Paychex, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets, Net of Accumulated Amortization

Goodwill and Intangible Assets, Net of Accumulated Amortization

3 Months Ended

Aug. 31, 2018

Goodwill and Intangible Assets, Net of Accumulated Amortization [Abstract]

Goodwill and Intangible Assets, Net of Accumulated Amortization

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

The Company had goodwill balances on its Consolidated Balance Sheets of $813.3 million as of August 31, 2018 and $814.0 million as of May 31, 2018.

The Company has certain intangible assets on its Consolidated Balance Sheets. The components of intangible assets, at cost, consisted of the following:



	August 31,		May 31,
In millions	2018		2018
Client lists	$	307.4	$	308.5
Other intangible assets		13.3		13.3
Total intangible assets, gross		320.7		321.8
Less: Accumulated amortization		185.2		180.4
Intangible assets, net of accumulated amortization	$	135.5	$	141.4

Amortization expense relating to intangible assets was $6.5 million for the three months ended August 31, 2018, compared to $3.9 million for the three months ended August 31, 2017.

As of August 31, 2018, the estimated amortization expense relating to intangible asset balances for the full year fiscal 2019 and the following four fiscal years is as follows:


In millions	Estimated amortization
Year ending May 31,	expense
2019	$	26.0
2020		22.6
2021		19.5
2022		16.6
2023		14.2