Property and Equipment, Net of Accumulated Depreciation
|12 Months Ended|
May 31, 2019
|Property and Equipment, Net of Accumulated Depreciation [Abstract]|
|Property and Equipment, Net of Accumulated Depreciation||
Note I — Property and Equipment, Net of Accumulated Depreciation
The components of property and equipment, at cost, consisted of the following:
Depreciation expense was $125.7 million, $116.9 million, and $108.8 million for fiscal years 2019, 2018, and 2017, respectively.
The Company has substantially completed its plan for a new multi-building Paychex campus, including the renovation of over 300,000 square feet based in Rochester, NY. The Company completed the purchase of five buildings during the three months ended November 30, 2017 for a combined cost of approximately $34.7 million and placed approximately $16.0 million in escrow for building renovations. As of May 31, 2018, the Company had $14.2 million remaining in escrow. There was no remaining balance in escrow as of May 31, 2019.
The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef