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Share-Based Compensation (Tables)

6 Months Ended

Dec. 31, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Compensation Cost Charged Against Income and Related Tax Benefits for Share-based Compensation Plans

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.

Summary of Stock Option Activity

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

Stock Option Grant Weighted Average Assumptions

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 (RSU)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of RSU Activity

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

Performance-based Restricted Stock Unit Awards (PRSU)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of RSU Activity

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

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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