Acquisitions

6 Months Ended

Jun. 04, 2021

On December 7, 2020, we completed the acquisition of Workfront, a privately held company that provides a workflow platform, for approximately $1.52 billion of cash consideration. During the first quarter of fiscal 2021, we began integrating Workfront into our Digital Experience reportable segment.

The table below represents the preliminary purchase price allocation to total identifiable intangible assets acquired and net liabilities assumed based on their respective estimated fair values as of December 7, 2020. The fair values assigned to assets acquired and liabilities assumed are based on management’s best estimates and assumptions as of the reporting date. Fair values associated with the net tax liabilities assumed and their related impact to goodwill were pending finalization as of the reporting date.


(in millions)	Amount		Useful Life (years)
Customer contracts and relationships	$	290	10
Purchased technology	100		3
Backlog	40		2
Trademarks	30		5
Total identifiable intangible assets	460
Net liabilities assumed	(41)		N/A
Goodwill (1)	1,105		N/A
Total purchase price	$	1,524

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(1) Non-deductible for tax-purposes.