SHARE-BASED COMPENSATION PLANS

All share-based compensation for employees and directors is granted under the 2013 Long-Term Incentive Plan, as amended (the "Plan"). The Plan has been approved by our shareholders and provides for the granting of awards to our employees and directors. As of December 31, 2016, there were 4.7 million shares available to be granted. The purpose of the Plan is to attract and retain individuals of exceptional talent and encourage these individuals to acquire a vested interest in our success and prosperity. The awards that may be granted under this program include non-qualified stock options, restricted shares, and restricted share units. Restricted shares are generally service-based, requiring a certain length of service before vesting occurs, while restricted share units can be either service-based or performance-based. Performance-based restricted share units require a certain length of service until vesting; however, they contain an additional performance feature, which can vary the amount of shares ultimately paid out based on certain performance criteria specified in the Plan. Awards granted under the Plan vest and may be exercised and/or sold from one to ten years after the date of grant based on a vesting schedule.

Share-based compensation expense was as follows (in millions):



Year Ended		Six Months Ended		Year Ended
December 31, 2016		December 31, 2015		June 27, 2015		June 28, 2014
$	23.0	$	22.8	$	31.6	$	24.6

As of December 31, 2016, unrecognized share-based compensation expense was $31.0 million, and the weighted-average period over which the expense is expected to be recognized was approximately 1.9 years. Proceeds from the exercise of stock options and excess income tax benefits attributable to stock options exercised are credited to ordinary shares.

Stock Options

A summary of activity related to stock options is presented below (options in thousands):



	Number of Options		Weighted-Average Exercise Price Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Options outstanding at June 27, 2015	857		$	97.49
Exercised	(72	)	$	69.62
Forfeited or expired	(2	)	$	131.91
Options outstanding at December 31, 2015	783		$	99.93	6.3	$	35.6
Granted	344		$	126.67
Exercised	(122	)	$	67.68
Forfeited or expired	(256	)	$	126.54
Options outstanding December 31, 2016	749		$	108.40	6.6	$	5.5
Options exercisable	473		$	96.89	5.2	$	5.5
Options expected to vest	266		$	128.17	9.0	$	—

The aggregate intrinsic value for options exercised was as follows (in millions):



Year Ended		Six Months Ended		Year Ended
December 31, 2016		December 31, 2015		June 27, 2015		June 28, 2014
$	5.2	$	6.7	$	20.7	$	17.8

The weighted-average fair values per share at the grant date for options granted were $33.53, $39.96, and $38.28 for the years ended December 31, 2016, June 27, 2015, and June 28, 2014, respectively. There were no options granted during the six months ended December 31, 2015. The fair values were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:



	Year Ended
	December 31, 2016		June 27, 2015		June 28, 2014
Dividend yield	0.5	%	0.3	%	0.3	%
Volatility, as a percent	27.6	%	27.1	%	32.7	%
Risk-free interest rate	1.3	%	1.7	%	1.8	%
Expected life in years	5.5		5.3		5.3

The valuation model utilizes historical volatility. The risk-free interest rate is based on the yield of U.S. government securities with a maturity date that coincides with the expected term of the option. The expected life in years is estimated based on past exercise behavior of employees.

Non-Vested Restricted Shares

There were no restricted shares granted, vested or outstanding for the year ended December 31, 2016, the six months ended December 31, 2015, or the year ended June 27, 2015. The weighted-average fair value per share at the date of grant for restricted shares granted was $145.19 for the year ended June 28, 2014. The total fair value of restricted shares that vested was $0.9 million and $2.3 million for the years ended June 27, 2015 and June 28, 2014, respectively.

Non-Vested Service-Based Restricted Share Units

A summary of activity related to non-vested service-based restricted share units is presented below (units in thousands):



	Number of Non-vested Service- Based Share Units		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Non-vested service-based share units outstanding at June 27, 2015	283		$	136.48
Granted	199		$	165.64
Vested	(94	)	$	125.03
Forfeited	(6	)	$	164.56
Non-vested service-based share units outstanding at December 31, 2015	382		$	154.07	2.2	$	55.3
Granted	298		$	113.26
Vested	(92	)	$	137.15
Forfeited	(120	)	$	151.64
Non-vested service-based share units outstanding at December 31, 2016	468		$	137.53	1.7	$	39.0

The weighted-average fair value per share at the date of grant for service-based restricted share units granted was as follows (in millions):



Year Ended		Six Months Ended		Year Ended
December 31, 2016		December 31, 2015		June 27, 2015		June 28, 2014
$	113.26	$	165.64	$	153.99	$	133.08

The total fair value of service-based restricted share units that vested was as follows (in millions):



Year Ended		Six Months Ended		Year Ended
December 31, 2016		December 31, 2015		June 27, 2015		June 28, 2014
$	12.6	$	11.7	$	9.1	$	6.8

Non-Vested Performance-Based Restricted Share Units

A summary of activity related to non-vested performance-based restricted share units is presented below (units in thousands):



	Number of Non-vested Performance- Based Share Units		Weighted- Average Grant Date Fair Value Per Share		Weighted- Average Remaining Term in Years	Aggregate Intrinsic Value
Non-vested performance-based share units outstanding at June 27, 2015	229		$	129.77
Granted	55		$	184.49
Vested	(58	)	$	109.20
Forfeited	(3	)	$	144.73
Non-vested performance-based share units outstanding at December 31, 2015	223		$	146.31	1.5	$	32.3
Granted	159		$	126.37
Vested	(81	)	$	128.74
Forfeited	(124	)	$	143.64
Non-vested performance-based share units outstanding at December 31, 2016	177		$	138.29	1.7	$	14.8

The weighted-average fair value of performance-based restricted share units can fluctuate depending upon the success or failure of the achievement of performance criteria as set forth in the Plan. The weighted-average fair value per share at the date of grant for performance-based restricted share units granted was as follows:



Year Ended		Six Months Ended		Year Ended
December 31, 2016		December 31, 2015		June 27, 2015		June 28, 2014
$	126.37	$	184.49	$	150.14	$	119.85

The total fair value of performance-based restricted share units that vested was as follows (in millions):



Year Ended		Six Months Ended		Year Ended
December 31, 2016		December 31, 2015		June 27, 2015		June 28, 2014
$	10.4	$	6.4	$	5.1	$	4.6