Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets, Net of Accumulated Amortization

v3.8.0.1
Goodwill and Intangible Assets, Net of Accumulated Amortization
3 Months Ended
Aug. 31, 2017
Goodwill and Intangible Assets, Net of Accumulated Amortization [Abstract]  
Goodwill and Intangible Assets, Net of Accumulated Amortization

Note I: Goodwill and Intangible Assets, Net of Accumulated Amortization



The Company had goodwill balances on its Consolidated Balance Sheets of $698.0 million as of August 31, 2017 and $657.1 million as of May 31, 2017.  The increase of $40.9 million in goodwill since May 31, 2017 was the result of the acquisition of HROI in August 2017.  Refer to Note C for further information.



The Company has certain intangible assets with finite lives. The components of intangible assets, at cost, consisted of the following:







 

 

 

 

 

 



 

 

 

 

 

 



 

August 31,

 

May 31,

In millions

 

2017

 

2017

Client lists

 

$

318.7 

 

$

293.5 

Other intangible assets

 

 

5.4 

 

 

5.4 

Total intangible assets, gross

 

 

324.1 

 

 

298.9 

Less: Accumulated amortization

 

 

244.9 

 

 

241.3 

Intangible assets, net of accumulated amortization

 

$

79.2 

 

$

57.6 



Amortization expense relating to intangible assets was $3.9 million for the three months ended August 31, 2017 compared to $4.4 million for the three months ended August 31, 2016.



As of August 31, 2017, the estimated amortization expense relating to intangible asset balances for the full year fiscal 2018 and the following four fiscal years is as follows:







 

 

 

In millions

 

Estimated amortization

Year ending May 31,

 

Expense

2018

 

$

20.1 

2019

 

 

17.3 

2020

 

 

13.9 

2021

 

 

10.9 

2022

 

 

8.2