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SHARE CAPITAL, OPTION PLANS AND SHARE-BASED PAYMENTS (Tables) | 12 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation Costs | Share-based compensation expense for the periods indicated below is detailed as follows:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Stock options | $ | 18,167 |  |  | $ | 20,144 |  |  | $ | 17,091 |
Performance Share Units (issued under LTIP) | 26,415 |  |  | 18,631 |  |  | 13,844 |
Restricted Share Units (issued under LTIP) | 10,677 |  |  | 9,762 |  |  | 7,799 |
Restricted Share Units (other) | 75,642 |  |  | 72,149 |  |  | 20,859 |
Deferred Share Units (directors) | 3,162 |  |  | 4,036 |  |  | 3,993 |
Employee Stock Purchase Plan | 6,016 |  |  | 5,580 |  |  | 5,970 |
Total share-based compensation expense | $ | 140,079 |  |  | $ | 130,302 |  |  | $ | 69,556 |
Schedule of Unrecognized Compensation Cost | A summary of unrecognized compensation cost for unvested shared-based payment awards is as follows:
| As of June 30, 2024
| Unrecognized Compensation Cost |  | Weighted Average Recognition Period (years)
Stock Options (issued under Stock Option Plans) | $ | 41,261 |  |  | 2.5
Performance Share Units (issued under LTIP) | 42,486 |  |  | 1.7
Restricted Share Units (issued under LTIP) | 17,058 |  |  | 1.9
Restricted Share Units (other) | 66,999 |  |  | 1.6
Total unrecognized share-based compensation cost | $ | 167,804 |  |  |
Schedule of Share-based Compensation, Stock Options, Outstanding Under Various Plans | A summary of stock options outstanding under our 2004 Stock Option Plan is set forth below.
| 2004 Stock Option Plan
Date of inception | Oct-04
Eligibility | Eligible employees, as determined by the Board of Directors
Options granted to date | 48,015,347
Options exercised to date | (22,937,101)
Options cancelled to date | (12,870,834)
Options outstanding | 12,207,412
Options available for issuance | 5,018,767
Termination grace periods | Immediately “for cause”; 90 days for any other reason; 180 days due to death
Vesting schedule | 25% per year, unless otherwise specified
Exercise price range | $26.81 - $52.62
Expiration dates | 7/5/2024 - 5/06/2031
Schedule of Option Activity | A summary of activity under our stock option plans for the year ended June 30, 2024 is as follows:
| Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value ($’000’s)
Outstanding at June 30, 2023 | 12,219,439 |  |  | $ | 38.44 |  |  | 4.68 |  | $ | 62,473 |
Granted | 2,148,780 |  |  | 36.55 |  |  |  |  |
Exercised | (944,092) |  |  | 33.21 |  |  |  |  |
Forfeited or expired | (1,216,715) |  |  | 38.46 |  |  |  |  |
Outstanding at June 30, 2024 | 12,207,412 |  |  | $ | 38.51 |  |  | 4.31 |  | $ | 6,142 |
Exercisable at June 30, 2024 | 4,616,707 |  |  | $ | 41.22 |  |  | 2.93 |  | $ | 280 |
Schedule of Weighted-Average Fair Value of Options and Weighted-Average Assumptions Used | For the periods indicated, the weighted-average fair value of options and weighted-average assumptions estimated under the Black-Scholes option-pricing model were as follows:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Weighted–average fair value of options granted | $ | 9.00 |  |  | $ | 6.75 |  |  | $ | 9.02 |
Weighted-average assumptions used: |  |  |  |  |
Expected volatility | 30.46 | % |  | 28.73 | % |  | 26.39 | %
Risk–free interest rate | 4.44 | % |  | 3.98 | % |  | 1.15 | %
Expected dividend yield | 2.73 | % |  | 3.07 | % |  | 1.78 | %
Expected life (in years) | 4.26 |  | 4.20 |  | 4.15
Forfeiture rate (based on historical rates) | 7 | % |  | 7 | % |  | 7 | %
Average exercise share price | $ | 36.55 |  |  | $ | 31.13 |  |  | $ | 48.20 |
For the periods in which performance options were granted, as indicated, the weighted-average fair value of performance options and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Weighted–average fair value of options granted | $ | — |  |  | $ | 8.09 |  |  | $ | — |
Derived service period (in years) | — |  | 1.70 |  | —
Weighted-average assumptions used: |  |  |  |  |
Expected volatility | — | % |  | 26.00 | % |  | — | %
Risk–free interest rate | — | % |  | 3.21 | % |  | — | %
Expected dividend yield | — | % |  | 2.00 | % |  | — | %
Average exercise share price | $ | — |  |  | $ | 31.89 |  |  | $ | — |
Schedule of Non Option Award Activity | A summary of activity under our performance share units issued under the LTIP for the year ended June 30, 2024 is as follows:
| Units |  | Weighted-Average Grant Date Fair Value |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value ($’000’s)
Outstanding at June 30, 2023 | 1,013,385 |  |  | $ | 61.64 |  |  | 1.75 |  | $ | 42,106 |
Granted (1) | 1,006,609 |  |  | 51.13 |  |  |  |  |
Vested (1) | (240,741) |  |  | 61.23 |  |  |  |  |
Forfeited or expired | (174,137) |  |  | 55.64 |  |  |  |  |
Outstanding at June 30, 2024 | 1,605,116 |  |  | $ | 56.09 |  |  | 1.70 |  | $ | 48,218 |
______________________ (1)PSUs are earned based on market or performance conditions and the actual number of PSUs earned, if any, is dependent upon performance and may range from 0 to 200 percent.
