Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets, Net of Accumulated Amortization

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Goodwill and Intangible Assets, Net of Accumulated Amortization
12 Months Ended
May 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net of Accumulated Amortization
Goodwill and Intangible Assets, Net of Accumulated Amortization
The Company had goodwill balances on its Consolidated Balance Sheets of $533.9 million as of May 31, 2013, and $517.4 million as of May 31, 2012. The increase in goodwill since May 31, 2012 was the result of two immaterial business acquisitions.
The Company has certain intangible assets with finite lives. The components of intangible assets, at cost, consisted of the following:
 
 
May 31,
In millions
 
2013
 
2012
Client lists
 
$
231.0

 
$
223.6

Other intangible assets
 
2.4

 
2.0

Total intangible assets, gross
 
233.4

 
225.6

Less: Accumulated amortization
 
188.2

 
169.8

Intangible assets, net of accumulated amortization
 
$
45.2

 
$
55.8


During fiscal 2013, the Company acquired intangible assets with weighted-average amortization periods as follows: customer lists — 7.8 years; other intangible assets — 6.0 years; and total — 7.7 years. Amortization expense relating to intangible assets was $19.0 million, $23.0 million, and $20.3 million for fiscal years 2013, 2012, and 2011, respectively.
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
2014
 
$
14.9

2015
 
10.8

2016
 
7.7

2017
 
5.5

2018
 
3.5