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Equity-Based Compensation Plans (Tables) | 12 Months Ended
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Jun. 25, 2017
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 25, 2017 |  | June 26, 2016 |  | June 28, 2015
| (in thousands)
Equity-based compensation expense | $ | 149,975 |  |  | $ | 142,348 |  |  | $ | 135,354 |
Income tax benefit recognized related to equity-based compensation | $ | 38,381 |  |  | $ | 37,814 |  |  | $ | 23,660 |
Income tax benefit realized from the exercise and vesting of options and RSUs | $ | 92,749 |  |  | $ | 67,756 |  |  | $ | 40,401 |
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 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 |
Granted | 90,128 |  |  | $ | 119.67 |  |  | 1,660,571 |  |  | $ | 113.75 |
Exercised | (389,460 | ) |  | $ | 33.92 |  |  | N/A |  |  | N/A |
Canceled | (14,020 | ) |  | $ | 69.81 |  |  | (175,975 | ) |  | $ | 73.31 |
Vested restricted stock | N/A |  |  | N/A |  |  | (2,269,639 | ) |  | $ | 63.24 |
June 25, 2017 | 594,059 |  |  | $ | 66.69 |  |  | 3,550,061 |  |  | $ | 90.03 |
Outstanding and Exercisable Options by Price Range | Outstanding and exercisable options presented by price range at June 25, 2017, 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
$11.09-$23.59 | 57,020 |  |  | 3.62 |  | $ | 18.04 |  |  | 57,020 |  |  | $ | 18.04 |
$28.73-$35.68 | 52,606 |  |  | 3.63 |  | $ | 31.18 |  |  | 52,606 |  |  | $ | 31.18 |
$42.61-$51.76 | 150,539 |  |  | 3.37 |  | $ | 49.21 |  |  | 150,539 |  |  | $ | 49.21 |
$75.57-$119.67 | 333,894 |  |  | 5.75 |  | $ | 88.46 |  |  | 94,399 |  |  | $ | 77.77 |
$11.09-$119.67 | 594,059 |  |  | 4.63 |  | $ | 66.69 |  |  | 354,564 |  |  | $ | 49.13 |
Schedule of Stock Options Weighted Average Assumptions | The fair value of the Company’s service-based RSUs was calculated based on fair market value of the Company’s stock at the date of grant, discounted for dividends, using the following assumptions:
| Year Ended
June 25, 2017 |  | June 26, 2016 |  | June 28, 2015
Risk-free interest rate | 1.51 | % |  | 0.98 | % |  | 0.97 | %
Expected term (years) | 2.97 |  |  | 3.00 |  |  | 2.83 |
Dividend yield | 1.48 | % |  | 1.59 | % |  | 0.89 | %
The fair value of the Company’s stock options granted during fiscal years 2017, 2016, and 2015 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 25, 2017 |  | June 26, 2016 |  | June 28, 2015
Expected volatility | 28.85 | % |  | 33.08 | % |  | 34.45 | %
Risk-free interest rate | 1.92 | % |  | 1.27 | % |  | 1.46 | %
Expected term (years) | 4.75 |  |  | 4.79 |  |  | 4.80 |
Dividend yield | 1.50 | % |  | 1.59 | % |  | 0.89 | %
Intrinsic Value of Stock Options | The year-end intrinsic value relating to stock options for fiscal years 2017, 2016, and 2015 is presented below:
| Year Ended
June 25, 2017 |  | June 26, 2016 |  | June 28, 2015
| (in thousands)
Intrinsic value - options outstanding | $ | 50,551 |  |  | $ | 31,643 |  |  | $ | 37,961 |
Intrinsic value - options exercisable | $ | 36,396 |  |  | $ | 29,112 |  |  | $ | 33,360 |
Intrinsic value - options exercised | $ | 29,674 |  |  | $ | 6,562 |  |  | $ | 26,806 |
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 2017, 2016, and 2015 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 25, 2017 |  | June 26, 2016 |  | June 28, 2015
Expected volatility | 27.48 | % |  | 29.81 | % |  | 27.93 | %
Risk-free interest rate | 1.55 | % |  | 0.97 | % |  | 1.05 | %
Expected term (years) | 2.92 |  |  | 2.92 |  |  | 2.98 |
Dividend yield | 1.50 | % |  | 1.59 | % |  | 0.89 | %
Schedule of ESPP Weighted-Average Assumptions | During fiscal years 2017, 2016, and 2015, the 1999 ESPP was valued using the following weighted-average assumptions:
| Year Ended
June 25, 2017 |  | June 26, 2016 |  | June 28, 2015
Expected term (years) | 0.73 |  |  | 0.67 |  |  | 0.67 |
Expected stock price volatility | 31.74 | % |  | 35.48 | % |  | 27.60 | %
Risk-free interest rate | 0.41 | % |  | 0.29 | % |  | 0.07 | %
Dividend yield | 1.09 | % |  | 1.18 | % |  | 0.69 | %

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