Paychex, Inc. Annual report pursuant to Section 13 and 15(d)

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

12 Months Ended

May 31, 2014

The components of intangible assets, at cost, consisted of the following:



	May 31,
In millions	2014		2013
Client lists	$	240.9	$	231.0
Other intangible assets	2.6		2.4
Total intangible assets, gross	243.5		233.4
Less: Accumulated amortization	202.9		188.2
Intangible assets, net of accumulated amortization	$	40.6	$	45.2

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




In millions Year ending May 31,	Estimated amortization expense
2015	$	13.4
2016	9.9
2017	7.3
2018	4.9
2019	2.9