Seagate 2015 Annual Report Download - page 108
Download and view the complete annual report
Please find page 108 of the 2015 Seagate annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.TableofContents
SEAGATETECHNOLOGYPLC
NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS—(Continued)
Thiscostisbeingamortizedonastraight-linebasisoveraweighted-averageremainingtermof2.4yearsandwillbeadjustedforsubsequentchangesinestimated
forfeitures.Theaggregatefairvalueofnonvestedawardsvestedduringfiscalyear2016wasapproximately$102million.
PerformanceAwards
Thefollowingisasummaryofnonvestedawardactivitieswhichcontainaperformancecondition:
AtJuly1,2016,thetotalcompensationcostrelatedtoperformanceawardsgrantedtoemployeesbutnotyetrecognizedwasapproximately$23million.This
costisbeingamortizedonastraight-linebasisoveraweighted-averageremainingtermof3.5years.
ESPP
Duringfiscalyears2016,2015and2014,theaggregateintrinsicvalueofsharespurchasedundertheCompany'sESPPwasapproximately$12million,
$15millionand$26millionrespectively.AtJuly1,2016,thetotalcompensationcostrelatedtooptionstopurchasetheCompany'sordinarysharesundertheESPP
butnotyetrecognizedwasapproximately$1.7million.Thiscostwillbeamortizedonastraight-linebasisoveraweighted-averageperiodofapproximatelyone
month.Duringfiscalyear2016,theCompanyissued2.1millionordinaryshareswithaweighted-averagepurchasepriceof$31.54pershare.
Tax-DeferredSavingsPlan
TheCompanyhasatax-deferredsavingsplan,theSeagate401(k)Plan(the"40l(k)plan"),forthebenefitofqualifiedemployees.The40l(k)planisdesigned
toprovideemployeeswithanaccumulationoffundsatretirement.Qualifiedemployeesmayelecttomakecontributionstothe401(k)planonabi-weeklybasis.
Pursuanttothe401(k)plan,theCompanymatches50%ofemployeecontributions,upto6%ofcompensation,subjecttomaximumannualcontributionsof$4,500
perparticipatingemployee.Duringfiscalyears2016,2015,and2014,theCompanymadematchingcontributionsof$19million,$18millionand$16million,
respectively.
DeferredCompensationPlan
OnJanuary1,2001,theCompanyadoptedtheSDCPforthebenefitofeligibleemployees.Thisplanisdesignedtopermitcertaindiscretionaryemployer
contributions,inexcessofthetaxlimitsapplicabletothe401(k)planandtopermitemployeedeferralsinexcessofcertaintaxlimits.Inthequarterended
December27,2013,theCompanyenteredintoaTRSinordertomanagetheequitymarketrisksassociatedwiththeSDCPliabilities.See"Note8.Derivative
FinancialInstruments"containedinthisreportforadditionalinformationabouttheTRS.
105
PerformanceAwards
Numberof
Shares
Weighted-
Average
Grant-
Date
FairValue
(Inmillions)
PerformanceunitsatJuly3,2015 2.1 $ 61.12
Granted 0.6 $ 45.68
Forfeitures (0.2) $ 53.99
Vested (1.1) $ 27.05
PerformanceunitsatJuly1,2016 1.4 $ 47.41