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SHARE-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Share-based compensation expense | Total share-based compensation from continuing operations is shown in the table below:
| 2022 |  | 2021 |  | 2020
Equity plan expense (a) | $ | 195.4 |  |  | $ | 25.4 |  |  | $ | 24.8 |
Equity plan modified and cash settled | — |  |  | 0.9 |  |  | 18.3 |
Liability plan expense (income) | 0.1 |  |  | 1.6 |  |  | (2.0) |
Fringe expense | 2.3 |  |  | 0.5 |  |  | 1.1 |
Total share-based compensation expense | $ | 197.8 |  |  | $ | 28.4 |  |  | $ | 42.2 |
(a) Equity plan shared-based compensation expense of $195.4 and $27.4 was recorded to additional paid in capital and presented in the Consolidated Statement of Equity for the fiscal years ended June 30, 2022 and 2021, respectively. Of the $195.4 and $27.4 for the fiscal years ended June 30, 2022 and 2021, respectively, $0.0 and $2.0 was reclassified to discontinued operations.
Fair value valuation assumptions | During fiscal 2020, 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 |  |
Expected life | 7.4 years |  |
Risk-free interest rate | 1.63% |  |
Expected volatility | 41.67% |  |
Expected dividend yield | 4.10% |  |
The fair value of the Company’s outstanding Series A Preferred Stock were estimated with the following assumptions.
| 2022 |  | 2021 |  | 2020
Expected life, in years | 1.74 years |  | 2.74 years |  | 3.74 years
Expected volatility | 65.57% |  | 51.64% |  | 53.20%
Risk-free rate of return | 2.89% |  | 0.46% |  | 0.24%
Dividend yield on Class A Common Stock | 1.56% |  | 1.34% |  | 8.39%
Outstanding nonqualified stock option activity | The Company’s outstanding non-qualified stock options as of June 30, 2022 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, 2021 | 13.4 |  |  | $ | 13.00 |  |  |  |  |
Forfeited | (7.6) |  |  | 13.12 |  |  |  |  |
Outstanding at June 30, 2022 | 5.8 |  |  | $ | 12.85 |  |  |  |  |
Vested and expected to vest at June 30, 2022 | 5.2 |  |  | $ | 13.13 |  |  | $ | — |  |  | 6.11
Exercisable at June 30, 2022 | 3.5 |  |  | $ | 13.59 |  |  | $ | — |  |  | 5.88
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 is presented below:
| 2020 |  |
Weighted-average grant date fair value of stock options | $ | 3.41 |  |  |
Intrinsic value of options exercised | 6.1 |  |  |
Schedule of nonvested nonqualified share activity | The Company’s non-vested non-qualified stock options as of June 30, 2022 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, 2021 | 12.8 |  |  | $ | 2.84 |
Vested | (3.9) |  |  | 4.39 |
Forfeited | (6.6) |  |  | 3.61 |
Non-vested at June 30, 2022 | 2.3 |  |  | $ | 3.14 |
The Company’s non-vested shares of Series A Preferred Stock as of June 30, 2022 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, 2021 | 0.5 |  |  | $ | 3.55 |
Vested | (0.3) |  |  | 3.48 |
Non-vested at June 30, 2022 | 0.2 |  |  | $ | 3.65 |
Scheduled of outstanding Series A preferred shares | The Company’s outstanding Series A Preferred Shares as of June 30, 2022 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, 2021 | 1.5 |  |  | $ | 22.10 |  |  |  |  |
Outstanding at June 30, 2022 | 1.5 |  |  | 22.10 |  |  |  |  |
Vested and expected to vest at June 30, 2022 | 1.0 |  |  | $ | 22.39 |  |  | $ | — |  |  | 1.74
Exercisable | 1.3 |  |  | $ | 22.45 |  |  | $ | — |  |  | 1.72
Outstanding RSU and restricted stock activity | The Company’s outstanding RSUs as of June 30, 2022 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, 2021 | 44.2 |  |  |  |  |
Granted | 4.9 |  |  |  |  |
Settled | (14.2) |  |  |  |  |
Cancelled | (2.5) |  |  |  |  |
Outstanding at June 30, 2022 | 32.4 |  |  |  |  |
Vested and expected to vest at June 30, 2022 | 31.0 |  |  | $ | 248.4 |  |  | 1.35
Outstanding and non-vested RSU and restricted stock activity | The Company’s outstanding and non-vested RSUs as of June 30, 2022 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, 2021 | 43.9 |  |  | $ | 8.78 |
Granted | 4.9 |  |  | 7.86 |
Vested | (14.3) |  |  | 8.84 |
Cancelled | (2.5) |  |  | 8.56 |
Outstanding and nonvested at June 30, 2022 | 32.0 |  |  | $ | 8.63 |
Schedule of restricted stock activity | The Company’s outstanding restricted stock as of June 30, 2022 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, 2021 | 0.5 |  |  |  |  |
Granted | 0.3 |  |  |  |  |
Settled | (0.2) |  |  |  |  |
Outstanding at June 30, 2022 | 0.6 |  |  |  |  |
Vested and expected to vest at June 30, 2022 | 0.5 |  |  | $ | 4.4 |  |  | 1.82
The Company’s outstanding and non-vested restricted stock as of June 30, 2022 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, 2021 | 0.5 |  |  | $ | 5.08 |
Granted | 0.3 |  |  | 7.47 |
Vested | (0.2) |  |  | 5.08 |
Outstanding and nonvested at June 30, 2022 | 0.6 |  |  | $ | 6.58 |

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