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Equity-based Compensation Plans (Tables) | 12 Months Ended
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Jun. 30, 2019
Share-based Payment Arrangement [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 30, 2019 |  | June 24, 2018 |  | June 25, 2017
| (in thousands)
Equity-based compensation expense | $ | 187,234 |  |  | $ | 172,216 |  |  | $ | 149,975 |
Income tax benefit recognized related to equity-based compensation | $ | 47,396 |  |  | $ | 87,505 |  |  | $ | 38,381 |
Income tax benefit realized from the exercise and vesting of options and RSUs | $ | 49,242 |  |  | $ | 90,297 |  |  | $ | 92,749 |
Summary of Stock Plan Transactions | The following table summarizes restricted stock activity:
| Service-based RSUs Outstanding |  | Market-based RSUs Outstanding
Number of Shares |  | Weighted-Average Grant Date Fair Value |  | Number of Shares |  | Weighted-Average Grant Date Fair Value
June 26, 2016 | 3,256,513 |  |  | $ | 71.34 |  |  | 1,078,591 |  |  | $ | 63.12 |
Granted | 1,224,877 |  |  | 114.13 |  |  | 435,694 |  |  | 111.75 |
Vested | (1,677,318 | ) |  | 69.10 |  |  | (592,321 | ) |  | 46.67 |
Forfeited or canceled | (116,466 | ) |  | 76.76 |  |  | (59,509 | ) |  | 66.81 |
June 25, 2017 | 2,687,606 |  |  | $ | 92.01 |  |  | 862,455 |  |  | $ | 83.83 |
Granted | 964,391 |  |  | 183.97 |  |  | 285,866 |  |  | 170.15 |
Vested | (1,362,369 | ) |  | 87.80 |  |  | (407,024 | ) |  | 76.88 |
Forfeited or canceled | (96,540 | ) |  | 108.67 |  |  | (47,571 | ) |  | 91.36 |
June 24, 2018 | 2,193,088 |  |  | $ | 134.34 |  |  | 693,726 |  |  | $ | 104.59 |
Granted | 893,622 |  |  | 161.64 |  |  | 163,529 |  |  | 165.78 |
Vested | (1,135,284 | ) |  | 115.23 |  |  | (301,622 | ) |  | 70.58 |
Forfeited or canceled | (154,541 | ) |  | 141.38 |  |  | (120,859 | ) |  | 104.73 |
June 30, 2019 | 1,796,885 |  |  | $ | 159.36 |  |  | 434,774 |  |  | $ | 144.57 |
The following table summarizes stock option activity:
| Options Outstanding
Number of Shares |  | Weighted-Average Exercise Price
June 26, 2016 | 907,411 |  |  | $ | 47.41 |
Granted | 90,128 |  |  | $ | 119.67 |
Exercised | (389,460 | ) |  | $ | 33.92 |
Forfeited or expired | (14,020 | ) |  | $ | 69.81 |
June 25, 2017 | 594,059 |  |  | $ | 66.69 |
Granted | 63,980 |  |  | $ | 190.07 |
Exercised | (166,481 | ) |  | $ | 55.62 |
Forfeited or expired | (8,630 | ) |  | $ | 84.44 |
June 24, 2018 | 482,928 |  |  | $ | 86.53 |
Granted | 181,450 |  |  | $ | 164.54 |
Exercised | (110,427 | ) |  | $ | 61.69 |
Forfeited or expired | (59,068 | ) |  | $ | 126.05 |
June 30, 2019 | 494,883 |  |  | $ | 115.96 |
Outstanding and Exercisable Options by Price Range | Outstanding and exercisable options presented by price range at June 30, 2019, 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 Remaining Life (Years) |  | Weighted-Average Exercise Price
$11.09-$23.55 | 4,810 |  |  | 0.91 |  | $ | 21.88 |  |  | 4,810 |  |  | 0.91 |  | $ | 21.88 |
$29.34-$35.68 | 39,060 |  |  | 1.61 |  | $ | 31.29 |  |  | 39,060 |  |  | 1.61 |  | $ | 31.29 |
$42.61-$51.76 | 60,769 |  |  | 1.11 |  | $ | 48.43 |  |  | 60,769 |  |  | 1.11 |  | $ | 48.43 |
$75.57-$190.07 | 390,244 |  |  | 5.18 |  | $ | 136.11 |  |  | 159,602 |  |  | 3.55 |  | $ | 95.61 |
$11.09-$190.07 | 494,883 |  |  | 4.36 |  | $ | 115.96 |  |  | 264,241 |  |  | 2.65 |  | $ | 73.91 |
Schedule of Stock Options Weighted Average Assumptions | The fair value of the Company’s stock options granted during fiscal years 2019, 2018, and 2017 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 30, 2019 |  | June 24, 2018 |  | June 25, 2017
Expected volatility | 32.23 | % |  | 34.66 | % |  | 28.85 | %
Risk-free interest rate | 2.62 | % |  | 2.53 | % |  | 1.92 | %
Expected term (years) | 4.70 |  |  | 4.74 |  |  | 4.75 |
Dividend yield | 2.70 | % |  | 1.05 | % |  | 1.50 | %
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. The fair value of the Company’s market-based PRSUs granted during fiscal years 2019, 2018, and 2017 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 30, 2019 |  | June 24, 2018 |  | June 25, 2017
Expected volatility | 32.65 | % |  | 34.07 | % |  | 27.48 | %
Risk-free interest rate | 2.52 | % |  | 2.35 | % |  | 1.55 | %
Expected term (years) | 2.92 |  |  | 2.92 |  |  | 2.92 |
Dividend yield | 2.49 | % |  | 1.05 | % |  | 1.50 | %
Intrinsic Value of Stock Options | The year-end intrinsic value relating to stock options for fiscal years 2019, 2018, and 2017 is presented below:
| Year Ended
June 30, 2019 |  | June 24, 2018 |  | June 25, 2017
| (in thousands)
Intrinsic value - options outstanding | $ | 35,674 |  |  | $ | 43,563 |  |  | $ | 50,551 |
Intrinsic value - options exercisable | $ | 30,139 |  |  | $ | 34,661 |  |  | $ | 36,396 |
Intrinsic value - options exercised | $ | 12,750 |  |  | $ | 23,925 |  |  | $ | 29,674 |
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 2019, 2018, and 2017 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 30, 2019 |  | June 24, 2018 |  | June 25, 2017
Expected volatility | 32.65 | % |  | 34.07 | % |  | 27.48 | %
Risk-free interest rate | 2.52 | % |  | 2.35 | % |  | 1.55 | %
Expected term (years) | 2.92 |  |  | 2.92 |  |  | 2.92 |
Dividend yield | 2.49 | % |  | 1.05 | % |  | 1.50 | %

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