Goodwill and IntangiblesThe carrying value of goodwill associated with continuing operations and appearing in the accompanying Consolidated Balance Sheets September 26, 2025 and September 27, 2024 was as follows (in thousands):
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| | | | Infrastructure & Advanced Facilities | | | | | PA Consulting | | | Total |
| Balance September 27, 2024 | | | | $ | 3,362,760 | | | | | | $ | 1,425,421 | | | | $ | 4,788,181 | |
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| Foreign currency translation and other | | | | (11,270) | | | | | | 3,907 | | | | (7,363) | |
| Balance September 26, 2025 | | | | $ | 3,351,490 | | | | | | $ | 1,429,328 | | | | $ | 4,780,818 | |
The following table provides certain information related to the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets for the year ended September 26, 2025 (in thousands):
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| | Customer Relationships, Contracts and Backlog | | Developed Technology | | Trade Names | | | | Total | | | |
| Balances, September 27, 2024 | $ | 651,894 | | | $ | 31,515 | | | $ | 191,485 | | | | | $ | 874,894 | | | | |
| Amortization | (128,811) | | | (11,985) | | | (14,721) | | | | | (155,517) | | | | |
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| Foreign currency translation and other | (1,808) | | | (6) | | | 107 | | | | | (1,707) | | | | |
| Balances, September 26, 2025 | $ | 521,275 | | | $ | 19,524 | | | $ | 176,871 | | | | | $ | 717,670 | | | | |
| Weighted Average Amortization Period (years) | 6 | | 4 | | 15 | | | | 8 | | | |
The weighted average amortization period includes the effects of foreign currency translation.
The following table presents estimated amortization expense of intangible assets for fiscal 2026 and for the succeeding years.
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| Fiscal Year | | (in millions) |
| 2026 | | $ | 139.0 | |
| 2027 | | 109.0 | |
| 2028 | | 98.6 | |
| 2029 | | 98.6 | |
| 2030 | | 76.3 | |
| Thereafter | | 196.2 | |
| Total | | $ | 717.7 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.