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STOCK PROGRAMS (Tables)
 12 Months Ended
Jun. 30, 2018
STOCK PROGRAMS  
Schedule of stock-based compensation expense and related income tax benefits

 

 

 

Year Ended June 30

(In millions)

 

2018

 

2017

 

2016

Compensation expense

 

  $
236

 

$
219

 

$
184

Income tax benefit

 
49

 
72

 
60

 

Summary of stock option programs and changes during the period

 

(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, 2017

 
12,964.3

 

$
62.42

 

 

 

 

 

Granted at fair value

 
2,105.3

 
108.20

 

 

 

 

 

Exercised

 
(3,444.8

)
53.08

 

 

 

 

 

Expired

 
(25.7

)
60.50

 

 

 

 

 

Forfeited

 
(127.5

)
93.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2018

 
11,471.6

 
73.28

 

$
796

 
6.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vested and expected to vest at June 30, 2018

 
11,390.4

 
73.07

 

$
793

 
6.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at June 30, 2018

 
7,329.3

 
60.05

 

$
606

 
4.8

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

(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 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)

 

2018

 

2017

 

2016

Per-share weighted-average grant date fair value of stock options granted

 

$
27.76

 

$
22.79

 

$
21.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intrinsic value of stock options exercised

 

$
246

 

$
149

 

$
75

 

 

 

 

 

 

 

 

 

 

 

Schedule of fair value option-pricing assumptions

 

 

 

Year Ended June 30

 

 

2018

 

2017

 

2016

Weighted-average expected stock-price volatility

 

26%

 

26%

 

27%

Weighted-average expected option life

 

7 years

 

7 years

 

7 years

Average risk-free interest rate

 

2.0%

 

1.5%

 

1.9%

Average dividend yield

 

1.5%

 

1.3%

 

1.2%

 

Summary of the status of Restricted Stock Units (RSUs) and activity

 

 

 

 

 

Weighted-Average

 

 

 

 

 

Grant Date

 

(Shares in thousands)

 

Shares

 

Fair Value Per Share

 

Nonvested at June 30, 2017

 
2,939.2

 

$
83.35

 

Granted

 
1,245.6

 
108.61

 

Dividend equivalents

 
25.6

 
135.27

 

Vested

 
(1,377.2

)
81.40

 

Forfeited

 
(149.7

)
91.78

 

 

 

 

 

 

 

Nonvested at June 30, 2018

 
2,683.5

 
96.11

 

 

 

 

 

 

 

 

Summary of the status of Performance Share Units, (PSUs) and activity

 

 

 

 

 

Weighted-Average

 

 

 

 

 

Grant Date

 

(Shares in thousands)

 

Shares

 

Fair Value Per Share

 

Nonvested at June 30, 2017

 
1,022.2

 

$
82.00

 

Granted

 
216.6

 
107.95

 

Vested

 
(275.1

)
77.35

 

Forfeited

 

—

 

—

 

 

 

 

 

 

 

Nonvested at June 30, 2018

 
963.7

 
89.16

 

 

 

 

 

 

 

 

Summary of the status of share units and activity under the Non-Employee Director Share Incentive Plan

 

 

 

 

 

Weighted-Average

 

 

 

 

 

Grant Date

 

(Shares in thousands)

 

Shares

 

Fair Value Per Share

 

Outstanding at June 30, 2017

 
131.6

 

$
47.87

 

Granted

 
6.4

 
116.04

 

Dividend equivalents

 
1.5

 
134.04

 

Converted

 

—

 

—

 

 

 

 

 

 

 

Outstanding at June 30, 2018

 
139.5

 
51.97