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Stockholders' Equity (Tables) | 12 Months Ended
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Jun. 30, 2024
Stockholders' Equity Note [Abstract] |
Schedule of Activity of Restricted Stock Units | The following table summarizes the activity of RSUs, including PRSUs, during year ended June 30, 2024 (in thousands, except years and per share amounts):
| Restricted Stock Units |  | Weighted Average Grant-Date Fair Value |  | Weighted Average Remaining Contractual Term in Years
Outstanding at beginning of period | 762 |  |  | $ | 227.82 |  |  | 1.7
Granted | 674 |  |  | 148.55 |  |  |
Vested* | (236) |  |  | 215.74 |  |  |
Forfeited | (61) |  |  | 218.09 |  |  |
Outstanding at end of period | 1,139 |  |  | $ | 183.93 |  |  | 1.6
*Includes 60 thousand shares netted for tax.
Schedule of Option Activity | The following table summarizes option activity during the year ended June 30, 2024 (in thousands, except years and per share amounts):
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term in Years
Outstanding at beginning of period | 881 |  |  | $ | 134.52 |  |  | 3.0
Granted | 73 |  |  | 148.90 |  |  |
Exercised* | (166) |  |  | 81.76 |  |  |
Forfeited | (2) |  |  | 232.16 |  |  |
Outstanding at end of period | 786 |  |  | $ | 146.90 |  |  | 2.8
Options exercisable at end of period | 633 |  |  | $ | 136.06 |  |  | 2.1
Options vested and expected to vest at end of period | 778 |  |  | $ | 146.52 |  |  | 2.8
*Includes 1 thousand shares netted for tax.
Schedule of Assumptions for Fair Value of Stock Option Plans and Purchase Rights Granted | We estimate the fair value of stock options granted under our stock option plans and purchase rights granted under the ESPP using the following assumptions for the years ended June 30, 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
Stock options: |  |  |  |  |
Weighted average grant date fair value | $50.48 |  | $74.95 |  | $72.16
Weighted average risk-free interest rate | 4.44% |  | 3.85% |  | 1.29%
Expected life in years | 4.9 |  | 4.9 |  | 4.9
Dividend yield | 1.29% |  | 0.78% |  | 0.66%
Expected volatility | 36% |  | 34% |  | 32%
ESPP purchase rights: |  |  |  |  |
Weighted average grant date fair value | $47.40 |  | $52.38 |  | $50.46
Weighted average risk-free interest rate | 5.4% |  | 3.6% |  | 0.3%
Expected life in years | 6 months |  | 6 months |  | 6 months
Dividend yield | 0.75% - 1.30% |  | 0.75% - 0.84% |  | 0.63% - 0.98%
Expected volatility | 27% - 40% |  | 27% - 34% |  | 20% - 34%
Schedule of Total Stock-Based Compensation Costs Incurred and Associated Tax Benefit Recognized | The following table summarizes the total stock-based compensation costs incurred and the associated tax benefit recognized during the years ended June 30, 2024, 2023 and 2022 (in thousands):
| 2024 |  | 2023 |  | 2022
Cost of sales | $ | 7,563 |  |  | $ | 6,465 |  |  | $ | 5,218 |
Selling, general and administrative expenses | 58,149 |  |  | 53,049 |  |  | 50,791 |
Research and development expenses | 14,472 |  |  | 11,628 |  |  | 9,248 |
Stock-based compensation costs | 80,184 |  |  | 71,142 |  |  | 65,257 |
Tax benefit | (15,053) |  |  | (24,860) |  |  | (29,262) |
Stock-based compensation costs, net of tax benefit | $ | 65,131 |  |  | $ | 46,282 |  |  | $ | 35,995 |

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