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Employee Benefit Plans
 3 Months Ended
Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract]  
Employee Benefit Plans
Employee Benefit Plans

A.  Stock-based Compensation Plans
    
The Company's share-based compensation consists of stock options, time-based restricted stock, time-based restricted stock units, performance-based restricted stock and performance-based restricted stock units. The Company also offers an employee stock purchase plan for eligible employees.

See the Company's Annual Report on Form 10-K for the year ended June 30, 2016, for a detailed description of the Company's stock-based compensation awards and employee stock purchase plan, including information related to vesting terms, service and performance conditions, and payout percentages. Also, see the Company's Annual Report on Form 10-K for the year ended June 30, 2016 for a discussion of the Company's process for estimating the fair value of stock options granted.

The Company currently utilizes treasury stock to satisfy stock option exercises, issuances under the Company's employee stock purchase plan, and restricted stock awards.  From time to time, the Company may repurchase shares of its common stock under its authorized share repurchase programs.  The Company repurchased 4.0 million and 4.2 million shares in the three months ended September 30, 2016 and 2015, respectively. The Company considers several factors in determining when to execute share repurchases, including, among other things, actual and potential acquisition activity, cash balances and cash flows, issuances due to employee benefit plan activity, and market conditions.

The following table represents stock-based compensation expense and related income tax benefits for the three months ended September 30, 2016 and 2015, respectively:
 
Three Months Ended
 
September 30,
 
2016
 
2015
Operating expenses
$
5.6

 
$
5.9

Selling, general and administrative expenses
21.5

 
24.3

System development and programming costs
4.0

 
4.5

Total pre-tax stock-based compensation expense
$
31.1

 
$
34.7

 
 
 
 
Income tax benefit
$
11.2

 
$
12.6



As of September 30, 2016, the total remaining unrecognized compensation cost related to unvested stock options, restricted stock units, and restricted stock awards amounted to $24.9 million, $54.7 million, and $119.3 million, respectively, which will be amortized over the weighted-average remaining requisite service periods of 2.1 years, 1.7 years, and 1.6 years, respectively.

During the three months ended September 30, 2016, the following activity occurred under the Company’s existing plans:

Stock Options:
 
 

Number
of Options
(in thousands)
 

Weighted
Average Price
(in dollars)
Options outstanding at July 1, 2016
 
4,869

 
$
65

Options granted
 
1,231

 
$
91

Options exercised
 
(373
)
 
$
52

Options canceled/forfeited
 
(104
)
 
$
81

Options outstanding at September 30, 2016
 
5,623

 
$
71



Time-Based Restricted Stock and Time-Based Restricted Stock Units:
 
 

Number of Shares
(in thousands)
 

Number of Units
(in thousands)
Restricted shares/units outstanding at July 1, 2016
 
1,889

 
434

Restricted shares/units granted
 
840

 
199

Restricted shares/units vested
 
(842
)
 
(201
)
Restricted shares/units forfeited
 
(42
)
 
(6
)
Restricted shares/units outstanding at September 30, 2016
 
1,845

 
426



Performance-Based Restricted Stock and Performance-Based Restricted Stock Units:
 
 

Number of Shares
(in thousands)
 
Number of Units
(in thousands)
Restricted shares/units outstanding at July 1, 2016
 
574

 
811

Restricted shares/units granted
 
171

 
285

Restricted shares/units vested
 
(311
)
 
(272
)
Restricted shares/units forfeited
 
(8
)
 
(73
)
Restricted shares/units outstanding at September 30, 2016
 
426

 
751



The fair value for stock options granted was estimated at the date of grant using the following assumptions:
 
Three Months Ended
 
September 30,
 
2016
 
2015
Risk-free interest rate
1.2
%
 
1.6
%
Dividend yield
2.3
%
 
2.6
%
Weighted average volatility factor
23.2
%
 
25.6
%
Weighted average expected life (in years)
5.4

 
5.4

Weighted average fair value (in dollars)
$
14.36

 
$
13.16



B.  Pension Plans

The components of net pension expense were as follows:
 
Three Months Ended
 
September 30,
 
2016
 
2015
Service cost – benefits earned during the period
$
20.2

 
$
17.6

Interest cost on projected benefits
15.1

 
16.9

Expected return on plan assets
(34.0
)
 
(32.9
)
Net amortization and deferral
4.8

 
2.8

Net pension expense
$
6.1

 
$
4.4