Stock-Based Compensation (Tables)
|
3 Months Ended |
Sep. 24, 2016 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] |
The following tables show total stock-based compensation expense by type of award, and the resulting tax effect, included in the Condensed Consolidated Statements of Income for the three months ended September 24, 2016 and September 26, 2015, respectively: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| September 24, 2016 |
| September 26, 2015 |
| Stock Options |
| Restricted Stock Units |
| Employee Stock Purchase Plan |
| Total |
| Stock Options |
| Restricted Stock Units |
| Employee Stock Purchase Plan |
| Total |
| (in thousands) | Cost of goods sold | $ | 180 |
|
| $ | 1,583 |
|
| $ | 484 |
|
| $ | 2,247 |
|
| $ | 335 |
|
| $ | 1,988 |
|
| $ | 559 |
|
| $ | 2,882 |
| Research and development | 222 |
|
| 6,696 |
|
| 1,218 |
|
| 8,136 |
|
| 870 |
|
| 5,874 |
|
| 1,297 |
|
| 8,041 |
| Selling, general and administrative | 642 |
|
| 5,476 |
|
| 619 |
|
| 6,737 |
|
| 818 |
|
| 4,626 |
|
| 596 |
|
| 6,040 |
| Pre-tax stock-based compensation expense | $ | 1,044 |
|
| $ | 13,755 |
|
| $ | 2,321 |
|
| $ | 17,120 |
|
| $ | 2,023 |
|
| $ | 12,488 |
|
| $ | 2,452 |
|
| $ | 16,963 |
| Less: income tax effect |
|
|
|
|
|
| 3,067 |
|
|
|
|
|
|
|
| 2,762 |
| Net stock-based compensation expense |
|
|
|
|
|
|
|
| $ | 14,053 |
|
|
|
|
|
|
|
| $ | 14,201 |
|
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| Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] |
The following table summarizes outstanding, exercisable and vested and expected to vest stock options as of September 24, 2016 and their activity for the three months ended September 24, 2016:
| | | | | | | | | | | | | | | Number of Shares | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Term (in Years) | | Aggregate Intrinsic Value (1) | Balance at June 25, 2016 | 5,935,079 |
| | $ | 25.11 |
| | | | | Options Granted | — |
| | — |
| | | | | Options Exercised | (866,330 | ) | | 22.97 |
| | | | | Options Cancelled | (200,203 | ) | | 27.28 |
| | | | | Balance at September 24, 2016 | 4,868,546 |
| | $ | 25.39 |
| | 2.9 | | $ | 66,785,971 |
| Exercisable, September 24, 2016 | 2,807,904 |
| | $ | 23.32 |
| | 2.2 | | $ | 44,005,199 |
| Vested and expected to vest, September 24, 2016 | 4,803,830 |
| | $ | 25.32 |
| | 2.9 | | $ | 65,649,805 |
|
| | | (1) | Aggregate intrinsic value represents the difference between the exercise price and the closing price per share of the Company’s common stock on September 23, 2016, the last business day preceding the fiscal quarter-end, multiplied by the number of options outstanding, exercisable or vested and expected to vest as of September 24, 2016. |
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| Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] |
The following table summarizes the outstanding and expected to vest RSUs and other awards as of September 24, 2016 and their activity during the three months ended September 24, 2016:
| | | | | | | | | | | Number of Shares | | Weighted Average
Remaining
Contractual Term
(in Years) | | Aggregate Intrinsic Value (1) | Balance at June 25, 2016 | 6,620,813 |
| | | | | Restricted stock units and other awards granted | 1,663,313 |
| | | | | Restricted stock units and other awards released | (406,051 | ) | | | | | Restricted stock units and other awards cancelled | (387,698 | ) | | | | | Balance at September 24, 2016 | 7,490,377 |
| | 3.0 | | $ | 292,456,777 |
| Outstanding and expected to vest, September 24, 2016 | 6,139,955 |
| | 2.9 | | $ | 239,396,837 |
|
| | | (1) | Aggregate intrinsic value for RSUs and other awards represents the closing price per share of the Company’s common stock on September 23, 2016, the last business day preceding the fiscal quarter-end, multiplied by the number of RSUs outstanding or expected to vest as of September 24, 2016. |
|
| Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] |
The following table summarizes the number of MSUs outstanding and expected to vest as of September 24, 2016 and their activity during the three months ended September 24, 2016:
| | | | | | | | | | | Number of Shares | | Weighted Average
Remaining
Contractual Term
(in Years) | | Aggregate Intrinsic Value (1) | Balance at June 25, 2016 | 673,532 |
| | | | | Market stock units granted | 308,432 |
| | | | | Market stock units released | — |
| | | | | Market stock units cancelled | (66,696 | ) | | | | | Balance at September 24, 2016 | 915,268 |
| | 3.3 | | $ | 35,686,299 |
| Outstanding and expected to vest, September 24, 2016 | 738,080 |
| | 3.3 | | $ | 28,777,728 |
|
| | | (1) | Aggregate intrinsic value for MSUs represents the closing price per share of the Company’s common stock on September 23, 2016, the last business day preceding the fiscal quarter-end, multiplied by the number of MSUs outstanding or expected to vest as of September 24, 2016. |
|
| Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] |
The fair value of ESPP rights granted to employees has been estimated at the date of grant using the Black-Scholes option valuation model using the following assumptions for the offering periods outstanding:
| | | | | | ESPP | | Three Months Ended | | September 24,
2016 | | September 26,
2015 | Expected holding period (in years) | 0.5 | | 0.5 | Risk-free interest rate | 0.5% | | 0.1% | Expected stock price volatility | 27.2% - 28.2% | | 21.8% - 23.8% | Dividend yield | 3.5% - 3.6% | | 3.3% - 3.5% |
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