BROADRIDGE FINANCIAL SOLUTIONS, INC., 10-K filed on 8/11/2020
Annual Report
v3.20.2
Cover Page - USD ($)
 12 Months Ended
Jun. 30, 2020
Jul. 31, 2020
Dec. 31, 2019
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Jun. 30, 2020    
Document Transition Report false    
Entity File Number 001-33220    
Entity Registrant Name BROADRIDGE FINANCIAL SOLUTIONS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 33-1151291    
Entity Address, Address Line One 5 DAKOTA DRIVE    
Entity Address, City or Town LAKE SUCCESS    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 11042    
City Area Code 516    
Local Phone Number 472-5400    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol BR    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 14,072,861,236
Entity Common Stock, Shares Outstanding (in shares)   115,161,503  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission within 120 days after the fiscal year end of June 30, 2020 are incorporated by reference into Part III.
    
Entity Central Index Key 0001383312    
Current Fiscal Year End Date --06-30    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.20.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Statement of Comprehensive Income [Abstract]      
Net earnings $ 462.5 $ 482.1 $ 427.9
Other comprehensive income (loss), net:      
Foreign currency translation adjustments (26.4) (15.0) 5.7
Net losses on securities, net of taxes of $0.0, $0.0 and $1.2 for the years ended June 30, 2020, 2019 and 2018, respectively 0.0 0.0 (2.6)
Pension and post-retirement liability adjustment, net of taxes of $0.9, $0.9 and $(0.4) for the years ended June 30, 2020, 2019 and 2018, respectively (2.8) (2.7) 0.9
Total other comprehensive income (loss), net (29.2) (17.7) 3.9
Comprehensive income $ 433.3 $ 464.3 $ 431.9
v3.20.2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Statement of Comprehensive Income [Abstract]      
Unrealized gains (losses) on available-for-sale securities, taxes $ 0.0 $ 0.0 $ 1.2
Pension and post-retirement liability adjustment, taxes $ 0.9 $ 0.9 $ (0.4)
v3.20.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Current assets:    
Cash and cash equivalents $ 476.6 $ 273.2
Accounts receivable, net of allowance for doubtful accounts of $9.8 and $2.6, respectively 711.3 664.0
Other current assets 140.1 105.2
Total current assets 1,328.0 1,042.3
Property, plant and equipment, net 161.6 189.0
Goodwill 1,674.5 1,500.0
Intangible assets, net 583.8 556.2
Other non-current assets 1,141.9 593.1
Total assets 4,889.8 3,880.7
Current liabilities:    
Current portion of long-term debt 399.9 0.0
Payables and accrued expenses 829.9 711.7
Contract Liabilities 111.2 90.9
Total current liabilities 1,341.0 802.6
Current portion of long-term debt 399.9 0.0
Long-term debt 1,387.6 1,470.4
Deferred taxes 126.8 86.7
Contract Liabilities 175.4 160.7
Other non-current liabilities 512.4 232.8
Total liabilities 3,543.2 2,753.2
Commitments and contingencies
Stockholders’ equity:    
Preferred stock: Authorized, 25.0 shares; issued and outstanding, none 0.0 0.0
Common stock, $0.01 par value: Authorized, 650.0 shares; issued, 154.5 and 154.5 shares, respectively; outstanding, 115.1 and 114.3 shares, respectively 1.6 1.6
Additional paid-in capital 1,178.5 1,109.3
Retained earnings 2,302.6 2,087.7
Treasury stock, at cost: 39.3 and 40.2 shares, respectively (2,035.7) (1,999.8)
Accumulated other comprehensive loss (100.4) (71.2)
Total stockholders’ equity 1,346.5 1,127.5
Total liabilities and stockholders’ equity $ 4,889.8 $ 3,880.7
v3.20.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 9.8 $ 2.6
Preferred stock, shares authorized (in shares) 25,000,000.0 25,000,000.0
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 650,000,000.0 650,000,000.0
Common stock, shares issued (in shares) 154,500,000 154,500,000
Common stock, shares outstanding (in shares) 115,100,000 114,300,000
Treasury stock, shares (in shares) 39,300,000 40,200,000
v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Cash Flows From Operating Activities      
Net earnings $ 462.5 $ 482.1 $ 427.9
Adjustments to reconcile Net earnings to Net cash flows provided by operating activities:      
Depreciation and amortization 73.8 85.2 82.1
Amortization of acquired intangibles and purchased intellectual property 122.9 87.4 81.4
Amortization of other assets 102.6 87.4 48.5
Write-down of long lived assets 30.4 0.0 0.0
Stock-based compensation expense 60.8 58.4 55.1
Deferred income taxes 29.0 (3.5) (9.3)
Other (26.9) (37.6) (21.2)
Current assets and liabilities:      
Increase in Accounts receivable, net (33.5) (34.9) (18.6)
Increase in Other current assets (17.9) (7.3) (7.6)
Increase (decrease) in Payables and accrued expenses 58.6 (10.9) 9.6
Increase in Contract liabilities 12.2 15.1 20.8
Non-current assets and liabilities:      
Increase in Other non-current assets (352.7) (188.3) (83.5)
Increase in Other non-current liabilities 76.4 83.8 108.3
Net cash flows provided by operating activities 598.2 617.0 693.6
Cash Flows From Investing Activities      
Capital expenditures (62.7) (50.6) (76.7)
Software purchases and capitalized internal use software (36.0) (22.0) (21.2)
Acquisitions, net of cash acquired (339.1) (354.7) (108.3)
Purchase of intellectual property 0.0 0.0 (40.0)
Other investing activities (3.8) (6.3) (3.1)
Net cash flows used in investing activities (441.7) (433.5) (249.3)
Cash Flows From Financing Activities      
Debt proceeds 1,621.9 803.1 340.0
Debt repayments (1,292.8) (387.4) (390.0)
Dividends paid (241.0) (211.2) (165.8)
Purchases of Treasury stock (69.3) (397.8) (277.1)
Proceeds from exercise of stock options 41.8 31.1 52.0
Other financing activities (9.4) (10.8) (9.0)
Net cash flows provided by (used in) financing activities 51.2 (173.1) (449.9)
Effect of exchange rate changes on Cash and cash equivalents (4.3) (1.1) (1.6)
Net change in Cash and cash equivalents 203.4 9.2 (7.2)
Cash and cash equivalents, beginning of fiscal year 273.2 263.9 271.1
Cash and cash equivalents, end of fiscal year 476.6 273.2 263.9
Supplemental disclosure of cash flow information:      
Cash payments made for interest 58.5 43.4 40.5
Cash payments made for income taxes, net of refunds 100.9 119.5 177.6
Non-cash investing and financing activities:      
Accrual of unpaid property, plant, equipment and software $ 13.9 $ 8.7 $ 6.2
v3.20.2
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
    Common Stock
Additional Paid-In Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period of Adoption, Adjustment
Balance at Jun. 30, 2017 $ 1,003.8   $ 1.6 $ 987.6 $ 1,469.4   $ (1,398.9) $ (55.8)  
Balance (in shares) at Jun. 30, 2017     154.5            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Comprehensive income (loss) 431.9       427.9     3.9  
Stock option exercises and excess tax benefits 51.5     51.5          
Stock-based compensation 54.7     54.7          
Treasury stock acquired (277.1)           (277.1)    
Treasury stock reissued 0.0     (45.3)     45.3    
Common stock dividends (170.4)       (170.4)        
Balance at Jun. 30, 2018 1,094.3 $ 101.3 $ 1.6 1,048.5 1,727.0 $ 102.8 (1,630.8) (51.9) $ (1.5)
Balance (in shares) at Jun. 30, 2018     154.5            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Comprehensive income (loss) 464.3       482.1     (17.7)  
Stock option exercises and excess tax benefits 31.3     31.3          
Stock-based compensation 58.3     58.3          
Treasury stock acquired (397.8)           (397.8)    
Treasury stock reissued 0.0     (28.8)     28.8    
Common stock dividends (224.2)       (224.2)        
Balance at Jun. 30, 2019 $ 1,127.5 $ 0.2 $ 1.6 1,109.3 2,087.7 $ 0.2 (1,999.8) (71.2)  
Balance (in shares) at Jun. 30, 2019 154.5   154.5            
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Comprehensive income (loss) $ 433.3       462.5     (29.2)  
Stock option exercises and excess tax benefits 42.1     42.1          
Stock-based compensation 60.6     60.6          
Treasury stock acquired (69.3)           (69.3)    
Treasury stock reissued 0.0     (33.5)     33.5    
Common stock dividends (247.8)       (247.8)        
Balance at Jun. 30, 2020 $ 1,346.5   $ 1.6 $ 1,178.5 $ 2,302.6   $ (2,035.7) $ (100.4)  
Balance (in shares) at Jun. 30, 2020 154.5   154.5            
v3.20.2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares
shares in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]      
Treasury stock acquired (in shares) 0.6 3.5 2.4
Treasury stock reissued (in shares) 1.5 1.4 2.3
Dividends declared (in dollars per share) $ 2.16 $ 1.94 $ 1.46
v3.20.2
Consolidated Statements of Earnings - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]                      
Revenues $ 1,361.9 $ 1,249.9 $ 968.7 $ 948.6 $ 1,211.2 $ 1,224.8 $ 953.4 $ 972.8 $ 4,529.0 $ 4,362.2 $ 4,329.9
Cost of revenues                 3,265.1 3,131.9 3,167.4
Selling, general and administrative expenses                 639.0 577.5 564.5
Total operating expenses                 3,904.1 3,709.5 3,731.8
Operating income 298.8 226.3 26.8 73.1 240.8 233.6 78.2 100.1 624.9 652.7 598.1
Interest expense, net                 (58.8) (41.8) (38.6)
Other non-operating income (expenses), net                 13.4 (3.7) 1.5
Earnings (loss) before income taxes 294.8 210.5 10.5 63.8 230.0 223.6 64.3 89.3 579.5 607.3 561.0
Provision for income taxes                 117.0 125.2 133.1
Net earnings $ 229.7 $ 166.8 $ 10.1 $ 55.9 $ 183.2 $ 172.2 $ 49.9 $ 76.7 $ 462.5 $ 482.1 $ 427.9
Basic earnings per share (in dollars per share) $ 2.00 $ 1.46 $ 0.09 $ 0.49 $ 1.59 $ 1.49 $ 0.43 $ 0.66 $ 4.03 $ 4.16 $ 3.66
Diluted earnings per share (in dollars per share) $ 1.97 $ 1.43 $ 0.09 $ 0.48 $ 1.55 $ 1.45 $ 0.42 $ 0.64 $ 3.95 $ 4.06 $ 3.56
Weighted-average shares outstanding:                      
Basic (in shares)                 114.7 115.9 116.8
Diluted (in shares)                 117.0 118.8 120.4
v3.20.2
Basis of Presentation
 12 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Basis of Presentation BASIS OF PRESENTATION
A. Description of Business. Broadridge Financial Solutions, Inc. (“Broadridge” or the “Company”), a Delaware corporation and a part of the S&P 500® Index (“S&P”), is a global financial technology leader providing investor communications and technology-driven solutions to banks, broker-dealers, asset and wealth managers and corporate issuers. Broadridge’s services include investor communications, securities processing, data and analytics, and customer communications solutions. Broadridge serves a large and diverse client base across four client groups: banks/broker-dealers, asset management firms/mutual funds, wealth management firms, and corporate issuers. For capital markets firms, Broadridge helps clients lower costs and improve the effectiveness of their trade and account processing operations with support for their operational technologies, and their administration, finance, risk and compliance requirements. Broadridge serves asset management firms by meeting their critical needs for shareholder communications and by providing investment operations technology to support their investment decisions. For wealth management clients, Broadridge provides an integrated platform with tools that optimize advisor productivity, enhance client experience and digitize enterprise operations. For corporate issuer clients, Broadridge helps manage every aspect of their shareholder communications, including registered and beneficial proxy processing, annual meeting support, transfer agency services and financial disclosure document creation, management and United States of America (“U.S.”) Securities and Exchange Commission (the “SEC”) filing services.
The Company operates in two reportable segments: Investor Communication Solutions (“ICS”) and Global Technology and Operations (“GTO”).
•Investor Communication Solutions - Broadridge provides governance and communications solutions through its Investor Communication Solutions business segment to the following financial services clients: banks/broker-dealers, asset management firms/mutual funds, wealth management firms, and corporate issuers. In addition to financial services firms, Broadridge’s Customer Communications business also serves companies in the healthcare, insurance, consumer finance, telecommunications, utilities, and other service industries.
A large portion of Broadridge’s ICS business involves the processing and distribution of proxy materials to investors in equity securities and mutual funds, as well as the facilitation of related vote processing. ProxyEdge® (“ProxyEdge”) is Broadridge’s innovative electronic proxy delivery and voting solution for institutional investors and financial advisors that helps ensure the voting participation of the largest stockholders of many companies. Broadridge also provides the distribution of regulatory reports and corporate action/reorganization event information, as well as tax reporting solutions that help its clients meet their regulatory compliance needs.
For asset managers and retirement service providers, Broadridge offers data-driven solutions and an end-to-end platform for content management, composition, and multi-channel distribution of regulatory, marketing, and transactional information. Broadridge’s data and analytics solutions provide investment product distribution data, analytical tools, insights, and research to enable asset managers to optimize product distribution across retail and institutional channels globally. Through Matrix Financial Solutions, Inc. (“Matrix”), Broadridge provides mutual fund trade processing services for retirement service providers, third-party administrators, financial advisors, banks and wealth management professionals.
In addition, Broadridge provides public corporations and mutual funds with a full suite of solutions to help manage their annual meeting process, including registered and beneficial proxy distribution and processing services, proxy and annual report document management solutions, virtual shareholder meeting services and solutions that help them gain insight into their shareholder base through Broadridge’s shareholder data services. Broadridge also offers financial reporting document composition and management solutions, SEC disclosure and filing services, and registrar, stock transfer and record-keeping services through Broadridge Corporate Issuer Solutions.

We provide customer communications solutions which include print and digital solutions, content management, postal optimization, and fulfillment services. These services include customer communications management capabilities through the Broadridge Communications CloudSM platform (the “Communications Cloud”). Through one point of integration, the Communications Cloud helps companies create, deliver, and manage multi-channel communications and customer engagement. The platform includes data-driven composition tools, identity and preference management, multi-channel optimization and digital communication experience, archive and information management, digital and print delivery, and analytics and reporting tools.
•Global Technology and Operations - Broadridge is a leading global provider of securities processing solutions for capital markets, wealth management, and asset management firms. Broadridge offers advanced solutions that automate the securities transaction lifecycle, from desktop productivity tools, data aggregation, performance reporting, and portfolio management to order capture and execution, trade confirmation, margin, cash management, clearance and settlement, asset servicing, reference data management, reconciliations, securities financing and collateral optimization, compliance and regulatory reporting, and portfolio accounting and custody-related services.
Broadridge’s core post-trade services help financial institutions efficiently and cost-effectively consolidate their books and records, gather and service assets under management and manage risk, thereby enabling them to focus on their core business activities. Broadridge’s multi-asset, multi-market, multi-entity and multi-currency solutions support real-time global trade processing of equity, fixed income, mutual fund, foreign exchange, and exchange traded derivatives.
Broadridge’s comprehensive wealth management platform offers capabilities across the entire wealth management lifecycle and streamlines all aspects of wealth management services, including account management, fee management and client on-boarding. The wealth management platform enables full-service, regional and independent broker-dealers and investment advisors to better engage with customers through digital marketing and customer communications tools. Broadridge also integrates data, content and technology to drive new customer acquisition, support holistic advice and cross-sell opportunities through the creation of sales and educational content, including seminars as well as customizable advisor websites, search engine marketing and electronic and print newsletters. Broadridge’s advisor solutions help advisors optimize their practice management through customer and account data aggregation and reporting.

