|
Equity-Based Compensation Plans (Tables)
|
12 Months Ended |
|
Jun. 30, 2013
|
| Summary of Stock Plan Activity |
A summary of
stock plan transactions is as follows:
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| |
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Options
Outstanding |
|
|
Restricted Stock Units Outstanding |
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| |
|
Number of
Shares |
|
|
Weighted-
Average
Exercise
Price |
|
|
Number of
Shares |
|
|
Weighted-
Average
Fair Market Value
at Grant |
|
|
June 27,
2010
|
|
|
885,425 |
|
|
$ |
21.61 |
|
|
|
2,740,762 |
|
|
$ |
30.50 |
|
|
Granted
|
|
|
— |
|
|
$ |
— |
|
|
|
922,210 |
|
|
$ |
50.11 |
|
|
Exercised
|
|
|
(572,182 |
) |
|
$ |
21.68 |
|
|
|
|
|
|
|
|
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Canceled
|
|
|
(3,310 |
) |
|
$ |
20.35 |
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|
(154,185 |
) |
|
$ |
32.20 |
|
|
Vested restricted
stock
|
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|
|
|
|
|
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(1,177,447 |
) |
|
$ |
27.03 |
|
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|
June 26,
2011
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|
309,933 |
|
|
$ |
21.50 |
|
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|
2,331,340 |
|
|
$ |
39.90 |
|
|
Awards assumed in Novellus
acquisition
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|
3,932,143 |
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|
$ |
25.17 |
|
|
|
1,291,808 |
|
|
$ |
35.99 |
|
|
Granted
|
|
|
— |
|
|
$ |
— |
|
|
|
2,336,283 |
|
|
$ |
41.23 |
|
|
Exercised
|
|
|
(74,615 |
) |
|
$ |
23.70 |
|
|
|
|
|
|
|
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Canceled
|
|
|
(265,384 |
) |
|
$ |
21.71 |
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|
(120,070 |
) |
|
$ |
40.91 |
|
|
Vested restricted
stock
|
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(1,507,883 |
) |
|
$ |
35.47 |
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June 24,
2012
|
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3,902,077 |
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|
$ |
25.14 |
|
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|
4,331,478 |
|
|
$ |
41.01 |
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|
Granted
|
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|
288,867 |
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|
$ |
42.59 |
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|
2,563,670 |
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|
$ |
38.76 |
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|
Exercised
|
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|
(1,546,028 |
) |
|
$ |
25.47 |
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Canceled
|
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|
(73,993 |
) |
|
$ |
26.24 |
|
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|
(299,079 |
) |
|
$ |
39.70 |
|
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Vested restricted
stock
|
|
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(1,754,273 |
) |
|
$ |
42.52 |
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|
June 30,
2013
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|
2,570,923 |
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|
$ |
26.87 |
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|
4,841,796 |
|
|
$ |
39.32 |
|
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|
| Outstanding and Exercisable Options by Price Range |
Outstanding and
exercisable options presented by price range at June 30, 2013
are as follows:
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Options
Outstanding |
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Options
Exercisable |
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Range of
Exercise Prices
|
|
Number of
Options
Outstanding |
|
|
Weighted-
Average
Remaining
Life
(Years) |
|
|
Weighted-
Average
Exercise
Price |
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|
Number of
Options
Exercisable |
|
|
Weighted-
Average
Exercise
Price |
|
|
$9.44-$20.82
|
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|
447,220 |
|
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|
3.32 |
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|
$ |
15.99 |
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437,715 |
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|
$ |
15.94 |
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|
$21.04-$25.68
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|
777,248 |
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|
4.33 |
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|
$ |
22.37 |
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615,744 |
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|
$ |
22.58 |
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|
$26.11-29.68
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|
828,487 |
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|
4.91 |
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|
$ |
29.29 |
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633,083 |
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|
$ |
29.32 |
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|
$30.48-$37.11
|
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|
229,101 |
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|
2.99 |
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|
$ |
34.78 |
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|
174,641 |
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|
$ |
35.56 |
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|
$42.41-$42.61
|
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|
288,867 |
|
|
|
6.62 |
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|
$ |
42.59 |
|
|
|
— |
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$9.44-$42.61
|
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|
2,570,923 |
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|
4.48 |
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|
$ |
26.87 |
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1,861,183 |
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|
$ |
24.53 |
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| Recognized or Realized Equity Based Compensation Expenses and Benefits |
The Company
recognized the following equity-based compensation expenses and
benefits during the fiscal years noted:
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Year
Ended |
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June 30, |
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|
June 24, |
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|
June 26, |
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| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
| |
|
(in
millions) |
|
|
Equity-based compensation
expense
|
|
$ |
99.3 |
|
|
$ |
81.6 |
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|
$ |
53.0 |
|
|
Income tax benefit
recognized in the Consolidated Statement of Operations related to
equity-based compensation
|
|
$ |
17.6 |
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|
$ |
12.2 |
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$ |
8.6 |
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|
Tax benefit realized from
the exercise and vesting of options and RSUs
|
|
$ |
21.6 |
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$ |
11.8 |
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$ |
16.3 |
|
|
| Schedule of Stock Options Weighted Average Assumptions |
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|
Year
Ended |
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| |
|
June 30, |
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|
June 24, |
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| |
|
2013 |
|
|
2012 |
|
|
Expected
volatility
|
|
|
36.60 |
% |
|
|
38.04 |
% |
|
Risk-free interest
rate
|
|
|
0.81 |
% |
|
|
0.55 |
% |
|
Expected term
(years)
|
|
|
4.79 |
|
|
|
3.89 |
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|
Dividend yield
|
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|
0 |
% |
|
|
0 |
% |
|
| Intrinsic Value of Stock Options |
The year-end
intrinsic value relating to stock options for fiscal years 2013,
2012, and 2011 is presented below:
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| |
|
Year
Ended |
|
| |
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June 30, |
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|
June 24, |
|
|
June 26, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
| |
|
(millions) |
|
|
Intrinsic value - options
outstanding
|
|
$ |
44.9 |
|
|
$ |
49.9 |
|
|
$ |
6.7 |
|
|
Intrinsic value - options
exercisable
|
|
$ |
36.9 |
|
|
$ |
30.1 |
|
|
$ |
6.7 |
|
|
Intrinsic value - options
exercised
|
|
$ |
25.4 |
|
|
$ |
1.3 |
|
|
$ |
16.7 |
|
|
| Schedule of ESPP Weighted-Average Assumptions |
ESPP rights
were valued using the Black-Scholes model. During fiscal years
2013, 2012, and 2011 ESPP was valued assuming the following
weighted-average assumptions:
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Year
Ended |
|
| |
|
June 30, |
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|
June 24, |
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|
June 26, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Expected life
(years)
|
|
|
0.64 |
|
|
|
0.72 |
|
|
|
0.68 |
|
|
Expected stock price
volatility
|
|
|
32.42 |
% |
|
|
44.22 |
% |
|
|
42.25 |
% |
|
Risk-free interest
rate
|
|
|
0.15 |
% |
|
|
0.11 |
% |
|
|
0.61 |
% |
|
Dividend yield
|
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|