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Equity-based Compensation Plans (Tables) | 12 Months Ended
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Jun. 28, 2020
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 28, 2020 |  | June 30, 2019 |  | June 24, 2018
| (in thousands)
Equity-based compensation expense | $ | 189,197 |  |  | $ | 187,234 |  |  | $ | 172,216 |
Income tax benefit recognized related to equity-based compensation | $ | 36,135 |  |  | $ | 47,396 |  |  | $ | 87,505 |
Income tax benefit realized from the exercise and vesting of options and RSUs | $ | 67,060 |  |  | $ | 49,242 |  |  | $ | 90,297 |
Summary of Stock Plan Transactions | The following table summarizes stock option activity:
| Options Outstanding
Number of Shares |  | Weighted-Average Exercise Price
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 |
Granted | 34,236 |  |  | 300.33 |
Exercised | (118,334 | ) |  | 68.31 |
Forfeited or expired | (4,948 | ) |  | 179.39 |
June 28, 2020 | 405,837 |  |  | $ | 144.63 |
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 25, 2017 | 2,687,606 |  |  | $ | 92.01 |  |  | 862,455 |  |  | $ | 83.83 |
Granted | 964,391 |  |  | 183.97 |  |  | 285,866 |  |  | 125.56 |
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 |  |  | 148.50 |
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 |
Granted | 616,353 |  |  | 280.08 |  |  | 171,526 |  |  | 216.04 |
Vested | (912,409 | ) |  | 151.53 |  |  | (257,787 | ) |  | 111.75 |
Forfeited or canceled | (94,265 | ) |  | 176.30 |  |  | (33,403 | ) |  | 160.83 |
June 28, 2020 | 1,406,564 |  |  | $ | 216.34 |  |  | 315,110 |  |  | $ | 208.60 |
Schedule of Stock Options Weighted Average Assumptions | The fair value of the Company’s stock options granted during fiscal years 2020, 2019, and 2018 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 28, 2020 |  | June 30, 2019 |  | June 24, 2018
Expected volatility | 33.89 | % |  | 32.23 | % |  | 34.66 | %
Risk-free interest rate | 0.88 | % |  | 2.62 | % |  | 2.53 | %
Expected term (years) | 4.63 |  |  | 4.70 |  |  | 4.74 |
Dividend yield | 1.53 | % |  | 2.70 | % |  | 1.05 | %
Schedule of PRSUs Weighted Average Assumptions | The fair value of the Company’s market-based PRSUs granted during fiscal years 2020, 2019, and 2018 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, 2020 |  | June 30, 2019 |  | June 24, 2018
Assumptions: |  |  |  |  |
Expected volatility | 35.81 | % |  | 32.65 | % |  | 34.07 | %
Risk-free interest rate | 0.85 | % |  | 2.52 | % |  | 2.35 | %
Expected term (years) | 2.92 |  |  | 2.92 |  |  | 2.92 |
Dividend yield | 1.53 | % |  | 2.49 | % |  | 1.05 | %
Resulting grant date fair value: | $ | 320.69 |  |  | $ | 165.78 |  |  | $ | 170.15 |
Intrinsic Value of Stock Options | The year-end intrinsic value relating to stock options for fiscal years 2020, 2019, and 2018 is presented below:
| Year Ended
June 28, 2020 |  | June 30, 2019 |  | June 24, 2018
| (in thousands)
Intrinsic value - options outstanding | $ | 64,077 |  |  | $ | 35,674 |  |  | $ | 43,563 |
Intrinsic value - options exercisable | $ | 46,698 |  |  | $ | 30,139 |  |  | $ | 34,661 |
Intrinsic value - options exercised | $ | 21,137 |  |  | $ | 12,750 |  |  | $ | 23,925 |

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