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

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Description of Business, Basis of Presentation, and Significant Accounting Policies (Policy)
Notes Tables
Notes Details

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

v3.19.2

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

12 Months Ended

May 31, 2019

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

Change in Goodwill


	May 31,
In millions	2019		2018
Balance, beginning of fiscal year	$	814.0	$	657.1
Changes during the period:
Goodwill acquired		972.1		162.6
Acquisition accounting adjustments		1.6		-
Currency translation adjustment		(5.1)		(5.7)
Balance, end of fiscal year	$	1,782.6	$	814.0

Components of Intangible Assets, at Cost



	May 31,
In millions	2019		2018
Client lists(1)	$	608.2	$	308.5
Other intangible assets		23.0		13.3
Total intangible assets, gross		631.2		321.8
Less: Accumulated amortization		232.1		180.4
Intangible assets, net of accumulated amortization	$	399.1	$	141.4

(1)

Client lists and other intangible assets include current estimates of amounts acquired from Oasis as of December 20, 2018. Refer to Note D of this Item 8 for further details.

Estimated Amortization Expense


In millions	Estimated amortization
Year ending May 31,	expense
2020	$	67.1
2021		63.8
2022		57.4
2023		54.1
2024		51.7

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Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.

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Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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