XML 49 R2.htm IDEA: XBRL DOCUMENT v3.24.3
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Jul. 02, 2022
Jul. 03, 2021
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
Compensation Actually Paid (“CAP”) and certain Company financial performance measures for the past four fiscal years are set forth below.
CAP is calculated as required under applicable SEC rules and presented on an individual basis for each principal executive officer of the Company (“PEO”) and as an average for other NEOs serving during the presented years. CAP does not reflect the actual amount of compensation earned or realized by NEOs during a covered year. Please see the footnotes to the Pay Versus Performance Table below for more detailed information on the calculation of CAP.
Neither the Compensation and Leadership Development Committee nor the Board used CAP or net income as the basis for making compensation decisions. For more information concerning the Company’s pay-for-performance philosophy and how it aligns executive compensation with the Company’s performance, please see “Compensation Discussion and Analysis.”
The calculation of the prior years’ CAP for both the PEO and the non-PEO NEOs did not take into consideration the accelerated vesting attributable to retirement eligibility. This has been corrected for the calculation of CAP for fiscal 2024. Prior years’ CAP has not been restated.
PAY VERSUS PERFORMANCE TABLE
Fiscal
Year
Summary
Comp. Table
Total For

PEO
CAP to
PEO
Summary
Comp. Table
Total For
Former

PEO
CAP to
Former

PEO
Avg. Summary
Comp. Table
Total For
non-PEO
NEOs
Avg. CAP to
non-PEO
NEOs
Value of Initial Fixed $100
Investment Based on:
Net
Income
(Millions)(3)
Adjusted OI$
(Millions)(4)
Company
TSR(1)
Peer Group
TSR(1)(2)
2024 $ 8,775,978 $ 5,540,132 $ 2,041,858 $ 1,354,722 $ 218.81 $ 253.53 $ 498.7 $ 900.0
2023 $ 9,716,827 $ 13,428,971 $ 1,928,181 $ 1,950,485 $ 208.95 $ 218.46 $ 770.8 $ 1,220.9
2022 $ 8,129,900 $ 9,883,510 $ 2,031,221 $ 1,912,506 $ 170.48 $ 177.30 $ 692.4 $ 985.6
2021 $ 6,151,987 $ 8,577,743 $ 2,910,076 $ 377,147 $ 1,862,076 $ 1,527,825 $ 157.58 $ 199.58 $ 193.1 $ 407.0
(1)
Reflects the cumulative value of a $100 investment made at the beginning of fiscal year 2021 through the end of fiscal year 2024, including the reinvestment of dividends.
(2)
The Peer Group is the one used in the Annual Reports on Form 10-K pursuant to Item 201(e)(ii) of Regulations S-K for each of the fiscal years noted, which is comprised of the following five companies: Agilysys, Inc.; Arrow Electronics Inc.; Insight Enterprises Inc.; Scansource Inc.; and TD Synnex Corporation.
(3)
As presented in the Company’s Consolidated Statements of Operations for each of the fiscal years ended, calculated in accordance with GAAP.
(4)
The Company’s selected measure, Adjusted Operating Income Dollars (OI$), is a non-GAAP measure and was one of the financial performance metrics used in the fiscal 2024 annual cash incentive plan design for executive officers. Please see Appendix A for information on how this measure was calculated as well as a reconciliation to its most directly comparable GAAP measures.
Phil Gallagher was the PEO for all the presented years. To calculate CAP for Mr. Gallagher, the following amounts were deducted from and added to the Total Compensation reported in the Summary Compensation Table (“SCT”):
Year
2021
2022
2023
2024
SCT Total Compensation $ 6,151,987 $ 8,129,900 $ 9,716,827 $ 8,775,978
Minus: Grant-date fair value of awards reported in the
SCT
$ 2,858,059 $ 4,216,444 $ 6,078,268 $ 6,572,830
Plus: Vesting-date fair value of awards granted and vested in the covered year
$ 508,172 $ 624,058 $ 736,281 $ 857,801
Plus: Year-end fair value of awards granted but remain
unvested in the covered year
$ 4,344,273 $ 4,349,379 $ 6,808,722 $ 4,405,536
