Medtronic 2016 Annual Report Download - page 108
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Table of Contents
Medtronic plc
Notes to Consolidated Financial Statements (Continued)
105
Restricted Stock Awards The following table summarizes restricted stock award activity, including activity from restricted stock
awards assumed or issued as a result of acquisitions, during fiscal year 2016:
Awards
(in thousands)
Wtd. Avg.
Grant
Price
Nonvested at April 24, 2015 10,022 $ 53.88
Granted 2,565 77.68
Vested (3,148) 42.96
Forfeited (619) 59.16
Nonvested at April 29, 2016 8,820 $ 64.33
The following table summarizes the weighted-average grant date fair value of restricted stock awards granted, total fair value of
restricted stock awards vested and related tax benefit during fiscal years 2016, 2015, and 2014:
Fiscal Year
(in millions, except per share data) 2016 2015 2014
Weighted-average grant-date fair value per restricted stock award $ 77.68 $ 69.30 $ 55.62
Fair value of restricted stock awards vested 276 174 142
Tax benefit related to restricted stock awards vested 76 50 40
Unrecognized compensation expense related to restricted stock awards as of April 29, 2016 was $278 million and is expected to
be recognized over a weighted average period of 2.5 years.
11. Income Taxes
The provision for income taxes is based on income before income taxes reported for financial statement purposes. The components
of income from continuing operations before income taxes, based on tax jurisdiction, are as follows:
Fiscal Year
(in millions) 2016 2015 2014
U.S. $ 333 $ 639 $ 1,690
International 4,003 2,847 2,015
Income from continuing operations before income taxes $ 4,336 $ 3,486 $ 3,705
The provision for income taxes from continuing operations consists of the following:
Fiscal Year
(in millions) 2016 2015 2014
Current tax expense:
U.S. $ 440 $ 1,128 $ 532
International 835 502 248
Total current tax expense 1,275 1,630 780
Deferred tax (benefit) expense:
U.S. (67)(705)(175)
International (410)(114) 35
Net deferred tax benefit (477)(819)(140)
Total provision for income taxes $ 798 $ 811 $ 640