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Business Acquisition
12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Acquisitions Business Acquisition
In January 2019, the Company completed the acquisition of Health Solutions Plus (HSP), a software provider of healthcare payer administration solutions, for a total base consideration of $90 million and a maximum contingent consideration payment of $8 million based on a cumulative achievement over 2 years. Revenue recorded for the year ended December 31, 2019, was $20 million. Pre-tax income for the year ended December 31, 2019, was $6 million.

The Company’s final purchase price allocation for HSP as of the acquisition date was as follows:

(in millions)
Fair Value of Consideration Transferred:
Cash paid$90  
Contingent consideration payable 
Total Consideration$97  
Allocation of Purchase Price:
Net tangible assets$10  
Developed technology19  
Costs Assigned to Intangible Assets
Customer relationships18  
Trademarks and trade names 
Goodwill49  
Total Intangible Assets68  
Total Assets$97  

The weighted average amortization periods are 7 years, 15 years and 1.5 years for Developed technology, Customer relationships and Trademarks and trade names, respectively. The acquired goodwill is associated with the Company's Commercial Industries segment. This acquired goodwill, while tax deductible, includes $7 million related to contingent consideration payable that is not tax deductible until it is earned and paid. The goodwill recognized is attributable primarily to expected synergies and the assembled workforce of HSP. The Developed technology is classified as Product Software within Other long-term assets on the Consolidated Balance Sheets.
The Company has not presented separate results of operations or combined pro forma financial information of the Company and the acquired business because the results of operations of the acquired business are considered immaterial.