Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets, Net of Accumulated Amortization

v3.20.1
Goodwill and Intangible Assets, Net of Accumulated Amortization
9 Months Ended
Feb. 29, 2020
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

Goodwill and changes in goodwill as of and for the nine months ended February 29, 2020 is as follows:

February 29,

In millions

2020

Balance, beginning of period

$

1,782.6

Changes during the period:

Goodwill acquired

3.9

Acquisition accounting adjustments

4.5

Currency translation adjustment

(1.2)

Balance, end of period

$

1,789.8

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

February 29,

May 31,

In millions

2020

2019

Client lists

$

616.8

$

608.2

Other intangible assets

23.2

23.0

Total intangible assets, gross

640.0

631.2

Less: Accumulated amortization

292.0

232.1

Intangible assets, net of accumulated amortization

$

348.0

$

399.1

Amortization expense relating to intangible assets was $19.4 million and $62.4 million for the three and nine months ended February 29, 2020, respectively, compared to $20.9 million and $34.0 million for the three and nine months ended February 28, 2019, respectively.

The Company did not recognize an impairment loss as it relates to its goodwill or intangible assets during the nine months ended February 29, 2020 or February 28, 2019.

As of February 29, 2020, 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

$

79.2

2021

64.5

2022

59.6

2023

55.0

2024

52.5