The purchase price allocation for WorkForce Software is as follows: | | | | | | | Cash | $ | 12.5 | | | Accounts receivable, net of allowance for doubtful accounts | 20.0 | | | Identifiable intangible assets (1) | 292.0 | | | Goodwill | 885.8 | | | Deferred income taxes, net of valuation allowance | 45.9 | | | All other assets | 14.8 | | | Total assets acquired | $ | 1,271.0 | | | | | Deferred revenue | $ | 39.6 | | | | | All other liabilities | 60.6 | | | Total liabilities assumed | $ | 100.2 | | | Total net assets acquired | $ | 1,170.8 | |
(1) Intangible assets are recorded at estimated fair value, as determined by management based on available information which includes an estimated valuation by an independent third party. The fair values assigned to identifiable intangible assets were determined through the use of the income approach, specifically the relief from royalty and the multi-period excess earnings methods. The major assumptions used in arriving at the estimated identifiable intangible asset values included management’s estimates of future cash flows, discounted at an appropriate rate of return which are based on the weighted average cost of capital for both the Company and other market participants, projected customer attrition rates, as well as applicable royalty rates for comparable assets. The useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to the future cash flows. The estimated fair value of intangible assets and related useful lives as included in the purchase price allocation include: | | | | | | | | | | | | | Estimated Fair Value | | Estimated Useful Life
(in years) | | Technology | $ | 115.0 | | | 7 | | Customer/Partner relationships | $ | 170.0 | | | 8 | | Tradename | $ | 7.0 | | | 4 |
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