Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Mar. 29, 2019 | May 13, 2019 | Sep. 28, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 29, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SYMANTEC CORP | ||
Entity Central Index Key | 0000849399 | ||
Current Fiscal Year End Date | --03-29 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 618,193,875 | ||
Entity Public Float | $ 7,810,381,908 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,791 | $ 1,774 |
Short-term investments | 252 | 388 |
Accounts receivable, net | 708 | 809 |
Other current assets | 435 | 522 |
Total current assets | 3,186 | 3,493 |
Property and equipment, net | 790 | 778 |
Intangible assets, net | 2,250 | 2,643 |
Goodwill | 8,450 | 8,319 |
Other long-term assets | 1,262 | 526 |
Total assets | 15,938 | 15,759 |
Current liabilities: | ||
Accounts payable | 165 | 168 |
Accrued compensation and benefits | 257 | 262 |
Current portion of long-term debt | 491 | 0 |
Contract liabilities | 2,320 | 2,368 |
Other current liabilities | 533 | 372 |
Total current liabilities | 3,766 | 3,170 |
Long-term debt | 3,961 | 5,026 |
Long-term contract liabilities | 736 | 735 |
Deferred income tax liabilities | 577 | 592 |
Long-term income taxes payable | 1,076 | 1,126 |
Other long-term liabilities | 84 | 87 |
Total liabilities | 10,200 | 10,736 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value: 1 shares authorized; 0 shares issued and outstanding | 0 | 0 |
Common stock and additional paid-in capital, $0.01 par value: 3,000 shares authorized; 630 and 624 shares issued and outstanding as of March 29, 2019 and March 30, 2018, respectively | 4,812 | 4,691 |
Accumulated other comprehensive income (loss) | (7) | 4 |
Retained earnings | 933 | 328 |
Total stockholders’ equity | 5,738 | 5,023 |
Total liabilities and stockholders’ equity | $ 15,938 | $ 15,759 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 29, 2019 | Mar. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par or stated 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) | 0 | 0 |
Preferred stock, number of shares outstanding (in shares) | 0 | 0 |
Common stock, par or stated value per share (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, number of shares authorized (in shares) | 3,000,000,000 | 3,000,000,000 |
Common stock, number of shares issued (in shares) | 630,000,000 | 624,000,000 |
Common stock, number of shares outstanding (in shares) | 630,000,000 | 624,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | ||
Income Statement [Abstract] | ||||
Net revenues | $ 4,731 | $ 4,834 | $ 4,019 | |
Cost of revenues | 1,050 | 1,032 | 853 | |
Gross profit | 3,681 | 3,802 | 3,166 | |
Operating expenses: | ||||
Sales and marketing | 1,493 | 1,593 | 1,459 | |
Research and development | 913 | 956 | 823 | |
General and administrative | 447 | 574 | 564 | |
Amortization of intangible assets | 207 | 220 | 147 | |
Restructuring, transition and other costs | 241 | 410 | 273 | |
Total operating expenses | 3,301 | 3,753 | 3,266 | |
Operating income (loss) | 380 | 49 | (100) | |
Interest expense | (208) | (256) | (208) | |
Gain on divestiture | 0 | 653 | 0 | |
Other income (expense), net | (64) | (9) | 46 | |
Income (loss) from continuing operations before income taxes | 108 | 437 | (262) | |
Income tax expense (benefit) | 92 | (690) | (26) | |
Income (loss) from continuing operations | 16 | 1,127 | (236) | |
Income from discontinued operations, net of income taxes | 15 | 11 | 130 | |
Net income (loss) | $ 31 | $ 1,138 | $ (106) | |
Income (loss) per share - basic: | ||||
Continuing operations (in usd per share) | $ 0.03 | $ 1.83 | $ (0.38) | |
Discontinued operations (in usd per share) | 0.02 | 0.02 | 0.21 | |
Net income (loss) per share - basic (in usd per share) | 0.05 | 1.85 | (0.17) | |
Income (loss) per share - diluted: | ||||
Continuing operations (in usd per share) | 0.02 | 1.69 | (0.38) | |
Discontinued operations (in usd per share) | 0.02 | 0.02 | 0.21 | |
Net income (loss) per share - diluted (in usd per share) | [1] | $ 0.05 | $ 1.70 | $ (0.17) |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 632 | 616 | 618 | |
Diluted (in shares) | 661 | 668 | 618 | |
[1] | Net income (loss) per share amounts may not add due to rounding. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 31 | $ 1,138 | $ (106) |
Foreign currency translation adjustments: | |||
Translation adjustments | (13) | (4) | (8) |
Reclassification adjustments for net loss included in net income (loss) | 0 | 5 | 0 |
Net foreign currency translation adjustments | (13) | 1 | (8) |
Unrealized gain (loss) on available-for-sale securities: | |||
Unrealized gain (loss) | 3 | (5) | (2) |
Reclassification adjustments for gain included in net income (loss) | 0 | (4) | 0 |
Net unrealized gain (loss) on available-for-sale securities | 3 | (9) | (2) |
Other comprehensive loss from equity method investee | (1) | 0 | 0 |
Other comprehensive loss, net of taxes | (11) | (8) | (10) |
Comprehensive income (loss) | $ 20 | $ 1,130 | $ (116) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Total Stockholders’ Equity | Common Stock and Additional Paid-In Capital | Accumulated Other Comprehensive Income | Retained Earnings (Accumulated Deficit) |
