Goodwill and Intangible Assets, Net

12 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

GOODWILL AND INTANGIBLE ASSETS, NET

Changes in Goodwill for the fiscal years ended June 30, 2022 and 2021 are as follows:

	Investor Communication Solutions		Global Technology and Operations		Total
	(in millions)
Goodwill, gross, at June 30, 2020	$	1,039.5	$	635.0	$	1,674.5
Additions	—		1,958.2		1,958.2
Foreign currency translation and other	16.5		71.2		87.7
Fair value adjustments (a)	0.2		(0.5)		(0.4)
Accumulated impairment losses	—		—		—
Goodwill, net, at June 30, 2021	$	1,056.1	$	2,664.0	$	3,720.1
Goodwill, gross, at June 30, 2021	$	1,056.1	$	2,664.0	$	3,720.1
Additions	—		10.1		10.1
Foreign currency translation and other	(12.4)		(230.7)		(243.1)
Fair value adjustments (a)	—		(2.3)		(2.3)
Accumulated impairment losses	—		—		—
Goodwill, net, at June 30, 2022	$	1,043.7	$	2,441.2	$	3,484.9

(a) Fair value adjustments includes adjustments to goodwill as part of finalization of the purchase price allocations.

Additions for the fiscal year ended June 30, 2021 relates to the acquisitions of Itiviti and AdvisorStream.

During fiscal years 2022, 2021 and 2020, the Company performed the required impairment tests of Goodwill and determined that there was no impairment. The Company also performs a sensitivity analysis under Step 1 of the goodwill impairment test assuming hypothetical reductions in the fair values of the reporting units. A 10% change in our estimates of projected future operating cash flows, discount rates, or terminal value growth rates, which are the most significant estimates used in our calculations of the fair values of the reporting units, would not result in an impairment of our goodwill.

Intangible assets at cost and accumulated amortization at June 30, 2022 and 2021 are as follows:

	June 30,
	2022						2021
	Original Cost		Accumulated Amortization		Intangible Assets, net		Original Cost		Accumulated Amortization		Intangible Assets, net
	(in millions)
Software licenses	$	199.2	$	(153.3)	$	45.9	$	179.3	$	(129.1)	$	50.2
Acquired software technology	397.6		(211.3)		186.3		427.3		(149.6)		277.7
Customer contracts and lists	1,273.0		(519.0)		754.0		1,375.7		(373.1)		1,002.6
Acquired intellectual property	136.6		(131.9)		4.7		136.6		(118.0)		18.7
Other intangibles	154.3		(68.1)		86.2		117.9		(42.1)		75.8
	$	2,160.7	$	(1,083.6)	$	1,077.1	$	2,236.8	$	(811.8)	$	1,425.0

Other intangibles consist primarily of capitalized internal use software. All of the intangible assets have finite lives and as such, are subject to amortization.

The weighted-average remaining useful life of the intangible assets is as follows:

	Weighted-Average Remaining Useful Life (Years)
Acquired software technology	3.5
Software licenses	1.9
Customer contracts and lists	5.2
Acquired intellectual property	0.9
Other intangibles	2.2
Total weighted-average remaining useful life	4.5

Amortization of intangibles for the years ended June 30, 2022, 2021 and 2020 was as follows:

	Years ended June 30,
	2022		2021		2020
	(in millions)
Amortization expense for intangible assets	$	289.3	$	182.3	$	146.1

Estimated remaining amortization expenses of the Company’s existing intangible assets for the next five fiscal years and thereafter are as follows:

Years Ending June 30,	(in millions)
2023	$	266.0
2024	238.9
2025	210.1
2026	187.3
2027	102.1
Thereafter	72.6