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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of business acquisitions, by acquisition |
Issuance of 46.9 million shares(1) |  | $ | 1,094.9 |
Cash consideration(2) |  | 3,959.9 |
Total purchase price |  | 5,054.8 |
Cash acquired(3) |  | (52.5) |
Total purchase price, net of cash acquired |  | $ | 5,002.3 |
(1) Based on the Company’s closing share price of $23.34 on November 30, 2021.
(2) Total cash consideration of $3,959.9 includes a base cash consideration of $3,988.0, less working capital adjustments of $31.7, less closing indebtedness adjustments of $36.6, plus closing cash consideration of $40.2.
(3) Cash acquired includes $52.5 of total cash acquired, less $2.0 of restricted cash acquired.
Schedule of fair value of identifiable assets acquired and liabilities assumed for all acquisitions | The following table summarizes the preliminary purchase price allocation for this acquisition:
| Original Purchase Price Allocation |  | Measurement Period Adjustments |  | Updated Purchase Price Allocation
Accounts receivable | $ | 113.5 |  |  | $ | 1.2 |  |  | $ | 114.7 |
Prepaid expenses | 22.3 |  |  | 0.9 |  |  | 23.2 |
Other current assets | 23.7 |  |  | — |  |  | 23.7 |
Property and equipment, net | 62.3 |  |  | 2.9 |  |  | 65.2 |
Other intangible assets(1) | 3,534.7 |  |  | (1.0) |  |  | 3,533.7 |
Other non-current assets | 18.0 |  |  | — |  |  | 18.0 |
Deferred income taxes | 3.5 |  |  | — |  |  | 3.5 |
Operating lease right-of-use assets | 28.4 |  |  | — |  |  | 28.4 |
Total assets | $ | 3,806.4 |  |  | $ | 4.0 |  |  | $ | 3,810.4 |
Accounts payable | 17.1 |  |  | — |  |  | 17.1 |
Accrued expenses and other current liabilities | 136.8 |  |  | (3.6) |  |  | 133.2 |
Current portion of long-term debt | 1.1 |  |  | — |  |  | 1.1 |
Current portion of deferred revenue | 335.2 |  |  | — |  |  | 335.2 |
Current portion of operating lease liabilities | 8.0 |  |  | — |  |  | 8.0 |
Long-term debt | 33.4 |  |  | — |  |  | 33.4 |
Deferred income taxes | 58.6 |  |  | 0.3 |  |  | 58.9 |
Non-current portion of deferred revenue | 6.8 |  |  | — |  |  | 6.8 |
Other non-current liabilities | 89.2 |  |  | 2.1 |  |  | 91.3 |
Operating lease liabilities | 23.1 |  |  | — |  |  | 23.1 |
Total liabilities | 709.3 |  |  | (1.2) |  |  | 708.1 |
Fair value of acquired identifiable assets and liabilities | $ | 3,097.1 |  |  | $ | 5.2 |  |  | $ | 3,102.3 |
Purchase price, net of cash | $ | 4,994.3 |  |  | $ | 8.0 |  |  | $ | 5,002.3 |
Less: Fair value of acquired identifiable assets and liabilities | 3,097.1 |  |  | 5.2 |  |  | 3,102.3 |
Goodwill | $ | 1,897.2 |  |  | $ | 2.8 |  |  | $ | 1,900.0 |
(1) Of the $3,534.7, $3,528.0 relates to the valued intangible assets as per the purchase price allocation and $6.7 relates to acquired assets under construction.
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The identifiable intangible assets acquired are amortized on a straight-line basis over their estimated useful lives. The following table summarizes the estimated fair value of ProQuest's identifiable intangible assets acquired and their remaining amortization period (in years):
| Fair Value as of December 1, 2021 |  | Remaining Range of Years
Customer relationships | $ | 2,773.0 |  |  | 17-23
Technology & databases | 709.3 |  |  | 5-17
Trade names | 45.7 |  |  | 2-10
Total identifiable intangible assets | $ | 3,528.0 |  |  |
Schedule of Pro Forma Information | Unaudited pro forma information for the Company for the relevant periods presented as if the acquisition had occurred January 1, 2020 is as follows:
| Three Months Ended September 30, |  |
| 2021 |  |
Pro forma revenues, net | $ | 663.4 |  |  |
Pro forma net income attributable to the Company's shareholders | 56.3 |  |  |
| Nine Months Ended September 30, |  |
| 2021 |  |
Pro forma revenues, net | $ | 1,992.6 |  |  |
Pro forma net loss attributable to the Company's shareholders | (159.5) |  |  |

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