Goodwill and Other Intangible Assets

9 Months Ended

Jun. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS:

Goodwill represents the excess of the fair value of consideration paid for an acquired entity over the fair value of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized and is subject to an impairment test that the Company conducts annually or more frequently if a change in circumstances or the occurrence of events indicates that potential impairment exists, using discounted cash flows.

Changes in total goodwill during the nine months ended June 28, 2024 are as follows (in thousands):


Segment	September 29, 2023		Acquisitions		Translation		June 28, 2024
FSS United States	$	4,164,392	$	12,817	$	(21)	$	4,177,188
FSS International	451,594		8,880		3,583		464,057
	$	4,615,986	$	21,697	$	3,562	$	4,641,245

Other intangible assets consist of the following (in thousands):


	June 28, 2024						September 29, 2023
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Customer relationship assets	$	1,155,997	$	(496,944)	$	659,053	$	1,116,771	$	(433,741)	$	683,030
Trade names	1,175,771		(32,648)		1,143,123		1,137,535		(16,092)		1,121,443
	$	2,331,768	$	(529,592)	$	1,802,176	$	2,254,306	$	(449,833)	$	1,804,473

Amortization of intangible assets for the nine months ended June 28, 2024 and June 30, 2023 was $78.8 million and $66.7 million, respectively.