Crucial 2011 Annual Report Download - page 73
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Fair Value of Financial Instruments
The estimated fair value and carrying value of debt instruments (carrying value excludes the equity component of the 2014 Notes, the 2027
Notes and the 2031 Notes which is classified in equity) were as follows:
The fair value of our Level 1 convertible debt instruments was based on quoted market prices in active markets. The fair value of our Level 2
convertible debt instruments was determined based on observable inputs of quoted market prices in markets with insufficient activity to be
considered active and market prices for our stock. The fair value of our other debt instruments was estimated based on discounted cash flows
using inputs that are observable in the market or that could be derived from or corroborated with observable market data, including interest rates
based on yield curves of similar debt issued by parties with credit ratings similar to ours (Level 2). Amounts reported as cash and equivalents,
receivables, and accounts payable and accrued expenses approximate fair value.
Equity Plans
As of September 1, 2011 , we had an aggregate of 177.9 million shares of common stock reserved for issuance of stock options and restricted
stock awards, of which 108.1 million shares were subject to outstanding awards and 69.8 million shares were available for future awards. Awards
are subject to terms and conditions as determined by our Board of Directors.
Stock Options
Our stock options are generally exercisable in increments of either one-fourth or one-third per year beginning one year from the date of grant.
Stock options issued after September, 2004 generally expire six years from the date of grant. All other options expire ten years from the grant date.
Option activity for 2011 is summarized as follows:
70
2011
2010
Fair
Value
Carrying
Value
Fair
Value
Carrying
Value
Convertible debt instruments (Level 1)
$
1,216
$
1,049
$
1,494
$
1,288
Convertible debt instruments (Level 2)
629
529
—
—
Other debt instruments
436
423
1,071
1,072
Number of Shares
Weighted-Average
Exercise Price Per
Share
Weighted-
Average
Remaining
Contractual Life
(In Years)
Aggregate
Intrinsic Value
Outstanding at September 2, 2010
116.3
$
12.79
Granted
15.3
9.05
Exercised
(6.1
)
4.61
Cancelled or expired
(26.2
)
19.07
Outstanding at September 1, 2011
99.3
11.06
2.6
$
41
Exercisable at September 1, 2011
61.8
$
13.53
1.5
$
15
Expected to vest after September 1, 2011
36.5
6.92
4.3
26