Broadridge offers buy-side technology solutions for the global investment management industry, including portfolio management, compliance and operational workflow solutions for hedge funds, family offices, investment managers and the providers that service this space. Through Broadridge’s Managed Services, Broadridge provides business process outsourcing services that support the entire trade lifecycle operations of its buy- and sell-side clients’ businesses through a combination of its technology and operations expertise. Broadridge also provides support for advisor, investor and compliance workflow.
B. Consolidation and Basis of Presentation. The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and in accordance with the SEC requirements for Annual Reports on Form 10-K. These financial statements present the consolidated position of the Company and include the entities in which the Company directly or indirectly has a controlling financial interest as well as various entities in which the Company has investments recorded under the equity method of accounting as well as certain marketable and non-marketable securities. Intercompany balances and transactions have been eliminated. Amounts presented may not sum due to rounding. Certain prior period amounts have been reclassified to conform to the current year presentation where applicable, except as it relates to (i) Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) No. 2016-02 “Leases”, as amended (“ASU No. 2016-02”), (ii) No. 2014-09 “Revenue from Contracts with Customers” and its related amendments (collectively “ASU No. 2014-09”), (iii) ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU No. 2016-01”), and (iv) ASU No. 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU No. 2018-02”), as described further below.
Effective July 1, 2019, the Company adopted ASU No. 2016-02, as amended, by recognizing a right-of-use (“ROU”) asset and corresponding lease liability, along with a cumulative-effect adjustment to the opening balance of retained earnings, in the period of adoption. Under this method of adoption, the Company has not restated the prior period Consolidated Financial Statements presented to the current period presentation. Additional information about the impact of the Company’s adoption of ASU No. 2016-02, as amended, is included in Note 2, “Summary of Significant Accounting Policies” and Note 8, “Leases”.
Effective July 1, 2018, the Company adopted ASU No. 2014-09 using the modified retrospective transition approach applied to all contracts. Under this transition approach, the Company has not restated the prior period Consolidated Financial Statements presented to the current period presentation. Additional information about the Company’s revenue recognition policies and the related impact of the adoption of ASU No. 2014-09 is included in Note 2, “Summary of Significant Accounting Policies” and Note 3, “Revenue Recognition”.
Effective July 1, 2018, the Company adopted ASU No. 2016-01, which requires changes in the fair value of publicly traded equity securities for which the Company does not have significant influence to be recorded as part of Net earnings rather than as Other comprehensive income (loss), net. In addition, equity investments that do not have a readily determinable fair value will be recorded at cost less impairment as further adjusted for observable price changes in orderly transactions for identical or similar investments of the issuer. The Company adopted ASU No. 2016-01 using the modified-retrospective transition approach by recording the cumulative effect of previously unrecognized gains or losses on publicly traded equity securities to retained earnings as of July 1, 2018. The provisions of ASU No. 2016-01 relative to equity investments that do not have a readily determinable fair value have been applied prospectively. The Consolidated Financial Statements have not been revised for periods prior to July 1, 2018. The impact of adopting ASU No. 2016-01 resulted in a reclassification of less than $0.1 million in unrealized gains, net from accumulated other comprehensive loss to retained earnings as of July 1, 2018.
Effective July 1, 2018, the Company adopted ASU No. 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects associated with the change in the U.S. federal corporate tax rate resulting from the U.S. Tax Cuts and Jobs Act (the “Tax Act”) enacted in December 2017. The adoption of ASU No. 2018-02 resulted in an increase to retained earnings of $1.5 million.
Effective July 1, 2018, the Company adopted ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU No. 2017-07”) whereby the Company revised its presentation in the Consolidated Statements of Earnings to reflect the non-service cost components of net benefit cost as part of Other nonoperating income (expenses), net, which were previously recorded as part of Total operating expenses. All prior period information has been conformed to the current period presentation.
v3.20.2
Summary of Significant Accounting Policies
 12 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Use of Estimates. The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes thereto. These estimates are based on management’s best knowledge of current events, historical experience, actions that the Company may undertake in the future and on various other assumptions and judgment that are believed to be reasonable under the circumstances. Accordingly, actual results could differ from those estimates. The use of estimates in specific accounting policies is described further in the notes to the Consolidated Financial Statements, as appropriate.
B. Revenue Recognition. ASU No. 2014-09 outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers. The core principle is that an entity recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company’s revenues from clients are primarily generated from fees for providing investor communications and technology-enabled services and solutions. Revenues are recognized for the two reportable segments as follows:
•Investor Communication Solutions—Revenues are generated primarily from processing and distributing investor communications and other related services as well as vote processing and tabulation. The Company typically enters into agreements with clients to provide services on a fee for service basis. Fees received for processing and distributing investor communications are generally variably priced and recognized as revenue over time as the Company provides the services to clients based on the number of units processed, which coincides with the pattern of value transfer to the client. Broadridge works directly with corporate issuers (“Issuers”) and mutual funds to ensure that the account holders of the Company’s bank and broker clients, who are also the shareholders of Issuers and mutual funds, receive the appropriate investor communications materials and that the services are fulfilled in accordance with each Issuer’s and mutual fund’s requirements. Broadridge works directly with the Issuers and mutual funds to resolve any issues that may arise. As such, Issuers and mutual funds are viewed as the customer of the Company’s services. As a result, revenues for distribution services as well as proxy materials fulfillment services are recorded in Revenue on a gross basis with corresponding costs including amounts remitted to the broker-dealers and banks (referred to as “Nominees”) recorded in Cost of revenues. Fees for the Company’s investor communications services arrangements are typically billed and paid on a monthly basis following the delivery of the services. The Company also offers certain hosted service arrangements that can be priced on a fixed and/or variable basis for which revenue is recognized over time as the Company satisfies its performance obligation by delivering services to the client on a monthly basis based on the number of transactions processed or units delivered, in the case of variable priced arrangements, or a fixed monthly fee in the case of fixed price arrangements, in each case which coincides with the pattern of value transfer to the client. These services may be billed in a variety of payment frequencies depending on the specific arrangement.
•Global Technology and Operations—Revenues are generated primarily from fees for trade processing and related services. Revenue is recognized over time as the Company satisfies its performance obligation by delivering services to the client. The Company’s arrangements for processing and related services typically consist of an obligation to provide specific services to its clients on a when and if needed basis (a stand ready obligation) with revenue recognized from the satisfaction of the performance obligations on a monthly basis generally in the amount billable to the client. These services are generally provided under variable priced arrangements based on volume of service and can include minimum monthly usage fees. Client service agreements often include up-front consideration in addition to the recurring fee for trade processing. Up-front implementation fees, as well as certain enhancements to existing technology platforms, are deferred and recognized on a straight-line basis over the service term of the contract which corresponds to the timing of transfer of value to the client that commences after client acceptance when the processing term begins. In addition, revenue is also generated from the fulfillment of professional services engagements which are generally priced on a time and materials or fixed price basis, and are recognized as the services are provided to the client which corresponds to the timing of transfer of value to the client. Finally, the Company recognizes license revenues from software term licenses installed on clients’ premises upon delivery and acceptance of the software license, assuming a contract is deemed to exist. Software term license revenue is not a significant portion of the Company’s revenues.
The Company uses the following methods, inputs, and assumptions in determining amounts of revenue to recognize:
Identification of Performance Obligations
For revenue arrangements containing multiple goods or services, the Company accounts for the individual goods or services as a separate performance obligation if they are distinct, the good or service is separately identifiable from other items in the arrangement, and if a client can benefit from it on its own or with other resources that are readily available to the client. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation.
Transaction Price
Once separate performance obligations are determined, the transaction price is allocated to the individual performance obligations within a contract. If the contracted prices reflect the relative standalone selling prices for the individual performance obligations, no allocations are made. Otherwise, the Company uses the relative selling price method to allocate the transaction price, obtained from sources such as the observable price of a good or service when the Company sells that good or service separately in similar circumstances and to similar clients. If such evidence is unavailable, the Company uses the best estimate of the selling price, which includes various internal factors such as pricing strategy and market factors. A significant portion of the Company’s performance obligations are generated from transactions with volume based fees and includes services that are delivered at the same time. The Company recognizes revenue related to these arrangements over time as the services are provided to the client. While many of the Company’s contracts contain some component of variable consideration, the Company only recognizes variable consideration that is not expected to reverse. The Company allocates variable payments to distinct services in an overall contract when the variable payment relates specifically to that particular service and for which the variable payment reflects what the Company expects to receive in exchange for that particular service. As a result, the Company generally allocates and recognizes variable consideration in the period it has the contractual right to invoice the client.
As described above, our most significant performance obligations involve variable consideration which constitutes the majority of our revenue streams. The Company’s variable consideration components meet the criteria in ASU No. 2014-09 for exclusion from disclosure of the remaining transaction price allocated to unsatisfied performance obligations as does any contracts with clients with an original duration of one year or less. The Company has contracts with clients that vary in length depending on the nature of the services and contractual terms negotiated with the client, and they generally extend over a multi-year period.
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a client, are excluded from revenue. Distribution revenues associated with shipping and handling activities are accounted for as a fulfillment activity and recognized as the related services or products are transferred to the client. As a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between client payment and the transfer of goods or services is expected to be one year or less.
C. Cash and Cash Equivalents. Investment securities with an original maturity of 90 days or less are considered cash equivalents. The fair value of the Company’s Cash and cash equivalents approximates carrying value due to their short term nature.
D. Financial Instruments. Substantially all of the financial instruments of the Company other than Long-term debt are carried at fair values, or at carrying amounts that approximate fair values because of the short maturity of the instruments. The carrying value of the Company’s long-term fixed-rate senior notes represent the face value of the long-term fixed-rate senior notes net of the unamortized discount and net of the associated unamortized debt issuance cost. The fair value of the Company’s long-term fixed-rate senior notes is based on quoted market prices. Refer to Note 13, “Borrowings,” for a further description of the Company’s long-term fixed-rate senior notes.
E. Property, Plant and Equipment. Property, plant and equipment is initially recorded at cost and depreciated over the estimated useful lives of the assets using the straight-line method. Leasehold improvements are amortized over the shorter of the term of the lease or the estimated useful lives of the improvements. The estimated useful lives of assets are as follows:
Equipment
3 to 7 years
Buildings and Building Improvements
5 to 20 years
Furniture and fixtures
4 to 7 years
Refer to Note 9, “Property, Plant and Equipment, Net”, for a further description of the Company’s Property, plant and equipment, net.
F. Securities. Securities are non-derivatives that are reflected in Other non-current assets in the Consolidated Balance Sheets, unless management intends to dispose of the investment within twelve months of the end of the reporting period, in which case they are reflected in Other current assets in the Consolidated Balance Sheets. These investments are in entities over which the Company does not have control, joint control, or significant influence. Securities that have a readily determinable fair value are carried at fair value. Securities without a readily determinable fair value are initially recognized at cost and subsequently carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in transactions for an identical or similar investment of the same issuer, such as subsequent capital raising transactions. Changes in the value of securities with or without a readily determinable fair value are recorded in the Consolidated Statements of Earnings. In determining whether a security without a readily determinable fair value is impaired, management considers qualitative factors to identify an impairment including the financial condition and near-term prospects of the issuer.
G. Inventories. Inventories are stated at the lower of cost (determined on a first-in, first-out basis) or market. Inventory balances of $21.5 million and $21.1 million, consisting of forms and envelopes used in the mailing of proxy and other materials to our customers, are reflected in Other current assets in the Consolidated Balance Sheets at June 30, 2020 and 2019, respectively.
H. Deferred Client Conversion and Start-Up Costs. Direct costs incurred to set up or convert a client’s systems to function with the Company’s technology, that are expected to be recovered, are generally deferred and recognized on a straight-line basis over the service term of the arrangement to which the costs relate, which commences after client acceptance when the processing term begins. The Company evaluates the carrying value of deferred client conversion and start-up costs for impairment on the basis of whether these costs are fully recoverable from the expected future undiscounted net operating cash flows of the client to which the deferred costs relate. These deferred costs are reflected in Other non-current assets in the Consolidated Balance Sheets at June 30, 2020 and June 30, 2019, respectively. Refer to Note 11, “Other Non-Current Assets” for a further description of the Company’s Deferred client conversion and start-up costs.
I. Deferred Sales Commission Costs. The Company defers incremental costs to obtain a client contract that it expects to recover, which consists of sales commissions incurred, only if the contract is executed. Deferred sales commission costs are amortized on a straight-line basis using a portfolio approach consistent with the pattern of transfer of the goods or services to which the asset relates, which also considers expected customer lives. As a practical expedient, the Company recognizes the sales commissions as an expense when incurred if the amortization period of the sales commission asset that the entity otherwise would have recognized is one year or less. The Company evaluates the carrying value of deferred sales commission costs for impairment on the basis of whether these costs are fully recoverable from the expected future undiscounted net operating cash flows of the portfolio of clients to which the deferred sales commission costs relate. Refer to Note 11, “Other Non-Current Assets” for a further description of the Company’s Deferred sales commission costs.
J. Deferred Data Center Costs. Data center costs relate to conversion costs associated with our principal data center systems and applications. Costs directly related to the activities necessary to make the data center usable for its intended purpose are deferred and amortized over the life of the contract on a straight-line basis commencing on the date the data center has achieved full functionality. These deferred costs are reflected in Other non-current assets in the Consolidated Balance Sheets at June 30, 2020 and 2019, respectively. Refer to Note 11, “Other Non-Current Assets” for a further description of the Company’s Deferred data center costs.
K. Goodwill. The Company does not amortize goodwill but instead tests goodwill for impairment at the reporting unit level at least annually or more frequently if circumstances indicate possible impairment. The Company tests for goodwill impairment annually in the fourth quarter of the fiscal year, using the March 31 financial statement balances. The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. The Company determines the fair value of its reporting units using the income approach, which considers a discounted future cash flow analysis using various assumptions, including projections of revenues based on assumed long-term growth rates, estimated costs and appropriate discount rates based on the particular reporting unit’s weighted-average cost of capital. The principal factors used in the discounted cash flow analysis requiring judgment are the projected future operating cash flows based on forecasted earnings before interest and taxes, and the selection of the terminal value growth rate and discount rate assumptions. The weighted-average cost of capital takes into account the relative weight of each component of our consolidated capital structure (equity and long-term debt). The estimates of long-term growth and costs are based on historical data, various internal estimates and a variety of external sources, and are developed as part of the Company’s routine, long-range planning process. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined. Refer to Note 10, “Goodwill and Intangible Assets, Net” for a further description on the Company’s accounting for goodwill.
L. Impairment of Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (or asset group) to the estimated undiscounted future cash flows expected to be generated by the asset (or asset group). If the carrying amount of an asset (or asset group) exceeds its expected estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset (or asset group) exceeds its fair value. Intangible assets with finite lives are amortized primarily on a straight-line basis over their estimated useful lives and are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Refer to Note 9, “Property, Plant and Equipment, Net” for a further description of the Company’s Property, plant and equipment, net. Refer to Note 6, “Acquisitions” and Note 10, “Goodwill and Intangible Assets, Net” for a further description of the Company’s Intangible assets, net.
M. Equity Method Investments. The Company’s investments resulting in a 20% to 50% ownership interest are accounted for using the equity method of accounting when the ability to exercise significant influence is maintained by the Company. The Company’s share of net income or losses of equity method investments is included in Other non-operating income (expenses), net. Equity method investments are included in Other non-current assets. Equity method investments are reviewed for impairment by assessing if a decline in market value of the investment below the carrying value is other than temporary, which considers the intent and ability to retain the investment, the length of time and extent that the market value has been less than cost, and the financial condition of the investee.
N. Foreign Currency Translation and Transactions. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars based on exchange rates in effect at the end of each period. Revenues and expenses are translated at average exchange rates during the periods. Currency transaction gains or losses are included in Non-operating income (expenses), net. Gains or losses from balance sheet translation are included in Accumulated other comprehensive income (loss).
O. Distribution Cost of Revenues. Distribution cost of revenues consists primarily of postage related expenses incurred in connection with the Company’s Investor Communication Solutions segment, as well as Matrix Financial Solutions, Inc. administrative services expenses. These costs are reflected in Cost of revenues in the Consolidated Statements of Earnings.
P. Stock-Based Compensation. The Company accounts for stock-based compensation by recognizing the measurement of stock-based compensation expense in the Consolidated Statements of Earnings based on the fair value of the award on the date of grant. For stock options issued, the fair value of each stock option was estimated on the date of grant using a binomial option-pricing model. The binomial model considers a range of assumptions related to volatility, dividend yield, risk-free interest rate, and employee exercise behavior. Expected volatilities utilized in the binomial model are based on a combination of implied market volatilities, historical volatility of the Company’s stock price, and other factors. Similarly, the dividend yield is based on historical experience and expected future changes. The risk-free rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The binomial model also incorporates exercise and forfeiture assumptions based on an analysis of historical data. The expected life of the stock option grants is derived from the output of the binomial model and represents the period of time that options granted are expected to be outstanding. For restricted stock units, the fair value of the award is based on the current fair value of the Company’s stock on the date of grant less the present value of future expected dividends discounted at the risk-free-rate derived from the U.S. Treasury yield curve in effect at the time of grant. Refer to Note 15, “Stock-Based Compensation” for a further description of the Company’s stock-based compensation.
Q. Internal Use Software. Expenditures for major software purchases and software developed or obtained for internal use are capitalized and amortized generally over a three- to five-year period on a straight-line basis. For software developed or obtained for internal use, the Company’s accounting policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of capitalizable payroll costs with respect to these employees is limited to direct time spent on such projects. Costs associated with preliminary project stage activities, training, maintenance, and all other post-implementation stage activities are expensed as incurred. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities. Refer to Note 10, “Goodwill and Intangible assets, Net” for a further description of the Company’s capitalized software.
R. Income Taxes. The Company accounts for income taxes under the asset and liability method, which establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company’s Consolidated Financial Statements or tax returns. Deferred tax assets and liabilities are recognized based on temporary differences between the consolidated financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse.
Judgment is required in addressing the future tax consequences of events that have been recognized in our Consolidated Financial Statements or tax returns (e.g., realization of deferred tax assets, changes in tax laws or interpretations thereof). Valuation allowances are recognized to reduce deferred tax assets when it is more likely than not that the Company will not be able to utilize the deferred tax assets attributable to net operating and capital loss carryforwards of certain subsidiaries to offset future taxable earnings. The determination as to whether a deferred tax asset will be recognized is made on a jurisdictional basis and is based on the evaluation of historical taxable income or loss, projected future taxable income, carryforward periods, scheduled reversals of deferred tax liabilities and tax planning strategies. Projected future taxable income is based on expected results and assumptions as to the jurisdiction in which the income will be earned. The assumptions used to project future taxable income requires significant judgment and are consistent with the plans and estimates used to manage the underlying businesses. Refer to Note 17, “Income Taxes” for a further description of the Company’s income taxes.
S. Advertising Costs. Advertising costs are expensed at the time the advertising takes place. Total advertising costs were $6.8 million, $4.1 million and $6.3 million for the fiscal years ended June 30, 2020, 2019 and 2018, respectively.
T. Concentration of Risk. The majority of our clients operate in the financial services industry. In the fiscal years ended June 30, 2020, 2019 and 2018, we derived approximately 20%, 22% and 21% of our consolidated revenues from our five largest clients in that particular fiscal year, respectively. Our largest single client in each of our fiscal years 2020, 2019 and 2018 accounted for approximately 6% of our consolidated revenues.
U. New Accounting Pronouncements.
Recently Adopted Accounting Pronouncements
In February 2016, the FASB issued ASU No. 2016-02, as subsequently amended by ASU No. 2018-10, “Codification Improvements to Topic 842, Leases,” ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” and ASU No. 2018-20, “Leases (Topic 842): Narrow Scope Improvements for Lessors" (collectively referred to herein as “ASU No. 2016-02, as amended”). Under ASU No. 2016-02, as amended, all lease arrangements, with certain limited exceptions, exceeding a twelve-month term must now be recognized as assets and liabilities on the balance sheet of the lessee by recording a ROU asset and corresponding lease obligation generally equal to the present value of the future lease payments over the lease term. Further, the income statement will reflect lease expense for leases classified as operating and amortization/interest expense for leases classified as financing, determined using classification criteria substantially similar to the current lease guidance for distinguishing between an operating and capital lease. ASU No. 2016-02, as amended, also contains certain additional qualitative and quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. ASU No. 2016-02, as amended, was effective for the Company in the first quarter of fiscal year 2020 and could have been adopted using either a modified retrospective basis which required adjustment to all comparative periods presented in the consolidated financial statements, or by recognizing a cumulative-effect adjustment to the opening balance of retained earnings at the date of initial application.
Accordingly, in the first quarter of fiscal year 2020, the Company adopted ASU No. 2016-02, as amended, by recognizing a ROU asset and corresponding lease liability, along with a cumulative-effect adjustment to the opening balance of retained earnings, in the period of adoption. Under this method of adoption, the Company has not restated the prior period Consolidated Financial Statements presented to the current period presentation. The Company elected the transition package of three practical expedients permitted under the transition guidance in ASU No. 2016-02, as amended, to not reassess prior conclusions related to whether (i) a contract contains a lease, (ii) the classification of an existing lease, and (iii) the accounting for initial direct costs. The Company also elected accounting policies to (i) not separate the non-lease components of a contract from the lease component to which they relate, and (ii) not recognize assets or liabilities for leases with a term of twelve months or less and no purchase option that the Company is reasonably certain of exercising.
On the Consolidated Balance Sheet as of July 1, 2019, the adoption of ASU No. 2016-02, as amended, resulted in the recognition of lease liabilities of $252.0 million and ROU assets of $235.4 million, which include the impact of existing deferred rents and tenant improvement allowances for operating leases, as well as a cumulative-effect adjustment to the opening balance of retained earnings of $0.2 million. The adoption of ASU No. 2016-02, as amended, did not have a material impact on the Consolidated Statements of Earnings, the Consolidated Statements of Comprehensive Income, the Consolidated Statements of Cash Flows, or the Consolidated Statements of Stockholders’ Equity.
Effective July 1, 2018, the Company adopted ASU No. 2014-09. ASU No. 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most prior revenue recognition guidance, including industry specific requirements. It also includes guidance on accounting for the incremental costs of obtaining and costs incurred to fulfill a contract with a customer. The core principle of the revenue model is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires certain enhanced disclosures, including disclosures on the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers.
The Company identified certain impacts of ASU No. 2014-09 on its Consolidated Financial Statements. Specifically, under ASU No. 2014-09, the Company now capitalizes certain sales commissions, and it capitalizes certain additional costs that are part of setting up or converting a client’s systems to function with the Company’s technology, both of which were previously expensed. Additionally, the Company now recognizes proxy revenue primarily at the time of proxy materials distribution to the client’s shareholders rather than on the date of the client’s shareholder meeting, which is typically 30 days after the proxy materials distribution. Other changes to the timing of revenue recognition include deferral of revenue from certain transaction processing platform enhancements as well as acceleration of revenue from certain multi-year software license arrangements that was previously recognized over the term of the software subscription.
The Company adopted ASU No. 2014-09 effective July 1, 2018 using the modified retrospective transition method applied to all contracts, which resulted in a cumulative-effect increase in the opening balance of retained earnings of $101.3 million, most notably related to the deferral of incremental sales commissions incurred in obtaining contracts in prior periods. Under this transition approach, the Company did not restate the prior period Consolidated Financial Statements presented. See Note 3, “Revenue Recognition” for additional information about the Company’s revenue recognition policies.
Recently Issued Accounting Pronouncements
In August 2018, the FASB issued ASU No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU No. 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a cloud computing hosting arrangement that is a service contract with the requirements under GAAP for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU No. 2018-15 will be effective for the Company beginning in the first quarter of fiscal year 2021. Entities are permitted to apply either a retrospective or prospective transition approach to adopt the guidance. The pending adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.
In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses” (“ASU No. 2016-13”), which prescribes an impairment model for most financial instruments based on expected losses rather than incurred losses. Under this model, an estimate of expected credit losses over the contractual life of the instrument is to be recorded as of the end of a reporting period as an allowance to offset the amortized cost basis, resulting in a net presentation of the amount expected to be collected on the financial instrument. ASU No. 2016-13 is effective for the Company in the first quarter of fiscal year 2021. For most instruments, entities must apply the standard using a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The pending adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.
V. Subsequent Events. In preparing the accompanying Consolidated Financial Statements, the Company has reviewed events that have occurred after June 30, 2020 through the date of issuance of the Consolidated Financial Statements. Refer to Note 22, “Subsequent Events” for a description of the Company’s subsequent events.
v3.20.2
Revenue Recognition
 12 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition REVENUE RECOGNITION
Disaggregation of Revenue
The Company has presented below its revenue disaggregated by product line and by revenue type within each of its Investor Communication Solutions and Global Technology and Operations reportable segments.
Fee revenues in the Investor Communication Solutions segment are derived from both recurring and event-driven activity. In addition, the level of recurring and event-driven activity the Company processes directly impacts distribution revenues. While event-driven activity is highly repeatable, it may not recur on an annual basis. Event-driven fee revenues are based on the number of special events and corporate transactions the Company processes. Event-driven activity is impacted by financial market conditions and changes in regulatory compliance requirements, resulting in fluctuations in the timing and levels of event-driven fee revenues. Distribution revenues primarily include revenues related to the physical mailing of proxy materials, interim communications, transaction reporting, customer communications and fulfillment services, as well as Matrix administrative services.
Fiscal Year Ended June 30, 2020Fiscal Year Ended June 30, 2019
(in millions)(in millions)
Investor Communication Solutions
Equity proxy$473.3  $437.0  
Mutual fund and exchange traded funds (“ETF”) interims284.6  265.9  
Customer communications and fulfillment735.4  736.4  
Other ICS368.7  324.8  
Total ICS Recurring fee revenues1,862.0  1,764.0  
Equity and other79.5  107.3  
Mutual funds98.5  137.2  
Total ICS Event-driven fee revenues178.0  244.5  
Distribution revenues1,451.2  1,459.8  
Total ICS Revenues$3,491.3  $3,468.3  
Global Technology and Operations
Equities and other$996.2  $831.7  
Fixed income178.0  164.6  
Total GTO Recurring fee revenues1,174.2  996.3  
Foreign currency exchange(136.4) (102.4) 
Total Revenues$4,529.0  $4,362.2  
Revenues by Type
Recurring fee revenues$3,036.3  $2,760.3  
Event-driven fee revenues178.0  244.5  
Distribution revenues1,451.2  1,459.8  
Foreign currency exchange(136.4) (102.4) 
Total Revenues$4,529.0  $4,362.2  
Contract Balances
The following table provides information about contract assets and liabilities:
June 30,
2020		June 30,
2019
(in millions)
Contract assets$81.9  $47.5  
Contract liabilities$286.6  $251.6  
Contract assets result from revenue already recognized but not yet invoiced, including certain future amounts to be collected under software term licenses and certain other client contracts. Contract liabilities represent consideration received or receivable from clients before the transfer of control occurs (deferred revenue). Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period.
During the fiscal year ended June 30, 2020, contract assets increased primarily due to an increase in software term license revenues recognized but not yet invoiced, while contract liabilities increased primarily due to recent acquisitions and the timing of client payments. The Company recognized $141.2 million of revenue during the fiscal year ended June 30, 2020 that was
included in the contract liability balance as of June 30, 2019. The Company recognized $96.4 million of revenue during the fiscal year ended June 30, 2019 that was included in the contract liability balance as of July 1, 2018.
v3.20.2
Earnings Per Share
 12 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
Basic earnings per share (“EPS”) is calculated by dividing the Company’s Net earnings by the basic Weighted-average shares outstanding for the periods presented. The Company calculates diluted EPS using the treasury stock method, which reflects the potential dilution that could occur if outstanding stock options at the presented date are exercised and restricted stock unit awards have vested.
As of June 30, 2020, 2019 and 2018, the computation of diluted EPS did not include 0.5 million, 0.4 million and 1.1 million options to purchase Broadridge common stock, respectively, as the effect of their inclusion would have been anti-dilutive.
The following table sets forth the denominators of the basic and diluted EPS computations:
 Years ended June 30,
 202020192018
 (in millions)
Weighted-average shares outstanding:
Basic114.7  115.9  116.8  
Common stock equivalents2.3  2.9  3.5  
Diluted117.0  118.8  120.4  
The following table sets forth the computation of basic EPS utilizing Net earnings for the following fiscal years and the Company’s basic Weighted-average shares outstanding:
 Years ended June 30,
 202020192018
 (in millions, except per share
amounts)
Net earnings$462.5  $482.1  $427.9  
Basic Weighted-average shares outstanding114.7  115.9  116.8  
Basic EPS$4.03  $4.16  $3.66  
The following table sets forth the computation of diluted EPS utilizing Net earnings for the following fiscal years and the Company’s diluted Weighted-average shares outstanding:
 Years ended June 30,
 202020192018
 (in millions, except per share
amounts)
Net earnings$462.5  $482.1  $427.9  
Diluted Weighted-average shares outstanding117.0  118.8  120.4  
Diluted EPS$3.95  $4.06  $3.56  
v3.20.2
Interest Expense, Net
 12 Months Ended
Jun. 30, 2020
Other Income and Expenses [Abstract]  
Interest Expense, Net INTEREST EXPENSE, NET
Interest expense, net consisted of the following:
 Years ended June 30,
 202020192018
 (in millions)
Interest expense on borrowings$(62.5) $(45.9) $(42.4) 
Interest income3.7  4.2  3.8  
Interest expense, net$(58.8) $(41.8) $(38.6) 
v3.20.2
Acquisitions
 12 Months Ended
Jun. 30, 2020
Business Combinations [Abstract]  
Acquisitions ACQUISITIONS
Assets acquired and liabilities assumed in business combinations are recorded on the Company’s Consolidated Balance Sheets as of the respective acquisition date based upon the estimated fair values at such date. The results of operations of the businesses acquired by the Company are included in the Company’s Consolidated Statements of Earnings beginning on the respective dates of acquisition. The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed is allocated to Goodwill.
Pro forma supplemental financial information for all acquisitions is not provided as the impact of these acquisitions on the Company’s operating results was not material for any acquisition individually or in the aggregate.
The following represents the fiscal year 2020 acquisitions:

Fiscal Year 2020 Acquisitions:

BUSINESS COMBINATIONS

Financial information on each transaction is as follows:

Shadow FinancialFi360Clear-StructureFunds-LibraryTotal
(in millions)
Cash payments, net of cash acquired$35.6  $116.0  $59.1  $69.6  $280.3  
Deferred payments, net2.9  3.5  2.6  —  9.0  
Contingent consideration liability—  —  7.0  —  7.0  
Aggregate purchase price$38.5  $119.5  $68.7  $69.6  $296.3  
Net tangible assets acquired / (liabilities assumed)$(0.2) $(7.9) $0.6  $(3.3) $(10.8) 
Goodwill17.6  84.4  44.2  39.1  185.3  
Intangible assets21.1  43.1  23.9  33.8  121.8  
Aggregate purchase price$38.5  $119.5  $68.7  $69.6  $296.3  

Shadow Financial Systems, Inc. (“Shadow Financial”)
In October 2019, the Company acquired Shadow Financial, a provider of multi-asset class post-trade solutions for the capital markets industry. The acquisition builds upon Broadridge’s post-trade processing capabilities by adding a market-ready solution for exchanges, inter-dealer brokers and proprietary trading firms. In addition, the acquisition adds capabilities across exchange traded derivatives and cryptocurrency. Shadow Financial is included in our GTO reportable segment.
•Goodwill is tax deductible.
•Intangible assets acquired consist primarily of customer relationships and software technology, which are being amortized over a seven-year life and five-year life, respectively.
The allocation of the purchase price will be finalized upon completion of the analysis of the fair values of the acquired business’ assets and liabilities.
Fi360, Inc. (“Fi360”)
In November 2019, the Company acquired Fi360, a provider of fiduciary and Regulation Best Interest solutions for the wealth and retirement industry, including the accreditation and continuing education for the Accredited Investment Fiduciary® Designation, the leading designation focused on fiduciary responsibility. The acquisition enhances Broadridge’s retirement solutions by providing wealth and retirement advisors with fiduciary tools that complement its Matrix trust and trading platform. The acquisition also further strengthens Broadridge’s data and analytics tools and solutions suite that enable asset managers to grow their businesses by providing greater transparency into the retirement market. Fi360 is included in our ICS reportable segment.
•Goodwill is not tax deductible.
•Intangible assets acquired consist primarily of customer relationships and software technology, which are being amortized over a seven-year life and five-year life, respectively.
The allocation of the purchase price will be finalized upon completion of the analysis of the fair values of the acquired business’ assets and liabilities.

ClearStructure Financial Technology, LLC (“ClearStructure”)
In November 2019, the Company acquired ClearStructure, a global provider of portfolio management solutions for the private debt markets. ClearStructure’s component services enhances Broadridge’s existing multi-asset class, front-to-back office asset management technology suite, providing Broadridge clients with a capability to access the public and private markets. ClearStructure is included in our GTO reportable segment.
•The contingent consideration liability is payable through fiscal year 2023 upon the achievement by the acquired business of certain revenue targets, and has a maximum potential pay-out of $12.5 million upon the achievement in full of the defined financial targets by the acquired business.
•The fair value of the contingent consideration liability at June 30, 2020 is $7.0 million.
•Goodwill is primarily tax deductible.
•Intangible assets acquired consist primarily of customer relationships and software technology, which are being amortized over a seven-year life and five-year life, respectively.
The allocation of the purchase price will be finalized upon completion of the analysis of the fair values of the acquired business’ assets and liabilities, and is still subject to a working capital adjustment.
FundsLibrary Limited (“FundsLibrary”)
In February 2020, the Company acquired FundsLibrary, a provider of fund document and data dissemination in the European market. FundsLibrary's solutions enable fund managers to increase distribution opportunities and help them comply with regulations such as Solvency II and MiFID II. The business will be combined with FundAssist Limited (“FundAssist”), Broadridge's existing European funds regulatory communications business. The combined solution provides funds with a single, integrated provider to manage data, perform calculations, compose documents, manage regulatory compliance and disseminate information across multiple jurisdictions. FundsLibrary is included in our ICS reportable segment.
•Goodwill is not tax deductible.
•Intangible assets acquired consist primarily of customer relationships and software technology, which are being amortized over a seven-year life and three-year life, respectively.
The allocation of the purchase price will be finalized upon completion of the analysis of the fair values of the acquired business’ assets and liabilities, and is still subject to a working capital adjustment.

The following represents the fiscal year 2019 acquisitions:
Fiscal Year 2019 Acquisitions:

BUSINESS COMBINATIONS

Financial information on each transaction is as follows:
 RockallRPMTD Ameritrade*Total
(in millions)
Cash payments, net of cash acquired$34.9  $258.3  $61.5  $354.7  
Deferred payments, net
0.5  40.9  —  41.4  
Contingent consideration liability
7.0  0.8  —  7.9  
Aggregate purchase price
$42.4  $300.1  $61.5  $404.0  
Net tangible assets acquired / (liabilities assumed)
$(2.9) $6.8  $—  $3.9  
Goodwill
31.1  181.6  27.1  239.8  
Intangible assets
14.2  111.7  34.4  160.3  
Aggregate purchase price
$42.4  $300.1  $61.5  $404.0  

* Broadridge acquired the retirement plan custody and trust assets from TD Ameritrade Trust Company.

Rockall Technologies Limited (“Rockall”)
In May 2019, the Company completed the acquisition of Rockall, a provider of securities-based lending (“SBL”) and collateral management solutions for wealth management firms and commercial banks. The acquisition expanded Broadridge's core front-to-back office wealth capabilities, providing innovative SBL and collateral management technology solutions to help commercial banks manage risk and optimize clients' securities lending and financing needs. Rockall is included in our GTO reportable segment.
•The contingent consideration liability is payable over the next two years upon the achievement by the acquired business of certain revenue targets, and has a maximum potential pay-out of $10.1 million upon the achievement in full of the defined financial targets by the acquired business.
•The fair value of the contingent consideration liability at June 30, 2020 is $7.6 million.
•Goodwill is not tax deductible.
•Intangible assets acquired consist primarily of software technology and customer relationships, which are being amortized over a four-year life and six-year life, respectively.
•In the first quarter of fiscal year 2020, the Company settled deferred payment obligations totaling $0.5 million.
RPM Technologies (“RPM”)
In June 2019, Broadridge acquired RPM, a provider of enterprise wealth management software solutions and services. The addition of RPM’s state-of-the-art technology platforms builds upon our Canadian wealth management business, providing a solution set for the retail banking sector with enhanced mutual fund and deposit manufacturing capabilities. RPM is included in our GTO reportable segment.
•The contingent consideration liability is payable over the next two years upon the achievement by the acquired business of certain revenue targets, and has a maximum potential pay-out of $3.7 million upon the achievement in full of the defined financial targets by the acquired business.
•The fair value of the contingent consideration liability at June 30, 2020 is $0.8 million.
•Goodwill is partially tax deductible.
•Intangible assets acquired consist primarily of software technology and customer relationships, which are being amortized over a five-year life and seven-year life, respectively.
•In the first quarter of fiscal year 2020, the Company settled deferred payment obligations totaling $40.9 million.
Retirement Plan Custody and Trust Assets from TD Ameritrade
In June 2019, Broadridge acquired the retirement plan custody and trust assets from TD Ameritrade Trust Company, a subsidiary of TD Ameritrade Holding Company. The acquisition expands Broadridge's suite of solutions for the growing qualified and non-qualified retirement plan services market and the support it provides for third-party administrators, financial advisors, record-keepers, banks, and brokers. This acquisition is included in our ICS reportable segment.
•Goodwill is tax deductible.
•Intangible assets acquired consist of customer relationships, which are being amortized over a seven-year life.

The following represents the fiscal year 2018 acquisitions:
Fiscal Year 2018 Acquisitions:

BUSINESS COMBINATIONS

Financial information on each transaction is as follows:
 SummitActivePathFundAssistTotal
(in millions)
Cash payments, net of cash acquired$26.4  $21.8  $41.3  $89.5  
Deferred payments, net
1.4  2.4  —  3.8  
Contingent consideration liability (acquisition date fair value)
2.7  —  6.4  9.2  
Aggregate purchase price
$30.6  $24.2  $47.7  $102.5  
Net tangible assets acquired / (liabilities assumed)
$0.2  $(10.0) $(1.9) $(11.7) 
Goodwill
18.5  28.7  29.2  76.3  
Intangible assets
12.0  5.6  20.4  38.0  
Aggregate purchase price
$30.6  $24.2  $47.7  $102.5  

Summit Financial Disclosure, LLC (“Summit”)
In October 2017, the Company acquired Summit, a full service financial document management solutions provider, including document composition and regulatory filing services. Summit is included in our ICS reportable segment.
•The contingent consideration liability is payable over the next three years upon the achievement by the acquired business of certain revenue and earnings targets, and has a maximum potential pay-out of $11.0 million upon the achievement in full of the defined financial targets by the acquired business.
•The fair value of the contingent consideration liability at June 30, 2020 is $7.3 million.
•Goodwill is primarily tax deductible.
•Intangible assets acquired consist primarily of software technology and customer relationships, which are being amortized over a five-year life and seven-year life, respectively.
ActivePath Solutions LTD “(ActivePath”)
In March 2018, the Company acquired ActivePath, a digital technology company with technology that enhances the consumer experience associated with consumer statements, bills and regulatory communications. ActivePath is included in our ICS reportable segment.
•Goodwill is not tax deductible.
•Intangible assets acquired consist primarily of software technology and customer relationships, which are being amortized over a five-year life and two-year life, respectively.
FundAssist Limited (“FundAssist”)
In May 2018, the Company acquired FundAssist, a regulatory, marketing and sales solutions service provider to the global investments industry. FundAssist is included in our ICS reportable segment.
•The contingent consideration liability contains a revenue component which will be settled in fiscal year 2021, based on the achievement of a defined revenue target by the acquired business.
•The fair value of the contingent consideration liability at June 30, 2020 is $5.3 million.
•Goodwill is not tax deductible.
•Intangible assets acquired consist primarily of customer relationships and software technology, which are being amortized over a six-year life and five-year life, respectively.

ASSET ACQUISITION

Purchase of Intellectual Property
In February 2018, the Company paid $40.0 million to an affiliate of Inveshare, Inc. (“Inveshare”) for the delivery of blockchain technology applications, as contemplated as part of the Company’s acquisition of intellectual property assets from Inveshare.
v3.20.2
Fair Value of Financial Instruments
 12 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments FAIR VALUE OF FINANCIAL INSTRUMENTS
Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
Level 1  Quoted market prices in active markets for identical assets and liabilities.
Level 2  Observable market-based inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3  
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
In valuing assets and liabilities, the Company is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company calculates the fair value of its Level 1 and Level 2 instruments, as applicable, based on the exchange traded price of similar or identical instruments where available or based on other observable instruments. These calculations take into consideration the credit risk of both the Company and its counterparties. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period.
The fair value of the contingent consideration obligations are based on a probability weighted approach derived from the estimates of earn-out criteria and the probability assessment with respect to the likelihood of achieving those criteria. The measurement is based on significant inputs that are not observable in the market, therefore, the Company classifies this liability as Level 3 in the table below.
The following tables set forth the Company’s financial assets and liabilities at June 30, 2020 and 2019, respectively, which are measured at fair value on a recurring basis during the period, segregated by level within the fair value hierarchy:
Level 1Level 2Level 3Total
 (in millions)
Assets:
Cash and cash equivalents:
Money market funds (1)$150.1  $—  $—  $150.1  
Other current assets:
Securities0.5  —  —  0.5  
Other non-current assets:
Securities102.0  —  —  102.0  
Total assets as of June 30, 2020$252.7  $—  $—  $252.7  
Liabilities:
Contingent consideration obligations$—  $—  $33.1  $33.1  
Total liabilities as of June 30, 2020$—  $—  $33.1  $33.1  
Level 1Level 2Level 3Total
 (in millions)
Assets:
Cash and cash equivalents:
Money market funds (1)$68.1  $—  $—  $68.1  
Other current assets:
Securities0.4  —  —  0.4  
Other non-current assets:
Securities81.8  —  —  81.8  
Total assets as of June 30, 2019$150.3  $—  $—  $150.3  
Liabilities:
Contingent consideration obligations$—  $—  $28.4  $28.4  
Total liabilities as of June 30, 2019$—  $—  $28.4  $28.4  
 
(1)Money market funds include money market deposit account balances of $150.1 million and $30.1 million as of June 30, 2020 and 2019, respectively.
In addition, the Company has non-marketable securities with a carrying amount of $33.3 million as of June 30, 2020 and $12.9 million as of June 30, 2019 that are classified as Level 2 financial assets and included as part of Other non-current assets.
The following table sets forth an analysis of changes during fiscal years 2020 and 2019 in Level 3 financial liabilities of the Company:
June 30,
20202019
 (in millions)
Beginning balance$28.4  $18.6  
Additional contingent consideration incurred7.0  7.9  
Net increase in contingent consideration liability1.0  3.6  
Foreign currency impact on contingent consideration liability(0.7) (0.6) 
Payments(2.6) (1.0) 
Ending balance$33.1  $28.4  
The Company did not incur any Level 3 fair value asset impairments during fiscal year 2020 or fiscal year 2019. Changes in economic conditions or model based valuation techniques may require the transfer of financial instruments between levels. The Company’s policy is to record transfers between levels if any, as of the beginning of the fiscal year.
v3.20.2
Leases
 12 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases LEASES
The Company’s leases consist primarily of real estate leases in locations where the Company maintains operations, and are classified as operating leases.
The Company evaluates each lease and service arrangement at inception to determine if the arrangement is, or contains, a lease. A lease exists if the Company obtains substantially all of the economic benefits of and has the right to control the use of an asset for a period of time. The lease term begins on the commencement date, which is the date the Company takes possession of the leased property and also classifies the lease as either operating or finance, and may include options to extend or terminate the lease if exercise of the option to extend or terminate the lease is considered to be reasonably certain. The Company’s options to extend or terminate a lease generally do not exceed five years. The lease term is used both to determine lease classification as an operating or finance lease and to calculate straight-line lease expense for operating leases. The weighted average remaining operating lease term as of June 30, 2020 was 10 years.
ROU assets represent the Company’s right to use an underlying asset for the lease term while lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. ROU assets also include prepaid lease payments and exclude lease incentives received. Certain leases require the Company to pay taxes, insurance, maintenance, and/or other operating expenses associated with the leased asset. Such amounts are not included in the measurement of the lease liability to the extent they are variable in nature (e.g. based on actual costs incurred). These variable lease costs are recognized as a variable lease expense when incurred. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate to measure the lease liability and the associated ROU asset at commencement date. The incremental borrowing rate was determined based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company uses the unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate. The weighted average discount rate used in measurement of the Company’s operating lease liabilities as of June 30, 2020 was 3.1%.
Supplemental Balance Sheet Information
June 30,
2020
(In millions)
Assets:
       Operating lease ROU assets (a)$292.6  
Liabilities:
       Operating lease liabilities (a) - Current$35.3  
       Operating lease liabilities (a) - Non-current288.3  
       Total Operating lease liabilities$323.5  
_________
(a)Operating lease assets are included within Other non-current assets, and operating lease liabilities are included within Payables and accrued expenses (current portion) and Other non-current liabilities (non-current portion) in the Company’s Consolidated Balance Sheets as of June 30, 2020.

