Equity-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Units and Target Performance Stock Units Granted to be Settled in Stock

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

	Fiscal 2023			Fiscal 2022			Fiscal 2021
	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
RSUs and PSUs
Unvested units at beginning of the year	5,052	$	32.53	5,695	$	31.75	8,043	$	29.98
Granted	2,314	34.31		1,909	35.77		2,495	28.07
Vested	(2,092)	31.75		(2,417)	33.32		(4,654)	26.71
Cancelled	(990)	33.30		(135)	31.44		(189)	32.01
Unvested units at the end of the year(a)	4,284	$	33.72	5,052	$	32.53	5,695	$	31.75

(a) The intrinsic value of unvested RSUs and target PSUs as of June 30, 2023 was approximately $145 million.

Summary of Stock Options and PSOs Granted under SAP

The following table summarizes information about the Company’s stock options and PSOs granted under the SAP during fiscal 2023, 2022 and 2021 (options in thousands):

	Fiscal 2023			Fiscal 2022			Fiscal 2021
	Number of options	Weighted average exercise price		Number of options	Weighted average exercise price		Number of options	Weighted average exercise price
Outstanding at the beginning of the year	14,250	$	32.90	11,150	$	32.09	6,809	$	35.11
Granted	4,314	33.40		3,990	34.83		5,003	27.52
Exercised(a)	(234)	28.76		(542)	31.94		(386)	27.21
Cancelled	(1,282)	32.77		(348)	30.38		(276)	30.44
Outstanding at the end of the year(b)	17,048	$	33.12	14,250	$	32.90	11,150	$	32.09
Exercisable at the end of the year(c)	5,282	$	36.35	4,586	$	37.13	3,981	$	38.12
Weighted average grant-date fair value of options granted		$	10.32		$	7.48		$	7.37
Weighted average remaining contractual term of options outstanding at the end of the year		6.51 years			6.75 years			6.82 years
Weighted average remaining contractual term of options exercisable at the end of the year		2.96 years			3.89 years			4.81 years

(a)	During fiscal 2023, 2022 and 2021, the Company received approximately $7 million, $17 million and $12 million, respectively, in cash payments from the exercise of stock options.
(b)	The intrinsic value of options outstanding as of June 30, 2023, 2022 and 2021 was $37.1 million, $26.9 million and $65.6 million, respectively.
(c)	The intrinsic value of options exercisable as of June 30, 2023, 2022 and 2021 was $6.8 million, $3.1 million and $5.5 million, respectively.

Weighted Average Assumptions Used for Estimated Fair Value of Stock Option Grant

The fair value of each PSO and stock option grant is estimated on the date of grant with the following weighted average assumptions used for grants during fiscal 2023, 2022 and 2021:

	For the years ended June 30,
	2023		2022		2021
Expected volatility	35.00	%	35.00	%	35.00	%
Risk-free interest rate	2.83	%	1.20	%	0.66	%
Expected dividend yield	1.40	%	1.31	%	1.67	%
Expected term	5.30 years		5.29 years		5.29 years

Summary of Equity-Based Compensation

The following table summarizes the Company’s equity-based compensation:

	For the years ended June 30,
	2023		2022		2021
	(in millions)
Equity-based compensation	$	74	$	102	$	147
Intrinsic value of all settled equity-based awards	$	77	$	97	$	139
Tax benefit on settled equity-based awards	$	14	$	21	$	23