Plus/(Minus): Change in fair value of awards granted in prior year(s) that vested in the covered year
$ 70,402 $ 457,714 $ 164,293 $ (1,912,696)
Plus: Change in fair value of awards granted in prior year(s) that remain unvested in covered year
$ 363,638 $ 535,110 $ 2,089,549 $
Minus: Fair value of awards forfeited during the covered year
Minus: Aggregate change in actuarial present value of
accumulated benefit under pension plans
$ 23,145 $ 17,711 $ 27,780 $ 34,126
Plus: Aggregate service costs and prior service costs
for pension plans
$ 20,475 $ 21,504 $ 19,347 $ 20,469
Compensation Actually Paid (CAP) $ 8,577,743 $ 9,883,510 $ 13,428,971 $ 5,540,132
William J. Amelio, who ceased to be the Chief Executive Officer on July 31, 2020, is the Former PEO for Fiscal 2021.
To calculate CAP for Mr. Amelio for Fiscal 2021, the following amounts were deducted from and added to the Total Compensation reported in the SCT:
Year
2021
SCT Total Compensation $ 2,910,076
Minus: Fair value of awards forfeited during the covered year
$ 2,641,141
Minus: Aggregate change in actuarial present value of accumulated benefit under pension plans
$ 88,339
Plus: Aggregate service costs and prior service costs for pension plans
$ 196,551
Compensation Actually Paid (CAP) $ 377,147
The following are the non-PEO NEOs included for each year shown in the table:
Fiscal 2024: Messrs. Jacobson, Arnold, Chan, and McCoy
Fiscal 2023: Messrs. Liguori (former CFO), Jacobson, Arnold, and McCoy, and Ms. Obregon-Jimenez.
Fiscal 2022: Messrs. Liguori, Arnold, Chan, and McCoy.
Fiscal 2021: Messrs. Liguori, Arnold, Chan, and McCoy, as well as Peter G. Bartolotta (who ceased serving as President, Business Transformation on October 1, 2020) and MaryAnn G. Miller (who ceased serving as SVP, Chief Administrative Officer on October 16, 2020).
To calculate the Average CAP for the non-PEO NEOs, the following amounts were deducted from and added to the average Total Compensation reported in the SCT:
Year
2021
2022
2023
2024
Average SCT Total Compensation $ 1,862,076 $ 2,031,221 $ 1,928,181 $ 2,041,858
Minus: Average grant-date fair value of awards reported
in the SCT
$ 739,776 $ 780,055 $ 890,867 $ 1,114,994
Plus: Average vesting-date fair value of awards granted
and vested in the covered year
$ 136,771 $ 115,456 $ 124,990 $ 141,777
Plus: Average year-end fair value of awards granted but
remain unvested in the covered year
$ 591,136 $ 402,321 $ 555,985 $ 361,411
Plus/(Minus): Average change in fair value of awards granted in prior year(s) that vested in the covered year
$ 51,740 $ 78,917 $ 17,562 ($ 53,139)
Plus/(Minus): Average change in fair value of awards granted in prior year(s) that remain unvested
$ 155,548 $ 69,871 $ 224,960 ($ 2,111)
Minus: Average fair value of awards forfeited during the
covered year
$ 433,248
Minus: Average aggregate change in actuarial present value of accumulated benefit under pension plans
$ 136,997 $ 43,134 $ 63,768 $ 58,509
Plus: Average aggregate service costs and prior service
costs for pension plans
$ 40,575 $ 37,909 $ 53,442 $ 38,429
Average Compensation Actually Paid $ 1,527,825 $ 1,912,506 $ 1,950,485 $ 1,354,722
     
Company Selected Measure Name Adjusted OI      
Named Executive Officers, Footnote
The following are the non-PEO NEOs included for each year shown in the table:
Fiscal 2024: Messrs. Jacobson, Arnold, Chan, and McCoy
Fiscal 2023: Messrs. Liguori (former CFO), Jacobson, Arnold, and McCoy, and Ms. Obregon-Jimenez.
Fiscal 2022: Messrs. Liguori, Arnold, Chan, and McCoy.
Fiscal 2021: Messrs. Liguori, Arnold, Chan, and McCoy, as well as Peter G. Bartolotta (who ceased serving as President, Business Transformation on October 1, 2020) and MaryAnn G. Miller (who ceased serving as SVP, Chief Administrative Officer on October 16, 2020).
     
