Goodwill and Intangible Assets, Net of Accumulated Amortization

12 Months Ended

May 31, 2024

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, 2024 and May 31, 2023 were as follows:

	May 31,
In millions	2024		2023
Balance, beginning of fiscal year	$	1,834.0	$	1,831.5
Changes during the period:
Goodwill acquired		46.7		2.5
Currency translation adjustment		2.0		(0.0	)
Balance, end of fiscal year	$	1,882.7	$	1,834.0

Acquired goodwill for fiscal 2024 relates to the Company's acquisition of Alterna. Refer to Note D for more information related to our acquisition of Alterna.

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	2024		2023
Client lists	$	675.1	$	638.2
Other intangible assets		23.1		23.0
Total intangible assets, gross		698.2		661.2
Less: Accumulated amortization		503.7		473.8
Intangible assets, net of accumulated amortization	$	194.5	$	187.4

During fiscal 2024, the Company acquired customer lists with a weighted-average amortization period of 8.0 years.

Amortization expense relating to intangible assets was $49.0 million, $48.2 million, and $58.1 million for fiscal 2024, 2023, and 2022, respectively.

The Company did not recognize an impairment loss as it relates to its goodwill or intangible assets during fiscal 2024, 2023, or 2022.

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
2025	$		48.3
2026			43.8
2027			37.1
2028			33.5
2029			19.8