Acquisitions

3 Months Ended

Apr. 28, 2018

Business Combinations [Abstract]

Acquisitions

Acquisitions

Fiscal 2019. During March 2018, the Company acquired certain assets and assumed certain liabilities of a telecommunications construction and maintenance services provider in the Midwest and Northeast United States for $20.9 million, net of cash acquired. This acquisition expands the Company’s geographic presence within its existing customer base.

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 United States. This acquisition expands the Company’s geographic presence within its existing customer base.

Purchase Price Allocations

The purchase price allocation of Texstar was completed within the 12-month measurement period from the date of acquisition. Adjustments to provisional amounts were recognized in the reporting period in which the adjustments were determined and were not material. The purchase price allocation of the business acquired in fiscal 2019 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.

The following table summarizes the aggregate consideration paid for businesses acquired in fiscal 2019 and fiscal 2017 (dollars in millions):

	2019		2017
Assets
Accounts receivable	$	6.0	$	8.9
Contract assets	—		2.4
Inventories and other current assets	0.2		0.2
Property and equipment	0.5		5.6
Goodwill	4.1		10.1
Intangible assets - customer relationships	12.3		9.8
Intangible assets - trade names and other	—		0.7
Total assets	23.1		37.7
Liabilities
Accounts payable	2.2		3.2
Accrued and other current liabilities	—		3.4
Deferred tax liabilities, net non-current	—		5.0
Total liabilities	2.2		11.6
Net Assets Acquired	$	20.9	$	26.1

The goodwill associated with the stock purchase of Texstar is not deductible for tax purposes. Results of businesses acquired are included in the condensed consolidated financial statements from their respective dates of acquisition. The revenues and net income of the fiscal 2019 acquisition and Texstar were not material during the three months endedApril 28, 2018 or April 29, 2017.