Peer Group Issuers, Footnote
The Peer Group is the one used in the Annual Reports on Form 10-K pursuant to Item 201(e)(ii) of Regulations S-K for each of the fiscal years noted, which is comprised of the following five companies: Agilysys, Inc.; Arrow Electronics Inc.; Insight Enterprises Inc.; Scansource Inc.; and TD Synnex Corporation.
     
PEO Total Compensation Amount $ 8,775,978      
PEO Actually Paid Compensation Amount $ 5,540,132      
Adjustment To PEO Compensation, Footnote
Phil Gallagher was the PEO for all the presented years. To calculate CAP for Mr. Gallagher, the following amounts were deducted from and added to the Total Compensation reported in the Summary Compensation Table (“SCT”):
Year
2021
2022
2023
2024
SCT Total Compensation $ 6,151,987 $ 8,129,900 $ 9,716,827 $ 8,775,978
Minus: Grant-date fair value of awards reported in the
SCT
$ 2,858,059 $ 4,216,444 $ 6,078,268 $ 6,572,830
Plus: Vesting-date fair value of awards granted and vested in the covered year
$ 508,172 $ 624,058 $ 736,281 $ 857,801
Plus: Year-end fair value of awards granted but remain
unvested in the covered year
$ 4,344,273 $ 4,349,379 $ 6,808,722 $ 4,405,536
Plus/(Minus): Change in fair value of awards granted in prior year(s) that vested in the covered year
$ 70,402 $ 457,714 $ 164,293 $ (1,912,696)
Plus: Change in fair value of awards granted in prior year(s) that remain unvested in covered year
$ 363,638 $ 535,110 $ 2,089,549 $
Minus: Fair value of awards forfeited during the covered year
Minus: Aggregate change in actuarial present value of
accumulated benefit under pension plans
$ 23,145 $ 17,711 $ 27,780 $ 34,126
Plus: Aggregate service costs and prior service costs
for pension plans
$ 20,475 $ 21,504 $ 19,347 $ 20,469
Compensation Actually Paid (CAP) $ 8,577,743 $ 9,883,510 $ 13,428,971 $ 5,540,132
William J. Amelio, who ceased to be the Chief Executive Officer on July 31, 2020, is the Former PEO for Fiscal 2021.
To calculate CAP for Mr. Amelio for Fiscal 2021, the following amounts were deducted from and added to the Total Compensation reported in the SCT:
Year
2021
SCT Total Compensation $ 2,910,076
Minus: Fair value of awards forfeited during the covered year
$ 2,641,141
Minus: Aggregate change in actuarial present value of accumulated benefit under pension plans
$ 88,339
Plus: Aggregate service costs and prior service costs for pension plans
$ 196,551
Compensation Actually Paid (CAP) $ 377,147
     
Non-PEO NEO Average Total Compensation Amount $ 2,041,858 $ 1,928,181 $ 2,031,221 $ 1,862,076
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,354,722 1,950,485 1,912,506 1,527,825
Adjustment to Non-PEO NEO Compensation Footnote
The following are the non-PEO NEOs included for each year shown in the table:
Fiscal 2024: Messrs. Jacobson, Arnold, Chan, and McCoy
Fiscal 2023: Messrs. Liguori (former CFO), Jacobson, Arnold, and McCoy, and Ms. Obregon-Jimenez.
Fiscal 2022: Messrs. Liguori, Arnold, Chan, and McCoy.
Fiscal 2021: Messrs. Liguori, Arnold, Chan, and McCoy, as well as Peter G. Bartolotta (who ceased serving as President, Business Transformation on October 1, 2020) and MaryAnn G. Miller (who ceased serving as SVP, Chief Administrative Officer on October 16, 2020).
To calculate the Average CAP for the non-PEO NEOs, the following amounts were deducted from and added to the average Total Compensation reported in the SCT:
Year
2021
2022
2023
2024
Average SCT Total Compensation $ 1,862,076 $ 2,031,221 $ 1,928,181 $ 2,041,858
Minus: Average grant-date fair value of awards reported
in the SCT
$ 739,776 $ 780,055 $ 890,867 $ 1,114,994
Plus: Average vesting-date fair value of awards granted
and vested in the covered year
$ 136,771 $ 115,456 $ 124,990 $ 141,777
Plus: Average year-end fair value of awards granted but
remain unvested in the covered year
$ 591,136 $ 402,321 $ 555,985 $ 361,411
Plus/(Minus): Average change in fair value of awards granted in prior year(s) that vested in the covered year
$ 51,740 $ 78,917 $ 17,562 ($ 53,139)
Plus/(Minus): Average change in fair value of awards granted in prior year(s) that remain unvested
$ 155,548 $ 69,871 $ 224,960 ($ 2,111)
Minus: Average fair value of awards forfeited during the
covered year
$ 433,248
Minus: Average aggregate change in actuarial present value of accumulated benefit under pension plans
$ 136,997 $ 43,134 $ 63,768 $ 58,509
Plus: Average aggregate service costs and prior service
costs for pension plans
$ 40,575 $ 37,909 $ 53,442 $ 38,429
Average Compensation Actually Paid $ 1,527,825 $ 1,912,506 $ 1,950,485 $ 1,354,722
     