Components of Lease Cost (a)
Fiscal Year Ended 
 
June 30, 2020
(In millions)
Operating lease cost$40.9  
Variable lease cost24.4  
_________
(a)Lease cost is included within Cost of revenues and Selling, general and administrative expenses, dependent upon the nature and use of the ROU asset, in the Company’s Consolidated Statements of Earnings.

Supplemental Cash Flow Information
Fiscal Year Ended 
 
June 30, 2020
(In millions)
Cash paid for amounts included in the measurement of lease liabilities
       Operating cash outflows from operating leases$26.9  
ROU assets obtained in exchange for operating lease liabilities$89.6  
Maturity of Lease Liabilities under Accounting Standards Codification (“ASC”) 842 (Leases)
Future rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows at June 30, 2020:
Operating Leases
Years Ending June 30,(In millions)
2021$44.5  
202241.6  
202339.3  
202437.2  
202535.0  
Thereafter180.6  
   Total lease payments378.2  
Less: Discount Amount54.7  
   Present value of operating lease liabilities$323.5  

Maturity of Lease Liabilities under ASC 840 (Leases)
Future minimum rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows at June 30, 2019:
Years Ending June 30, (In millions)
2020$46.8  
202145.2  
202239.5  
202335.9  
202434.7  
Thereafter204.4  
   Total lease payments$406.5  

Rent expense for all operating leases was $49.0 million and $50.4 million during the year ended June 30, 2019 and 2018, respectively.
v3.20.2
Property, Plant and Equipment, Net
 12 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment at cost and Accumulated depreciation at June 30, 2020 and 2019 are as follows:
 June 30,
 20202019
 (in millions)
Property, plant and equipment:
Land and buildings$2.6  $2.6  
Equipment269.1  435.6  
Furniture, leaseholds and other196.9  174.6  
468.6  612.9  
Less: Accumulated depreciation(307.0) (423.9) 
Property, plant and equipment, net$161.6  $189.0  
In fiscal years 2020 and 2019, Property, plant and equipment and Accumulated depreciation were each reduced by $33.9 million and $32.8 million, respectively, for asset retirements related to fully depreciated property, plant and equipment no longer in use.
Depreciation expense for Property, plant and equipment for the years ended June 30, 2020, 2019 and 2018 was as follows:
 Years ended June 30,
 202020192018
 (in millions)
Depreciation expense for Property, plant and equipment$50.6  $65.8  $63.4  
v3.20.2
Goodwill and Intangible Assets, Net
 12 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net GOODWILL AND INTANGIBLE ASSETS, NET
Changes in Goodwill for the fiscal years ended June 30, 2020 and 2019 are as follows:
Investor
Communication
Solutions		Global
Technology and
Operations		Total
 (in millions)
Goodwill, gross, at July 1, 2018$884.4  $370.5  $1,254.9  
Transfers (a)(2.8) 2.8  —  
Additions27.3  220.4  247.7  
Fair value adjustments (b)7.4  —  7.4  
Foreign currency translation and other(3.2) (6.8) (10.0) 
Accumulated impairment losses—  —  —  
Goodwill, net, at June 30, 2019$913.1  $586.9  $1,500.0  
Goodwill, gross, at June 30, 2019$913.1  $586.9  $1,500.0  
Additions131.6  69.9  201.5  
Foreign currency translation and other(5.1) (13.0) (18.1) 
Fair value adjustments (b)(0.2) (8.8) (9.0) 
Accumulated impairment losses—  —  —  
Goodwill, net, at June 30, 2020$1,039.5  $635.0  $1,674.5  
(a) In connection with an organizational change made in the first quarter of fiscal year 2020, in order to further align and enhance our portfolio of services, the results for the Company's wealth management Advisor Solutions services that were previously reported in our Investor Communication Solutions reportable segment are now reported within the Global Technology and Operations reportable segment. As a result, $2.8 million of goodwill was reclassified from the ICS segment to the GTO segment based on a relative fair value analysis.
(b) Fair value adjustments includes adjustments to goodwill as part of finalization of the purchase price allocations.
Additions for the fiscal year ended June 30, 2020 include $17.6 million, $84.4 million, $44.2 million and $39.1 million for the acquisitions of Shadow Financial, Fi360, ClearStructure and FundsLibrary, respectively. Additions for the fiscal year ended June 30, 2019 include $31.1 million, $181.6 million and $27.1 million for the acquisitions of Rockall, RPM and TD Ameritrade, respectively.
During fiscal years 2020, 2019 and 2018, the Company performed the required impairment tests of Goodwill and determined that there was no impairment. The Company also performs a sensitivity analysis under Step 1 of the goodwill impairment test assuming hypothetical reductions in the fair values of the reporting units. A 10% change in our estimates of projected future operating cash flows, discount rates, or terminal value growth rates, which are the most significant estimates used in our calculations of the fair values of the reporting units, would not result in an impairment of our goodwill.
Intangible assets at cost and accumulated amortization at June 30, 2020 and 2019 are as follows:
 June 30,
 20202019
 Original
Cost		Accumulated
Amortization		Intangible
Assets, net		Original
Cost		Accumulated
Amortization		Intangible
Assets, net
 (in millions)
Software licenses$137.9  $(115.7) $22.2  $125.8  $(101.7) $24.1  
Acquired software technology196.8  (109.7) 87.1  164.7  (85.5) 79.3  
Customer contracts and lists644.5  (274.2) 370.3  549.6  (207.4) 342.1  
Acquired intellectual property136.6  (90.9) 45.7  135.0  (63.8) 71.2  
Other intangibles92.3  (34.0) 58.3  63.6  (24.1) 39.5  
$1,208.1  $(624.4) $583.8  $1,038.7  $(482.5) $556.2  
In fiscal year 2020 there were no asset retirements related to fully amortized intangibles. In fiscal year 2019, intangible assets and accumulated amortization were reduced by $0.2 million for asset retirements related to fully amortized intangibles.
Other intangibles consist of capitalized internal use software and the following intangible assets acquired in business acquisitions: intellectual property, covenants, patents, and trademarks. All of the intangible assets have finite lives and as such, are subject to amortization.
The weighted-average remaining useful life of the intangible assets is as follows:
Weighted-Average Remaining Useful Life (Years)
Acquired software technology2.8
Software licenses2.2
Customer contracts and lists5.5
Acquired intellectual property1.9
Other intangibles4.2
     Total weighted-average remaining useful life4.5
Amortization of intangibles for the years ended June 30, 2020, 2019 and 2018 was as follows:
 Years ended June 30,
 202020192018
 (in millions)
Amortization expense for intangible assets$146.1  $106.8  $100.2  
Estimated remaining amortization expenses of the Company’s existing intangible assets for the next five fiscal years and thereafter are as follows:
Years Ending June 30,(in millions)
2021$150.5  
2022125.2  
2023103.3  
202484.9  
202565.0  
Thereafter54.8  
v3.20.2
Other Non-Current Assets
 12 Months Ended
Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Non-Current Assets OTHER NON-CURRENT ASSETS
Other non-current assets consisted of the following:
 June 30,
 20202019
 (in millions)
Deferred client conversion and start-up costs$433.8  $254.7  
ROU assets (a)292.6  —  
Deferred sales commissions costs 104.4  95.5  
Contract assets (b)81.9  47.5  
Deferred data center costs (c)24.5  29.0  
Long-term investments141.6  100.4  
Long-term broker fees32.8  35.3  
Other30.2  30.6  
Total$1,141.9  $593.1  
(a) ROU assets represent the Company’s right to an underlying asset for the lease term. Please refer to Note 8, “Leases” for a further discussion.
(b) Contract assets result from revenue already recognized but not yet invoiced, including certain future amounts to be collected under software term licenses and certain other client contracts.
(c) Represents deferred data center costs associated with the Company’s information technology services agreements with International Business Machines Corporation (“IBM”). Please refer to Note 18, “Contractual Commitments, Contingencies and Off-Balance Sheet Arrangements” for a further discussion.
The total amount of deferred client conversion and start-up costs and deferred sales commission costs amortized in Operating expenses for the fiscal year ended June 30, 2020 and 2019 was $76.2 million and $65.7 million
v3.20.2
Payables and Accrued Expenses
 12 Months Ended
Jun. 30, 2020
Other Liabilities Disclosure [Abstract]  
Payables and Accrued Expenses ACCRUED EXPENSES
Payables and accrued expenses consisted of the following:
 June 30,
 20202019
 (in millions)
Accounts payable$151.8  $133.7  
Employee compensation and benefits260.4  232.2  
Accrued broker fees109.5  87.0  
Accrued dividend payable62.2  55.4  
Managed services administration fees59.4  53.1  
Customer deposits44.5  34.8  
Accrued taxes38.5  68.9  
Operating lease liabilities35.3  —  
Other68.6  46.6  
Total$829.9  $711.7  
v3.20.2
Borrowings
 12 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
Outstanding borrowings and available capacity under the Company’s borrowing arrangements were as follows:
Expiration
Date		Principal amount outstanding at June 30, 2020Carrying value at June 30, 2020Carrying value at June 30, 2019Unused
Available
Capacity		 Fair Value at June 30, 2020
(in millions)
Current portion of long-term debt
Fiscal 2014 Senior Notes (a)September 2020$400.0  $399.9  $—  —  $402.1  
Total$400.0  $399.9  $—  —  $402.1  
Long-term debt, excluding current portion
Fiscal 2019 Revolving Credit Facility:
U.S. dollar trancheMarch 2024$—  $—  $360.0  $1,100.0  $—  
Multicurrency trancheMarch 2024149.8  149.8  215.7  250.2  149.8  
Total Revolving Credit Facility$149.8  $149.8  $575.7  $1,350.2  $149.8  
Fiscal 2014 Senior Notes (a)September 2020—  —  399.2  —  —  
Fiscal 2016 Senior NotesJune 2026500.0  496.1  495.5  —  554.3  
Fiscal 2020 Senior NotesDecember 2029750.0  741.7  —  —  803.6  
Total Senior Notes$1,250.0  $1,237.8  $894.7  $—  $1,357.8  
Total long-term debt$1,399.8  $1,387.6  $1,470.4  $1,350.2  $1,507.7  
Total debt$1,799.8  $1,787.5  $1,470.4  $1,350.2  $1,909.7  
_________
(a) The Fiscal 2014 Senior Notes were reclassified from Long-term debt to Current portion of long-term debt in September 2019 to reflect the remaining maturity of less than a year.

Future principal payments on the Company’s outstanding debt are as follows:
Years ending June 30,20212022202320242025ThereafterTotal
(in millions)$400.0  $—  $—  $149.8  $—  $1,250.0  $1,799.8  
Fiscal 2019 Revolving Credit Facility: On March 18, 2019, the Company entered into an amended and restated $1.5 billion five-year revolving credit facility (the “Fiscal 2019 Revolving Credit Facility”), which replaced the $1.0 billion five-year revolving credit facility entered into during February 2017 (the “Fiscal 2017 Revolving Credit Facility”) (together the “Revolving Credit Facilities”). The Fiscal 2019 Revolving Credit Facility is comprised of a $1.1 billion U.S. dollar tranche and a $400.0 million multicurrency tranche.
The weighted-average interest rate on the Revolving Credit Facilities was 2.59%, 3.26% and 2.44% for the fiscal years ended June 30, 2020, 2019 and 2018, respectively. The fair value of the variable-rate Fiscal 2019 Revolving Credit Facility borrowings at June 30, 2020 approximates carrying value and has been classified as a Level 2 financial liability (as defined in Note 7, “Fair Value of Financial Instruments”).
Borrowings under the Fiscal 2019 Revolving Credit Facility can be made in tranches up to 360 days and bear interest at LIBOR plus 101.5 basis points. In addition, the Fiscal 2019 Revolving Credit Facility has an annual facility fee equal to 11.0 basis points on the entire facility. The Company may voluntarily prepay, in whole or in part and without premium or penalty, borrowings under the Fiscal 2019 Revolving Credit Facility in accordance with individual drawn loan maturities. The Fiscal 2019 Revolving Credit Facility is subject to certain covenants, including a leverage ratio. At June 30, 2020, the Company is in compliance with all covenants of the Fiscal 2019 Revolving Credit Facility.
Fiscal 2014 Senior Notes: In August 2013, the Company completed an offering of $400.0 million in aggregate principal amount of senior notes (the “Fiscal 2014 Senior Notes”). The Fiscal 2014 Senior Notes will mature on September 1, 2020 and bear interest at a rate of 3.95% per annum. Interest on the Fiscal 2014 Senior Notes is payable semi-annually in arrears on March 1st and September 1st of each year. The Fiscal 2014 Senior Notes were issued at a price of 99.871% (effective yield to maturity of 3.971%). The indenture governing the Fiscal 2014 Senior Notes contains certain covenants including covenants restricting the Company’s ability to create or incur liens securing indebtedness for borrowed money and to enter into certain sale-leaseback transactions. At June 30, 2020, the Company is in compliance with the covenants of the indenture governing the Fiscal 2014 Senior Notes. The indenture also contains covenants regarding the purchase of the Fiscal 2014 Senior Notes upon a change of control triggering event. The Company may redeem the Fiscal 2014 Senior Notes in whole or in part at any time before their maturity. The fair value of the fixed-rate Fiscal 2014 Senior Notes at June 30, 2020 and 2019 was $402.1 million and $405.4 million, respectively, based on quoted market prices and has been classified as a Level 1 financial liability (as defined in Note 7, “Fair Value of Financial Instruments”).
Fiscal 2016 Senior Notes: In June 2016, the Company completed an offering of $500.0 million in aggregate principal amount of senior notes (the “Fiscal 2016 Senior Notes”). The Fiscal 2016 Senior Notes will mature on June 27, 2026 and bear interest at a rate of 3.40% per annum. Interest on the Fiscal 2016 Senior Notes is payable semi-annually in arrears on June 27 and December 27 of each year. The Fiscal 2016 Senior Notes were issued at a price of 99.589% (effective yield to maturity of 3.449%). The indenture governing the Fiscal 2016 Senior Notes contains certain covenants including covenants restricting the Company’s ability to create or incur liens securing indebtedness for borrowed money, to enter into certain sale-leaseback transactions, and to engage in mergers or consolidations and transfer or lease all or substantially all of our assets. At June 30, 2020, the Company is in compliance with the covenants of the indenture governing the Fiscal 2016 Senior Notes. The indenture also contains covenants regarding the purchase of the Fiscal 2016 Senior Notes upon a change of control triggering event. The Company may redeem the Fiscal 2016 Senior Notes in whole or in part at any time before their maturity. The fair value of the fixed-rate Fiscal 2016 Senior Notes at June 30, 2020 and June 30, 2019 was $554.3 million and $509.8 million, respectively, based on quoted market prices and has been classified as a Level 1 financial liability (as defined in Note 7, “Fair Value of Financial Instruments”).
Fiscal 2020 Senior Notes: In December 2019, the Company completed an offering of $750.0 million in aggregate principal amount of senior notes (the “Fiscal 2020 Senior Notes”). The Fiscal 2020 Senior Notes will mature on December 1, 2029 and bear interest at a rate of 2.90% per annum. Interest on the Fiscal 2020 Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year. The Fiscal 2020 Senior Notes were issued at a price of 99.717% (effective yield to maturity of 2.933%). The indenture governing the Fiscal 2020 Senior Notes contains certain covenants including covenants restricting the Company’s ability to create or incur liens securing indebtedness for borrowed money, to enter into certain sale-leaseback transactions, and to engage in mergers or consolidations and transfer or lease all or substantially all of our assets. At June 30, 2020, the Company is in compliance with the covenants of the indenture governing the Fiscal 2020 Senior Notes. The indenture also contains covenants regarding the purchase of the Fiscal 2020 Senior Notes upon a change of control triggering event. The Company may redeem the Fiscal 2020 Senior Notes in whole or in part at any time before their maturity. The fair value of the fixed-rate Fiscal 2020 Senior Notes at June 30, 2020 was $803.6 million, based on quoted market prices and has been classified as a Level 1 financial liability (as defined in Note 7, “Fair Value of Financial Instruments”).
The Fiscal 2019 Revolving Credit Facility, Fiscal 2014 Senior Notes, Fiscal 2016 Senior Notes and Fiscal 2020 Senior Notes are senior unsecured obligations of the Company and are ranked equally in right of payment.
In addition, certain of the Company’s subsidiaries established unsecured, uncommitted lines of credit with banks. As of June 30, 2020 and 2019, respectively, there were no outstanding borrowings under these lines of credit.
v3.20.2
Other Non-Current Liabilities
 12 Months Ended
Jun. 30, 2020
Other Liabilities Disclosure [Abstract]  
Other Non-Current Liabilities OTHER NON-CURRENT LIABILITIES
Other non-current liabilities consisted of the following:
June 30,
20202019
(in millions)
Operating lease liabilities$288.3  $—  
Post-employment retirement obligations144.3  130.8  
Non-current income taxes37.4  40.5  
Acquisition related contingencies17.6  26.3  
Other24.8  35.3  
       Total$512.4  $232.8  
v3.20.2
Stock-Based Compensation
 12 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
Incentive Equity Awards. The Broadridge Financial Solutions, Inc. 2007 Omnibus Award Plan (the “2007 Plan”) and 2018 Omnibus Award Plan (the “2018 Plan”) provide for the granting of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, phantom stock awards, stock bonuses and performance compensation awards to employees, non-employee directors, and other key individuals who perform services for the Company. The 2018 Plan was approved by shareholders in November 2018 and replaced the 2007 Plan. The accounting for stock-based compensation requires the measurement of stock-based compensation expense to be recognized in the Consolidated Statements of Earnings based on the fair value of the award on the date of grant. In accordance with the 2007 Plan and 2018 Plan, the Company’s stock-based compensation consists of the following:
Stock Options: Stock options are granted to employees at exercise prices equal to the fair market value of the Company’s common stock on the dates of grant. Stock options are generally issued under a graded vesting schedule, meaning that they vest ratably over four years, and have a term of 10 years. A portion of the stock options granted in fiscal year 2018 have a cliff vesting schedule meaning that they fully vest in four years from the grant date and have a term of 10 years. Compensation expense for stock options under a graded vesting schedule is recognized over the requisite service period for each separately vesting portion of the stock option award. Compensation expense for stock options under a cliff vesting schedule is recognized equally over the vesting period of four years with 25 percent of the cost recognized over each 12 months period net of estimated forfeitures.
Time-based Restricted Stock Units: The Company has a time-based restricted stock unit (“RSU”) program under which RSUs representing the right to receive one share of the Company’s common stock for each vested RSU are granted. Time-based RSUs typically vest two and one-half years from the date of grant. The Company records stock compensation expense for time-based RSUs net of estimated forfeitures on a straight-line basis over the vesting period.
Performance-based Restricted Stock Units: The Company has a performance-based RSU program under which RSUs representing the right to receive one share of the Company’s common stock for each vested RSU are granted. RSUs vest upon the achievement by the Company of specific performance metrics. The Company records stock compensation expense for performance-based RSUs net of estimated forfeitures on a straight-line basis over the performance period, plus a subsequent vesting period, which typically totals approximately two and one-half years from the date of grant.
The activity related to the Company’s incentive equity awards for the fiscal years ended June 30, 2020, 2019 and 2018 consisted of the following:
 Stock OptionsTime-based
RSUs		Performance-based
RSUs
 Number
of
Options		Weighted
Average
Exercise
Price		Number
of
Shares		Weighted
Average
Grant-Date
Fair Value		Number
of
Shares		Weighted
Average
Grant-Date
Fair Value
Balances at July 1, 20175,137,641  $39.63  1,074,593  $55.98  470,862  $58.26  
Granted1,079,442  93.42  456,217  78.86  198,485  76.71  
Exercised (a)(1,654,877) 31.09  —  —  —  —  
Vesting of RSUs (b)—  —  (463,561) 52.86  (150,068) 52.96  
Expired/forfeited(83,918) 42.89  (84,850) 60.18  (123,590) 43.00  
Balances at June 30, 20184,478,288  $55.69  982,399  $67.72  395,689  $74.29  
Granted528,978  98.72  360,147  121.11  133,213  116.53  
Exercised (a)(784,372) 39.94  —  —  —  —  
Vesting of RSUs (b)—  —  (430,270) 63.97  (198,420) 64.50  
Expired/forfeited(21,280) 94.14  (92,977) 76.57  (4,705) 80.57  
Balances at June 30, 20194,201,614  $63.85  819,299  $92.15  325,777  $97.43  
Granted501,192  117.43  340,006  118.74  110,260  120.09  
Exercised (a)(905,231) 46.47  —  —  —  —  
Vesting of RSUs (b)—  —  (408,716) 78.76  (176,900) 77.19  
Expired/forfeited(26,788) 88.01  (50,591) 113.07  (7,541) 80.24  
Balances at June 30, 2020 (c)3,770,787  $74.97  699,998  $111.37  251,596  $122.11  
 
(a)Stock options exercised during the fiscal years ended June 30, 2020, 2019 and 2018 had intrinsic values of $68.9 million, $65.8 million and $116.3 million, respectively.
(b)Time-based RSUs that vested during the fiscal years ended June 30, 2020, 2019 and 2018 had a total fair value of $38.4 million, $45.4 million and $50.6 million, respectively. Performance-based RSUs that vested during the fiscal years ended June 30, 2020, 2019 and 2018 had a total fair value of $16.5 million, $21.7 million and $19.1 million, respectively.
(c)As of June 30, 2020, the Company’s outstanding stock options using the fiscal year-end share price of $126.19 had an aggregate intrinsic value of $193.1 million. As of June 30, 2020, the Company’s outstanding “in the money” vested stock options using the fiscal year-end share price of $126.19 had an aggregate intrinsic value of $145.8 million. As of June 30, 2020, time-based RSUs and performance-based RSUs expected to vest using the fiscal year-end share price of $126.19 (approximately 0.7 million and 0.2 million shares, respectively) had an aggregate intrinsic value of $83.7 million and $30.3 million, respectively. Performance-based RSUs granted in the table above represent initial target awards, and performance adjustments for (i) change in shares issued based upon attainment of performance goals determined in the period, and (ii) estimated change in shares issued resulting from attainment of performance goals to be determined at the end of the prospective performance period.
The tables below summarize information regarding the Company’s outstanding and exercisable stock options as of June 30, 2020:
 Outstanding Options
 Options
Outstanding		Weighted
Average
Remaining
Contractual
Term
(in years)		Weighted
Average
Exercise
Price Per Share		Aggregate Intrinsic Value (in millions) (a)
Range of Exercise Prices
$0.01 to $35.00
383,527  2.14$22.66  
$35.01 to $50.00
428,000  3.57$37.69  
$50.01 to $65.00
602,156  5.02$52.56  
$65.01 to $80.00
333,869  6.52$67.32  
$80.01 to $95.00
999,436  7.46$93.40  
$95.01 to $110.00
522,607  8.55$98.67  
$110.01 to $125.00
501,192  9.59$117.43  
3,770,787  6.44$74.97  $193.1  
 Exercisable Options
Range of Exercise PricesOptions
Exercisable		Weighted
Average
Remaining
Contractual
Term
(in years)		Weighted
Average
Exercise
Price Per Share		Aggregate Intrinsic Value
(in millions) (a)
$0.01 to $35.00
383,527  2.14$22.66  
$35.01 to $50.00
428,000  3.57$37.69  
$50.01 to $65.00
602,156  5.02$52.56  
$65.01 to $80.00
203,014  6.51$67.32  
$80.01 to $95.00
239,017  7.28$93.13  
$95.01 to $110.00
146,286  8.47$99.61  
$110.01 to $125.00
22,211  9.37$119.37  
2,024,211  4.88$54.15  $145.8  
(a) Calculated using the closing stock price on the last trading day of fiscal year 2020 of $126.19, less the option exercise price, multiplied by the number of instruments.
Stock-based compensation expense of $60.8 million, $58.4 million, and $55.1 million was recognized in the Consolidated Statements of Earnings for the fiscal years ended June 30, 2020, 2019 and 2018, respectively, as well as related tax benefits of $13.5 million, $13.5 million, and $15.7 million, respectively.
As of June 30, 2020, the total remaining unrecognized compensation cost related to non-vested stock options and RSU awards amounted to $14.9 million and $45.6 million, respectively, which will be amortized over the weighted-average remaining requisite service periods of 1.9 years and 1.5 years, respectively.
In April 2013, the Company began reissuing treasury stock to satisfy stock option exercises and issuances under the Company’s RSU awards. From time to time, the Company may repurchase shares of its common stock under its authorized share repurchase programs. The Company repurchased 0.4 million shares in fiscal year 2020 under our share repurchase program as compared to 3.2 million shares repurchased in fiscal year 2019, which excludes shares withheld by the Company to cover payroll taxes on the vesting of RSU awards, which are also accounted for as treasury stock. 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 presents the assumptions used to determine the fair values of the stock option grants using the Binomial options pricing model during the fiscal years ended June 30, 2020, 2019 and 2018:
Fiscal Year Ended 
 
June 30, 2020		Fiscal Year Ended 
 
June 30, 2019		Fiscal Year Ended 
 
June 30, 2018
Graded Vesting
Risk-free interest rate1.5 %2.5 %2.7 %
Dividend yield1.8 %2.0 %1.6 %
Weighted-average volatility factor23.0 %26.0 %23.8 %
Weighted-average expected life (in years)5.75.96.5
Weighted-average fair value (in dollars)$21.49  $22.12  $22.16  
Fiscal Year Ended 
 
June 30, 2018
Cliff Vesting
Risk-free interest rate2.7 %
Dividend yield1.6 %
Weighted-average volatility factor23.8 %
Weighted-average expected life (in years)6.0
Weighted-average fair value (in dollars)$21.65  
v3.20.2
Employee Benefit Plans
 12 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Employee Benefit Plans EMPLOYEE BENEFIT PLANS
A. Defined Contribution Savings Plans. The Company sponsors a 401(k) savings plan covering eligible U.S. employees of the Company. This plan provides a base contribution plus Company matching contributions on a portion of employee contributions.
An Executive Retirement and Savings Plan (the “ERSP”) was adopted effective January 1, 2015 for those executives who are not participants in the Broadridge SORP or Broadridge SERP (defined below). The ERSP is a defined contribution plan that allows eligible full-time U.S. employees to defer compensation until a later date and the Company will match a portion of the deferred compensation above the qualified defined contribution compensation and deferral limitations.
The costs recorded by the Company for these plans were:
 Years ended June 30,
 202020192018
 (in millions)
401(k) savings plan$42.6  $35.5  $34.4  
ERSP2.5  2.3  1.9  
     Total $45.1  $37.8  $36.3  
B. Defined Benefit Pension Plans. The Company sponsors a Supplemental Officer Retirement Plan (the “SORP”). The SORP is a nonqualified ERISA defined benefit plan pursuant to which the Company will pay supplemental pension benefits to certain key officers upon retirement based upon the officers’ years of service and compensation. The SORP was closed to new participants beginning in fiscal year 2015. The Company also sponsors a Supplemental Executive Retirement Plan (the “SERP”). The SERP is also a nonqualified ERISA defined benefit plan pursuant to which the Company will pay supplemental pension benefits to certain key executives upon retirement based upon the executives’ years of service and compensation. The SERP was closed to new participants beginning in fiscal year 2015.
The SORP and SERP are effectively funded with assets held in a Rabbi Trust. The assets invested in the Rabbi Trust are to be used in part to fund benefit payments to participants under the terms of the plans. The Rabbi Trust is irrevocable and no portion of the trust funds may be used for any purpose other than the delivery of those assets to the participants, except that assets held in the Rabbi Trust would be subject to the claims of the Company’s general creditors in the event of bankruptcy or insolvency of the Company. The SORP and SERP are nonqualified plans for federal tax purposes and for purposes of Title I of ERISA. The Rabbi Trust assets had a value of $54.5 million at June 30, 2020 and $41.9 million at June 30, 2019 and are included in Other non-current assets in the accompanying Consolidated Balance Sheets.
The amounts charged to expense by the Company for these plans were:
 Years ended June 30,
 202020192018
 (in millions)
SORP$4.8  $3.9  $4.3  
SERP0.4  0.5  0.6  
     Total $5.2  $4.4  $4.9  

The benefit obligation to the Company under these plans at June 30, 2020, 2019 and 2018 was:
 Years ended June 30,
 202020192018
 (in millions)
SORP$53.8  $45.5  $38.3  
SERP6.0  5.4  4.5  
     Total $59.8  $50.8  $42.8  
C. Other Post-retirement Benefit Plan. The Company sponsors an Executive Retiree Health Insurance Plan. It is a post-retirement benefit plan pursuant to which the Company helps defray the health care costs of certain eligible key executive retirees and qualifying dependents, based upon the retirees’ age and years of service, until they reach the age of 65. The plan is currently unfunded.
The amounts charged to expense by the Company for this plan were:
 Years ended June 30,
 202020192018
 (in millions)
Executive Retiree Health Insurance Plan$0.5  $0.5  $0.4  

