Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 29, 2017 | Oct. 27, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 29, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | SYMANTEC CORP | |
Entity Central Index Key | 849,399 | |
Current Fiscal Year End Date | --03-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 619,982,061 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 29, 2017 | Mar. 31, 2017 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 1,826 | $ 4,247 | |
Short-term investments | 200 | 9 | |
Accounts receivable, net | 514 | 649 | |
Assets held for sale | 746 | 0 | |
Other current assets | 401 | 419 | |
Total current assets | 3,687 | 5,324 | |
Property and equipment, net | 868 | 937 | |
Intangible assets, net | 2,847 | 3,004 | |
Goodwill | 8,301 | 8,627 | |
Equity investments | 159 | 158 | |
Other long-term assets | 134 | 124 | |
Total assets | 15,996 | 18,174 | |
Current liabilities: | |||
Accounts payable | 187 | 180 | |
Accrued compensation and benefits | 193 | 272 | |
Current portion of long-term debt | 130 | 1,310 | |
Deferred revenue | 2,041 | 2,353 | |
Income taxes payable | 36 | 30 | |
Liabilities held for sale | 303 | 0 | |
Other current liabilities | 397 | 477 | |
Total current liabilities | 3,287 | 4,622 | |
Long-term debt | 6,079 | 6,876 | |
Long-term deferred revenue | 473 | 434 | |
Deferred income tax liabilities | 2,239 | 2,401 | |
Long-term income taxes payable | 280 | 251 | |
Other long-term obligations | 103 | 103 | |
Total liabilities | 12,461 | 14,687 | |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Preferred stock, $0.01 par value: 1,000 shares authorized; 21 shares issued; 0 outstanding | 0 | 0 | |
Common stock and additional paid-in capital, $0.01 par value: 3,000,000 shares authorized; 619,633 and 608,019 shares issued and outstanding as of September 29, 2017 and March 31, 2017, respectively | 4,434 | 4,236 | |
Accumulated other comprehensive income | 7 | 12 | |
Accumulated deficit | (906) | (761) | |
Total stockholders’ equity | 3,535 | 3,487 | |
Total liabilities and stockholders’ equity | $ 15,996 | $ 18,174 | |
[1] | Derived from audited financial statements. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 29, 2017 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, number of shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, number of shares issued (in shares) | 21,000 | 21,000 |
Preferred stock, number of shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, number of shares authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock, number of shares issued (in shares) | 619,633 | 608,019 |
Common stock, number of shares outstanding (in shares) | 619,633 | 608,019 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Net revenues | $ 1,240 | $ 979 | $ 2,415 | $ 1,863 |
Cost of revenues | 262 | 210 | 519 | 359 |
Gross profit | 978 | 769 | 1,896 | 1,504 |
Operating expenses: | ||||
Sales and marketing | 434 | 338 | 867 | 629 |
Research and development | 241 | 200 | 474 | 370 |
General and administrative | 160 | 145 | 309 | 229 |
Amortization of intangible assets | 55 | 34 | 114 | 48 |
Restructuring, transition and other | 97 | 64 | 185 | 134 |
Total operating expenses | 987 | 781 | 1,949 | 1,410 |
Operating income (loss) | (9) | (12) | (53) | 94 |
Interest income | 5 | 4 | 11 | 9 |
Interest expense | (57) | (52) | (141) | (79) |
Other income (expense), net | (8) | 10 | (20) | 23 |
Income (loss) from continuing operations before income taxes | (69) | (50) | (203) | 47 |
Income tax expense (benefit) | (53) | 19 | (77) | 50 |
Loss from continuing operations | (16) | (69) | (126) | (3) |
Income (loss) from discontinued operations, net of income taxes | 4 | (75) | (19) | (6) |
Net loss | $ (12) | $ (144) | $ (145) | $ (9) |
Income (loss) per share - basic and diluted: | ||||
Continuing operations (in usd per share) | $ (0.03) | $ (0.11) | $ (0.21) | $ 0 |
Discontinued operations (in usd per share) | 0.01 | (0.12) | (0.03) | (0.01) |
Net loss per share — basic and diluted (in usd per share) | $ (0.02) | $ (0.23) | $ (0.24) | $ (0.01) |
Weighted-average shares outstanding: | ||||
Basic and diluted (in shares) | 615 | 620 | 612 | 617 |
Cash dividends declared per common share (in usd per share) | $ 0.075 | $ 0.075 | $ 0.15 | $ 0.15 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (12) | $ (144) | $ (145) | $ (9) |
Foreign currency translation adjustments: | ||||
Translation adjustments | 0 | 2 | (2) | (22) |
Reclassification adjustments for gain included in net loss | (3) | 0 | (3) | 0 |
Net foreign currency translation adjustments | (3) | 2 | (5) | (22) |
Unrealized loss on available-for-sale securities | 0 | 0 | 0 | (1) |
Other comprehensive income (loss), net of taxes | (3) | 2 | (5) | (23) |
Comprehensive loss | $ (15) | $ (142) | $ (150) | $ (32) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | ||
OPERATING ACTIVITIES: | |||
Net loss | $ (145) | $ (9) | |
Loss from discontinued operations, net of income taxes | 19 | 6 | |
Adjustments to continuing operating activities: | |||
Depreciation and amortization, including debt issuance costs and discounts | 361 | 205 | |
Stock-based compensation expense | 323 | 134 | |
Deferred income taxes | (189) | 49 | |
Other | 19 | 31 | |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable, net | 115 | 225 | |
Accounts payable | 20 | (66) | |
Accrued compensation and benefits | (75) | (35) | |
Deferred revenue | (27) | (213) | |
Income taxes | (5) | (841) | |
Other assets | 26 | 6 | |
Other liabilities | (21) | (51) | |
Net cash provided by (used in) continuing operating activities | 421 | (559) | |
Net cash used in discontinued operating activities | (31) | (153) | |
Net cash provided by (used in) operating activities | 390 | (712) | |
INVESTING ACTIVITIES: | |||
Additions to property and equipment | (72) | (39) | |
Payments for acquisitions, net of cash acquired | (361) | (4,533) | |
Proceeds from maturities and sales of short-term investments | 0 | 31 | |
Purchases of short-term investments | (201) | 0 | |
Other | 0 | 7 | |
Net cash used in investing activities | (634) | (4,534) | |
FINANCING ACTIVITIES: | |||
Repayments of debt and other obligations | (2,010) | (17) | |
Proceeds from issuance of debt, net of issuance costs | 0 | 4,999 | |
Net proceeds from sales of common stock under employee stock benefit plans | 74 | 49 | |
Tax payments related to restricted stock units | (83) | (34) | |
Dividends and dividend equivalents paid | (114) | (120) | |
Payment for dissenting LifeLock shareholder settlement | (68) | 0 | |
Other | 0 | 10 | |
Net cash provided by (used in) financing activities | (2,201) | 4,887 | |
Effect of exchange rate fluctuations on cash and cash equivalents | 34 | (14) | |
Change in cash and cash equivalents | (2,411) | (373) | |
Cash held for sale | [1] | (10) | 0 |
Beginning cash and cash equivalents | 4,247 | 5,983 | |
Ending cash and cash equivalents | 1,826 | 5,610 | |
Supplemental disclosure of cash flow information | |||
Income taxes paid, net of refunds | $ 155 | $ 977 | |
[1] | The impact of assets and liabilities reclassified as held for sale during the period was not considered in the changes in operating assets and liabilities within cash flows from operating activities. See Note 13 for information regarding assets and liabilities held for sale. |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 6 Months Ended |
Sep. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Significant Accounting Policies | Description of Business and Significant Accounting Policies Business Symantec Corporation (“Symantec,” “we,” “us,” “our,” and the “Company” refer to Symantec Corporation and all of its subsidiaries) is a global leader in cybersecurity. On August 1, 2016 , we completed our acquisition of Blue Coat, Inc. (“Blue Coat”). On February 9, 2017 , we completed our acquisition of LifeLock, Inc. (“LifeLock”). These acquisitions have been included in our consolidated results of operations since their respective acquisition dates. See Note 6 for more information on our acquisitions. On August 2, 2017 , we entered into a definitive agreement to sell our website security and public key infrastructure (“WSS and PKI”) solutions to Thoma Bravo, LLC’s (“Thoma Bravo”) portfolio company DigiCert Parent Inc. (“DigiCert”). As a result, in the second quarter of fiscal 2018, the related assets and liabilities have been classified as held for sale on our Condensed Consolidated Balance Sheets. The transaction closed on October 31, 2017, subsequent to our second quarter of fiscal 2018. See Note 13 and Note 14 for more information on our held for sale classification and related disposition. Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”) for interim financial information. In the opinion of management, the unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring items, except as otherwise noted, necessary for the fair presentation of our financial position, results of operations, and cash flows for the interim periods. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017 . The results of operations for the three and six months ended September 29, 2017 , are not necessarily indicative of the results expected for the entire fiscal year. We have a 52/53-week fiscal year ending on the Friday closest to March 31. Unless otherwise stated, references to three and six month periods in this report relate to fiscal periods ended September 29, 2017 and September 30, 2016 . The six months ended September 29, 2017 and September 30, 2016 each consisted of 26 weeks. Our 2018 fiscal year consists of 52 weeks and ends on March 30, 2018 . Recently adopted authoritative guidance Employee Stock-Based Compensation. In the first quarter of fiscal 2018, we adopted new guidance to simplify accounting for share-based payment transactions. Prior to adoption, excess tax benefits resulting from the difference between the deduction for tax purposes and the compensation costs recognized for financial reporting were not recognized until the deduction reduced taxes payable. As a result of the new guidance, we now recognize excess tax benefits or deficiencies in the period in which the award vests. We elected to continue to estimate forfeitures rather than record the forfeitures as they occur. We adopted the change in recognizing excess tax benefits using the modified retrospective method. We also elected to retrospectively apply the change in presentation of excess tax benefits recognized related to stock-based compensation expense in our Condensed Consolidated Statements of Cash Flows from financing activities to operating activities. The cumulative effect of adopting the new accounting guidance was not material. There have been no other material changes in our significant accounting policies as of and for the six months ended September 29, 2017 , as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017 . |
Segment Information
Segment Information | 6 Months Ended |
