v3.19.2

Goodwill and Intangible Assets, Net | 12 Months Ended
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Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets, Net | GOODWILL AND INTANGIBLE ASSETS, NET Changes in Goodwill for the fiscal years ended June 30, 2019 and 2018 are as follows:
|  | Investor Communication Solutions |  | Global Technology and Operations |  | Total
|  | (in millions)
Goodwill, gross, at July 1, 2017 |  | $ | 821.0 |  |  | $ | 338.4 |  |  | $ | 1,159.3 |
Transfers (a) |  | (38.7 | ) |  | 38.7 |  |  | — |
Additions |  | 88.2 |  |  | — |  |  | 88.2 |
Fair value adjustments (b) |  | — |  |  | — |  |  | — |
Foreign currency translation and other |  | 13.9 |  |  | (6.5 | ) |  | 7.4 |
Accumulated impairment losses |  | — |  |  | — |  |  | — |
Goodwill, net, at June 30, 2018 |  | $ | 884.4 |  |  | $ | 370.5 |  |  | $ | 1,254.9 |
Goodwill, gross, at June 30, 2018 |  | $ | 884.4 |  |  | $ | 370.5 |  |  | $ | 1,254.9 |
Additions |  | 27.3 |  |  | 220.4 |  |  | 247.7 |
Fair value adjustments (b) |  | 7.4 |  |  | — |  |  | 7.4 |
Foreign currency translation and other |  | (3.2 | ) |  | (6.8 | ) |  | (10.0 | )
Accumulated impairment losses |  | — |  |  | — |  |  | — |
Goodwill, net, at June 30, 2019 |  | $ | 915.9 |  |  | $ | 584.2 |  |  | $ | 1,500.0 |
(a) In connection with an organizational change made in the second quarter of fiscal year 2018, in order to further align and enhance our portfolio of services, certain discrete services that were previously reported in our Investor Communication Solutions reportable segment are now reported within the Global Technology and Operations reportable segment. As a result, $38.7 million of goodwill was reclassified from the ICS segment to the GTO segment based on a relative fair value analysis. (b) Fair value adjustments includes adjustments to goodwill as part of the finalization of purchase price allocation related to the ActivePath acquisition. Additions for the fiscal year ended June 30, 2019 include $28.9 million, $191.5 million and $27.3 million for the acquisitions of Rockall, RPM and TD Ameritrade, respectively. Additions for the fiscal year ended June 30, 2018 include $18.5 million, $28.7 million and $29.2 million for the acquisitions of Summit, ActivePath and FundAssist, respectively. During fiscal years 2019, 2018 and 2017, the Company performed the required impairment tests of Goodwill and determined that there was no impairment. The Company also performs a sensitivity analysis under Step 1 of the goodwill impairment test assuming hypothetical reductions in the fair values of the reporting units. A 10% change in our estimates of projected future operating cash flows, discount rates, or terminal value growth rates, which are the most significant estimates used in our calculations of the fair values of the reporting units, would not result in an impairment of our goodwill. Intangible assets at cost and accumulated amortization at June 30, 2019 and 2018 are as follows:
|  | June 30,
|  | 2019 |  | 2018
|  | Original Cost |  | Accumulated Amortization |  | Intangible Assets, net |  | Original Cost |  | Accumulated Amortization |  | Intangible Assets, net
|  | (in millions)
Software licenses |  | $ | 125.8 |  |  | $ | (101.7 | ) |  | $ | 24.1 |  |  | $ | 117.5 |  |  | $ | (87.5 | ) |  | $ | 30.0 |
Acquired software technology |  | 164.7 |  |  | (85.5 | ) |  | 79.3 |  |  | 117.8 |  |  | (73.0 | ) |  | 44.8 |
Customer contracts and lists |  | 549.6 |  |  | (207.4 | ) |  | 342.1 |  |  | 453.8 |  |  | (162.1 | ) |  | 291.7 |
Acquired intellectual property |  | 135.0 |  |  | (63.8 | ) |  | 71.2 |  |  | 135.0 |  |  | (36.9 | ) |  | 98.1 |
Other intangibles |  | 63.6 |  |  | (24.1 | ) |  | 39.5 |  |  | 47.7 |  |  | (18.2 | ) |  | 29.5 |
|  | $ | 1,038.7 |  |  | $ | (482.5 | ) |  | $ | 556.2 |  |  | $ | 871.8 |  |  | $ | (377.7 | ) |  | $ | 494.1 |
In fiscal years 2019 and 2018, intangible assets and accumulated amortization were reduced by $0.2 million and $36.7 million, respectively, for asset retirements related to fully amortized intangibles. Other intangibles consist of capitalized internal use software and the following intangible assets acquired in business acquisitions: intellectual property, covenants, patents, and trademarks. All of the intangible assets have finite lives and as such, are subject to amortization. The weighted-average remaining useful life of the intangible assets is as follows:
|  | Weighted-Average Remaining Useful Life (Years)
Acquired software technology |  | 4.0
Software licenses |  | 2.4
Customer contracts and lists |  | 6.3
Acquired intellectual property |  | 2.8
Other intangibles |  | 4.3
Total weighted-average remaining useful life |  | 5.2
Amortization of intangibles for the years ended June 30, 2019, 2018 and 2017 was as follows:
|  | Years ended June 30,
|  | 2019 |  | 2018 |  | 2017
|  | (in millions)
Amortization expense for intangible assets |  | $ | 106.8 |  |  | $ | 100.2 |  |  | $ | 87.7 |
Estimated remaining amortization expenses of the Company’s existing intangible assets for the next five fiscal years and thereafter are as follows:
Years Ending June 30, |  | (in millions)
2020 |  | $ | 128.2 |
2021 |  | 118.5 |
2022 |  | 95.1 |
2023 |  | 76.0 |
2024 |  | 61.2 |
Thereafter |  | 77.2 |

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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 http://asc.fasb.org/topic&trid=2144416 + Details
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