  | 40,926 |  |  | (25,185) |  |  | 15,741 |  |  | 37,411 |  |  | (12,643) |  |  | 24,768 |
Total |  |  | $ | 314,846 |  |  | $ | (154,261) |  |  | $ | 160,585 |  |  | $ | 270,453 |  |  | $ | (96,517) |  |  | $ | 173,936 |
Amortization expense for the identifiable intangible assets for fiscal 2024, 2023 and 2022 was $50.0 million, $41.2 million and $13.2 million, respectively. Foreign currency translation adjustments increased net identifiable intangible assets by $13.4 million in fiscal 2024. The foreign currency translation adjustments were immaterial in fiscal 2023. Estimated amortization expense for the succeeding five fiscal years and beyond is as follows (in thousands):
| Amount
2025 | $ | 36,198 |
2026 | 24,332 |
2027 | 17,625 |
2028 | 17,116 |
2029 | 16,204 |
Beyond | 49,110 |
Total | $ | 160,585 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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