Employee Benefit Plans

9 Months Ended

Mar. 31, 2022

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 2.3 million and 2.5 million shares in the three months ended March 31, 2022 and 2021, respectively, and repurchased 7.0 million and 5.7 million shares in the nine months ended March 31, 2022 and 2021, 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 nine months ended March 31, 2022 and 2021, respectively:


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
Operating expenses	$	4.8	$	4.8	$	14.8	$	13.2
Selling, general and administrative expenses	37.3		34.8		111.3		95.7
System development and programming costs	6.2		5.9		20.1		17.5
Total stock-based compensation expense	$	48.3	$	45.5	$	146.2	$	126.4

B. Pension Plans

The components of net pension income were as follows:


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2022		2021			2022		2021
Service cost – benefits earned during the period	$	1.3	$	1.2		$	4.1	$	3.6
Interest cost on projected benefits	13.1		12.8			39.2		38.3
Expected return on plan assets	(32.0)		(30.4)			(95.9)		(91.1)
Net amortization and deferral	1.7		2.5			5.1		7.5
Settlement charges and special termination benefits	0.1		—			0.1		5.8
Net pension (income)/expense	$	(15.8)	$	(13.9)		$	(47.4)	$	(35.9)