XML 66 R35.htm IDEA: XBRL DOCUMENT v2.4.0.8
Share-Based Compensation (Tables)
 3 Months Ended
Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Total compensation expense related to SARs and RSUs under the long term incentive plans
 
Three Months Ended June 30,
 
2014
 
2013
Total compensation expense
$
4

 
$
13
Hindalco and Novelis SARs activity and RSUs
The table below shows the RSUs activity for the three months ended June 30, 2014.
 
 
Number of
RSUs
 
Grant Date Fair
Value
(in Indian Rupees)
 
Aggregate
Intrinsic
Value (USD
in millions)
RSUs outstanding as of March 31, 2014
 
4,490,860

 
120.42

 
$
11

Granted
 
1,455,206

 
145.50

 
—

Exercised
 
(682,361
)
 
191.98

 
—

Forfeited/Cancelled
 
(80,833
)
 
143.19

 
—

RSUs outstanding as of June 30, 2014
 
5,182,872

 
118.47

 
$
15


The table below shows the Hindalco SARs activity for the three months ended June 30, 2014.
 
 
Number of
SARs
 
Weighted
Average
Exercise Price
(in Indian Rupees)
 
Weighted Average
Remaining
Contractual Term
(in years)
 
Aggregate
Intrinsic
Value (USD
in millions)
SARs outstanding as of March 31, 2014
 
21,635,392

 
112.26

 
4.3

 
$
13

Granted
 
4,868,698

 
145.50

 
7.0

 
—

Exercised
 
(4,128,272
)
 
89.97

 
—

 
—

Forfeited/Cancelled
 
(730,823
)
 
131.29

 
—

 
—

SARs outstanding as of June 30, 2014
 
21,644,995

 
123.35

 
4.9

 
$
17

SARs exercisable as of June 30, 2014
 
8,339,534

 
121.52

 
3.3

 
$
8

 
The table below shows the Novelis SARs activity for the three months ended June 30, 2014.
 
 
Number of
SARs
 
Weighted
Average
Exercise Price
(in USD)
 
Weighted Average
Remaining
Contractual Term
(In years)
 
Aggregate
Intrinsic
Value (USD
in millions)
SARs outstanding as of March 31, 2014
 
668,402

 
$
90.09

 
5.3

 
$
2

Granted
 
376,173

 
94.40

 
7.0

 
—

Exercised
 
(12,244
)
 
66.46

 
—

 
—

Forfeited/Cancelled
 
(33,760
)
 
83.77

 
—

 
—

SARs outstanding as of June 30, 2014
 
998,571

 
$
92.22

 
5.8

 
$
4

SARs exercisable as of June 30, 2014
 
223,623

 
$
89.00

 
4.8

 
$
2
Assumptions used in estimating fair value of each SAR under 2013 LTIP, 2012 LTIP, 2011 LTIP, 2010 LTIP, 2009 LTIP
The fair value of each unvested Hindalco SAR was estimated using the following assumptions:
 
 
Three Months Ended June 30,
 
 
2014
 
2013
Risk-free interest rate
 
8.56% - 8.78%

 
7.63% - 7.75%

Dividend yield
 
0.61
%
 
1.40
%
Volatility
 
43% - 55%

 
39% - 52%


The fair value of each unvested Novelis SAR was estimated using the following assumptions:
 
 
Three Months Ended June 30,
 
 
2014
 
2013
Risk-free interest rate
 
1.21% - 2.10%

 
1.00% - 1.66%

Dividend yield
 
—
%
 
—
%
Volatility
 
30% - 43%

 
31% - 41%