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Share-Based Compensation | 6 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | SHARE-BASED COMPENSATION The following table shows the share-based compensation expense and the related tax benefits recognized in the Company's Condensed Consolidated Statements of Operations for the periods indicated:
| Three Months Ended |  | Six Months Ended
| December 31, 2022 |  | January 1, 2022 |  | December 31, 2022 |  | January 1, 2022
| (millions)
Share-based compensation expense(1) | $ | 19.7 |  |  | $ | 22.0 |  |  | $ | 34.8 |  |  | $ | 41.9 |
Income tax benefit related to share-based compensation expense | 3.7 |  |  | 4.2 |  |  | 6.7 |  |  | 8.0 |
(1) There was no share-based compensation expense under the Acceleration program during the six months ended December 31, 2022. During the three and six months ended January 1, 2022, the company incurred $3.4 million and $8.4 million of share-based compensation expense related to its Acceleration Program. Stock Options A summary of stock option activity during the six months ended December 31, 2022 is as follows:
| Number of Options Outstanding |  |
| (millions) |  |
Outstanding at July 2, 2022 | 10.0 |  |  |
Granted | 1.1 |  |  |
Exercised | (0.6) |  |  |
Forfeited or expired | (0.9) |  |  |
Outstanding at December 31, 2022 | 9.6 |  |  |
The weighted-average grant-date fair value of options granted during the six months ended December 31, 2022 and January 1, 2022 was $12.03 and $13.94, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model and the following weighted-average assumptions:
| December 31, 2022 |  | January 1, 2022
Expected term (years) | 4.9 |  | 5.0
Expected volatility | 48.6 | % |  | 46.9 | %
Risk-free interest rate | 3.3 | % |  | 0.8 | %
Dividend yield | 3.4 | % |  | 2.4 | %
Service-based Restricted Stock Unit Awards ("RSUs") A summary of service-based RSU activity during the six months ended December 31, 2022 is as follows:
| Number of Non-vested RSUs |  |
| (millions) |  |
Non-vested at July 2, 2022 | 6.4 |  |  |
Granted | 2.3 |  |  |
Vested | (2.2) |  |  |
Forfeited | (0.3) |  |  |
Non-vested at December 31, 2022 | 6.2 |  |  |
The weighted-average grant-date fair value of share awards granted during the six months ended December 31, 2022 and January 1, 2022 was $35.21 and $42.15, respectively. Performance-based Restricted Stock Unit Awards ("PRSUs") A summary of PRSU activity during the six months ended December 31, 2022 is as follows:
| Number of Non-vested PRSUs |  |
| (millions) |  |
Non-vested at July 2, 2022 | 1.2 |  |  |
Granted | 0.4 |  |  |
Change due to performance condition achievement | 0.8 |  |  |
Vested | (1.7) |  |  |
Forfeited | — |  |  |
Non-vested at December 31, 2022 | 0.7 |  |  |
The PRSU awards included in the non-vested amount are based on certain Company-specific financial metrics. The effect of the change due to performance condition on the non-vested amount is recognized at the conclusion of the performance period, which may differ from the date on which the award vests. The weighted-average grant-date fair value per share of PRSU awards granted during the six months ended December 31, 2022 and January 1, 2022 was $35.31 and $42.23, respectively.

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