XML 46 R29.htm IDEA: XBRL DOCUMENT v3.5.0.2
Equity-Based Compensation Plans (Tables)
 12 Months Ended
Jun. 26, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Recognized Equity Based Compensation Expenses and Benefits
The Company recognized the following equity-based compensation expense and benefits in the Consolidated Statements of Operations:
 
 
Year Ended
June 26,
2016
 
June 28,
2015
 
June 29,
2014
 
(in thousands)
Equity-based compensation expense
$
142,348

 
$
135,354

 
$
103,700

Income tax benefit recognized related to equity-based compensation
$
37,814

 
$
23,660

 
$
16,937

Income tax benefit realized from the exercise and vesting of options and RSUs
$
67,756

 
$
40,401

 
$
31,993
Summary of Stock Plan Transactions
A summary of stock plan transactions is as follows:
 
 
Options Outstanding
 
Restricted Stock Units Outstanding
Number of
Shares
 
Weighted-Average
Exercise
Price
 
Number of
Shares
 
Weighted-Average
Fair Market Value
at Grant
June 30, 2013
2,570,923

 
$
26.87

 
4,841,796

 
$
39.32

Granted
166,455

 
$
51.76

 
2,811,602

 
$
53.21

Exercised
(1,403,019
)
 
$
24.75

 
N/A

 
N/A

Canceled
(2,473
)
 
$
30.21

 
(281,476
)
 
$
41.16

Vested restricted stock
N/A

 
N/A

 
(1,736,453
)
 
$
40.39

June 29, 2014
1,331,886

 
$
32.20

 
5,635,469

 
$
45.83

Granted
76,659

 
$
80.60

 
1,804,937

 
$
79.74

Exercised
(564,558
)
 
$
31.05

 
N/A

 
N/A

Canceled
(8,155
)
 
$
29.32

 
(174,879
)
 
$
50.16

Vested restricted stock
N/A

 
N/A

 
(2,311,439
)
 
$
41.17

June 28, 2015
835,832

 
$
37.44

 
4,954,088

 
$
60.13

Granted
196,167

 
$
75.57

 
2,230,851

 
$
71.87

Exercised
(123,726
)
 
$
24.92

 
N/A

 
N/A

Canceled
(862
)
 
$
21.43

 
(110,131
)
 
$
69.17

Vested restricted stock
N/A

 
N/A

 
(2,739,704
)
 
$
54.04

June 26, 2016
907,411

 
$
47.41

 
4,335,104

 
$
69.30
Outstanding and Exercisable Options by Price Range
Outstanding and exercisable options presented by price range at June 26, 2016 were as follows:
 
Range of Exercise Prices
Options Outstanding
 
Options Exercisable
Number of
Options
Outstanding
 
Weighted-Average
Remaining Life
(Years)
 
Weighted-Average
Exercise Price
 
Number of
Options
Exercisable
 
Weighted-Average
Exercise Price
$9.44-$19.05
112,372

 
0.30
 
$
13.18

 
112,372

 
$
13.18

$21.28-$23.59
40,623

 
0.17
 
$
21.88

 
40,623

 
$
21.88

$26.87-$29.68
147,427

 
0.50
 
$
29.24

 
147,427

 
$
29.24

$32.04-$35.68
27,795

 
0.15
 
$
33.02

 
27,795

 
$
33.02

$42.61-$80.60
579,194

 
3.31
 
$
61.16

 
294,929

 
$
49.38

$9.44-$80.60
907,411

 
4.43
 
$
47.41

 
623,146

 
$
35.56
Schedule of Stock Options Weighted Average Assumptions
The fair value of the Company’s stock options granted during fiscal years 2016, 2015, and 2014, was estimated using a Black-Scholes option valuation model. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award:
 
 
Year Ended
June 26,
2016
 
June 28,
2015
 
June 29,
2014
Expected volatility
33.08
%
 
34.45
%
 
35.28
%
Risk-free interest rate
1.27
%
 
1.46
%
 
1.39
%
Expected term (years)
4.79

 
4.80

 
4.78

Dividend yield
1.59
%
 
0.89
%
 
—
Intrinsic Value of Stock Options
The year-end intrinsic value relating to stock options for fiscal years 2016, 2015, and 2014 is presented below:
 
 
Year Ended
June 26,
2016
 
June 28,
2015
 
June 29,
2014
 
(in thousands)
Intrinsic value - options outstanding
$
31,643

 
$
37,961

 
$
46,283

Intrinsic value - options exercisable
$
29,112

 
$
33,360

 
$
31,653

Intrinsic value - options exercised
$
6,562

 
$
26,806

 
$
41,379
Schedule of Market-Based Performance Restricted Stock Units Weighted Average Assumptions
The fair value of the Company’s market-based PRSUs granted during fiscal years 2016, 2015 and 2014, was calculated using a Monte Carlo simulation model at the date of the grant. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award:
 
 
Year Ended
June 26,
2016
 
June 28,
2015
 
June 29,
2014
Expected volatility
29.81
%
 
27.93
%
 
29.27
%
Risk-free interest rate
0.97
%
 
1.05
%
 
0.55
%
Expected term (years)
2.92

 
2.98

 
2.67

Dividend yield
1.59
%
 
0.89
%
 
—
Schedule of ESPP Weighted-Average Assumptions
During fiscal years 2016, 2015, and 2014, the 1999 ESPP was valued using the following weighted-average assumptions:
 
 
Year Ended
June 26,
2016
 
June 28,
2015
 
June 29,
2014
Expected term (years)
0.67

 
0.67

 
0.68

Expected stock price volatility
35.48
%
 
27.60
%
 
30.24
%
Risk-free interest rate
0.29
%
 
0.07
%
 
0.07
%
Dividend Yield
1.18
%
 
0.69
%
 
—