Paychex 2014 Annual Report Download - page 75

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PAYCHEX, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The Company has certain intangible assets with finite lives. The components of intangible assets, at cost,
consisted of the following:
May 31,
In millions 2014 2013
Client lists .......................................................... $240.9 $231.0
Other intangible assets ................................................ 2.6 2.4
Total intangible assets, gross .......................................... 243.5 233.4
Less: Accumulated amortization ......................................... 202.9 188.2
Intangible assets, net of accumulated amortization ........................ $ 40.6 $ 45.2
During fiscal 2014, the Company acquired intangible assets with weighted-average amortization periods as
follows: customer lists — 7.4 years; other intangible assets — 3.0 years; and total — 7.3 years. Amortization
expense relating to intangible assets was $15.9 million, $19.0 million, and $23.0 million for fiscal years 2014,
2013, and 2012, respectively.
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
2015 ....................................................... $13.4
2016 ....................................................... 9.9
2017 ....................................................... 7.3
2018 ....................................................... 4.9
2019 ....................................................... 2.9
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