Employee Benefit Plans

6 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

A.  Stock-based Compensation Plans. Stock-based compensation consists of the following:

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.

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 program. The Company repurchased 2.0 million and 1.6 million shares in the three months ended December 31, 2021 and 2020, respectively, and repurchased 4.6 million and 3.2 million shares in the six months ended December 31, 2021 and 2020, 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 pre-tax stock-based compensation expense for the three and six months ended December 31, 2021 and 2020, respectively:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2021		2020		2021		2020
Operating expenses	$	5.2	$	4.8	$	9.9	$	8.4
Selling, general and administrative expenses	42.7		35.6		74.1		60.9
System development and programming costs	7.7		6.7		13.9		11.6
Total stock-based compensation expense	$	55.6	$	47.1	$	97.9	$	80.9

B.  Pension Plans

The components of net pension income were as follows:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2021		2020		2021		2020
Service cost – benefits earned during the period	$	1.4	$	1.2	$	2.8	$	2.4
Interest cost on projected benefits	13.1		12.8		26.2		25.5
Expected return on plan assets	(32.0)		(30.4)		(64.0)		(60.7)
Net amortization and deferral	1.7		2.5		3.4		5.0
Settlement charges and special termination benefits	—		2.9		—		5.8
Net pension (income)/expense	$	(15.8)	$	(11.0)	$	(31.6)	$	(22.0)