Paychex 2012 Annual Report Download - page 73

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PAYCHEX, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
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
2013 ....................................................... $18.1
2014 ....................................................... 13.0
2015 ....................................................... 9.2
2016 ....................................................... 6.4
2017 ....................................................... 4.4
Note I — Income Taxes
The components of deferred tax assets and liabilities are as follows:
May 31,
In millions 2012 2011
Deferred tax assets:
Compensation and employee benefit liabilities ........................... 15.8 16.3
Other current liabilities .............................................. 6.7 9.4
Tax credit carry forward ............................................. 31.7 27.4
Depreciation ...................................................... 8.0 6.7
Stock-based compensation ........................................... 28.5 29.8
Other ............................................................ 17.4 18.2
Gross deferred tax assets ........................................... 108.1 107.8
Deferred tax liabilities:
Capitalized software ................................................ 39.3 33.2
Depreciation ...................................................... 21.8 16.6
Intangible assets ................................................... 36.8 32.5
Revenue not subject to current taxes .................................... 11.1 10.0
Unrealized gains on available-for-sale securities .......................... 21.8 21.7
Other ............................................................ 1.0 0.5
Gross deferred tax liabilities ........................................ 131.8 114.5
Net deferred tax liability .............................................. $ (23.7) $ (6.7)
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