Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets, Net of Accumulated Amortization

v2.4.1.9
Goodwill and Intangible Assets, Net of Accumulated Amortization
9 Months Ended
Feb. 28, 2015
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 $563.8 million and $540.3 million as of February 28, 2015 and May 31, 2014, respectively. The increase in goodwill was due to an immaterial business acquisition.
The Company has certain intangible assets with finite lives. The components of intangible assets, at cost, consisted of the following:
In millions
February 28, 2015
 
May 31, 2014
Client lists
$
244.4

 
$
240.9

Other intangible assets
3.2

 
2.6

Total intangible assets, gross
247.6

 
243.5

Less: Accumulated amortization
212.0

 
202.9

Intangible assets, net of accumulated amortization
$
35.6

 
$
40.6


Amortization expense relating to intangible assets was $3.6 million and $10.9 million for the three and nine months ended February 28, 2015, respectively, as compared with $4.2 million and $11.7 million for the three and nine months ended February 28, 2014.
As of February 28, 2015, the estimated amortization expense relating to intangible asset balances for the full year fiscal 2015 and the following four fiscal years is as follows:
In millions
Fiscal year ending May 31,
Estimated
amortization
expense
2015
$
14.4

2016
$
11.2

2017
$
8.1

2018
$
5.5

2019
$
3.5