Equity-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule 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 2024			Fiscal 2023			Fiscal 2022
	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	4,284	$	33.72	5,052	$	32.53	5,695	$	31.75
Granted	3,209	35.13		2,314	34.31		1,909	35.77
Vested	(2,153)	31.97		(2,092)	31.75		(2,417)	33.32
Cancelled	(539)	35.28		(990)	33.30		(135)	31.44
Unvested units at the end of the year(a)	4,801	$	35.20	4,284	$	33.72	5,052	$	32.53

(a) The intrinsic value of unvested RSUs and target PSUs as of June 30, 2024 was approximately $170 million.

Schedule 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 2024, 2023 and 2022 (options in thousands):

	Fiscal 2024			Fiscal 2023			Fiscal 2022
	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	17,048	$	33.12	14,250	$	32.90	11,150	$	32.09
Granted	3,927	34.77		4,314	33.40		3,990	34.83
Exercised(a)	(1,216)	27.85		(234)	28.76		(542)	31.94
Cancelled	(1,433)	34.30		(1,282)	32.77		(348)	30.38
Outstanding at the end of the year(b)	18,326	$	33.75	17,048	$	33.12	14,250	$	32.90
Exercisable at the end of the year(c)	8,158	$	32.95	5,282	$	36.35	4,586	$	37.13
Weighted average grant-date fair value of options granted		$	10.30		$	10.32		$	7.48
Weighted average remaining contractual term of options outstanding at the end of the year		5.97 years			6.51 years			6.75 years
Weighted average remaining contractual term of options exercisable at the end of the year		3.51 years			2.96 years			3.89 years

(a)	During fiscal 2024, 2023 and 2022, the Company received approximately $34 million, $7 million and $17 million, respectively, in cash payments from the exercise of stock options.
(b)	The intrinsic value of options outstanding as of June 30, 2024, 2023 and 2022 was $31.7 million, $37.1 million and $26.9 million, respectively.
(c)	The intrinsic value of options exercisable as of June 30, 2024, 2023 and 2022 was $28.7 million, $6.8 million and $3.1 million, respectively.

Schedule of 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 2024, 2023 and 2022:

	For the years ended June 30,
	2024		2023		2022
Expected volatility	31.63	%	35.00	%	35.00	%
Risk-free interest rate	3.96	%	2.83	%	1.20	%
Expected dividend yield	1.44	%	1.40	%	1.31	%
Expected term	6.50 years		5.30 years		5.29 years

Schedule of Equity-Based Compensation

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

	For the years ended June 30,
	2024		2023		2022
	(in millions)
Equity-based compensation	$	90	$	74	$	102
Intrinsic value of all settled equity-based awards	$	78	$	77	$	97
Tax benefit on settled equity-based awards	$	12	$	14	$	21