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Equity-Based Compensation (Tables)
 12 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Equity-Based Compensation Expense from Continuing Operations
The following table summarizes the Company’s equity-based compensation expense reported in the Statements of Operations:
For the fiscal years ended June 30,
202020192018
(in millions)
Total equity compensation expense
$69  $73  $76  
Total intrinsic value of stock options exercised
$1  $1  $1  
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 2020Fiscal 2019Fiscal 2018
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
10,280  $13.70  9,341  $14.54  8,652  $15.57  
Granted(a)
4,468  12.79  5,445  12.98  3,510  13.47  
Vested(b)
(5,565) 14.12  (3,534) 14.72  (1,467) 16.70  
Cancelled(c)
(1,466) 10.97  (972) 14.02  (1,354) 16.04  
Unvested units at the end of the year(d)
7,717  $13.39  10,280  $13.70  9,341  $14.54  
________________________
(a)For fiscal 2020, includes 1.1 million target PSUs and 3.3 million RSUs granted and a payout adjustment of 0.1 million PSUs due to the actual performance level achieved for PSUs granted in fiscal 2019 that vested during fiscal 2020.
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.
(b)The fair value of PSUs and RSUs held by the Company’s employees that vested during the fiscal years ended June 30, 2020, 2019 and 2018 was $79 million, $52 million and $25 million, respectively.
(c)For fiscal 2020, includes 0.4 million of target PSUs and 0.7 million RSUs cancelled and a payout adjustment of 0.4 million PSUs due to the actual performance level achieved for PSUs granted in fiscal 2017 that vested during fiscal 2020.
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.
(d)The intrinsic value of these unvested RSUs and target PSUs was approximately $130 million as of June 30, 2020.
Summary of Stock Option Transactions
The following table summarizes information about stock option transactions for the employee stock option plans (options in thousands):
Fiscal 2020Fiscal 2019Fiscal 2018
Options
Weighted
average
exercise
price
Options
Weighted
average
exercise
price
Options
Weighted
average
exercise
price
Outstanding at the beginning of the year
335  $8.04  473  $7.61  666  $7.74  
Exercised
(103) 8.25  (136) 6.58  (189) 8.04  
Cancelled
—  —  (2) 5.90  (4) 9.04  
Outstanding at the end of the year(a)
232  $8.45  335  $8.04  473  $7.61  
Exercisable at the end of the year(b)
232  335  470  
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(a)The intrinsic value of options outstanding held by the Company’s employees as of June 30, 2020, 2019 and 2018 was $0.8 million, $1.9 million and $3.7 million, respectively. The weighted average remaining contractual life of options outstanding as of June 30, 2020 was 2.72 years.
(b)The weighted average remaining contractual life of options exercisable as of June 30, 2020 was 2.72 years.