v3.19.2
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill
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.
Schedule of Intangible Assets at Cost and Accumulated Amortization
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


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
Finite-lived Intangible Assets Amortization Expense 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 Amortization Expenses of Intangible Assets
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