Equity-based Compensation Plans (Tables)

12 Months Ended

Jun. 28, 2020

Share-based Payment Arrangement [Abstract]

Recognized Equity Based Compensation Expenses and Benefits

The Company recognized the following equity-based compensation expense and benefits in the Consolidated Statements of Operations: 

	Year Ended
	June 28, 2020		June 30, 2019		June 24, 2018
	(in thousands)
Equity-based compensation expense	$	189,197	$	187,234	$	172,216
Income tax benefit recognized related to equity-based compensation	$	36,135	$	47,396	$	87,505
Income tax benefit realized from the exercise and vesting of options and RSUs	$	67,060	$	49,242	$	90,297

Summary of Stock Plan Transactions

The following table summarizes stock option activity: 

	Options Outstanding
	Number of Shares		Weighted-Average Exercise Price
June 25, 2017	594,059		$	66.69
Granted	63,980		190.07
Exercised	(166,481	)	55.62
Forfeited or expired	(8,630	)	84.44
June 24, 2018	482,928		$	86.53
Granted	181,450		164.54
Exercised	(110,427	)	61.69
Forfeited or expired	(59,068	)	126.05
June 30, 2019	494,883		$	115.96
Granted	34,236		300.33
Exercised	(118,334	)	68.31
Forfeited or expired	(4,948	)	179.39
June 28, 2020	405,837		$	144.63

The following table summarizes restricted stock activity:

	Service-based RSUs Outstanding				Market-based RSUs Outstanding
	Number of Shares		Weighted-Average Grant Date Fair Value		Number of Shares		Weighted-Average Grant Date Fair Value
June 25, 2017	2,687,606		$	92.01	862,455		$	83.83
Granted	964,391		183.97		285,866		125.56
Vested	(1,362,369	)	87.80		(407,024	)	76.88
Forfeited or canceled	(96,540	)	108.67		(47,571	)	91.36
June 24, 2018	2,193,088		$	134.34	693,726		$	104.59
Granted	893,622		161.64		163,529		148.50
Vested	(1,135,284	)	115.23		(301,622	)	70.58
Forfeited or canceled	(154,541	)	141.38		(120,859	)	104.73
June 30, 2019	1,796,885		$	159.36	434,774		$	144.57
Granted	616,353		280.08		171,526		216.04
Vested	(912,409	)	151.53		(257,787	)	111.75
Forfeited or canceled	(94,265	)	176.30		(33,403	)	160.83
June 28, 2020	1,406,564		$	216.34	315,110		$	208.60

Schedule of Stock Options Weighted Average Assumptions

The fair value of the Company’s stock options granted during fiscal years 2020, 2019, and 2018 was estimated using a Black-Scholes option valuation model. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award: 

	Year Ended
	June 28, 2020		June 30, 2019		June 24, 2018
Expected volatility	33.89	%	32.23	%	34.66	%
Risk-free interest rate	0.88	%	2.62	%	2.53	%
Expected term (years)	4.63		4.70		4.74
Dividend yield	1.53	%	2.70	%	1.05	%

Schedule of PRSUs Weighted Average Assumptions

The fair value of the Company’s market-based PRSUs granted during fiscal years 2020, 2019, and 2018 was calculated using a Monte Carlo simulation model at the date of the grant. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award: 

	Year Ended
	June 28, 2020			June 30, 2019			June 24, 2018
Assumptions:
Expected volatility	35.81		%	32.65		%	34.07		%
Risk-free interest rate	0.85		%	2.52		%	2.35		%
Expected term (years)	2.92			2.92			2.92
Dividend yield	1.53		%	2.49		%	1.05		%
Resulting grant date fair value:	$	320.69		$	165.78		$	170.15

Intrinsic Value of Stock Options

The year-end intrinsic value relating to stock options for fiscal years 2020, 2019, and 2018 is presented below: 

	Year Ended
	June 28, 2020		June 30, 2019		June 24, 2018
	(in thousands)
Intrinsic value - options outstanding	$	64,077	$	35,674	$	43,563
Intrinsic value - options exercisable	$	46,698	$	30,139	$	34,661
Intrinsic value - options exercised	$	21,137	$	12,750	$	23,925