XML 21 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
Acquisitions
6 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Acquisition
Acquisitions

In January 2017, the Company acquired The Marcus Buckingham Company, Inc. ("TMBC") for total cash consideration at closing of approximately $70.0 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. TMBC is a provider of talent management technology, coaching and consulting solutions. The results of TMBC will be reported within the Company’s Employer Services segment. The Company has not yet finalized the purchase price allocation or its valuation of the contingent consideration arrangement for this acquisition.

The Company acquired one business during the six months ended December 31, 2016 for $20.0 million, net of cash acquired. The acquisition was not material to the Company's results of operations, financial position, or cash flows and, therefore, the pro forma impact of this acquisition is not presented.

Assets acquired and liabilities assumed in the business combination were recorded on the Company’s Consolidated Balance Sheets as of the acquisition date based upon the estimated fair value at such date. The results of operations of the business 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.