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Acquisitions and Dispositions | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Acquisitions and Dispositions | (5) Acquisitions and Dispositions From time to time, we acquire and invest in companies throughout the world, including franchises. For the nine months ended September 30, 2022 and 2021, the total cash consideration paid for acquisitions, net of cash acquired, was $18.1 and $13.3, respectively. The 2022 payments primarily represent a consideration payment for the acquisition of Tingari, a talent solutions company in France, and contingent consideration payments associated with previous acquisitions. The 2021 payments mainly relate to franchise acquisitions in the United States and a contingent consideratio n payment associated with a previous acquisition. Occasionally, we dispose of parts of our operations based on risk considerations and to optimize our global strategic and geographic footprint and overall efficiency. On January 17, 2022, we disposed of our Russia business in our Northern Europe segment for cash proceeds of $3.2 and simultaneously entered into a franchise agreement with the new owner of the Russia business. In connection with the disposition, we recognized a one-time net loss on disposition of $8.0. On September 30, 2022, our Belgium business disposed of its Service Voucher Division and recognized a one-time gain of $4.1. On October 1, 2021, we acquired ettain group, one of the largest privately held IT resourcing and services providers in North America. Effective that date, ettain group became part of our Experis business in the Americas segment. The acquisition is intended to accelerate our strategy of diversifying our business mix into higher growth and higher value services. The aggregate cash consideration paid was $930.9. Of the total consideration paid, $925.0 was for the acquired interests and the remaining $5.9 was for excess working capital and cash. The transaction was funded through cash on hand and a $150.0 draw on our revolving credit facility, which was fully repaid as of September 30, 2022. We finalized the purchase accounting as of September 30, 2022 and recognized post-closing working capital adjustments of $3.4 and income tax adjustments of $3.1 with a corresponding offset to goodwill for the nine months ended September 30, 2022. The acquisition was accounted for as a business combination, and the assets and liabilities were included in the Consolidated Balance Sheets as of the acquisition date and the results of its operations have been included in the Consolidated Statements of Operations subsequent to the acquisition date. The following table summarizes the final fair value of the assets and liabilities as of the acquisition date of October 1, 2021.
Cash and cash equivalents | $ | 14.6 |
Accounts receivable |  | 132.6 |
Prepaid expenses and other assets |  | 2.6 |
Operating lease right-of-use asset |  | 8.7 |
Goodwill |  | 513.1 |
Intangible assets subject to amortization, customer relationship |  | 360.0 |
Accounts payable |  | (21.6 | )
Employee compensation payable |  | (14.8 | )
Accrued liabilities |  | (28.7 | )
Accrued payroll taxes and insurance |  | (6.9 | )
Value added taxes payable |  | (3.0 | )
Long-term operating lease liability |  | (5.3 | )
Other long-term liabilities |  | (20.4 | )
Total assets and liabilities | $ | 930.9 |
The customer relationship intangible asset will be amortized over a 15 year useful life. The customer relationship intangible asset and goodwill from the acquisition are partially deductible for income tax purposes. As of December 31, 2021 and September 30, 2022, the carrying value of intangible assets were $354.0 and $336.0, respectively, and the carrying value of goodwill was $519.6 and $513.1, respectively. The goodwill is included within the United States reporting unit and is attributable to the workforce of the acquired business and expected synergies to occur post-acquisition as a result of diversifying the business into higher growth and higher value services.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 + Details
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