XML 50 R30.htm IDEA: XBRL DOCUMENT v3.19.2
Share-Based Compensation (Tables)
12 Months Ended
Jun. 29, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Share-Based Compensation Awards Available for Grant or Issuance

Share-based compensation awards available for grant or issuance for each plan as of the beginning of the fiscal year, including changes in the balance of awards available for grant for fiscal 2019, were as follows:

 

 

 

Awards

 

 

 

 

 

 

2010

 

 

 

Available

 

 

2010

 

 

Employee

 

 

 

Under All

 

 

Incentive

 

 

Stock

 

 

 

Share-Based

 

 

Compensation

 

 

Purchase

 

 

 

Award Plans

 

 

Plan

 

 

Plan

 

Balance at June 2018

 

 

2,210,217

 

 

 

1,969,926

 

 

 

240,291

 

Additional shares authorized

 

 

1,852,498

 

 

 

1,400,000

 

 

 

452,498

 

Stock options granted

 

 

 

 

 

 

 

 

 

Deferred stock units granted

 

 

(1,266,131

)

 

 

(1,266,131

)

 

 

 

Market stock units granted

 

 

(163,059

)

 

 

(163,059

)

 

 

 

Performance stock units granted

 

 

(147,005

)

 

 

(147,005

)

 

 

 

Performance stock units performance adjustment

 

 

(1,065

)

 

 

(1,065

)

 

 

 

Market stock units performance adjustment

 

 

46,663

 

 

 

46,663

 

 

 

 

Purchases under employee stock purchase plan

 

 

(544,886

)

 

 

 

 

 

(544,886

)

Forfeited

 

 

1,328,116

 

 

 

1,328,116

 

 

 

 

Fungible Shares Ratio Adjustment

 

 

(423,882

)

 

 

(423,882

)

 

 

 

Balance at June 2019

 

 

2,891,466

 

 

 

2,743,563

 

 

 

147,903

 

 

Share-Based Compensation and Related Tax Benefit Recognized in Consolidated Statements of Income

Share-based compensation and the related tax benefit recognized in our consolidated statements of income for fiscal 2019, 2018, and 2017 were as follows (in millions):

 

 

 

2019

 

 

2018

 

 

2017

 

Cost of revenue

 

$

3.1

 

 

$

3.2

 

 

$

2.2

 

Research and development

 

 

33.7

 

 

 

38.6

 

 

 

33.1

 

Selling, general, and administrative

 

 

22.2

 

 

 

29.5

 

 

 

26.5

 

Total

 

$

59.0

 

 

$

71.3

 

 

$

61.8

 

Income tax benefit on share-based compensation

 

$

4.3

 

 

$

11.1

 

 

$

16.1

 

Balance of Outstanding and Exercisable Stock Options

Certain stock option activity for fiscal 2019 and balances as of the end of fiscal 2019 were as follows:

 

 

 

Stock

 

 

Weighted

 

 

 

 

 

 

 

Option

 

 

Average

 

 

Intrinsic

 

 

 

Awards

 

 

Exercise

 

 

Value

 

 

 

Outstanding

 

 

Price

 

 

(In millions)

 

Balance at June 2018

 

 

1,618,209

 

 

$

57.14

 

 

 

 

 

Exercised

 

 

(177,823

)

 

 

29.16

 

 

 

 

 

Forfeited

 

 

(57,091

)

 

 

52.96

 

 

 

 

 

Expired

 

 

(191,366

)

 

 

72.40

 

 

 

 

 

Balance at June 2019

 

 

1,191,929

 

 

 

59.07

 

 

$

0.4

 

Exercisable at June 2019

 

 

1,163,841

 

 

 

59.23

 

 

$

0.4

 

Cash Received and Aggregate Intrinsic Value of Stock Options Exercised

Cash received and the aggregate intrinsic value of stock options exercised for fiscal 2019, 2018, and 2017 were as follows (in millions):

 

 

 

2019

 

 

2018

 

 

2017

 

Cash received

 

$

5.2

 

 

$

16.7

 

 

$

10.7

 

Aggregate intrinsic value

 

$

2.4

 

 

$

15.2

 

 

$

12.3

 

Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP

Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases in fiscal 2019, 2018, and 2017 were as follows (in millions, except shares purchased and weighted average purchase price):

 

 

 

2019

 

 

2018

 

 

2017

 

Shares purchased

 

 

544,886

 

 

 

486,263

 

 

 

302,085

 

Weighted average purchase price

 

$

29.48

 

 

$

32.07

 

 

$

46.74

 

Cash received

 

$

16.1

 

 

$

15.6

 

 

$

14.1

 

Aggregate intrinsic value

 

$

2.8

 

 

$

3.9

 

 

$

2.7

 

Fair Value of Each Award Granted under ESPP

The fair value of each award granted under our 2010 ESPP for fiscal 2019, 2018, and 2017 was estimated using the Black-Scholes option pricing model, assuming no expected dividends and the following range of assumptions:

 

 

 

2019

 

 

2018

 

 

2017

 

Expected volatility

 

43.8%-44.23%

 

 

43.7% - 49.8%

 

 

38.4% - 54.9%

 