Sep. 29, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have the following two reporting segments, which are the same as our operating segments: • Enterprise Security. Our Enterprise Security segment solutions protect organizations so they can securely conduct business while leveraging new platforms and data. Our Enterprise Security segment includes our endpoint protection products, endpoint management, messaging protection products, information protection products, cyber security services, website security and advanced web and cloud security offerings. Our enterprise endpoint, network security and management offerings support evolving endpoints and networks, providing advanced threat protection while helping reduce cost and complexity. These products and solutions are delivered through various methods, such as software, appliance, virtual appliance, Software-as-a-Service (“SaaS”) and managed services. • Consumer Digital Safety. Our Consumer Digital Safety segment focuses on providing a comprehensive Digital Safety solution to protect information, devices, networks and the identities of consumers. This solution includes our Norton-branded services, which provide multi-layer security across major desktop and mobile operating systems, public Wi-Fi connections, and home networks, to defend against increasingly complex online threats to individuals, families and small businesses, and our LifeLock-branded identity protection services. Our LifeLock-branded identity protection services primarily consist of identifying and notifying users of identity-related and other events and assisting users in remediating their impact. With the addition of LifeLock-branded identity protection services, we are providing a comprehensive digital safety solution designed to protect information across devices, customer identities and the connected home and family and accelerating our leadership in Consumer Digital Safety to protect all aspects of consumers’ digital lives. Operating segments are based upon the nature of our business and how our business is managed. Our Chief Operating Decision Makers (“CODM”), comprised of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), use our operating segment financial information to evaluate segment performance and to allocate resources. There were no inter-segment sales for the periods presented. The following table summarizes the operating results of our reporting segments: Three Months Ended Six Months Ended (In millions) September 29, September 30, September 29, 2017 September 30, 2016 Total Segments: Net revenues $ 1,240 $ 979 $ 2,415 $ 1,863 Operating income $ 399 $ 249 $ 723 $ 502 Enterprise Security: Net revenues $ 686 $ 574 $ 1,332 $ 1,055 Operating income $ 147 $ 25 $ 241 $ 53 Consumer Digital Safety: Net revenues $ 554 $ 405 $ 1,083 $ 808 Operating income $ 252 $ 224 $ 482 $ 449 We do not allocate to our operating segments certain operating expenses that we manage separately at the corporate level and are not used in evaluating the results of, or in allocating resources to, our segments. These unallocated expenses consist of stock-based compensation expense; amortization of intangible assets; restructuring, transition and other charges; and acquisition and integration costs. The following table provides a reconciliation of our total reportable segments’ operating income to our total operating income (loss): Three Months Ended Six Months Ended (In millions) September 29, September 30, September 29, 2017 September 30, 2016 Total segment operating income $ 399 $ 249 $ 723 $ 502 Reconciling items: Stock-based compensation expense 176 85 323 134 Amortization of intangible assets 116 69 230 89 Restructuring, transition and other 97 64 185 134 Acquisition and integration costs 19 43 38 51 Total consolidated operating income (loss) from continuing operations $ (9 ) $ (12 ) $ (53 ) $ 94 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Sep. 29, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share for each period presented is the same as basic loss per share as there is a net loss in the period and inclusion of potentially issuable shares is anti-dilutive. The components of basic and diluted net loss per share are as follows: Three Months Ended Six Months Ended (In millions, except per share data) September 29, September 30, September 29, 2017 September 30, 2016 Loss from continuing operations $ (16 ) $ (69 ) $ (126 ) $ (3 ) Income (loss) from discontinued operations, net of income taxes 4 (75 ) (19 ) (6 ) Net loss $ (12 ) $ (144 ) $ (145 ) $ (9 ) Income (loss) per share - basic and diluted: Continuing operations $ (0.03 ) $ (0.11 ) $ (0.21 ) $ 0.00 Discontinued operations $ 0.01 $ (0.12 ) $ (0.03 ) $ (0.01 ) Net loss per share - basic and diluted $ (0.02 ) $ (0.23 ) $ (0.24 ) $ (0.01 ) Weighted-average shares outstanding - basic and diluted 615 620 612 617 The following have been excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive: As of (In millions) September 29, 2017 September 30, 2016 Convertible debt 91 91 Employee equity awards 54 48 Total 145 139 Under the treasury stock method, our Convertible Senior Notes will generally have a dilutive impact on net income per share when our average stock price for the period exceeds approximately $16.77 per share for the 2.5% Convertible Senior Notes and $20.41 per share for the 2.0% Convertible Senior Notes. During the three and six months ended September 29, 2017 and September 30, 2016 , the conversion feature of both notes was anti-dilutive due to a loss from continuing operations. |
Restructuring, Transition and O
Restructuring, Transition and Other Costs | 6 Months Ended |
Sep. 29, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring, Transition and Other Costs | Restructuring, Transition and Other Costs Our restructuring, transition and other costs and liabilities consist primarily of severance, facilities, transition and other related costs. Severance costs generally include severance payments, outplacement services, health insurance coverage and legal costs. Included in other exit and disposal costs are advisory fees incurred in connection with restructuring events and facilities costs, which generally include rent expense and lease termination costs, less estimated sublease income. Transition costs primarily consist of consulting charges associated with the implementation of new enterprise resource planning systems, costs to automate business processes and costs associated with divestitures of our product lines and businesses. Restructuring, transition and other costs are managed at the corporate level and are not allocated to our reportable segments. See Note 2 for information regarding the reconciliation of total segment operating income to total consolidated operating income (loss). Fiscal 2017 Plan We initiated a restructuring plan in the first quarter of fiscal 2017 to reduce complexity by means of long-term structural improvements (the “Fiscal 2017 Plan”). We have reduced headcount and closed certain facilities in connection with the Fiscal 2017 Plan and expect additional headcount reductions and facilities closures. We expect to incur additional costs of between $165 million and $200 million in connection with the Fiscal 2017 Plan, of which approximately $70 million to $80 million is expected to be incurred for severance and termination benefits and $95 million to $120 million is expected to be incurred for other exit and disposal costs, primarily consisting of contract termination and relocation costs and advisory fees. These actions are expected to be completed in fiscal 2018. As of September 29, 2017 , liabilities for excess facility obligations at several locations around the world are expected to be paid throughout the respective lease terms, the longest of which extends through fiscal 2022 . In addition to the Fiscal 2017 Plan, we expect continuing significant transition costs, as well as separation costs associated with our divestiture of our WSS and PKI product lines. Restructuring, transition and other costs summary Our restructuring, transition and other costs are presented in the table below: (In millions) Three Months Ended September 29, 2017 Six Months Ended September 29, 2017 Severance and termination benefit costs $ 12 $ 39 Other exit and disposal costs 1 17 Asset write-offs 8 9 Transition costs 76 120 Total $ 97 $ 185 Restructuring summary Our restructuring activities are presented in the table below: (In millions) Balance as of March 31, 2017 Costs, Net of Cash Non-Cash Charges Balance as of September 29, 2017 Cumulative Incurred to Date for FY17 Plan Severance and termination benefit costs $ 20 $ 39 $ (49 ) $ — $ 10 $ 115 Other exit and disposal costs 26 17 (20 ) (8 ) 15 96 Total $ 46 $ 56 $ (69 ) $ (8 ) $ 25 $ 211 The restructuring liabilities are included in accounts payable, other current liabilities and other long-term obligations in our Condensed Consolidated Balance Sheets. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table summarizes our effective tax rate for income (loss) from continuing operations for the periods presented: Three Months Ended Six Months Ended (In millions, except percentages) September 29, September 30, September 29, 2017 September 30, 2016 Income (loss) from continuing operations before income taxes $ (69 ) $ (50 ) $ (203 ) $ 47 Income tax expense (benefit) $ (53 ) $ 19 $ (77 ) $ 50 Effective tax rate 77 % (38 )% 38 % 106 % Our effective tax rate for loss from continuing operations for the three and six months ended September 29, 2017 differs from the federal statutory income tax rate primarily due to the benefits of lower-taxed international earnings, the research and development tax credit, and excess tax benefits related to stock-based compensation, partially offset by various permanent differences. Our effective tax rate for income (loss) from continuing operations for the three and six months ended September 30, 2016 differs from the federal statutory income tax rate primarily due to the benefits of lower-taxed international earnings, and the research and development credit, offset by various permanent differences and the tax expense related to the loss of tax attributes due to restructuring activities. For the three and six months ended September 29, 2017 , we recorded an income tax benefit on discontinued operations of $4 million and an income tax expense on discontinued operations of $37 million , respectively. For the three and six months ended September 30, 2016 , we recorded income tax expense on discontinued operations of $118 million and $134 million , respectively. See Note 13 for further details regarding discontinued operations. We are a U.S.-based multinational company subject to tax in multiple U.S. and international tax jurisdictions. A substantial portion of our international earnings were generated from subsidiaries organized in Ireland and Singapore. Our results of operations would be adversely affected to the extent that our geographical mix of income becomes more weighted toward jurisdictions with higher tax rates and would be favorably affected to the extent the relative geographic mix shifts to lower tax jurisdictions. Any change in our mix of earnings is dependent upon many factors and is therefore difficult to predict. The timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. Although potential resolution of uncertain tax positions involve multiple tax periods and jurisdictions, it is reasonably possible that the gross unrecognized tax benefits related to these audits could decrease, whether by payment, release, or a combination of both, in the next 12 months by $13 million , which could reduce our income tax provision and therefore benefit the resulting effective tax rate. We continue to monitor the progress of ongoing income tax controversies and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions. |
Acquisitions
Acquisitions | 6 Months Ended |