Compensation Actually Paid vs. Total Shareholder Return
CAP vs. Company TSR
Changes in CAP values for the PEO and non-PEO NEOs over fiscal years 2021 through 2024 generally align with changes in the Company’s TSR over this same period. CAP values declined in fiscal 2024 over the prior year due to the modest increase in the Company TSR in fiscal 2024 as compared to the significant increase in this metric in fiscal 2023. Equity awards in long-term incentive plans represent a significant portion of the NEOs’ total compensation and generally result in the alignment of the fair value of the NEOs’ equity awards with shareholders’ interest. Fluctuations in stock price over this four-year period similarly impacted the changes in fair value of the NEOs’ equity awards.
     
Compensation Actually Paid vs. Net Income
CAP vs. Net Income
The SEC requires net income to be included as a performance measure in the Pay Versus Performance Table. However, the Company does not use net income in its compensation incentive plan design or to determine compensation levels. Changes in CAP values over fiscal years 2021 through 2024 generally align with changes in the Company’s net income over this same period.
     
Compensation Actually Paid vs. Company Selected Measure
CAP vs. Adjusted Operating Income Dollars
Adjusted OI$ (the Company-Selected Measure) is a non-GAAP measure, and the achievement of certain Adjusted OI$ targets was one of the metrics used in calculating the NEOs’ annual cash incentive awards for each of the fiscal years 2021 through 2024. Changes in CAP values for the PEO and non-PEO NEOs over fiscal years 2021 through 2024 generally align with changes in the Company’s Adjusted OI$ over this same period.
     
Total Shareholder Return Vs Peer Group
Company TSR vs. Peer Group TSR
Both the Company TSR and Peer Group TSR generally increased over fiscal years 2021 through 2024. The design of PSU awards granted in fiscal years 2019, 2020, 2023 and 2024 included modifiers based on Company TSR against a peer group TSR to provide a level of alignment between executive compensation and TSR. However, the peer groups used under these modifiers varied between PSU awards and are different than the selected Peer Group reflected in the Pay Versus Performance Table, which consists of fewer companies. Please see the “Compensation Discussion and Analysis” section of this Proxy Statement for more information on the peer groups used under the modifiers.
     
Tabular List, Table
MOST IMPORTANT FINANCIAL PERFORMANCE MEASURES FOR FISCAL 2024
Listed below are the most important financial performance measures used by the Company during fiscal 2024 to link NEO compensation to Company performance. These measures are not ranked by relative importance. Please see “Compensation Discussion and Analysis — Elements of Executive Compensation” for additional information regarding these performance measures.
FY24 Most Important Financial Performance Measures
(Unranked)
Adjusted Operating Income Dollars(1)
Return on Working Capital(1)
Market Share (Relative Organic Sales Growth of AVT vs Core Business Competitor)(1)
Relative Adjusted Earnings Per Share Growth(2)
Adjusted Return on Invested Capital exceeding Weighted Average Cost of Capital(2)
Relative Total Shareholder Return(2)
(1)
Measure used in the fiscal 2024 annual cash incentive awards for executive officers.
(2)
Measure used in the fiscal 2024 PSU awards for executive officers.
     
