Discover 2015 Annual Report Download - page 135

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The following table summarizes long-term borrowings maturing over each of the next five years and thereafter
(dollars in millions):
Year Amount
2016 .................................................................................................................................................................................... $3,050
2017 .................................................................................................................................................................................... 5,104
2018 .................................................................................................................................................................................... 5,275
2019 .................................................................................................................................................................................... 3,278
2020 .................................................................................................................................................................................... 3,095
Thereafter .............................................................................................................................................................................. 4,922
Total ................................................................................................................................................................................. $ 24,724
The Company has access to committed undrawn capacity through private securitizations to support the funding of
its credit card loan receivables. As of December 31, 2015, the total commitment of secured credit facilities through
private providers was $6.8 billion, none of which was drawn at December 31, 2015. On October 15, 2015, $1.0
billion of the total commitment of secured credit facilities through private providers was terminated by the Company.
The Company determined that appropriate levels of capacity are in place following the termination of this agreement.
Access to the unused portions of the secured credit facilities is subject to the terms of the agreements with each of the
providers which have various expirations in calendar years 2017 and 2018. Borrowings outstanding under each
facility bear interest at a margin above LIBOR or the asset-backed commercial paper costs of each individual conduit
provider. The terms of each agreement provide for a commitment fee to be paid on the unused capacity, and include
various affirmative and negative covenants, including performance metrics and legal requirements similar to those
required to issue any term securitization transaction.
11. Stock-Based Compensation Plans
The Company has two stock-based compensation plans: the Discover Financial Services Omnibus Incentive Plan
("Omnibus Plan") and the Discover Financial Services Directors' Compensation Plan ("Directors' Compensation Plan").
Omnibus Plan
The Omnibus Plan, which is stockholder approved, provides for the award of stock options, stock appreciation
rights, restricted stock, restricted stock units (“RSUs”), performance stock units (“PSUs”) and other stock-based and/or
cash awards (collectively, “awards”). Currently, the Company does not have any stock appreciation rights or restricted
stock outstanding. The total number of shares that may be granted is 45 million shares, subject to adjustments for
certain transactions as described in the Omnibus Plan document. Shares granted under the Omnibus Plan may be the
following: (i) authorized but unissued shares, and (ii) treasury shares that the Company acquires in the open market, in
private transactions or otherwise.
Directors' Compensation Plan
The Directors' Compensation Plan, which is stockholder approved, permits the grant of RSUs to non-employee
directors. Under the Directors' Compensation Plan, the Company may issue awards of up to a total of 1,000,000
shares of common stock to non-employee directors. Shares of stock that are issuable pursuant to the awards granted
under the Directors' Compensation Plan may be authorized but unissued shares, treasury shares or shares that the
Company acquires in the open market. Annual awards for eligible directors are calculated by dividing $130,000 by
the fair market value of a share of stock on the date of grant and are subject to a restriction period whereby 100% of
such units shall vest on the one year anniversary of the date of grant. RSUs include the right to receive dividend
equivalents in the same amount and at the same time as dividends paid to all Company common shareholders.