XML 21 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Acquisitions
9 Months Ended
Mar. 31, 2017
Business Combinations [Abstract]  
Acquisition
Acquisitions

The Company acquired two businesses during the nine months ended March 31, 2017 for total cash consideration of approximately $90.0 million and contingent consideration of up to $35.0 million, which is payable over the next three years, subject to the achievement of specified financial metrics and/or other conditions. The Company determined the fair value of the contingent consideration on the acquisition date using various estimates that are not observable in the market and represent a Level 3 measurement within the fair value hierarchy. The acquisitions were not material to the Company's results of operations, financial position, or cash flows and, therefore, the pro forma impact of these acquisitions is not presented. The results of the acquisitions will be reported within the Company’s Employer Services segment.

Assets acquired and liabilities assumed in the business combinations were recorded on the Company’s Consolidated Balance Sheets as of the acquisition dates based upon the estimated fair value at such dates. The results of operations of the businesses acquired by the Company have been included in the Statements of Consolidated Earnings since the date of acquisition. The excess of the purchase price over the estimated fair value of the underlying assets acquired and liabilities assumed was allocated to goodwill. The allocation of the excess purchase price was based upon preliminary estimates and assumptions and is subject to revision when the Company receives final information. Accordingly, the measurement period for such purchase price allocations will end when the information, or the facts and circumstances, becomes available, but will not exceed twelve months from the date of acquisition.