Stock-based Compensation (Tables)

A summary of the total compensation expense and the associated income tax benefits recognized related to stock-based compensation arrangements is as follows:



	Three Months Ended							Nine Months Ended
	December 27, 2014			December 28, 2013				December 27, 2014			December 28, 2013
	(millions)
Compensation expense	$	18		$	31		^(a)	$	60		$	74		^(a)
Income tax benefit	$	(7	)	$	(11	)		$	(23	)	$	(27	)


^(a)	Includes approximately $10 million of accelerated stock-based compensation expense recorded within restructuring and other charges in the Company's unaudited interim consolidated statements of income during the three-month and nine-month periods ended December 28, 2013 (see Note 9). All other stock-based compensation expense is recorded within SG&A expenses.

The Company's weighted average assumptions used to estimate the fair value of stock options granted during the nine months ended December 27, 2014 and December 28, 2013 were as follows:



	Nine Months Ended
	December 27, 2014		December 28, 2013
Expected term (years)	4.2		4.2
Expected volatility	30.2	%	33.1	%
Expected dividend yield	1.10	%	0.98	%
Risk-free interest rate	1.4	%	1.1	%
Weighted-average option grant date fair value	$37.91		$46.37

A summary of stock option activity for the nine months ended December 27, 2014 is as follows:



	Number of Options
	(thousands)
Options outstanding at March 29, 2014	3,026
Granted	852
Exercised	(490	)
Cancelled/Forfeited	(102	)
Options outstanding at December 27, 2014	3,286

The weighted average assumptions used to estimate the fair value of performance-based RSUs with a TSR modifier granted during the nine-month periods ended December 27, 2014 and December 28, 2013 were as follows:



	Nine Months Ended
	December 27, 2014		December 28, 2013
Expected term (years)	3.0		2.9
Expected volatility	29.8	%	32.6	%
Expected dividend yield	1.09	%	0.98	%
Risk-free interest rate	0.9	%	0.4	%
Weighted-average grant date fair value per share	$169.47		$169.14

A summary of restricted stock and service-based RSU activity during the nine months ended December 27, 2014 is as follows:



	Number of Shares
	Restricted Stock		Service-based RSUs
	(thousands)
Nonvested at March 29, 2014	5		7
Granted	3		24
Vested	(3	)	(3	)
Nonvested at December 27, 2014	5		28

A summary of performance-based RSU activity during the nine months ended December 27, 2014 is as follows:



	Number of Shares
	Performance-based RSUs — without TSR Modifier		Performance-based RSUs — with TSR Modifier
	(thousands)
Nonvested at March 29, 2014	798		145
Granted	303		79
Change due to performance/market conditions achievement	83		—
Vested	(422	)	—
Forfeited	(55	)	(9	)
Nonvested at December 27, 2014	707		215