Sep. 29, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Fiscal 2018 acquisitions Fireglass and Skycure acquisitions In July 2017 , we completed our acquisitions of Israel-based Fireglass, Ltd. (“Fireglass”) and Skycure, Ltd. (“Skycure”). Fireglass provides agentless isolation solutions that prevent ransomware, malware and phishing threats in real-time from reaching user endpoints or the corporate network. With this acquisition, we further strengthened our enterprise security strategy to deliver an Integrated Cyber Defense Platform and extended our participation in the Secure Web Gateway and Email protection markets delivered both on premises and in the cloud. Skycure provides mobile threat defense across modern operating systems. The total aggregate consideration for these acquisitions, primarily consisting of cash, was $345 million , net of $15 million cash acquired. Our preliminary allocation of the aggregate purchase price for these two acquisitions, based on the estimated fair values of the assets acquired and liabilities assumed in July 2017 , and the related weighted-average estimated useful lives, is as follows: (In millions, except useful lives) July 24, 2017 Weighted-Average Estimated Useful Life Developed technology $ 123 5.5 years Customer relationships 11 7 years Goodwill 247 Long-term deferred tax liabilities (35 ) Other liabilities (1 ) Total purchase price $ 345 The preliminary allocation of the aggregate purchase price for the two acquisitions described above was based upon preliminary valuations, and our estimates and assumptions are subject to refinement within the measurement period (up to one year from the close date). Adjustments to the purchase price allocations may require adjustments to goodwill prospectively. The primary areas of the preliminary purchase price allocations that are not yet finalized are certain tax matters, intangible assets, and identification of contingencies. The preliminary goodwill arising from the acquisitions is attributed to the expected synergies, including revenue benefits that are expected to be generated by combining Fireglass and Skycure with Symantec. A portion of the goodwill recognized is expected to be deductible for tax purposes. See Note 7 for more information on goodwill. Pro forma results of operations for these acquisitions have not been presented because they were not material to our consolidated results of operations, either individually or in the aggregate. Other fiscal 2018 acquisitions During the six months ended September 29, 2017 , in addition to the acquisitions mentioned above, we completed acquisitions of other companies for an aggregate purchase price of $29 million . Of the aggregate purchase price, $27 million was preliminarily recorded to goodwill. The primary areas of the preliminary purchase price allocations that are not yet finalized are certain tax matters, intangible assets, and identification of contingencies. These acquisitions were not material to our consolidated results of operations, either individually or in the aggregate. Fiscal 2017 Blue Coat acquisition During our second quarter of fiscal 2017, we acquired all of the outstanding common stock of Blue Coat. The total consideration for the acquisition was approximately $4.67 billion , net of cash acquired. The Blue Coat results are included in our Enterprise Security segment. See Note 2 for more information related to our segments. Unaudited pro forma information The unaudited pro forma financial results combine the historical results of Symantec and Blue Coat for the three and six months ended September 30, 2016 and include the effects of pro forma adjustments as if Blue Coat were acquired in the beginning of our 2016 fiscal year. The pro forma results for the three and six months ended September 30, 2016 include nonrecurring adjustments to amortization of acquired intangible assets, stock-based compensation, commissions, interest on debt used to finance the acquisition, and acquisition-related transaction costs, as well as the income tax effect of the pro forma adjustments. The unaudited pro forma financial results presented below do not include any anticipated synergies or other expected benefits of the acquisition. These pro forma results are presented for informational purposes only and are not indicative of future operations or results that would have been achieved had the acquisition been completed as of the beginning of our 2016 fiscal year. The following table summarizes the pro forma financial information: September 30, 2016 (In millions) Three months ended Six months ended Net revenues $ 1,023 $ 2,086 Net loss $ (158 ) $ (119 ) LifeLock acquisition-related shareholder settlement On February 9, 2017 , we completed the acquisition of LifeLock. In connection with this acquisition, we recognized a liability of $68 million for a claim related to appraisal rights by a LifeLock stockholder, which we settled in the second quarter of fiscal 2018 for $74 million in cash. The $6 million paid in addition to the recognized liability was recorded to general and administrative expense in our Condensed Consolidated Statements of Operations. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Sep. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill by segment are as follows: (In millions) Enterprise Security Consumer Digital Safety Total Net balance as of March 31, 2017 $ 6,078 $ 2,549 $ 8,627 Acquisitions 259 15 274 Held for sale (606 ) — (606 ) Translation and other adjustments 6 — 6 Net balance as of September 29, 2017 $ 5,737 $ 2,564 $ 8,301 Intangible assets, net September 29, 2017 March 31, 2017 (In millions) Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,463 $ (256 ) $ 1,207 $ 1,646 $ (322 ) $ 1,324 Developed technology 1,032 (268 ) 764 1,006 (229 ) 777 Finite-lived trade names and other 10 (5 ) 5 46 (26 ) 20 Total finite-lived intangible assets 2,505 (529 ) 1,976 2,698 (577 ) 2,121 Indefinite-lived trade names 852 — 852 864 — 864 In-process research and development 19 — 19 19 — 19 Total intangible assets $ 3,376 $ (529 ) $ 2,847 $ 3,581 $ (577 ) $ 3,004 Amortization expense for purchased intangible assets is summarized below: Three Months Ended Six Months Ended Statements of Operations Classification (In millions) September 29, 2017 September 30, 2016 September 29, 2017 September 30, 2016 Customer relationships and other $ 55 $ 34 $ 114 $ 48 Operating expenses Developed technology 61 35 116 41 Cost of revenues Total $ 116 $ 69 $ 230 $ 89 As of September 29, 2017 , future amortization expense related to intangible assets that have finite lives is as follows by fiscal year: (In millions) September 29, 2017 Remainder of 2018 $ 220 2019 430 2020 425 2021 318 2022 259 Thereafter 324 Total $ 1,976 See Note 6 and Note 13 for more information on our acquisitions and goodwill and intangible assets, respectively, reclassified to assets held for sale. |
Debt
Debt | 6 Months Ended |
Sep. 29, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes components of our debt: (In millions, except percentages) September 29, 2017 March 31, Effective 2.75% Senior Notes due June 15, 2017 $ — $ 600 2.79 % Senior Term Loan A-1 due May 10, 2019 800 1,000 LIBOR plus (1) Senior Term Loan A-2 due August 1, 2019 800 800 LIBOR plus (1) Senior Term Loan A-3 due August 1, 2019 200 200 LIBOR plus (1) 4.2% Senior Notes due September 15, 2020 750 750 4.25 % 2.5% Convertible Senior Notes due April 1, 2021 500 500 3.76 % Senior Term Loan A-5 due August 1, 2021 500 1,710 LIBOR plus (1) 2.0% Convertible Senior Notes due August 15, 2021 1,250 1,250 2.66 % 3.95% Senior Notes due June 15, 2022 400 400 4.05 % 5.0% Senior Notes due April 15, 2025 1,100 1,100 5.23 % Total principal amount 6,300 8,310 Less: Unamortized discount and issuance costs (91 ) (124 ) Total debt 6,209 8,186 Less: Current portion (130 ) (1,310 ) Total long-term portion $ 6,079 $ 6,876 (1) The senior term facilities bear interest at a rate equal to the London Interbank Offered Rate (“LIBOR”) plus a margin of 1.50% to 1.75% based on the current debt rating of our non-credit-enhanced, senior unsecured long-term debt and our underlying loan agreements. Based on the closing price of our common stock of $32.81 on September 29, 2017 , the if-converted values of our 2.5% and 2.0% Convertible Senior Notes exceed the principal amount by approximately $478 million and $759 million , respectively. The following table sets forth total interest expense recognized related to our 2.5% and 2.0% Convertible Senior Notes: Three Months Ended Six Months Ended (In millions) September 29, 2017 September 30, 2016 September 29, 2017 September 30, 2016 Contractual interest expense $ 9 $ 7 $ 19 $ 10 Amortization of debt discount and issuance costs $ 4 $ 3 $ 8 $ 6 As of September 29, 2017 , the future maturities of debt by fiscal year are as follows: (In millions) September 29, 2017 Remainder of 2018 $ 130 2019 — 2020 1,670 2021 1,250 2022 1,750 Thereafter 1,500 Total future maturities of debt $ 6,300 Debt repayments During the first quarter of fiscal 2018, we prepaid principal amounts of $1.2 billion of our Senior Term Loan A-5 and $200 million of our Senior Term Loan A-1. We also repaid in cash at maturity the $600 million remaining principal balance of our 2.75% Senior Notes due June 15, 2017. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets measured and recorded at fair value on a recurring basis Our cash equivalents consist primarily of money market funds whose carrying amount is a reasonable estimate of fair value. Our short-term investments consist of investment securities with original maturities greater than three months and marketable equity securities whose fair value approximates their amortized cost. The following table summarizes our assets measured at fair value on a recurring basis, by level, within the fair value hierarchy: September 29, 2017 March 31, 2017 (In millions) Fair Value Cash and Cash Equivalents Short-Term Investments Fair Value Cash and Cash Equivalents Short-Term Investments Cash $ 732 $ 732 $ — $ 1,183 $ 1,183 $ — Non-negotiable certificates of deposit 77 77 — 15 15 — Level 1 (Quoted prices in active markets for identical assets): Money market funds 847 847 — 2,532 2,532 — U.S. government securities 13 13 — 94 94 — Marketable equity securities — — — 9 — 9 Total level 1 860 860 — 2,635 2,626 9 Level 2 (Significant other observable inputs): Corporate bonds 187 2 185 — — — U.S. agency securities 50 50 — 75 75 — Commercial paper 108 105 3 348 348 — Negotiable certificates of deposit 12 — 12 — — — Total level 2 357 157 200 423 423 — Total $ 2,026 $ 1,826 $ 200 $ 4,256 $ 4,247 $ 9 There were no transfers between fair value measurement levels during the six months ended September 29, 2017 . The following table presents the contractual maturities of our debt investments as of September 29, 2017: (In millions) Fair Value Due in one year or less $ 15 Due after one year through five years 185 Total $ 200 Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations. Assets measured and recorded at fair value on a non-recurring basis Our non-financial assets, which primarily consist of goodwill, other intangible assets, property and equipment and equity investments, are measured at fair value on a non-recurring basis, generally when there is a transaction involving those assets such as a purchase transaction, a business combination or if any indicators for impairment exist. On a periodic basis whenever events or changes in circumstances indicate their carrying value may not be fully recoverable, and at least annually for goodwill and indefinite-lived intangible assets, non-financial assets are assessed for impairment. If applicable, these non-financial assets are written-down to and recorded at fair value. Fair value of debt As of September 29, 2017 and March 31, 2017 , the total fair value of our debt was $6.4 billion and $ 8.3 billion , respectively, based on Level 2 inputs. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Sep. 29, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Dividends The following table summarizes dividends declared and paid and dividend equivalents paid for the periods presented: Three Months Ended Six Months Ended (In millions, except per share data) September 29, September 30, September 29, 2017 September 30, 2016 Dividends declared and paid $ 46 $ 47 $ 92 $ 93 Dividend equivalents paid 2 5 22 27 Total dividends and dividend equivalents paid $ 48 $ 52 $ 114 $ 120 Cash dividends declared per common share $ 0.075 $ 0.075 $ 0.15 $ 0.15 Our restricted stock units and performance based restricted stock units are entitled to dividend equivalents to be paid in the form of cash upon vesting for each share of the underlying unit. On November 1, 2017 , we declared a cash dividend of $0.075 per share of common stock to be paid on December 13, 2017 to all stockholders of record as of the close of business on November 20, 2017 . All shares of common stock issued and outstanding and all shares of unvested restricted stock and performance-based stock as of the record date will be entitled to the dividend and dividend equivalents, respectively. Any future dividends and dividend equivalents will be subject to the approval of our Board of Directors. Stock repurchase program As of September 29, 2017, the remaining balance of our share repurchase authorization is $800 million and does not have an expiration date. Accelerated stock repurchase agreement During the fourth quarter of fiscal 2017, we entered into an accelerated stock repurchase (“ASR”) agreement with financial institutions to repurchase an aggregate of $500 million of our common stock. Pursuant to the ASR agreement, we made an upfront payment of $500 million to the financial institutions and received and retired an initial delivery of 14.2 million shares of our common stock. In the first quarter of fiscal 2018, we completed the ASR and received and