Equity and Long-Term Incentive Compensation Plans (Tables)
|
12 Months Ended |
Jun. 30, 2017 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Schedule of Combined Activity Under Equity Incentive Plan |
The following table summarizes the combined activity under the Company’s equity incentive plans for the indicated periods:
|
|
|
|
(In thousands) |
Available
For Grant
|
Balances as of June 30, 2014 |
8,804 |
|
Restricted stock units granted(1)(3)
|
(1,191 |
) |
Restricted stock units canceled(1)
|
196 |
|
Options canceled/expired/forfeited |
11 |
|
Plan shares expired(2)
|
(10 |
) |
Balances as of June 30, 2015(4)
|
7,810 |
|
Restricted stock units granted(1)(3)
|
(1,541 |
) |
Restricted stock units canceled(1)
|
509 |
|
Balances as of June 30, 2016 |
6,778 |
|
Restricted stock units granted(1)(3)
|
(2,169 |
) |
Restricted stock units canceled(1)
|
101 |
|
Balances as of June 30, 2017 |
4,710 |
|
__________________
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|
(1) |
The number of restricted stock units reflects the application of the award multiplier as described above (1.8x or 2.0x depending on the grant date of the applicable award).
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(2) |
Represents the portion of shares listed as “Options canceled/expired/forfeited” above that were issued under the Company’s equity incentive plans other than the 2004 Plan and the Outside Director Plan. Because the Company is only currently authorized to issue equity awards under the 2004 Plan and the Outside Director Plan, any equity awards that are canceled, expired or forfeited under any other Company equity incentive plan do not result in additional shares being available to the Company for future grant. |
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|
(3) |
Includes restricted stock units granted to senior management with performance-based vesting criteria (in addition to service-based vesting criteria for any of such restricted stock units that are deemed to have been earned). As of June 30, 2017, it had not yet been determined the extent to which (if at all) the performance-based vesting criteria had been satisfied. Therefore, this line item includes all performance-based restricted stock units granted during the fiscal year, reported at the maximum possible number of shares that may ultimately be issuable if all applicable performance-based criteria are achieved at their maximum levels and all applicable service-based criteria are fully satisfied (84 thousand shares, 0.7 million shares and 0.6 million shares for the fiscal years ended June 30, 2017, 2016 and 2015, respectively, after application of the 1.8x or 2.0x multiplier described above).
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(4) |
During the fiscal year ended June 30, 2015, the Company adjusted the number of shares subject to outstanding options under the 2004 Plan by an aggregate of 4,245 shares pursuant to a proportionate and equitable adjustment for the effect of the special cash dividend, as required by the 2004 Plan. The total number of outstanding options under the 2004 Plan as well as the associated exercise prices were adjusted to ensure the aggregate intrinsic value remained the same after considering the effect of the special cash dividend. As the adjustment was required by the 2004 Plan, under the authoritative guidance, the adjustment to the outstanding awards did not result in any incremental compensation expense. Additionally, the adjustment did not have an impact on the shares available for future issuance under the 2004 Plan.
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| Schedule of Stock-Based Compensation Expense |
The following table shows pre-tax stock-based compensation expense for the indicated periods:
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|
Year ended June 30, |
(In thousands) |
2017 |
|
2016 |
|
2015 |
Stock-based compensation expense by: |
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|
|
|
|
Costs of revenues |
$ |
5,338 |
|
|
$ |
4,689 |
|
|
$ |
7,242 |
|
Research and development |
8,089 |
|
|
8,618 |
|
|
12,259 |
|
Selling, general and administrative |
37,516 |
|
|
31,743 |
|
|
35,801 |
|
Total stock-based compensation expense |
$ |
50,943 |
|
|
$ |
45,050 |
|
|
$ |
55,302 |
|
|
| Schedule of Stock-Based Compensation Capitalized as Inventory |
The following table shows stock-based compensation capitalized as inventory as of the dates indicated below:
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|
|
|
|
|
|
|
|
(In thousands) |
As of June 30, |
2017 |
|
2016 |
Inventory |
$ |
2,820 |
|
|
$ |
2,685 |
|
|
| Schedule of Restricted Stock Units Activity |
The following table shows the applicable number of restricted stock units and weighted-average grant date fair value for restricted stock units granted, vested and released, withheld for taxes, and forfeited during the fiscal year ended June 30, 2017 and restricted stock units outstanding as of June 30, 2017 and 2016:
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|
Restricted Stock Units |
Shares
(In thousands) (1)
|
|
Weighted-Average
Grant Date
Fair Value
|
Outstanding restricted stock units as of June 30, 2016(2)
|
1,849 |
|
|
$ |
56.41 |
|
Granted(2)
|
1,085 |
|
|
$ |
78.83 |
|
Vested and released |
(383 |
) |
|
$ |
52.73 |
|
Withheld for taxes |
(259 |
) |
|
$ |
52.73 |
|
Forfeited |
(51 |
) |
|
$ |
59.77 |
|
Outstanding restricted stock units as of June 30, 2017(2)
|
2,241 |
|
|
$ |
68.24 |
|
__________________
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|
(1) |
Share numbers reflect actual shares subject to awarded restricted stock units. As described above, under the terms of the 2004 Plan, the number of shares subject to each award reflected in this number is multiplied by either 1.8x or 2.0x (depending on the grant date of the award) to calculate the impact of the award on the share reserve under the 2004 Plan.
