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Acquisitions | 6 Months Ended
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Jul. 26, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions Fiscal 2025. During the third quarter of fiscal 2025, we acquired certain assets and assumed certain liabilities of a telecommunications construction contractor for a cash purchase price of $150.7 million. The acquired business provides wireless construction services for telecommunications providers in various states. This acquisition expands our geographic presence within our existing customer base. During the second quarter of fiscal 2025, we acquired a telecommunications construction contractor for a total purchase price of $24.5 million ($20.4 million purchase price plus cash acquired of $4.1 million). The acquired company is located in the northwestern United States and provides construction and maintenance services to telecommunications providers, with the majority of its revenues generated in Alaska. This acquisition expands our geographic presence and our customer base. During the first quarter of fiscal 2025, we acquired a telecommunications construction contractor for $16.0 million ($12.8 million purchase price, plus cash acquired of $3.2 million). The acquired company provides construction and maintenance services for telecommunications providers in the midwestern United States. This acquisition expands our geographic presence within our existing customer base. The purchase price of each acquisition was allocated based on the fair value of the assets acquired and the liabilities assumed on their respective dates of acquisition. The excess purchase price over the estimated fair value of the net assets acquired was recognized as goodwill. The following table summarizes the aggregate consideration paid and the estimated fair value of assets acquired and liabilities assumed for each of the acquisitions described above as of the respective acquisition dates (dollars in millions):
| First quarter of fiscal 2025 |  | Second quarter of fiscal 2025 |  | Third quarter of fiscal 2025
Assets |  |  |  |  |
Cash and equivalents | $ | 3.2 |  |  | $ | 4.1 |  |  | $ | — |
Accounts receivable | 2.2 |  |  | 3.6 |  |  | 13.3 |
Inventories | — |  |  | — |  |  | 12.7 |
Other current assets | — |  |  | 0.2 |  |  | — |
Property and equipment | 2.4 |  |  | 5.9 |  |  | — |
Goodwill | 3.2 |  |  | 5.4 |  |  | 12.3 |
Intangible assets | 5.4 |  |  | 6.6 |  |  | 130.2 |
Other assets | — |  |  | 0.7 |  |  | 3.3 |
Total assets | 16.4 |  |  | 26.5 |  |  | 171.8 |
Liabilities |  |  |  |  |
Accounts payable | 0.1 |  |  | 0.9 |  |  | 11.6 |
Other accrued liabilities | 0.3 |  |  | 0.6 |  |  | 6.9 |
Other liabilities | — |  |  | 0.5 |  |  | 2.6 |
Total liabilities | 0.4 |  |  | 2.0 |  |  | 21.1 |
Net Assets Acquired | $ | 16.0 |  |  | $ | 24.5 |  |  | $ | 150.7 |
The excess purchase price over the estimated fair value of the net assets acquired was recognized as goodwill and totaled $20.9 million for the 2025 acquisitions. Goodwill and intangible assets total $163.1 million and are deductible for tax purposes. Accounts receivable and current liabilities were either stated at their historical carrying values, which approximate fair value given the short-term nature of these assets and liabilities, or were stated at their fair values based on an evaluation of the current market value of such assets and liabilities. The estimate of fair value for inventories and fixed assets was based on an assessment of acquired assets’ condition as well as an evaluation of the current market value of such assets. The Company recorded intangible assets for the three acquisitions completed in fiscal 2025 based on its estimate of fair value which consisted of the following (dollars in millions):
| Estimated Useful Life (in years) |  | Intangible Assets Acquired
Customer relationships | 12.0 |  | $ | 114.3 |
Backlog intangibles (first and second quarter fiscal 2025 acquisitions) | 0.8 |  | 0.5 |
Backlog intangibles (third quarter fiscal 2025 acquisition) | 2.0 |  | 26.3 |
Trade names | 10.0 |  | 1.1 |
Total intangible assets acquired |  |  | $ | 142.2 |
The valuation of intangible assets for acquisitions was determined using the income approach methodology. More specifically, the fair values of the customer relationships and the backlog intangibles were estimated using the multi-period excess earnings method, while the trade name was estimated using the relief-from-royalty method. Significant judgments and assumptions used in estimating management’s cash flow projections included projected revenue growth rates, profit margins, discount rates, customer attrition rates and royalty rates among others. The projected future cash flows are discounted to present value using an appropriate discount rate. Results of the businesses acquired are included in the condensed consolidated financial statements from their respective date of acquisition. The results from the businesses acquired during fiscal 2025 were not considered material to the Company’s condensed consolidated financial statements.

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