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Equity-Based Compensation Plans (Tables) | 12 Months Ended
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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 | %

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- Definition Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 14.F) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 -Section F Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of share-based compensation plans that may be presented in a single table for outstanding, vested and expected to vest, and exercisable awards. The information that may be disclosed in this table may include, but is not limited to, number of shares, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value. + References No definition available. + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number of fully vested share options (or share units) and share options expected to vest at the date of the latest statement of financial position, weighted-average exercise price (or conversion ratio), aggregate intrinsic value (except for nonpublic entities), and weighted-average remaining contractual term for both options (or share units) currently outstanding and options (or share units) exercisable (or convertible). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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