Employee Benefit Plans

6 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

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. Any such future awards will be grants of time-based restricted stock units and/or performance-based restricted stock units, depending on employee eligibility. Time-based restricted stock unit awards and performance-based restricted stock unit awards granted to employees with a home country of the United States are settled in stock, and for awards granted to employees with a home country outside the United States are generally settled in cash.

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 1.1 million and 0.9 million shares in the three months ended December 31, 2023 and 2022, respectively, and repurchased 2.1 million and 2.3 million shares in the six months ended December 31, 2023 and 2022, 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, 2023 and 2022, respectively:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2023		2022		2023		2022
Operating expenses	$	7.4	$	6.5	$	14.8	$	12.5
Selling, general and administrative expenses	57.6		44.4		100.4		81.5
Research and development	8.6		7.5		17.2		15.0
Total stock-based compensation expense	$	73.6	$	58.4	$	132.4	$	109.0

B.  Pension Plans

The components of net pension income were as follows:

	Three Months Ended				Six Months Ended
	December 31,				December 31,
	2023		2022		2023		2022
Service cost – benefits earned during the period	$	1.3	$	1.2	$	2.6	$	2.3
Interest cost on projected benefits	21.1		19.5		42.3		39.0
Expected return on plan assets	(29.0)		(31.8)		(58.0)		(63.7)
Net amortization and deferral	0.8		0.4		1.5		1.0
Settlement charges and special termination benefits	—		—		—		1.4
Net pension (income)/expense	$	(5.8)	$	(10.7)	$	(11.6)	$	(20.0)