retired an additional delivery of 2.2 million shares of our common stock. The total shares received and retired under the terms of the ASR agreement were 16.4 million , with an average price paid per share of $30.51 . Changes in accumulated other comprehensive income by component Components of accumulated other comprehensive income net of taxes were as follows: (In millions) Foreign Currency Translation Adjustments Unrealized Gain on Available-For-Sale Securities Total Balance as of March 31, 2017 $ 7 $ 5 $ 12 Reclassification to net loss (3 ) — (3 ) Other comprehensive loss (2 ) — (2 ) Balance as of September 29, 2017 $ 2 $ 5 $ 7 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Sep. 29, 2017 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense The following table presents the stock-based compensation expense recognized in our Condensed Consolidated Statements of Operations : Three Months Ended Six Months Ended (In millions) September 29, September 30, September 29, 2017 September 30, 2016 Cost of revenues $ 9 $ 5 $ 15 $ 8 Sales and marketing 50 24 93 38 Research and development 53 24 94 39 General and administrative 64 32 121 49 Total stock-based compensation expense 176 85 323 134 Tax benefit associated with stock-based compensation expense (58 ) (25 ) (109 ) (40 ) Net stock-based compensation expense $ 118 $ 60 $ 214 $ 94 The following table summarizes additional information related to our stock-based compensation: Six Months Ended (In millions, except per grant data) September 29, 2017 September 30, 2016 Restricted stock units: Weighted-average fair value per award granted and assumed $ 30.23 $ 18.59 Awards granted and assumed 11.6 13.8 Total fair value of awards released $ 234 $ 94 Total unrecognized compensation expense $ 425 $ 301 Weighted-average remaining vesting period 1.9 years 2.1 years Performance-based restricted stock units: Weighted-average fair value per award granted and assumed $ 32.94 $ 19.84 Awards granted and assumed 3.7 4.9 Total fair value of awards released $ 23 $ 13 Total unrecognized compensation expense $ 193 $ 68 Weighted-average remaining vesting period 1.2 years 1.4 years Stock options: Total intrinsic value of stock options exercised $ 103 $ 50 Total unrecognized compensation expense $ 106 $ 134 Weighted-average remaining vesting period 1.3 years 1.8 years |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 29, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Indemnifications In the ordinary course of business, we may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners, subsidiaries and other parties with respect to certain matters, including, but not limited to, losses arising out of our breach of agreements or representations and warranties made by us. In addition, our bylaws contain indemnification obligations to our directors, officers, employees and agents, and we have entered into indemnification agreements with our directors and certain of our officers to give such directors and officers additional contractual assurances regarding the scope of the indemnification set forth in our bylaws and to provide additional procedural protections. We maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and officers. It is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Such indemnification agreements might not be subject to maximum loss clauses. Historically, we have not incurred material costs as a result of obligations under these agreements and we have not accrued any liabilities related to such indemnification obligations in our Condensed Consolidated Financial Statements. In connection with the sale of our former information management business (“Veritas”), we assigned several leases to Veritas Technologies LLC or its related subsidiaries. As a condition to consenting to the assignments, certain lessors required us to agree to indemnify the lessor under the applicable lease with respect to certain matters, including, but not limited to, losses arising out of Veritas Technologies LLC or its related subsidiaries’ breach of payment obligations under the terms of the lease. As with our other indemnification obligations discussed above and in general, it is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. As with our other indemnification obligations, such indemnification agreements might not be subject to maximum loss clauses and to date, generally under our real estate obligations, we have not incurred material costs as a result of such obligations under our leases and have not accrued any liabilities related to such indemnification obligations in our Condensed Consolidated Financial Statements. We provide limited product warranties and the majority of our software license agreements contain provisions that indemnify licensees of our software from damages and costs resulting from claims alleging that our software infringes on the intellectual property rights of a third party. Historically, payments made under these provisions have been immaterial. We monitor the conditions that are subject to indemnification to identify if a loss has occurred. Litigation contingencies GSA During the first quarter of fiscal 2013, we were advised by the Commercial Litigation Branch of the Department of Justice’s (“DOJ”) Civil Division and the Civil Division of the U.S. Attorney’s Office for the District of Columbia that the government is investigating our compliance with certain provisions of our U.S. General Services Administration (“GSA”) Multiple Award Schedule Contract No. GS-35F-0240T effective January 24, 2007, including provisions relating to pricing, country of origin, accessibility, and the disclosure of commercial sales practices. As reported on the GSA’s publicly-available database, our total sales under the GSA Schedule contract were approximately $222 million from the period beginning January 2007 and ending September 2012. We have fully cooperated with the government throughout its investigation and in January 2014, representatives of the government indicated that their initial analysis of our actual damages exposure from direct government sales under the GSA schedule was approximately $145 million ; since the initial meeting, the government’s analysis of our potential damages exposure relating to direct sales has increased. The government has also indicated they are going to pursue claims for certain sales to California, Florida, and New York as well as sales to the federal government through reseller GSA Schedule contracts, which could significantly increase our potential damages exposure. In 2012, a sealed civil lawsuit was filed against Symantec related to compliance with the GSA Schedule contract and contracts with California, Florida, and New York. On July 18, 2014, the Court-imposed seal expired, and the government intervened in the lawsuit. On September 16, 2014, the states of California and Florida intervened in the lawsuit, and the state of New York notified the Court that it would not intervene. On October 3, 2014, the DOJ filed an amended complaint, which did not state a specific damages amount. On October 17, 2014, California and Florida combined their claims with those of the DOJ and the relator on behalf of New York in an Omnibus Complaint, and a First Amended Omnibus Complaint was filed on October 8, 2015; the state claims also do not state specific damages amounts. It is possible that the litigation could lead to claims or findings of violations of the False Claims Act, and could be material to our results of operations and cash flows for any period. Resolution of False Claims Act investigations can ultimately result in the payment of somewhere between one and three times the actual damages proven by the government, plus civil penalties in some cases, depending upon a number of factors. Our current estimate of the low end of the range of the probable estimated loss from this matter is $25 million , which we have accrued. This amount contemplates estimated losses from both the investigation of compliance with the terms of the GSA Schedule contract as well as possible violations of the False Claims Act. There is at least a reasonable possibility that a loss may have been incurred in excess of our accrual for this matter, however, we are currently unable to determine the high end of the range of estimated losses resulting from this matter. Finjan On August 28, 2013, Finjan, Inc. (“Finjan”) filed a complaint against Blue Coat Systems, Inc. in the U.S. District Court for the Northern District of California alleging that certain Blue Coat products infringe six of Finjan’s U.S. patents. On August 4, 2015, a jury returned a verdict that certain Blue Coat products infringe five of the Finjan patents-in-suit and awarded Finjan lump-sum damages of $40 million . On November 20, 2015, the trial court entered a judgment in favor of Finjan on the jury verdict and certain non-jury legal issues. On July 28, 2016, in its ruling on post-trial motions the trial court denied Blue Coat’s motions seeking a new trial or judgment as a matter of law and denied Finjan’s request for enhanced damages and attorneys’ fees. In August 2016, we completed our acquisition of Blue Coat. We intend to vigorously contest the judgment and have filed an appeal with the Federal Circuit Court of Appeals. Our current best estimated loss and related interest with respect to the jury verdict is $40 million , which was accrued by Blue Coat and assumed by us as a part of the acquisition of Blue Coat. Other We are involved in a number of other judicial and administrative proceedings that are incidental to our business. Although adverse decisions (or settlements) may occur in one or more of the cases, it is not possible to estimate the possible loss or losses from each of these cases. The final resolution of these lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on our business, results of operations, financial condition or cash flows. |
Divestitures and Assets and Lia
Divestitures and Assets and Liabilities Held For Sale | 6 Months Ended |
Sep. 29, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures and Assets and Liabilities Held For Sale | Divestitures and Assets and Liabilities Held For Sale Assets and liabilities held for sale During the second quarter of fiscal 2018, we entered into a definitive agreement to sell our WSS and PKI solutions to DigiCert. As a result of the agreement, in the second quarter of fiscal 2018, the related assets and liabilities have been classified as held for sale on our Condensed Consolidated Balance Sheets as the transaction met all of the held for sale criteria. No loss was recognized on the related assets and liabilities, as the fair value less any costs to sell exceeded their recorded value. The carrying amounts of the major classes of assets and liabilities held for sale consisted of the following: (In millions) September 29, Assets: Accounts receivable, net $ 37 Goodwill and intangible assets, net 670 Other assets 39 Total assets held for sale $ 746 Liabilities: Deferred revenue $ 291 Other liabilities 12 Total liabilities held for sale $ 303 We ceased recording depreciation and amortization on equipment and identified intangible assets, respectively, as of the date the assets qualified for held for sale accounting. The results of operations of our WSS and PKI solutions are included in our Enterprise Security segment. See Note 2 for more information on our segments. The following table presents the income before income taxes for our WSS and PKI solutions for the periods indicated: Three Months Ended Six Months Ended (In millions) September 29, September 30, September 29, 2017 September 30, 2016 Income before income taxes $ 23 $ 56 $ 58 $ 107 Discontinued operations On January 29, 2016, we completed the sale of Veritas. The results of Veritas are presented as discontinued operations in our Condensed Consolidated Statements of Operations and have been excluded from continuing operations and segment results for all reported periods. The following table presents information regarding certain components of income (loss) from discontinued operations, net of income taxes: Three Months Ended Six Months Ended (In millions) September 29, September 30, September 29, 2017 September 30, 2016 Net revenues $ 18 $ 51 $ 37 $ 123 Cost of revenues (14 ) (6 ) (16 ) (9 ) Operating expenses — — (2 ) (24 ) Gain (loss) on sale of Veritas (4 ) — (1 ) 38 Other expense, net — (2 ) — — Income from discontinued operations before income taxes — 43 18 128 Income tax expense (benefit) (4 ) 118 37 134 Income (loss) from discontinued operations, net of income taxes $ 4 $ (75 ) $ (19 ) $ (6 ) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 29, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Sale of our website security and public key infrastructure solutions On October 31, 2017, we completed the sale of our WSS and PKI solutions to DigiCert. Based on the terms of the definitive agreement and subject to adjustment as provided therein, we received consideration of approximately $960 million in cash and approximately a 27% equity interest in the common stock of DigiCert. The equity interest received will be accounted for under the equity method. The gain from the sale will be included in non-operating income in our Condensed Consolidated Statements of Operations during the third quarter of fiscal 2018. Debt prepayments During October 2017, subsequent to our second quarter of fiscal 2018, we prepaid $130 million and $250 million of principal on our Senior Term Loan A-3 and Senior Term Loan A-1, respectively. |
