Goodwill and Intangible Assets, net

9 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, net

Goodwill and Intangible Assets, net

Changes in goodwill for the nine months ended March 31, 2024 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	24.5		—		24.5
Currency translation adjustments	(8.5)		—		(8.5)
Balance at March 31, 2024	$	2,350.6	$	4.8	$	2,355.4

Components of intangible assets, net, are as follows:

	March 31,		June 30,
	2024		2023
Intangible assets:
Software and software licenses	$	3,712.0	$	3,548.9
Customer contracts and lists	1,165.1		1,140.6
Other intangibles	242.0		241.9
	5,119.1		4,931.4
Less accumulated amortization:
Software and software licenses	(2,593.5)		(2,442.6)
Customer contracts and lists	(989.6)		(907.5)
Other intangibles	(240.7)		(237.7)
	(3,823.8)		(3,587.8)
Intangible assets, net	$	1,295.3	$	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 $94.9 million and $92.4 million for the three months ended March 31, 2024 and 2023, respectively, and $285.1 million and $278.5 million for the nine months ended March 31, 2024 and 2023, respectively.

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

	Amount
Three months ending June 30, 2024	$	109.7
Twelve months ending June 30, 2025	$	340.2
Twelve months ending June 30, 2026	$	214.2
Twelve months ending June 30, 2027	$	172.1
Twelve months ending June 30, 2028	$	133.1
Twelve months ending June 30, 2029	$	103.8