XML 39 R31.htm IDEA: XBRL DOCUMENT v3.22.2.2

Business Combinations (Tables)

9 Months Ended

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)

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

+ Details

Name:	us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

+ Details

Name:	us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275

+ Details

Name:	us-gaap_ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472

+ Details

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration