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Employee Benefit Plans (Tables)
 12 Months Ended
Jun. 30, 2024
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 2024, 2023, and 2022, respectively:
Years ended June 30,202420232022
Operating expenses$30.0 $24.6 $19.7 
Selling, general and administrative expenses179.5 165.0 155.7 
Research and development34.0 30.8 26.3 
Total pretax stock-based compensation expense$243.5 $220.4 $201.7 
Income tax benefit$60.2 $54.5 $49.1 
Changes in Stock Options Outstanding
Stock Options:
Number
of Options
(in thousands)		Weighted
Average Price
(in dollars)
Options outstanding at July 1, 20232,654 $155 
Options granted— $— 
Options exercised(597)$141 
Options forfeited/cancelled(15)$179 
Options outstanding at June 30, 20242,042 $159 
Options exercisable at June 30, 20241,513 $152 
Shares available for future grants, end of year20,061 
Shares reserved for issuance under stock option plans, end of year22,103 
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, 2023450 730 
Restricted shares/units granted— 638 
Restricted shares/units vested(314)(273)
Restricted shares/units forfeited(12)(42)
Restricted shares/units outstanding at June 30, 2024124 1,053 
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, 2023197 821 
Restricted shares/units granted— 322 
Restricted shares/units vested(103)(369)
Restricted shares/units forfeited(6)(21)
Restricted shares/units outstanding at June 30, 202488 753 
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:
 202420232022
Risk-free interest rateN/AN/A— %
Dividend yieldN/AN/A1.8 %
Weighted average volatility factorN/AN/A22.7 %
Weighted average expected life (in years)N/AN/A4.9
Weighted average fair value (in dollars) N/AN/A$33.03 
Weighted Average Fair Value of Restricted Stock Granted
The weighted average fair values of shares/units granted were as follows:
Year ended June 30,202420232022
(in dollars)
Performance-based restricted shares/units$262.56 $245.96 $206.86 
Time-based restricted shares/units$255.29 $214.75 $208.08 
Schedule of Net Funded Status
The Company's pension plans' funded status as of June 30, 2024 and 2023 is as follows:
June 30,20242023
Change in plan assets:
Fair value of plan assets at beginning of year$1,854.4 $1,800.5 
Actual return on plan assets106.8 126.6 
Employer contributions13.4 17.0 
Currency translation adjustments0.6 (3.0)
Benefits paid(95.6)(86.7)
Fair value of plan assets at end of year$1,879.6 $1,854.4 
Change in benefit obligation:
Benefit obligation at beginning of year$1,725.8 $1,779.0 
Service cost5.2 4.8 
Interest cost84.6 78.2 
Actuarial gain (a)(14.6)(48.2)
Currency translation adjustments0.8 (2.0)
Acquisitions— 0.7 
Benefits paid(95.6)(86.7)
Projected benefit obligation at end of year$1,706.2 $1,725.8 
Funded status - plan assets less benefit obligations$173.4 $128.6 
(a) The actuarial gain for fiscal 2024 was primarily due to demographic changes.
Schedule of Amounts Recognized in Balance Sheet
The amounts recognized on the Consolidated Balance Sheets as of June 30, 2024 and 2023 consisted of:
June 30,20242023
Noncurrent assets$286.3 $247.7 
Current liabilities(11.1)(5.6)
Noncurrent liabilities(101.8)(113.5)
Net amount recognized$173.4 $128.6 
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, 2024 and 2023 had the following projected benefit obligation and fair value of plan assets:
June 30,20242023
Projected benefit obligation$143.7 $146.1 
Fair value of plan assets$30.8 $27.0 
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, 2024 and 2023 had the following accumulated benefit obligation and fair value of plan assets:
June 30,20242023
Accumulated benefit obligation$108.6 $117.0 
Fair value of plan assets$7.6 $8.3 
Components of Net Pension (Income)/ Expense
The components of net pension (income)/ expense were as follows:
 202420232022
Service cost – benefits earned during the year$5.2 $4.8 $5.7 
Interest cost on projected benefits84.6 78.2 52.3 
Expected return on plan assets(115.9)(127.5)(127.9)
Net amortization and deferral2.9 1.9 7.5 
Special termination benefits, plan curtailments, and settlement charges0.3 — 9.0 
Net pension (income)/expense$(22.9)$(42.6)$(53.4)
Schedule of Assumptions Used
Assumptions used to determine the actuarial present value of benefit obligations were:
Years ended June 30,20242023
Discount rate5.40 %5.10 %
Interest crediting rate3.70 %3.50 %
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 30,202420232022
Discount rate5.10 %4.60 %2.55 %
Interest crediting rate3.50 %3.25 %3.25 %
Expected long-term rate of return on assets6.00 %6.75 %6.75 %
Increase in compensation levelsN/AN/AN/A
Schedule of Allocation of Plan Assets
The Company's pension plans' asset allocations at June 30, 2024 and 2023 by asset category were as follows:
20242023
Cash and cash equivalents— %— %
Fixed income securities63 %39 %
U.S. equity securities12 %19 %
International equity securities10 %15 %
Global equity securities15 %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
60% - 70%
U.S. equity securities
7% - 17%
International equity securities
5% - 15%
Global equity securities
8% - 18%
Fair Value, Assets Measured on Recurring Basis
The following table presents the investments of the pension plans measured at fair value at June 30, 2024:
Level 1Level 2Level 3Total
Commingled trusts$— $679.5 $— $679.5 
Government securities— 490.4 — 490.4 
Corporate and municipal bonds— 695.4 — 695.4 
Mortgage-backed security bonds— 3.9 — 3.9 
Total pension asset investments$— $1,869.2 $— $1,869.2 
The following table presents the investments of the pension plans measured at fair value at June 30, 2023:
Level 1Level 2Level 3Total
Commingled trusts$— $829.5 $— $829.5 
U.S. government securities— 351.7 — 351.7 
Mutual funds18.2 279.0 — 297.2 
Corporate and municipal bonds— 355.1 — 355.1 
Mortgage-backed security bonds— 18.7 — 18.7 
Total pension asset investments$18.2 $1,834.0 $— $1,852.2