EQUITY AND SHARE-BASED COMPENSATION (Tables)
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3 Months Ended |
Sep. 30, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Share-based Compensation Costs |
Share-based compensation expense for the periods indicated below is detailed as follows: | | | | | | | | | | | | | | Three Months Ended September 30, | | | 2024 | | 2023 | | Stock Options (issued under Stock Option Plans) | $ | 2,736 | | | $ | 4,544 | | | Performance Share Units (issued under LTIP) | 7,188 | | | 5,889 | | | Restricted Share Units (issued under LTIP) | 3,767 | | | 2,881 | | | Restricted Share Units (other) | 13,285 | | | 21,372 | | | Deferred Share Units (directors) | 845 | | | 914 | | | Employee Stock Purchase Plan | 1,737 | | | 1,495 | | | Total share-based compensation expense | $ | 29,558 | | | $ | 37,095 | |
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| Schedule of Unrecognized Compensation Cost |
A summary of unrecognized compensation cost for unvested share-based compensation awards is as follows: | | | | | | | | | | | | | | As of September 30, 2024 | | | Unrecognized Compensation Cost | | Weighted Average Recognition Period (years) | | Stock Options (issued under Stock Option Plans) | $ | 44,523 | | | 2.56 | | Performance Share Units (issued under LTIP) | 71,320 | | | 2.10 | | Restricted Share Units (issued under LTIP) | 29,316 | | | 1.79 | | Restricted Share Units (other) | 48,582 | | | 1.57 | | Total unrecognized share-based compensation cost | $ | 193,741 | | | |
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| Schedule of Option Activity |
A summary of activity under our stock option plans for the three months ended September 30, 2024 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Options | | Weighted-
Average Exercise
Price | | Weighted-
Average
Remaining
Contractual Term
(years) | | Aggregate Intrinsic Value | Outstanding at June 30, 2024 | 12,207,412 | | | $ | 38.51 | | | 4.31 | | $ | 6,142 | | | Granted | 1,559,170 | | | 28.49 | | | | | | | Exercised | (5,250) | | | 26.81 | | | | | | | Forfeited or expired | (904,810) | | | 37.57 | | | | | | Outstanding at September 30, 2024 | 12,856,522 | | | $ | 37.36 | | | 4.44 | | $ | 20,135 | | Exercisable at September 30, 2024 | 4,966,126 | | | $ | 41.71 | | | 3.01 | | $ | 829 | |
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| Schedule of Weighted-Average Fair Value of Options and Weighted-Average Assumptions Used |
For the periods indicated, the weighted-average fair value of options and weighted-average assumptions estimated under the Black-Scholes option-pricing model were as follows: | | | | | | | | | | | | | | Three Months Ended September 30, | | | 2024 | | 2023 | | Weighted–average fair value of options granted | $ | 5.77 | | | $ | 9.16 | | | Weighted-average assumptions used: | | | | | Expected volatility | 28.60 | % | | 30.93 | % | | Risk–free interest rate | 3.66 | % | | 4.44 | % | | Expected dividend yield | 3.51 | % | | 2.66 | % | | Expected life (in years) | 4.31 | | 4.24 | | Forfeiture rate (based on historical rates) | 7 | % | | 7 | % | | Average exercise share price | $ | 28.49 | | | $ | 36.79 | |
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| Schedule of Non Option Award Activity |
A summary of activity under our PSUs issued under the LTIP for the three months ended September 30, 2024 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Units | | Weighted-Average
Grant Date Fair Value | | Weighted-
Average
Remaining
Contractual Term
(years) | | Aggregate Intrinsic Value
($’000's) | Outstanding at June 30, 2024 | 1,605,116 | | | $ | 56.09 | | | 1.70 | | $ | 48,218 | | Granted (1) | 879,649 | | | 47.63 | | | | | | | | | | | | | | | Forfeited or expired | (104,924) | | | 52.18 | | | | | | Outstanding at September 30, 2024 | 2,379,841 | | | $ | 53.07 | | | 2.10 | | $ | 78,547 | |
______________________ (1)PSUs are earned based on market or performance conditions and the actual number of PSUs earned, if any, is dependent upon performance and may range from 0 to 200 percent.
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| Schedule of Weighted Average Assumptions, Fair Value and Intrinsic Value |
For the periods indicated, the weighted-average fair value of market-based PSUs issued under LTIP, and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows: | | | | | | | | | | | | | | Three Months Ended September 30, | | | 2024 | | 2023 | | Weighted–average fair value of performance share units granted | $ | 47.96 | | | $ | 59.48 | | | Weighted-average assumptions used: | | | | | Expected volatility | 30.26 | % | | 28.05 | % | | Risk–free interest rate | 3.67 | % | | 4.38 | % | | Expected dividend yield | — | % | | — | % | | Expected life (in years) | 3.11 | | 3.11 | | | | |
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| Schedule of Restricted Stock Activity |
A summary of activity under our RSUs issued under the LTIP for the three months ended September 30, 2024 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Units | | Weighted-Average
Grant Date Fair Value | | Weighted-
Average
Remaining
Contractual Term
(years) | | Aggregate Intrinsic Value
($’000's) | Outstanding at June 30, 2024 | 956,325 | | | $ | 39.61 | | | 1.77 | | $ | 28,728 | | | Granted | 633,191 | | | 28.56 | | | | | | | | | | | | | | | Forfeited or expired | (46,901) | | | 37.70 | | | | | | Outstanding at September 30, 2024 | 1,542,615 | | | $ | 35.12 | | | 2.21 | | $ | 50,914 | |
A summary of activity under our RSUs (other) issued for the three months ended September 30, 2024 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Units | | Weighted-Average
Grant Date Fair Value | | Weighted-
Average
Remaining
Contractual Term
(years) | | Aggregate Intrinsic Value
($’000's) | Outstanding at June 30, 2024 | 4,555,955 | | | $ | 35.87 | | | 1.79 | | $ | 136,861 | | | Granted | 22,031 | | | 32.15 | | | | | | | Vested | (60,887) | | | 31.77 | | | | | | | Forfeited or expired | (150,483) | | | 37.10 | | | | | | Outstanding at September 30, 2024 | 4,366,616 | | | $ | 35.87 | | | 1.55 | | $ | 144,120 | |
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| Schedule of Nonvested Share Activity |
A summary of activity under our DSUs issued for the three months ended September 30, 2024 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Units | | Weighted-Average
Price | | Weighted-
Average
Remaining
Contractual Term
(years) | | Aggregate Intrinsic Value
($’000's) | Outstanding at June 30, 2024 (1) | 1,082,471 | | | $ | 30.67 | | | 0.42 | | $ | 32,517 | | | Granted | 12,326 | | | 31.70 | | | | | | Outstanding at September 30, 2024 (2) | 1,094,797 | | | $ | 30.68 | | | 0.25 | | $ | 36,134 | |
______________________ (1) Includes 47,871 unvested DSUs. (2) Includes 49,709 unvested DSUs.
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