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Share-based Compensation
12 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Share-based Compensation Share-based Compensation
        The Company's equity incentive plans include grants of share options, restricted shares/units, performance shares, performance rights and share rights to directors, officers and employees. In certain countries and in selected cases, cash equivalent awards are provided in the event that the issuance of equity awards is not compliant with local legislation and tax laws.

Cash-Settled Awards

        Cash-settled awards may be granted to directors, officers and employees of the Company in lieu of, or in addition to, participation in other programs.

        Such awards are accounted for as liabilities and are remeasured to fair value at each balance sheet date.

        Liabilities for cash-settled share-based compensation are as follows:
June 30,
(in millions)20202019
Total carrying amount of liabilities for cash settled arrangements$1.1 $2.7 

        During fiscal years 2020, 2019 and 2018, the Company paid $1.6 million, $2.3 million and $1.6 million in cash, respectively, to settle these plans.

Equity-Settled Awards

Share Options

        In fiscal year 2020, share options were granted to officers and employees. The exercise price for shares options was set at the time of grant. There were no share options granted in fiscal year 2019 as they were deferred due to the transaction with Bemis.

        The requisite service period for outstanding share options in fiscal year 2020 ranges from two to four years. The awards are also subject to performance and market conditions. At vesting, share options can be exercised and converted to ordinary shares on a one-for-one basis, subject to payment of the exercise price. The maximum contractual term of the share options in fiscal year 2020 ranges from five to seven years from the grant date.

        The fair value of the share options granted in fiscal year 2020 was estimated using the Black-Scholes option pricing model that uses the assumptions noted in the following table to produce a Monte Carlo simulation. The fair value of share options granted was estimated using the following assumptions:
June 30,
20202019
Expected dividend yield (%) (1)4.6 %N/A
Expected share price volatility (%) (2)18.0 %N/A
Risk-free interest rate (%) (3)1.8 %N/A
Expected life of options (in years) (4)5.7N/A
(1)Determined assuming no change in dividend payout during the expected term of the option.
(2)Determined based on the observed historical volatility for the Company's ordinary share price.
(3)Determined based on the yields on U.S. Treasury Bonds in effect at the time of grant with maturities approximately equal to the share options' expected term.
(4)Determined considering the options' contractual terms, historical exercise and post-vesting termination patterns.

        The Company reassesses the probability of vesting at each reporting period and adjusts compensation expense based on its probability assessment.
        Changes in outstanding share options for the year were as follows:
Share OptionsWeighted-average Exercise PriceWeighted-average Contractual Life
(in millions)(in years)
Share options outstanding at June 30, 201910.8 $10.32 3.6
Granted49.6 10.33 5.7
Exercised(0.2)6.08 6.9
Forfeited(4.2)10.63 6.0
Share options outstanding at June 30, 202056.0 $10.32 5.3
Vested and exercisable at June 30, 20202.5 $8.78 1.6

        The aggregate intrinsic value (difference in exercise price and closing price at that date) for all share options outstanding at June 30, 2020 was zero. The aggregate intrinsic value for share options vested and exercisable at June 30, 2020 was $3.6 million. The Company received $1.1 million, $19.3 million and $28.1 million and realized a tax benefit of $0.2 million, $5.5 million and $12.3 million on the exercise of stock options during the fiscal years ended June 30, 2020, 2019 and 2018, respectively. During the fiscal years ended June 30, 2020, 2019 and 2018, the intrinsic value associated with the exercise of share options was $0.7 million, $8.3 million and $20.6 million, respectively.

        The weighted-average grant date fair value of share options granted and the fair value of share options vested was as follows:
Years ended June 30,
202020192018
Weighted average grant date fair value of share options granted$0.7 N/A$1.1 
Fair value of share options vested (in millions)$0.3 $3.8 $5.3 

Restricted Shares/Units

        Restricted shares/units may be granted to directors, officers and employees of the Company and vest on terms as described in the award. The restrictions prevent the participant from disposing of the restricted shares/units during the vesting period.

