Proctor and Gamble 2014 Annual Report Download - page 67

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The Procter & Gamble Company 65
Amounts in millions of dollars except per share amounts or as otherwise specified.
and 2012, respectively.
RSUs PSUs
Other Stock-
Based Awards in
thousands Units
Weighted
-Average
Grant-
Date Fair
Value Units
Weighted-
Average
Grant-
Date Fair
Value
Non-vested at
July 1, 2013 4,590 $ 56.88 1,887 $ 61.75
Granted 1,955 65.74 623 71.68
Vested (1,484) 51.85 (609) 57.04
Forfeited (159) 62.82 (18) 64.22
Non-vested
at June 30,
2014 4,902 61.74 1,883 66.53
At June 30, 2014, there was $223 of compensation cost that
has not yet been recognized related to restricted stock, RSUs
and PSUs. That cost is expected to be recognized over a
remaining weighted average period of 3.0 years. The total
fair value of shares vested was $95, $51 and $38 in 2014,
2013 and 2012, respectively.
We have no specific policy to repurchase common shares to
mitigate the dilutive impact of options, RSUs and PSUs.
However, we have historically made adequate discretionary
purchases, based on cash availability, market trends and
other factors, to offset the impacts of such activity.
NOTE 9
POSTRETIREMENT BENEFITS AND EMPLOYEE
STOCK OWNERSHIP PLAN
We offer various postretirement benefits to our employees.
Defined Contribution Retirement Plans
We have defined contribution plans which cover the majority
of our U.S. employees, as well as employees in certain other
countries. These plans are fully funded. We generally make
contributions to participants' accounts based on individual
base salaries and years of service. Total global defined
contribution expense was $311, $314 and $353 in 2014,
2013 and 2012, respectively.
The primary U.S. defined contribution plan (the U.S. DC
plan) comprises the majority of the expense for the
Company's defined contribution plans. For the U.S. DC
plan, the contribution rate is set annually. Total
contributions for this plan approximated 15% of total
participants' annual wages and salaries in 2014, 2013 and
2012.
We maintain The Procter & Gamble Profit Sharing Trust
(Trust) and Employee Stock Ownership Plan (ESOP) to
provide a portion of the funding for the U.S. DC plan and
other retiree benefits (described below). Operating details of
the ESOP are provided at the end of this Note. The fair
value of the ESOP Series A shares allocated to participants
reduces our cash contribution required to fund the U.S. DC
plan.