Exercised, Options

  
  
performance restricted stock/units granted prior to 2022 were earned based upon our achievement of annual earnings per share goals and vested over the relevant three-year period. During the three-year vesting period, a recipient of EPS performance restricted stock/units earned a total award of either 0% or 100% of the initial grant. Awards of the strategic performance restricted stock units were earned based upon the achievement of two key metrics, net sales and EPS growth, compared to strategic plan objectives during a three-year period. A recipient of strategic performance restricted stock units earned a total award ranging from 0% to 200% of the initial grant. Awards of FCF performance restricted stock units were earned based upon the achievement of free cash flow (defined as Net cash provided by operating activities less capital expenditures and certain investing and financing activities) compared to annual operating plan objectives over a three-year period. An annual objective was established each fiscal year for three consecutive years. Performance against these objectives was averaged at the end of the three-year period to determine the number of underlying units that vested at the end of the three years. A recipient of FCF performance restricted stock units earned a total award ranging from 0% to 200% of the initial grant. Awards of time-lapse restricted stock/units will vest ratably over the three-year period. In addition, we may issue special grants of restricted stock/units to attract and retain executives which vest over various periods. Awards are generally granted annually in October. Stock options are granted on a selective basis under the Long-Term Incentive Plans. The term of a stock option granted under these plans may not exceed ten years from the date of grant. The option price may not be less than the fair market value of a share of common stock on the date of the grant. Options granted under these plans generally vest ratably over a three-year period. In 2019, we also granted certain options that vest at the end of a three-year period. We last issued stock options in 2019.In 2022, we issued time-lapse restricted stock units, unrestricted stock, TSR performance restricted stock units and EPS CAGR performance restricted stock units. We last issued FCF performance restricted stock units in 2019, EPS performance restricted stock units in 2018, strategic performance restricted stock units in 2014 and special performance restricted units in 2015.In determining stock-based compensation expense, we estimate forfeitures expected to occur. Total pre-tax stock-based compensation expense and tax-related benefits recognized in Earnings from continuing operations were as follows:

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| (Millions) | 2022 |  | 2021 |  | 2020 |
| Total pre-tax stock-based compensation expense | $ | 59  |  |  | $ | 64  |  |  | $ | 59  |  |
| Tax-related benefits | $ | 10  |  |  | $ | 12  |  |  | $ | 11  |  |

In 2020, total pre-tax stock-based compensation expense recognized in Earnings (loss) from discontinued operations was $2 million. The tax-related benefits were not material.The following table summarizes stock option activity as of July 31, 2022:

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|  | Options |  | Weighted-AverageExercisePrice |  | Weighted-AverageRemainingContractualLife |  | AggregateIntrinsicValue |
|  | (Options inthousands) |  |   |  | (In years) |  |   |
| Outstanding at August 1, 2021 | 1,372  |  |  | $ | 45.61  |  |  |  |  |  |
| Granted | —  |  |  | $ | —  |  |  |  |  |  |
| Exercised | (75) |  |  | $ | 38.15  |  |  |  |  |  |
| Terminated | —  |  |  | $ | —  |  |  |  |  |  |
| Outstanding at July 31, 2022 | 1,297  |  |  | $ | 46.04  |  |  | 4.8 |  | $ | 6  |  |
| Exercisable at July 31, 2022 | 1,297  |  |  | $ | 46.04  |  |  | 4.8 |  | $ | 6  |  |

The total intrinsic value of options exercised during 2022 and 2020 was $1 million and $2 million, respectively. The total intrinsic value of options exercised during 2021 was not material. We measured the fair value of stock options using the Black-Scholes option pricing model.We expensed stock options on a straight-line basis over the vesting period, except for awards issued to retirement eligible participants, which we expensed on an accelerated basis. As of January 2022, compensation related to stock options was fully expensed.68 
