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Employee Benefit Plans (Tables) | 12 Months Ended
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Jun. 30, 2021
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 2021, 2020, and 2019, respectively:
Years ended June 30, |  | 2021 |  | 2020 |  | 2019
Operating expenses |  | $ | 17.9 |  |  | $ | 13.7 |  |  | $ | 16.9 |
Selling, general and administrative expenses |  | 133.9 |  |  | 99.1 |  |  | 131.2 |
System development and programming costs |  | 23.5 |  |  | 18.0 |  |  | 19.2 |
Total pretax stock-based compensation expense |  | $ | 175.3 |  |  | $ | 130.8 |  |  | $ | 167.3 |
Income tax benefit |  | $ | 43.0 |  |  | $ | 32.2 |  |  | $ | 41.6 |
Changes In Stock Options Outstanding | Stock Options:
|  | Number of Options (in thousands) |  | Weighted Average Price (in dollars)
Options outstanding at July 1, 2020 |  | 3,510 |  |  | $ | 126 |
Options granted |  | 1,153 |  |  | $ | 139 |
Options exercised |  | (865) |  |  | $ | (102) |
Options forfeited/cancelled |  | (93) |  |  | $ | (147) |
Options outstanding at June 30, 2021 |  | 3,705 |  |  | $ | 135 |
Options exercisable at June 30, 2021 |  | 1,433 |  |  | $ | 117 |
Shares available for future grants, end of year |  | 22,985 |  |  |
Shares reserved for issuance under stock option plans, end of year |  | 26,690 |  |  |
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, 2020 |  | 905 |  |  | 180 |
Restricted shares/units granted |  | 685 |  |  | 105 |
Restricted shares/units vested |  | (375) |  |  | (74) |
Restricted shares/units forfeited |  | (74) |  |  | (11) |
Restricted shares/units outstanding at June 30, 2021 |  | 1,141 |  |  | 200 |
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, 2020 |  | 179 |  |  | 851 |
Restricted shares/units granted |  | 156 |  |  | 177 |
Restricted shares/units vested |  | (70) |  |  | (290) |
Restricted shares/units forfeited |  | (18) |  |  | (38) |
Restricted shares/units outstanding at June 30, 2021 |  | 247 |  |  | 700 |
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:
| 2021 |  | 2020 |  | 2019
Risk-free interest rate | 0.1 | % |  | 1.4 | % |  | 2.7 | %
Dividend yield | 2.6 | % |  | 1.9 | % |  | 1.9 | %
Weighted average volatility factor | 25.8 | % |  | 19.3 | % |  | 20.9 | %
Weighted average expected life (in years) | 5.4 |  | 5.4 |  | 5.4
Weighted average fair value (in dollars) | $ | 21.66 |  |  | $ | 24.40 |  |  | $ | 26.60 |
Weighted average fair value of restricted stock granted | The weighted average fair values of shares granted were as follows:
Year ended June 30, |  | 2021 |  | 2020 |  | 2019
(in dollars) |  |  |  |  |  |
Performance-based restricted stock |  | $ | 138.53 |  |  | $ | 169.84 |  |  | $ | 146.93 |
Time-based restricted stock |  | $ | 141.52 |  |  | $ | 167.16 |  |  | $ | 146.80 |
Schedule of Net Funded Status | The Company's pension plans' funded status as of June 30, 2021 and 2020 is as follows:
June 30, |  | 2021 |  | 2020
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 1,988.8 |  |  | $ | 1,910.5 |
Actual return on plan assets |  | 385.2 |  |  | 172.1 |
Employer contributions |  | 10.9 |  |  | 9.8 |
Currency translation adjustments |  | 21.8 |  |  | (3.5) |
Benefits paid |  | (100.4) |  |  | (100.1) |
Fair value of plan assets at end of year |  | $ | 2,306.3 |  |  | $ | 1,988.8 |
Change in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 2,180.1 |  |  | $ | 1,951.2 |
Service cost |  | 4.9 |  |  | 59.7 |
Interest cost |  | 51.4 |  |  | 61.8 |
Actuarial loss |  | (11.8) |  |  | 210.7 |
Currency translation adjustments |  | 25.1 |  |  | (3.6) |