Balance, beginning of year (in shares) at Apr. 01, 2016 | 612 | ||||
Balance, beginning of year at Apr. 01, 2016 | $ 3,676 | $ 4,309 | $ 22 | $ (655) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ (106) | (106) | (106) | ||
Other comprehensive loss | (10) | (10) | |||
Common stock issued under employee stock incentive plans (in shares) | 17 | ||||
Common stock issued under employee stock incentive plans | 95 | $ 95 | |||
Shares withheld for taxes related to vesting of restricted stock units (in shares) | (3) | ||||
Shares withheld for taxes related to vesting of restricted stock units | (65) | $ (65) | |||
Stock issued in connection with acquisitions (in shares) | 3 | ||||
Stock issued in connection with acquisitions | 38 | $ 38 | |||
Equity awards assumed in acquisitions | 112 | $ 112 | |||
Repurchases of common stock (in shares) | (21) | ||||
Repurchases of common stock | (500) | $ (500) | |||
Cash dividends declared and dividend equivalents accrued | (191) | (191) | |||
Equity component of convertible notes issued | 12 | 12 | |||
Stock-based compensation | 410 | 410 | |||
Income tax benefit from employee stock incentive plans | 11 | 11 | |||
Other | 5 | $ 5 | |||
Balance, end of year (in shares) at Mar. 31, 2017 | 608 | ||||
Balance, end of year at Mar. 31, 2017 | 3,487 | $ 4,236 | 12 | (761) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 1,138 | 1,138 | 1,138 | ||
Other comprehensive loss | (8) | (8) | |||
Common stock issued under employee stock incentive plans (in shares) | 22 | ||||
Common stock issued under employee stock incentive plans | 121 | $ 121 | |||
Shares withheld for taxes related to vesting of restricted stock units (in shares) | (4) | ||||
Shares withheld for taxes related to vesting of restricted stock units | (107) | $ (107) | |||
Equity awards assumed in acquisitions | 1 | $ 1 | |||
Repurchases of common stock (in shares) | (2) | ||||
Repurchases of common stock | 0 | ||||
Cash dividends declared and dividend equivalents accrued | (193) | $ (144) | (49) | ||
Stock-based compensation | 584 | $ 584 | |||
Balance, end of year (in shares) at Mar. 30, 2018 | 624 | 624 | |||
Balance, end of year at Mar. 30, 2018 | 5,023 | $ 4,691 | 4 | 328 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 31 | 31 | 31 | ||
Other comprehensive loss | (11) | (11) | |||
Common stock issued under employee stock incentive plans (in shares) | 24 | ||||
Common stock issued under employee stock incentive plans | 19 | $ 19 | |||
Shares withheld for taxes related to vesting of restricted stock units (in shares) | (8) | ||||
Shares withheld for taxes related to vesting of restricted stock units | (173) | $ (173) | |||
Repurchases of common stock (in shares) | (10) | ||||
Repurchases of common stock | (252) | $ (84) | (168) | ||
Cash dividends declared and dividend equivalents accrued | (197) | 0 | (197) | ||
Stock-based compensation | 359 | $ 359 | |||
Balance, end of year (in shares) at Mar. 29, 2019 | 630 | 630 | |||
Balance, end of year at Mar. 29, 2019 | $ 5,738 | $ 4,812 | $ (7) | $ 933 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per common share (in usd per share) | $ 0.30 | $ 0.30 | $ 0.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ 31 | $ 1,138 | $ (106) |
Income from discontinued operations, net of income taxes | (15) | (11) | (130) |
Adjustments: | |||
Amortization and depreciation | 615 | 640 | 492 |
Impairments of long-lived assets | 10 | 81 | 49 |
Stock-based compensation expense | 352 | 610 | 440 |
Loss from equity interest | 101 | 26 | 0 |
Deferred income taxes | (70) | (1,848) | (168) |
Gain on divestiture | 0 | (653) | 0 |
Other | (14) | 45 | 32 |
Changes in operating assets and liabilities, net of acquisitions and divestiture: | |||
Accounts receivable, net | 113 | (170) | 45 |
Accounts payable | 6 | (4) | (67) |
Accrued compensation and benefits | 2 | (33) | 20 |
Contract liabilities | 215 | 541 | 125 |
Income taxes payable | 67 | 880 | (871) |
Other assets | (32) | (199) | 84 |
Other liabilities | 114 | (86) | (90) |
Net cash provided by (used in) continuing operating activities | 1,495 | 957 | (145) |
Net cash used in discontinued operating activities | 0 | (7) | (64) |
Net cash provided by (used in) operating activities | 1,495 | 950 | (209) |
INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (207) | (142) | (70) |
Payments for acquisitions, net of cash acquired | (180) | (401) | (6,736) |
Proceeds from divestiture, net of cash contributed and transaction costs | 0 | 933 | 7 |
Purchases of short-term investments | 0 | (436) | 0 |
Proceeds from maturities and sales of short-term investments | 139 | 49 | 31 |
Proceeds from sale of property | 26 | 0 | 0 |
Other | (19) | (24) | 2 |
Net cash used in investing activities | (241) | (21) | (6,766) |
FINANCING ACTIVITIES: | |||
Repayments of debt | (600) | (3,210) | (90) |
Proceeds from issuance of debt, net of issuance costs | 0 | 0 | 6,069 |
Net proceeds from sales of common stock under employee stock incentive plans | 19 | 121 | 95 |
Tax payments related to restricted stock units | (173) | (107) | (65) |
Dividends and dividend equivalents paid | (217) | (211) | (222) |
