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Share-Based Compensation
 9 Months Ended
Apr. 01, 2023
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 EndedNine Months Ended
April 1,
2023		April 2,
2022		April 1,
2023		April 2,
2022
(millions)
Share-based compensation expense(1)
$20.9 $23.0 $55.7 $64.9 
Income tax benefit related to share-based compensation expense
3.9 4.4 10.6 12.4 
(1)    There was no share-based compensation expense under the Acceleration program during the nine months ended April 1, 2023. During the three and nine months ended April 2, 2022, the company incurred $3.4 million and $11.8 million of share-based compensation expense related to its Acceleration Program.
Stock Options
A summary of stock option activity during the nine months ended April 1, 2023 is as follows:
 Number of
Options
Outstanding
(millions)
Outstanding at July 2, 202210.0 
Granted1.1 
Exercised(1.1)
Forfeited or expired(1.0)
Outstanding at April 1, 20239.0 
The weighted-average grant-date fair value of options granted during the nine months ended April 1, 2023 and April 2, 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:
April 1,
2023		April 2,
2022
Expected term (years)4.95.0
Expected volatility48.6 %46.9 %
Risk-free interest rate3.3 %0.8 %
Dividend yield3.4 %2.4 %
Service-based Restricted Stock Unit Awards ("RSUs")
A summary of service-based RSU activity during the nine months ended April 1, 2023 is as follows:
 Number of
Non-vested RSUs
(millions)
Non-vested at July 2, 20226.4 
Granted2.4 
Vested(2.3)
Forfeited(0.4)
Non-vested at April 1, 20236.1 
The weighted-average grant-date fair value of share awards granted during the nine months ended April 1, 2023 and April 2, 2022 was $35.32 and $42.00, respectively.
Performance-based Restricted Stock Unit Awards ("PRSUs")
A summary of PRSU activity during the nine months ended April 1, 2023 is as follows:
 Number of
Non-vested PRSUs
(millions)
Non-vested at July 2, 20221.2 
Granted0.4 
Change due to performance condition achievement0.8 
Vested(1.7)
Forfeited— 
Non-vested at April 1, 20230.7 
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 nine months ended April 1, 2023 and April 2, 2022 was $35.37 and $42.12, respectively.