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SHARE-BASED COMPENSATION | 6 Months Ended
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Dec. 30, 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 Ended |  | Six Months Ended
| December 30, 2023 |  | December 31, 2022 |  | December 30, 2023 |  | December 31, 2022
| (millions)
Share-based compensation expense | $ | 22.5 |  |  | $ | 19.7 |  |  | $ | 42.2 |  |  | $ | 34.8 |
Income tax benefit related to share-based compensation expense | 4.2 |  |  | 3.7 |  |  | 7.9 |  |  | 6.7 |
Stock Options A summary of stock option activity during the six months ended December 30, 2023 is as follows:
| Number of Options Outstanding |  |
| (millions) |  |
Outstanding at July 1, 2023 | 8.7 |  |  |
Granted | 1.3 |  |  |
Exercised | (0.1) |  |  |
Forfeited or expired | (0.8) |  |  |
Outstanding at December 30, 2023 | 9.1 |  |  |
The weighted-average grant-date fair value of options granted during the six months ended December 30, 2023 and December 31, 2022 was $10.30 and $12.03, 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 30, 2023 |  | December 31, 2022
Expected term (years) | 5.0 |  | 4.9
Expected volatility | 44.8 | % |  | 48.6 | %
Risk-free interest rate | 4.5 | % |  | 3.3 | %
Dividend yield | 4.2 | % |  | 3.4 | %
Service-based Restricted Stock Unit Awards ("RSUs") A summary of service-based RSU activity during the six months ended December 30, 2023 is as follows:
| Number of Non-vested RSUs |  |
| (millions) |  |
Non-vested at July 1, 2023 | 5.9 |  |  |
Granted | 2.3 |  |  |
Vested | (2.7) |  |  |
Forfeited | (0.2) |  |  |
Non-vested at December 30, 2023 | 5.3 |  |  |
The weighted-average grant-date fair value of share awards granted during the six months ended December 30, 2023 and December 31, 2022 was $33.66 and $35.21, respectively. Performance-based Restricted Stock Unit Awards ("PRSUs") A summary of PRSU activity during the six months ended December 30, 2023 is as follows:
| Number of Non-vested PRSUs |  |
| (millions) |  |
Non-vested at July 1, 2023 | 0.7 |  |  |
Granted | 0.4 |  |  |
Change due to performance condition achievement | 0.1 |  |  |
Vested | — |  |  |
Forfeited | — |  |  |
Non-vested at December 30, 2023 | 1.2 |  |  |
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 30, 2023 and December 31, 2022 was $33.59 and $35.31, respectively.

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