Stock-based compensation (Tables)

12 Months Ended

Jul. 02, 2022

Stock-based compensation

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

	Years Ended
	July 2,		July 3,		June 27,
	2022		2021		2020
Expected term (years)	6.0		6.0		6.0
Risk-free interest rate	0.9	%	0.5	%	1.6	%
Weighted average volatility	32.1	%	31.5	%	23.7	%
Dividend yield	2.4	%	2.8	%	2.3	%

Summary of the changes in outstanding options

		Weighted		Weighted Average
		Average		Remaining
	Shares	Exercise Price		Contractual Life
Outstanding at July 3, 2021	1,125,431	$	37.15	78 Months
Granted	361,308		39.62	110 Months
Exercised	(142,498)		39.78	8 Months
Forfeited or expired	(39,105)		42.81	37 Months
Outstanding at July 2, 2022	1,305,136	$	37.38	85 Months
Exercisable at July 2, 2022	516,939	$	39.28	62 Months

Summary of the changes in non-vested stock options

		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested stock options at July 3, 2021	649,109	$	7.17
Granted	361,308		9.45
Vested	(215,132)		7.61
Forfeited	(7,088)		8.25
Non-vested stock options at July 2, 2022	788,197	$	8.09

Summary of the changes in non-vested restricted incentive shares

		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested restricted stock units at July 3, 2021	1,338,035	$	32.80
Granted	822,936		37.68
Vested	(761,407)		34.91
Forfeited	(86,382)		32.18
Non-vested restricted stock units at July 2, 2022	1,313,182	$	32.92