Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets, Net of Accumulated Amortization

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Goodwill and Intangible Assets, Net of Accumulated Amortization
6 Months Ended
Nov. 30, 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 $810.6 million as of November 30, 2018 and $814.0 million as of May 31, 2018.  Changes in goodwill balances are the result of foreign currency exchange rate fluctuations.



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







 

 

 

 

 

 



 

 

 

 

 

 



 

November 30,

 

May 31,

In millions

 

2018

 

2018

Client lists

 

$

305.7 

 

$

308.5 

Other intangible assets

 

 

12.8 

 

 

13.3 

Total intangible assets, gross

 

 

318.5 

 

 

321.8 

Less: Accumulated amortization

 

 

190.5 

 

 

180.4 

Intangible assets, net of accumulated amortization

 

$

128.0 

 

$

141.4 



Amortization expense relating to intangible assets was $6.6 million and $13.1 million for the three and six months ended November 30, 2018, respectively, compared to $5.3 million and $9.2 million for the three and six months ended November 30, 2017, respectively.



As of November 30, 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

 

$

25.9 

2020

 

 

22.6 

2021

 

 

19.5 

2022

 

 

16.6 

2023

 

 

14.2