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Acquisitions and Other Investments (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The table below summarizes the preliminary allocation of fair value to the assets acquired and liabilities assumed on the date of acquisition under the acquisition method of accounting. These fair values may continue to be revised during the measurement period as third-party valuations on the intangible assets are finalized, further information becomes available and additional analyses are performed, and those adjustments could have a material impact on the purchase price allocation.
(in millions)
As Reported
December 31, 2023
Measurement
Period
Adjustments
As Reported
June 30, 2024
Cash consideration transferred, net of $4.5 million in cash acquired
$244.0 $— $244.0 
Less:
Accounts receivable2.4 — 2.4 
Customer relationships(1)(5)
40.4 — 40.4 
Developed technology(2)(5)
17.2 — 17.2 
Strategic partner relationships(3)(5)
4.5 — 4.5 
Trademark(4)(5)
1.4 — 1.4 
Other current and long-term assets1.4 — 1.4 
Accrued expenses and other current liabilities(1.8)— (1.8)
Deferred tax liability(6.5)3.0 (3.5)
Contingent/deferred consideration(7.1)— (7.1)
Other liabilities(0.9)— (0.9)
Recorded goodwill$193.0 $(3.0)$190.0 
(1)Weighted average useful life - 4.7 years
(2)Weighted average useful life - 2.4 years
(3)Weighted average useful life - 2.5 years
(4)Weighted average useful life - 2.8 years
(5)The weighted average useful life of all amortizable intangible assets acquired in this business combination is 3.9 years
The table below summarizes the preliminary allocation of fair value to the assets acquired and liabilities assumed on the date of acquisition under the acquisition method of accounting. These fair values may continue to be revised during the measurement period as third-party valuations on the intangible assets are finalized, further information becomes available and additional analyses are performed, and those adjustments could have a material impact on the purchase price allocation.
(in millions)
As Reported
December 31, 2023
Measurement
Period
Adjustments
As Reported
June 30, 2024
Cash consideration transferred, net of $26.7 million in cash and restricted cash acquired
$158.0 $0.9 $158.9 
Less:
Accounts receivable7.3 — 7.3 
Customer relationships(1)(5)
52.1 — 52.1 
Developed technology(2)(5)
6.6 — 6.6 
Strategic partner relationships(3)(5)
14.0 — 14.0 
Custodial rights(4)(5)
23.2 — 23.2 
Other assets3.8 — 3.8 
Accrued expenses and other current liabilities(6.5)— (6.5)
Restricted cash payable(25.7)— (25.7)
Other liabilities(2.7)— (2.7)
Recorded goodwill$85.9 $0.9 $86.8 
(1)Weighted average life - 5.4 years
(2)Weighted average life - 2.2 years
(3)Weighted average life - 1.2 years
(4)Weighted average life - 4.9 years
(5)The weighted average useful life of all amortizable intangible assets acquired in this business combination is 4.4 years.