Paychex 2011 Annual Report Download - page 71

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The estimated amortization expense for the next five fiscal years relating to intangible asset balances is as
follows:
In millions
Year ending May 31, Estimated amortization expense
2012 .................................................. $22.9
2013 .................................................. $17.7
2014 .................................................. $12.7
2015 .................................................. $ 9.0
2016 .................................................. $ 6.2
Note I — Income Taxes
The components of deferred tax assets and liabilities are as follows:
In millions 2011 2010
May 31,
Deferred tax assets:
Compensation and employee benefit liabilities .......................... 16.3 14.7
Other current liabilities ........................................... 9.4 8.3
Tax credit carry forward .......................................... 27.4 22.5
Depreciation ................................................... 6.7 12.0
Stock-based compensation......................................... 29.8 25.2
Other ........................................................ 18.2 7.6
Gross deferred tax assets ........................................ 107.8 90.3
Deferred tax liabilities:
Capitalized software ............................................. 33.2 27.6
Depreciation ................................................... 16.6 0.1
Intangible assets ................................................ 32.5 27.7
Revenue not subject to current taxes ................................. 10.0 10.5
Unrealized gains on available-for-sale securities......................... 21.7 24.1
Other ........................................................ 0.5 0.2
Gross deferred tax liabilities ...................................... 114.5 90.2
Net deferred tax (liability)/asset ..................................... $ (6.7) $ 0.1
55
PAYCHEX, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)