        The fair value of restricted shares/units is determined based on the closing price of the Company's shares on the grant date. Changes in the restricted shares/units for the year were as follows:
Restricted Shares/UnitsWeighted-average Grant Date Fair Value
(in millions)
Non-vested restricted shares/units at June 30, 20190.5 $11.4 
Granted0.4 10.1 
Exercised(0.2)12.1 
Forfeited  
Non-vested restricted shares/units at June 30, 20200.7 $10.4 

        The weighted-average grant date fair value of restricted shares granted and the fair value of restricted shares/units vested was as follows:
Years ended June 30,
202020192018
Weighted-average grant date fair value of restricted shares granted$10.1 N/A$11.5 
Fair value of restricted shares/units vested (in millions)$2.1 $0.2 $1.8 
Performance Rights and Performance Shares

        In fiscal year 2020, performance rights or performance shares (awarded to U.S. participants in place of performance rights) were granted to officers and employees. There were no performance rights or performance shares granted in fiscal year 2019 as they were deferred due to the transaction with Bemis.

        The requisite service period for outstanding performance rights or performance shares in fiscal year 2020 ranges from two to four years. The awards are also subject to performance and market conditions. At vesting, performance rights can be exercised and converted to ordinary shares on a one-for-one basis. Performance shares vest automatically and convert to ordinary shares on a one-for-one basis. There is no amount payable by the participant.

        The fair value of the performance rights and performance shares granted in fiscal year 2020 was estimated using the Black-Scholes option pricing model that uses the assumptions noted in the following table to produce a Monte Carlo simulation. The fair value of the performance rights and performance shares was estimated using the following assumptions:
June 30,
20202019
Expected dividend yield (%) (1)4.6 %N/A
Expected share price volatility (%) (2)18.0 %N/A
Risk-free interest rate (%) (3)1.8 %N/A
(1)Determined assuming no change in dividend payout during the expected term of the performance rights/performance shares.
(2)Determined based on the observed historical volatility for the Company's ordinary share price.
(3)Determined based on the yields on U.S. Treasury Bonds in effect at the time of grant with maturities approximately equal to the performance rights/performance shares expected term.
Performance Rights/Performance SharesWeighted-Average Grant Date Fair Value
(in millions)
Non-vested performance rights/performance shares at June 30, 20191.7 $6.3 
Granted5.7 6.7 
Exercised(0.2)7.1 
Forfeited(0.7)7.0 
Non-vested performance rights/performance shares at June 30, 20206.5 $6.5 

        The weighted average grant date fair value of performance rights and performance shares granted and the fair value of performance rights/performance shares’ vested was as follows:
Years ended June 30,
202020192018
Weighted-average grant date fair value of performance rights/performance shares granted$6.7 N/A$6.3 
Fair value of performance rights/performance shares vested (in millions)$1.5 $0.1 $0.8 
Share Rights

        Share rights may be granted to directors, officers and employees of the Company and vest on terms as described in the award. The restrictions prevent the participant from disposing of the share rights during the vesting period.

        The fair value of share rights is determined based on the closing price of the Company's shares on the grant date, adjusted for dividend yield. Changes in the share rights for the year were as follows:
Share RightsWeighted-Average Grant Date Fair Value
(in millions)
Non-vested share rights at June 30, 20191.5 $10.0 
Granted1.0 8.8 
Exercised(0.9)11.3 
Forfeited(0.1)10.0 
Non-vested share rights at June 30, 20201.5 $8.4 

        The weighted-average grant date fair value of share rights granted and the fair value of shares vested was as follows:
Years ended June 30,
202020192018
Weighted-average grant date fair value of share rights granted$8.8 $9.2 $11.0 
Fair value of share rights vested (in millions)$10.7 $13.9 $12.9 

Compensation Expense

        Share-based compensation expense of $34.0 million, $18.6 million and $21.0 million was primarily recorded in general and administrative expenses for fiscal years 2020, 2019 and 2018, respectively.

        Compensation expense for share-based awards recognized in the consolidated income statements, net of estimated forfeitures, was as follows:
Years ended June 30,
(in millions)202020192018
Share options$11.4 $2.8 $3.0 
Restricted shares/units2.6 1.6 2.8 
Performance rights/performance shares11.8 3.0 2.9 
Share rights8.2 8.5 9.7 
Cash-settled awards 2.7 2.6 
Total share-based compensation expense$34.0 $18.6 $21.0 

        As of June 30, 2020, there was $73.4 million of total unrecognized compensation cost related to all unvested share options, restricted shares/units, performance shares/performance rights and share rights. That cost is expected to be recognized over a weighted average period of 2.1 years.