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Goodwill and Intangible Assets, Net of Accumulated Amortization (Tables)
 12 Months Ended
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