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 |
|
