Employee Benefit Plans

9 Months Ended

Mar. 31, 2021

A. Stock-based Compensation Plans. Stock-based compensation consists of the following:

The Company's share-based compensation consists of stock options, time-based restricted stock, time-based restricted stock

units, performance-based restricted stock, and performance-based restricted stock units. The Company also offers an employee

stock purchase plan for eligible employees.

The Company currently utilizes treasury stock to satisfy stock option exercises, issuances under the Company's employee stock purchase plan, and restricted stock awards. From time to time, the Company may repurchase shares of its common stock under its authorized share repurchase program. The Company repurchased 2.5 million and 2.5 million shares in the three months ended March 31, 2021 and 2020, respectively, and repurchased 5.7 million and 6.2 million shares in the nine months ended March 31, 2021 and 2020, respectively. The Company considers several factors in determining when to execute share repurchases, including, among other things, actual and potential acquisition activity, cash balances and cash flows, issuances due to employee benefit plan activity, and market conditions.

The following table represents pre-tax stock-based compensation expense for the three and nine months ended March 31, 2021 and 2020, respectively:


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2021		2020		2021		2020
Operating expenses	$	4.8	$	3.0	$	13.2	$	10.5
Selling, general and administrative expenses	34.8		26.1		95.7		82.3
System development and programming costs	5.9		4.3		17.5		13.9
Total stock-based compensation expense	$	45.5	$	33.4	$	126.4	$	106.7

The methods and assumptions used in the determination of the fair value of stock-based awards are consistent with those

described in the Company's Annual Report on Form 10-K for fiscal 2020. See the Company's Annual Report on Form 10-K for fiscal 2020 for a detailed description of the Company's stock-based compensation awards and employee stock purchase plan, including information related to vesting terms, service and performance conditions, payout percentages, and process for estimating the fair value of stock options granted.

B. Pension Plans

The components of net pension income were as follows:


	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2021		2020			2021		2020
Service cost – benefits earned during the period	$	1.2	$	14.9		$	3.6	$	44.8
Interest cost on projected benefits	12.8		15.5			38.3		46.3
Expected return on plan assets	(30.4)		(29.5)			(91.1)		(88.4)
Net amortization and deferral	2.5		1.9			7.5		4.8
Settlement charges and special termination benefits	—		(17.0)			5.8		(22.1)
Net pension (income)/expense	$	(13.9)	$	(14.2)		$	(35.9)	$	(14.6)

The U.S. pension plan, which is currently closed to new entrants, has been frozen effective July 1, 2020. Benefits under the plan continued to accrue through June 30, 2020, and as of July 1, 2020 and onward, participants will retain their accrued benefits

and will not accrue any future benefits due to service rendered or pay increases. As a result of the freeze, the Company

recognized $17.0 million of prior service credits during the three months ended March 31, 2020 within Other Income, net,

which were previously recognized within accumulated other comprehensive income (see Note 15).