Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS AND INVESTMENTS

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ACQUISITIONS AND INVESTMENTS
 12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
ACQUISITIONS AND INVESTMENTS ACQUISITIONS AND INVESTMENTS
 
2019 Acquisitions and Investments. In April 2019, the Company completed the acquisition of 100% of Knowledge Works, Inc., d/b/a PayNet, Inc. (“PayNet”), a commercial data and analytics company, in our USIS and International segments to expand the Company’s product offerings. In 2019, the Company completed various acquisitions in our Workforce Solutions segment to expand the Company’s product offerings. The primary area of the purchase price that is not yet finalized is related to working capital for certain of the Workforce Solutions acquisitions. Accordingly, adjustments may be made to the values of the assets acquired and liabilities assumed as additional information is obtained about the facts and circumstances that existed at the valuation date.

2018 Acquisitions and Investments. In July 2018, the Company completed the acquisition of 100% of DataX Ltd., a national specialty finance credit agency and alternative data provider, in our USIS segment. In 2018, the Company completed various acquisitions in our Workforce Solutions and International segments to expand the Company’s product offerings. We have completed the allocation of the purchase prices for the 2018 acquisitions.
Purchase Price Allocation.  The following table summarizes the estimated fair value of the net assets acquired and the liabilities assumed at the acquisition dates during 2019 and 2018.
  December 31,
  2019 2018
  (In millions)
Cash $ 5.5    $ 1.6   
Accounts receivable and other current assets 5.5    4.4   
Other assets 1.5    0.3   
Identifiable intangible assets (1)
92.0    50.9   
Goodwill (2)
197.4    89.3   
Total assets acquired 301.9    146.5   
Other current liabilities (5.1)   (2.9)  
Other liabilities (18.4)   (3.8)  
Non-controlling interest —    (1.8)  
Net assets acquired $ 278.4    $ 138.0   
 
(1)Identifiable intangible assets are further disaggregated in the following table.
(2)The goodwill related to PayNet is included in the USIS and International operating segments and the goodwill related to the other 2019 acquisitions is included in the Workforce Solutions operating segment. The goodwill related to PayNet is not tax deductible. The goodwill related to the Workforce Solutions acquisitions in 2019 is not deductible for tax purposes. The 2018 goodwill related to DataX Ltd. is included in the USIS operating segment and the goodwill related to the other 2018 acquisitions is included in the Workforce Solutions and International operating segments and is not deductible for tax purposes.

The primary reasons the purchase price of these acquisitions exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, were expanded growth opportunities from new or enhanced product offerings and geographies, cost savings from the elimination of duplicative activities, and the acquisition of an assembled workforce that are not recognized as assets apart from goodwill.
December 31,
2019 2018
Intangible asset category Fair value Weighted-average useful life Fair value Weighted-average useful life
  (in millions) (in years) (in millions) (in years)
Customer relationships $ 17.1    9.9 $ 16.5    9.0
Acquired software and technology —    —    2.7    2.7
Purchased data files 68.6    6.9 30.2    11.3
Non-compete agreements 4.0    5.0 0.8    2.6
Trade names and other intangible assets 2.3    4.5 0.7    1.9
Total acquired intangibles $ 92.0    7.3 $ 50.9    9.8