Goodwill and Intangible Assets, net

6 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

Goodwill and Intangible Assets, net

Changes in goodwill for the six months ended December 31, 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	2.9		—		2.9
Balance at December 31, 2023	$	2,365.0	$	4.8	$	2,369.8

Components of intangible assets, net, are as follows:

	December 31,		June 30,
	2023		2023
Intangible assets:
Software and software licenses	$	3,673.4	$	3,548.9
Customer contracts and lists	1,162.6		1,140.6
Other intangibles	242.0		241.9
	5,078.0		4,931.4
Less accumulated amortization:
Software and software licenses	(2,559.0)		(2,442.6)
Customer contracts and lists	(964.1)		(907.5)
Other intangibles	(239.8)		(237.7)
	(3,762.9)		(3,587.8)
Intangible assets, net	$	1,315.1	$	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 $94.5 million and $93.7 million for the three months ended December 31, 2023 and 2022, respectively, and $190.2 million and $186.1 million for the six months ended December 31, 2023 and 2022, respectively.

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

	Amount
Six months ending June 30, 2024	$	210.2
Twelve months ending June 30, 2025	$	313.9
Twelve months ending June 30, 2026	$	204.7
Twelve months ending June 30, 2027	$	163.2
Twelve months ending June 30, 2028	$	125.0
Twelve months ending June 30, 2029	$	95.3