Subsequent Event |
12 Months Ended |
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Sep. 30, 2018 | |
| Subsequent Events [Abstract] | |
| Subsequent Event |
Subsequent Events
Acquisition of General Dynamics Information Technology's Citizen Engagement Centers
On November 16, 2018, we acquired 100% of General Dynamics Information Technology's citizen engagement centers business, pursuant to an asset purchase agreement dated October 5, 2018. This acquisition strengthens our position in the administration of federal government programs. This business is being integrated into our U.S. Federal Services Segment. The cash purchase price of the business was $400.0 million, subject to certain adjustments, including a final assessment of the working capital acquired on the date of the acquisition. To fund the acquisition, we utilized $150.0 million of new borrowings from our credit facility with the balance paid using our cash balance.
As part of the acquisition, we have incurred acquisition-related expenses, including legal, accounting and other consultant services. Costs incurred prior to September 30, 2018, were $0.5 million and are included within "acquisition-related expenses" within our segment disclosure. We anticipate that a further $3 million has been or will be incurred during the first fiscal quarter of 2019.
At this time, we have not yet completed our assessment of the fair value of the assets acquired and liabilities assumed, including the valuation of our intangible assets and goodwill. Accordingly, we are unable to provide all of the information which would typically be disclosed including an allocation of the purchase price and pro forma financial information.
Reorganization of segments
Effective October 1, 2018, our Chief Executive Officer reorganized our reporting segments based on the way management intends to allocate resources, manage performance and evaluate results. This change responds to recent changes in the markets we operate, the increasing integration of health and human services programs worldwide and the evolving needs of our government clients as they aim to deliver services in a more holistic manner to their citizens. Accordingly, we will report operating segments on a geographic basis. Our operating segments will be U.S. Health & Human Services, U.S. Federal Services and Outside the U.S.
Dividend
On October 5, 2018, our Board of Directors declared a quarterly cash dividend of $0.25 for each share of the Company's common stock outstanding. The dividend will be paid on November 30, 2018, to shareholders of record on November 15, 2018. Based on the number of shares outstanding, the payment will be approximately $16.1 million.
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