Medtronic 2016 Annual Report Download - page 107
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Table of Contents
Medtronic plc
Notes to Consolidated Financial Statements (Continued)
104
The following table presents the components and classification of stock-based compensation expense for stock options, restricted
stock awards, and ESPP shares recognized for fiscal years 2016, 2015, and 2014:
Fiscal Year
(in millions) 2016 2015 2014
Stock options $ 206 $ 140 $ 34
Restricted stock awards 148 284 98
Employees stock purchase plan 21 15 13
Total stock-based compensation expense $ 375 $ 439 $ 145
Cost of products sold $ 50 $ 23 $ 14
Research and development expense 37 29 27
Selling, general, and administrative expense 212 128 104
Restructuring charges 18 70 —
Acquisition-related items 58 189 —
Total stock-based compensation expense 375 439 145
Income tax benefits (108)(138)(40)
Total stock-based compensation expense, net of tax $ 267 $ 301 $ 105
Stock Options The following table summarizes all stock option activity, including activity from options assumed or issued as a
result of acquisitions, during fiscal year 2016:
Options
(in thousands)
Wtd. Avg.
Exercise
Price
Wtd. Avg.
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic Value
(in millions)
Outstanding at April 24, 2015 62,021 $ 53.27
Granted 5,785 77.76
Exercised (11,103) 41.99
Expired/Forfeited (3,733) 70.62
Outstanding at April 29, 2016 52,970 57.09 6.47 $ 1,168
Vested and expected to vest at April 29, 2016 25,542 69.91 8.48 236
Exercisable at April 29, 2016 23,383 40.14 3.90 912
The following table summarizes the total cash received from the issuance of new shares upon stock option award exercises, the
total intrinsic value of options exercised and the related tax benefit during fiscal years 2016, 2015, and 2014:
Fiscal Year
(in millions) 2016 2015 2014
Cash proceeds from options exercised $ 452 $ 609 $ 1,273
Intrinsic value of options exercised 374 329 249
Tax benefit related to options exercised 131 106 78
Unrecognized compensation expense related to outstanding stock options as of April 29, 2016 was $303 million and is expected
to be recognized over a weighted average period of 2.1 years.