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Goodwill and Intangible Assets | 3 Months Ended
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Dec. 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 September 29, 2024 |  | $ | 750,817 |  |  | $ | 1,295,752 |  |  | $ | 2,046,569 |
Translation adjustments |  | (4,124) |  |  | (73,761) |  |  | (77,885) |
Balance at December 29, 2024 |  | $ | 746,693 |  |  | $ | 1,221,991 |  |  | $ | 1,968,684 |
Translation adjustments resulted from our goodwill amounts in foreign subsidiaries with functional currencies that are different than our reporting currency. Th e goodwill amoun ts presented in the table above are net of reductions from historical impairment adjustments. The gross amounts for GSG were $764.4 million and $768.5 million at December 29, 2024 and September 29, 2024, respectively, excluding accumulated impairment of $17.7 million at each date. The gross amounts of goodwill for Commercial/International Services Group ("CIG") were $1,343.5 million and $1,417.3 million at December 29, 2024 and September 29, 2024, respectively, excluding accumulated impairment of $121.5 million at each period end. We perform our annual goodwill impairment review at the beginning of our fiscal fourth quarter. Our most recent annual review at July 1, 2024 (i.e. the first day of our fourth quarter in fiscal 2024) indicated that we had no impairment of goodwill, and all of our reporting units had estimated fair values that were in excess of their carrying values, including goodwill. At July 1, 2024, we had no reporting units that had estimated fair values that exceeded their carrying val ues by less than 72%. We also regularly evaluate whether events and circumstances have occurred that may indicate a potential change in the recoverability of goodwill. We perform interim goodwill impairment reviews between our annual reviews if certain events and circumstances have occurred, such as a deterioration in general economic conditions; an increase in the competitive environment; a change in management, key personnel, strategy or customers; negative or declining cash flows; or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods. Although we believe that our estimates of fair value for these reporting units are reasonable, if financial performance for these reporting units falls significantly below our expectations or market prices for similar business decline, the goodwill for these reporting units could become impaired. The following table presents the gross amount and accumulated amortization of our acquired identifiable intangible assets with finite useful lives included in “Intangible assets, net” on the consolidated balance sheets ($ in thousands):
| As of
| December 29, 2024 |  | September 29, 2024
| Weighted- Average Remaining Life (in Years) |  | Gross Amount |  | Accumulated Amortization |  | Net Amount |  | Gross Amount |  | Accumulated Amortization |  | Net Amount
Client relations | 8.0 |  | $ | 189,027 |  |  | $ | (60,294) |  |  | $ | 128,733 |  |  | $ | 198,726 |  |  | $ | (57,975) |  |  | $ | 140,751 |
Backlog | 0.2 |  | 71,647 |  |  | (70,405) |  |  | 1,242 |  |  | 75,194 |  |  | (71,101) |  |  | 4,093 |
Trade names | 1.2 |  | 38,349 |  |  | (26,227) |  |  | 12,122 |  |  | 40,926 |  |  | (25,185) |  |  | 15,741 |
Total |  |  | $ | 299,023 |  |  | $ | (156,926) |  |  | $ | 142,097 |  |  | $ | 314,846 |  |  | $ | (154,261) |  |  | $ | 160,585 |
Amortization expense for the identifiable intangible assets for the first quarter of fiscal 2025 w as $10.7 million, compared to $12.5 million for the prior-year quarter. Estimated amortization expense for the remainder of fiscal 2025 and succeeding years is as follows (in thousands):
| Amount
2025 (remaining) | $ | 24,093 |
2026 | 23,384 |
2027 | 16,754 |
2028 | 16,245 |
2029 | 15,387 |
Beyond | 46,234 |
Total | $ | 142,097 |

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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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