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Share-Based Compensation | 3 Months Ended
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Jul. 02, 2022
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation The Company grants equity awards to certain employees and directors of the Company at the discretion of the Company’s Compensation and Talent Committee. The Company has two equity plans, one stock option plan adopted in Fiscal 2008 (as amended and restated, the “2008 Plan”), and the Omnibus Incentive Plan adopted in the third fiscal quarter of Fiscal 2012 and amended and restated with shareholder approval in May 2015, and again in June 2020 (the “Incentive Plan”). The 2008 Plan only provided for grants of share options and was authorized to issue up to 23,980,823 ordinary shares. As of July 2, 2022, there were no shares available to grant equity awards under the 2008 Plan. The Incentive Plan allows for grants of share options, restricted shares and RSUs, and other equity awards, and authorizes a total issuance of up to 18,846,000 ordinary shares after amendments in June 2020. At July 2, 2022, there were 2,516,526 ordinary shares available for future grants of equity awards under the Incentive Plan. Option grants issued from the 2008 Plan generally expire ten years from the date of the grant, and those issued under the Incentive Plan generally expire seven years from the date of the grant. The following table summarizes the Company’s share-based compensation activity during the three months ended July 2, 2022:
| Options |  |  |  | Service-Based RSUs |  | Performance-Based RSUs
Outstanding/Unvested at April 2, 2022 | 355,448 |  |  |  |  | 3,827,700 |  |  | 210,192 |
Granted | — |  |  |  |  | 1,430,545 |  |  | 152,921 |
Exercised/Vested | (116,570) |  |  |  |  | (1,353,698) |  |  | (197,874) |
Canceled/Forfeited | — |  |  |  |  | (37,753) |  |  | — |
Outstanding/Unvested at July 2, 2022 | 238,878 |  |  |  |  | 3,866,794 |  |  | 165,239 |
The weighted average grant date fair value of service-based and performance-based RSUs granted during the three months ended July 2, 2022 was $49.02 and $47.41, respectively. The weighted average grant date fair value of service-based RSUs granted during the three months ended June 26, 2021 was $54.67. Share-Based Compensation Expense The following table summarizes compensation expense attributable to share-based compensation for the three months ended July 2, 2022 and June 26, 2021 (in millions):
| Three Months Ended
| July 2, 2022 |  | June 26, 2021
Share-based compensation expense | $ | 28 |  |  | $ | 36 |
Tax benefit related to share-based compensation expense | $ | 5 |  |  | $ | 7 |
Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on historical forfeiture rates. The estimated value of future forfeitures for equity grants as of July 2, 2022 is approximately $23 million. See Note 16 in the Company’s Fiscal 2022 Annual Report on Form 10-K for additional information relating to the Company’s share-based compensation awards.

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