Description of Business and S21
Description of Business and Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”) for interim financial information. In the opinion of management, the unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring items, except as otherwise noted, necessary for the fair presentation of our financial position, results of operations, and cash flows for the interim periods. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and accompanying Notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017 . The results of operations for the three and six months ended September 29, 2017 , are not necessarily indicative of the results expected for the entire fiscal year. |
Fiscal accounting year | We have a 52/53-week fiscal year ending on the Friday closest to March 31. Unless otherwise stated, references to three and six month periods in this report relate to fiscal periods ended September 29, 2017 and September 30, 2016 . The six months ended September 29, 2017 and September 30, 2016 each consisted of 26 weeks. Our 2018 fiscal year consists of 52 weeks and ends on March 30, 2018 . |
Recently issued authoritative guidance | Recently adopted authoritative guidance Employee Stock-Based Compensation. In the first quarter of fiscal 2018, we adopted new guidance to simplify accounting for share-based payment transactions. Prior to adoption, excess tax benefits resulting from the difference between the deduction for tax purposes and the compensation costs recognized for financial reporting were not recognized until the deduction reduced taxes payable. As a result of the new guidance, we now recognize excess tax benefits or deficiencies in the period in which the award vests. We elected to continue to estimate forfeitures rather than record the forfeitures as they occur. We adopted the change in recognizing excess tax benefits using the modified retrospective method. We also elected to retrospectively apply the change in presentation of excess tax benefits recognized related to stock-based compensation expense in our Condensed Consolidated Statements of Cash Flows from financing activities to operating activities. The cumulative effect of adopting the new accounting guidance was not material. There have been no other material changes in our significant accounting policies as of and for the six months ended September 29, 2017 , as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017 . |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Sep. 29, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Data | The following table summarizes the operating results of our reporting segments: Three Months Ended Six Months Ended (In millions) September 29, September 30, September 29, 2017 September 30, 2016 Total Segments: Net revenues $ 1,240 $ 979 $ 2,415 $ 1,863 Operating income $ 399 $ 249 $ 723 $ 502 Enterprise Security: Net revenues $ 686 $ 574 $ 1,332 $ 1,055 Operating income $ 147 $ 25 $ 241 $ 53 Consumer Digital Safety: Net revenues $ 554 $ 405 $ 1,083 $ 808 Operating income $ 252 $ 224 $ 482 $ 449 |
Reconciliation of Total Segment Operating Income from Continuing Operations to Total Consolidated Operating Income | The following table provides a reconciliation of our total reportable segments’ operating income to our total operating income (loss): Three Months Ended Six Months Ended (In millions) September 29, September 30, September 29, 2017 September 30, 2016 Total segment operating income $ 399 $ 249 $ 723 $ 502 Reconciling items: Stock-based compensation expense 176 85 323 134 Amortization of intangible assets 116 69 230 89 Restructuring, transition and other 97 64 185 134 Acquisition and integration costs 19 43 38 51 Total consolidated operating income (loss) from continuing operations $ (9 ) $ (12 ) $ (53 ) $ 94 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Sep. 29, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Components of Net Income Per Share | The components of basic and diluted net loss per share are as follows: Three Months Ended Six Months Ended (In millions, except per share data) September 29, September 30, September 29, 2017 September 30, 2016 Loss from continuing operations $ (16 ) $ (69 ) $ (126 ) $ (3 ) Income (loss) from discontinued operations, net of income taxes 4 (75 ) (19 ) (6 ) Net loss $ (12 ) $ (144 ) $ (145 ) $ (9 ) Income (loss) per share - basic and diluted: Continuing operations $ (0.03 ) $ (0.11 ) $ (0.21 ) $ 0.00 Discontinued operations $ 0.01 $ (0.12 ) $ (0.03 ) $ (0.01 ) Net loss per share - basic and diluted $ (0.02 ) $ (0.23 ) $ (0.24 ) $ (0.01 ) Weighted-average shares outstanding - basic and diluted 615 620 612 617 |
Schedule of Antidilutive Securities Excluded from Diluted Net Income (Loss) Per Share | The following have been excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive: As of (In millions) September 29, 2017 September 30, 2016 Convertible debt 91 91 Employee equity awards 54 48 Total 145 139 |
Restructuring, Separation, Tran
Restructuring, Separation, Transition and Other Costs (Tables) | 6 Months Ended |
Sep. 29, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Our restructuring, transition and other costs are presented in the table below: (In millions) Three Months Ended September 29, 2017 Six Months Ended September 29, 2017 Severance and termination benefit costs $ 12 $ 39 Other exit and disposal costs 1 17 Asset write-offs 8 9 Transition costs 76 120 Total $ 97 $ 185 |
Schedule of the Restructuring and Separation Liabilities Summary | Our restructuring activities are presented in the table below: (In millions) Balance as of March 31, 2017 Costs, Net of Cash Non-Cash Charges Balance as of September 29, 2017 Cumulative Incurred to Date for FY17 Plan Severance and termination benefit costs $ 20 $ 39 $ (49 ) $ — $ 10 $ 115 Other exit and disposal costs 26 17 (20 ) (8 ) 15 96 Total $ 46 $ 56 $ (69 ) $ (8 ) $ 25 $ 211 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Sep. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Summary of Effective Tax Rate | The following table summarizes our effective tax rate for income (loss) from continuing operations for the periods presented: Three Months Ended Six Months Ended (In millions, except percentages) September 29, September 30, September 29, 2017 September 30, 2016 Income (loss) from continuing operations before income taxes $ (69 ) $ (50 ) $ (203 ) $ 47 Income tax expense (benefit) $ (53 ) $ 19 $ (77 ) $ 50 Effective tax rate 77 % (38 )% 38 % 106 % |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Sep. 29, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | Our preliminary allocation of the aggregate purchase price for these two acquisitions, based on the estimated fair values of the assets acquired and liabilities assumed in July 2017 , and the related weighted-average estimated useful lives, is as follows: (In millions, except useful lives) July 24, 2017 Weighted-Average Estimated Useful Life Developed technology $ 123 5.5 years Customer relationships 11 7 years Goodwill 247 Long-term deferred tax liabilities (35 ) Other liabilities (1 ) Total purchase price $ 345 |
Pro Forma Information | The following table summarizes the pro forma financial information: September 30, 2016 (In millions) Three months ended Six months ended Net revenues $ 1,023 $ 2,086 Net loss $ (158 ) $ (119 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Sep. 29, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by segment are as follows: (In millions) Enterprise Security Consumer Digital Safety Total Net balance as of March 31, 2017 $ 6,078 $ 2,549 $ 8,627 Acquisitions 259 15 274 Held for sale (606 ) — (606 ) Translation and other adjustments 6 — 6 Net balance as of September 29, 2017 $ 5,737 $ 2,564 $ 8,301 |
Schedule of Intangible Assets, Net, Finite-Lived | September 29, 2017 March 31, 2017 (In millions) Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,463 $ (256 ) $ 1,207 $ 1,646 $ (322 ) $ 1,324 Developed technology 1,032 (268 ) 764 1,006 (229 ) 777 Finite-lived trade names and other 10 (5 ) 5 46 (26 ) 20 Total finite-lived intangible assets 2,505 (529 ) 1,976 2,698 (577 ) 2,121 Indefinite-lived trade names 852 — 852 864 — 864 In-process research and development 19 — 19 19 — 19 Total intangible assets $ 3,376 $ (529 ) $ 2,847 $ 3,581 $ (577 ) $ 3,004 |
Schedule of Intangible Assets, Net, Indefinite-Lived | September 29, 2017 March 31, 2017 (In millions) Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,463 $ (256 ) $ 1,207 $ 1,646 $ (322 ) $ 1,324 Developed technology 1,032 (268 ) 764 1,006 (229 ) 777 Finite-lived trade names and other 10 (5 ) 5 46 (26 ) 20 Total finite-lived intangible assets 2,505 (529 ) 1,976 2,698 (577 ) 2,121 Indefinite-lived trade names 852 — 852 864 — 864 In-process research and development 19 — 19 19 — 19 Total intangible assets $ 3,376 $ (529 ) $ 2,847 $ 3,581 $ (577 ) $ 3,004 |
Amortization Expense | Amortization expense for purchased intangible assets is summarized below: Three Months Ended Six Months Ended Statements of Operations Classification (In millions) September 29, 2017 September 30, 2016 September 29, 2017 September 30, 2016 Customer relationships and other $ 55 $ 34 $ 114 $ 48 Operating expenses Developed technology 61 35 116 41 Cost of revenues Total $ 116 $ 69 $ 230 $ 89 |
Schedule of Future Intangible Asset Amortization Expense | As of September 29, 2017 , future amortization expense related to intangible assets that have finite lives is as follows by fiscal year: (In millions) September 29, 2017 Remainder of 2018 $ 220 2019 430 2020 425 2021 318 2022 259 Thereafter 324 Total $ 1,976 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 29, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Debt | The following table summarizes components of our debt: (In millions, except percentages) September 29, 2017 March 31, Effective 2.75% Senior Notes due June 15, 2017 $ — $ 600 2.79 % Senior Term Loan A-1 due May 10, 2019 800 1,000 LIBOR plus (1) Senior Term Loan A-2 due August 1, 2019 800 800 LIBOR plus (1) Senior Term Loan A-3 due August 1, 2019 200 200 LIBOR plus (1) 4.2% Senior Notes due September 15, 2020 750 750 4.25 % 2.5% Convertible Senior Notes due April 1, 2021 500 500 3.76 % Senior Term Loan A-5 due August 1, 2021 500 1,710 LIBOR plus (1) 2.0% Convertible Senior Notes due August 15, 2021 1,250 1,250 2.66 % 3.95% Senior Notes due June 15, 2022 400 400 4.05 % 5.0% Senior Notes due April 15, 2025 1,100 1,100 5.23 % Total principal amount 6,300 8,310 Less: Unamortized discount and issuance costs (91 ) (124 ) Total debt 6,209 8,186 Less: Current portion (130 ) (1,310 ) Total long-term portion $ 6,079 $ 6,876 (1) The senior term facilities bear interest at a rate equal to the London Interbank Offered Rate (“LIBOR”) plus a margin of 1.50% to 1.75% based on the current debt rating of our non-credit-enhanced, senior unsecured long-term debt and our underlying loan agreements. |