Repurchases of common stock | (234) | 0 | (500) |
Payment for dissenting LifeLock shareholder settlement | 0 | (68) | 0 |
Other | (4) | 0 | (7) |
Net cash provided by (used in) financing activities | (1,209) | (3,475) | 5,280 |
Effect of exchange rate fluctuations on cash and cash equivalents | (28) | 73 | (41) |
Change in cash and cash equivalents | 17 | (2,473) | (1,736) |
Beginning cash and cash equivalents | 1,774 | 4,247 | 5,983 |
Ending cash and cash equivalents | $ 1,791 | $ 1,774 | $ 4,247 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 29, 2019 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Description of Business and Significant Accounting Policies Business Symantec Corporation is a global leader in cyber security. We provide cyber security products, services, and solutions. Our Integrated Cyber Defense Platform helps business and government customers unify cloud and on-premises security to deliver a more effective cyber defense solution, while driving down cost and complexity . Our Cyber Safety solutions under our Norton LifeLock brand help consumers protect their devices, online privacy, identities, and home networks. Principles of consolidation The accompanying consolidated financial statements of Symantec and our wholly-owned subsidiaries are prepared in conformity with generally accepted accounting principles in the United States (GAAP). All significant intercompany accounts and transactions have been eliminated in consolidation. Fiscal calendar We have a 52/53-week fiscal year ending on the Friday closest to March 31. Our fiscal years 2019 , 2018 , and 2017 were each 52-week years. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are based upon historical factors, current circumstances, and the experience and judgment of management. Management evaluates its assumptions and estimates on an ongoing basis and may engage outside subject matter experts to assist in its valuations. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include determination of stand-alone selling price for performance obligations, valuation of business combinations including acquired intangible assets and goodwill, loss contingencies, valuation of stock-based compensation, and the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions. Significant Accounting Policies Accounting Standards in Fiscal 2019 With the exception of those discussed in Note 2, there have been no recent changes in accounting pronouncements issued by the Financial Accounting Standards Board (FASB) or adopted by us during the fiscal 2019 that are applicable to us. Revenue recognition On March 31, 2018, the first day of our fiscal 2019, we adopted the new revenue standard, Revenue Recognition - Contracts with Customers , on a modified retrospective basis, applying the practical expedient to all uncompleted contracts as of March 31, 2018, and as a result, results of our fiscal 2019 are presented under the new revenue recognition guidance, while prior period amounts are not adjusted and continue to be reported under the prior revenue recognition guidance. See Notes 2 and 3 for further discussion on our revenue recognition policies and the impacts of the new guidance. Fair value measurements For assets and liabilities measured at fair value, fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider assumptions that market participants would use when pricing the asset or liability. The three levels of inputs that may be used to measure fair value are: • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets or model-derived valuations. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We monitor and review the inputs and results of these valuation models to help ensure the fair value measurements are reasonable and consistent with market experience in similar asset classes. Assets measured and recorded at fair value Cash equivalents . We consider all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents are carried at amounts that approximate fair value due to the short period of time to maturity. Short-term investments . Short-term investments consist primarily of corporate bonds. They are classified as available-for-sale and recognized at fair value using Level 1 and Level 2 inputs, which are quoted using market prices, independent pricing vendors, or other sources, to determine the fair value. Unrealized gains and losses, net of tax, are included in Accumulated other comprehensive income (loss) . We regularly review our investment portfolio to identify and evaluate investments that have indications of impairment. Factors considered in determining whether a loss is other-than-temporary include: the length of time and extent to which the fair value has been lower than the cost basis, the financial condition and near-term prospects of the investee, credit quality, likelihood of recovery, and our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Derivatives. We have entered into foreign exchange forward contracts with up to 12 months in duration to mitigate our foreign currency risk. The forward contracts designated as net investment hedges are used to hedge net investments in certain foreign subsidiaries whose functional