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STOCK PROGRAMS (Tables)

12 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

Total net stock-based compensation expense is attributable to the granting of, and the remaining requisite service periods of stock options, RSUs, PSUs, long-term PSUs and share units. Compensation expense attributable to net stock-based compensation is as follows:


	Year Ended June 30
(In millions)	2020		2019		2018
Compensation expense	$	213	$	243	$	236
Income tax benefit	$	41	$	47	$	49

Summary of stock option programs

The following is a summary of the Company’s stock option programs as of June 30, 2020 and changes during the fiscal year then ended:


(Shares in thousands)	Shares	Weighted- Average Exercise Price Per Share		Aggregate Intrinsic Value⁽¹⁾ (in millions)		Weighted-Average Contractual Life Remaining in Years
Outstanding at June 30, 2019	9,848.0	$	87.68
Granted at fair value	1,332.2	199.24
Exercised	(2,454.5)	73.68
Expired	(13.8)	99.14
Forfeited	(66.9)	155.66
Outstanding at June 30, 2020	8,645.0	108.30		$	709	6.0

Vested and expected to vest at June 30, 2020	8,595.9	107.86		$	708	6.0

Exercisable at June 30, 2020	5,780.6	82.85		$	612	4.9

⁽¹⁾The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option.

Summary of weighted-average grant date fair value and intrinsic value of stock options exercised

The following is a summary of the per-share weighted-average grant date fair value of stock options granted and total intrinsic value of stock options exercised:


	Year Ended June 30
(In millions, except per share data)	2020		2019		2018
Per-share weighted-average grant date fair value of stock options granted	$	51.46	$	38.62	$	27.76

Intrinsic value of stock options exercised	$	309	$	283	$	246

Schedule of fair value option-pricing assumptions

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:


	Year Ended June 30
	2020	2019	2018
Weighted-average expected stock-price volatility	25.1%	24.5%	25.6%
Weighted-average expected option life	7 years	7 years	7 years
Average risk-free interest rate	1.5%	2.8%	2.0%
Average dividend yield	1.0%	1.1%	1.5%

Summary of restricted stock units (RSUs)

The following is a summary of the status of the Company’s RSUs as of June 30, 2020 and activity during the fiscal year then ended:


(Shares in thousands)	Shares	Weighted-Average Grant Date Fair Value Per Share
Nonvested at June 30, 2019	2,441.9	$	119.62
Granted	834.5	199.25
Dividend equivalents	13.7	178.63
Vested	(1,233.3)	111.44
Forfeited	(108.5)	145.42
Nonvested at June 30, 2020	1,948.3	157.89

Summary of performance share units (PSUs)

The following is a summary of the status of the Company’s PSUs as of June 30, 2020 and activity during the fiscal year then ended:


(Shares in thousands)	Shares	Weighted-Average Grant Date Fair Value Per Share
Nonvested at June 30, 2019	1,009.8	105.92
Granted	198.5	187.10
Vested	(512.1)	92.19
Forfeited	(1.1)	132.73
Nonvested at June 30, 2020	695.1	139.17

Summary of status of share units

The following is a summary of the status of the Company’s share units as of June 30, 2020 and activity during the fiscal year then ended:


(Shares in thousands)	Shares	Weighted-Average Grant Date Fair Value Per Share
Outstanding at June 30, 2019	131.2	$	57.22
Granted	4.6	190.99
Dividend equivalents	1.0	177.86
Outstanding at June 30, 2020	136.8	62.46