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Goodwill and Intangible Assets, Net of Accumulated Amortization | 12 Months Ended
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May 31, 2023
Goodwill and Intangible Assets Disclosure [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 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 |
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 |
During fiscal 2023, the Company acquired customer lists with a weighted-average amortization period of 8.0 years. Amortization expense relating to intangible assets was $48.2 million, $58.1 million, and $68.6 million for fiscal 2023, 2022, and 2021, respectively. The Company did no t recognize an impairment loss as it relates to its goodwill or intangible assets during fiscal 2023, 2022, or 2021. 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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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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