Equity-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Equity-Based Compensation Expense from Continuing Operations

The following table summarizes the Company’s equity-based compensation expense from continuing operations reported in the Statements of Operations:

	For the fiscal years ended June 30,
	2019		2018		2017
	(in millions)
Total equity compensation expense	$	73	$	76	$	38
Total intrinsic value of stock options exercised	$	1	$	1	$	2

Summary of Activity from Continuing and Discontinued Operations Related to Target PSUs and RSUs Settled in Shares

The following table summarizes the activity related to the target PSUs and RSUs granted to the Company’s employees that will be settled in shares of the Company (PSUs and RSUs in thousands):

	Fiscal 2019					Fiscal 2018					Fiscal 2017
	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
PSUs and RSUs
Unvested units at beginning of the year		9,341		$	14.54		8,652		$	15.57		7,773		$	17.34
Granted(a)		5,445			12.98		3,510			13.47		4,502			14.69
Vested(b)		(3,534	)		14.72		(1,467	)		16.70		(2,387	)		18.38
Cancelled(c)		(972	)		14.02		(1,354	)		16.04		(1,236	)		17.08
Unvested units at the end of the year(d)		10,280		$	13.70		9,341		$	14.54		8,652		$	15.57

(a) For fiscal 2019, includes 3.8 million target PSUs and 1.1 million RSUs granted and a payout adjustment of 0.5 million PSUs due to the actual performance level achieved for PSUs granted in fiscal 2018 that vested during fiscal 2019.

For fiscal 2018, includes 3.2 million target PSUs and 0.3 million RSUs granted.

For fiscal 2017, includes 4.1 million target PSUs and 0.4 million RSUs granted.

(b) The fair value of PSUs and RSUs held by the Company’s employees that vested during the fiscal years ended June 30, 2019, 2018 and 2017 was $52 million, $25 million and $44 million, respectively.

(c) For fiscal 2019, includes 0.6 million of target PSUs and 0.1 million RSUs cancelled and a payout adjustment of 0.3 million PSUs due to the actual performance level achieved for PSUs granted in fiscal 2016 that vested during fiscal 2019.

For fiscal 2018, includes 0.6 million of target PSUs and 0.1 million RSUs cancelled and a payout adjustment of 0.7 million PSUs due to the actual performance level achieved for PSUs granted in fiscal 2015 that vested during fiscal 2018.

For fiscal 2017, includes 0.7 million of target PSUs and 0.1 million RSUs cancelled and a payout adjustment of 0.4 million PSUs due to the actual performance level achieved for PSUs granted in fiscal 2014 that vested during fiscal 2017.

(d) The intrinsic value of these unvested RSUs and target PSUs was approximately $139 million as of June 30, 2019.

Summary of Stock Option Transactions

The following table summarizes information about stock option transactions for the employee stock option plans (options in thousands):

	Fiscal 2019					Fiscal 2018					Fiscal 2017
	Options			Weighted average exercise price		Options			Weighted average exercise price		Options			Weighted average exercise price
Outstanding at the beginning of the year		473		$	7.61		666		$	7.74		1,238		$	9.03
Exercised		(136	)		6.58		(189	)		8.04		(354	)		7.78
Cancelled		(2	)		5.90		(4	)		9.04		(218	)		15.00
Outstanding at the end of the year(a)		335		$	8.04		473		$	7.61		666		$	7.74
Exercisable at the end of the year(b)		335					470					585

(a) The intrinsic value of options outstanding held by the Company’s employees as of June 30, 2019, 2018 and 2017 was $1.9 million, $3.7 million and $4.0 million, respectively. The weighted average remaining contractual life of options outstanding as of June 30, 2019 was 3.34 years.

(b) The weighted average remaining contractual life of options exercisable as of June 30, 2019 was 3.34 years.