Total Shareholder Return Amount $ 218.81 208.95 170.48 157.58
Peer Group Total Shareholder Return Amount 253.53 218.46 177.3 199.58
Net Income (Loss) $ 498,700,000 $ 770,800,000 $ 692,400,000 $ 193,100,000
Company Selected Measure Amount 900,000,000 1,220,900,000 985,600,000 407,000,000
PEO Name Phil Gallagher      
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted Operating Income Dollars      
Non-GAAP Measure Description
(4)
The Company’s selected measure, Adjusted Operating Income Dollars (OI$), is a non-GAAP measure and was one of the financial performance metrics used in the fiscal 2024 annual cash incentive plan design for executive officers. Please see Appendix A for information on how this measure was calculated as well as a reconciliation to its most directly comparable GAAP measures.
     
Measure:: 2        
Pay vs Performance Disclosure        
Name Return on Working Capital      
Measure:: 3        
Pay vs Performance Disclosure        
Name Market Share (Relative Organic Sales Growth of AVT vs Core Business Competitor)(1)      
Measure:: 4        
Pay vs Performance Disclosure        
Name Relative Adjusted Earnings Per Share Growth      
Measure:: 5        
Pay vs Performance Disclosure        
Name Adjusted Return on Invested Capital exceeding Weighted Average Cost of Capital      
Measure:: 6        
Pay vs Performance Disclosure        
Name Relative Total Shareholder Return      
Gallagher [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 8,775,978 $ 9,716,827 $ 8,129,900 $ 6,151,987
PEO Actually Paid Compensation Amount 5,540,132 13,428,971 9,883,510 8,577,743
Gallagher [Member] | Grant-Date Fair Value of Awards Reported in the SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (6,572,830) (6,078,268) (4,216,444) (2,858,059)
Gallagher [Member] | Vesting-Date Fair Value of Awards Granted and Vested in The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 857,801 736,281 624,058 508,172
Gallagher [Member] | Year-End Fair Value of Awards Granted but Remain Unvested in The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,405,536 6,808,722 4,349,379 4,344,273
Gallagher [Member] | Change In Fair Value of Awards Granted in Prior Year(S) That Vested In the Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,912,696) 164,293 457,714 70,402
Gallagher [Member] | Change In Fair Value of Awards Granted in Prior Year(S) That Remain Unvested in Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,089,549 535,110 363,638
Gallagher [Member] | Fair Value of Awards Forfeited During the Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount
Gallagher [Member] | Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (34,126) (27,780) (17,711) (23,145)
Gallagher [Member] | Aggregate Service Costs and Prior Service Costs for Pension Plans [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 20,469 19,347 21,504 20,475
William J. Amelio [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount 2,910,076
PEO Actually Paid Compensation Amount 377,147
William J. Amelio [Member] | Fair Value of Awards Forfeited During the Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       (2,641,141)
William J. Amelio [Member] | Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       (88,339)
William J. Amelio [Member] | Aggregate Service Costs and Prior Service Costs for Pension Plans [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       196,551
Non-PEO NEO | Grant-Date Fair Value of Awards Reported in the SCT [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,114,994) (890,867) (780,055) (739,776)
Non-PEO NEO | Vesting-Date Fair Value of Awards Granted and Vested in The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 141,777 124,990 115,456 136,771
Non-PEO NEO | Year-End Fair Value of Awards Granted but Remain Unvested in The Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 361,411 555,985 402,321 591,136
Non-PEO NEO | Change In Fair Value of Awards Granted in Prior Year(S) That Vested In the Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (53,139) 17,562 78,917 51,740
Non-PEO NEO | Change In Fair Value of Awards Granted in Prior Year(S) That Remain Unvested in Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (2,111) 224,960 69,871 155,548
Non-PEO NEO | Fair Value of Awards Forfeited During the Covered Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (433,248)
Non-PEO NEO | Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (58,509) (63,768) (43,134) (136,997)
Non-PEO NEO | Aggregate Service Costs and Prior Service Costs for Pension Plans [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 38,429 $ 53,442 $ 37,909 $ 40,575