Schedule of Weighted Average Assumptions, Fair Value and Intrinsic Value | For the periods indicated, the weighted-average fair value of market based PSUs issued under LTIP, and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Weighted–average fair value of performance share units granted | $21.17 - $59.48 |  | $43.10 - $55.06 |  | $69.78 - $75.15
Weighted-average assumptions used: |  |  |  |  |
Expected volatility | 28.05 | % |  | 29.00 | % |  | 28.00 | %
Risk–free interest rate | 4.38% - 4.95% |  | 3.13% - 3.39% |  | 0.45% - 0.71%
Expected dividend yield | — | % |  | — | % |  | 1.7% - 1.8%
Expected life (in years) | 3.00 |  | 3.11 |  | 3.10
Forfeiture rate (based on historical rates) | 7 | % |  | 7 | % |  | 7 | %
Weighted–average fair value of performance share units vested | $ | — |  |  | $ | 41.75 |  |  | $ | 30.39 |
Aggregate intrinsic value of performance share units vested ($ in ‘000’s) | $ | — |  |  | $ | 6,216 |  |  | $ | 10,370 |
For the periods indicated, the weighted-average fair value and aggregate intrinsic value of RSUs (issued under LTIP) were as follows:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Weighted–average fair value of restricted share units granted | $ | 35.07 |  |  | $ | 38.82 |  |  | $ | 49.91 |
Weighted–average fair value of restricted share units vested | $ | 43.40 |  |  | $ | 36.83 |  |  | $ | 37.36 |
Aggregate intrinsic value of restricted share units vested ($ in ‘000’s) | $ | 9,093 |  |  | $ | 3,947 |  |  | $ | 9,139 |
For the periods indicated, the weighted-average fair value and intrinsic value of RSUs (other) were as follows:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Weighted–average fair value of restricted share units granted | $ | 38.04 |  |  | $ | 30.46 |  |  | $ | 44.81 |
Weighted–average fair value of restricted share units vested | $ | 40.94 |  |  | $ | 36.33 |  |  | $ | 45.73 |
Aggregate intrinsic value of restricted share units vested ($ in ‘000’s) | $ | 62,821 |  |  | $ | 15,755 |  |  | $ | 7,406 |
For the periods indicated, the weighted-average fair value and intrinsic value of DSUs were as follows:
| Year Ended June 30,
| 2024 |  | 2023 |  | 2022
Weighted–average fair value of deferred share units granted | $ | 38.43 |  |  | $ | 29.72 |  |  | $ | 50.04 |
Weighted–average fair value of deferred share units vested | $ | 36.81 |  |  | $ | 32.44 |  |  | $ | 41.24 |
Aggregate intrinsic value of deferred share units vested ($ in ‘000’s) | $ | 1,461 |  |  | $ | 1,565 |  |  | $ | 4,133 |
Schedule of Restricted Stock Activity | A summary of activity under our RSUs issued under the LTIP for the year ended June 30, 2024 is as follows:
| Units |  | Weighted-Average Grant Date Fair Value |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value ($’000’s)
Outstanding at June 30, 2023 | 774,360 |  |  | $ | 42.83 |  |  | 1.68 |  | $ | 32,175 |
Granted | 535,801 |  |  | 35.07 |  |  |  |  |
Vested | (223,577) |  |  | 43.40 |  |  |  |  |
Forfeited or expired | (130,259) |  |  | 39.23 |  |  |  |  |
Outstanding at June 30, 2024 | 956,325 |  |  | $ | 39.61 |  |  | 1.77 |  | $ | 28,728 |
A summary of activity under our RSUs (other) issued for the year ended June 30, 2024 is as follows:
| Units |  | Weighted-Average Grant Date Fair Value |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value ($’000’s)
Outstanding at June 30, 2023 | 5,310,595 |  |  | $ | 36.43 |  |  | 1.97 |  | $ | 220,655 |
Granted | 1,419,810 |  |  | 38.04 |  |  |  |  |
Vested | (1,576,565) |  |  | 40.94 |  |  |  |  |
Forfeited or expired | (597,885) |  |  | 35.76 |  |  |  |  |
Outstanding at June 30, 2024 | 4,555,955 |  |  | $ | 35.87 |  |  | 1.79 |  | $ | 136,861 |
Schedule of Nonvested Share Activity | A summary of activity under our deferred share units issued for the year ended June 30, 2024 is as follows:
| Units |  | Weighted-Average Price |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value ($’000’s)
Outstanding at June 30, 2023 (1) | 994,568 |  |  | $ | 29.98 |  |  | 0.36 |  | $ | 41,324 |
Granted (2) | 87,903 |  |  | 38.43 |  |  |  |  |
Outstanding at June 30, 2024 (2) | 1,082,471 |  |  | $ | 30.67 |  |  | 0.42 |  | $ | 32,517 |
______________________ (1) Includes 90,906 unvested DSUs. (2) Includes 47,871 unvested DSUs.

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