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Acquisitions (Tables)
12 Months Ended
Dec. 31, 2023
Business Combinations [Abstract]  
Summary of Allocation of Purchase Price for Acquisitions of Acquiree

The following summarizes the allocation of the purchase price for the 2023 acquisition of the Iress Managed Funds Administration Business and the 2022 acquisitions of Blue Prism, Hubwise and Tier1 (in millions):

 

 

Iress Managed Funds Administration Business

 

 

Blue Prism

 

 

Hubwise

 

 

Tier1

 

Accounts receivable

 

$

2.4

 

 

$

50.1

 

 

$

0.7

 

 

$

0.3

 

Property, plant and equipment

 

 

 

 

 

1.8

 

 

 

0.1

 

 

 

0.1

 

Other assets

 

 

0.7

 

 

 

11.2

 

 

 

0.3

 

 

 

0.2

 

Operating lease right-of-use assets

 

 

 

 

 

4.4

 

 

 

 

 

 

 

Customer relationships

 

 

13.9

 

 

 

520.0

 

 

 

23.0

 

 

 

16.3

 

Completed technologies

 

 

 

 

 

250.0

 

 

 

8.7

 

 

 

6.4

 

Trade names

 

 

0.7

 

 

 

38.0

 

 

 

1.0

 

 

 

 

Goodwill

 

 

20.4

 

 

 

950.6

 

 

 

50.0

 

 

 

21.6

 

Accounts payable

 

 

 

 

 

(6.6

)

 

 

(0.2

)

 

 

(1.0

)

Accrued employee compensation and other liabilities

 

 

(1.3

)

 

 

(64.0

)

 

 

(0.7

)

 

 

(2.0

)

Deferred revenue

 

 

 

 

 

(166.9

)

 

 

 

 

 

(8.6

)

Deferred income taxes

 

 

(3.9

)

 

 

(111.1

)

 

 

(7.4

)

 

 

 

Consideration paid, net of cash acquired

 

$

32.9

 

 

$

1,477.5

 

 

$

75.5

 

 

$

33.3

 

Summary of Unaudited Pro Forma Information

The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the acquisition of the Iress Managed Funds Administration Business occurred on January 1, 2022 and the acquisitions of Blue Prism, Hubwise, MineralWare, Tier1 and CFO occurred on January 1, 2021, after giving effect to certain adjustments, including amortization of intangibles, interest, transaction costs and tax effects. This unaudited pro forma information (in millions) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on those dates, nor of the results that may be obtained in the future.

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

Revenues

 

$

5,513.5

 

 

$

5,365.7

 

 

$

5,322.9

 

Net income

 

$

603.6

 

 

$

630.4

 

 

$

659.4

 

Business Combination, Separately Recognized Transactions [Table Text Block]

We recorded severance expense related to personnel reductions in several of our financial services and healthcare businesses. The amount of severance expense recognized in our Consolidated Statements of Comprehensive Income was as follows (in millions):

 

 

 

For the Year Ended December 31,

 

Consolidated Statements of Comprehensive Income Classification

 

 

2023

 

 

2022

 

 

2021

 

Cost of software-enabled services

 

 

$

16.2

 

 

$

8.2

 

 

$

11.4

 

Cost of license, maintenance and other related

 

 

 

1.5

 

 

 

1.9

 

 

 

1.1

 

Total cost of revenues

 

 

 

17.7

 

 

 

10.1

 

 

 

12.5

 

Selling and marketing

 

 

 

3.6

 

 

 

3.1

 

 

 

1.6

 

Research and development

 

 

 

4.2

 

 

 

2.4

 

 

 

5.6

 

General and administrative

 

 

 

5.8

 

 

 

0.6

 

 

 

2.2

 

Total operating expenses

 

 

 

13.6

 

 

 

6.1

 

 

 

9.4

 

Total severance expense

 

 

$

31.3

 

 

$

16.2

 

 

$

21.9