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PARTII
ITEM8Financial Statements and Supplementary Data
Summary of Non-vested Awards
The following summary presents information regarding outstanding non-vested awards as of June 27, 2015 and changes during the scal year then ended
with regard to these awards under the stock incentive plans. Award types represented include: restricted stock units granted to employees and restricted
awards granted to non-employee directors.
Shares
Weighted
Average Grant
Date Fair Value
Per Share
Nonvested as of June 28, 2014 2,918,405 $ 31.06
Granted 1,235,940 37.63
Vested (1,396,269) 30.40
Forfeited (60,422) 32.90
NONVESTED AS OF JUNE 27, 2015 2,697,654 $ 34.37
Employees’ Stock Purchase Plan
Sysco has an Employees’ Stock Purchase Plan that permits employees to invest in Sysco common stock by means of periodic payroll deductions at a
discount of 15% from the closing price on the last business day of each calendar quarter. The total number of shares which may be sold pursuant to the
plan may not exceed 79,000,000 shares, of which 1,211,657 remained available as of June 27, 2015.
During scal 2015, 1,243,275 shares of Sysco common stock were purchased by the participants, as compared to 1,315,535 shares purchased in scal
2014 and 1,470,271 shares purchased in scal 2013. The weighted average fair value of employee stock purchase rights issued pursuant to the Employees’
Stock Purchase Plan was $5.73, $5.17 and $4.78 per share during scal 2015, 2014 and 2013, respectively. The fair value of the stock purchase rights
was calculated as the difference between the stock price at date of issuance and the employee purchase price.
All Share-Based Payment Arrangements
The total share-based compensation cost that has been recognized in results of operations was $73.8 million, $74.3 million and $70.1 million for scal
2015, 2014 and 2013, respectively, and is included within operating expenses in the consolidated results of operations. The total income tax bene t
recognized in results of operations for share-based compensation arrangements was $27.4 million, $28.1 million and $29.9 million for scal 2015, 2014
and 2013, respectively.
As of June 27, 2015, there was $69.4 million of total unrecognized compensation cost related to share-based compensation arrangements. That cost is
expected to be recognized over a weighted-average period of 2.42 years.
Cash received from option exercises and purchases of shares under the Employees’ Stock Purchase Plan was $240.2 million, $255.6 million and $628.7million
during scal 2015, 2014 and 2013, respectively. The actual tax bene t realized for the tax deductions from option exercises totaled $20.7million, $16.6million
and $24.0 million during scal 2015, 2014 and 2013, respectively.
NOTE19 Income Taxes
Income Tax Provisions
For nancial reporting purposes, earnings before income taxes consists of the following:
(Inthousands)
2015 2014 2013
U.S. $ 818,244 $ 1,287,371 $ 1,351,947
Foreign 189,903 188,253 195,508
TOTAL $ 1,008,147 $ 1,475,624 $ 1,547,455