Acquisition of Zenefits (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Preliminary Allocation Of Purchase Price

The purchase price was as follows:

(in millions)	Amount
Cash and stock consideration per agreement	$	220
Closing adjustments	3
Total consideration payable	223
Less: Unvested Zenefits restricted stock	(14)
Total purchase price	$	209

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the net assets acquired and preliminary allocation of the purchase price:

(in millions)	Amount
Total purchase price	$	209
Asset Acquired:
Cash	$	4
Restricted cash	5
Accounts receivable, net	4
Intangible assets	96
Operating lease right-of-use asset	9
Deferred tax asset	2
Other assets	5
Total assets acquired	125
Liabilities Assumed
Accounts payable and other current liabilities	$	9
Deferred revenue	13
Operating lease liabilities	15
Deferred taxes	18
Total liabilities assumed	55
Net assets acquired	$	70
Goodwill at acquisition	$	139
Measurement period adjustments	(3)
Goodwill at June 30, 2022	$	136

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The intangible assets acquired were as follows:

(in millions)	Amount		Estimated Useful Life
Acquired technology	$	56	6 years
Customer relationships	40		7 years
Total intangible assets	$	96