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Acquisitions | 12 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | ACQUISITIONS In October 2024, the Company acquired WorkForce Software, a premier workforce management solutions provider that specializes in supporting large, global enterprises, utilizing cash on hand. The results of WorkForce Software are reported within the Company’s Employer Services segment. Pro forma information has not been presented because the effect of the acquisition is not material to the Company's consolidated financial results. The following table reconciles the purchase price to the cash paid for the acquisition, net of cash acquired:
Purchase price | $ | 1,170.8 |
Less: cash acquired | (12.5) |
Cash paid for acquisition of business, net of cash acquired | $ | 1,158.3 |
The preliminary allocation of the purchase price is based upon estimates and assumptions that are subject to change within the measurement period, which is one year from the acquisition date. The primary areas of the purchase price allocation that are not yet finalized relate to the measurement of certain assets and liabilities, including identifiable intangible assets. Accordingly, the measurement period for such purchase price allocations will end when the information becomes available but will not exceed twelve months from the date of acquisition. The acquisition was accounted for using the acquisition method of accounting. The Company recognized assets acquired and liabilities assumed at their fair value as of the date of acquisition, with the excess recorded to goodwill. The preliminary purchase price allocation for WorkForce Software is as follows:
Cash | $ | 12.5 |
Accounts receivable, net of allowance for doubtful accounts | 20.0 |
Identifiable intangible assets (1) | 292.0 |
Goodwill | 880.4 |
Deferred income taxes, net of valuation allowance | 51.2 |
All other assets | 14.8 |
Total assets acquired | $ | 1,270.9 |
Deferred revenue | $ | 39.6 |
All other liabilities | 60.5 |
Total liabilities assumed | $ | 100.1 |
Total net assets acquired | $ | 1,170.8 |
(1) Intangible assets are recorded at estimated fair value, as determined by management based on available information which includes an estimated valuation by an independent third-party. The fair values assigned to identifiable intangible assets were determined through the use of the income approach, specifically the relief from royalty and the multi-period excess earnings methods. The major assumptions used in arriving at the estimated identifiable intangible asset values included management’s estimates of future cash flows, discounted at an appropriate rate of return which are based on the weighted average cost of capital for both the Company and other market participants, projected customer attrition rates, as well as applicable royalty rates for comparable assets. The useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to the future cash flows. The estimated fair value of intangible assets and related useful lives as included in the estimated purchase price allocation include:
| Estimated Fair Value |  | Estimated Useful Life (in years)
Technology | $ | 115.0 |  |  | 7
Customer/Partner relationships | $ | 170.0 |  |  | 8
Tradename | $ | 7.0 |  |  | 4
The goodwill recorded as a result of the WorkForce Software transaction represents future economic benefits the Company expects to achieve as a result of the acquisition, including expected synergies along with the value of the assembled workforce. None of the goodwill resulting from the acquisition is tax deductible.

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