Schedule of Interest Expense | The following table sets forth total interest expense recognized related to our 2.5% and 2.0% Convertible Senior Notes: Three Months Ended Six Months Ended (In millions) September 29, 2017 September 30, 2016 September 29, 2017 September 30, 2016 Contractual interest expense $ 9 $ 7 $ 19 $ 10 Amortization of debt discount and issuance costs $ 4 $ 3 $ 8 $ 6 |
Schedule of Maturities of Long-term Debt | s of September 29, 2017 , the future maturities of debt by fiscal year are as follows: (In millions) September 29, 2017 Remainder of 2018 $ 130 2019 — 2020 1,670 2021 1,250 2022 1,750 Thereafter 1,500 Total future maturities of debt $ 6,300 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 29, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of the Carrying Value of Assets Measured at Fair Value on a Recurring Basis | The following table summarizes our assets measured at fair value on a recurring basis, by level, within the fair value hierarchy: September 29, 2017 March 31, 2017 (In millions) Fair Value Cash and Cash Equivalents Short-Term Investments Fair Value Cash and Cash Equivalents Short-Term Investments Cash $ 732 $ 732 $ — $ 1,183 $ 1,183 $ — Non-negotiable certificates of deposit 77 77 — 15 15 — Level 1 (Quoted prices in active markets for identical assets): Money market funds 847 847 — 2,532 2,532 — U.S. government securities 13 13 — 94 94 — Marketable equity securities — — — 9 — 9 Total level 1 860 860 — 2,635 2,626 9 Level 2 (Significant other observable inputs): Corporate bonds 187 2 185 — — — U.S. agency securities 50 50 — 75 75 — Commercial paper 108 105 3 348 348 — Negotiable certificates of deposit 12 — 12 — — — Total level 2 357 157 200 423 423 — Total $ 2,026 $ 1,826 $ 200 $ 4,256 $ 4,247 $ 9 |
Contractual Maturity of Debt Investments | The following table presents the contractual maturities of our debt investments as of September 29, 2017: (In millions) Fair Value Due in one year or less $ 15 Due after one year through five years 185 Total $ 200 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Sep. 29, 2017 | |
Equity [Abstract] | |
Summary of Dividends Declared and Paid | The following table summarizes dividends declared and paid and dividend equivalents paid for the periods presented: Three Months Ended Six Months Ended (In millions, except per share data) September 29, September 30, September 29, 2017 September 30, 2016 Dividends declared and paid $ 46 $ 47 $ 92 $ 93 Dividend equivalents paid 2 5 22 27 Total dividends and dividend equivalents paid $ 48 $ 52 $ 114 $ 120 Cash dividends declared per common share $ 0.075 $ 0.075 $ 0.15 $ 0.15 |
Schedule of Accumulated Other Comprehensive Income | Components of accumulated other comprehensive income net of taxes were as follows: (In millions) Foreign Currency Translation Adjustments Unrealized Gain on Available-For-Sale Securities Total Balance as of March 31, 2017 $ 7 $ 5 $ 12 Reclassification to net loss (3 ) — (3 ) Other comprehensive loss (2 ) — (2 ) Balance as of September 29, 2017 $ 2 $ 5 $ 7 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Sep. 29, 2017 | |
Share-based Compensation [Abstract] | |
Schedule of Stock-Based Compensation Expense Recognized in our Condensed Consolidated Statements of Income | The following table presents the stock-based compensation expense recognized in our Condensed Consolidated Statements of Operations : Three Months Ended Six Months Ended (In millions) September 29, September 30, September 29, 2017 September 30, 2016 Cost of revenues $ 9 $ 5 $ 15 $ 8 Sales and marketing 50 24 93 38 Research and development 53 24 94 39 General and administrative 64 32 121 49 Total stock-based compensation expense 176 85 323 134 Tax benefit associated with stock-based compensation expense (58 ) (25 ) (109 ) (40 ) Net stock-based compensation expense $ 118 $ 60 $ 214 $ 94 |
Schedule of Additional Information Related to Stock-Based Compensation | The following table summarizes additional information related to our stock-based compensation: Six Months Ended (In millions, except per grant data) September 29, 2017 September 30, 2016 Restricted stock units: Weighted-average fair value per award granted and assumed $ 30.23 $ 18.59 Awards granted and assumed 11.6 13.8 Total fair value of awards released $ 234 $ 94 Total unrecognized compensation expense $ 425 $ 301 Weighted-average remaining vesting period 1.9 years 2.1 years Performance-based restricted stock units: Weighted-average fair value per award granted and assumed $ 32.94 $ 19.84 Awards granted and assumed 3.7 4.9 Total fair value of awards released $ 23 $ 13 Total unrecognized compensation expense $ 193 $ 68 Weighted-average remaining vesting period 1.2 years 1.4 years Stock options: Total intrinsic value of stock options exercised $ 103 $ 50 Total unrecognized compensation expense $ 106 $ 134 Weighted-average remaining vesting period 1.3 years 1.8 years |
Divestitures and Assets and L32
Divestitures and Assets and Liabilities Held For Sale (Tables) | 6 Months Ended |
Sep. 29, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Components of Discontinued Operations | The following table presents information regarding certain components of income (loss) from discontinued operations, net of income taxes: Three Months Ended Six Months Ended (In millions) September 29, September 30, September 29, 2017 September 30, 2016 Net revenues $ 18 $ 51 $ 37 $ 123 Cost of revenues (14 ) (6 ) (16 ) (9 ) Operating expenses — — (2 ) (24 ) Gain (loss) on sale of Veritas (4 ) — (1 ) 38 Other expense, net — (2 ) — — Income from discontinued operations before income taxes — 43 18 128 Income tax expense (benefit) (4 ) 118 37 134 Income (loss) from discontinued operations, net of income taxes $ 4 $ (75 ) $ (19 ) $ (6 ) No loss was recognized on the related assets and liabilities, as the fair value less any costs to sell exceeded their recorded value. The carrying amounts of the major classes of assets and liabilities held for sale consisted of the following: (In millions) September 29, Assets: Accounts receivable, net $ 37 Goodwill and intangible assets, net 670 Other assets 39 Total assets held for sale $ 746 Liabilities: Deferred revenue $ 291 Other liabilities 12 Total liabilities held for sale $ 303 We ceased recording depreciation and amortization on equipment and identified intangible assets, respectively, as of the date the assets qualified for held for sale accounting. The results of operations of our WSS and PKI solutions are included in our Enterprise Security segment. See Note 2 for more information on our segments. The following table presents the income before income taxes for our WSS and PKI solutions for the periods indicated: Three Months Ended Six Months Ended (In millions) September 29, September 30, September 29, 2017 September 30, 2016 Income before income taxes $ 23 $ 56 $ 58 $ 107 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 29, 2017USD ($)segment | Sep. 30, 2016USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 2 | |||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 1,240,000,000 | $ 979,000,000 | $ 2,415,000,000 | $ 1,863,000,000 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Information (Schedule o
Segment Information (Schedule of Reportable Segment Data) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 1,240 | $ 979 | $ 2,415 | $ 1,863 |
Operating income | (9) | (12) | (53) | 94 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1,240 | 979 | 2,415 | 1,863 |
Operating income | 399 | 249 | 723 | 502 |
Operating Segments | Enterprise Security: | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 686 | 574 | 1,332 | 1,055 |
Operating income | 147 | 25 | 241 | 53 |
Operating Segments | Consumer Digital Safety: | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 554 | 405 | 1,083 | 808 |
Operating income | $ 252 | $ 224 | $ 482 | $ 449 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Total Segment Operating Income to Total Consolidated Operating Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income (loss) | $ (9) | $ (12) | $ (53) | $ 94 |
Stock-based compensation expense | 176 | 85 | 323 | 134 |
Amortization of intangible assets | 116 | 69 | 230 | 89 |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income (loss) | 399 | 249 | 723 | 502 |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Stock-based compensation expense | 176 | 85 | 323 | 134 |
Amortization of intangible assets | 116 | 69 | 230 | 89 |
Restructuring, transition and other | 97 | 64 | 185 | 134 |
Acquisition and integration costs | $ 19 | $ 43 | $ 38 | $ 51 |
Net Loss Per Share (Schedule of
Net Loss Per Share (Schedule of Components of Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Loss from continuing operations | $ (16) | $ (69) | $ (126) | $ (3) |
Income (loss) from discontinued operations, net of income taxes | 4 | (75) | (19) | (6) |
Net loss | $ (12) | $ (144) | $ (145) | $ (9) |
Income (loss) per share - basic and diluted: | ||||
Continuing operations (in usd per share) | $ (0.03) | $ (0.11) | $ (0.21) | $ 0 |
Discontinued operations (in usd per share) | 0.01 | (0.12) | (0.03) | (0.01) |
Net loss per share — basic and diluted (in usd per share) | $ (0.02) | $ (0.23) | $ (0.24) | $ (0.01) |
Weighted-average shares outstanding - basic and diluted | 615 | 620 | 612 | 617 |
Net Loss Per Share (Schedule 37
Net Loss Per Share (Schedule of Antidilutive Securities Excluded from Diluted Net Income Per Share) (Details) - shares | 6 Months Ended | |
Sep. 29, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive potential shares (in shares) | 145 | 139 |
Convertible debt | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive potential shares (in shares) | 91 | 91 |
Employee equity awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive potential shares (in shares) | 54 | 48 |
Net Loss Per Share (Narrative)
Net Loss Per Share (Narrative) (Details) - Convertible Debt | Sep. 29, 2017$ / shares |
2.5% Convertible Senior Notes due April 1, 2021 | |
Debt Instrument [Line Items] | |
Conversion price (in usd per share) | $ 16.77 |
Stated interest rate (as a percent) | 2.50% |
2.0% Convertible Senior Notes due August 15, 2021 | |
Debt Instrument [Line Items] | |
Conversion price (in usd per share) | $ 20.41 |
Stated interest rate (as a percent) | 2.00% |
Restructuring, Transition and39
Restructuring, Transition and Other Costs (Narrative) (Details) - Fiscal 2017 Plan: $ in Millions | Sep. 29, 2017USD ($) |
Minimum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | $ 165 |
Minimum | Severance and termination benefits | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 70 |
Minimum | Other exit and disposal costs | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 95 |
Maximum | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 200 |
Maximum | Severance and termination benefits | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | 80 |
Maximum | Other exit and disposal costs | |
Restructuring Cost and Reserve [Line Items] | |
Expected cost | $ 120 |
Restructuring, Separation, Tr40
Restructuring, Separation, Transition and Other Costs (Schedule of the Restructuring and Separation Liabilities Summary) (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Sep. 29, 2017USD ($) | Sep. 29, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring transition costs | $ 97 | $ 185 |
Severance and termination benefit costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring transition costs | 12 | 39 |
Other exit and disposal costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring transition costs | 1 | 17 |
Asset write-offs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring transition costs | 8 | 9 |
Transition costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring transition costs | 76 | 120 |
Fiscal 2017 Plan: | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of March 31, 2017 | 46 | |
Costs, Net of Adjustments | 56 | |
Cash Payments | (69) | |
Non-Cash Charges | (8) | |
Balance as of September 29, 2017 | 25 | 25 |
Cumulative Incurred to Date for FY17 Plan | 211 | 211 |
Fiscal 2017 Plan: | Severance and termination benefit costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of March 31, 2017 | 20 | |
Costs, Net of Adjustments | 39 | |
Cash Payments | (49) | |
Non-Cash Charges | 0 | |
