Employee Benefit Plans

6 Months Ended

Dec. 31, 2022

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. Beginning in September 2022, the Company discontinued granting stock options,

time-based restricted stock and performance-based restricted stock. Other than the change described above, the methods and assumptions used in the determination of the fair value of stock-based awards are generally consistent with those described in the Company's Form 10-Q for the first quarter of fiscal 2023. See the Company's Quarterly Report on Form 10-Q for the first quarter of fiscal 2023 for a detailed description of the Company's stock-based compensation awards and employee stock purchase plan.

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 0.9 million and 2.0 million shares in the three months ended December 31, 2022 and 2021, respectively, and repurchased 2.3 million and 4.6 million shares in the six months ended December 31, 2022 and 2021, 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 six months ended December 31, 2022 and 2021, respectively:


	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2022		2021		2022		2021
Operating expenses	$	6.5	$	5.2	$	12.5	$	9.9
Selling, general and administrative expenses	44.4		42.7		81.5		74.1
System development and programming costs	7.5		7.7		15.0		13.9
Total stock-based compensation expense	$	58.4	$	55.6	$	109.0	$	97.9

B. Pension Plans

The components of net pension income were as follows:


	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2022		2021			2022		2021
Service cost – benefits earned during the period	$	1.2	$	1.4		$	2.3	$	2.8
Interest cost on projected benefits	19.5		13.1			39.0		26.2
Expected return on plan assets	(31.8)		(32.0)			(63.7)		(64.0)
Net amortization and deferral	0.4		1.7			1.0		3.4
Settlement charges and special termination benefits	—		—			1.4		—
Net pension (income)/expense	$	(10.7)	$	(15.8)		$	(20.0)	$	(31.6)