The benefit obligation to the Company under this plan at June 30, 2020, 2019 and 2018 was:
 Years ended June 30,
 202020192018
 (in millions)
Executive Retiree Health Insurance Plan$4.5  $5.2  $5.3  
D. Other Post-employment Benefit Obligations. The Company sponsors a post-employment plan (the “Gratuity Plan”) covering all employees in India who are eligible under the terms of their employment. The Gratuity Plan is required by local law and provides a lump sum payment to vested employees upon retirement, death, incapacitation, or termination of employment based on the respective employee’s salary and the tenure of employment. The Gratuity Plan is currently unfunded.
The amounts charged to expense by the Company for this plan were:
 Years ended June 30,
 202020192018
 (in millions)
The Gratuity Plan$1.0  $1.3  $1.0  

The benefit obligation to the Company under this plan at June 30, 2020, 2019 and 2018 was:
 Years ended June 30,
 202020192018
 (in millions)
The Gratuity Plan$6.4  $5.8  $5.0  
v3.20.2
Income Taxes
 12 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES 
Earnings before income taxes shown below are based on the geographic location to which such earnings are attributable.
 Years Ended June 30,
 202020192018
 (in millions)
Earnings before income taxes:
U.S.$492.4  $526.4  $450.0  
Foreign87.2  80.8  111.1  
Total$579.5  $607.3  $561.0  
The Provision for income taxes consists of the following components:
 Years Ended June 30,
 202020192018
 (in millions)
Current:
U.S. Domestic$46.7  $88.8  $89.4  
Foreign33.1  24.7  43.4  
State8.3  15.1  9.6  
Total current88.1  128.7  142.4  
Deferred:
U.S. Domestic33.1  2.2  (13.6) 
Foreign(10.7) (2.8) 4.9  
State6.5  (2.9) (0.6) 
Total deferred29.0  (3.5) (9.3) 
Total Provision for income taxes$117.0  $125.2  $133.1  
 Years Ended June 30,
 2020%2019%2018%
 (in millions)
Provision for income taxes at U.S. statutory rate$121.7  21.0  $127.5  21.0  $157.4  28.1  
Increase (decrease) in Provision for income taxes from:
State taxes, net of federal tax11.3  1.9  12.0  2.0  9.4  1.7  
Foreign tax differential3.2  0.6  3.8  0.6  (2.4) (0.4) 
Valuation allowances2.4  0.4  0.4  0.1  (5.0) (0.9) 
Stock-based compensation - excess tax benefits (“ETB”)(15.6) (2.7) (19.3) (3.2) (40.9) (7.3) 
Tax Act Items —  —  (0.5) (0.1) 15.4  2.7  
Other(5.9) (1.0) 1.3  0.2  (0.8) (0.1) 
Total Provision for income taxes$117.0  20.2  $125.2  20.6  $133.1  23.7  
The Provision for income taxes and effective tax rates for the fiscal year ended June 30, 2020 were $117.0 million and 20.2%, compared to $125.2 million and 20.6%, for the fiscal year ended June 30, 2019, respectively. The decrease in the effective tax rate for the fiscal year ended June 30, 2020 compared to the fiscal year ended June 30, 2019 was primarily driven by higher discrete benefits, partially offset by lower ETB of $15.6 million for the fiscal year ended June 30, 2020 compared to $19.3 million for the fiscal year ended June 30, 2019.
The Provision for income taxes and effective tax rates for the fiscal year ended June 30, 2019 were $125.2 million and 20.6%, compared to $133.1 million and 23.7%, for the fiscal year ended June 30, 2018, respectively. The decrease in the effective tax rate for the fiscal year ended June 30, 2019 compared to the fiscal year ended June 30, 2018 is primarily due to a reduced statutory U.S. federal tax rate as well as a prior period net tax charge relating to the enactment of the Tax Act, partially offset by the recognition of lower ETB attributable to stock-based compensation compared to the ETB recognized in fiscal year ended June 30, 2018. In the fiscal year ending June 30, 2019, the Company’s federal corporate statutory income tax rate was 21.0% compared to a blended tax rate of 28.1% for the prior fiscal year. In addition, notwithstanding the reduction in the federal corporate statutory income tax rate for the fiscal year ended June 30, 2018, the Tax Act required the Company to accrue a transition tax on earnings of certain foreign subsidiaries at December 31, 2017, and which in turn led to the accrual of applicable foreign withholding taxes to repatriate such earnings subject to the transition tax. At June 30, 2018 the Company estimated the transition tax and applicable foreign withholding taxes to be approximately $30.8 million, partially offset by a benefit of approximately $15.3 million relating to the remeasurement of the Company’s net deferred tax liabilities. The SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) which provided the Company with up to one year to finalize accounting for the impacts of the Tax Act. Under SAB 118, the Company finalized the prior year estimate of the transition tax and applicable withholding taxes and recognized a tax benefit of approximately $0.5 million in the fiscal year ended June 30, 2019. In addition to the lower corporate tax rate, the Tax Act introduced two new federal tax provisions relating to foreign source earnings, (i) a minimum tax on global intangible low-tax income (“GILTI”) and (ii) a deduction for foreign-derived intangible income (“FDII”). Both provisions were effective beginning with the fiscal year ended June 30, 2019, and on a net basis generated a tax benefit of approximately $1.8 million.
As of June 30, 2020, the Company had approximately $525.4 million of accumulated earnings and profits attributable to foreign subsidiaries. The Company considers $265.0 million of accumulated earnings attributable to foreign subsidiaries to be permanently reinvested outside the U.S. and has not determined the cost to repatriate such earnings since it is not practicable to calculate the amount of income taxes payable in the event all such foreign earnings are repatriated. The Company does not consider the remaining $260.4 million of accumulated earnings to be permanently reinvested outside the U.S. The Company has accrued approximately $8.9 million of foreign withholding taxes and $0.6 million of state income taxes attributable to such earnings.
Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Significant components of the Company’s deferred tax assets and liabilities at June 30, 2020 and 2019 were as follows:
 June 30,
 20202019
 (in millions)
Classification:
Long-term deferred tax assets (included in Other non-current assets)$2.6  $5.5  
Long-term deferred tax liabilities(126.8) (86.7) 
Net deferred tax liabilities$(124.2) $(81.3) 
Components:
Deferred tax assets:
Accrued expenses not currently deductible$3.1  $3.2  
Compensation and benefits not currently deductible59.1  57.6  
Net operating and capital losses16.4  11.1  
Tax credits7.7  7.5  
Other9.1  6.1  
Total deferred tax assets95.5  85.6  
Less: Valuation allowances(6.7) (3.3) 
Deferred tax assets, net88.8  82.2  
Deferred tax liabilities:
Goodwill and identifiable intangibles112.8  100.9  
Depreciation17.3  10.1  
Net deferred expenses66.5  33.6  
Unremitted earnings9.5  12.2  
Other7.0  6.8  
Deferred tax liabilities213.0  163.5  
Net deferred tax liabilities$(124.2) $(81.3) 
The Company has estimated foreign net operating loss carryforwards of approximately $13.1 million as of June 30, 2020 of which $1.5 million expires in the June 30, 2020 through June 30, 2028 period, and of which $11.6 million has an indefinite utilization period. In addition, the Company has estimated U.S. federal net operating loss carryforwards of approximately $37.0 million of which $16.9 million can be utilized through June 30, 2030 with the balance of $20.2 million having an indefinite utilization period.
Valuation allowances are recognized to reduce deferred tax assets when it is more likely than not that the Company will not be able to utilize the deferred tax assets attributable to net operating and capital loss carryforwards of certain subsidiaries to offset future taxable earnings. The Company has recorded valuation allowances of $6.7 million and $3.3 million at June 30, 2020 and 2019, respectively. The determination as to whether a deferred tax asset will be recognized is made on a jurisdictional basis and is based on the evaluation of historical taxable income or loss, projected future taxable income, carryforward periods, scheduled reversals of deferred tax liabilities and tax planning strategies. Projected future taxable income is based on expected results and assumptions as to the jurisdiction in which the income will be earned. The assumptions used to project future taxable income require significant judgment and are consistent with the plans and estimates used to manage the underlying businesses.
In the next twelve months, the Company does not expect a material change to its net reserve balance for unrecognized tax benefits.
The following table summarizes the activity related to the Company’s gross unrecognized tax positions:
Fiscal Year Ended
June 30,
 202020192018
 (in millions)
Beginning balance$40.2  $22.8  $18.7  
Gross increase related to prior period tax positions0.5  17.3  3.5  
Gross increase related to current period tax positions5.9  2.8  3.0  
Gross decrease related to prior period tax positions(9.5) (2.6) (2.4) 
Ending balance$37.1  $40.2  $22.8  
As of June 30, 2020, 2019 and 2018, the net reserve for unrecognized tax positions recorded by the Company that is included in the preceding table of gross unrecognized tax positions was $33.8 million, $33.4 million, and $19.4 million respectively, and if reversed in full, would favorably affect the effective tax rate by these amounts, respectively.
The $9.5 million, $2.6 million and $2.4 million gross decreases in fiscal years 2020, 2019 and 2018, respectively, for prior period tax positions related to certain tax audit settlements and certain state, federal and foreign statute of limitation expirations.
During the fiscal year ended June 30, 2020, the Company adjusted accrued interest by approximately less than $0.1 million and recognized a total liability for interest on unrecognized tax positions of $3.6 million; in the fiscal year ended June 30, 2019, the Company adjusted accrued interest by approximately $(0.1) million and recognized a total liability of $3.6 million for interest on unrecognized tax positions; in the fiscal year ended June 30, 2018 the Company adjusted accrued interest by approximately $0.5 million and recognized a total liability of $3.7 million for interest on unrecognized tax positions.
The Company is regularly subject to examination of its income tax returns by U.S. Federal, state and foreign income tax authorities. The tax years that are currently open and could be subject to income tax audits for U.S. federal and most state and local jurisdictions are fiscal years ending June 30, 2013 through June 30, 2020, and for Canadian operations that could be subject to audit in Canada, fiscal years ending June 30, 2015 through June 30, 2020. A change in the assessment of the outcomes of such matters could materially impact our Consolidated Financial Statements.
v3.20.2
Contractual Commitments, Contingencies, and Off-Balance Sheet Arrangements
 12 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Contractual Commitments, Contingencies, and Off-Balance Sheet Arrangements CONTRACTUAL COMMITMENTS, CONTINGENCIES, AND OFF-BALANCE SHEET ARRANGEMENTS 
Data Center Agreements
In March 2010, the Company and IBM entered into an Information Technology Services Agreement (the “IT Services Agreement”), under which IBM provides certain aspects of the Company’s information technology infrastructure. Under the IT Services Agreement, IBM provides a broad range of technology services to the Company including supporting its mainframe, midrange, network and data center operations, as well as providing disaster recovery services. The migration of the data center processing to IBM was completed in August 2012. The IT Services Agreement would have expired on June 30, 2022, but a two-year extension was signed in March 2015, amending the expiration date to June 30, 2024. In December 2019, the Company and IBM amended and restated the IT Services Agreement (the “Amended IT Services Agreement”), which now expires on June 30, 2027. The Company has the option of incorporating additional services into the Amended IT Services Agreement over time. The Company may renew the term of the Amended IT Services Agreement for up to one additional 12-month period. Fixed minimum commitments remaining under the Amended IT Services Agreement at June 30, 2020 are $251.7 million through fiscal year 2027, the final year of the Amended IT Services Agreement.
In December 2019, the Company and IBM entered into an information technology agreement for private cloud services (the “IBM Private Cloud Agreement”) under which IBM will operate, manage and support the Company’s private cloud global distributed platforms and products, and operate and manage certain Company networks. The IBM Private Cloud Agreement has an initial term of approximately 10 years and three months, expiring on March 31, 2030. As a result of the IBM Private Cloud Agreement, the Company transferred certain of its employees in April 2020 to IBM and its affiliates, and such transferred employees are expected to continue providing services to the Company on behalf of IBM under the IBM Private Cloud Agreement. Pursuant to the IBM Private Cloud Agreement, the Company has agreed to transfer the ownership of certain Company-owned hardware (the “Hardware”) located at Company facilities worldwide along with the Company’s maintenance agreements (“Maintenance Contracts”) associated with the Hardware to IBM. The transfer of the Hardware and Maintenance Contracts to IBM is expected to close no later than September 30, 2020. The Company concluded that the Hardware qualifies as assets held for sale since the Company has committed to a plan of disposal expected to be completed within a year, and therefore, has recorded the Hardware at fair value less costs to dispose based on the expected selling price to IBM (a Level 3 fair value measurement as defined in Note 7, “Fair Value of Financial Instruments”). Accordingly, the Company has recorded a non-cash pre-tax charge of $30.4 million for the year ended June 30, 2020, equal to the difference between the Hardware’s carrying value and estimated fair value less costs to dispose, included as part of Cost of revenues on the Company’s Consolidated Statements of Earnings and is included in Other for purposes of the Company's segment reporting. As of June 30, 2020, the Hardware classified as assets held for sale has a carrying amount of $18.0 million and is included in the Company’s Other current assets line item on the Consolidated Balance Sheets. Fixed minimum commitments remaining under the IBM Private Cloud Agreement at June 30, 2020 are $236.7 million through March 31, 2030, the final year of the contract.
In March 2014, the Company and IBM United Kingdom Limited (“IBM UK”) entered into an Information Technology Services Agreement (the “EU IT Services Agreement”), under which IBM UK provides data center services supporting the Company’s technology outsourcing services for certain clients in Europe and Asia. The EU IT Services Agreement would have expired in October 2023. In December 2019, the Company amended the existing EU IT Services Agreement whereby the Company will migrate from the existing dedicated on-premise solution to a managed Broadridge private cloud environment provided by IBM, as well as extended the term of the EU IT Services Agreement to June 2029 (the “Amended EU IT Services Agreement”). The Company has the right to renew the term of the Amended EU IT Services Agreement for up to one additional 12-month term or one additional 24-month term. Fixed minimum commitments remaining under the Amended EU IT Services Agreement at June 30, 2020 are $23.9 million through fiscal year 2029, the final year of the contract.
The total annual expenses related to these IBM agreements was $118.7 million, $106.1 million, and $107.5 million for the fiscal years ended June 30, 2020, 2019 and 2018, respectively.
The following table summarizes the capitalized costs related to data center agreements as of June 30, 2020:
 Amended IT Services AgreementAmended EU IT Services AgreementTotal
 (in millions)
Capitalized costs, beginning balance$62.3  $5.0  $67.3  
Capitalized costs incurred0.3  1.6  1.8  
Impact of foreign currency exchange—  (0.2) (0.2) 
Total capitalized costs, ending balance62.6  6.3  68.9  
Total accumulated amortization(40.1) (4.3) (44.4) 
Net Deferred IBM Costs$22.5  $2.0  $24.5  
The following table summarizes the respective total annual amortization expense of capitalized costs related to data center agreements:
 Years ended June 30,
 202020192018
 (in millions)
Amended IT Services Agreement$4.2  $5.3  $5.3  
Amended EU IT Services Agreement1.8  0.5  0.5  
     Total expenses $6.1  $5.8  $5.8  
Investments
At June 30, 2020, the Company has a future commitment to fund $3.5 million to one of the Company’s investees.
Contractual Obligations
The Company has obligations under the Amended IT Services Agreement, the Amended EU IT Services Agreement, the IBM Private Cloud Agreement, software license agreements including hosted software arrangements, and software and hardware maintenance and support agreements.
The following table summarizes the total expenses related to these agreements:
 Years ended June 30,
 202020192018
 (in millions)
Data center expenses$118.7  $106.1  $107.5  
Software license agreements57.0  37.3  33.7  
Software/hardware maintenance agreements72.1  65.0  63.5  
     Total expenses $247.9  $208.4  $204.6  
The minimum commitments at June 30, 2020 for the aforementioned Amended IT Services Agreement, the Amended EU IT Services Agreement, the IBM Private Cloud Agreement, software license agreements including hosted software arrangements, and software and hardware maintenance and support agreements are as follows:
Years Ending June 30,(in millions)
2021$93.4  
202288.3  
202385.1  
202479.9  
202564.0  
Thereafter170.0  
     Total$580.8  
Other
In the normal course of business, the Company is subject to various claims and litigation. While the outcome of any claim or litigation is inherently unpredictable, the Company believes that the ultimate resolution of these matters will not, individually or in the aggregate, result in a material impact on its financial condition, results of operations or cash flows.
It is not the Company’s business practice to enter into off-balance sheet arrangements. However, the Company is exposed to market risk from changes in foreign currency exchange rates that could impact its financial position, results of operations, and cash flows. The Company manages its exposure to these market risks through its regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. The Company may use derivative financial instruments as risk management tools and not for trading purposes. The Company was not a party to any derivative financial instruments as of June 30, 2020 and 2019.
In the normal course of business, the Company also enters into contracts in which it makes representations and warranties that relate to the performance of the Company’s products and services. The Company does not expect any material losses related to such representations and warranties, or collateral arrangements.
The Company’s business process outsourcing and mutual fund processing services are performed by Broadridge Business Process Outsourcing, LLC (“BBPO”), an indirect wholly-owned subsidiary, which is a broker-dealer registered with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Although BBPO’s FINRA membership agreement allows it to engage in clearing and the retailing of corporate securities in addition to mutual fund retailing on a wire order basis, BBPO does not clear customer transactions, process any retail business or carry customer accounts. As a registered broker-dealer and member of FINRA, BBPO is subject to the Uniform Net Capital Rule 15c3-1 of the Securities Exchange Act of 1934, as amended, which requires BBPO to maintain a minimum net capital amount. At June 30, 2020, BBPO was in compliance with this capital requirement.
BBPO, as a “Managing Clearing Member” of the Options Clearing Corporation (the “OCC”), is also subject to OCC Rule 309(b) with respect to the business process outsourcing services that it provides to other OCC “Managed Clearing Member” broker-dealers. OCC Rule 309(b) requires BBPO to maintain a minimum net capital amount. At June 30, 2020, BBPO was in compliance with this capital requirement.
In addition, Matrix Trust Company (“Matrix Trust”), a subsidiary of the Company, is a Colorado State non-depository trust company and National Securities Clearing Corporation trust member, whose primary business is to provide cash agent, custodial and directed trustee services to institutional customers, and investment management services to collective investment trust funds. As a result, Matrix Trust is subject to various regulatory capital requirements administered by the Colorado Division of Banking and the Arizona Department of Financial Institutions, as well as the National Securities Clearing Corporation. Specific capital requirements that involve quantitative measures of assets, liabilities, and certain off-balance sheet items, when applicable, must be met. At June 30, 2020, Matrix Trust was in compliance with its capital requirements.
v3.20.2
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
 12 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Income/(Loss) by Component CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) BY COMPONENT
The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive income/(loss):
Foreign
Currency
Translation
Securities		Pension
and Post-
Retirement
Liabilities		Total
(in millions)
Balances at July 1, 2017$(48.9) $2.3  $(9.2) $(55.8) 
Other comprehensive income/(loss) before reclassifications5.7  1.1  (0.1) 6.7  
Amounts reclassified from accumulated other comprehensive income/(loss)
—  (3.7) 1.0  (2.7) 
Balances at June 30, 2018$(43.2) $(0.4) $(8.3) $(51.9) 
Cumulative effect of changes in accounting principle (a)—  0.4  (1.9) (1.5) 
Other comprehensive income/(loss) before reclassifications(15.0) —  (3.6) (18.7) 
Amounts reclassified from accumulated other comprehensive income/(loss)—  —  0.9  0.9  
Balances at June 30, 2019$(58.3) $—  $(12.9) $(71.2) 
Other comprehensive income/(loss) before reclassifications(26.4) —  (4.2) (30.7) 
Amounts reclassified from accumulated other comprehensive income/(loss)—  —  1.5  1.5  
Balances at June 30, 2020$(84.7) $—  $(15.7) $(100.4) 
___________
(a)Reflects the adoption of accounting standards as described in Note 2, “Summary of Significant Accounting Policies.”
v3.20.2
Financial Data by Segment
 12 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Financial Data by Segment FINANCIAL DATA BY SEGMENT
The Company operates in two reportable segments: Investor Communication Solutions and Global Technology and Operations. See Note 1, “Basis of Presentation” for a further description of the Company’s reportable segments.
The primary components of “Other” are certain gains, losses, corporate overhead expenses and non-operating expenses that have not been allocated to the reportable segments, such as interest expense. Foreign currency exchange is a reconciling item between the actual foreign currency exchange rates and the constant foreign currency exchange rates used for internal management reporting.
Certain corporate expenses, as well as certain centrally managed expenses, are allocated based upon budgeted amounts in a reasonable manner. Because the Company compensates the management of its various businesses on, among other factors, segment profit, the Company may elect to record certain segment-related operating and non-operating expense items in Other rather than reflect such items in segment profit.
In connection with an organizational change made in the first quarter of fiscal year 2020, in order to further align our portfolio of services, the results for the Company's wealth management Advisor Solutions services that were previously reported in our Investor Communication Solutions reportable segment are now reported within the Global Technology and Operations reportable segment. As a result, our prior period segment results have been revised to reflect this change, which resulted in transferring $42.8 million of revenues and $2.2 million of earnings before income taxes between reportable segments for the year ended June 30, 2019 and $46.3 million of revenues and $5.5 million earnings before income taxes between reportable segments for the year ended June 30, 2018.
Investor
Communication
Solutions		Global
Technology and
Operations		OtherForeign Currency
Exchange		Total
 (in millions)
Year ended June 30, 2020
Revenues$3,491.3  $1,174.2  $—  $(136.4) $4,529.0  
Earnings (loss) before income taxes464.1  245.0  (146.3) 16.8  579.5  
Assets2,484.4  1,734.2  671.1  —  4,889.8  
Capital expenditures35.9  5.3  21.6  —  62.7  
Depreciation and amortization42.9  12.0  18.9  —  73.8  
Amortization of acquired intangibles81.7  39.7  1.5  —  122.9  
Amortization of other assets30.9  54.8  16.8  —  102.6  
Year ended June 30, 2019
Revenues$3,468.3  $996.3  $—  $(102.4) $4,362.2  
Earnings (loss) before income taxes506.2  212.5  (130.9) 19.4  607.3  
Assets2,155.6  1,423.6  301.6  —  3,880.7  
Capital expenditures34.5  6.5  9.6  —  50.6  
Depreciation and amortization54.3  11.9  19.0  —  85.2  
Amortization of acquired intangibles70.6  16.3  0.5  —  87.4  
Amortization of other assets36.4  45.7  5.3  —  87.4  
Year ended June 30, 2018
Revenues$3,449.3  $957.9  $—  $(77.3) $4,329.9  
Earnings (loss) before income taxes489.1  204.8  (151.4) 18.6  561.0  
Assets2,072.2  925.1  307.4  —  3,304.7  
Capital expenditures38.9  29.0  8.8  —  76.7  
Depreciation and amortization51.7  11.3  19.1  —  82.1  
Amortization of acquired intangibles64.7  16.7  —  —  81.4  
Amortization of other assets12.3  30.9  5.3  —  48.5  
Revenues and assets by geographic area are as follows:
United
States		CanadaUnited
Kingdom		OtherTotal
 (in millions)
Year ended June 30, 2020
Revenues$3,989.7  $341.6  $144.4  $53.5  $4,529.0  
Assets$3,783.2  $479.2  $373.4  $253.9  $4,889.8  
Year ended June 30, 2019
Revenues$3,913.8  $279.5  $127.5  $41.4  $4,362.2  
Assets$2,870.2  $504.8  $277.0  $228.7  $3,880.7  
Year ended June 30, 2018
Revenues$3,907.2  $273.6  $118.7  $30.4  $4,329.9  
Assets$2,661.9  $216.7  $257.8  $168.3  $3,304.7  
v3.20.2
Quarterly Financial Results (Unaudited)
 12 Months Ended
Jun. 30, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Results (Unaudited) QUARTERLY FINANCIAL RESULTS (UNAUDITED)
Summarized quarterly results of operations for the fiscal years ended June 30, 2020 and 2019 are as follows:
First
Quarter		Second
Quarter		Third
Quarter		Fourth
Quarter		Fiscal Year Total
 (in millions, except per share amounts)
Year ended June 30, 2020
Revenues$948.6  $968.7  $1,249.9  $1,361.9  $4,529.0  
Gross profit221.1  187.7  377.4  477.7  1,263.9  
Operating income73.1  26.8  226.3  298.8  624.9  
Earnings before income taxes63.8  10.5  210.5  294.8  579.5  
Net earnings55.9  10.1  166.8  229.7  462.5  
Basic EPS$0.49  $0.09  $1.46  $2.00  $4.03  
Diluted EPS$0.48  $0.09  $1.43  $1.97  $3.95  
Year ended June 30, 2019
Revenues$972.8  $953.4  $1,224.8  $1,211.2  $4,362.2  
Gross profit233.8  219.4  377.5  399.6  1,230.2  
Operating income100.1  78.2  233.6  240.8  652.7  
Earnings before income taxes89.3  64.3  223.6  230.0  607.3  
Net earnings76.7  49.9  172.2  183.2  482.1  
Basic EPS$0.66  $0.43  $1.49  $1.59  $4.16  
Diluted EPS$0.64  $0.42  $1.45  $1.55  $4.06  
v3.20.2
Subsequent Event (Notes)
 12 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events SUBSEQUENT EVENTS On August 10, 2020, the Company’s Board of Directors increased the Company’s quarterly cash dividend by $0.035 per share to $0.575 per share, an increase in the expected annual dividend amount from $2.16 to $2.30 per share. The declaration and payment of future dividends to holders of the Company’s common stock will be at the discretion of the Company’s Board of Directors, and will depend upon many factors, including the Company’s financial condition, earnings, capital requirements of its businesses, legal requirements, regulatory constraints, industry practice, and other factors that the Board of Directors deems relevant.
v3.20.2
Schedule II-Valuation and Qualifying Accounts
 12 Months Ended
Jun. 30, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II-Valuation and Qualifying Accounts
Schedule II—Valuation and Qualifying Accounts
($ in millions)
Column AColumn BColumn CColumn DColumn E
 Balance at
beginning
of period		Additions
charged
to costs
and
expenses		DeductionsBalance
at end of
period
Fiscal year ended June 30, 2020:
Allowance for doubtful accounts$2.6  $9.6  $(2.4) $9.8  
Deferred tax valuation allowance$3.3  $3.4  $—  $6.7  
Other receivables$—  $1.0  $—  $1.0  
Fiscal year ended June 30, 2019:
Allowance for doubtful accounts$2.7  $1.1  $(1.2) $2.6  
Deferred tax valuation allowance$3.8  $—  $(0.4) $3.3  
Fiscal year ended June 30, 2018:
Allowance for doubtful accounts$3.7  $1.4  $(2.4) $2.7  
Deferred tax valuation allowance$9.3  $—  $(5.5) $3.8  
v3.20.2
Basis of Presentation (Policies)
 12 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Consolidation and Basis of Presentation Consolidation and Basis of Presentation. The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the U.S. and in accordance with the SEC requirements for Annual Reports on Form 10-K. These financial statements present the consolidated position of the Company and include the entities in which the Company directly or indirectly has a controlling financial interest as well as various entities in which the Company has investments recorded under the equity method of accounting as well as certain marketable and non-marketable securities. Intercompany balances and transactions have been eliminated. Amounts presented may not sum due to rounding. Certain prior period amounts have been reclassified to conform to the current year presentation where applicable, except as it relates to (i) Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) No. 2016-02 “Leases”, as amended (“ASU No. 2016-02”), (ii) No. 2014-09 “Revenue from Contracts with Customers” and its related amendments (collectively “ASU No. 2014-09”), (iii) ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU No. 2016-01”), and (iv) ASU No. 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU No. 2018-02”), as described further below.
Effective July 1, 2019, the Company adopted ASU No. 2016-02, as amended, by recognizing a right-of-use (“ROU”) asset and corresponding lease liability, along with a cumulative-effect adjustment to the opening balance of retained earnings, in the period of adoption. Under this method of adoption, the Company has not restated the prior period Consolidated Financial Statements presented to the current period presentation. Additional information about the impact of the Company’s adoption of ASU No. 2016-02, as amended, is included in Note 2, “Summary of Significant Accounting Policies” and Note 8, “Leases”.
Effective July 1, 2018, the Company adopted ASU No. 2014-09 using the modified retrospective transition approach applied to all contracts. Under this transition approach, the Company has not restated the prior period Consolidated Financial Statements presented to the current period presentation. Additional information about the Company’s revenue recognition policies and the related impact of the adoption of ASU No. 2014-09 is included in Note 2, “Summary of Significant Accounting Policies” and Note 3, “Revenue Recognition”.
Effective July 1, 2018, the Company adopted ASU No. 2016-01, which requires changes in the fair value of publicly traded equity securities for which the Company does not have significant influence to be recorded as part of Net earnings rather than as Other comprehensive income (loss), net. In addition, equity investments that do not have a readily determinable fair value will be recorded at cost less impairment as further adjusted for observable price changes in orderly transactions for identical or similar investments of the issuer. The Company adopted ASU No. 2016-01 using the modified-retrospective transition approach by recording the cumulative effect of previously unrecognized gains or losses on publicly traded equity securities to retained earnings as of July 1, 2018. The provisions of ASU No. 2016-01 relative to equity investments that do not have a readily determinable fair value have been applied prospectively. The Consolidated Financial Statements have not been revised for periods prior to July 1, 2018. The impact of adopting ASU No. 2016-01 resulted in a reclassification of less than $0.1 million in unrealized gains, net from accumulated other comprehensive loss to retained earnings as of July 1, 2018.
Effective July 1, 2018, the Company adopted ASU No. 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects associated with the change in the U.S. federal corporate tax rate resulting from the U.S. Tax Cuts and Jobs Act (the “Tax Act”) enacted in December 2017. The adoption of ASU No. 2018-02 resulted in an increase to retained earnings of $1.5 million.
Effective July 1, 2018, the Company adopted ASU No. 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU No. 2017-07”) whereby the Company revised its presentation in the Consolidated Statements of Earnings to reflect the non-service cost components of net benefit cost as part of Other nonoperating income (expenses), net, which were previously recorded as part of Total operating expenses. All prior period information has been conformed to the current period presentation.
Use of Estimates Use of Estimates. The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes thereto. These estimates are based on management’s best knowledge of current events, historical experience, actions that the Company may undertake in the future and on various other assumptions and judgment that are believed to be reasonable under the circumstances. Accordingly, actual results could differ from those estimates. The use of estimates in specific accounting policies is described further in the notes to the Consolidated Financial Statements, as appropriate.
Revenue Recognition Revenue Recognition. ASU No. 2014-09 outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers. The core principle is that an entity recognizes revenue to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company’s revenues from clients are primarily generated from fees for providing investor communications and technology-enabled services and solutions. Revenues are recognized for the two reportable segments as follows:•Investor Communication Solutions—Revenues are generated primarily from processing and distributing investor communications and other related services as well as vote processing and tabulation. The Company typically enters into agreements with clients to provide services on a fee for service basis. Fees received for processing and distributing investor communications are generally variably priced and recognized as revenue over time as the Company provides the services to clients based on the number of units processed, which coincides with the pattern of value transfer to the client. Broadridge works directly with corporate issuers (“Issuers”) and mutual funds to ensure that the account holders of the Company’s bank and broker clients, who are also the shareholders of Issuers and mutual funds, receive the appropriate investor communications materials and that the services are fulfilled in accordance with each Issuer’s and mutual fund’s requirements. Broadridge works directly with the Issuers and mutual funds to resolve any issues that may arise. As such, Issuers and mutual funds are viewed as the customer of the Company’s services. As a result, revenues for distribution services as well as proxy materials fulfillment services are recorded in Revenue on a gross basis with corresponding costs including amounts remitted to the broker-dealers and banks (referred to as “Nominees”) recorded in Cost of revenues. Fees for the Company’s investor communications services arrangements are typically billed and paid on a monthly basis following the delivery of the services. The Company also offers certain hosted service arrangements that can be priced on a fixed and/or variable basis for which revenue is recognized over time as the Company satisfies its performance obligation by delivering services to the client on a monthly basis based on the number of transactions processed or units delivered, in the case of variable priced arrangements, or a fixed monthly fee in the case of fixed price arrangements, in each case which coincides with the pattern of value transfer to the client. These services may be billed in a variety of payment frequencies depending on the specific arrangement.
•Global Technology and Operations—Revenues are generated primarily from fees for trade processing and related services. Revenue is recognized over time as the Company satisfies its performance obligation by delivering services to the client. The Company’s arrangements for processing and related services typically consist of an obligation to provide specific services to its clients on a when and if needed basis (a stand ready obligation) with revenue recognized from the satisfaction of the performance obligations on a monthly basis generally in the amount billable to the client. These services are generally provided under variable priced arrangements based on volume of service and can include minimum monthly usage fees. Client service agreements often include up-front consideration in addition to the recurring fee for trade processing. Up-front implementation fees, as well as certain enhancements to existing technology platforms, are deferred and recognized on a straight-line basis over the service term of the contract which corresponds to the timing of transfer of value to the client that commences after client acceptance when the processing term begins. In addition, revenue is also generated from the fulfillment of professional services engagements which are generally priced on a time and materials or fixed price basis, and are recognized as the services are provided to the client which corresponds to the timing of transfer of value to the client. Finally, the Company recognizes license revenues from software term licenses installed on clients’ premises upon delivery and acceptance of the software license, assuming a contract is deemed to exist. Software term license revenue is not a significant portion of the Company’s revenues.
The Company uses the following methods, inputs, and assumptions in determining amounts of revenue to recognize:
Identification of Performance Obligations
For revenue arrangements containing multiple goods or services, the Company accounts for the individual goods or services as a separate performance obligation if they are distinct, the good or service is separately identifiable from other items in the arrangement, and if a client can benefit from it on its own or with other resources that are readily available to the client. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation.
Transaction Price
Once separate performance obligations are determined, the transaction price is allocated to the individual performance obligations within a contract. If the contracted prices reflect the relative standalone selling prices for the individual performance obligations, no allocations are made. Otherwise, the Company uses the relative selling price method to allocate the transaction price, obtained from sources such as the observable price of a good or service when the Company sells that good or service separately in similar circumstances and to similar clients. If such evidence is unavailable, the Company uses the best estimate of the selling price, which includes various internal factors such as pricing strategy and market factors. A significant portion of the Company’s performance obligations are generated from transactions with volume based fees and includes services that are delivered at the same time. The Company recognizes revenue related to these arrangements over time as the services are provided to the client. While many of the Company’s contracts contain some component of variable consideration, the Company only recognizes variable consideration that is not expected to reverse. The Company allocates variable payments to distinct services in an overall contract when the variable payment relates specifically to that particular service and for which the variable payment reflects what the Company expects to receive in exchange for that particular service. As a result, the Company generally allocates and recognizes variable consideration in the period it has the contractual right to invoice the client.
As described above, our most significant performance obligations involve variable consideration which constitutes the majority of our revenue streams. The Company’s variable consideration components meet the criteria in ASU No. 2014-09 for exclusion from disclosure of the remaining transaction price allocated to unsatisfied performance obligations as does any contracts with clients with an original duration of one year or less. The Company has contracts with clients that vary in length depending on the nature of the services and contractual terms negotiated with the client, and they generally extend over a multi-year period.
Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a client, are excluded from revenue. Distribution revenues associated with shipping and handling activities are accounted for as a fulfillment activity and recognized as the related services or products are transferred to the client. As a practical expedient, the Company does not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between client payment and the transfer of goods or services is expected to be one year or less.
Cash and Cash Equivalents Cash and Cash Equivalents. Investment securities with an original maturity of 90 days or less are considered cash equivalents. The fair value of the Company’s Cash and cash equivalents approximates carrying value due to their short term nature.
Financial Instruments Financial Instruments. Substantially all of the financial instruments of the Company other than Long-term debt are carried at fair values, or at carrying amounts that approximate fair values because of the short maturity of the instruments. The carrying value of the Company’s long-term fixed-rate senior notes represent the face value of the long-term fixed-rate senior notes net of the unamortized discount and net of the associated unamortized debt issuance cost. The fair value of the Company’s long-term fixed-rate senior notes is based on quoted market prices.
Property, Plant and Equipment Property, Plant and Equipment. Property, plant and equipment is initially recorded at cost and depreciated over the estimated useful lives of the assets using the straight-line method. Leasehold improvements are amortized over the shorter of the term of the lease or the estimated useful lives of the improvements. The estimated useful lives of assets are as follows:
Equipment
3 to 7 years
Buildings and Building Improvements
5 to 20 years
Furniture and fixtures
4 to 7 years
Securities Securities. Securities are non-derivatives that are reflected in Other non-current assets in the Consolidated Balance Sheets, unless management intends to dispose of the investment within twelve months of the end of the reporting period, in which case they are reflected in Other current assets in the Consolidated Balance Sheets. These investments are in entities over which the Company does not have control, joint control, or significant influence. Securities that have a readily determinable fair value are carried at fair value. Securities without a readily determinable fair value are initially recognized at cost and subsequently carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in transactions for an identical or similar investment of the same issuer, such as subsequent capital raising transactions. Changes in the value of securities with or without a readily determinable fair value are recorded in the Consolidated Statements of Earnings. In determining whether a security without a readily determinable fair value is impaired, management considers qualitative factors to identify an impairment including the financial condition and near-term prospects of the issuer.
Inventories Inventories. Inventories are stated at the lower of cost (determined on a first-in, first-out basis) or market.
Deferred Client Conversion and Start-Up Costs Deferred Client Conversion and Start-Up Costs. Direct costs incurred to set up or convert a client’s systems to function with the Company’s technology, that are expected to be recovered, are generally deferred and recognized on a straight-line basis over the service term of the arrangement to which the costs relate, which commences after client acceptance when the processing term begins. The Company evaluates the carrying value of deferred client conversion and start-up costs for impairment on the basis of whether these costs are fully recoverable from the expected future undiscounted net operating cash flows of the client to which the deferred costs relate.
Deferred Sales Commission Costs Deferred Sales Commission Costs. The Company defers incremental costs to obtain a client contract that it expects to recover, which consists of sales commissions incurred, only if the contract is executed. Deferred sales commission costs are amortized on a straight-line basis using a portfolio approach consistent with the pattern of transfer of the goods or services to which the asset relates, which also considers expected customer lives. As a practical expedient, the Company recognizes the sales commissions as an expense when incurred if the amortization period of the sales commission asset that the entity otherwise would have recognized is one year or less. The Company evaluates the carrying value of deferred sales commission costs for impairment on the basis of whether these costs are fully recoverable from the expected future undiscounted net operating cash flows of the portfolio of clients to which the deferred sales commission costs relate. Refer to Note 11, “Other Non-Current Assets” for a further description of the Company’s Deferred sales commission costs.
Deferred Data Center Costs Deferred Data Center Costs. Data center costs relate to conversion costs associated with our principal data center systems and applications. Costs directly related to the activities necessary to make the data center usable for its intended purpose are deferred and amortized over the life of the contract on a straight-line basis commencing on the date the data center has achieved full functionality.
Goodwill Goodwill. The Company does not amortize goodwill but instead tests goodwill for impairment at the reporting unit level at least annually or more frequently if circumstances indicate possible impairment. The Company tests for goodwill impairment annually in the fourth quarter of the fiscal year, using the March 31 financial statement balances. The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. The Company determines the fair value of its reporting units using the income approach, which considers a discounted future cash flow analysis using various assumptions, including projections of revenues based on assumed long-term growth rates, estimated costs and appropriate discount rates based on the particular reporting unit’s weighted-average cost of capital. The principal factors used in the discounted cash flow analysis requiring judgment are the projected future operating cash flows based on forecasted earnings before interest and taxes, and the selection of the terminal value growth rate and discount rate assumptions. The weighted-average cost of capital takes into account the relative weight of each component of our consolidated capital structure (equity and long-term debt). The estimates of long-term growth and costs are based on historical data, various internal estimates and a variety of external sources, and are developed as part of the Company’s routine, long-range planning process. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss shall be recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination is determined.
Impairment of Long-Lived Assets Impairment of Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (or asset group) to the estimated undiscounted future cash flows expected to be generated by the asset (or asset group). If the carrying amount of an asset (or asset group) exceeds its expected estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset (or asset group) exceeds its fair value. Intangible assets with finite lives are amortized primarily on a straight-line basis over their estimated useful lives and are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Equity Method Investments Equity Method Investments. The Company’s investments resulting in a 20% to 50% ownership interest are accounted for using the equity method of accounting when the ability to exercise significant influence is maintained by the Company. The Company’s share of net income or losses of equity method investments is included in Other non-operating income (expenses), net. Equity method investments are included in Other non-current assets. Equity method investments are reviewed for impairment by assessing if a decline in market value of the investment below the carrying value is other than temporary, which considers the intent and ability to retain the investment, the length of time and extent that the market value has been less than cost, and the financial condition of the investee.
Foreign Currency Translation and Transactions Foreign Currency Translation and Transactions. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars based on exchange rates in effect at the end of each period. Revenues and expenses are translated at average exchange rates during the periods. Currency transaction gains or losses are included in Non-operating income (expenses), net. Gains or losses from balance sheet translation are included in Accumulated other comprehensive income (loss).
Distribution Cost of Revenues Distribution Cost of Revenues. Distribution cost of revenues consists primarily of postage related expenses incurred in connection with the Company’s Investor Communication Solutions segment, as well as Matrix Financial Solutions, Inc. administrative services expenses. These costs are reflected in Cost of revenues in the Consolidated Statements of Earnings.
Stock-Based Compensation Stock-Based Compensation. The Company accounts for stock-based compensation by recognizing the measurement of stock-based compensation expense in the Consolidated Statements of Earnings based on the fair value of the award on the date of grant. For stock options issued, the fair value of each stock option was estimated on the date of grant using a binomial option-pricing model. The binomial model considers a range of assumptions related to volatility, dividend yield, risk-free interest rate, and employee exercise behavior. Expected volatilities utilized in the binomial model are based on a combination of implied market volatilities, historical volatility of the Company’s stock price, and other factors. Similarly, the dividend yield is based on historical experience and expected future changes. The risk-free rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The binomial model also incorporates exercise and forfeiture assumptions based on an analysis of historical data. The expected life of the stock option grants is derived from the output of the binomial model and represents the period of time that options granted are expected to be outstanding. For restricted stock units, the fair value of the award is based on the current fair value of the Company’s stock on the date of grant less the present value of future expected dividends discounted at the risk-free-rate derived from the U.S. Treasury yield curve in effect at the time of grant.
Internal Use Software Internal Use Software. Expenditures for major software purchases and software developed or obtained for internal use are capitalized and amortized generally over a three- to five-year period on a straight-line basis. For software developed or obtained for internal use, the Company’s accounting policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, the Company also capitalizes payroll and payroll-related costs for employees who are directly associated with internal use computer software projects. The amount of capitalizable payroll costs with respect to these employees is limited to direct time spent on such projects. Costs associated with preliminary project stage activities, training, maintenance, and all other post-implementation stage activities are expensed as incurred. The Company also expenses internal costs related to minor upgrades and enhancements, as it is impractical to separate these costs from normal maintenance activities.
Income Taxes Income Taxes. The Company accounts for income taxes under the asset and liability method, which establishes financial accounting and reporting standards for the effect of income taxes. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year and deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company’s Consolidated Financial Statements or tax returns. Deferred tax assets and liabilities are recognized based on temporary differences between the consolidated financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the temporary differences are expected to reverse. Judgment is required in addressing the future tax consequences of events that have been recognized in our Consolidated Financial Statements or tax returns (e.g., realization of deferred tax assets, changes in tax laws or interpretations thereof). Valuation allowances are recognized to reduce deferred tax assets when it is more likely than not that the Company will not be able to utilize the deferred tax assets attributable to net operating and capital loss carryforwards of certain subsidiaries to offset future taxable earnings. The determination as to whether a deferred tax asset will be recognized is made on a jurisdictional basis and is based on the evaluation of historical taxable income or loss, projected future taxable income, carryforward periods, scheduled reversals of deferred tax liabilities and tax planning strategies. Projected future taxable income is based on expected results and assumptions as to the jurisdiction in which the income will be earned. The assumptions used to project future taxable income requires significant judgment and are consistent with the plans and estimates used to manage the underlying businesses.
Advertising Costs Advertising Costs. Advertising costs are expensed at the time the advertising takes place.
New Accounting Pronouncements New Accounting Pronouncements.
Recently Adopted Accounting Pronouncements
In February 2016, the FASB issued ASU No. 2016-02, as subsequently amended by ASU No. 2018-10, “Codification Improvements to Topic 842, Leases,” ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” and ASU No. 2018-20, “Leases (Topic 842): Narrow Scope Improvements for Lessors" (collectively referred to herein as “ASU No. 2016-02, as amended”). Under ASU No. 2016-02, as amended, all lease arrangements, with certain limited exceptions, exceeding a twelve-month term must now be recognized as assets and liabilities on the balance sheet of the lessee by recording a ROU asset and corresponding lease obligation generally equal to the present value of the future lease payments over the lease term. Further, the income statement will reflect lease expense for leases classified as operating and amortization/interest expense for leases classified as financing, determined using classification criteria substantially similar to the current lease guidance for distinguishing between an operating and capital lease. ASU No. 2016-02, as amended, also contains certain additional qualitative and quantitative disclosures to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity’s leasing activities, including significant judgments and changes in judgments. ASU No. 2016-02, as amended, was effective for the Company in the first quarter of fiscal year 2020 and could have been adopted using either a modified retrospective basis which required adjustment to all comparative periods presented in the consolidated financial statements, or by recognizing a cumulative-effect adjustment to the opening balance of retained earnings at the date of initial application.
Accordingly, in the first quarter of fiscal year 2020, the Company adopted ASU No. 2016-02, as amended, by recognizing a ROU asset and corresponding lease liability, along with a cumulative-effect adjustment to the opening balance of retained earnings, in the period of adoption. Under this method of adoption, the Company has not restated the prior period Consolidated Financial Statements presented to the current period presentation. The Company elected the transition package of three practical expedients permitted under the transition guidance in ASU No. 2016-02, as amended, to not reassess prior conclusions related to whether (i) a contract contains a lease, (ii) the classification of an existing lease, and (iii) the accounting for initial direct costs. The Company also elected accounting policies to (i) not separate the non-lease components of a contract from the lease component to which they relate, and (ii) not recognize assets or liabilities for leases with a term of twelve months or less and no purchase option that the Company is reasonably certain of exercising.
On the Consolidated Balance Sheet as of July 1, 2019, the adoption of ASU No. 2016-02, as amended, resulted in the recognition of lease liabilities of $252.0 million and ROU assets of $235.4 million, which include the impact of existing deferred rents and tenant improvement allowances for operating leases, as well as a cumulative-effect adjustment to the opening balance of retained earnings of $0.2 million. The adoption of ASU No. 2016-02, as amended, did not have a material impact on the Consolidated Statements of Earnings, the Consolidated Statements of Comprehensive Income, the Consolidated Statements of Cash Flows, or the Consolidated Statements of Stockholders’ Equity.
Effective July 1, 2018, the Company adopted ASU No. 2014-09. ASU No. 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most prior revenue recognition guidance, including industry specific requirements. It also includes guidance on accounting for the incremental costs of obtaining and costs incurred to fulfill a contract with a customer. The core principle of the revenue model is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires certain enhanced disclosures, including disclosures on the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers.
The Company identified certain impacts of ASU No. 2014-09 on its Consolidated Financial Statements. Specifically, under ASU No. 2014-09, the Company now capitalizes certain sales commissions, and it capitalizes certain additional costs that are part of setting up or converting a client’s systems to function with the Company’s technology, both of which were previously expensed. Additionally, the Company now recognizes proxy revenue primarily at the time of proxy materials distribution to the client’s shareholders rather than on the date of the client’s shareholder meeting, which is typically 30 days after the proxy materials distribution. Other changes to the timing of revenue recognition include deferral of revenue from certain transaction processing platform enhancements as well as acceleration of revenue from certain multi-year software license arrangements that was previously recognized over the term of the software subscription.
The Company adopted ASU No. 2014-09 effective July 1, 2018 using the modified retrospective transition method applied to all contracts, which resulted in a cumulative-effect increase in the opening balance of retained earnings of $101.3 million, most notably related to the deferral of incremental sales commissions incurred in obtaining contracts in prior periods. Under this transition approach, the Company did not restate the prior period Consolidated Financial Statements presented. See Note 3, “Revenue Recognition” for additional information about the Company’s revenue recognition policies.
Recently Issued Accounting Pronouncements
In August 2018, the FASB issued ASU No. 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU No. 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a cloud computing hosting arrangement that is a service contract with the requirements under GAAP for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU No. 2018-15 will be effective for the Company beginning in the first quarter of fiscal year 2021. Entities are permitted to apply either a retrospective or prospective transition approach to adopt the guidance. The pending adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.
In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses” (“ASU No. 2016-13”), which prescribes an impairment model for most financial instruments based on expected losses rather than incurred losses. Under this model, an estimate of expected credit losses over the contractual life of the instrument is to be recorded as of the end of a reporting period as an allowance to offset the amortized cost basis, resulting in a net presentation of the amount expected to be collected on the financial instrument. ASU No. 2016-13 is effective for the Company in the first quarter of fiscal year 2021. For most instruments, entities must apply the standard using a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The pending adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements.
Subsequent Events Subsequent Events. In preparing the accompanying Consolidated Financial Statements, the Company has reviewed events that have occurred after June 30, 2020 through the date of issuance of the Consolidated Financial Statements.
v3.20.2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Summary of Estimated Useful Lives of Assets The estimated useful lives of assets are as follows:
Equipment
3 to 7 years
Buildings and Building Improvements
5 to 20 years
Furniture and fixtures
4 to 7 years
v3.20.2
Revenue Recognition (Tables)
 12 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Fiscal Year Ended June 30, 2020Fiscal Year Ended June 30, 2019
(in millions)(in millions)
Investor Communication Solutions
Equity proxy$473.3  $437.0  
Mutual fund and exchange traded funds (“ETF”) interims284.6  265.9  
Customer communications and fulfillment735.4  736.4  
Other ICS368.7  324.8  
Total ICS Recurring fee revenues1,862.0  1,764.0  
Equity and other79.5  107.3  
Mutual funds98.5  137.2  
Total ICS Event-driven fee revenues178.0  244.5  
Distribution revenues1,451.2  1,459.8  
Total ICS Revenues$3,491.3  $3,468.3  
Global Technology and Operations
Equities and other$996.2  $831.7  
Fixed income178.0  164.6  
Total GTO Recurring fee revenues1,174.2  996.3  
Foreign currency exchange(136.4) (102.4) 
Total Revenues$4,529.0  $4,362.2  
Revenues by Type
Recurring fee revenues$3,036.3  $2,760.3  
Event-driven fee revenues178.0  244.5  
Distribution revenues1,451.2  1,459.8  
Foreign currency exchange(136.4) (102.4) 
Total Revenues$4,529.0  $4,362.2  
Contract Assets and Liabilities
The following table provides information about contract assets and liabilities:
June 30,
2020		June 30,
2019
(in millions)
Contract assets$81.9  $47.5  
Contract liabilities$286.6  $251.6  
v3.20.2
Earnings Per Share (Tables)
 12 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Denominators of Basic and Diluted EPS Computations
The following table sets forth the denominators of the basic and diluted EPS computations:
 Years ended June 30,
 202020192018
 (in millions)
Weighted-average shares outstanding:
Basic114.7  115.9  116.8  
Common stock equivalents2.3  2.9  3.5  
Diluted117.0  118.8  120.4  
Computation of Basic EPS
The following table sets forth the computation of basic EPS utilizing Net earnings for the following fiscal years and the Company’s basic Weighted-average shares outstanding:
 Years ended June 30,
 202020192018
 (in millions, except per share
amounts)
Net earnings$462.5  $482.1  $427.9  
Basic Weighted-average shares outstanding114.7  115.9  116.8  
Basic EPS$4.03  $4.16  $3.66  
Computation of Diluted EPS
The following table sets forth the computation of diluted EPS utilizing Net earnings for the following fiscal years and the Company’s diluted Weighted-average shares outstanding:
 Years ended June 30,
 202020192018
 (in millions, except per share
amounts)
Net earnings$462.5  $482.1  $427.9  
Diluted Weighted-average shares outstanding117.0  118.8  120.4  
Diluted EPS$3.95  $4.06  $3.56  
v3.20.2
Interest Expense, Net (Tables)
 12 Months Ended
Jun. 30, 2020
Other Income and Expenses [Abstract]  
Components of Interest Expense, Net
Interest expense, net consisted of the following:
 Years ended June 30,
 202020192018
 (in millions)
Interest expense on borrowings$(62.5) $(45.9) $(42.4) 
Interest income3.7  4.2  3.8  
Interest expense, net$(58.8) $(41.8) $(38.6) 
v3.20.2
Acquisitions (Tables)
 12 Months Ended
Jun. 30, 2020
Business Combinations [Abstract]  
Business Combination, Financial Information on Transaction
Financial information on each transaction is as follows:

