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Share-based Compensation
 3 Months Ended
Sep. 26, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-based Compensation
Share-based Compensation
The following table shows the total compensation cost charged against income for these plans and the related tax benefits recognized in the income statement: 
 
Three Months Ended
 
September 26, 2015
 
September 27, 2014(1)
 
(millions)
Share-based compensation expense
$
22.9

 
$
24.6

Income tax benefit related to share-based compensation expense
6.9

 
7.3

 
(1) 
During the three months ended September 27, 2014, the Company incurred approximately $2.7 million of share-based compensation expense related to organizational efficiency costs under the Company's Transformation Plan primarily as a result of the accelerated vesting of certain awards. See Note 4, "Transformation and Other Actions," for more information. Approximately $1.1 million of income tax benefit was associated with these actions for the three months ended September 27, 2014.
Stock Options
A summary of stock option activity during the three months ended September 26, 2015 is as follows:
 
Number of 
Options
Outstanding
 
Weighted-Average
Exercise Price per Option
 
(millions)
 
 
Outstanding at June 27, 2015
13.5

 
$
42.81

Granted
4.1

 
31.46

Exercised
(0.1
)
 
32.04

Forfeited or expired
(1.1
)
 
36.47

Outstanding at September 26, 2015
16.4

 
40.00

Vested and expected to vest at September 26, 2015
15.9

 
41.71

Exercisable at September 26, 2015
9.0

 
44.66


At September 26, 2015, $37.3 million of total unrecognized compensation cost related to non-vested stock option awards is expected to be recognized over a weighted-average period of 1.2 years.
The weighted-average grant-date fair value of options granted during the three months ended September 26, 2015 and September 27, 2014 was $5.60 and $6.40, respectively. The total intrinsic value of options exercised during the three months ended September 26, 2015 and September 27, 2014 was $0.1 million and $6.3 million, respectively. The total cash received from option exercises was $2.5 million for the three months ended September 26, 2015 and $9.0 million for the three months ended September 27, 2014, and the cash tax benefit realized for the tax deductions from these option exercises was approximately $0.1 million and $2.5 million, respectively.
Service-based Restricted Stock Unit Awards ("RSUs")
A summary of service-based RSU activity during the three months ended September 26, 2015 is as follows:
 
Number of
Non-vested
RSUs
 
Weighted-
Average Grant-
Date Fair Value
per RSU
 
(millions)
 
 
Non-vested at June 27, 2015
3.3

 
$
52.39

Granted
2.0

 
31.51

Vested
(1.1
)
 
31.88

Forfeited
(0.1
)
 
41.90

Non-vested at September 26, 2015
4.1

 
48.11


At September 26, 2015, $104.8 million of total unrecognized compensation cost related to non-vested share awards is expected to be recognized over a weighted-average period of 1.2 years.
The weighted-average grant-date fair value of share awards granted during the three months ended September 26, 2015 and September 27, 2014 was $31.51 and $36.27, respectively. The total fair value of shares vested during the three months ended September 26, 2015 and September 27, 2014 was $36.1 million and $38.2 million, respectively.
Performance-based Restricted Stock Unit Awards ("PRSUs")
A summary of PRSU activity during the three months ended September 26, 2015 is as follows:
 
Number of
Non-vested
PRSUs
 
Weighted-
Average Grant-
Date Fair Value
per PRSU
 
(millions)
 
 
Non-vested at June 27, 2015
1.1

 
$
41.76

Granted
0.3

 
31.56

Change due to performance condition achievement(1)
—

 
52.46

Vested(1)
—

 
31.54

Forfeited(1)
—

 
44.92

Non-vested at September 26, 2015
1.4

 
39.61

 
(1)
During the first three months ended September 26, 2015, there were less than 0.1 million shares of PRSU activity due to changes in performance conditions, shares vested, or shares forfeited, individually and in the aggregate.
At September 26, 2015, $23.8 million of total unrecognized compensation cost related to non-vested PRSU awards is expected to be recognized over a weighted-average period of 1.3 years.
Included in the non-vested amount at September 26, 2015 are approximately 0.7 million PRSU awards that are based on performance criteria which compares the Company's total stockholder return over the performance period to the total stockholder return of the companies included in the Standard and Poor's 500 Index. There were no awards granted during the three months ended September 26, 2015 with this performance criteria. The remaining 0.7 million PRSU awards included in the non-vested amount are based on certain Company-specific productivity, strategic and sales metrics.
The weighted-average grant-date fair value per share of PRSU awards granted during the three months ended September 26, 2015 and September 27, 2014 was $31.56 and $36.27, respectively. The total fair value of awards that vested during the three months ended September 26, 2015 and September 27, 2014 was $0.9 million and $0.7 million, respectively.
In the three months ended September 26, 2015 and September 27, 2014, the cash tax benefit realized for the tax deductions from all RSUs (service and performance-based) was $11.4 million and $10.6 million, respectively.