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Stock-Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Incentive Equity Awards
The activity related to the Company’s incentive equity awards for the fiscal years ended June 30, 2017, 2016 and 2015 consisted of the following:
 
 
Stock Options
 
Time-based
RSUs
 
Performance-based
RSUs
 
 
Number
of
Options
 
Weighted
Average
Exercise
Price
 
Number
of
Shares
 
Weighted
Average
Grant-Date
Fair Value
 
Number
of
Shares
 
Weighted
Average
Grant-Date
Fair Value
Balances at July 1, 2014
 
9,847,291

 
$
23.73

 
1,866,408

 
$
25.69

 
662,282

 
$
26.30

Granted
 
1,075,759

 
50.10

 
748,582

 
39.66

 
254,440

 
35.89

Exercised (a)
 
(3,140,921
)
 
19.79

 
—

 
—

 
—

 
—

Vesting of RSUs (b)
 
—

 
—

 
(945,506
)
 
21.89

 
(357,515
)
 
21.29

Expired/forfeited
 
(108,182
)
 
26.49

 
(143,024
)
 
29.81

 
(11,342
)
 
30.27

Balances at June 30, 2015
 
7,673,947

 
$
29.00

 
1,526,460

 
$
34.51

 
547,865

 
$
33.94

Granted
 
679,995

 
52.51

 
574,889

 
52.28

 
262,292

 
50.79

Exercised (a)
 
(1,192,266
)
 
20.83

 
—

 
—

 
—

 
—

Vesting of RSUs (b)
 
—

 
—

 
(758,964
)
 
31.30

 
(264,868
)
 
30.30

Expired/forfeited
 
(102,609
)
 
34.32

 
(139,489
)
 
40.45

 
(76,773
)
 
23.43

Balances at June 30, 2016
 
7,059,067

 
$
32.57

 
1,202,896

 
$
44.34

 
468,516

 
$
47.15

Granted
 
568,465

 
67.15

 
531,301

 
64.38

 
225,731

 
64.52

Exercised (a)
 
(2,384,449
)
 
25.44

 
—

 
—

 
—

 
—

Vesting of RSUs (b)
 
—

 
—

 
(586,617
)
 
40.00

 
(171,082
)
 
38.50

Expired/forfeited
 
(105,442
)
 
36.13

 
(72,987
)
 
53.74

 
(52,303
)
 
50.38

Balances at June 30, 2017 (c)
 
5,137,641

 
$
39.63

 
1,074,593

 
$
55.98

 
470,862

 
$
58.26

 
(a)
Stock options exercised during the fiscal years ended June 30, 2017, 2016 and 2015 had intrinsic values of $104.7 million, $41.3 million and $86.2 million, respectively.
(b)
Time-based RSUs that vested during the fiscal years ended June 30, 2017, 2016 and 2015 had a total fair value of $39.8 million, $44.9 million and $51.5 million, respectively. Performance-based RSUs that vested during the fiscal years ended June 30, 2017, 2016 and 2015 had a total fair value of $11.6 million, $15.6 million and $19.2 million, respectively.
(c)
As of June 30, 2017, the Company’s outstanding stock options using the fiscal year-end share price of $75.56 (approximately 5.1 million shares) had an aggregate intrinsic value of $184.6 million. As of June 30, 2017, the Company’s outstanding “in the money” vested stock options using the fiscal year-end share price of $75.56 (approximately 2.7 million shares) had an aggregate intrinsic value of $121.7 million. As of June 30, 2017, time-based RSUs and performance-based RSUs expected to vest using the fiscal year-end share price of $75.56 (approximately 1.0 million and 0.4 million shares, respectively) had an aggregate intrinsic value of $76.2 million and $33.8 million, respectively.
Summary of Outstanding and Exercisable Stock Options
The tables below summarize information regarding the Company’s outstanding and exercisable stock options as of June 30, 2017:
 
 
Outstanding Options
 
 
Options
Outstanding
 
Weighted
Average
Remaining
Contractual
Term
(in years)
 
Weighted
Average
Exercise
Price Per Share
 
Aggregate Intrinsic Value (in millions) (a)
Range of Exercise Prices
 
$0.01 to $20.00
 
186,895

 
1.45
 
$
16.64

 
 
$20.01 to $40.00
 
2,878,142

 
5.60
 
$
29.59

 
 
$40.01 to $60.00
 
1,504,139

 
8.02
 
$
51.27

 
 
$60.01 to $70.00
 
568,465

 
9.61
 
$
67.15

 
 
 
 
5,137,641

 
6.60
 
$
39.63

 
$
184.6

 
 
Exercisable Options
Range of Exercise Prices
 
Options
Exercisable
 
Weighted
Average
Remaining
Contractual
Term
(in years)
 
Weighted
Average
Exercise
Price Per Share
 
Aggregate Intrinsic Value
(in millions) (a)
$0.01 to $20.00
 
186,895

 
1.45
 
$
16.64

 
 
$20.01 to $40.00
 
1,932,907

 
5.11
 
$
25.99

 
 
$40.01 to $60.00
 
583,304

 
7.87
 
$
50.79

 
 
$60.01 to $70.00
 
40,048

 
9.39
 
$
64.89

 
 
 
 
2,743,154

 
5.51
 
$
31.19

 
$
121.7


(a) Calculated using the closing stock price on the last trading day of fiscal year 2017 of $75.56, less the option exercise price, multiplied by the number of instruments.
Assumptions Used to Determine Fair Values of Stock Option Grants
The following table presents the assumptions used to determine the fair values of the stock option grants using the Binomial options pricing model during the fiscal years ended June 30, 2017, 2016 and 2015:
 
 
Fiscal Year Ended 
 June 30, 2017
 
Fiscal Year Ended 
 June 30, 2016
 
Fiscal Year Ended 
 June 30, 2015
Graded Vesting
 
 
 
 
 
 
Risk-free interest rate
 
2.1
%
 
1.4
%
 
1.8
%
Dividend yield
 
2.0
%
 
2.3
%
 
2.1
%
Weighted-average volatility factor
 
23.1
%
 
26.7
%
 
24.2
%
Weighted-average expected life (in years)
 
6.5

 
6.5

 
6.9

Weighted-average fair value (in dollars)
 
$13.74
 
$10.82
 
$10.21