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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combinations [Abstract] |
Summary of Fair Values of Acquired Intangible Assets | The following summarizes the preliminary allocation of the purchase price for the September 2024 acquisition of Battea (in millions). The fair values of the acquired assets and the related evaluation of taxes, are provisional pending receipt of the final valuation for those assets. The valuation of the acquired liabilities is also preliminary.
|  | Battea |
Accounts receivable |  | $ | 42.9 |
Property, plant and equipment |  |  | 1.9 |
Other assets |  |  | 1.1 |
Funds receivable and funds held on behalf of clients |  |  | 284.8 |
Operating lease right-of-use assets |  |  | 1.2 |
Customer relationships |  |  | 246.6 |
Completed technologies |  |  | 121.8 |
Trade names |  |  | 7.8 |
Goodwill |  |  | 323.5 |
Accrued employee compensation and other liabilities |  |  | (67.2 | )
Deferred income taxes |  |  | (33.8 | )
Client funds obligations |  |  | (284.8 | )
Consideration paid, net of cash acquired |  | $ | 645.8 |
Summary of Unaudited Pro Forma Information | The following unaudited pro forma information is provided for illustrative purposes only and assumes that the acquisition of Battea occurred on January 1, 2023, after giving effect to certain adjustments, including amortization of intangibles, interest, transaction costs and tax effects. This unaudited pro forma information (in millions) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisition had actually occurred on that date, nor of the results that may be obtained in the future.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenues |  | $ | 1,472.6 |  |  | $ | 1,413.8 |  |  | $ | 4,359.1 |  |  | $ | 4,139.1 |
Net income |  | $ | 159.0 |  |  | $ | 170.2 |  |  | $ | 491.9 |  |  | $ | 398.6 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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