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STOCK OPTIONS AND OTHER SHARE-BASED COMPENSATION (Tables) | 6 Months Ended
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Jan. 03, 2020
Share-based Payment Arrangement [Abstract] |
Schedule of Classification of Share-based Compensation Expense | The following table summarizes the amounts and classification of share-based compensation expense:
| Two Quarters Ended |  | Fiscal Years Ended
| January 3, 2020 |  | June 28, 2019 |  | June 29, 2018 |  | June 30, 2017
| (In millions)
Total expense | $ | 125 |  |  | $ | 58 |  |  | $ | 51 |  |  | $ | 42 |
Included in: |  |  |  |  |  |  |
Cost of product sales and services | $ | 5 |  |  | $ | 12 |  |  | $ | 8 |  |  | $ | 3 |
Engineering, selling and administrative expenses | 120 |  |  | 46 |  |  | 43 |  |  | 39 |
Income from continuing operations | 125 |  |  | 58 |  |  | 51 |  |  | 42 |
Tax effect on share-based compensation expense | (31 | ) |  | (14 | ) |  | (16 | ) |  | (16 | )
Total share-based compensation expense after-tax | $ | 94 |  |  | $ | 44 |  |  | $ | 35 |  |  | $ | 26 |
Schedule of 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 L3Harris SIPs is as follows:
| Two Quarters Ended |  | Fiscal Years Ended
| January 3, 2020 |  | June 28, 2019 |  | June 29, 2018 |  | June 30, 2017
Expected dividends | 1.70 | % |  | 1.61 | % |  | 1.80 | % |  | 2.36 | %
Expected volatility | 22.18 | % |  | 19.87 | % |  | 19.30 | % |  | 21.78 | %
Risk-free interest rates | 1.68 | % |  | 2.72 | % |  | 1.80 | % |  | 1.23 | %
Expected term (years) | 5.65 |  |  | 5.03 |  |  | 5.00 |  |  | 5.03 |
Schedule of Stock Option Activity | A summary of stock option activity under our L3 Harris SIPs as of January 3, 2020 and changes during the two quarters ended January 3, 2020 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 June 28, 2019 | 4,195,201 |  |  | $ | 80.86 |  |  |  |  |
Granted | 738,956 |  |  | $ | 204.85 |  |  |  |  |
Exercised | (1,654,558 | ) |  | $ | 79.35 |  |  |  |  |
Other — L3Harris Merger(1) | 1,266,379 |  |  | $ | 112.83 |  |  |  |  |
Stock options outstanding January 3, 2020 | 4,545,978 |  |  | $ | 110.48 |  |  | 6.26 |  | $ | 454.57 |
Stock options exercisable January 3, 2020 | 3,807,022 |  |  | $ | 92.16 |  |  | 5.61 |  | $ | 450.42 |
_______________
(1) | Represents L3 stock options converted to L3Harris stock options in accordance with the Merger Agreement.
Schedule of Nonvested Stock Options Activity | A summary of the status of our nonvested stock options at January 3, 2020 and changes during the two quarters ended January 3, 2020 is as follows:
| Shares |  | Weighted-Average Grant-Date Fair Value Per Share
Nonvested stock options June 28, 2019 | 856,753 |  |  | $ | 20.28 |
Granted | 738,956 |  |  | $ | 38.61 |
Vested | (856,753 | ) |  | $ | 20.28 |
Nonvested stock options January 3, 2020 | 738,956 |  |  | $ | 38.61 |
Schedule of Restricted Stock and Restricted Stock Units Activity | A summary of the status of these awards at January 3, 2020 and changes during the two quarters ended January 3, 2020 is as follows:
| Shares or Units |  | Weighted-Average Grant Price Per Share or Unit
Restricted stock and restricted stock units outstanding at June 28, 2019 | 365,998 |  |  | $ | 134.06 |
Granted | 260,167 |  |  | $ | 204.62 |
Vested | (503,069 | ) |  | $ | 149.39 |
Forfeited | (16,916 | ) |  | $ | 193.20 |
Other — L3Harris Merger(1) | 429,587 |  |  | $ | 189.13 |
Restricted stock and restricted stock units outstanding at January 3, 2020 | 535,767 |  |  | $ | 196.22 |
_______________
(1) | Represents L3 share-based awards converted to L3Harris restricted stock units in accordance with the Merger Agreement.
Schedule of Performance Shares Activity | A summary of the status of these awards at January 3, 2020 and changes during the two quarters ended January 3, 2020 is as follows:
| Shares or Units |  | Weighted-Average Grant Price Per Share or Unit
Performance share units outstanding at June 28, 2019 | 509,749 |  |  | $ | 126.73 |
Granted | 55,020 |  |  | $ | 204.85 |
Performance based adjustment(1) | 326,656 |  |  | $ | 129.84 |
Vested | (836,405 | ) |  | $ | 127.94 |
Performance share units outstanding at January 3, 2020 | 55,020 |  |  | $ | 204.85 |
_______________
(1) | Represents adjustments for performance conditions that impact the number of shares that vest. All awards with such criteria automatically vested upon the closing of the L3Harris Merger.

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