Medtronic 2015 Annual Report Download - page 119

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Medtronic plc
Notes to Consolidated Financial Statements (Continued)
Unrecognized compensation expense related to outstanding stock options as of April 24, 2015 was $403 million and is expected
to be recognized over a weighted average period of 2.0 years.
Restricted Stock Awards The following table summarizes restricted stock award activity, including activity from restricted
stock awards assumed or issued as a result of acquisitions, during fiscal year 2015:
Awards (in
thousands)
Wtd. Avg.
Grant
Price
Nonvested at April 25, 2014 9,558 $ 44.06
Granted 3,515 69.30
Vested (2,442) 39.53
Forfeited (609) 46.22
Nonvested at April 24, 2015 10,022 $ 53.88
The following table summarizes the weighted-average grant date fair value of restricted stock awards granted, total fair value of
restricted stock awards vested and related tax benefit during fiscal years 2015, 2014, and 2013:
(in millions, except per share data) 2015 2014 2013
Weighted-average grant-date fair value per restricted stock award $ 69.30 $ 55.62 $ 39.53
Fair value of restricted stock awards vested 174 142 116
Tax benefit related to restricted stock awards vested 50 40 34
Unrecognized compensation expense related to restricted stock awards as of April 24, 2015 was $252 million and is expected to
be recognized over a weighted average period of 2.2 years.
12. Income Taxes
The provision for income taxes is based on income before income taxes reported for financial statement purposes. The
components of income from continuing operations before income taxes, based on tax jurisdiction, are as follows:
Fiscal Year
(in millions) 2015 2014 2013
U.S. $ 639 $ 1,690 $ 1,806
International 2,847 2,015 2,445
Income from continuing operations before income taxes $ 3,486 $ 3,705 $ 4,251
The provision for income taxes from continuing operations consists of the following:
Fiscal Year
(in millions) 2015 2014 2013
Current tax expense:
U.S. $ 1,128 $ 532 $ 509
International 502 248 219
Total current tax expense 1,630 780 728
Deferred tax (benefit) expense:
U.S. (705) (175) 46
International (114) 35 10
Net deferred tax (benefit) expense (819) (140) 56
Total provision for income taxes $ 811 $ 640 $ 784
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