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Equity-Based Compensation (Tables) | 12 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Restricted Stock Units and Target Performance Stock Units Granted to be Settled in Stock | The following table summarizes the activity related to RSUs and target PSUs granted to the Company's employees to be settled in stock (RSUs and PSUs in thousands):
| Fiscal 2022 |  | Fiscal 2021 |  | Fiscal 2020
| Number of shares |  | Weighted average grant- date fair value |  | Number of shares |  | Weighted average grant- date fair value |  | Number of shares |  |  | Weighted average grant- date fair value
RSUs and PSUs |  |  |  |  |  |  |  |  |  |  |  |
Unvested units at beginning of the year | 5,695 |  |  | $ | 31.75 |  |  | 8,043 |  |  | $ | 29.98 |  |  | 7,660 |  |  |  | $ | 32.27 |
Granted | 1,909 |  |  | 35.77 |  |  | 2,495 |  |  | 28.07 |  |  | 2,499 |  |  |  | 32.44 |
Vested | (2,417) |  |  | 33.32 |  |  | (4,654) |  |  | 26.71 |  |  | (1,862) |  |  |  | 43.07 |
Cancelled | (135) |  |  | 31.44 |  |  | (189) |  |  | 32.01 |  |  | (254) |  |  |  | 27.14 |
Unvested units at the end of the year(a) | 5,052 |  |  | $ | 32.53 |  |  | 5,695 |  |  | $ | 31.75 |  |  | 8,043 |  |  |  | $ | 29.98 |
(a) | The intrinsic value of unvested RSUs and target PSUs as of June 30, 2022 was approximately $165 million.
Summary of Stock Options and PSOs Granted under SAP | The following table summarizes information about the Company's stock options and PSOs granted under the SAP during fiscal 2022, 2021 and 2020 (options in thousands).
| Fiscal 2022 |  | Fiscal 2021 |  | Fiscal 2020
| Number of options |  | Weighted average exercise price |  | Number of options |  | Weighted average exercise price |  | Number of options |  | Weighted average exercise price
Outstanding at the beginning of the year | 11,150 |  |  | $ | 32.09 |  |  | 6,809 |  |  | $ | 35.11 |  |  | 3,113 |  |  | $ | 40.25 |
Granted | 3,990 |  |  | 34.83 |  | 5,003 |  |  | 27.52 |  | 3,838 |  |  | 30.87
Exercised(a) | (542) |  |  | 31.94 |  | (386) |  |  | 27.21 |  | — |  |  | —
Cancelled | (348) |  |  | 30.38 |  | (276) |  |  | 30.44 |  | (142) |  |  | 33.37
Outstanding at the end of the year(b) | 14,250 |  |  | $ | 32.90 |  |  | 11,150 |  |  | $ | 32.09 |  |  | 6,809 |  |  | $ | 35.11 |
Exercisable at the end of the year(c) | 4,586 |  |  | $ | 37.13 |  |  | 3,981 |  |  | $ | 38.12 |  |  | 1,626 |  |  | $ | 39.30 |
Weighted average grant-date fair value of options granted |  |  | $ | 7.48 |  |  |  |  | $ | 7.37 |  |  |  |  | $ | 6.87 |
Weighted average remaining contractual term of options outstanding at the end of the year |  |  | 6.75 years |  |  |  | 6.82 years |  |  |  | 5.98 years
Weighted average remaining contractual term of options exercisable at the end of the year |  |  | 3.89 years |  |  |  | 4.81 years |  |  |  | 5.50 years
(a) | During fiscal 2022 and fiscal 2021, the Company received approximately $17 million and $12 million, respectively, in cash payments from the exercise of stock options.
(b) | The intrinsic value of options outstanding as of June 30, 2022, 2021 and 2020 was $26.9 million, $65.6 million and $2.8 million, respectively.
(c) | The intrinsic value of options exercisable as of June 30, 2022, 2021 and 2020 was $3.1 million, $5.5 million and $0.7 million, respectively.
Weighted Average Assumptions Used for Estimated Fair Value of Stock Option Grant | The fair value of each PSO and stock option grant is estimated on the date of grant with the following weighted average assumptions used for grants during fiscal 2022, 2021 and 2020:
| For the years ended June 30,
| 2022 |  | 2021 |  | 2020
Expected volatility | 35.00 | % |  | 35.00 | % |  | 26.66 | %
Risk-free interest rate | 1.20 | % |  | 0.66 | % |  | 1.43 | %
Expected dividend yield | 1.31 | % |  | 1.67 | % |  | 1.46 | %
Expected term | 5.29 years |  | 5.29 years |  | 3.83 years
Summary of Equity-Based Compensation | The following table summarizes the Company's equity-based compensation:
| For the years ended June 30,
| 2022 |  | 2021 |  | 2020
| (in millions)
Equity-based compensation | $ | 102 |  |  | $ | 147 |  |  | $ | 156 |
Intrinsic value of all settled equity-based awards | $ | 97 |  |  | $ | 139 |  |  | $ | 47 |
Tax benefit on settled equity-based awards | $ | 21 |  |  | $ | 23 |  |  | $ | 6 |

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