Napa Auto Parts 2014 Annual Report Download - page 62

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Genuine Parts Company and Subsidiaries
Notes to Consolidated Financial Statements — (Continued)
December 31, 2014
The weighted-average grant date fair value of options and SARs granted during the years 2014, 2013, and
2012 was $13.77, $10.14, and $7.96, respectively. The aggregate intrinsic value of options exercised during the
years ended December 31, 2014, 2013, and 2012 was $65,200,000, $43,900,000, and $41,500,000.
In 2014, the Company granted approximately 680,000 SARs and 165,000 RSUs. In 2013, the Company
granted approximately 727,000 SARs and 172,000 RSUs. In 2012, the Company granted approximately 858,000
SARs and 145,000 RSUs.
A summary of the Company’s nonvested share awards activity is as follows:
Nonvested Share Awards (RSUs) Shares
Weighted-
Average Grant
Date Fair
Value
(In Thousands)
Nonvested at January 1, 2014 ................................ 444 $62
Granted ................................................ 165 87
Vested ................................................ (125) 53
Forfeited ............................................... (64) 77
Nonvested at December 31, 2014 ............................. 420 $72
For the years ended December 31, 2014, 2013, and 2012 approximately $17,800,000, $12,900,000, and
$11,000,000, respectively, of excess tax benefits was classified as a financing cash inflow.
6. Income Taxes
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and amounts used for income tax purposes. As of
December 31, 2014, the Company has not provided Federal income taxes on approximately $712,000,000 of
undistributed earnings of its foreign subsidiaries. The Company intends to reinvest these earnings to fund
expansion in these and other markets outside the U.S. Accordingly, the Company has not provided any provision
for income tax expense in excess of foreign jurisdiction income tax requirements relative to such undistributed
earnings in the accompanying consolidated financial statements. Due to the complexities associated with the
hypothetical calculation to determine residual taxes on the undistributed earnings, including the availability of
foreign tax credits, applicability of any additional local withholding tax and other indirect tax consequence that
may arise due to the distribution of these earnings, the Company has concluded it is not practicable to determine
the unrecognized deferred tax liability related to the undistributed earnings.
F-18