Expected life in years

 

0.5 - 1.5

 

 

0.5 - 2.0

 

 

0.5 - 2.0

 

Risk-free interest rate

 

2.43%-2.68%

 

 

1.42% - 2.45%

 

 

0.62% - 1.20%

 

Fair value per award

 

$

15.63

 

 

$

13.54

 

 

$

20.44

 

Deferred stock units outstanding [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Balance and Aggregate Intrinsic Value of Stock Units

DSU activity, including DSUs granted, delivered, and forfeited in fiscal 2019, and the balance and aggregate intrinsic value of DSUs as of the end of fiscal 2019 was as follows:

 

 

 

 

 

 

 

Aggregate

 

 

Weighted

 

 

 

 

 

 

 

Intrinsic

 

 

Average

 

 

 

DSU Awards

 

 

Value

 

 

Grant Date

 

 

 

Outstanding

 

 

(in millions)

 

 

Fair Value

 

Balance at June 30, 2018

 

 

1,853,558

 

 

 

 

 

 

$

49.75

 

Granted

 

 

1,266,131

 

 

 

 

 

 

 

36.90

 

Delivered

 

 

(729,564

)

 

 

 

 

 

 

54.67

 

Forfeited

 

 

(511,272

)

 

 

 

 

 

 

43.49

 

Balance at June 30, 2019

 

 

1,878,853

 

 

$

54.7

 

 

 

40.90

 

Market stock units outstanding [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Balance and Aggregate Intrinsic Value of Stock Units

MSU activity, including MSUs granted, delivered, and forfeited in fiscal 2019, and the balance and aggregate intrinsic value of MSUs as of the end of fiscal 2019 were as follows:

 

 

 

 

 

 

 

Aggregate

 

 

Weighted

 

 

 

 

 

 

 

Intrinsic

 

 

Average

 

 

 

MSU Awards

 

 

Value

 

 

Grant Date

 

 

 

Outstanding

 

 

(in millions)

 

 

Fair Value

 

Balance at June 30, 2018

 

 

354,726

 

 

 

 

 

 

$

59.37

 

Granted

 

 

163,059

 

 

 

 

 

 

 

46.69

 

Performance adjustment

 

 

(46,663

)

 

 

 

 

 

 

 

Delivered

 

 

(92,202

)

 

 

 

 

 

 

53.33

 

Forfeited

 

 

(168,188

)

 

 

 

 

 

 

59.41

 

Balance at June 30, 2019

 

 

210,732

 

 

$

6.1

 

 

 

52.15

 

Performance stock units outstanding [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Balance and Aggregate Intrinsic Value of Stock Units

During the fiscal year ended June 30, 2019, PSU activity, including PSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of PSUs as of June 30, 2019 was as follows:

 

 

 

 

 

 

 

Aggregate

 

 

Weighted

 

 

 

 

 

 

 

Intrinsic

 

 

Average

 

 

 

PSU Awards

 

 

Value

 

 

Grant Date

 

 

 

Outstanding

 

 

(in millions)

 

 

Fair Value

 

Balance at June 30, 2018

 

 

294,541

 

 

 

 

 

 

$

39.48

 

Granted

 

 

147,005

 

 

 

 

 

 

 

35.41

 

Performance adjustment

 

 

1,065

 

 

 

 

 

 

 

 

Delivered

 

 

(92,470

)

 

 

 

 

 

 

39.54

 

Forfeited

 

 

(157,523

)

 

 

 

 

 

 

37.00

 

Balance at June 30, 2019

 

 

192,618

 

 

$

5.6

 

 

 

38.35

 

Stock Option Plans [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Fair Value of Each Award Granted The fair value of each award granted under our share-based compensation plans for fiscal 2018 and 2017 was estimated at the date of grant using the Black-Scholes option pricing model, assuming no expected dividends and the following range of assumptions:

 

 

 

2018

 

 

2017

 

Expected volatility

 

46.2%

 

 

45.2% - 48.3%

 

Expected life in years

 

4.4

 

 

3.8 - 4.6

 

Risk-free interest rate

 

1.8%

 

 

1.03% - 1.94%

 

Fair value per award

 

$

18.04

 

 

$

21.08

 

 

Incentive Compensation Plans [member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Fair Value of Each Award Granted

The fair value of each MSU granted from our plans for fiscal 2019, 2018, and 2017 was estimated at the date of grant using the Monte Carlo simulation model, assuming no expected dividends and the following assumptions:

 

 

 

2019

 

 

2018

 

2017

 

 

Expected volatility of company

 

 

50.58

%

 

49.16% - 50.60%

 

 

52.54

%

 

Expected volatility of SOX index

 

 

23.40

%

 

22.37% - 22.52%

 

 

21.23

%

 

Correlation coefficient

 

 

0.51

 

 

0.52 - 0.53

 

 

0.45

 

 

Expected life in years

 

 

2.88

 

 

2.80 - 2.92

 

 

2.92

 

 

Risk-free interest rate

 

 

2.92

%

 

1.72% - 1.88%

 

 

1.01

%

 

Fair value per award

 

$27.70 - $85.52

 

 

$48.22 - $59.19

 

$67.51