Acquisitions

3 Months Ended

Oct. 28, 2017

Business Combinations [Abstract]

Acquisitions

Acquisitions

Fiscal 2017. During March 2017, the Company acquired Texstar Enterprises, Inc. (“Texstar”) for $26.1 million, net of cash acquired. Texstar provides construction and maintenance services for telecommunications providers in the Southwest and Pacific Northwest regions of the United States. This acquisition expanded the Company’s geographic presence within its existing customer base.

The purchase price allocation of Texstar is preliminary and will be completed when valuations for intangible assets and other amounts are finalized within the 12-month measurement period from the date of acquisition. In accordance with ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, the Company will recognize any adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustments are determined. Additionally, the Company will record, in the same period’s financial statements in which adjustments are recorded, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting adjustment had been completed at the acquisition date.

The preliminary purchase price allocation of Texstar is as follows (dollars in millions):

Assets
Accounts receivable	$	8.8
Costs and estimated earnings in excess of billings	2.4
Inventories and other current assets	0.3
Property and equipment	5.6
Goodwill	10.1
Intangible assets - customer relationships	9.8
Intangible assets - trade names and other	0.7
Total assets	37.7
Liabilities
Accounts payable	3.2
Accrued and other current liabilities	3.4
Deferred tax liabilities, net non-current	5.0
Total liabilities	11.6
Net Assets Acquired	$	26.1

The goodwill associated with the stock purchase of Texstar is not deductible for tax purposes. Results of this acquisition are included in the condensed consolidated financial statements from the date of acquisition and were not material during the three months endedOctober 28, 2017.