Shadow FinancialFi360Clear-StructureFunds-LibraryTotal
(in millions)
Cash payments, net of cash acquired$35.6  $116.0  $59.1  $69.6  $280.3  
Deferred payments, net2.9  3.5  2.6  —  9.0  
Contingent consideration liability—  —  7.0  —  7.0  
Aggregate purchase price$38.5  $119.5  $68.7  $69.6  $296.3  
Net tangible assets acquired / (liabilities assumed)$(0.2) $(7.9) $0.6  $(3.3) $(10.8) 
Goodwill17.6  84.4  44.2  39.1  185.3  
Intangible assets21.1  43.1  23.9  33.8  121.8  
Aggregate purchase price$38.5  $119.5  $68.7  $69.6  $296.3  
Financial information on each transaction is as follows:
 RockallRPMTD Ameritrade*Total
(in millions)
Cash payments, net of cash acquired$34.9  $258.3  $61.5  $354.7  
Deferred payments, net
0.5  40.9  —  41.4  
Contingent consideration liability
7.0  0.8  —  7.9  
Aggregate purchase price
$42.4  $300.1  $61.5  $404.0  
Net tangible assets acquired / (liabilities assumed)
$(2.9) $6.8  $—  $3.9  
Goodwill
31.1  181.6  27.1  239.8  
Intangible assets
14.2  111.7  34.4  160.3  
Aggregate purchase price
$42.4  $300.1  $61.5  $404.0  
Financial information on each transaction is as follows:
 SummitActivePathFundAssistTotal
(in millions)
Cash payments, net of cash acquired$26.4  $21.8  $41.3  $89.5  
Deferred payments, net
1.4  2.4  —  3.8  
Contingent consideration liability (acquisition date fair value)
2.7  —  6.4  9.2  
Aggregate purchase price
$30.6  $24.2  $47.7  $102.5  
Net tangible assets acquired / (liabilities assumed)
$0.2  $(10.0) $(1.9) $(11.7) 
Goodwill
18.5  28.7  29.2  76.3  
Intangible assets
12.0  5.6  20.4  38.0  
Aggregate purchase price
$30.6  $24.2  $47.7  $102.5  
v3.20.2
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables set forth the Company’s financial assets and liabilities at June 30, 2020 and 2019, respectively, which are measured at fair value on a recurring basis during the period, segregated by level within the fair value hierarchy:
Level 1Level 2Level 3Total
 (in millions)
Assets:
Cash and cash equivalents:
Money market funds (1)$150.1  $—  $—  $150.1  
Other current assets:
Securities0.5  —  —  0.5  
Other non-current assets:
Securities102.0  —  —  102.0  
Total assets as of June 30, 2020$252.7  $—  $—  $252.7  
Liabilities:
Contingent consideration obligations$—  $—  $33.1  $33.1  
Total liabilities as of June 30, 2020$—  $—  $33.1  $33.1  
Level 1Level 2Level 3Total
 (in millions)
Assets:
Cash and cash equivalents:
Money market funds (1)$68.1  $—  $—  $68.1  
Other current assets:
Securities0.4  —  —  0.4  
Other non-current assets:
Securities81.8  —  —  81.8  
Total assets as of June 30, 2019$150.3  $—  $—  $150.3  
Liabilities:
Contingent consideration obligations$—  $—  $28.4  $28.4  
Total liabilities as of June 30, 2019$—  $—  $28.4  $28.4  
 
(1)Money market funds include money market deposit account balances of $150.1 million and $30.1 million as of June 30, 2020 and 2019, respectively.
Schedule of Changes in Level 3 Financial Liabilities The following table sets forth an analysis of changes during fiscal years 2020 and 2019 in Level 3 financial liabilities of the Company:
June 30,
20202019
 (in millions)
Beginning balance$28.4  $18.6  
Additional contingent consideration incurred7.0  7.9  
Net increase in contingent consideration liability1.0  3.6  
Foreign currency impact on contingent consideration liability(0.7) (0.6) 
Payments(2.6) (1.0) 
Ending balance$33.1  $28.4  
v3.20.2
Leases (Tables)
 12 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information
June 30,
2020
(In millions)
Assets:
       Operating lease ROU assets (a)$292.6  
Liabilities:
       Operating lease liabilities (a) - Current$35.3  
       Operating lease liabilities (a) - Non-current288.3  
       Total Operating lease liabilities$323.5  
_________
(a)Operating lease assets are included within Other non-current assets, and operating lease liabilities are included within Payables and accrued expenses (current portion) and Other non-current liabilities (non-current portion) in the Company’s Consolidated Balance Sheets as of June 30, 2020.
Components of Lease Cost
Components of Lease Cost (a)
Fiscal Year Ended 
 
June 30, 2020
(In millions)
Operating lease cost$40.9  
Variable lease cost24.4  
_________
(a)Lease cost is included within Cost of revenues and Selling, general and administrative expenses, dependent upon the nature and use of the ROU asset, in the Company’s Consolidated Statements of Earnings.
Supplemental Cash Flow Information
Supplemental Cash Flow Information
Fiscal Year Ended 
 