Plan changes |  | — |  |  | 0.4 |
Benefits paid |  | (100.4) |  |  | (100.1) |
Projected benefit obligation at end of year |  | $ | 2,149.3 |  |  | $ | 2,180.1 |
Funded status - plan assets less benefit obligations |  | $ | 157.0 |  |  | $ | (191.3) |
Schedule of Amounts Recognized in Balance Sheet | The amounts recognized on the Consolidated Balance Sheets as of June 30, 2021 and 2020 consisted of:
June 30, |  | 2021 |  | 2020
Noncurrent assets |  | $ | 320.5 |  |  | $ | 19.8 |
Current liabilities |  | (6.0) |  |  | (5.4) |
Noncurrent liabilities |  | (157.5) |  |  | (205.7) |
Net amount recognized |  | $ | 157.0 |  |  | $ | (191.3) |
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, 2021 and 2020 had the following projected benefit obligation, accumulated benefit obligation, and fair value of plan assets:
June 30, |  | 2021 |  | 2020
Projected benefit obligation |  | $ | 182.2 |  |  | $ | 2,046.5 |
Accumulated benefit obligation |  | $ | 168.3 |  |  | $ | 2,034.4 |
Fair value of plan assets |  | $ | 18.7 |  |  | $ | 1,835.4 |
Components Of Net Pension (Income)/ Expense | The components of net pension (income)/ expense were as follows:
|  | 2021 |  | 2020 |  | 2019
Service cost – benefits earned during the period |  | $ | 4.9 |  |  | $ | 59.7 |  |  | $ | 59.8 |
Interest cost on projected benefits |  | 51.4 |  |  | 61.8 |  |  | 78.6 |
Expected return on plan assets |  | (121.3) |  |  | (117.9) |  |  | (131.8) |
Net amortization and deferral |  | 9.3 |  |  | 6.8 |  |  | 0.1 |
Special termination benefits, plan curtailments, and settlement charges |  | 2.9 |  |  | (22.0) |  |  | 48.7 |
Net pension (income)/expense |  | $ | (52.8) |  |  | $ | (11.6) |  |  | $ | 55.4 |
Schedule of Assumptions Used | Assumptions used to determine the actuarial present value of benefit obligations were:
Years ended June 30, |  | 2021 |  | 2020
Discount rate |  | 2.55 | % |  | 2.45 | %
Increase in compensation levels |  | N/A |  | 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, |  | 2021 |  | 2020 |  | 2019
Discount rate |  | 2.45 | % |  | 3.40 | % |  | 4.10 | %
Expected long-term rate of return on assets |  | 6.75 | % |  | 6.75 | % |  | 6.75 | %
Increase in compensation levels |  | 4.00 | % |  | 4.00 | % |  | 4.00 | %
Schedule of Allocation of Plan Assets | The Company's pension plans' asset allocations at June 30, 2021 and 2020 by asset category were as follows:
|  | 2021 |  | 2020
Cash and cash equivalents |  | 1 | % |  | 1 | %
Fixed income securities |  | 38 | % |  | 44 | %
U.S. equity securities |  | 19 | % |  | 17 | %
International equity securities |  | 15 | % |  | 13 | %
Global equity securities |  | 27 | % |  | 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, Assets Measured on Recurring Basis | The following table presents the investments of the pension plans measured at fair value at June 30, 2021:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commingled trusts |  | $ | — |  |  | $ | 1,060.2 |  |  | $ | — |  |  | $ | 1,060.2 |
Government securities |  | — |  |  | 426.2 |  |  | — |  |  | 426.2 |
Mutual funds |  | 10.2 |  |  | 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. The following table presents the investments of the pension plans measured at fair value at June 30, 2020:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Commingled trusts |  | $ | — |  |  | $ | 798.6 |  |  | $ | — |  |  | $ | 798.6 |
U.S. government securities |  | — |  |  | 414.7 |  |  | — |  |  | 414.7 |
Mutual funds |  | 7.3 |  |  | 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 |

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