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Employee Benefit Plans (Tables)
12 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Components Of Stock-Based Compensation Expense
The following table represents stock-based compensation expense and related income tax benefits in each of fiscal 2020, 2019, and 2018, respectively:
Years ended June 30,202020192018
Operating expenses$13.7  $16.9  $22.9  
Selling, general and administrative expenses99.1  131.2  128.7  
System development and programming costs18.0  19.2  23.8  
Total pretax stock-based compensation expense$130.8  $167.3  $175.4  
Income tax benefit$32.2  $41.6  $44.1  
Changes In Stock Options Outstanding
Stock Options:
Number
of Options
(in thousands)
Weighted
Average Price
(in dollars)
Options outstanding at July 1, 20193,608  $103  
Options granted1,015  $170  
Options exercised(968) $86  
Options forfeited/cancelled(145) $136  
Options outstanding at June 30, 20203,510  $126  
Options exercisable at June 30, 20201,273  $96  
Shares available for future grants, end of year24,853  
Shares reserved for issuance under stock option plans, end of year28,363  
Time Based Restricted Shares and Units
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, 20191,272  290  
Restricted shares/units granted572  101  
Restricted shares/units vested(856) (194) 
Restricted shares/units forfeited(83) (17) 
Restricted shares/units outstanding at June 30, 2020905  180  
Performance Based Restricted shares and units
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, 2019250  867  
Restricted shares/units granted112  391  
Restricted shares/units vested(171) (376) 
Restricted shares/units forfeited(12) (31) 
Restricted shares/units outstanding at June 30, 2020179  851  
Assumptions Used To Estimate Fair Value For Stock Options Granted
The fair value for stock options granted was estimated at the date of grant using the following assumptions:
 202020192018
Risk-free interest rate1.4 %2.7 %1.8 %
Dividend yield1.9 %1.9 %2.1 %
Weighted average volatility factor19.3 %20.9 %21.7 %
Weighted average expected life (in years)5.45.45.4
Weighted average fair value (in dollars) $24.40  $26.60  $17.50  
Weighted average fair value of restricted stock granted
The weighted average fair values of shares granted were as follows:
Year ended June 30,202020192018
Performance-based restricted stock $169.84  $146.93  $107.43  
Time-based restricted stock$167.16  $146.80  $108.10  
Schedule of Net Funded Status
The Company's pension plans' funded status as of June 30, 2020 and 2019 is as follows:
June 30,20202019
Change in plan assets:
Fair value of plan assets at beginning of year$1,910.5  $2,178.1  
Actual return on plan assets172.1  142.0  
Employer contributions9.8  10.0  
Currency translation adjustments(3.5) (7.0) 
Benefits paid(100.1) (412.6) 
Fair value of plan assets at end of year$1,988.8  $1,910.5  
Change in benefit obligation:
Benefit obligation at beginning of year$1,951.2  $2,135.3  
Service cost59.7  59.8  
Interest cost61.8  78.6  
Actuarial loss210.7  95.8  
Currency translation adjustments(3.6) (8.7) 
Plan changes0.4  0.8  
Curtailments and special termination benefits—  2.2  
Benefits paid(100.1) (412.6) 
Projected benefit obligation at end of year$2,180.1  $1,951.2  
Funded status - plan assets less benefit obligations$(191.3) $(40.7) 
Schedule of Amounts Recognized in Balance Sheet
The amounts recognized on the Consolidated Balance Sheets as of June 30, 2020 and 2019 consisted of:
June 30,20202019
Noncurrent assets$19.8  $108.0  
Current liabilities(5.4) (5.9) 
Noncurrent liabilities(205.7) (142.8) 
Net amount recognized$(191.3) $(40.7) 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The Company's pension plans with accumulated benefit obligations in excess of plan assets as of June 30, 2020 and 2019 had the following projected benefit obligation, accumulated benefit obligation, and fair value of plan assets:
June 30,20202019
Projected benefit obligation$2,046.5  $162.4  
Accumulated benefit obligation$2,034.4  $149.9  
Fair value of plan assets$1,835.4  $13.8  
Components Of Net Pension Expense
The components of net pension expense were as follows:
 202020192018
Service cost – benefits earned during the period$59.7  $59.8  $74.6  
Interest cost on projected benefits61.8  78.6  65.4  
Expected return on plan assets(117.9) (131.8) (137.5) 
Net amortization and deferral6.8  0.1  8.4  
Special termination benefits and plan curtailments(22.0) 48.7  319.5  
Net pension (income)/expense$(11.6) $55.4  $330.4  
Schedule of Assumptions Used
Assumptions used to determine the actuarial present value of benefit obligations were:
Years ended June 30,20202019
Discount rate2.45 %3.40 %
Increase in compensation levels4.00 %4.00 %
Defined Benefit Plan Assumptions Used Calculating Net Pension Expense
Assumptions used to determine the net pension expense generally were:
Years ended June 30,202020192018
Discount rate3.40 %4.10 %3.70 %
Expected long-term rate of return on assets6.75 %6.75 %6.75 %
Increase in compensation levels4.00 %4.00 %4.00 %
Schedule of Allocation of Plan Assets
The Company's pension plans' asset allocations at June 30, 2020 and 2019 by asset category were as follows:
20202019
Cash and cash equivalents%%
Fixed income securities44 %44 %
U.S. equity securities17 %17 %
International equity securities13 %13 %
Global equity securities25 %25 %
100 %100 %
Defined Benefit Plan Target Allocation Percentage
The target asset allocation ranges for the U.S. plan are generally as follows:
U.S. fixed income securities
35% - 45%
U.S. equity securities
14% - 24%
International equity securities
11% - 21%
Global equity securities
20% - 30%
Fair Value, Measurement Inputs, Disclosure
The following table presents the investments of the pension plans measured at fair value at June 30, 2020:
Level 1Level 2Level 3Total
Commingled trusts$—  $798.6  $—  $798.6  
Government securities—  414.7  —  414.7  
Mutual funds7.3  274.8  —  282.1  
Corporate and municipal bonds—  434.8  —  434.8  
Mortgage-backed security bonds—  38.5  —  38.5  
Total pension asset investments$7.3  $1,961.4  $—  $1,968.7  

In addition to the investments in the above table, the pension plans also held cash and cash equivalents of $20.1 million as of June 30, 2020, which have been classified as Level 1 in the fair value hierarchy.
The following table presents the investments of the pension plans measured at fair value at June 30, 2019:
Level 1Level 2Level 3Total
Commingled trusts$—  $1,046.6  $—  $1,046.6  
U.S. government securities—  417.9  —  417.9  
Mutual funds6.5  —  —  6.5  
Corporate and municipal bonds—  394.3  —  394.3  
Mortgage-backed security bonds—  30.2  —  30.2  
Total pension asset investments$6.5  $1,889.0  $—  $1,895.5