June 30, 2020
(In millions)
Cash paid for amounts included in the measurement of lease liabilities
       Operating cash outflows from operating leases$26.9  
ROU assets obtained in exchange for operating lease liabilities$89.6  
Lessee, Operating Lease, Liability, Maturity
Future rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows at June 30, 2020:
Operating Leases
Years Ending June 30,(In millions)
2021$44.5  
202241.6  
202339.3  
202437.2  
202535.0  
Thereafter180.6  
   Total lease payments378.2  
Less: Discount Amount54.7  
   Present value of operating lease liabilities$323.5  
Schedule of Future Minimum Rental Payments for Operating Leases Future minimum rental payments on leases with initial non-cancellable lease terms in excess of one year were due as follows at June 30, 2019:
Years Ending June 30, (In millions)
2020$46.8  
202145.2  
202239.5  
202335.9  
202434.7  
Thereafter204.4  
   Total lease payments$406.5  
v3.20.2
Property, Plant and Equipment, Net (Tables)
 12 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment at Cost and Accumulated Depreciation and Depreciation Expense
Property, plant and equipment at cost and Accumulated depreciation at June 30, 2020 and 2019 are as follows:
 June 30,
 20202019
 (in millions)
Property, plant and equipment:
Land and buildings$2.6  $2.6  
Equipment269.1  435.6  
Furniture, leaseholds and other196.9  174.6  
468.6  612.9  
Less: Accumulated depreciation(307.0) (423.9) 
Property, plant and equipment, net$161.6  $189.0  
Depreciation expense for Property, plant and equipment for the years ended June 30, 2020, 2019 and 2018 was as follows:
 Years ended June 30,
 202020192018
 (in millions)
Depreciation expense for Property, plant and equipment$50.6  $65.8  $63.4  
v3.20.2
Goodwill and Intangible Assets, Net (Tables)
 12 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill
Changes in Goodwill for the fiscal years ended June 30, 2020 and 2019 are as follows:
Investor
Communication
Solutions		Global
Technology and
Operations		Total
 (in millions)
Goodwill, gross, at July 1, 2018$884.4  $370.5  $1,254.9  
Transfers (a)(2.8) 2.8  —  
Additions27.3  220.4  247.7  
Fair value adjustments (b)7.4  —  7.4  
Foreign currency translation and other(3.2) (6.8) (10.0) 
Accumulated impairment losses—  —  —  
Goodwill, net, at June 30, 2019$913.1  $586.9  $1,500.0  
Goodwill, gross, at June 30, 2019$913.1  $586.9  $1,500.0  
Additions131.6  69.9  201.5  
Foreign currency translation and other(5.1) (13.0) (18.1) 
Fair value adjustments (b)(0.2) (8.8) (9.0) 
Accumulated impairment losses—  —  —  
Goodwill, net, at June 30, 2020$1,039.5  $635.0  $1,674.5  
(a) In connection with an organizational change made in the first quarter of fiscal year 2020, in order to further align and enhance our portfolio of services, the results for the Company's wealth management Advisor Solutions services that were previously reported in our Investor Communication Solutions reportable segment are now reported within the Global Technology and Operations reportable segment. As a result, $2.8 million of goodwill was reclassified from the ICS segment to the GTO segment based on a relative fair value analysis.
(b) Fair value adjustments includes adjustments to goodwill as part of finalization of the purchase price allocations.
Schedule of Intangible Assets at Cost and Accumulated Amortization
Intangible assets at cost and accumulated amortization at June 30, 2020 and 2019 are as follows:
 June 30,
 20202019
 Original
Cost		Accumulated
Amortization		Intangible
Assets, net		Original
Cost		Accumulated
Amortization		Intangible
Assets, net
 (in millions)
Software licenses$137.9  $(115.7) $22.2  $125.8  $(101.7) $24.1  
Acquired software technology196.8  (109.7) 87.1  164.7  (85.5) 79.3  
Customer contracts and lists644.5  (274.2) 370.3  549.6  (207.4) 342.1  
Acquired intellectual property136.6  (90.9) 45.7  135.0  (63.8) 71.2  
Other intangibles92.3  (34.0) 58.3  63.6  (24.1) 39.5  
$1,208.1  $(624.4) $583.8  $1,038.7  $(482.5) $556.2  
All of the intangible assets have finite lives and as such, are subject to amortization.
The weighted-average remaining useful life of the intangible assets is as follows:
Weighted-Average Remaining Useful Life (Years)
Acquired software technology2.8
Software licenses2.2
Customer contracts and lists5.5
Acquired intellectual property1.9
Other intangibles4.2
     Total weighted-average remaining useful life4.5
Finite-lived Intangible Assets Amortization Expense Amortization of intangibles for the years ended June 30, 2020, 2019 and 2018 was as follows:
 Years ended June 30,
 202020192018
 (in millions)
Amortization expense for intangible assets$146.1  $106.8  $100.2  
Estimated Amortization Expenses of Intangible Assets
Estimated remaining amortization expenses of the Company’s existing intangible assets for the next five fiscal years and thereafter are as follows:
Years Ending June 30,(in millions)
2021$150.5  
2022125.2  
2023103.3  
202484.9  
202565.0  
Thereafter54.8  
v3.20.2
Other Non-Current Assets (Tables)
 12 Months Ended
Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Non-Current Assets
Other non-current assets consisted of the following:
 June 30,
 20202019
 (in millions)
Deferred client conversion and start-up costs$433.8  $254.7  
ROU assets (a)292.6  —  
Deferred sales commissions costs 104.4  95.5  
Contract assets (b)81.9  47.5  
Deferred data center costs (c)24.5  29.0  
Long-term investments141.6  100.4  
Long-term broker fees32.8  35.3  
Other30.2  30.6  
Total$1,141.9  $593.1  
v3.20.2
Payables and Accrued Expenses (Tables)
 12 Months Ended
Jun. 30, 2020
Other Liabilities Disclosure [Abstract]  
Components of Payables and Accrued Expenses consisted of the following:
 June 30,
 20202019
 (in millions)
Accounts payable$151.8  $133.7  
Employee compensation and benefits260.4  232.2  
Accrued broker fees109.5  87.0  
Accrued dividend payable62.2  55.4  
Managed services administration fees59.4  53.1  
Customer deposits44.5  34.8  
Accrued taxes38.5  68.9  
Operating lease liabilities35.3  —  
Other68.6  46.6  
Total$829.9  $711.7  
v3.20.2
Borrowings (Tables)
 12 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Outstanding Borrowings
Outstanding borrowings and available capacity under the Company’s borrowing arrangements were as follows:
Expiration
Date		Principal amount outstanding at June 30, 2020Carrying value at June 30, 2020Carrying value at June 30, 2019Unused
Available
Capacity		 Fair Value at June 30, 2020
(in millions)
Current portion of long-term debt
Fiscal 2014 Senior Notes (a)September 2020$400.0  $399.9  $—  —  $402.1  
Total$400.0  $399.9  $—  —  $402.1  
Long-term debt, excluding current portion
Fiscal 2019 Revolving Credit Facility:
U.S. dollar trancheMarch 2024$—  $—  $360.0  $1,100.0  $—  
Multicurrency trancheMarch 2024149.8  149.8  215.7  250.2  149.8  
Total Revolving Credit Facility$149.8  $149.8  $575.7  $1,350.2  $149.8  
Fiscal 2014 Senior Notes (a)September 2020—  —  399.2  —  —  
Fiscal 2016 Senior NotesJune 2026500.0  496.1  495.5  —  554.3  
Fiscal 2020 Senior NotesDecember 2029750.0  741.7  —  —  803.6  
Total Senior Notes$1,250.0  $1,237.8  $894.7  $—  $1,357.8  
Total long-term debt$1,399.8  $1,387.6  $1,470.4  $1,350.2  $1,507.7  
Total debt$1,799.8  $1,787.5  $1,470.4  $1,350.2  $1,909.7  
_________
(a) The Fiscal 2014 Senior Notes were reclassified from Long-term debt to Current portion of long-term debt in September 2019 to reflect the remaining maturity of less than a year.
Schedule Of Future Principal Payments On Outstanding Debt
Future principal payments on the Company’s outstanding debt are as follows:
Years ending June 30,20212022202320242025ThereafterTotal
(in millions)$400.0  $—  $—  $149.8  $—  $1,250.0  $1,799.8  
v3.20.2
Other Non-Current Liabilities (Tables)
 12 Months Ended
Jun. 30, 2020
Other Liabilities Disclosure [Abstract]  
Schedule of Other Non-current Liabilities
Other non-current liabilities consisted of the following:
June 30,
20202019
(in millions)
Operating lease liabilities$288.3  $—  
Post-employment retirement obligations144.3  130.8  
Non-current income taxes37.4  40.5  
Acquisition related contingencies17.6  26.3  
Other24.8  35.3  
       Total$512.4  $232.8  
v3.20.2
Stock-Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Incentive Equity Awards
The activity related to the Company’s incentive equity awards for the fiscal years ended June 30, 2020, 2019 and 2018 consisted of the following:
 Stock OptionsTime-based
RSUs		Performance-based
RSUs
 Number
of
Options		Weighted
Average
Exercise
Price		Number
of
Shares		Weighted
Average
Grant-Date
Fair Value		Number
of
Shares		Weighted
Average
Grant-Date
Fair Value
Balances at July 1, 20175,137,641  $39.63  1,074,593  $55.98  470,862  $58.26  
Granted1,079,442  93.42  456,217  78.86  198,485  76.71  
Exercised (a)(1,654,877) 31.09  —  —  —  —  
Vesting of RSUs (b)—  —  (463,561) 52.86  (150,068) 52.96  
Expired/forfeited(83,918) 42.89  (84,850) 60.18  (123,590) 43.00  
Balances at June 30, 20184,478,288  $55.69  982,399  $67.72  395,689  $74.29  
Granted528,978  98.72  360,147  121.11  133,213  116.53  
Exercised (a)(784,372) 39.94  —  —  —  —  
Vesting of RSUs (b)—  —  (430,270) 63.97  (198,420) 64.50  
Expired/forfeited(21,280) 94.14  (92,977) 76.57  (4,705) 80.57  
Balances at June 30, 20194,201,614  $63.85  819,299  $92.15  325,777  $97.43  
Granted501,192  117.43  340,006  118.74  110,260  120.09  
Exercised (a)(905,231) 46.47  —  —  —  —  
Vesting of RSUs (b)—  —  (408,716) 78.76  (176,900) 77.19  
Expired/forfeited(26,788) 88.01  (50,591) 113.07  (7,541) 80.24  
Balances at June 30, 2020 (c)3,770,787  $74.97  699,998  $111.37  251,596  $122.11  
 
(a)Stock options exercised during the fiscal years ended June 30, 2020, 2019 and 2018 had intrinsic values of $68.9 million, $65.8 million and $116.3 million, respectively.
(b)Time-based RSUs that vested during the fiscal years ended June 30, 2020, 2019 and 2018 had a total fair value of $38.4 million, $45.4 million and $50.6 million, respectively. Performance-based RSUs that vested during the fiscal years ended June 30, 2020, 2019 and 2018 had a total fair value of $16.5 million, $21.7 million and $19.1 million, respectively.
(c)As of June 30, 2020, the Company’s outstanding stock options using the fiscal year-end share price of $126.19 had an aggregate intrinsic value of $193.1 million. As of June 30, 2020, the Company’s outstanding “in the money” vested stock options using the fiscal year-end share price of $126.19 had an aggregate intrinsic value of $145.8 million. As of June 30, 2020, time-based RSUs and performance-based RSUs expected to vest using the fiscal year-end share price of $126.19 (approximately 0.7 million and 0.2 million shares, respectively) had an aggregate intrinsic value of $83.7 million and $30.3 million, respectively. Performance-based RSUs granted in the table above represent initial target awards, and performance adjustments for (i) change in shares issued based upon attainment of performance goals determined in the period, and (ii) estimated change in shares issued resulting from attainment of performance goals to be determined at the end of the prospective performance period.
Summary of Outstanding and Exercisable Stock Options
The tables below summarize information regarding the Company’s outstanding and exercisable stock options as of June 30, 2020:
 Outstanding Options
 Options
Outstanding		Weighted
Average
Remaining
Contractual
Term
(in years)		Weighted
Average
Exercise
Price Per Share		Aggregate Intrinsic Value (in millions) (a)
Range of Exercise Prices
$0.01 to $35.00
383,527  2.14$22.66  
$35.01 to $50.00
428,000  3.57$37.69  
$50.01 to $65.00
602,156  5.02$52.56  
$65.01 to $80.00
333,869  6.52$67.32  
$80.01 to $95.00
999,436  7.46$93.40  
$95.01 to $110.00
522,607  8.55$98.67  
$110.01 to $125.00
501,192  9.59$117.43  
3,770,787  6.44$74.97  $193.1  
 Exercisable Options
Range of Exercise PricesOptions
Exercisable		Weighted
Average
Remaining
Contractual
Term
(in years)		Weighted
Average
Exercise
Price Per Share		Aggregate Intrinsic Value
(in millions) (a)
$0.01 to $35.00
383,527  2.14$22.66  
$35.01 to $50.00
428,000  3.57$37.69  
$50.01 to $65.00
602,156  5.02$52.56  
$65.01 to $80.00
203,014  6.51$67.32  
$80.01 to $95.00
239,017  7.28$93.13  
$95.01 to $110.00
146,286  8.47$99.61  
$110.01 to $125.00
22,211  9.37$119.37  
2,024,211  4.88$54.15  $145.8  
(a) Calculated using the closing stock price on the last trading day of fiscal year 2020 of $126.19, less the option exercise price, multiplied by the number of instruments.
Assumptions Used to Determine Fair Values of Stock Option Grants
The following table presents the assumptions used to determine the fair values of the stock option grants using the Binomial options pricing model during the fiscal years ended June 30, 2020, 2019 and 2018:
Fiscal Year Ended 
 
June 30, 2020		Fiscal Year Ended 
 
June 30, 2019		Fiscal Year Ended 
 
June 30, 2018
Graded Vesting
Risk-free interest rate1.5 %2.5 %2.7 %
Dividend yield1.8 %2.0 %1.6 %
Weighted-average volatility factor23.0 %26.0 %23.8 %
Weighted-average expected life (in years)5.75.96.5
Weighted-average fair value (in dollars)$21.49  $22.12  $22.16  
Fiscal Year Ended 
 
