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, 2015

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



	May 31,
In millions	2015		2014
Client lists	$	244.6	$	240.9
Other intangible assets	3.2		2.6
Total intangible assets, gross	247.8		243.5
Less: Accumulated amortization	215.4		202.9
Intangible assets, net of accumulated amortization	$	32.4	$	40.6

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
2016	$	11.3
2017	8.2
2018	5.5
2019	3.6
2020	2.0