Stock-based Compensation (Tables)
|
12 Months Ended |
Jul. 01, 2023 |
|---|
| 2007 Option Plan [Member] |
|
| Summary of Stock Option Activity |
The following table summarizes the stock option activity for fiscal 2023 under the 2007 Option Plan.
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|
Number of
Options |
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic Value
(in millions) |
|
Outstanding as of July 2, 2022 |
|
|
673,842 |
|
|
$ |
18.82 |
|
|
|
|
|
|
|
Exercised |
|
|
(85,687 |
) |
|
$ |
16.69 |
|
|
|
|
|
|
|
Outstanding as of July 1, 2023 |
|
|
588,155 |
|
|
$ |
19.13 |
|
|
|
2.2 |
|
|
$ |
24.2 |
|
Vested or expected to vest as of July 1, 2023 |
|
|
588,155 |
|
|
$ |
19.13 |
|
|
|
2.2 |
|
|
$ |
24.2 |
|
Exercisable as of July 1, 2023 |
|
|
588,155 |
|
|
$ |
19.13 |
|
|
|
2.2 |
|
|
$ |
24.2 |
|
|
| 2015 Incentive Plan [Member] |
|
| Summary of Stock Option Activity |
The following table summarizes the stock option activity for fiscal 2023 under the 2015 Incentive Plan.
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|
|
|
|
Number of
Options |
|
|
Weighted
Average
Exercise Price |
|
|
Weighted
Average
Remaining
Contractual
Term |
|
|
Aggregate
Intrinsic
Value
(in millions) |
|
Outstanding as of July 2, 2022 |
|
|
722,959 |
|
|
$ |
27.67 |
|
|
|
|
|
|
|
Exercised |
|
|
(60,402 |
) |
|
$ |
28.28 |
|
|
|
|
|
|
|
Outstanding as of July 1, 2023 |
|
|
662,557 |
|
|
$ |
27.62 |
|
|
|
3.7 |
|
|
$ |
21.6 |
|
Vested or expected to vest as of July 1, 2023 |
|
|
662,557 |
|
|
$ |
27.62 |
|
|
|
3.7 |
|
|
$ |
21.6 |
|
Exercisable as of July 1, 2023 |
|
|
662,557 |
|
|
$ |
27.62 |
|
|
|
3.7 |
|
|
$ |
21.6 |
|
|
| Summary of Changes in Nonvested Restricted Shares and RSU |
The following table summarizes the changes in nonvested restricted shares and restricted stock units for fiscal 2023 under the 2015 Incentive Plan.
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Weighted Average
Grant Date Fair Value |
|
Nonvested as of July 2, 2022 |
|
|
1,688,339 |
|
|
$ |
41.64 |
|
Granted |
|
|
686,586 |
|
|
$ |
54.99 |
|
Vested |
|
|
(610,242 |
) |
|
$ |
41.48 |
|
Forfeited |
|
|
(112,554 |
) |
|
$ |
48.72 |
|
Nonvested as of July 1, 2023 |
|
|
1,652,129 |
|
|
$ |
46.76 |
|
|
| 2015 Incentive Plan [Member] | Performance-based Restricted Shares [Member] |
|
| Summary of Weighted Average Assumptions |
The Company, with the assistance of a third-party valuation expert, estimated the fair value of performance-based restricted shares with a Relative TSR market condition granted in fiscal 2021, fiscal 2022, and fiscal 2023 using a Monte Carlo simulation with the following weighted-average assumptions:
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For the fiscal year
ended July 1, 2023 |
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|
For the fiscal year
ended July 2, 2022 |
|
|
For the fiscal year
ended July 3, 2021 |
|
Risk-Free Interest Rate |
|
|
3.31 |
% |
|
|
0.45 |
% |
|
|
0.16 |
% |
Dividend Yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
Expected Volatility |
|
|
75.45 |
% |
|
|
71.76 |
% |
|
|
67.66 |
% |
Expected Term (in years) |
|
|
2.84 |
|
|
|
2.83 |
|
|
|
2.87 |
|
Fair Value of Awards Granted |
|
$ |
68.06 |
|
|
$ |
62.34 |
|
|
$ |
47.55 |
|
|
| 2019 Long Term Incentive Plan [Member] | Core-Mark 2010 |
|
| Summary of Changes in Nonvested Restricted Shares and RSU |
The following table summarizes the changes in nonvested RSUs for fiscal 2023 under the Core-Mark 2019 Long-Term Incentive Plan.
|
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|
Shares |
|
|
Weighted Average
Grant Date Fair Value |
|
Nonvested as of July 2, 2022 |
|
|
246,850 |
|
|
$ |
49.55 |
|
Vested |
|
|
(167,111 |
) |
|
$ |
49.55 |
|
Forfeited |
|
|
(6,157 |
) |
|
$ |
49.55 |
|
Nonvested as of July 1, 2023 |
|
|
73,582 |
|
|
$ |
49.55 |
|
|