Equity-Based Compensation Plans (Tables)

12 Months Ended

Jun. 28, 2015

Recognized Equity Based Compensation Expenses and Benefits

The Company recognized the following equity-based compensation expense and benefits in the Condensed Consolidated Statements of Operations:


	Year Ended
	June 28, 2015		June 29, 2014		June 30, 2013
	(in thousands)
Equity-based compensation expense	$	135,354	$	103,700	$	99,310
Income tax benefit recognized in the related to equity-based compensation	$	23,660	$	16,937	$	17,647
Income tax benefit realized from the exercise and vesting of options and RSUs	$	40,401	$	31,993	$	21,625

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 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		N/A			N/A
Canceled		(73,993	)	$	26.24		(299,079	)	$	39.70
Vested restricted stock		N/A			N/A		(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		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
Cancelled		(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

Outstanding and Exercisable Options by Price Range

Outstanding and exercisable options presented by price range at June 28, 2015 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		130,682		0.52	$	12.94		130,682	$	12.94
$21.04-$25.60		89,907		0.30	$	22.13		86,845	$	22.08
$26.87-$29.68		193,978		0.86	$	29.26		190,025	$	29.32
$31.45-$35.68		30,042		0.21	$	32.94		30,042	$	32.94
$42.41-$80.60		391,223		2.53	$	53.54		185,101	$	43.58

$9.44-$51.76		835,832		4.42	$	37.44		622,695	$	29.29

Schedule of Stock Options Weighted Average Assumptions


	Year Ended
	June 28, 2015		June 29, 2014		June 30, 2013
Expected volatility		34.45%		35.28%		36.60%
Risk-free interest rate		1.46%		1.39%		0.81%
Expected term (years)		4.80		4.78		4.79
Dividend yield		0.89%		—		—

Intrinsic Value of Stock Options

The year-end intrinsic value relating to stock options for fiscal years 2015, 2014, and 2013 is presented below:


	Year Ended
	June 28, 2015		June 29, 2014		June 30, 2013
	(in thousands)
Intrinsic value - options outstanding	$	37,961	$	46,283	$	44,919
Intrinsic value - options exercisable	$	33,360	$	31,653	$	36,870
Intrinsic value - options exercised	$	26,806	$	41,379	$	25,430

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 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 28, 2015		June 29, 2014
Expected volatility		27.93%		29.27%
Risk-free interest rate		1.05%		0.55%
Expected term (years)		2.98		2.67
Dividend yield		0.89%		—

Schedule of ESPP Weighted-Average Assumptions

The 1999 ESPP rights were valued using the Black-Scholes model. During fiscal years 2015, 2014, and 2013, the 1999 ESPP was valued using the following weighted-average assumptions:


	Year Ended
	June 28, 2015		June 29, 2014		June 30, 2013
Expected term (years)		0.67		0.68		0.64
Expected stock price volatility		27.60%		30.24%		32.42%
Risk-free interest rate		0.07%		0.07%		0.15%
Dividend Yield		0.69%		—		—