June 30, 2018
Cliff Vesting
Risk-free interest rate2.7 %
Dividend yield1.6 %
Weighted-average volatility factor23.8 %
Weighted-average expected life (in years)6.0
Weighted-average fair value (in dollars)$21.65  
v3.20.2
Employee Benefit Plans (Tables)
 12 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Summary of Costs Recored for Defined Contribution Savings Plans
The costs recorded by the Company for these plans were:
 Years ended June 30,
 202020192018
 (in millions)
401(k) savings plan$42.6  $35.5  $34.4  
ERSP2.5  2.3  1.9  
     Total $45.1  $37.8  $36.3  
Summary of Amounts Charged to Expense
The amounts charged to expense by the Company for these plans were:
 Years ended June 30,
 202020192018
 (in millions)
SORP$4.8  $3.9  $4.3  
SERP0.4  0.5  0.6  
     Total $5.2  $4.4  $4.9  
The amounts charged to expense by the Company for this plan were:
 Years ended June 30,
 202020192018
 (in millions)
Executive Retiree Health Insurance Plan$0.5  $0.5  $0.4  
The amounts charged to expense by the Company for this plan were:
 Years ended June 30,
 202020192018
 (in millions)
The Gratuity Plan$1.0  $1.3  $1.0  
Summary of Benefit Obligation under Plan
The benefit obligation to the Company under these plans at June 30, 2020, 2019 and 2018 was:
 Years ended June 30,
 202020192018
 (in millions)
SORP$53.8  $45.5  $38.3  
SERP6.0  5.4  4.5  
     Total $59.8  $50.8  $42.8  
The benefit obligation to the Company under this plan at June 30, 2020, 2019 and 2018 was:
 Years ended June 30,
 202020192018
 (in millions)
Executive Retiree Health Insurance Plan$4.5  $5.2  $5.3  
The benefit obligation to the Company under this plan at June 30, 2020, 2019 and 2018 was:
 Years ended June 30,
 202020192018
 (in millions)
The Gratuity Plan$6.4  $5.8  $5.0  
v3.20.2
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Earnings from Continuing Operations before Income Taxes
Earnings before income taxes shown below are based on the geographic location to which such earnings are attributable.
 Years Ended June 30,
 202020192018
 (in millions)
Earnings before income taxes:
U.S.$492.4  $526.4  $450.0  
Foreign87.2  80.8  111.1  
Total$579.5  $607.3  $561.0  
Components of Provision for Income Taxes
The Provision for income taxes consists of the following components:
 Years Ended June 30,
 202020192018
 (in millions)
Current:
U.S. Domestic$46.7  $88.8  $89.4  
Foreign33.1  24.7  43.4  
State8.3  15.1  9.6  
Total current88.1  128.7  142.4  
Deferred:
U.S. Domestic33.1  2.2  (13.6) 
Foreign(10.7) (2.8) 4.9  
State6.5  (2.9) (0.6) 
Total deferred29.0  (3.5) (9.3) 
Total Provision for income taxes$117.0  $125.2  $133.1  
Effective Income Tax Rate Reconciliation
 Years Ended June 30,
 2020%2019%2018%
 (in millions)
Provision for income taxes at U.S. statutory rate$121.7  21.0  $127.5  21.0  $157.4  28.1  
Increase (decrease) in Provision for income taxes from:
State taxes, net of federal tax11.3  1.9  12.0  2.0  9.4  1.7  
Foreign tax differential3.2  0.6  3.8  0.6  (2.4) (0.4) 
Valuation allowances2.4  0.4  0.4  0.1  (5.0) (0.9) 
Stock-based compensation - excess tax benefits (“ETB”)(15.6) (2.7) (19.3) (3.2) (40.9) (7.3) 
Tax Act Items —  —  (0.5) (0.1) 15.4  2.7  
Other(5.9) (1.0) 1.3  0.2  (0.8) (0.1) 
Total Provision for income taxes$117.0  20.2  $125.2  20.6  $133.1  23.7  
Components of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities at June 30, 2020 and 2019 were as follows:
 June 30,
 20202019
 (in millions)
Classification:
Long-term deferred tax assets (included in Other non-current assets)$2.6  $5.5  
Long-term deferred tax liabilities(126.8) (86.7) 
Net deferred tax liabilities$(124.2) $(81.3) 
Components:
Deferred tax assets:
Accrued expenses not currently deductible$3.1  $3.2  
Compensation and benefits not currently deductible59.1  57.6  
Net operating and capital losses16.4  11.1  
Tax credits7.7  7.5  
Other9.1  6.1  
Total deferred tax assets95.5  85.6  
Less: Valuation allowances(6.7) (3.3) 
Deferred tax assets, net88.8  82.2  
Deferred tax liabilities:
Goodwill and identifiable intangibles112.8  100.9  
Depreciation17.3  10.1  
Net deferred expenses66.5  33.6  
Unremitted earnings9.5  12.2  
Other7.0  6.8  
Deferred tax liabilities213.0  163.5  
Net deferred tax liabilities$(124.2) $(81.3) 
Summary of Activity Related to Unrecognized Tax Benefits
The following table summarizes the activity related to the Company’s gross unrecognized tax positions:
Fiscal Year Ended
June 30,
 202020192018
 (in millions)
Beginning balance$40.2  $22.8  $18.7  
Gross increase related to prior period tax positions0.5  17.3  3.5  
Gross increase related to current period tax positions5.9  2.8  3.0  
Gross decrease related to prior period tax positions(9.5) (2.6) (2.4) 
Ending balance$37.1  $40.2  $22.8  
v3.20.2
Contractual Commitments, Contingencies, and Off-Balance Sheet Arrangements (Tables)
 12 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Capitalized Contract Costs
The following table summarizes the capitalized costs related to data center agreements as of June 30, 2020:
 Amended IT Services AgreementAmended EU IT Services AgreementTotal
 (in millions)
Capitalized costs, beginning balance$62.3  $5.0  $67.3  
Capitalized costs incurred0.3  1.6  1.8  
Impact of foreign currency exchange—  (0.2) (0.2) 
Total capitalized costs, ending balance62.6  6.3  68.9  
Total accumulated amortization(40.1) (4.3) (44.4) 
Net Deferred IBM Costs$22.5  $2.0  $24.5  
Summary of Total Amortization Expense of Capitalized Costs Related to Data Center Agreements
The following table summarizes the respective total annual amortization expense of capitalized costs related to data center agreements:
 Years ended June 30,
 202020192018
 (in millions)
Amended IT Services Agreement$4.2  $5.3  $5.3  
Amended EU IT Services Agreement1.8  0.5  0.5  
     Total expenses $6.1  $5.8  $5.8  
Summary of Lease Expenses Related to IT Services Agreement, the EU IT Services Agreement, and related software maintenance agreements, various facilities and equipment leases, software license agreements, and software/hardware maintenance agreements
The following table summarizes the total expenses related to these agreements:
 Years ended June 30,
 202020192018
 (in millions)
Data center expenses$118.7  $106.1  $107.5  
Software license agreements57.0  37.3  33.7  
Software/hardware maintenance agreements72.1  65.0  63.5  
     Total expenses $247.9  $208.4  $204.6  
Schedule of Minimum Commitments Related to Technology Service Agreement
The minimum commitments at June 30, 2020 for the aforementioned Amended IT Services Agreement, the Amended EU IT Services Agreement, the IBM Private Cloud Agreement, software license agreements including hosted software arrangements, and software and hardware maintenance and support agreements are as follows:
Years Ending June 30,(in millions)
2021$93.4  
202288.3  
202385.1  
202479.9  
202564.0  
Thereafter170.0  
     Total$580.8  
v3.20.2
Changes in Accumulated Other Comprehensive Income/(Loss) by Component (Tables)
 12 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in the accumulated balances for each component of accumulated other comprehensive income/(loss):
Foreign
Currency
Translation
Securities		Pension
and Post-
Retirement
Liabilities		Total
(in millions)
Balances at July 1, 2017$(48.9) $2.3  $(9.2) $(55.8) 
Other comprehensive income/(loss) before reclassifications5.7  1.1  (0.1) 6.7  
Amounts reclassified from accumulated other comprehensive income/(loss)
—  (3.7) 1.0  (2.7) 
Balances at June 30, 2018$(43.2) $(0.4) $(8.3) $(51.9) 
Cumulative effect of changes in accounting principle (a)—  0.4  (1.9) (1.5) 
Other comprehensive income/(loss) before reclassifications(15.0) —  (3.6) (18.7) 
Amounts reclassified from accumulated other comprehensive income/(loss)—  —  0.9  0.9  
Balances at June 30, 2019$(58.3) $—  $(12.9) $(71.2) 
Other comprehensive income/(loss) before reclassifications(26.4) —  (4.2) (30.7) 
Amounts reclassified from accumulated other comprehensive income/(loss)—  —  1.5  1.5  
Balances at June 30, 2020$(84.7) $—  $(15.7) $(100.4) 
v3.20.2
Financial Data by Segment (Tables)
 12 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Schedule of Financial Data Segment Reporting Information
Investor
Communication
Solutions		Global
Technology and
Operations		OtherForeign Currency
Exchange		Total
 (in millions)
Year ended June 30, 2020
Revenues$3,491.3  $1,174.2  $—  $(136.4) $4,529.0  
Earnings (loss) before income taxes464.1  245.0  (146.3) 16.8  579.5  
Assets2,484.4  1,734.2  671.1  —  4,889.8  
Capital expenditures35.9  5.3  21.6  —  62.7  
Depreciation and amortization42.9  12.0  18.9  —  73.8  
Amortization of acquired intangibles81.7  39.7  1.5  —  122.9  
Amortization of other assets30.9  54.8  16.8  —  102.6  
Year ended June 30, 2019
Revenues$3,468.3  $996.3  $—  $(102.4) $4,362.2  
Earnings (loss) before income taxes506.2  212.5  (130.9) 19.4  607.3  
Assets2,155.6  1,423.6  301.6  —  3,880.7  
Capital expenditures34.5  6.5  9.6  —  50.6  
Depreciation and amortization54.3  11.9  19.0  —  85.2  
Amortization of acquired intangibles70.6  16.3  0.5  —  87.4  
Amortization of other assets36.4  45.7  5.3  —  87.4  
Year ended June 30, 2018
Revenues$3,449.3  $957.9  $—  $(77.3) $4,329.9  
Earnings (loss) before income taxes489.1  204.8  (151.4) 18.6  561.0  
Assets2,072.2  925.1  307.4  —  3,304.7  
Capital expenditures38.9  29.0  8.8  —  76.7  
Depreciation and amortization51.7  11.3  19.1  —  82.1  
Amortization of acquired intangibles64.7  16.7  —  —  81.4  
Amortization of other assets12.3  30.9  5.3  —  48.5  
Schedule of Revenues and Assets by Geographic Area
Revenues and assets by geographic area are as follows:
United
States		CanadaUnited
Kingdom		OtherTotal
 (in millions)
Year ended June 30, 2020
Revenues$3,989.7  $341.6  $144.4  $53.5  $4,529.0  
Assets$3,783.2  $479.2  $373.4  $253.9  $4,889.8  
Year ended June 30, 2019
Revenues$3,913.8  $279.5  $127.5  $41.4  $4,362.2  
Assets$2,870.2  $504.8  $277.0  $228.7  $3,880.7  
Year ended June 30, 2018
Revenues$3,907.2  $273.6  $118.7  $30.4  $4,329.9  
Assets$2,661.9  $216.7  $257.8  $168.3  $3,304.7  
v3.20.2
Quarterly Financial Results (Unaudited) (Tables)
 12 Months Ended
Jun. 30, 2020
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Results of Operations
Summarized quarterly results of operations for the fiscal years ended June 30, 2020 and 2019 are as follows:
First
Quarter		Second
Quarter		Third
Quarter		Fourth
Quarter		Fiscal Year Total
 (in millions, except per share amounts)
Year ended June 30, 2020
Revenues$948.6  $968.7  $1,249.9  $1,361.9  $4,529.0  
Gross profit221.1  187.7  377.4  477.7  1,263.9  
Operating income73.1  26.8  226.3  298.8  624.9  
Earnings before income taxes63.8  10.5  210.5  294.8  579.5  
Net earnings55.9  10.1  166.8  229.7  462.5  
Basic EPS$0.49  $0.09  $1.46  $2.00  $4.03  
Diluted EPS$0.48  $0.09  $1.43  $1.97  $3.95  
Year ended June 30, 2019
Revenues$972.8  $953.4  $1,224.8  $1,211.2  $4,362.2  
Gross profit233.8  219.4  377.5  399.6  1,230.2  
Operating income100.1  78.2  233.6  240.8  652.7  
Earnings before income taxes89.3  64.3  223.6  230.0  607.3  
Net earnings76.7  49.9  172.2  183.2  482.1  
Basic EPS$0.66  $0.43  $1.49  $1.59  $4.16  
Diluted EPS$0.64  $0.42  $1.45  $1.55  $4.06  
v3.20.2
Basis of Presentation - Additional Information (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2020
USD ($)
segment
Jun. 30, 2020
USD ($)
Segment
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Number of reportable segments 2 2      
Cumulative effect of changes in accounting principle $ 1,346.5 $ 1,346.5 $ 1,127.5 $ 1,094.3 $ 1,003.8
Cumulative Effect, Period of Adoption, Adjustment          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of changes in accounting principle     0.2 101.3  
Accounting Standards Update 2018-02          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Increase to retained earnings as a result of the Tax Act of 2017       1.5  
AOCI Attributable to Parent          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of changes in accounting principle (100.4) (100.4) (71.2) (51.9) (55.8)
AOCI Attributable to Parent | Cumulative Effect, Period of Adoption, Adjustment          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of changes in accounting principle       (1.5)  
AOCI Attributable to Parent | Accounting Standards Update 2016-01 | Cumulative Effect, Period of Adoption, Adjustment          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of changes in accounting principle       (0.1)  
Retained Earnings          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of changes in accounting principle $ 2,302.6 $ 2,302.6 2,087.7 1,727.0 $ 1,469.4
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of changes in accounting principle     $ 0.2 102.8  
Retained Earnings | Accounting Standards Update 2016-01 | Cumulative Effect, Period of Adoption, Adjustment          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of changes in accounting principle       $ 0.1  
v3.20.2
Summary of Significant Accounting Policies - Additional Information (Details)
$ in Millions
 12 Months Ended 36 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
segment
Jun. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
Segment
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Jun. 30, 2019
USD ($)
Jul. 01, 2019
USD ($)
Jun. 30, 2017
USD ($)
Property, Plant and Equipment [Line Items]                    
Number of reportable segments     2   2          
Investment securities maturity period for consideration as cash equivalents, in days 90 days                  
Inventory $ 21.5 $ 21.5 $ 21.5 $ 21.5 $ 21.5 $ 21.1   $ 21.1    
Advertising costs   6.8       4.1 $ 6.3      
Operating lease liability recognized 323.5 323.5 323.5 323.5 323.5       $ 252.0  
Operating lease right-of-use asset recognized 292.6 292.6 292.6 292.6 292.6       $ 235.4  
Retained earnings 2,302.6 2,302.6 2,302.6 2,302.6 2,302.6 2,087.7   2,087.7    
Cumulative effect of changes in accounting principle $ 1,346.5 $ 1,346.5 $ 1,346.5 $ 1,346.5 $ 1,346.5 1,127.5 1,094.3 1,127.5   $ 1,003.8
Accounting Standards Update 2016-02                    
Property, Plant and Equipment [Line Items]                    
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201602Member                  
Accounting Standards Update 2014-09                    
Property, Plant and Equipment [Line Items]                    
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201409Member                  
Cumulative Effect, Period of Adoption, Adjustment                    
Property, Plant and Equipment [Line Items]                    
Cumulative effect of changes in accounting principle           $ 0.2 $ 101.3 $ 0.2    
Software and Software Development Costs | Minimum                    
Property, Plant and Equipment [Line Items]                    
Estimated useful lives of assets 3 years                  
Software and Software Development Costs | Maximum                    
Property, Plant and Equipment [Line Items]                    
Estimated useful lives of assets 5 years                  
Five Largest Customers | Customer Concentration Risk | Revenue Benchmark [Member]                    
Property, Plant and Equipment [Line Items]                    
Percentage of consolidated revenues       20.00%   22.00% 21.00%      
Largest Customer | Customer Concentration Risk | Revenue Benchmark [Member]                    
Property, Plant and Equipment [Line Items]                    
Percentage of consolidated revenues               6.00%    
v3.20.2
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Details)
 12 Months Ended
Jun. 30, 2020
Equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of assets 3 years
Equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of assets 7 years
Buildings and Building Improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of assets 5 years
Buildings and Building Improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of assets 20 years
Furniture and fixtures | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of assets 4 years
Furniture and fixtures | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of assets 7 years
v3.20.2
Revenue Recognition - Additional Information (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2020
segment
Jun. 30, 2020
USD ($)
Jun. 30, 2020
Segment
Jun. 30, 2019
USD ($)
Revenue from Contract with Customer [Abstract]        
Number of reportable segments 2   2  
Amount of revenue recognized   $ 141.2   $ 96.4
v3.20.2
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Disaggregation of Revenue [Line Items]                      
Revenues $ 1,361.9 $ 1,249.9 $ 968.7 $ 948.6 $ 1,211.2 $ 1,224.8 $ 953.4 $ 972.8 $ 4,529.0 $ 4,362.2 $ 4,329.9
Distribution revenues                      
Disaggregation of Revenue [Line Items]                      
Revenues                 1,451.2 1,459.8  
Foreign currency exchange                      
Disaggregation of Revenue [Line Items]                      
Revenues                 136.4 102.4  
Recurring fee revenues                      
Disaggregation of Revenue [Line Items]                      
Revenues                 3,036.3 2,760.3  
Event-driven fee revenues                      
Disaggregation of Revenue [Line Items]                      
Revenues                 178.0 244.5  
Investor Communication Solutions                      
Disaggregation of Revenue [Line Items]                      
Revenues                 3,491.3 3,468.3  
Investor Communication Solutions | Total ICS Recurring fee revenues                      
Disaggregation of Revenue [Line Items]                      
Revenues                 1,862.0 1,764.0  
Investor Communication Solutions | Equity proxy                      
Disaggregation of Revenue [Line Items]                      
Revenues                 473.3 437.0  
Investor Communication Solutions | Mutual fund and exchange traded funds (“ETF”) interims                      
Disaggregation of Revenue [Line Items]                      
Revenues                 284.6 265.9  
Investor Communication Solutions | Customer communications and fulfillment                      
Disaggregation of Revenue [Line Items]                      
Revenues                 735.4 736.4  
Investor Communication Solutions | Other ICS                      
Disaggregation of Revenue [Line Items]                      
Revenues                 368.7 324.8  
Investor Communication Solutions | Total ICS Event-driven fee revenues                      
Disaggregation of Revenue [Line Items]                      
Revenues                 178.0 244.5  
Investor Communication Solutions | Equity and other                      
Disaggregation of Revenue [Line Items]                      
Revenues                 79.5 107.3  
Investor Communication Solutions | Mutual funds                      
Disaggregation of Revenue [Line Items]                      
Revenues                 98.5 137.2  
Investor Communication Solutions | Distribution revenues                      
Disaggregation of Revenue [Line Items]                      
Revenues                 1,451.2 1,459.8  
Global Technology and Operations | Total GTO Recurring fee revenues                      
Disaggregation of Revenue [Line Items]                      
Revenues                 1,174.2 996.3  
Global Technology and Operations | Equities and other                      
Disaggregation of Revenue [Line Items]                      
Revenues                 996.2 831.7  
Global Technology and Operations | Fixed income                      
Disaggregation of Revenue [Line Items]                      
Revenues                 $ 178.0 $ 164.6  
v3.20.2
Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Jul. 01, 2018
Revenue from Contract with Customer [Abstract]      
Contract assets $ 81.9 $ 47.5 $ 47.5
Contract liabilities $ 286.6   $ 251.6
v3.20.2
Earnings Per Share - Additional Information (Details) - shares
shares in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Earnings Per Share [Abstract]      
Anti-diluted options related to the purchase of common stock 0.5 0.4 1.1
v3.20.2
Earnings Per Share - Denominators of Basic and Diluted EPS Computations (Details) - shares
shares in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Weighted-average shares outstanding:      
Basic (in shares) 114.7 115.9 116.8
Common stock equivalents (in shares) 2.3 2.9 3.5
Diluted (in shares) 117.0 118.8 120.4
v3.20.2
Earnings Per Share - Computation of Basic EPS (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Earnings Per Share [Abstract]                      
Net earnings $ 229.7 $ 166.8 $ 10.1 $ 55.9 $ 183.2 $ 172.2 $ 49.9 $ 76.7 $ 462.5 $ 482.1 $ 427.9
Basic Weighted-average shares outstanding (in shares)                 114.7 115.9 116.8
Basic EPS (in dollars per share) $ 2.00 $ 1.46 $ 0.09 $ 0.49 $ 1.59 $ 1.49 $ 0.43 $ 0.66 $ 4.03 $ 4.16 $ 3.66
v3.20.2
Earnings Per Share - Computation of Diluted EPS (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Earnings Per Share [Abstract]                      
Net earnings $ 229.7 $ 166.8 $ 10.1 $ 55.9 $ 183.2 $ 172.2 $ 49.9 $ 76.7 $ 462.5 $ 482.1 $ 427.9
Diluted Weighted-average shares outstanding (in shares)                 117.0 118.8 120.4
Diluted EPS (in dollars per share) $ 1.97 $ 1.43 $ 0.09 $ 0.48 $ 1.55 $ 1.45 $ 0.42 $ 0.64 $ 3.95 $ 4.06 $ 3.56
v3.20.2
Interest Expense, Net - Components of Interest Expense, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Other Income and Expenses [Abstract]      
Interest expense on borrowings $ (62.5) $ (45.9) $ (42.4)
Interest income (3.7) (4.2) (3.8)
Interest expense, net $ (58.8) $ (41.8) $ (38.6)
v3.20.2
Acquisitions - Financial Information on Transactions (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Business Acquisition [Line Items]      
Cash payments, net of cash acquired $ 339.1 $ 354.7 $ 108.3
Goodwill 1,674.5 1,500.0  
Fiscal Year 2020 Acquisitions      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired 280.3    
Deferred payments, net 9.0    
Contingent consideration liability 7.0    
Aggregate purchase price 296.3    
Net tangible assets acquired / (liabilities assumed) (10.8)    
Goodwill 185.3    
Intangible assets 121.8    
Shadow Financial      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired 35.6    
Deferred payments, net 2.9    
Contingent consideration liability 0.0    
Aggregate purchase price 38.5    
Net tangible assets acquired / (liabilities assumed) (0.2)    
Intangible assets 21.1    
Fi360      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired 116.0    
Deferred payments, net 3.5    
Contingent consideration liability 0.0    
Aggregate purchase price 119.5    
Net tangible assets acquired / (liabilities assumed) (7.9)    
Intangible assets 43.1    
Clear-Structure      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired 59.1    
Deferred payments, net 2.6    
Contingent consideration liability 7.0    
Aggregate purchase price 68.7    
Net tangible assets acquired / (liabilities assumed) 0.6    
Intangible assets 23.9    
Funds-Library      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired 69.6    
Deferred payments, net 0.0    
Contingent consideration liability 0.0    
Aggregate purchase price 69.6    
Net tangible assets acquired / (liabilities assumed) (3.3)    
Intangible assets $ 33.8    
Fiscal Year 2019 Acquisitions      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired   354.7  
Deferred payments, net   41.4  
Contingent consideration liability   7.9  
Aggregate purchase price   404.0  
Net tangible assets acquired / (liabilities assumed)   3.9  
Goodwill   239.8  
Intangible assets   160.3  
Rockall      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired   34.9  
Deferred payments, net   0.5  
Contingent consideration liability   7.0  
Aggregate purchase price   42.4  
Net tangible assets acquired / (liabilities assumed)   (2.9)  
Intangible assets   14.2  
RPM      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired   258.3  
Deferred payments, net   40.9  
Contingent consideration liability   0.8  
Aggregate purchase price   300.1  
Net tangible assets acquired / (liabilities assumed)   6.8  
Intangible assets   111.7  
TD Ameritrade      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired   61.5  
Deferred payments, net   0.0  
Contingent consideration liability   0.0  
Aggregate purchase price   61.5  
Net tangible assets acquired / (liabilities assumed)   0.0  
Intangible assets   $ 34.4  
Fiscal Year 2018 Acquisitions      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired     89.5
Deferred payments, net     3.8
Contingent consideration liability     9.2
Aggregate purchase price     102.5
Net tangible assets acquired / (liabilities assumed)     (11.7)
Goodwill     76.3
Intangible assets     38.0
Summit      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired     26.4
Deferred payments, net     1.4
Contingent consideration liability     2.7
Aggregate purchase price     30.6
Net tangible assets acquired / (liabilities assumed)     0.2
Goodwill     18.5
Intangible assets     12.0
ActivePath      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired     21.8
Deferred payments, net     2.4
Contingent consideration liability     0.0
Aggregate purchase price     24.2
Net tangible assets acquired / (liabilities assumed)     (10.0)
Goodwill     28.7
Intangible assets     5.6
FundAssist      
Business Acquisition [Line Items]      
Cash payments, net of cash acquired     41.3
Deferred payments, net     0.0
Contingent consideration liability     6.4
Aggregate purchase price     47.7
Net tangible assets acquired / (liabilities assumed)     (1.9)
Goodwill     29.2
Intangible assets     $ 20.4
v3.20.2
Acquisitions - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Feb. 28, 2018
Business Acquisition [Line Items]          
Cash payment to acquire intellectual property   $ 0.0 $ 0.0 $ 40.0  
Purchase price, net of cash acquired   339.1 354.7 108.3  
Intellectual property purchase price         $ 40.0
Shadow Financial          
Business Acquisition [Line Items]          
Purchase price, net of cash acquired   $ 35.6      
Shadow Financial | Customer Relationships          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   7 years      
Shadow Financial | Software Technology          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   5 years      
Fi360          
Business Acquisition [Line Items]          
Purchase price, net of cash acquired   $ 116.0      
Fi360 | Customer Relationships          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   7 years      
Fi360 | Software Technology          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   5 years      
Clear-Structure          
Business Acquisition [Line Items]          
Contingent consideration maximum potential pay out   $ 12.5      
Acquisition date fair value of contingent consideration liability   7.0      
Purchase price, net of cash acquired   $ 59.1      
Clear-Structure | Customer Relationships          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   7 years      
Clear-Structure | Software Technology          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   5 years      
Funds-Library          
Business Acquisition [Line Items]          
Purchase price, net of cash acquired   $ 69.6      
Funds-Library | Customer Relationships          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   7 years      
Funds-Library | Software Technology          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   3 years      
Rockall          
Business Acquisition [Line Items]          
Contingent consideration maximum potential pay out   $ 10.1      
Settlement of deferred payment obligation $ 0.5        
Acquisition date fair value of contingent consideration liability   $ 7.6      
Purchase price, net of cash acquired     34.9    
Rockall | Customer Relationships          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   6 years      
Rockall | Software Technology          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   4 years      
RPM          
Business Acquisition [Line Items]          
Contingent consideration maximum potential pay out   $ 3.7      
Settlement of deferred payment obligation $ 40.9        
Acquisition date fair value of contingent consideration liability   $ 0.8      
Purchase price, net of cash acquired     258.3    
RPM | Customer Relationships          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   7 years      
RPM | Software Technology          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   5 years      
TD Ameritrade          
Business Acquisition [Line Items]          
Purchase price, net of cash acquired     $ 61.5    
TD Ameritrade | Customer Relationships          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   7 years      
Summit          
Business Acquisition [Line Items]          
Contingent consideration maximum potential pay out   $ 11.0      
Acquisition date fair value of contingent consideration liability   $ 7.3      
Purchase price, net of cash acquired       26.4  
Summit | Customer Relationships          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   7 years      
Summit | Software Technology          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   5 years      
ActivePath          
Business Acquisition [Line Items]          
Purchase price, net of cash acquired       21.8  
ActivePath | Customer Relationships          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   2 years      
ActivePath | Software Technology          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   5 years      
FundAssist          
Business Acquisition [Line Items]          
Acquisition date fair value of contingent consideration liability   $ 5.3      
Purchase price, net of cash acquired       $ 41.3  
FundAssist | Customer Relationships          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   6 years      
FundAssist | Software Technology          
Business Acquisition [Line Items]          
Acquired finite-lived intangible assets, weighted average useful life   5 years      
v3.20.2
Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Cash and cash equivalents:    
Money market funds $ 150.1 $ 68.1
Other current assets:    
Securities 0.5 0.4
Other non-current assets:    
Securities 102.0 81.8
Level 1    
Cash and cash equivalents:    
Money market funds 150.1 68.1
Other current assets:    
Securities 0.5 0.4
Other non-current assets:    
Securities 102.0 81.8
Liabilities:    
Contingent consideration obligations 0.0 0.0
Level 2    
Cash and cash equivalents:    
Money market funds 0.0 0.0
Other current assets:    
Securities 0.0 0.0
Other non-current assets:    
Securities 0.0 0.0
Liabilities:    
Contingent consideration obligations 0.0 0.0
Level 3    
Cash and cash equivalents:    
Money market funds 0.0 0.0
Other current assets:    
Securities 0.0 0.0
Other non-current assets:    
Securities 0.0 0.0
Liabilities:    
Contingent consideration obligations 33.1 28.4
Fair Value, Measurements, Recurring    
Other non-current assets:    
Total 252.7 150.3
Fair Value, Measurements, Recurring | Level 1    
Other non-current assets:    
Total 252.7 150.3
Liabilities:    
Total 0.0 0.0
Fair Value, Measurements, Recurring | Level 2    
Other non-current assets:    
Total 0.0 0.0
Liabilities:    
Total 0.0 0.0
Fair Value, Measurements, Recurring | Level 3    
Other non-current assets:    
Total $ 0.0 $ 0.0
v3.20.2
Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]    
MMDA account balances (less than in 2017) $ 150.1 $ 68.1
MMDA Account    
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]    
MMDA account balances (less than in 2017) $ 150.1 $ 30.1
v3.20.2
Fair Value of Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Fair Value Disclosures [Abstract]    
Carrying amount of non-marketable securities $ 33.3 $ 12.9
v3.20.2
Fair Value of Financial Instruments - Schedule of Changes in Level 3 Financial Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 28.4 $ 18.6
Additional contingent consideration incurred 7.0 7.9
Net increase in contingent consideration liability 1.0 3.6
Foreign currency impact on contingent consideration liability (0.7) (0.6)
Payments (2.6) (1.0)
Ending balance $ 33.1 $ 28.4
v3.20.2
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2020
Lessee, Lease, Description [Line Items]      
Weighted average remaining lease term     10 years
Weighted average discount rate     3.10%
Rent expense for operating leases $ 49.0 $ 50.4  
Maximum      
Lessee, Lease, Description [Line Items]      
Lease renewal term     5 years
v3.20.2
Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jul. 01, 2019
Assets:    
Operating lease ROU assets $ 292.6 $ 235.4
Liabilities:    
Operating lease liabilities 35.3  
Operating lease liabilities - Non-current 288.3  
Total Operating lease liabilities $ 323.5 $ 252.0
v3.20.2
Leases - Components of Lease Cost (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2020
USD ($)
Leases [Abstract]  
Operating lease cost $ 40.9
Variable lease cost $ 24.4
v3.20.2
Leases - Supplemental Cash Flow Information (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2020
USD ($)
Leases [Abstract]  
Operating cash outflows from operating leases $ 26.9
ROU assets obtained in exchange for operating lease liabilities $ 89.6
v3.20.2
Leases - Maturity of Lease Liabilities Under Topic 842 (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jul. 01, 2019
Leases [Abstract]    
2021 $ 44.5  
2022 41.6  
2023 39.3  
2024 37.2  
2025 35.0  
Thereafter 180.6  
Total lease payments 378.2  
Less: Discount Amount 54.7  
Present value of operating lease liabilities $ 323.5 $ 252.0
v3.20.2
Leases - Maturity of Lease Liabilities Under Topic 840 (Details)
$ in Millions
Jun. 30, 2019
USD ($)
Leases [Abstract]  
2020 $ 46.8
2021 45.2
2022 39.5
2023 35.9
2024 34.7
Thereafter 204.4
Total lease payments $ 406.5
v3.20.2
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment at Cost and Accumulated Depreciation (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 468.6 $ 612.9
Less: Accumulated depreciation (307.0) (423.9)
Property, plant and equipment, net 161.6 189.0
Land and buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 2.6 2.6
Equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 269.1 435.6
Furniture, leaseholds and other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 196.9 $ 174.6
v3.20.2
Property, Plant and Equipment, Net - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Property, Plant and Equipment [Abstract]      
Reduction in accumulated depreciation $ (33.9) $ (32.8)  
Depreciation expense for Property, plant and equipment $ 50.6 $ 65.8 $ 63.4
v3.20.2
Goodwill and Intangible Assets, Net - Schedule of Changes in Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Sep. 30, 2019
Jun. 30, 2018
Goodwill [Roll Forward]        
Goodwill, gross   $ 1,500.0   $ 1,254.9
Transfers   0.0    
Additions $ 201.5 247.7    
Fair value adjustments (9.0) 7.4    
Foreign currency translation and other (18.1) (10.0)    
Accumulated impairment losses 0.0 0.0    
Goodwill 1,674.5 1,500.0    
Investor Communication Solutions        
Goodwill [Roll Forward]        
Goodwill, gross   913.1   884.4
Transfers   (2.8)    
Additions 131.6 27.3    
Fair value adjustments (0.2) 7.4    
Foreign currency translation and other (5.1) (3.2)    
Accumulated impairment losses 0.0 0.0    
Goodwill 1,039.5 913.1 $ (2.8)  
Global Technology and Operations        
Goodwill [Roll Forward]        
Goodwill, gross   586.9   $ 370.5
Transfers   2.8    
Additions 69.9 220.4    
Fair value adjustments (8.8) 0.0    
Foreign currency translation and other (13.0) (6.8)    
Accumulated impairment losses 0.0 0.0    
Goodwill $ 635.0 $ 586.9 $ 2.8  
v3.20.2
Goodwill and Intangible Assets, Net - Additional Information (Details) - USD ($)
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Goodwill [Line Items]      
Goodwill additions $ 201,500,000 $ 247,700,000  
Goodwill impairment $ 0 0 $ 0
Change in estimates of projected future variables that has no impact on reported value of goodwill, percentage 10.00%    
Reduction in accumulated amortization $ 0 200,000  
Reduction in intangible assets 0 200,000  
Shadow Financial      
Goodwill [Line Items]      
Goodwill additions 17,600,000    
Fi360      
Goodwill [Line Items]      
Goodwill additions 84,400,000    
Clear-Structure      
Goodwill [Line Items]      
Goodwill additions 44,200,000    
Funds-Library      
Goodwill [Line Items]      
Goodwill additions $ 39,100,000    
Rockall      
Goodwill [Line Items]      
Goodwill additions   31,100,000  
RPM      
Goodwill [Line Items]      
Goodwill additions   181,600,000  
TD Ameritrade      
Goodwill [Line Items]      
Goodwill additions   $ 27,100,000  
v3.20.2
Goodwill and Intangible Assets, Net - Schedule of Intangible Assets at Cost and Accumulated Amortization (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Finite-Lived Intangible Assets [Line Items]    
Original Cost $ 1,208.1 $ 1,038.7
Accumulated Amortization (624.4) (482.5)
Intangible Assets, net 583.8 556.2
Software licenses    
Finite-Lived Intangible Assets [Line Items]    
Original Cost 137.9 125.8
Accumulated Amortization (115.7) (101.7)
Intangible Assets, net 22.2 24.1
Acquired software technology    
Finite-Lived Intangible Assets [Line Items]    
Original Cost 196.8 164.7
Accumulated Amortization (109.7) (85.5)
Intangible Assets, net 87.1 79.3
Customer contracts and lists    
Finite-Lived Intangible Assets [Line Items]    
Original Cost 644.5 549.6
Accumulated Amortization (274.2) (207.4)
Intangible Assets, net 370.3 342.1
Acquired intellectual property    
Finite-Lived Intangible Assets [Line Items]    
Original Cost 136.6 135.0
Accumulated Amortization (90.9) (63.8)
Intangible Assets, net 45.7 71.2
Other intangibles    
Finite-Lived Intangible Assets [Line Items]    
Original Cost 92.3 63.6
Accumulated Amortization (34.0) (24.1)
Intangible Assets, net $ 58.3 $ 39.5
v3.20.2
Goodwill and Intangible Assets, Net - Useful Lives (Details)
 12 Months Ended
Jun. 30, 2020
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Life (Years) 4 years 6 months
Acquired software technology  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Life (Years) 2 years 9 months 18 days
Software licenses  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Life (Years) 2 years 2 months 12 days
Customer contracts and lists  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Life (Years) 5 years 6 months
Acquired intellectual property  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Life (Years) 1 year 10 months 24 days
Other intangibles  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted-Average Remaining Useful Life (Years) 4 years 2 months 12 days
v3.20.2
Goodwill and Intangible Assets, Net - Amortization of Intangibles (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense for intangible assets $ 146.1 $ 106.8 $ 100.2
v3.20.2
Goodwill and Intangible Assets, Net - Estimated Amortization Expenses of Intangible Assets (Details)
$ in Millions
Jun. 30, 2020
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2021 $ 150.5
2022 125.2
2023 103.3
2024 84.9
2025 65.0
Thereafter $ 54.8
v3.20.2
Other Non-Current Assets - Schedule of Other Non-Current Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Jul. 01, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]      
Deferred client conversion and start-up costs $ 433.8 $ 254.7  
ROU assets 292.6    
Deferred sales commissions costs 104.4 95.5  
Contract assets 81.9 47.5 $ 47.5
Deferred data center costs 24.5 29.0  
Long-term investments 141.6 100.4  
Long-term broker fees 32.8 35.3  
Other 30.2 30.6  
Total $ 1,141.9 $ 593.1  
v3.20.2
Other Non-Current Assets - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Amortization of deferred costs $ 76.2 $ 65.7
v3.20.2
Payables and Accrued Expenses - Components of Payables and Accrued Expenses (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Other Liabilities Disclosure [Abstract]    
Accounts payable $ 151.8 $ 133.7
Employee compensation and benefits 260.4 232.2
Accrued broker fees 109.5 87.0
