Charles Schwab 2014 Annual Report Download - page 103
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THE CHARLES SCHWAB CORPORATION
Notes to Consolidated Financial Statements
(Tabular Amounts in Millions, Except Per Share Data, Option Price Amounts, Ratios, or as Noted)
- 85 -
The Company’s restricted stock units activity is summarized below:
Weighted-
Average Grant
Number Date Fair Value
of Units per Unit
Outstanding at December 31, 2013 11 $ 16.11
Granted 3 $ 28.09
Vested (4) $ 15.63
Forfeited - $ 16.50
Outstanding at December 31, 2014 10 $ 20.66
Retirement Plan
Upon completing three months of consecutive service, employees of the Company can participate in the Company’s qualified
retirement plan, the SchwabPlan® Retirement Savings and Investment Plan. The Company may match certain employee
contributions or make additional contributions to this plan at its discretion. The Company’s total expense was $68 million,
$63 million, and $59 million in 2014, 2013, and 2012, respectively.
Deferred Compensation Plans
The Company’s deferred compensation plan for officers permits participants to defer the receipt of certain cash
compensation. The Company’s deferred compensation plan for non-employee directors permits participants to defer receipt
of all or a portion of their director fees and to receive either a grant of stock options, or upon ceasing to serve as a director,
the number of shares of CSC’s common stock that would have resulted from investing the deferred fee amount into CSC’s
common stock. The deferred compensation liability was $132 million and $135 million at December 31, 2014 and 2013,
respectively.
20. Taxes on Income
The components of income tax expense are as follows:
Year Ended December 31, 2014 2013 2012
Current:
Federal $ 747 $ 598 $ 489
State 72 57 28
Total current 819 655 517
Deferred:
Federal (23) (20) 5
State (2) (1) -
Total deferred (25) (21) 5
Taxes on income $ 794 $ 634 $ 522