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Equity-Based Compensation (Tables) | 12 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule 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 2024 |  | Fiscal 2023 |  | Fiscal 2022
| 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 | 4,284 |  |  | $ | 33.72 |  |  | 5,052 |  |  | $ | 32.53 |  |  | 5,695 |  |  | $ | 31.75 |
Granted | 3,209 |  |  | 35.13 |  |  | 2,314 |  |  | 34.31 |  |  | 1,909 |  |  | 35.77 |
Vested | (2,153) |  |  | 31.97 |  |  | (2,092) |  |  | 31.75 |  |  | (2,417) |  |  | 33.32 |
Cancelled | (539) |  |  | 35.28 |  |  | (990) |  |  | 33.30 |  |  | (135) |  |  | 31.44 |
Unvested units at the end of the year(a) | 4,801 |  |  | $ | 35.20 |  |  | 4,284 |  |  | $ | 33.72 |  |  | 5,052 |  |  | $ | 32.53 |
(a) | The intrinsic value of unvested RSUs and target PSUs as of June 30, 2024 was approximately $170 million.
Schedule 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 2024, 2023 and 2022 (options in thousands):
| Fiscal 2024 |  | Fiscal 2023 |  | Fiscal 2022
| 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 | 17,048 |  |  | $ | 33.12 |  |  | 14,250 |  |  | $ | 32.90 |  |  | 11,150 |  |  | $ | 32.09 |
Granted | 3,927 |  |  | 34.77 |  |  | 4,314 |  |  | 33.40 |  |  | 3,990 |  |  | 34.83 |
Exercised(a) | (1,216) |  |  | 27.85 |  |  | (234) |  |  | 28.76 |  |  | (542) |  |  | 31.94 |
Cancelled | (1,433) |  |  | 34.30 |  |  | (1,282) |  |  | 32.77 |  |  | (348) |  |  | 30.38 |
Outstanding at the end of the year(b) | 18,326 |  |  | $ | 33.75 |  |  | 17,048 |  |  | $ | 33.12 |  |  | 14,250 |  |  | $ | 32.90 |
Exercisable at the end of the year(c) | 8,158 |  |  | $ | 32.95 |  |  | 5,282 |  |  | $ | 36.35 |  |  | 4,586 |  |  | $ | 37.13 |
Weighted average grant-date fair value of options granted |  |  | $ | 10.30 |  |  |  |  | $ | 10.32 |  |  |  |  | $ | 7.48 |
Weighted average remaining contractual term of options outstanding at the end of the year |  |  | 5.97 years |  |  |  | 6.51 years |  |  |  | 6.75 years
Weighted average remaining contractual term of options exercisable at the end of the year |  |  | 3.51 years |  |  |  | 2.96 years |  |  |  | 3.89 years
(a) | During fiscal 2024, 2023 and 2022, the Company received approximately $34 million, $7 million and $17 million, respectively, in cash payments from the exercise of stock options.
(b) | The intrinsic value of options outstanding as of June 30, 2024, 2023 and 2022 was $31.7 million, $37.1 million and $26.9 million, respectively.
(c) | The intrinsic value of options exercisable as of June 30, 2024, 2023 and 2022 was $28.7 million, $6.8 million and $3.1 million, respectively.
Schedule of 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 2024, 2023 and 2022:
| For the years ended June 30,
| 2024 |  | 2023 |  | 2022
Expected volatility | 31.63 | % |  | 35.00 | % |  | 35.00 | %
Risk-free interest rate | 3.96 | % |  | 2.83 | % |  | 1.20 | %
Expected dividend yield | 1.44 | % |  | 1.40 | % |  | 1.31 | %
Expected term | 6.50 years |  | 5.30 years |  | 5.29 years
Schedule of Equity-Based Compensation | The following table summarizes the Company’s equity-based compensation:
| For the years ended June 30,
| 2024 |  | 2023 |  | 2022
| (in millions)
Equity-based compensation | $ | 90 |  |  | $ | 74 |  |  | $ | 102 |
Intrinsic value of all settled equity-based awards | $ | 78 |  |  | $ | 77 |  |  | $ | 97 |
Tax benefit on settled equity-based awards | $ | 12 |  |  | $ | 14 |  |  | $ | 21 |

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