v3.19.2

Stock-Based Compensation (Tables) | 12 Months Ended
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Jun. 30, 2019
Share-based Payment Arrangement [Abstract] |
Summary of Incentive Equity Awards | The activity related to the Company’s incentive equity awards for the fiscal years ended June 30, 2019, 2018 and 2017 consisted of the following:
|  | Stock Options |  | Time-based RSUs |  | Performance-based RSUs
|  | Number of Options |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Grant-Date Fair Value |  | Number of Shares |  | Weighted Average Grant-Date Fair Value
Balances at July 1, 2016 |  | 7,059,067 |  |  | $ | 32.57 |  |  | 1,202,896 |  |  | $ | 44.34 |  |  | 468,516 |  |  | $ | 47.15 |
Granted |  | 568,465 |  |  | 67.15 |  |  | 531,301 |  |  | 64.38 |  |  | 225,731 |  |  | 64.52 |
Exercised (a) |  | (2,384,449 | ) |  | 25.44 |  |  | — |  |  | — |  |  | — |  |  | — |
Vesting of RSUs (b) |  | — |  |  | — |  |  | (586,617 | ) |  | 40.00 |  |  | (171,082 | ) |  | 38.50 |
Expired/forfeited |  | (105,442 | ) |  | 36.13 |  |  | (72,987 | ) |  | 53.74 |  |  | (52,303 | ) |  | 50.38 |
Balances at June 30, 2017 |  | 5,137,641 |  |  | $ | 39.63 |  |  | 1,074,593 |  |  | $ | 55.98 |  |  | 470,862 |  |  | $ | 58.26 |
Granted |  | 1,079,442 |  |  | 93.42 |  |  | 456,217 |  |  | 78.86 |  |  | 198,485 |  |  | 76.71 |
Exercised (a) |  | (1,654,877 | ) |  | 31.09 |  |  | — |  |  | — |  |  | — |  |  | — |
Vesting of RSUs (b) |  | — |  |  | — |  |  | (463,561 | ) |  | 52.86 |  |  | (150,068 | ) |  | 52.96 |
Expired/forfeited |  | (83,918 | ) |  | 42.89 |  |  | (84,850 | ) |  | 60.18 |  |  | (123,590 | ) |  | 43.00 |
Balances at June 30, 2018 |  | 4,478,288 |  |  | $ | 55.69 |  |  | 982,399 |  |  | $ | 67.72 |  |  | 395,689 |  |  | $ | 74.29 |
Granted |  | 528,978 |  |  | 98.72 |  |  | 360,147 |  |  | 121.11 |  |  | 133,213 |  |  | 116.53 |
Exercised (a) |  | (784,372 | ) |  | 39.94 |  |  | — |  |  | — |  |  | — |  |  | — |
Vesting of RSUs (b) |  | — |  |  | — |  |  | (430,270 | ) |  | 63.97 |  |  | (198,420 | ) |  | 64.50 |
Expired/forfeited |  | (21,280 | ) |  | 94.14 |  |  | (92,977 | ) |  | 76.57 |  |  | (4,705 | ) |  | 80.57 |
Balances at June 30, 2019 (c) |  | 4,201,614 |  |  | $ | 63.85 |  |  | 819,299 |  |  | $ | 92.15 |  |  | 325,777 |  |  | $ | 97.43 |
(a) | Stock options exercised during the fiscal years ended June 30, 2019, 2018 and 2017 had intrinsic values of $65.8 million, $116.3 million and $104.7 million, respectively.
(b) | Time-based RSUs that vested during the fiscal years ended June 30, 2019, 2018 and 2017 had a total fair value of $45.4 million, $50.6 million and $39.8 million, respectively. Performance-based RSUs that vested during the fiscal years ended June 30, 2019, 2018 and 2017 had a total fair value of $21.7 million, $19.1 million and $11.6 million, respectively.