Balance as of September 29, 2017 | 10 | 10 |
Cumulative Incurred to Date for FY17 Plan | 115 | 115 |
Fiscal 2017 Plan: | Other exit and disposal costs | ||
Restructuring Reserve [Roll Forward] | ||
Balance as of March 31, 2017 | 26 | |
Costs, Net of Adjustments | 17 | |
Cash Payments | (20) | |
Non-Cash Charges | (8) | |
Balance as of September 29, 2017 | 15 | 15 |
Cumulative Incurred to Date for FY17 Plan | $ 96 | $ 96 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income (loss) from continuing operations before income taxes | $ (69) | $ (50) | $ (203) | $ 47 |
Income tax expense (benefit) | $ (53) | $ 19 | $ (77) | $ 50 |
Effective tax rate (as a percent) | 77.00% | (38.00%) | 38.00% | 106.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Decrease in unrecognized tax benefits is reasonably possible | $ 13 | $ 13 | ||
Information Management | Discontinued Operations, Held-for-sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax expense | $ (4) | $ 118 | $ 37 | $ 134 |
Acquisitions (Business Combinat
Acquisitions (Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions | Jul. 24, 2017 | Sep. 29, 2017 | Mar. 31, 2017 | [1] |
Business Acquisition [Line Items] | ||||
Goodwill | $ 8,301 | $ 8,627 | ||
Fireglass, Ltd. and Skycure, Ltd. | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 247 | |||
Long-term deferred tax liabilities | (35) | |||
Other liabilities | (1) | |||
Total purchase price | 345 | |||
Fireglass, Ltd. and Skycure, Ltd. | Developed technology | ||||
Business Acquisition [Line Items] | ||||
Finite-Lived intangibles | $ 123 | |||
Weighted-Average Estimated Useful Life | 5 years 6 months | |||
Fireglass, Ltd. and Skycure, Ltd. | Customer relationships | ||||
Business Acquisition [Line Items] | ||||
Finite-Lived intangibles | $ 11 | |||
Weighted-Average Estimated Useful Life | 7 years | |||
[1] | Derived from audited financial statements. |
Goodwill and Intangible Asset44
Goodwill and Intangible Assets (Schedule of Changes in the Carrying Amount of Goodwill) (Details) $ in Millions | 6 Months Ended | |
Sep. 29, 2017USD ($) | ||
Goodwill [Roll Forward] | ||
March 31, 2017 | $ 8,627 | [1] |
Acquisitions | 274 | |
Held for sale | (606) | |
Translation and other adjustments | 6 | |
September 29, 2017 | 8,301 | |
Enterprise Security | ||
Goodwill [Roll Forward] | ||
March 31, 2017 | 6,078 | |
Acquisitions | 259 | |
Held for sale | (606) | |
Translation and other adjustments | 6 | |
September 29, 2017 | 5,737 | |
Consumer Digital Safety | ||
Goodwill [Roll Forward] | ||
March 31, 2017 | 2,549 | |
Acquisitions | 15 | |
Held for sale | 0 | |
Translation and other adjustments | 0 | |
September 29, 2017 | $ 2,564 | |
[1] | Derived from audited financial statements. |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Millions | Jul. 24, 2017USD ($)Business | Feb. 09, 2017USD ($) | Jul. 31, 2017USD ($) | Sep. 29, 2017USD ($) | Sep. 29, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2017USD ($) | [1] |
Business Acquisition [Line Items] | ||||||||
Payments for acquisitions, net of cash acquired | $ 361 | $ 4,533 | ||||||
Goodwill | $ 8,301 | 8,301 | $ 8,627 | |||||
Fireglass, Ltd. and Skycure, Ltd. | ||||||||
Business Acquisition [Line Items] | ||||||||
Payments for acquisitions, net of cash acquired | $ 345 | |||||||
Cash acquired | $ 15 | |||||||
Number of businesses acquired | Business | 2 | |||||||
Goodwill | $ 247 | |||||||
Privately-held Companies | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration for the acquisitions | 29 | |||||||
Goodwill | 27 | $ 27 | ||||||
Blue Coat, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration for the acquisitions | 4,670 | |||||||
LifeLock | ||||||||
Business Acquisition [Line Items] | ||||||||
Liabilities incurred For dissenting shareholders | $ 68 | |||||||
Cash settlement of dissenting shareholders | 74 | |||||||
LifeLock | General and administrative | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash settlement of dissenting shareholders | $ 6 | |||||||
[1] | Derived from audited financial statements. |
Goodwill and Intangible Asset46
Goodwill and Intangible Assets (Schedule of Intangible Assets, Net) (Details) - USD ($) $ in Millions | Sep. 29, 2017 | Mar. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 2,505 | $ 2,698 | |
Accumulated Amortization | (529) | (577) | |
Net Carrying Amount | 1,976 | 2,121 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 3,376 | 3,581 | |
Net Carrying Amount | 2,847 | 3,004 | [1] |
Trade Names | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 852 | 864 | |
In-process research and development | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets | 19 | 19 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,463 | 1,646 | |
Accumulated Amortization | (256) | (322) | |
Net Carrying Amount | 1,207 | 1,324 | |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,032 | 1,006 | |
Accumulated Amortization | (268) | (229) | |
Net Carrying Amount | 764 | 777 | |
Trade Names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 10 | 46 | |
Accumulated Amortization | (5) | (26) | |
Net Carrying Amount | $ 5 | $ 20 | |
[1] | Derived from audited financial statements. |
Acquisitions (Pro Forma Informa
Acquisitions (Pro Forma Information) (Details) - Blue Coat, Inc. - USD ($) $ in Millions | 6 Months Ended | |
Sep. 29, 2017 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | ||
Net revenues | $ 1,023 | $ 2,086 |
Net loss | $ (158) | $ (119) |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 116 | $ 69 | $ 230 | $ 89 |
Customer relationships | Operating expenses | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | 55 | 34 | 114 | 48 |
Developed technology | Cost of revenues | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of Intangible Assets | $ 61 | $ 35 | $ 116 | $ 41 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets (Schedule of Future Intangible Asset Amortization Expense) (Details) - USD ($) $ in Millions | Sep. 29, 2017 | Mar. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2018 | $ 220 | |
2,019 | 430 | |
2,020 | 425 | |
2,021 | 318 | |
2,022 | 259 | |
Thereafter | 324 | |
Net Carrying Amount | $ 1,976 | $ 2,121 |
Debt (Summary of Components of
Debt (Summary of Components of Debt) (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Sep. 29, 2017 | Mar. 31, 2017 | ||
Debt Instrument [Line Items] | |||
Total principal amount | $ 6,300 | $ 8,310 | |
Less: unamortized discount and issuance costs | (91) | (124) | |
Total debt | 6,209 | 8,186 | |
Less: current portion | (130) | (1,310) | [1] |
Total long-term portion | $ 6,079 | 6,876 | [1] |
Senior Notes | 2.75% Senior Notes due June 15, 2017 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 2.75% | ||
Total principal amount | $ 0 | 600 | |
Effective interest rate (as a percent) | 2.79% | ||
Senior Notes | 4.2% Senior Notes due September 15, 2020 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 4.20% | ||
Total principal amount | $ 750 | 750 | |
Effective interest rate (as a percent) | 4.25% | ||
Senior Notes | 3.95% Senior Notes due June 15, 2022 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 3.95% | ||
Total principal amount | $ 400 | 400 | |
Effective interest rate (as a percent) | 4.05% | ||
Senior Notes | 5.0% Senior Notes due April 15, 2025 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 5.00% | ||
Total principal amount | $ 1,100 | 1,100 | |
Effective interest rate (as a percent) | 5.23% | ||
Unsecured Debt | Senior Term Loan A-1 due May 10, 2019 | |||
Debt Instrument [Line Items] | |||
Total principal amount | $ 800 | 1,000 | |
Unsecured Debt | Senior Term Loan A-2 due August 1, 2019 | |||
Debt Instrument [Line Items] | |||
Total principal amount | 800 | 800 | |
Unsecured Debt | Senior Term Loan A-3 due August 1, 2019 | |||
Debt Instrument [Line Items] | |||
Total principal amount | 200 | 200 | |
Unsecured Debt | Senior Term Loan A-5 due August 1, 2021 | |||
Debt Instrument [Line Items] | |||
Total principal amount | $ 500 | 1,710 | |
Convertible Debt | 2.5% Convertible Senior Notes due April 1, 2021 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 2.50% | ||
Total principal amount | $ 500 | 500 | |
Effective interest rate (as a percent) | 3.76% | ||
Convertible Debt | 2.0% Convertible Senior Notes due August 15, 2021 | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 2.00% | ||
Total principal amount | $ 1,250 | $ 1,250 | |
Minimum | Senior Notes | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
Maximum | Senior Notes | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
[1] | Derived from audited financial statements. |
Debt Debt (Summary of Interest
Debt Debt (Summary of Interest Expense) (Details) - Convertible Debt - 2.50% and 2.0% Convertible Senior Notes - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | ||||
Contractual interest expense | $ 9 | $ 7 | $ 19 | $ 10 |
Amortization of debt discount and issuance costs | $ 4 | $ 3 | $ 8 | $ 6 |
Debt (Maturities of Long-term D
Debt (Maturities of Long-term Debt) (Details) - USD ($) $ in Millions | Sep. 29, 2017 | Mar. 31, 2017 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Remainder of 2018 | $ 130 | |
2,019 | 0 | |
2,020 | 1,670 | |
2,021 | 1,250 | |
2,022 | 1,750 | |
Thereafter | 1,500 | |
Total future maturities of debt | $ 6,300 | $ 8,310 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |
Sep. 29, 2017 | Sep. 29, 2017 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | |||
Stock closing price | $ 32.81 | $ 32.81 | |
Debt repayments | $ 2,010 | $ 17 | |
2.5% Convertible Senior Notes due April 1, 2021 | |||
Debt Instrument [Line Items] | |||
If-converted value in excess of principal | 478 | ||
2.0% Convertible Senior Notes due August 15, 2021 | |||
Debt Instrument [Line Items] | |||
If-converted value in excess of principal | $ 759 | ||
Senior Notes | Senior Term Loan A-5 due August 1, 2021 | |||
Debt Instrument [Line Items] | |||
Debt repayments | $ 1,200 | ||
Senior Notes | Senior Term Loan A-1 due May 10, 2019 | |||
Debt Instrument [Line Items] | |||
Debt repayments | 200 | ||
Senior Notes | 2.75% Senior Notes due June 15, 2017 | |||
Debt Instrument [Line Items] | |||
Debt repayments | $ 600 | ||
Stated interest rate (as a percent) | 2.75% | 2.75% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of the Carrying Value of Assets Measured at Fair Value on a Recurring Basis) (Details) - Recurring - USD ($) $ in Millions | Sep. 29, 2017 | Mar. 31, 2017 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 2,026 | $ 4,256 |
Fair Value | Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 732 | 1,183 |
Fair Value | Non-negotiable certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 77 | 15 |
Fair Value | Level 1 (Quoted prices in active markets for identical assets): | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 860 | 2,635 |
Fair Value | Level 1 (Quoted prices in active markets for identical assets): | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 847 | 2,532 |
Fair Value | Level 1 (Quoted prices in active markets for identical assets): | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 13 | 94 |
Fair Value | Level 1 (Quoted prices in active markets for identical assets): | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 9 |
Fair Value | Level 2 (Significant other observable inputs): | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 357 | 423 |
Fair Value | Level 2 (Significant other observable inputs): | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 187 | 0 |
Fair Value | Level 2 (Significant other observable inputs): | U.S. agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 50 | 75 |
Fair Value | Level 2 (Significant other observable inputs): | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 108 | 348 |
Fair Value | Level 2 (Significant other observable inputs): | Negotiable certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 12 | 0 |
Reported Value Measurement | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 1,826 | 4,247 |
Reported Value Measurement | Cash and Cash Equivalents | Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 732 | 1,183 |
Reported Value Measurement | Cash and Cash Equivalents | Non-negotiable certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 77 | 15 |
