Goodwill and Intangible Assets, net

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in goodwill for the three months ended September 30, 2023 are as follows:


	Employer Services		PEO Services		Total
Balance at June 30, 2023	$	2,334.6	$	4.8	$	2,339.4
Additions and other adjustments	27.5		—		27.5
Currency translation adjustments	(14.4)		—		(14.4)

Balance at September 30, 2023	$	2,347.7	$	4.8	$	2,352.5

Components of intangible assets, net, are as follows:


	September 30,		June 30,
	2023		2023
Intangible assets:
Software and software licenses	$	3,608.6	$	3,548.9
Customer contracts and lists	1,148.2		1,140.6
Other intangibles	241.9		241.9
	4,998.7		4,931.4
Less accumulated amortization:
Software and software licenses	(2,496.2)		(2,442.6)
Customer contracts and lists	(931.9)		(907.5)
Other intangibles	(238.8)		(237.7)
	(3,666.9)		(3,587.8)
Intangible assets, net	$	1,331.8	$	1,343.6

Other intangibles consist primarily of purchased rights, trademarks and trade names (acquired directly or through acquisitions). All intangible assets have finite lives and, as such, are subject to amortization. The weighted average remaining useful life of the intangible assets is 6 years (6 years for software and software licenses, 3 years for customer contracts and lists, and 1 year for other intangibles). Amortization of intangible assets was $95.7 million and $92.3 million for the three months ended September 30, 2023 and 2022, respectively.

Estimated future amortization expenses of the Company's existing intangible assets are as follows:


	Amount
Nine months ending June 30, 2024	$	315.8
Twelve months ending June 30, 2025	$	282.9
Twelve months ending June 30, 2026	$	193.3
Twelve months ending June 30, 2027	$	152.7
Twelve months ending June 30, 2028	$	115.6
Twelve months ending June 30, 2029	$	88.0