v3.20.1

Business combination (Tables)

12 Months Ended

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

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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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

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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