Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets, Net of Accumulated Amortization

v3.19.3
Goodwill and Intangible Assets, Net of Accumulated Amortization
3 Months Ended
Aug. 31, 2019
Goodwill and Intangible Assets, Net of Accumulated Amortization [Abstract]  
Goodwill and Intangible Assets, Net of Accumulated Amortization Note J: Goodwill and Intangible Assets, Net of Accumulated Amortization

The change in goodwill for the three months ended August 31, 2019 is as follows:

August 31,

In millions

2019

Balance, beginning of period

$

1,782.6

Changes during the period:

Goodwill acquired

-

Acquisition accounting adjustments

-

Currency translation adjustment

0.5

Balance, end of period

$

1,783.1

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

August 31,

May 31,

In millions

2019

2019

Client lists

$

609.0

$

608.2

Other intangible assets

23.4

23.0

Total intangible assets, gross

632.4

631.2

Less: Accumulated amortization

252.9

232.1

Intangible assets, net of accumulated amortization

$

379.5

$

399.1

Amortization expense relating to intangible assets was $21.1 million for the three months ended August 31, 2019, compared to $6.5 million for the three months ended August 31, 2018.

The Company did not recognize an impairment loss as it relates to its goodwill or intangible assets during the three months ended August 31, 2019 or August 31, 2018.

As of August 31, 2019, the estimated amortization expense relating to intangible asset balances for the full year fiscal 2020 and the following four fiscal years is as follows:

In millions

Estimated amortization

Year ending May 31,

expense

2020

$

71.7

2021

64.0

2022

57.6

2023

54.3

2024

51.9