Stock-based compensation (Tables)

12 Months Ended

Jun. 29, 2019

Stock-based compensation

Summary of the assumptions used to estimate the fair value of stock options

	Years Ended
	June 29,		June 30,		July 1,
	2019		2018		2017
Expected term (years)	6.0		6.0		6.0
Risk-free interest rate	2.8	%	2.0	%	1.9	%
Weighted average volatility	23.1	%	26.3	%	27.9	%
Dividend yield	1.8	%	2.0	%	1.5	%

Summary of the changes in outstanding options

		Weighted		Weighted Average
		Average		Remaining
	Shares	Exercise Price		Contractual Life
Outstanding at June 30, 2018	2,321,787	$	40.93	79 Months
Granted	301,148		48.50	110 Months
Exercised	(559,796)		36.14	49 Months
Forfeited or expired (1)	(826,500)		46.98	91 Months
Outstanding at June 29, 2019 (1)	1,236,639	$	40.90	78 Months
Exercisable at June 29, 2019	545,166	$	37.41	60 Months

(1) The above table excludes the Performance Based Stock Options (“PBSOs”). Since the performance metrics for the PBSOs were not achieved by the end of calendar year 2018, as stated in the PBSO Terms and Conditions, although the shares have not yet been canceled, the Company has excluded from the outstanding stock options above.

Summary of the changes in non-vested stock options

		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested stock options at June 30, 2018	1,455,234	$	11.05
Granted	301,148		10.74
Vested	(238,409)		10.23
Forfeited (1)	(826,500)		12.05
Non-vested stock options at June 29, 2019	691,473	$	10.00

(1) Included in forfeitures above are the PBSOs, as noted above in the changes in outstanding stock options table

Summary of the changes in non-vested restricted incentive shares

		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested restricted stock units at June 30, 2018	1,036,160	$	38.48
Granted	633,276		46.65
Vested	(623,680)		41.16
Forfeited	(136,579)		40.50
Non-vested restricted stock units at June 29, 2019	909,177	$	42.03