Accrued dividend payable 62.2 55.4
Managed services administration fees 59.4 53.1
Customer deposits 44.5 34.8
Accrued taxes 38.5 68.9
Operating lease liabilities 35.3  
Other 68.6 46.6
Total $ 829.9 $ 711.7
v3.20.2
Borrowings - Outstanding Borrowings (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Jun. 30, 2016
Aug. 31, 2013
Line Of Credit Facility Covenant Compliance [Line Items]          
Principal amount outstanding at June 30, 2020 $ 1,799.8        
Total long-term debt 1,787.5        
Current portion of long-term debt 399.9   $ 0.0    
Long-term debt 1,387.6   1,470.4    
Unused Available Capacity 1,350.2        
Fair Value at June 30, 2020 1,909.7        
Long-term debt, excluding current portion          
Line Of Credit Facility Covenant Compliance [Line Items]          
Principal amount outstanding at June 30, 2020 1,399.8        
Long-term debt     1,470.4    
Unused Available Capacity 1,350.2        
Fair Value at June 30, 2020 1,507.7        
Revolving Credit Facility | Fiscal 2019 Revolving Credit Facility          
Line Of Credit Facility Covenant Compliance [Line Items]          
Principal amount outstanding at June 30, 2020 149.8        
Long-term debt 149.8   575.7    
Unused Available Capacity 1,350.2        
Fair Value at June 30, 2020 149.8        
Revolving Credit Facility | Fiscal 2019 Revolving Credit Facility, U.S. Dollar Tranche          
Line Of Credit Facility Covenant Compliance [Line Items]          
Long-term debt     360.0    
Unused Available Capacity 1,100.0        
Revolving Credit Facility | Fiscal 2019 Revolving Credit Facility Multicurrency Tranche          
Line Of Credit Facility Covenant Compliance [Line Items]          
Principal amount outstanding at June 30, 2020 149.8        
Long-term debt 149.8   215.7    
Unused Available Capacity 250.2        
Fair Value at June 30, 2020 149.8        
Senior Notes          
Line Of Credit Facility Covenant Compliance [Line Items]          
Principal amount outstanding at June 30, 2020 1,250.0        
Long-term debt 1,237.8   894.7    
Fair Value at June 30, 2020 1,357.8        
Senior Notes | Fiscal 2014 Senior Notes (a)          
Line Of Credit Facility Covenant Compliance [Line Items]          
Principal amount outstanding at June 30, 2020         $ 400.0
Current portion of long-term debt 399.9        
Senior Notes | Fiscal 2014 Senior Notes (a) | Long-term debt, excluding current portion          
Line Of Credit Facility Covenant Compliance [Line Items]          
Long-term debt     399.2    
Fair Value at June 30, 2020 402.1   405.4    
Senior Notes | Fiscal 2016 Senior Notes          
Line Of Credit Facility Covenant Compliance [Line Items]          
Principal amount outstanding at June 30, 2020       $ 500.0  
Long-term debt 496.1   495.5    
Senior Notes | Fiscal 2016 Senior Notes | Long-term debt, excluding current portion          
Line Of Credit Facility Covenant Compliance [Line Items]          
Fair Value at June 30, 2020 554.3   509.8    
Senior Notes | Fiscal 2020 Senior Notes          
Line Of Credit Facility Covenant Compliance [Line Items]          
Principal amount outstanding at June 30, 2020 750.0 $ 750.0      
Long-term debt 741.7   $ 0.0    
Fair Value at June 30, 2020 $ 803.6        
v3.20.2
Borrowings - Future Principal Payments on Outstanding Debt (Details)
$ in Millions
Jun. 30, 2020
USD ($)
Debt Disclosure [Abstract]  
2021 $ 400.0
2022 0.0
2023 0.0
2024 149.8
2025 0.0
Thereafter 1,250.0
Total $ 1,799.8
v3.20.2
Borrowings - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
Mar. 18, 2019
Feb. 06, 2017
Dec. 31, 2019
Jun. 30, 2016
Aug. 31, 2013
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Debt Instrument [Line Items]                
Principal amount outstanding at June 30, 2020           $ 1,799,800,000    
Outstanding borrowings           1,387,600,000 $ 1,470,400,000  
Unused available capacity           1,350,200,000    
Fair value of fixed-rate notes           1,909,700,000    
Outstanding borrowings under lines of credit           0 0  
Long-term debt, excluding current portion                
Debt Instrument [Line Items]                
Principal amount outstanding at June 30, 2020           1,399,800,000    
Outstanding borrowings             1,470,400,000  
Unused available capacity           1,350,200,000    
Fair value of fixed-rate notes           1,507,700,000    
Senior Notes                
Debt Instrument [Line Items]                
Principal amount outstanding at June 30, 2020           1,250,000,000.0    
Outstanding borrowings           1,237,800,000 $ 894,700,000  
Fair value of fixed-rate notes           $ 1,357,800,000    
Revolving Credit Facilities | Revolving Credit Facility                
Debt Instrument [Line Items]                
Weighted-average interest rate           2.59% 3.26% 2.44%
Fiscal 2017 Revolving Credit Facility | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity   $ 1,000,000,000.0            
Debt instrument, term   5 years            
Fiscal 2019 Revolving Credit Facility | London Interbank Offered Rate (LIBOR)                
Debt Instrument [Line Items]                
Basis spread on variable rate 1.015%              
Fiscal 2019 Revolving Credit Facility | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity $ 1,500,000,000              
Principal amount outstanding at June 30, 2020           $ 149,800,000    
Debt instrument, term 5 years              
Outstanding borrowings           149,800,000 $ 575,700,000  
Unused available capacity           1,350,200,000    
Borrowing tranche period 360 days              
Commitment fee percentage 0.11%              
Fair value of fixed-rate notes           149,800,000    
Fiscal 2019 Revolving Credit Facility, U.S. Dollar Tranche | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity $ 1,100,000,000              
Outstanding borrowings             360,000,000.0  
Unused available capacity           1,100,000,000.0    
Fiscal 2019 Revolving Credit Facility Multicurrency Tranche | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity $ 400,000,000.0              
Principal amount outstanding at June 30, 2020           149,800,000    
Outstanding borrowings           149,800,000 215,700,000  
Unused available capacity           250,200,000    
Fair value of fixed-rate notes           149,800,000    
Fiscal 2014 Senior Notes (a) | Senior Notes                
Debt Instrument [Line Items]                
Principal amount outstanding at June 30, 2020         $ 400,000,000.0      
Stated interest rate         3.95%      
Percentage of principal amount at issuance         99.871%      
Effective interest rate         3.971%      
Fiscal 2014 Senior Notes (a) | Senior Notes | Long-term debt, excluding current portion                
Debt Instrument [Line Items]                
Outstanding borrowings             399,200,000  
Fair value of fixed-rate notes           402,100,000 405,400,000  
Fiscal 2016 Senior Notes | Senior Notes                
Debt Instrument [Line Items]                
Principal amount outstanding at June 30, 2020       $ 500,000,000.0        
Outstanding borrowings           496,100,000 495,500,000  
Stated interest rate       3.40%        
Percentage of principal amount at issuance       99.589%        
Effective interest rate       3.449%        
Fiscal 2016 Senior Notes | Senior Notes | Long-term debt, excluding current portion                
Debt Instrument [Line Items]                
Fair value of fixed-rate notes           554,300,000 509,800,000  
Fiscal 2020 Senior Notes | Senior Notes                
Debt Instrument [Line Items]                
Principal amount outstanding at June 30, 2020     $ 750,000,000.0     750,000,000.0    
Outstanding borrowings           741,700,000 $ 0  
Fair value of fixed-rate notes           $ 803,600,000    
Stated interest rate     2.90%          
Percentage of principal amount at issuance     99.717%          
Effective interest rate     2.933%          
v3.20.2
Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Other Liabilities Disclosure [Abstract]    
Operating lease liabilities $ 288.3  
Post-employment retirement obligations 144.3 $ 130.8
Non-current income taxes 37.4 40.5
Acquisition related contingencies 17.6 26.3
Other 24.8 35.3
Other non-current liabilities $ 512.4 $ 232.8
v3.20.2
Stock-Based Compensation - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost related to non-vested stock options $ 14.9    
Unrecognized compensation cost of restricted stock awards $ 45.6    
Amortization period of unrecognized compensation cost 1 year 10 months 24 days    
Amortization period of unrecognized compensation cost for restricted stock awards 1 year 6 months    
Repurchase of common stock shares (in shares) 0.6 3.5 2.4
Segment, Continuing Operations      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock-based compensation expense $ 60.8 $ 58.4 $ 55.1
Related tax benefits $ 13.5 $ 13.5 $ 15.7
Opportunistic Buy-Backs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Repurchase of common stock shares (in shares) 0.4 3.2  
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period of cost recognition 12 months    
Stock Options | Graded Vesting      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options vesting period 4 years    
Stock options expiration period 10 years    
Stock Options | Cliff Vesting      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options vesting period 4 years    
Stock option term 10 years    
Stock Options | Cliff Vesting - Year One      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock option award vesting percentage 25.00%    
Stock Options | Cliff Vesting - Year Two      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock option award vesting percentage 25.00%    
Stock Options | Cliff Vesting - Year Three      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock option award vesting percentage 25.00%    
Stock Options | Cliff Vesting - Year Four      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock option award vesting percentage 25.00%    
Time-based RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options vesting period 2 years 6 months    
Stock conversion ratio 1    
Performance-based RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock conversion ratio 1    
v3.20.2
Stock-Based Compensation - Summary of Incentive Equity Awards (Details) - $ / shares
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Beginning balance (in shares) 4,201,614 4,478,288 5,137,641
Granted (in shares) 501,192 528,978 1,079,442
Exercised (in shares) (905,231) (784,372) (1,654,877)
Expired/forfeited (in shares) (26,788) (21,280) (83,918)
Ending balance (in shares) 3,770,787 4,201,614 4,478,288
Weighted Average Exercise Price      
Beginning balance (in dollars per share) $ 63.85 $ 55.69 $ 39.63
Granted (in dollars per share) 117.43 98.72 93.42
Exercised (in dollars per share) 46.47 39.94 31.09
Expired/forfeited (in dollars per share) 88.01 94.14 42.89
Ending balance (in dollars per share) $ 74.97 $ 63.85 $ 55.69
Time-based RSUs      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Beginning balance of RSUs (in shares) 819,299 982,399 1,074,593
Granted RSUs (in shares) 340,006 360,147 456,217
Vesting of RSUs (in shares) (408,716) (430,270) (463,561)
Expired/forfeited RSUs (in shares) 50,591 92,977 84,850
Ending balance of RSUs (in shares) 699,998 819,299 982,399
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]      
Beginning balance (in dollars per share) $ 92.15 $ 67.72 $ 55.98
Granted (in dollars per share) 118.74 121.11 78.86
Vesting of RSUs (in dollars per share) 78.76 63.97 52.86
Expired/forfeited (in dollars per share) 113.07 76.57 60.18
Ending balance (in dollars per share) $ 111.37 $ 92.15 $ 67.72
Performance-based RSUs      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]      
Beginning balance of RSUs (in shares) 325,777 395,689 470,862
Granted RSUs (in shares) 110,260 133,213 198,485
Vesting of RSUs (in shares) (176,900) (198,420) (150,068)
Expired/forfeited RSUs (in shares) 7,541 4,705 123,590
Ending balance of RSUs (in shares) 251,596 325,777 395,689
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]      
Beginning balance (in dollars per share) $ 97.43 $ 74.29 $ 58.26
Granted (in dollars per share) 120.09 116.53 76.71
Vesting of RSUs (in dollars per share) 77.19 64.50 52.96
Expired/forfeited (in dollars per share) 80.24 80.57 43.00
Ending balance (in dollars per share) $ 122.11 $ 97.43 $ 74.29
v3.20.2
Stock-Based Compensation - Summary of Incentive Equity Awards (Additional Information) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic values of stock options exercised $ 68.9 $ 65.8 $ 116.3
Outstanding (in the money) stock options aggregate intrinsic value 193.1    
Time-based RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic values of Time-based restricted stock units $ 38.4 45.4 50.6
RSUs expected to vest (in shares) 0.7    
Aggregate intrinsic value of RSUs $ 83.7    
Performance-based RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Intrinsic values of Time-based restricted stock units $ 16.5 $ 21.7 $ 19.1
RSUs expected to vest (in shares) 0.2    
Aggregate intrinsic value of RSUs $ 30.3    
Vested Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Outstanding (in the money) stock options fiscal year-end share price (in dollars per share) $ 126.19    
v3.20.2
Stock-Based Compensation - Summary of Outstanding Stock Options (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Jun. 30, 2020
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Outstanding (in the money) stock options aggregate intrinsic value | $ $ 193.1
Outstanding Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options outstanding (in shares) | shares 3,770,787
Weighted average remaining contractual life 6 years 5 months 8 days
Weighted average exercise price (in dollars per share) $ 74.97
Outstanding Options | $0.01 to $35.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 0.01
Exercise price range, maximum $ 35.00
Options outstanding (in shares) | shares 383,527
Weighted average remaining contractual life 2 years 1 month 20 days
Weighted average exercise price (in dollars per share) $ 22.66
Outstanding Options | $35.01 to $50.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 35.01
Exercise price range, maximum $ 50.00
Options outstanding (in shares) | shares 428,000
Weighted average remaining contractual life 3 years 6 months 25 days
Weighted average exercise price (in dollars per share) $ 37.69
Outstanding Options | $50.01 to $65.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 50.01
Exercise price range, maximum $ 65.00
Options outstanding (in shares) | shares 602,156
Weighted average remaining contractual life 5 years 7 days
Weighted average exercise price (in dollars per share) $ 52.56
Outstanding Options | $65.01 to $80.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 65.01
Exercise price range, maximum $ 80.00
Options outstanding (in shares) | shares 333,869
Weighted average remaining contractual life 6 years 6 months 7 days
Weighted average exercise price (in dollars per share) $ 67.32
Outstanding Options | $80.01 to $95.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 80.01
Exercise price range, maximum $ 95.00
Options outstanding (in shares) | shares 999,436
Weighted average remaining contractual life 7 years 5 months 15 days
Weighted average exercise price (in dollars per share) $ 93.40
Outstanding Options | $95.01 to $110.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 95.01
Exercise price range, maximum $ 110.00
Options outstanding (in shares) | shares 522,607
Weighted average remaining contractual life 8 years 6 months 18 days
Weighted average exercise price (in dollars per share) $ 98.67
Outstanding Options | $110.01 to $125.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 110.01
Exercise price range, maximum $ 125.00
Options outstanding (in shares) | shares 501,192
Weighted average remaining contractual life 9 years 7 months 2 days
Weighted average exercise price (in dollars per share) $ 117.43
v3.20.2
Stock-Based Compensation - Summary of Exercisable Stock Options (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Jun. 30, 2020
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Aggregate intrinsic value | $ $ 145.8
Exercisable Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Options exercisable (in shares) | shares 2,024,211
Weighted average remaining contractual life 4 years 10 months 17 days
Weighted average exercise price (in dollars per share) $ 54.15
Exercisable Options | $0.01 to $35.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 0.01
Exercise price range, maximum $ 35.00
Options exercisable (in shares) | shares 383,527
Weighted average remaining contractual life 2 years 1 month 20 days
Weighted average exercise price (in dollars per share) $ 22.66
Exercisable Options | $35.01 to $50.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 35.01
Exercise price range, maximum $ 50.00
Options exercisable (in shares) | shares 428,000
Weighted average remaining contractual life 3 years 6 months 25 days
Weighted average exercise price (in dollars per share) $ 37.69
Exercisable Options | $50.01 to $65.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 50.01
Exercise price range, maximum $ 65.00
Options exercisable (in shares) | shares 602,156
Weighted average remaining contractual life 5 years 7 days
Weighted average exercise price (in dollars per share) $ 52.56
Exercisable Options | $65.01 to $80.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 65.01
Exercise price range, maximum $ 80.00
Options exercisable (in shares) | shares 203,014
Weighted average remaining contractual life 6 years 6 months 3 days
Weighted average exercise price (in dollars per share) $ 67.32
Exercisable Options | $80.01 to $95.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 80.01
Exercise price range, maximum $ 95.00
Options exercisable (in shares) | shares 239,017
Weighted average remaining contractual life 7 years 3 months 10 days
Weighted average exercise price (in dollars per share) $ 93.13
Exercisable Options | $95.01 to $110.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 95.01
Exercise price range, maximum $ 110.00
Options exercisable (in shares) | shares 146,286
Weighted average remaining contractual life 8 years 5 months 19 days
Weighted average exercise price (in dollars per share) $ 99.61
Exercisable Options | $110.01 to $125.00  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Exercise price range, minimum 110.01
Exercise price range, maximum $ 125.00
Options exercisable (in shares) | shares 22,211
Weighted average remaining contractual life 9 years 4 months 13 days
Weighted average exercise price (in dollars per share) $ 119.37
v3.20.2
Stock-Based Compensation - Assumptions Used to Determine Fair Values of Stock Option Grants (Details) - USD ($)
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Graded Vesting      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 1.50% 2.50% 2.70%
Dividend yield 1.80% 2.00% 1.60%
Weighted-average volatility factor 23.00% 26.00% 23.80%
Weighted-average expected life (in years) 5 years 8 months 12 days 5 years 10 months 24 days 6 years 6 months
Weighted-average fair value (in dollars) $ 21.49 $ 22.12 $ 22.16
Cliff Vesting      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate     2.70%
Dividend yield     1.60%
Weighted-average volatility factor     23.80%
Weighted-average expected life (in years)     6 years
Weighted-average fair value (in dollars)     $ 21.65
v3.20.2
Employee Benefit Plans - Defined Contribution Savings Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Defined Benefit Plan Disclosure [Line Items]      
Defined Contribution Saving Plan costs recorded $ 45.1 $ 37.8 $ 36.3
401(k) savings plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined Contribution Saving Plan costs recorded 42.6 35.5 34.4
ERSP      
Defined Benefit Plan Disclosure [Line Items]      
Defined Contribution Saving Plan costs recorded $ 2.5 $ 2.3 $ 1.9
v3.20.2
Employee Benefit Plans - Defined Benefit Pension Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Defined Benefit Plan Disclosure [Line Items]      
Benefit expense $ 5.2 $ 4.4 $ 4.9
Benefit obligation 59.8 50.8 42.8
Rabbi Trust assets 54.5 41.9  
SORP | Supplemental Employee Retirement Plan      
Defined Benefit Plan Disclosure [Line Items]      
Benefit expense 4.8 3.9 4.3
Benefit obligation 53.8 45.5 38.3
SERP | Supplemental Employee Retirement Plan      
Defined Benefit Plan Disclosure [Line Items]      
Benefit expense 0.4 0.5 0.6
Benefit obligation $ 6.0 $ 5.4 $ 4.5
v3.20.2
Employee Benefit Plans - Other Post-retirement Benefit Plan (Details) - Executive Retiree Health Insurance Plan - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, maximum age eligibility 65 years    
Benefit expense $ 0.5 $ 0.5 $ 0.4
Benefit obligation $ 4.5 $ 5.2 $ 5.3
v3.20.2
Employee Benefit Plans - Other Post-employment Benefit Obligations (Details) - The Gratuity Plan - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Benefit expense $ 1.0 $ 1.3 $ 1.0
Benefit obligation $ 6.4 $ 5.8 $ 5.0
v3.20.2
Income Taxes - Earnings from Continuing Operations before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Earnings before income taxes:                      
U.S.                 $ 492.4 $ 526.4 $ 450.0
Foreign                 87.2 80.8 111.1
Total $ 294.8 $ 210.5 $ 10.5 $ 63.8 $ 230.0 $ 223.6 $ 64.3 $ 89.3 $ 579.5 $ 607.3 $ 561.0
v3.20.2
Income Taxes - Components of Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Current:      
U.S. Domestic $ 46.7 $ 88.8 $ 89.4
Foreign 33.1 24.7 43.4
State 8.3 15.1 9.6
Total current 88.1 128.7 142.4
Deferred:      
U.S. Domestic 33.1 2.2 (13.6)
Foreign (10.7) (2.8) 4.9
State 6.5 (2.9) (0.6)
Total deferred 29.0 (3.5) (9.3)
Total Provision for income taxes $ 117.0 $ 125.2 $ 133.1
v3.20.2
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Income tax reconciliation      
Provision for income taxes at U.S. statutory rate $ 121.7 $ 127.5 $ 157.4
Increase (decrease) in Provision for income taxes from:      
State taxes, net of federal tax 11.3 12.0 9.4
Foreign tax differential 3.2 3.8 (2.4)
Valuation allowances 2.4 0.4 (5.0)
Stock-based compensation - excess tax benefits (“ETB”) (15.6) (19.3) (40.9)
Tax Act Items 0.0 (0.5) 15.4
Other (5.9) 1.3 (0.8)
Total Provision for income taxes $ 117.0 $ 125.2 $ 133.1
Tax rate reconciliation (percent)      
Provision for income taxes at U.S. statutory rate 21.00% 21.00% 28.10%
Increase (decrease) in Provision for income taxes from:      
State taxes, net of federal tax 1.90% 2.00% 1.70%
Foreign tax differential 0.60% 0.60% (0.40%)
Valuation allowances 0.40% 0.10% (0.90%)
Stock-based compensation - excess tax benefits (“ETB”) (2.70%) (3.20%) (7.30%)
Tax Act Items 0 (0.001) 0.027
Other (1.00%) 0.20% (0.10%)
Total Provision for income taxes 20.20% 20.60% 23.70%
v3.20.2
Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Provision for income taxes $ 117.0 $ 125.2 $ 133.1
Effective income tax rate 20.20% 20.60% 23.70%
Provision for income taxes at U.S. statutory rate 21.00% 21.00% 28.10%
Transition tax for accumulated foreign earnings     $ 30.8
Remeasurement of deferred tax liability     15.3
Finalized income tax benefit on accumulated foreign earnings   $ 0.5  
Income tax benefit foreign source earnings (GILTI and FDII)   1.8  
Excess tax benefit related to stock-based compensation awards $ 15.6 19.3 40.9
Net charges related to Tax Act 0.0 (0.5) 15.4
Accumulated earnings attributable to foreign subsidiaries 525.4    
Accumulated earnings attributable to foreign subsidiaries, permanently reinvested outside of the United States 265.0    
Accumulated earnings attributable to foreign subsidiaries, not permanently reinvested outside of the United States 260.4    
Unremitted earnings 9.5 12.2  
Deferred tax asset valuation allowances 6.7 3.3  
Reserve for unrecognized tad positions 33.8 33.4 19.4
Gross decrease for prior period tax positions 9.5 2.6 2.4
Accrued interest and penalties related to uncertain tax positions 0.1 (0.1) 0.5
Total liability recognized 3.6 $ 3.6 $ 3.7
Foreign      
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Unremitted earnings 8.9    
Net operating loss carryforwards 13.1    
Foreign net operating loss carryforwards subject to expiration 1.5    
Foreign net operating loss carryforwards not subject to expiration 11.6    
State and Local      
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Unremitted earnings 0.6    
Domestic      
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Net operating loss carryforwards 37.0    
Foreign net operating loss carryforwards subject to expiration 16.9    
Foreign net operating loss carryforwards not subject to expiration $ 20.2    
v3.20.2
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Jun. 30, 2019
Classification:    
Long-term deferred tax assets (included in Other non-current assets) $ 2.6 $ 5.5
Long-term deferred tax liabilities (126.8) (86.7)
Deferred tax assets:    
Accrued expenses not currently deductible 3.1 3.2
Compensation and benefits not currently deductible 59.1 57.6
Net operating and capital losses 16.4 11.1
Tax credits 7.7 7.5
Other 9.1 6.1
Total deferred tax assets 95.5 85.6
Less: Valuation allowances (6.7) (3.3)
Deferred tax assets, net 88.8 82.2
Deferred tax liabilities:    
Goodwill and identifiable intangibles 112.8 100.9
Depreciation 17.3 10.1
Net deferred expenses 66.5 33.6
Unremitted earnings 9.5 12.2
Other 7.0 6.8
Deferred tax liabilities 213.0 163.5
Net deferred tax liabilities $ (124.2) $ (81.3)
v3.20.2
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning balance $ 40.2 $ 22.8 $ 18.7
Gross increase related to prior period tax positions 0.5 17.3 3.5
Gross increase related to current period tax positions 5.9 2.8 3.0
Gross decrease related to prior period tax positions (9.5) (2.6) (2.4)
Ending balance $ 37.1 $ 40.2 $ 22.8
v3.20.2
Contractual Commitments, Contingencies, and Off-Balance Sheet Arrangements - Additional Information (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2019
term
Mar. 31, 2015
Jun. 30, 2020
USD ($)
term
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Contractual Commitments Contingencies And Off- Balance Sheet Arrangements [Line Items]          
Future capital commitment     $ 3.5    
Amended IT Services Agreement          
Contractual Commitments Contingencies And Off- Balance Sheet Arrangements [Line Items]          
Agreement extension term, period   2 years      
Number of renewal terms option one | term 1        
Renewal term option one (in months) 12 months        
Remaining commitment amount under agreement     251.7    
IBM Private Cloud Agreement          
Contractual Commitments Contingencies And Off- Balance Sheet Arrangements [Line Items]          
Remaining commitment amount under agreement     $ 236.7    
Long-term purchase commitment period     10 years 3 months    
Non-cash pre-tax charge on write down     $ 30.4    
Assets held-for-sale     18.0    
Total expenses     $ 118.7 $ 106.1 $ 107.5
EU Information Technology Services Agreement          
Contractual Commitments Contingencies And Off- Balance Sheet Arrangements [Line Items]          
Number of renewal terms option one | term     1    
Renewal term option one (in months)     12 months    
Remaining commitment amount under agreement     $ 23.9    
Number of renewal terms option two | term     1    
Renewal term option two (in months)     24 months    
v3.20.2
Contractual Commitments, Contingencies, and Off-Balance Sheet Arrangements - Data Center Agreements - Capitalized Costs (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2020
USD ($)
Capitalized Contract Cost [Roll Forward]  
Capitalized costs, beginning balance $ 67.3
Capitalized costs incurred 1.8
Impact of foreign currency exchange (0.2)
Total capitalized costs, ending balance 68.9
Total accumulated amortization (44.4)
Net Deferred IBM Costs 24.5
Amended IT Services Agreement  
Capitalized Contract Cost [Roll Forward]  
Capitalized costs, beginning balance 62.3
Capitalized costs incurred 0.3
Impact of foreign currency exchange 0.0
Total capitalized costs, ending balance 62.6
Total accumulated amortization (40.1)
Net Deferred IBM Costs 22.5
EU Information Technology Services Agreement  
Capitalized Contract Cost [Roll Forward]  
Capitalized costs, beginning balance 5.0
Capitalized costs incurred 1.6
Impact of foreign currency exchange (0.2)
Total capitalized costs, ending balance 6.3
Total accumulated amortization (4.3)
Net Deferred IBM Costs $ 2.0
v3.20.2
Contractual Commitments, Contingencies, and Off-Balance Sheet Arrangements - Data Center Agreements - Amortization Expense of Capitalized Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Loss Contingencies [Line Items]      
Amortization of capitalized costs $ 6.1 $ 5.8 $ 5.8
Amended IT Services Agreement      
Loss Contingencies [Line Items]      
Amortization of capitalized costs 4.2 5.3 5.3
Amended EU IT Services Agreement      
Loss Contingencies [Line Items]      
Amortization of capitalized costs $ 1.8 $ 0.5 $ 0.5
v3.20.2
Contractual Commitments, Contingencies, and Off-Balance Sheet Arrangements - Contractual Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]      
Data center expenses $ 118.7 $ 106.1 $ 107.5
Software license agreements 57.0 37.3 33.7
Software/hardware maintenance agreements 72.1 65.0 63.5
Total expenses $ 247.9 $ 208.4 $ 204.6
v3.20.2
Contractual Commitments, Contingencies, and Off-Balance Sheet Arrangements - Schedule of Minimum Commitments Related to Technology Service Agreement (Details)
$ in Millions
Jun. 30, 2020
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2020 $ 93.4
2021 88.3
2023 85.1
2023 79.9
2024 64.0
Thereafter 170.0
Total $ 580.8
v3.20.2
Changes in Accumulated Other Comprehensive Income/(Loss) by Component Changes in Accumulated Other Comprehensive Income/(Loss) by Component - Summary of Components of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Balance $ 1,127.5 $ 1,094.3 $ 1,003.8
Cumulative effect of changes in accounting principle 1,346.5 1,094.3 1,094.3
Other comprehensive income/(loss) before reclassifications (30.7) (18.7) 6.7
Amounts reclassified from accumulated other comprehensive income/(loss) 1.5 0.9 (2.7)
Balance 1,346.5 1,127.5 1,094.3
Cumulative Effect, Period of Adoption, Adjustment      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Balance 0.2 101.3  
Cumulative effect of changes in accounting principle 0.2 101.3 101.3
Balance   0.2 101.3
Foreign Currency Translation      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Balance (58.3) (43.2) (48.9)
Cumulative effect of changes in accounting principle (84.7) (58.3) (43.2)
Other comprehensive income/(loss) before reclassifications (26.4) (15.0) 5.7
Amounts reclassified from accumulated other comprehensive income/(loss) 0.0 0.0 0.0
Balance (84.7) (58.3) (43.2)
Foreign Currency Translation | Cumulative Effect, Period of Adoption, Adjustment      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Balance   0.0  
Cumulative effect of changes in accounting principle   0.0 0.0
Balance     0.0
Securities      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Balance 0.0 (0.4) 2.3
Cumulative effect of changes in accounting principle 0.0 0.0 (0.4)
Other comprehensive income/(loss) before reclassifications 0.0 0.0 1.1
Amounts reclassified from accumulated other comprehensive income/(loss) 0.0 0.0 (3.7)
Balance 0.0 0.0 (0.4)
Securities | Cumulative Effect, Period of Adoption, Adjustment      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Balance   0.4  
Cumulative effect of changes in accounting principle   0.4 0.4
Balance     0.4
Pension and Post- Retirement Liabilities      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Balance (12.9) (8.3) (9.2)
Cumulative effect of changes in accounting principle (15.7) (12.9) (8.3)
Other comprehensive income/(loss) before reclassifications (4.2) (3.6) (0.1)
Amounts reclassified from accumulated other comprehensive income/(loss) 1.5 0.9 1.0
Balance (15.7) (12.9) (8.3)
Pension and Post- Retirement Liabilities | Cumulative Effect, Period of Adoption, Adjustment      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Balance   (1.9)  
Cumulative effect of changes in accounting principle   (1.9) (1.9)
Balance     (1.9)
AOCI Attributable to Parent      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Balance (71.2) (51.9) (55.8)
Cumulative effect of changes in accounting principle (100.4) (71.2) (51.9)
Balance $ (100.4) (71.2) (51.9)
AOCI Attributable to Parent | Cumulative Effect, Period of Adoption, Adjustment      
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]      
Balance   (1.5)  
Cumulative effect of changes in accounting principle   $ (1.5) (1.5)
Balance     $ (1.5)
v3.20.2
Financial Data by Segment - Schedule of Financial Data Segment Reporting Information (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2020
USD ($)
segment
Jun. 30, 2020
USD ($)
Segment
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
Segment Reporting Information [Line Items]                          
Number of reportable segments                   2 2    
Earnings (loss) before income taxes $ 294.8 $ 210.5 $ 10.5 $ 63.8 $ 230.0 $ 223.6 $ 64.3 $ 89.3 $ 579.5     $ 607.3 $ 561.0
Revenues 1,361.9 $ 1,249.9 $ 968.7 $ 948.6 1,211.2 $ 1,224.8 $ 953.4 $ 972.8 4,529.0     4,362.2 4,329.9
Assets 4,889.8       3,880.7       4,889.8 $ 4,889.8 $ 4,889.8 3,880.7 3,304.7
Payments to Acquire Property, Plant, and Equipment                 62.7     50.6 76.7
Depreciation and amortization                 73.8     85.2 82.1
Amortization of acquired intangibles and purchased intellectual property                 122.9     87.4 81.4
Amortization of other assets                 102.6     87.4 48.5
Investor Communication Solutions                          
Segment Reporting Information [Line Items]                          
Revenues                 3,491.3     3,468.3  
Operating Segments | Investor Communication Solutions                          
Segment Reporting Information [Line Items]                          
Earnings (loss) before income taxes                 464.1     506.2 489.1
Revenues                 3,491.3     3,468.3 3,449.3
Assets 2,484.4       2,155.6       2,484.4 2,484.4 2,484.4 2,155.6 2,072.2
Payments to Acquire Property, Plant, and Equipment                 35.9     34.5 38.9
Depreciation and amortization                 42.9     54.3 51.7
Amortization of acquired intangibles and purchased intellectual property                 81.7     70.6 64.7
Amortization of other assets                 30.9     36.4 12.3
Operating Segments | Investor Communication Solutions | Restatement Adjustment                          
Segment Reporting Information [Line Items]                          
Earnings (loss) before income taxes                       (2.2) (5.5)
Revenues                       (42.8) (46.3)
Operating Segments | Global Technology and Operations                          
Segment Reporting Information [Line Items]                          
Earnings (loss) before income taxes                 245.0     212.5 204.8
Revenues                 1,174.2     996.3 957.9
Assets 1,734.2       1,423.6       1,734.2 1,734.2 1,734.2 1,423.6 925.1
Payments to Acquire Property, Plant, and Equipment                 5.3     6.5 29.0
Depreciation and amortization                 12.0     11.9 11.3
Amortization of acquired intangibles and purchased intellectual property                 39.7     16.3 16.7
Amortization of other assets                 54.8     45.7 30.9
Operating Segments | Global Technology and Operations | Restatement Adjustment                          
Segment Reporting Information [Line Items]                          
Earnings (loss) before income taxes                       2.2 5.5
Revenues                       42.8 46.3
Other                          
Segment Reporting Information [Line Items]                          
Earnings (loss) before income taxes                 (146.3)     (130.9) (151.4)
Revenues                 0.0     0.0 0.0
Assets 671.1       301.6       671.1 671.1 671.1 301.6 307.4
Payments to Acquire Property, Plant, and Equipment                 21.6     9.6 8.8
Depreciation and amortization                 18.9     19.0 19.1
Amortization of acquired intangibles and purchased intellectual property                 1.5     0.5 0.0
Amortization of other assets                 16.8     5.3 5.3
Foreign Currency Exchange                          
Segment Reporting Information [Line Items]                          
Earnings (loss) before income taxes                 16.8     19.4 18.6
Revenues                 (136.4)     (102.4) (77.3)
Assets $ 0.0       $ 0.0       0.0 $ 0.0 $ 0.0 0.0 0.0
Payments to Acquire Property, Plant, and Equipment                 0.0     0.0 0.0
Depreciation and amortization                 0.0     0.0 0.0
Amortization of acquired intangibles and purchased intellectual property                 0.0     0.0 0.0
Amortization of other assets                 $ 0.0     $ 0.0 $ 0.0
v3.20.2
Financial Data by Segment - Schedule of Revenues and Assets by Geographic Area (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenues $ 1,361.9 $ 1,249.9 $ 968.7 $ 948.6 $ 1,211.2 $ 1,224.8 $ 953.4 $ 972.8 $ 4,529.0 $ 4,362.2 $ 4,329.9
Assets 4,889.8       3,880.7       4,889.8 3,880.7 3,304.7
United States                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenues                 3,989.7 3,913.8 3,907.2
Assets 3,783.2       2,870.2       3,783.2 2,870.2 2,661.9
Canada                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenues                 341.6 279.5 273.6
Assets 479.2       504.8       479.2 504.8 216.7
United Kingdom                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenues                 144.4 127.5 118.7
Assets 373.4       277.0       373.4 277.0 257.8
Other                      
Revenues from External Customers and Long-Lived Assets [Line Items]                      
Revenues                 53.5 41.4 30.4
Assets $ 253.9       $ 228.7       $ 253.9 $ 228.7 $ 168.3
v3.20.2
Quarterly Financial Results (Unaudited) - Summary of Quarterly Results of Operations (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Quarterly Financial Information Disclosure [Abstract]                      
Revenues $ 1,361.9 $ 1,249.9 $ 968.7 $ 948.6 $ 1,211.2 $ 1,224.8 $ 953.4 $ 972.8 $ 4,529.0 $ 4,362.2 $ 4,329.9
Gross profit 477.7 377.4 187.7 221.1 399.6 377.5 219.4 233.8 1,263.9 1,230.2  
Operating income 298.8 226.3 26.8 73.1 240.8 233.6 78.2 100.1 624.9 652.7 598.1
Earnings before income taxes 294.8 210.5 10.5 63.8 230.0 223.6 64.3 89.3 579.5 607.3 561.0
Net earnings $ 229.7 $ 166.8 $ 10.1 $ 55.9 $ 183.2 $ 172.2 $ 49.9 $ 76.7 $ 462.5 $ 482.1 $ 427.9
Basic EPS (in dollars per share) $ 2.00 $ 1.46 $ 0.09 $ 0.49 $ 1.59 $ 1.49 $ 0.43 $ 0.66 $ 4.03 $ 4.16 $ 3.66
Diluted EPS (in dollars per share) $ 1.97 $ 1.43 $ 0.09 $ 0.48 $ 1.55 $ 1.45 $ 0.42 $ 0.64 $ 3.95 $ 4.06 $ 3.56
v3.20.2
Subsequent Event (Details) - Subsequent Event - $ / shares
Aug. 10, 2020
Aug. 09, 2020
Quarterly Dividend Declared    
Subsequent Event [Line Items]    
Increase in dividends payable (per share) $ 0.035  
Dividends payable (per share) 0.575  
Annual Dividend Declared    
Subsequent Event [Line Items]    
Dividends payable (per share) $ 2.30 $ 2.16
v3.20.2
Schedule II-Valuation and Qualifying Accounts [Schedule] (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2018
Allowance for doubtful accounts      
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at beginning of period $ 2.6 $ 2.7 $ 3.7
Additions charged to costs and expenses 9.6 1.1 1.4
Deductions (2.4) (1.2) (2.4)
Balance at end of period 9.8 2.6 2.7
Deferred tax valuation allowance      
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at beginning of period 3.3 3.8 9.3
Additions charged to costs and expenses 3.4 0.0 0.0
Deductions 0.0 (0.4) (5.5)
Balance at end of period 6.7 3.3 $ 3.8
Other receivables      
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]      
Balance at beginning of period 0.0    
Additions charged to costs and expenses 1.0    
Deductions 0.0    
Balance at end of period $ 1.0 $ 0.0