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Business Combinations | 3 Months Ended
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Aug. 31, 2019
Business Combinations [Abstract] |
Business Combinations | Note D: Business Combinations Effective December 20, 2018, the Company acquired Oasis. Upon closing, Oasis became a wholly owned subsidiary of the Company. Oasis is an industry leader in providing HR outsourcing services. Oasis has experienced rapid growth over the last few years through acquisition of several smaller PEOs. The purchase price was $992.2 million, net of $262.3 million in cash acquired, including $132.1 million of restricted cash. The acquisition was financed through a combination of cash on hand and the issuance of long-term private placement debt totaling $800.0 million. The results of operations for Oasis have been included in the Company's Consolidated Statements of Income and Comprehensive Income since the date of acquisition. The Company accounted for the acquisition as a business combination using the acquisition method of accounting in accordance with the FASB ASC Topic 805, “Business Combinations.” The acquired assets and liabilities of Oasis were recorded at their preliminary acquisition-date fair values and were consolidated with those of the Company as of the acquisition date. The final determination of these preliminary fair values is subject to completion of an assessment of the acquisition-date fair values of acquired assets and liabilities. The following preliminary acquisition-date fair values were assigned to the acquired net assets (amounts in millions):
Cash and cash equivalents |  | $ | 130.2
Restricted cash |  |  | 66.6
Corporate investments |  |  | 8.6
Accounts receivable, net of allowance for doubtful accounts |  |  | 10.7
PEO unbilled receivables, net of advance collections |  |  | 209.8
Prepaid income taxes |  |  | 5.8
Prepaid expenses and other current assets |  |  | 6.0
Long-term restricted cash |  |  | 65.5
Property and equipment |  |  | 15.4
Intangible assets |  |  | 310.9
Goodwill |  |  | 972.1
Other long-term assets |  |  | 1.8
Total Assets |  |  | 1,803.4
Accounts payable |  |  | 46.0
Accrued corporate compensation and related items |  |  | 11.6
Accrued worksite employee compensation and related items |  |  | 311.1
Other current liabilities |  |  | 49.8
Deferred income taxes |  |  | 51.1
Other long-term liabilities |  |  | 79.3
Net Assets |  | $ | 1,254.5
The Company assigned $310.9 million to amortizable intangible assets, including customer lists, tradenames and trademarks, and non-compete agreements, with a weighted-average amortization period of approximately 10 years. Goodwill in the amount of $972.1 million was recorded as a result of the acquisition, which is not tax-deductible. Any further adjustments to goodwill (in excess of the existing tax basis) is not expected to be deductible for tax purposes. The goodwill is provisional and subject to change, pending completion of the valuation of assets acquired and liabilities assumed. Goodwill is attributable to the future economic benefits the Company expects to achieve and expected synergies to be realized when combining the operations of this acquisition into our existing operations.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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