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Goodwill and Intangible Assets, Net of Accumulated Amortization | 12 Months Ended
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May 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets, Net of Accumulated Amortization | Note K — Goodwill and Intangible Assets, Net of Accumulated Amortization Goodwill and changes in goodwill as of and for the years ended May 31, 2025 and May 31, 2024 were as follows:
|  | May 31, |
In millions |  | 2025 |  |  | 2024 |
Balance, beginning of fiscal year |  | $ |  | 1,882.7 |  |  | $ |  | 1,834.0 |
Changes during the period: |  |  |  |  |  |  |  |
Goodwill acquired |  |  |  | 2,626.5 |  |  |  |  | 46.7 |
Currency translation adjustment |  |  |  | 4.9 |  |  |  |  | 2.0 |
Balance, end of fiscal year |  | $ |  | 4,514.1 |  |  | $ |  | 1,882.7 |
Acquired goodwill for fiscal 2025 primarily relates to the Company's acquisition of Paycor, and the acquisition of Alterna for fiscal 2024. Refer to Note D for more information related to the Company's acquisitions. 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 |  | 2025 |  |  | 2024 |
Client lists |  | $ |  | 1,797.9 |  |  | $ |  | 675.1 |
Acquired developed software |  |  |  | 410.5 |  |  |  |  | — |
Other intangible assets |  |  |  | 314.7 |  |  |  |  | 23.1 |
Total intangible assets, gross |  |  |  | 2,523.1 |  |  |  |  | 698.2 |
Less: Accumulated amortization |  |  |  | 575.8 |  |  |  |  | 503.7 |
Intangible assets, net of accumulated amortization |  | $ |  | 1,947.3 |  |  | $ |  | 194.5 |
During fiscal 2025, the Company acquired customer lists, excluding business acquisitions, with a weighted-average amortization period of 8.0 years. Refer to Note D for information related to the useful lives of intangible assets valued for our acquisitions. Amortization expense relating to intangible assets was $90.7 million, $49.0 million, and $48.2 million for fiscal 2025, 2024, and 2023, respectively. The Company did no t recognize an impairment loss as it relates to its goodwill or intangible assets during fiscal 2025, 2024, or 2023. 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 |
2026 |  | $ |  | 295.7 |
2027 |  |  |  | 274.1 |
2028 |  |  |  | 255.4 |
2029 |  |  |  | 225.9 |
2030 |  |  |  | 196.5 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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