v3.20.1

Business combination (Tables) | 12 Months Ended
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Jan. 31, 2020
Business Combinations [Abstract] |
Schedule of Total Consideration Paid | The Acquisition was accounted for under the acquisition method of accounting for business combinations. Under this accounting method, the total consideration paid was:
(in millions) |  |
Aggregate fair value of WageWorks stock acquired |  |  | $ | 2,018.8 |
Fair value of previously owned investment in WageWorks stock |  |  | 81.4 |
Fair value of equity awards exchanged for cash attributable to pre-Acquisition service |  |  | 18.1 |
Fair value of equity awards replaced attributable to pre-Acquisition service |  |  | 3.8 |
Total consideration paid |  |  | $ | 2,122.1 |
Schedule of Allocation of Consideration | The following table summarizes the Company's current allocation of the consideration paid:
(in millions) |  | Initial Allocation |  | Adjustments |  | Updated Allocation
Cash and cash equivalents |  |  | $ | 406.8 |  |  |  | $ | (14.5) |  |  |  | $ | 392.3 |
Other current assets |  |  | 56.5 |  |  |  | 1.0 |  |  |  | 57.5 |
Property, plant, and equipment |  |  | 26.6 |  |  |  |  |  |  |  | 26.6 |
Operating lease right-of-use assets |  |  | 42.5 |  |  |  |  |  |  |  | 42.5 |
Intangible assets |  |  | 715.3 |  |  |  |  |  |  |  | 715.3 |
Goodwill |  |  | 1,330.5 |  |  |  | (2.5) |  |  |  | 1,328.0 |
Other assets |  |  | 5.9 |  |  |  |  |  |  |  | 5.9 |
Client-held funds obligation |  |  | (237.5) |  |  |  | 17.8 |  |  |  | (219.7) |
Other current liabilities |  |  | (69.1) |  |  |  | (2.9) |  |  |  | (72.0) |
Other long-term liabilities |  |  | (26.7) |  |  |  |  |  |  |  | (26.7) |
Deferred tax liability |  |  | (128.7) |  |  |  | 1.1 |  |  |  | (127.6) |
Total consideration paid |  |  | $ | 2,122.1 |  |  |  | $ | — |  |  |  | $ | 2,122.1 |
Schedule of Allocation of Consideration Paid to Acquire Intangible Assets | The preliminary allocation of consideration exchanged to acquired identified intangible assets is as follows:
(in millions) |  | Fair value |  | Weighted-average remaining amortization period (years)
Customer relationships |  |  | $ | 598.5 |  |  | 15.0
Developed technology |  |  | 96.9 |  |  | 4.5
Trade names & trademarks |  |  | 12.3 |  |  | 3.0
Identified intangible assets subject to amortization |  |  | 707.7 |  |  | 13.4
In-process software development costs |  |  | 3.8 |  |  | n/a
Total acquired intangible assets |  |  | $ | 711.5 |  |  |
Schedule of Pro Forma Information | The estimated pro forma revenue and net income includes the alignment of accounting policies, the effect of fair value adjustments related to the Acquisition, associated tax effects and the impact of the borrowings to finance the Acquisition and related expenses.
|  | Year ended January 31, |  |
(in thousands) |  | 2020 |  | 2019
Revenue |  | $ | 798,253 |  |  | $ | 765,801 |
Net income |  | $ | 23,101 |  |  | $ | 6,419 |

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