Equity-Based Compensation Plans (Tables)

12 Months Ended

Jun. 29, 2014

Summary of Stock Plan Activity

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 26, 2011		309,933		$	21.50		2,331,340		$	39.90
Awards assumed in Novellus acquisition		3,932,143		$	25.17		1,291,808		$	35.99
Granted		—		$	—		2,336,283		$	41.23
Exercised		(74,615	)	$	23.70
Canceled		(265,384	)	$	21.71		(120,070	)	$	40.91
Vested restricted stock							(1,507,883	)	$	35.47
June 24, 2012		3,902,077		$	25.14		4,331,478		$	41.01
Granted		288,867		$	42.59		2,563,670		$	38.76
Exercised		(1,546,028	)	$	25.47
Canceled		(73,993	)	$	26.24		(299,079	)	$	39.70
Vested restricted stock							(1,754,273	)	$	42.52
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
Canceled		(2,473	)	$	30.21		(281,476	)	$	41.16
Vested restricted stock							(1,736,453	)	$	40.39
June 29, 2014		1,331,886		$	32.20		5,635,469		$	45.83

Outstanding and Exercisable Options by Price Range

Outstanding and exercisable options presented by price range at June 29, 2014 were as follows:

	Options Outstanding						Options Exercisable
Range of Exercise Prices	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		152,182		4.41	$	13.09		152,182	$	13.09
$21.04-$25.60		201,958		2.86	$	22.46		192,569	$	22.42
$26.87-29.68		476,518		4.21	$	29.26		377,573	$	29.28
$31.45-$35.68		45,906		6.77	$	32.63		19,446	$	33.09
$42.41-$51.76		455,322		6.00	$	45.94		—		—
$9.44-$51.76		1,331,886		4.73	$	32.20		741,770	$	24.28

Recognized Equity Based Compensation Expenses and Benefits

The Company recognized the following equity-based compensation expenses and benefits during the fiscal years noted:

	Year Ended
	June 29, 2014		June 30, 2013		June 24, 2012
	(in millions)
Equity-based compensation expense	$	103.7	$	99.3	$	81.6
Income tax benefit recognized in the Consolidated Statement of Operations related to equity-based compensation	$	16.9	$	17.6	$	12.2
Tax benefit realized from the exercise and vesting of options and RSUs	$	32.0	$	21.6	$	11.8

Schedule of Stock Options Weighted Average Assumptions

	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
Expected volatility		35.28	%		36.60	%		38.04	%
Risk-free interest rate		1.39	%		0.81	%		0.55	%
Expected term (years)		4.78			4.79			3.89
Dividend yield		0	%		0	%		0	%

Intrinsic Value of Stock Options

The year-end intrinsic value relating to stock options for fiscal years 2014, 2013, and 2012 is presented below:

	Year Ended
	June 29,		June 30,		June 24,
	2014		2013		2012
	(millions)
Intrinsic value - options outstanding	$	46.3	$	44.9	$	49.9
Intrinsic value - options exercisable	$	31.7	$	36.9	$	30.1
Intrinsic value - options exercised	$	41.4	$	25.4	$	1.3

Schedule of ESPP Weighted-Average Assumptions

ESPP rights were valued using the Black-Scholes model. During fiscal years 2014, 2013, and 2012 ESPP was valued assuming the following weighted-average assumptions:

	Year Ended
	June 29, 2014			June 30, 2013			June 24, 2012
Expected life (years)		0.68			0.64			0.72
Expected stock price volatility		30.24	%		32.42	%		44.22	%
Risk-free interest rate		0.07	%		0.15	%		0.11	%
Dividend yield		0	%		0	%		0	%