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(2) |
Includes restricted stock units granted to senior management with performance-based vesting criteria (in addition to service-based vesting criteria for any of such restricted stock units that are deemed to have been earned). As of June 30, 2017, it had not yet been determined the extent to which (if at all) the performance-based vesting criteria had been satisfied. Therefore, this line item includes all performance-based restricted stock units, reported at the maximum possible number of shares (i.e., 42 thousand shares the fiscal years ended June 30, 2017 and 0.3 million shares for each of the fiscal years ended June 30, 2016 and 2015) that may ultimately be issuable if all applicable performance-based criteria are achieved at their maximum and all applicable service-based criteria are fully satisfied.
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| Schedule of Tax Benefits and Grant Date Fair Value for Restricted Stock Units |
The following table shows the weighted-average grant date fair value per unit for the restricted stock units granted and the restricted stock units vested and tax benefits realized by the Company in connection with vested and released restricted stock units for the indicated periods:
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|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except for weighted-average grant date fair value) |
Year ended June 30, |
2017 |
|
2016 |
|
2015 |
Weighted-average grant date fair value per unit |
$ |
78.83 |
|
|
$ |
51.12 |
|
|
$ |
74.48 |
|
Grant date fair value of vested restricted stock units |
$ |
33,820 |
|
|
$ |
51,992 |
|
|
$ |
38,859 |
|
Tax benefits realized by the Company in connection with vested and released restricted stock units |
$ |
15,829 |
|
|
$ |
27,412 |
|
|
$ |
26,250 |
|
|
| Schedule of Employee Stock Purchase Plan |
The fair value of each purchase right under the ESPP was estimated on the date of grant using the Black-Scholes option valuation model and the straight-line attribution approach with the following weighted-average assumptions:
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Year ended June 30, |
|
2017 |
|
2016 |
|
2015 |
Stock purchase plan: |
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|
Expected stock price volatility |
23.4 |
% |
|
25.4 |
% |
|
24.5 |
% |
Risk-free interest rate |
0.5 |
% |
|
0.2 |
% |
|
0.1 |
% |
Dividend yield |
2.8 |
% |
|
3.3 |
% |
|
2.8 |
% |
Expected life (in years) |
0.50 |
|
|
0.50 |
|
|
0.50 |
|
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| Schedule of Cash Received, Number of Shares Purchased, Tax Benefits and Weighted-Average Fair Value for the ESPP |
The following table shows total cash received from employees for the issuance of shares under the ESPP, the number of shares purchased by employees through the ESPP, the tax benefits realized by the Company in connection with the disqualifying dispositions of shares purchased under the ESPP and the weighted-average fair value per share for the indicated periods:
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|
|
|
|
|
|
|
|
|
|
|
(In thousands, except for weighted-average fair value per share) |
Year ended June 30, |
2017 |
|
2016 |
|
2015 |
Total cash received from employees for the issuance of shares under the ESPP |
$ |
45,358 |
|
|
$ |
38,295 |
|
|
$ |
41,116 |
|
Number of shares purchased by employees through the ESPP |
705 |
|
|
735 |
|
|
759 |
|
Tax benefits realized by the Company in connection with the disqualifying dispositions of shares purchased under the ESPP |
$ |
1,999 |
|
|
$ |
2,194 |
|
|
$ |
1,741 |
|
Weighted-average fair value per share based on Black-Scholes model |
$ |
15.16 |
|
|
$ |
12.48 |
|
|
$ |
14.55 |
|
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