XML 80 R36.htm IDEA: XBRL DOCUMENT v3.22.2
Employee Benefit Plans (Tables)
 12 Months Ended
Jun. 30, 2022
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 2022, 2021, and 2020, respectively:
Years ended June 30,202220212020
Operating expenses$19.7 $17.9 $13.7 
Selling, general and administrative expenses155.7 133.9 99.1 
System development and programming costs26.3 23.5 18.0 
Total pretax stock-based compensation expense$201.7 $175.3 $130.8 
Income tax benefit$49.1 $43.0 $32.2 
Changes In Stock Options Outstanding Stock Options:
Number
of Options
(in thousands)		Weighted
Average Price
(in dollars)
Options outstanding at July 1, 20213,705 $135 
Options granted792 $207 
Options exercised(860)$127 
Options forfeited/cancelled(163)$166 
Options outstanding at June 30, 20223,474 $152 
Options exercisable at June 30, 20221,553 $128 
Shares available for future grants, end of year21,862 
Shares reserved for issuance under stock option plans, end of year25,336 
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, 20211,141 200 
Restricted shares/units granted504 89 
Restricted shares/units vested(511)(101)
Restricted shares/units forfeited(113)(15)
Restricted shares/units outstanding at June 30, 20221,021 173 
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, 2021247 700 
Restricted shares/units granted114 386 
Restricted shares/units vested(114)(263)
Restricted shares/units forfeited(25)(66)
Restricted shares/units outstanding at June 30, 2022222 757 
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:
 202220212020
Risk-free interest rate0.0 %0.1 %1.4 %
Dividend yield1.8 %2.6 %1.9 %
Weighted average volatility factor22.7 %25.8 %19.3 %
Weighted average expected life (in years)4.95.45.4
Weighted average fair value (in dollars) $33.03 $21.66 $24.40 
Weighted average fair value of restricted stock granted The weighted average fair values of shares granted were as follows:
Year ended June 30,202220212020
(in dollars)
Performance-based restricted stock $206.86 $138.53 $169.84 
Time-based restricted stock$208.08 $141.52 $167.16 
Schedule of Net Funded Status
The Company's pension plans' funded status as of June 30, 2022 and 2021 is as follows:
June 30,20222021
Change in plan assets:
Fair value of plan assets at beginning of year$2,306.3 $1,988.8 
Actual return on plan assets(406.7)385.2 
Employer contributions10.7 10.9 
Currency translation adjustments(16.4)21.8 
Benefits paid(93.4)(100.4)
Fair value of plan assets at end of year$1,800.5 $2,306.3 
Change in benefit obligation:
Benefit obligation at beginning of year$2,149.3 $2,180.1 
Service cost5.7 4.9 
Interest cost52.3 51.4 
Actuarial loss (a)(319.2)(11.8)
Currency translation adjustments(22.5)25.1 
Plan changes6.8 — 
Benefits paid(93.4)(100.4)
Projected benefit obligation at end of year$1,779.0 $2,149.3 
Funded status - plan assets less benefit obligations$21.5 $157.0 
(a) The actuarial loss for fiscal 2022 was primarily due to lower than expected return on assets.
Schedule of Amounts Recognized in Balance Sheet The amounts recognized on the Consolidated Balance Sheets as of June 30, 2022 and 2021 consisted of:
June 30,20222021
Noncurrent assets$148.5 $320.5 
Current liabilities(5.3)(6.0)
Noncurrent liabilities(121.7)(157.5)
Net amount recognized$21.5 $157.0 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets The Company's pension plans with projected benefit obligations in excess of plan assets as of June 30, 2022 and 2021 had the following projected benefit obligation and fair value of plan assets:
June 30,20222021
Projected benefit obligation$145.5 $182.2 
Fair value of plan assets$18.5 $18.7 
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, 2022 and 2021 had the following accumulated benefit obligation and fair value of plan assets:
June 30,20222021
Accumulated benefit obligation$132.0 $168.3 
Fair value of plan assets$18.5 $18.7 
Components Of Net Pension (Income)/ Expense The components of net pension (income)/ expense were as follows:
 202220212020
Service cost – benefits earned during the period$5.7 $4.9 $59.7 
Interest cost on projected benefits52.3 51.4 61.8 
Expected return on plan assets(127.9)(121.3)(117.9)
Net amortization and deferral7.5 9.3 6.8 
Special termination benefits, plan curtailments, and settlement charges9.0 2.9 (22.0)
Net pension (income)/expense$(53.4)$(52.8)$(11.6)
Schedule of Assumptions Used Assumptions used to determine the actuarial present value of benefit obligations were:
Years ended June 30,20222021
Discount rate4.60 %2.55 %
Interest crediting rate3.25 %3.25 %
Increase in compensation levelsN/AN/A
Defined Benefit Plan Assumptions Used Calculating Net Pension Expense Assumptions used to determine the net pension expense generally were:
Years ended June 30,202220212020
Discount rate2.55 %2.45 %3.40 %
Interest crediting rate3.25 %3.25 %3.25 %
Expected long-term rate of return on assets6.75 %6.75 %6.75 %
Increase in compensation levelsN/A4.00 %4.00 %
Schedule of Allocation of Plan Assets The Company's pension plans' asset allocations at June 30, 2022 and 2021 by asset category were as follows:
20222021
Cash and cash equivalents2 %1 %
Fixed income securities39 %38 %
U.S. equity securities19 %19 %
International equity securities15 %15 %
Global equity securities25 %27 %
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, Assets Measured on Recurring Basis
The following table presents the investments of the pension plans measured at fair value at June 30, 2022:
Level 1Level 2Level 3Total
Commingled trusts$— $798.2 $— $798.2 
Government securities— 350.7 — 350.7 
Mutual funds11.0 252.6 — 263.6 
Corporate and municipal bonds— 322.4 — 322.4 
Mortgage-backed security bonds— 32.8 — 32.8 
Total pension asset investments$11.0 $1,756.7 $— $1,767.7 

In addition to the investments in the above table, the pension plans also held cash and cash equivalents of $32.8 million as of June 30, 2022, 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, 2021:
Level 1Level 2Level 3Total
Commingled trusts$— $1,060.2 $— $1,060.2 
U.S. government securities— 426.2 — 426.2 
Mutual funds10.2 345.7 — 355.9 
Corporate and municipal bonds— 417.2 — 417.2 
Mortgage-backed security bonds— 38.6 — 38.6 
Total pension asset investments$10.2 $2,287.9 $— $2,298.1 
In addition to the investments in the above table, the pension plans also held cash and cash equivalents of $8.2 million as of June 30, 2021, which have been classified as Level 1 in the fair value hierarchy.