SEC Filings

10-K
INTUITIVE SURGICAL INC filed this Form 10-K on 02/02/2018
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The components of accumulated other comprehensive income (loss) net of tax, for the years ended December 31, 2017, and 2016, are as follows (in millions):
 
Year Ended December 31, 2017
 
Gains  (Losses)
on Hedge
Instruments
 
Unrealized  Gains
(Losses) on
Available-for-Sale Securities
 
Foreign
Currency
Translation
Gains  (Losses)
 
Employee Benefit Plans
 
Total
Beginning balance
$
5.0

 
$
(8.6
)
 
$
(1.3
)
 
$
(4.0
)

$
(8.9
)
Other comprehensive income (loss) before reclassifications
(8.6
)
 
(2.7
)
 
3.6

 
(0.3
)
 
(8.0
)
Reclassified from accumulated other comprehensive loss
1.2

 

 

 
0.2

 
1.4

Net current-period other comprehensive income (loss)
(7.4
)
 
(2.7
)
 
3.6

 
(0.1
)
 
(6.6
)
Ending balance
$
(2.4
)
 
$
(11.3
)
 
$
2.3

 
$
(4.1
)
 
$
(15.5
)
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2016
 
Gains  (Losses)
on Hedge
Instruments
 
Unrealized Gains
(Losses) on
Available-for-Sale Securities
 
Foreign
Currency
Translation
Gains  (Losses)
 
Employee Benefit Plans
 
Total
Beginning balance
$
1.5

 
$
(4.2
)
 
$
(3.3
)
 
$
(3.5
)
 
$
(9.5
)
Other comprehensive income (loss) before reclassifications
4.1

 
(4.6
)
 
2.0

 
(0.7
)
 
0.8

Reclassified from accumulated other comprehensive loss
(0.6
)
 
0.2

 

 
0.2

 
(0.2
)
Net current-period other comprehensive income (loss)
3.5

 
(4.4
)
 
2.0

 
(0.5
)
 
0.6

Ending balance
$
5.0

 
$
(8.6
)
 
$
(1.3
)
 
$
(4.0
)
 
$
(8.9
)
NOTE 9.    SHARE-BASED COMPENSATION
Stock Plans
2010 Incentive Award Plan. In April 2010, the Company’s stockholders approved the 2010 Incentive Award Plan (“2010 Plan”). Under this plan, the Company issues nonqualified stock options (“NSOs”) and restricted stock units (“RSUs”) to employees and certain consultants. The 2010 Plan generally permits NSOs to be granted at no less than the fair market value of the common stock on the date of grant, with terms of 10 years from the date of grant. The 2010 Plan expires in 2020. In April 2017, the Company’s stockholders approved an amended and restated 2010 Plan to provide for an increase in the number of shares of common stock reserved for issuance from 21,150,000 to 24,450,000. As of December 31, 2017, approximately 6.2 million shares were reserved for future issuance under the 2010 Plan. A maximum of 2.7 million of these shares can be awarded as RSUs.
2009 Employment Commencement Incentive Plan. In October 2009, the Board adopted the 2009 Employment Commencement Incentive Plan (“New Hire Plan”). The New Hire Plan provides for the shares to be used exclusively for the grant of RSUs and NSOs to new employees (“New Hire Options”), who were not previously employees or non-employee directors of the Company. The Compensation Committee approves all equity awards under the New Hire Plan, which are granted to newly-hired employees once a month on the fifth business day of each month after their hire. Options are granted at an exercise price not less than the fair market value of the stock on the date of grant and have a term not to exceed 10 years.
In April 2015, the Board of Directors amended and restated the New Hire Plan to provide for an increase in the number of shares of common stock authorized for issuance pursuant to awards granted under the New Hire Plan from 3,465,000 to 4,365,000. As of December 31, 2017, approximately 43,000 shares were reserved for future issuance under the New Hire Plan. However, the Company intends to no longer issue grants from the New Hire Plan in the future and plans to instead utilize the 2010 Plan to make grants to new employees.

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