Acquisition of Zenefits (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Preliminary Allocation Of Purchase Price

The purchase price was as follows:


(in millions)	Amount
Cash and stock consideration per agreement	$	220
Closing adjustments	3
Total consideration payable	223
Less: Unvested Zenefits restricted stock	(14)
Total purchase price	$	209

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the net assets acquired and preliminary allocation of the purchase price, measured as of the acquisition date:


(in millions)	Amount
Total purchase price	$	209

Asset Acquired:
Cash	$	4
Restricted cash	5
Accounts receivable, net	4
Intangible assets	96
Operating lease right-of-use asset	9
Deferred tax asset	2
Other assets	5
Total assets acquired	125

Liabilities Assumed
Accounts payable and other current liabilities	$	9
Deferred revenue	13
Operating lease liabilities	15
Deferred taxes	18
Total liabilities assumed	55
Net assets acquired	$	70

Goodwill	$	139

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The intangible assets acquired were as follows:


(in millions)	Amount		Estimated Useful Life
Acquired technology	$	56	6 years
Customer relationships	40		7 years
Total intangible assets	$	96