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STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of amounts and classifications of share-based compensation expense
The following table summarizes the amounts and classification of share-based compensation expense:
 
2017
 
2016
 
2015
 
 
 
 
 
 
 
(In millions)
Total expense
$
42

 
$
36

 
$
33

Included in:
 
 
 
 
 
Cost of product sales and services
$
3

 
$
4

 
$
3

Engineering, selling and administrative expenses
39

 
32

 
30

Income from continuing operations
42

 
36

 
33

Tax effect on share-based compensation expense
(16
)
 
(14
)
 
(13
)
Total share-based compensation expense after-tax
$
26

 
$
22

 
$
20
Assumptions used in calculating fair value of stock option grants
A summary of the significant assumptions used in determining the fair value of stock option grants under our SIPs is as follows:
 
2017
 
2016
 
2015
 
 
 
 
 
 
Expected dividends
2.4
%
 
2.5
%
 
2.7
%
Expected volatility
21.8
%
 
23.0
%
 
24.3
%
Risk-free interest rates
1.2
%
 
1.5
%
 
1.7
%
Expected term (years)
5.03

 
5.05

 
5.02
Summary of stock option activity
A summary of stock option activity under our SIPs as of June 30, 2017 and changes during fiscal 2017 is as follows:
 
Shares
 
Weighted
Average
Exercise
Price
Per Share
 
Weighted
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic Value
 
 
 
 
 
(In years)
 
(In millions)
Stock options outstanding July 1, 2016
4,935,845

 
$
62.28

 
 
 
 
Stock options forfeited or expired
(272,129
)
 
$
81.23

 
 
 
 
Stock options granted
1,230,480

 
$
90.88

 
 
 
 
Stock options exercised
(984,054
)
 
$
54.81

 
 
 
 
Stock options outstanding June 30, 2017
4,910,142

 
$
69.89

 
7.23
 
$
192.41

Stock options exercisable June 30, 2017
2,313,860

 
$
55.09

 
5.83
 
$
124.92
Nonvested stock options
A summary of the status of our nonvested stock options at June 30, 2017 and changes during fiscal 2017 is as follows:
 
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Per Share
Nonvested stock options July 1, 2016
2,683,709

 
$
12.64

Stock options granted
1,230,480

 
$
13.82

Stock options vested
(1,317,907
)
 
$
12.59

Nonvested stock options June 30, 2017
2,596,282

 
$
13.23
Summary of restricted stock and restricted stock units
A summary of the status of these awards at June 30, 2017 and changes during fiscal 2017 is as follows:
 
Shares
 
Weighted-
Average
Grant
Price
Per Share
Restricted stock and restricted stock units outstanding at July 1, 2016
411,875

 
$
71.07

Restricted stock and restricted stock units granted
99,155

 
$
94.60

Restricted stock and restricted stock units vested
(222,667
)
 
$
63.90

Restricted stock and restricted stock units forfeited
(27,399
)
 
$
82.52

Restricted stock and restricted stock units outstanding at June 30, 2017
260,964

 
$
84.92
Summary of performance shares and performance share units
A summary of the status of these awards at June 30, 2017 and changes during fiscal 2017 is as follows:
 
Shares
 
Weighted-
Average
Grant
Price
Per Share
Performance share units outstanding at July 1, 2016
681,731

 
$
68.67

Performance share units granted
374,907

 
$
84.40

Performance share units vested
(352,366
)
 
$
59.32

Performance share units forfeited
(70,537
)
 
$
80.99

Performance share units outstanding at June 30, 2017
633,735

 
$
81.81