Reported Value Measurement | Cash and Cash Equivalents | Level 1 (Quoted prices in active markets for identical assets): | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 860 | 2,626 |
Reported Value Measurement | Cash and Cash Equivalents | Level 1 (Quoted prices in active markets for identical assets): | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 847 | 2,532 |
Reported Value Measurement | Cash and Cash Equivalents | Level 1 (Quoted prices in active markets for identical assets): | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 13 | 94 |
Reported Value Measurement | Cash and Cash Equivalents | Level 1 (Quoted prices in active markets for identical assets): | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Reported Value Measurement | Cash and Cash Equivalents | Level 2 (Significant other observable inputs): | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 157 | 423 |
Reported Value Measurement | Cash and Cash Equivalents | Level 2 (Significant other observable inputs): | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 2 | 0 |
Reported Value Measurement | Cash and Cash Equivalents | Level 2 (Significant other observable inputs): | U.S. agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 50 | 75 |
Reported Value Measurement | Cash and Cash Equivalents | Level 2 (Significant other observable inputs): | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 105 | 348 |
Reported Value Measurement | Cash and Cash Equivalents | Level 2 (Significant other observable inputs): | Negotiable certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Reported Value Measurement | Short-Term Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 200 | 9 |
Reported Value Measurement | Short-Term Investments | Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Reported Value Measurement | Short-Term Investments | Non-negotiable certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Reported Value Measurement | Short-Term Investments | Level 1 (Quoted prices in active markets for identical assets): | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 9 |
Reported Value Measurement | Short-Term Investments | Level 1 (Quoted prices in active markets for identical assets): | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Reported Value Measurement | Short-Term Investments | Level 1 (Quoted prices in active markets for identical assets): | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Reported Value Measurement | Short-Term Investments | Level 1 (Quoted prices in active markets for identical assets): | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 9 |
Reported Value Measurement | Short-Term Investments | Level 2 (Significant other observable inputs): | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 200 | 0 |
Reported Value Measurement | Short-Term Investments | Level 2 (Significant other observable inputs): | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 185 | 0 |
Reported Value Measurement | Short-Term Investments | Level 2 (Significant other observable inputs): | U.S. agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Reported Value Measurement | Short-Term Investments | Level 2 (Significant other observable inputs): | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 3 | 0 |
Reported Value Measurement | Short-Term Investments | Level 2 (Significant other observable inputs): | Negotiable certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 12 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 6 Months Ended | |
Sep. 29, 2017 | Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Transfers between fair value measurement levels | $ 0 | |
Level 2 (Significant other observable inputs): | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Fair value of debt | $ 6,400,000,000 | $ 8,300,000,000 |
Fair Value Measurements (Sche56
Fair Value Measurements (Schedule of Debt Maturities, Fair Value) (Details) $ in Millions | Sep. 29, 2017USD ($) |
Fair Value Disclosures [Abstract] | |
Due in one year or less | $ 15 |
Due after one year through five years | 185 |
Total | $ 200 |
Stockholders' Equity (Summary o
Stockholders' Equity (Summary of Dividends Declared and Paid) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Equity [Abstract] | ||||
Dividends declared and paid | $ 46 | $ 47 | $ 92 | $ 93 |
Dividend equivalents paid | 2 | 5 | 22 | 27 |
Total dividends and dividend equivalents paid | $ 48 | $ 52 | $ 114 | $ 120 |
Cash dividends declared per common share (in usd per share) | $ 0.075 | $ 0.075 | $ 0.15 | $ 0.15 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Nov. 01, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | Mar. 31, 2017 |
Class of Stock [Line Items] | |||||||
Dividends declared per common share (in usd per share) | $ 0.075 | $ 0.075 | $ 0.15 | $ 0.15 | |||
Stock Repurchase Program | |||||||
Class of Stock [Line Items] | |||||||
Remaining authorized repurchase amount | $ 800 | $ 800 | |||||
Common Stock | Accelerated Stock Repurchase Agreement | |||||||
Class of Stock [Line Items] | |||||||
Accelerated stock repurchase program, authorized amount | $ 500 | ||||||
Accelerated stock repurchase program, upfront payment | $ 500 | ||||||
Accelerated stock repurchase program, shares repurchased in the period (in shares) | 2.2 | 16.4 | 14.2 | ||||
Accelerated stock repurchase program, average price paid per share | $ 30.51 | ||||||
Subsequent Event | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Dividends declared per common share (in usd per share) | $ 0.075 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
March 31, 2017 | [1] | $ 3,487 | |||
Other comprehensive loss | $ (3) | $ 2 | (5) | $ (23) | |
September 29, 2017 | 3,535 | 3,535 | |||
Foreign Currency Translation Adjustments | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
March 31, 2017 | 7 | ||||
Reclassification to net loss | (3) | ||||
Other comprehensive loss | (2) | ||||
September 29, 2017 | 2 | 2 | |||
Unrealized Gain on Available-For-Sale Securities | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
March 31, 2017 | 5 | ||||
Reclassification to net loss | 0 | ||||
Other comprehensive loss | 0 | ||||
September 29, 2017 | 5 | 5 | |||
Total | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
March 31, 2017 | 12 | ||||
Reclassification to net loss | (3) | ||||
Other comprehensive loss | (2) | ||||
September 29, 2017 | $ 7 | $ 7 | |||
[1] | Derived from audited financial statements. |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-Based Compensation Expense Recognized in our Condensed Consolidated Statements of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 176 | $ 85 | $ 323 | $ 134 |
Tax benefit associated with stock-based compensation expense | (58) | (25) | (109) | (40) |
Net stock-based compensation expense | 118 | 60 | 214 | 94 |
Cost of revenues | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 9 | 5 | 15 | 8 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 50 | 24 | 93 | 38 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 53 | 24 | 94 | 39 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 64 | $ 32 | $ 121 | $ 49 |
Stock-Based Compensation (Sch61
Stock-Based Compensation (Schedule of Restricted Stock Units) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended | |
Sep. 29, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total intrinsic value of stock options exercised | $ 103 | $ 50 |
Total unrecognized compensation expense | $ 106 | $ 0 |
Stock options, weighted-average remaining vesting period (in years) | 1 year 3 months 30 days | 1 year 9 months 18 days |
Restricted stock units: | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value per grant (in usd per share) | $ 30.23 | $ 18.59 |
Awards granted and assumed in acquisition (in shares) | 11.6 | 13.8 |
Total fair value of awards released | $ 234 | $ 94 |
Total unrecognized compensation expense | $ 425 | $ 301 |
Weighted-average remaining vesting period (in years) | 1 year 10 months 7 days | 2 years 1 month 7 days |
Performance-based restricted stock units: | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value per grant (in usd per share) | $ 32.94 | $ 19.84 |
Awards granted and assumed in acquisition (in shares) | 3.7 | 4.9 |
Total fair value of awards released | $ 23 | $ 13 |
Total unrecognized compensation expense | $ 193 | $ 68 |
Weighted-average remaining vesting period (in years) | 1 year 2 months 7 days | 1 year 4 months 30 days |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Aug. 04, 2015USD ($)patent | Aug. 28, 2013patent | Sep. 29, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 29, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2012USD ($) | Jan. 31, 2014USD ($) |
Loss Contingencies [Line Items] | ||||||||
Net revenues | $ 1,240 | $ 979 | $ 2,415 | $ 1,863 | ||||
GSA Schedule Contract | ||||||||
Loss Contingencies [Line Items] | ||||||||
Net revenues | $ 222 | |||||||
GSA initial analysis of damage exposure | $ 145 | |||||||
GSA Schedule Contract | Minimum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimated loss | 25 | 25 | ||||||
Finjan, Inc vs. Blue Coat Systems, Inc. | Pending Litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of patents allegedly infringed | patent | 6 | |||||||
Finjan, Inc vs. Blue Coat Systems, Inc. | Judicial Ruling | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimated loss | $ 40 | $ 40 | ||||||
Number of patents found infringed | patent | 5 | |||||||
Damages awarded | $ 40 |
Divestitures and Assets and L63
Divestitures and Assets and Liabilities Held For Sale (Balance Sheet And Income Statement Disclosures) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | [1] | |
Assets: | ||||||
Total assets held for sale | $ 746 | $ 746 | $ 0 | |||
Liabilities: | ||||||
Total liabilities held for sale | 303 | 303 | $ 0 | |||
Income from Discontinued Operations | ||||||
Income (loss) from discontinued operations, net of income taxes | 4 | $ (75) | (19) | $ (6) | ||
Web Security and PKI Solutions | Discontinued Operations, Held-for-sale | ||||||
Assets: | ||||||
Accounts receivable, net | 37 | 37 | ||||
Goodwill and intangible assets, net | 670 | 670 | ||||
Other assets | 39 | 39 | ||||
Total assets held for sale | 746 | 746 | ||||
Liabilities: | ||||||
Deferred revenue | 291 | 291 | ||||
Other liabilities | 12 | 12 | ||||
Total liabilities held for sale | 303 | 303 | ||||
Income from Discontinued Operations | ||||||
Income (loss) from discontinued operations, net of income taxes | $ 23 | $ 56 | $ 58 | $ 107 | ||
[1] | Derived from audited financial statements. |
Divestitures and Assets and L64
Divestitures and Assets and Liabilities Held For Sale (Income (Loss) From Discontinued Operations) (Details) - Information Management - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 29, 2017 | Sep. 30, 2016 | Sep. 29, 2017 | Sep. 30, 2016 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Net revenues | $ 18 | $ 51 | $ 37 | $ 123 |
Cost of revenues | (14) | (6) | (16) | (9) |
Operating expenses | 0 | 0 | (2) | (24) |
Gain (loss) on sale of Veritas | (4) | 0 | (1) | 38 |
Other expense, net | 0 | (2) | 0 | 0 |
Income from discontinued operations before income taxes | 0 | 43 | 18 | 128 |
Income tax expense (benefit) | (4) | 118 | 37 | 134 |
Income (loss) from discontinued operations, net of income taxes | $ 4 | $ (75) | $ (19) | $ (6) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Oct. 31, 2017 | Oct. 31, 2017 | Sep. 29, 2017 | Sep. 30, 2016 |
Subsequent Event [Line Items] | ||||
Debt repayments | $ 2,010 | $ 17 | ||
Subsequent Event | Website Security and Public Key Infrastructure Businesses | Discontinued Operations, Disposed of by Sale | ||||
Subsequent Event [Line Items] | ||||
Discontinued operation, ownership interest retained | 27.00% | |||
Subsequent Event | Discontinued Operations | Website Security and Public Key Infrastructure Businesses | Discontinued Operations, Disposed of by Sale | ||||
Subsequent Event [Line Items] | ||||
Discontinued operation, consideration expected | $ 960 | $ 960 | ||
Subsequent Event | Senior Term Loan A-3 due August 1, 2019 | Unsecured Debt | ||||
Subsequent Event [Line Items] | ||||
Debt repayments | 130 | |||
Subsequent Event | Senior Term Loan A-1 due May 10, 2019 | Unsecured Debt | ||||
Subsequent Event [Line Items] | ||||
Debt repayments | $ 250 |