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Goodwill and Intangible Assets, Net of Accumulated Amortization (Tables) | 12 Months Ended
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May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Change in Goodwill | Goodwill and changes in goodwill as of and for the years ended May 31, 2023 and May 31, 2022 were as follows:
|  | May 31, |
In millions |  | 2023 |  |  | 2022 |
Balance, beginning of fiscal year |  | $ |  | 1,831.5 |  |  | $ |  | 1,820.7 |
Changes during the period: |  |  |  |  |  |  |  |
Goodwill acquired |  |  |  | 2.5 |  |  |  |  | 27.7 |
Currency translation adjustment |  |  |  | (0.0 | ) |  |  |  | (16.9 | )
Balance, end of fiscal year |  | $ |  | 1,834.0 |  |  | $ |  | 1,831.5 |
Components of Intangible Assets, at Cost | The Company had certain intangible assets on its Consolidated Balance Sheets. The components of intangible assets, at cost, consisted of the following:
|  | May 31, |
In millions |  | 2023 |  |  | 2022 |
Client lists |  | $ |  | 638.2 |  |  | $ |  | 637.4 |
Other intangible assets |  |  |  | 23.0 |  |  |  |  | 23.0 |
Total intangible assets, gross |  |  |  | 661.2 |  |  |  |  | 660.4 |
Less: Accumulated amortization |  |  |  | 473.8 |  |  |  |  | 435.8 |
Intangible assets, net of accumulated amortization |  | $ |  | 187.4 |  |  | $ |  | 224.6 |
Estimated Amortization Expense | The estimated amortization expense for the next five fiscal years relating to intangible asset balances is as follows:
In millions |  |  | Estimated amortization |
Year ending May 31, |  | expense |
2024 |  | $ |  | 45.0 |
2025 |  |  |  | 39.8 |
2026 |  |  |  | 35.6 |
2027 |  |  |  | 29.3 |
2028 |  |  |  | 26.2 |

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