Goodwill and changes in goodwill as of and for the years ended May 31, 2026 and May 31, 2025 were as follows:


	May 31,
In millions	2026		2025
Balance, beginning of fiscal year	$	4,514.1	$	1,882.7
Changes during the period:
Goodwill acquired		10.2		2,626.5
Currency translation adjustment		3.1		4.9
Balance, end of fiscal year	$	4,527.4	$	4,514.1

Acquired goodwill for fiscal 2026 primarily relates to purchase accounting adjustments made during the measurement period for Paycor. Acquired goodwill for fiscal 2025 primarily relates to the Company's acquisition of Paycor. Refer to Note D for more information related to the Company's acquisitions.

The Company had certain intangible assets on its Consolidated Balance Sheets. The components of intangible assets, at cost, consisted of the following:


	May 31,
In millions	2026		2025
Customer lists	$	1,835.5	$	1,797.9
Acquired developed software		408.5		410.5
Other intangible assets		315.0		314.7
Total intangible assets, gross		2,559.0		2,523.1
Less: Accumulated amortization		875.0		575.8
Intangible assets, net of accumulated amortization	$	1,684.0	$	1,947.3

During fiscal 2026, the Company acquired customer lists with a weighted-average amortization period of 8.0 years.

Amortization expense relating to intangible assets was $299.5 million, $90.7 million, and $49.0 million for fiscal 2026, 2025, and 2024, respectively.

The Company did not recognize an impairment loss as it relates to its goodwill or intangible assets during fiscal 2026, 2025, or 2024.

The estimated amortization expense for the next five fiscal years relating to intangible asset balances is as follows:


In millions		Estimated amortization
Year ending May 31,	expense
2027	$		277.7
2028			258.5
2029			228.3
2030			198.5
2031			181.1