Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets, Net of Accumulated Amortization (Tables)

v3.23.2
Goodwill and Intangible Assets, Net of Accumulated Amortization (Tables)
 12 Months Ended
May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Change in Goodwill

Goodwill and changes in goodwill as of and for the years ended May 31, 2023 and May 31, 2022 were as follows:

 

 

 

May 31,

 

In millions

 

2023

 

 

2022

 

Balance, beginning of fiscal year

 

$

 

1,831.5

 

 

$

 

1,820.7

 

Changes during the period:

 

 

 

 

 

 

 

 

Goodwill acquired

 

 

 

2.5

 

 

 

 

27.7

 

Currency translation adjustment

 

 

 

(0.0

)

 

 

 

(16.9

)

Balance, end of fiscal year

 

$

 

1,834.0

 

 

$

 

1,831.5

 

 
Components of Intangible Assets, at Cost

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

 

 

 

May 31,

 

In millions

 

2023

 

 

2022

 

Client lists

 

$

 

638.2

 

 

$

 

637.4

 

Other intangible assets

 

 

 

23.0

 

 

 

 

23.0

 

Total intangible assets, gross

 

 

 

661.2

 

 

 

 

660.4

 

Less: Accumulated amortization

 

 

 

473.8

 

 

 

 

435.8

 

Intangible assets, net of accumulated amortization

 

$

 

187.4

 

 

$

 

224.6

 
Estimated Amortization Expense

The estimated amortization expense for the next five fiscal years relating to intangible asset balances is as follows:

 

In millions

 

 

Estimated
amortization

 

Year ending May 31,

 

expense

 

2024

 

$

 

45.0

 

2025

 

 

 

39.8

 

2026

 

 

 

35.6

 

2027

 

 

 

29.3

 

2028

 

 

 

26.2