Benefit Plans |
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| Benefit Plans | Benefit Plans Stock Plans The Company had 203.3 million shares reserved for future issuance under its stock plans as of June 27, 2020. Restricted stock units (“RSUs”) granted under the Company’s stock plans generally vest over four years, based on continued employment, and are settled upon vesting in shares of the Company’s common stock on a one-for-one basis. RSUs granted under the Company’s stock plans reduce the number of shares available for grant under the plans by a factor of two times the number of RSUs granted. RSUs canceled and shares withheld to satisfy tax withholding obligations increase the number of shares available for grant under the plans utilizing a factor of two times the number of RSUs canceled or shares withheld. Rule 10b5-1 Trading Plans During the three months ended June 27, 2020, Section 16 officers Katherine L. Adams, Timothy D. Cook, Chris Kondo, Luca Maestri, Deirdre O’Brien and Jeffrey Williams had equity trading plans in place in accordance with Rule 10b5-1(c)(1) under the Exchange Act. An equity trading plan is a written document that pre-establishes the amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, including shares acquired under the Company’s employee and director equity plans. Restricted Stock Units A summary of the Company’s RSU activity and related information for the nine months ended June 27, 2020 is as follows:
The fair value as of the respective vesting dates of RSUs was $5.0 billion and $9.8 billion for the three- and nine-month periods ended June 27, 2020, respectively, and was $3.7 billion and $8.1 billion for the three- and nine-month periods ended June 29, 2019, respectively. Share-Based Compensation The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 27, 2020 and June 29, 2019 (in millions):
As of June 27, 2020, the total unrecognized compensation cost related to outstanding RSUs and stock options was $13.4 billion, which the Company expects to recognize over a weighted-average period of 2.7 years.
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