Seagate 2014 Annual Report Download - page 106

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TableofContents
SEAGATETECHNOLOGYPLC
NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS—(Continued)
Thiscostisbeingamortizedonastraight-linebasisoveraweighted-averageremainingtermof2.4yearsandwillbeadjustedforsubsequentchangesinestimated
forfeitures.Theaggregatefairvalueofnonvestedawardsvestedduringfiscalyear2015wasapproximately$156million.
PerformanceAwards
Thefollowingisasummaryofnonvestedawardactivitieswhichcontainaperformancecondition:
AtJuly3,2015,thetotalcompensationcostrelatedtoperformanceawardsgrantedtoemployeesbutnotyetrecognizedwasapproximately$39million.This
costisbeingamortizedonastraight-linebasisoveraweighted-averageremainingtermof3.8years.
ESPP
Duringfiscalyears2015,2014and2013,theaggregateintrinsicvalueofsharespurchasedundertheCompany'sESPPwasapproximately$15million,
$26millionand$17millionrespectively.AtJuly3,2015,thetotalcompensationcostrelatedtooptionstopurchasetheCompany'sordinarysharesundertheESPP
butnotyetrecognizedwasapproximately$1.5million.Thiscostwillbeamortizedonastraight-linebasisoveraweighted-averageperiodofapproximatelyone
month.Duringfiscalyear2015,theCompanyissued1.3millionordinaryshareswithaweighted-averagepurchasepriceof$45.78pershare.
Tax-DeferredSavingsPlan
TheCompanyhasatax-deferredsavingsplan,theSeagate401(k)Plan(the"40l(k)plan"),forthebenefitofqualifiedemployees.The40l(k)planisdesigned
toprovideemployeeswithanaccumulationoffundsatretirement.Qualifiedemployeesmayelecttomakecontributionstothe401(k)planonabi-weeklybasis.
Pursuanttothe401(k)plan,theCompanymatches50%ofemployeecontributions,upto6%ofcompensation,subjecttomaximumannualcontributionsof$4,500
perparticipatingemployee.Duringfiscalyears2015,2014,and2013,theCompanymadematchingcontributionsof$18million,$16millionand$14million,
respectively.
DeferredCompensationPlan
OnJanuary1,2001,theCompanyadoptedtheSDCPforthebenefitofeligibleemployees.Thisplanisdesignedtopermitcertaindiscretionaryemployer
contributions,inexcessofthetaxlimitsapplicabletothe401(k)planandtopermitemployeedeferralsinexcessofcertaintaxlimits.Inthequarterended
December27,2013,theCompanyenteredintoaTotalReturnSwap("TRS")inordertomanagetheequitymarketrisksassociatedwiththeSDCPliabilities.See
"Note8.DerivativeFinancialInstruments"containedinthisreportforadditionalinformationabouttheTRS.
103
PerformanceAwards
Numberof
Shares
Weighted-
Average
Grant-
Date
FairValue
(Inmillions)     
PerformanceunitsatJune27,2014   2.4 $ 26.73
Granted   0.7 $ 58.97
Forfeitures (0.3) $ 43.54
Vested (1.7) $ 13.99
PerformanceunitsatJuly3,2015   1.1 $ 61.12