(c) As of June 30, 2019, the Company’s outstanding stock options using the fiscal year-end share price of $127.68 had an aggregate intrinsic value of $268.2 million. As of June 30, 2019, the Company’s outstanding “in the money” vested stock options using the fiscal year-end share price of $127.68 had an aggregate intrinsic value of $195.8 million. As of June 30, 2019, time-based RSUs and performance-based RSUs expected to vest using the fiscal year-end share price of $127.68 (approximately 0.8 million and 0.3 million shares, respectively) had an aggregate intrinsic value of $100.1 million and $39.8 million, respectively.
Summary of Outstanding and Exercisable Stock Options | The tables below summarize information regarding the Company’s outstanding and exercisable stock options as of June 30, 2019:
|  | Outstanding Options
|  | Options Outstanding |  | Weighted Average Remaining Contractual Term (in years) |  | Weighted Average Exercise Price Per Share |  | Aggregate Intrinsic Value (in millions) (a)
Range of Exercise Prices |
$0.01 to $35.00 |  | 607,688 |  |  | 2.90 |  | $ | 23.08 |  |  |
$35.01 to $50.00 |  | 580,519 |  |  | 4.51 |  | $ | 37.56 |  |  |
$50.01 to $65.00 |  | 952,544 |  |  | 6.09 |  | $ | 52.40 |  |  |
$65.01 to $80.00 |  | 488,967 |  |  | 7.54 |  | $ | 67.32 |  |  |
$80.01 to $95.00 |  | 1,044,179 |  |  | 8.52 |  | $ | 93.40 |  |  |
$95.01 to $110.00 |  | 527,717 |  |  | 9.59 |  | $ | 98.72 |  |  |
|  | 4,201,614 |  |  | 6.62 |  | $ | 63.85 |  |  | $ | 268.2 |
|  | Exercisable Options
Range of Exercise Prices |  | Options Exercisable |  | Weighted Average Remaining Contractual Term (in years) |  | Weighted Average Exercise Price Per Share |  | Aggregate Intrinsic Value (in millions) (a)
$0.01 to $35.00 |  | 607,688 |  |  | 2.90 |  | $ | 23.08 |  |  |
$35.01 to $50.00 |  | 580,519 |  |  | 4.51 |  | $ | 37.56 |  |  |
$50.01 to $65.00 |  | 808,864 |  |  | 6.01 |  | $ | 52.48 |  |  |
$65.01 to $80.00 |  | 225,463 |  |  | 7.53 |  | $ | 67.32 |  |  |
$80.01 to $95.00 |  | 141,699 |  |  | 8.33 |  | $ | 92.46 |  |  |
$95.01 to $110.00 |  | 23,447 |  |  | 9.37 |  | $ | 107.52 |  |  |
|  | 2,387,680 |  |  | 5.17 |  | $ | 45.68 |  |  | $ | 195.8 |
(a) Calculated using the closing stock price on the last trading day of fiscal year 2019 of $127.68, less the option exercise price, multiplied by the number of instruments.
Assumptions Used to Determine Fair Values of Stock Option Grants | The following table presents the assumptions used to determine the fair values of the stock option grants using the Binomial options pricing model during the fiscal years ended June 30, 2019, 2018 and 2017:
|  | Fiscal Year Ended June 30, 2019 |  | Fiscal Year Ended June 30, 2018 |  | Fiscal Year Ended June 30, 2017
Graded Vesting |  |  |  |  |  |
Risk-free interest rate |  | 2.5 | % |  | 2.7 | % |  | 2.1 | %
Dividend yield |  | 2.0 | % |  | 1.6 | % |  | 2.0 | %
Weighted-average volatility factor |  | 26.0 | % |  | 23.8 | % |  | 23.1 | %
Weighted-average expected life (in years) |  | 5.9 |  |  | 6.5 |  |  | 6.5 |
Weighted-average fair value (in dollars) |  | $ | 22.12 |  |  | $ | 22.16 |  |  | $ | 13.74 |
|  | Fiscal Year Ended June 30, 2018
Cliff Vesting |  |
Risk-free interest rate |  | 2.7 | %
Dividend yield |  | 1.6 | %
Weighted-average volatility factor |  | 23.8 | %
Weighted-average expected life (in years) |  | 6.0 |
Weighted-average fair value (in dollars) |  | $ | 21.65 |

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