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SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Share-based compensation expense | Total share-based compensation from continuing operations is shown in the table below:
| 2021 |  | 2020 |  | 2019
Equity plan expense (a) | $ | 25.4 |  |  | $ | 24.8 |  |  | $ | 13.4 |
Equity plan modified and cash settled | 0.9 |  |  | 18.3 |  |  | — |
Liability plan (income) expense | 1.6 |  |  | (2.0) |  |  | (2.1) |
Fringe expense | 0.5 |  |  | 1.1 |  |  | 0.4 |
Total share-based compensation expense | $ | 28.4 |  |  | $ | 42.2 |  |  | $ | 11.7 |
(a) Equity plan shared-based compensation expense of $27.4 and $31.8 was recorded to additional paid in capital and presented in the Consolidated Statement of Equity for the fiscal years ended June 30, 2021 and 2020, respectively. Of the $27.4 and $31.8 for the fiscal years ended June 30, 2021 and 2020, respectively, $2.0 and $7.0 was reclassified to discontinued operations.
Fair value valuation assumptions | During fiscal 2020 and 2019, the share-based compensation expense recognized on non-qualified stock options is based upon the fair value on the grant date estimated using the Black-Scholes valuation model with the following weighted-average assumptions:
| 2020 |  | 2019
Expected life | 7.4 years |  | 6.5 years
Risk-free interest rate | 1.63% |  | 2.56%
Expected volatility | 41.67% |  | 40.73%
Expected dividend yield | 4.10% |  | 4.64%
The fair value of the Company’s outstanding Series A and Series A-1 Preferred Stock were estimated with the following weighted-average assumptions.
| 2021 |  | 2020 |  | 2019
Expected life, in years | 2.74 years |  | 3.74 years |  | 4.97 years
Expected volatility | 51.64% |  | 53.20% |  | 42.53%
Risk-free rate of return | 0.46% |  | 0.24% |  | 2.45%
Dividend yield on Class A Common Stock | 1.34% |  | 8.39% |  | 6.19%
Outstanding nonqualified stock option activity | The Company’s outstanding non-qualified stock options as of June 30, 2021 and activity during the fiscal year then ended are presented below:
| Shares (in millions) |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Term (in years)
Outstanding at July 1, 2020 | 18.0 |  |  | $ | 12.93 |  |  |  |  |
Forfeited | (4.6) |  |  | 12.70 |  |  |  |  |
Outstanding at June 30, 2021 | 13.4 |  |  | $ | 13.00 |  |  |  |  |
Vested and expected to vest at June 30, 2021 | 8.6 |  |  | $ | 13.02 |  |  | $ | — |  |  | 6.69
Exercisable at June 30, 2021 | 0.6 |  |  | $ | 10.50 |  |  | $ | — |  |  | 0.17
Schedule of stock summary | A summary of the aggregated weighted-average grant date fair value of stock options granted and total intrinsic value of stock options exercised for fiscal 2020 and 2019 is presented below:
|  | 2020 |  | 2019
Weighted-average grant date fair value of stock options |  | $ | 3.41 |  |  | $ | 2.87 |
Intrinsic value of options exercised |  | 6.1 |  |  | 11.5 |
Schedule of nonvested nonqualified share activity | The Company’s non-vested non-qualified stock options as of June 30, 2021 and activity during the fiscal year then ended are presented below:
| Shares (in millions) |  | Weighted Average Grant Date Fair Value
Non-vested at July 1, 2020 | 17.2 |  |  | $ | 3.73 |
Forfeited | (4.4) |  |  | 3.63 |
Non-vested at June 30, 2021 | 12.8 |  |  | $ | 2.84 |
The Company’s non-vested shares of Series A and Series A-1 Preferred Stock as of June 30, 2021 and activity during the fiscal year then ended are presented below:
| Shares (in millions) |  | Weighted Average Grant Date Fair Value
Non-vested at July 1, 2020 | 0.5 |  |  | $ | 3.55 |
Non-vested at June 30, 2021 | 0.5 |  |  | $ | 3.55 |
Scheduled of outstanding Series A preferred shares | The Company’s outstanding Series A and Series A-1 Preferred Shares as of June 30, 2021 and activity during the fiscal year then ended are presented below:
| Shares (in millions) |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Term (in years)
Outstanding at July 1, 2020 | 1.5 |  |  | $ | 22.10 |  |  |  |  |
Outstanding at June 30, 2021 | 1.5 |  |  | 22.10 |  |  |  |  |
Vested and expected to vest at June 30, 2021 | 1.0 |  |  | $ | 22.39 |  |  | $ | — |  |  | 2.74
Outstanding RSU and restricted stock activity | The Company’s outstanding RSUs as of June 30, 2021 and activity during the fiscal year then ended are presented below:
| Shares (in millions) |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Term
Outstanding at July 1, 2020 | 11.9 |  |  |  |  |
Granted | 38.4 |  |  |  |  |
Settled | (2.5) |  |  |  |  |
Cancelled | (3.6) |  |  |  |  |
Outstanding at June 30, 2021 | 44.2 |  |  |  |  |
Vested and expected to vest at June 30, 2021 | 41.8 |  |  | $ | 390.1 |  |  | 2.10
Outstanding and non-vested RSU and restricted stock activity | The Company’s outstanding and non-vested RSUs as of June 30, 2021 and activity during the fiscal year then ended are presented below:
| Shares (in millions) |  | Weighted Average Grant Date Fair Value
Outstanding and nonvested at July 1, 2020 | 11.6 |  |  | $ | 12.48 |
Granted | 38.4 |  |  | 8.08 |
Vested | (2.5) |  |  | 13.33 |
Cancelled | (3.6) |  |  | 10.92 |
Outstanding and nonvested at June 30, 2021 | 43.9 |  |  | $ | 8.78 |
Schedule of restricted stock activity | The Company’s outstanding restricted stock as of June 30, 2021 and activity during the fiscal year then ended are presented below:
| Shares (in millions) |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Term
Outstanding at July 1, 2020 | 1.4 |  |  |  |  |
Settled | (0.2) |  |  |  |  |
Cancelled | (0.7) |  |  |  |  |
Outstanding at June 30, 2021 | 0.5 |  |  |  |  |
Vested and expected to vest at June 30, 2021 | 0.4 |  |  | $ | 1.7 |  |  | 1.41
The Company’s outstanding and non-vested restricted stock as of June 30, 2021 and activity during the fiscal year then ended are presented below:
| Shares (in millions) |  | Weighted Average Grant Date Fair Value
Outstanding and nonvested at July 1, 2020 | 1.4 |  |  | $ | 5.08 |
Vested | (0.2) |  |  | 1.06 |
Cancelled | (0.7) |  |  | 5.08 |
Outstanding and nonvested at June 30, 2021 | 0.5 |  |  | $ | 5.08 |

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