currency is the local currency. Gain or loss on these forward contracts are recognized in the translation adjustments component of Accumulated other comprehensive income (loss) (AOCI) and is reclassified to net earnings in the period in which the hedged subsidiary is either sold or substantially liquidated. The foreign exchange forward contracts not designated as hedges are used to hedge foreign currency balance sheet exposure. These forward contracts are recognized at fair value using Level 2 inputs to determine the fair value. Non-marketable investments Our non-marketable investments consist of equity investments in privately-held companies without a readily determinable fair value. Beginning March 31, 2018, we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Gains and losses on these investments, whether realized or unrealized, are recognized in Other income (expense), net in our Consolidated Statements of Operations. We account for the investment in common stock of DigiCert Parent Inc. (DigiCert) that we received as a portion of the net consideration in the sale of our website security (WSS) and public key infrastructure (PKI) solutions under the equity method. We record our interest in the net earnings (loss) of DigiCert based on the most recently available financial statements of DigiCert, which are provided to us on a three-month lag, along with adjustments for amortization of basis differences, in Other income (expense), net in our Consolidated Statements of Operations. We assess the recoverability of our non-marketable investments by reviewing various indicators of impairment. If indicators are present, a fair value measurement is made by performing a discounted cash flow analysis of the investment. We immediately recognize the impairment to our non-marketable equity investments if the carrying value exceeds the fair value. For our equity method investment, if a decline in value is determined to be other than temporary, impairment is recognized and included in Other income (expense), net in our Consolidated Statements of Operations. Accounts receivable Accounts receivable are recorded at the invoiced amount and are not interest bearing. We maintain an allowance for doubtful accounts to reserve for potentially uncollectible receivables. We review our accounts receivables by aging category to identify specific customers with known disputes or collectability issues. In addition, we maintain an allowance for all other receivables not included in the specific reserve by applying specific percentages of projected uncollectible receivables to the various aging categories. In determining these percentages, we use judgment based on our historical collection experience and current economic trends. We also offset deferred revenue against accounts receivable when channel inventories are in excess of specified levels and for transactions where collection of a receivable is not considered probable. Contract acquisition costs Sales commissions that are incremental to obtaining a customer contract for which revenue is deferred are accrued and capitalized and subsequently amortized to sales and marketing expense on a straight-line basis over three years, the expected period of benefit. In arriving at the average period of benefit, we evaluate both qualitative and quantitative factors which include historical customer renewal rates, anticipated renewal periods, and the estimated useful life of the underlying product sold as part of the transaction. Commissions paid on renewals of support and maintenance are not commensurate with the initial commissions paid, and therefore the amortization period of commissions for initial contracts considers the estimated term of specific anticipated renewal contracts over the life of the customer. Property and equipment Property, equipment, and leasehold improvements are stated at cost, net of accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives. Estimated useful lives for financial reporting purposes are as follows: buildings, 20 to 30 years; building improvements, 7 to 20 years; leasehold improvements, the lesser of the life of the improvement or the initial lease term, computer hardware and software, and office furniture and equipment, 3 to 5 years. Software development costs The costs for the development of new software products and substantial enhancements to existing software products are expensed as incurred until technological feasibility has been established, at which time any additional costs would be capitalized in accordance with the accounting guidance for software. Because our current process for developing software is essentially completed concurrently with the establishment of technological feasibility, which occurs upon the completion of a working model, no costs have been capitalized for any of the periods presented. Internal-use software development costs We capitalize qualifying costs incurred during the application development stage related to software developed for internal-use and enterprise cloud computing services and amortize them over the estimated useful life of 3 years. We expense costs incurred related to the planning and post-implementation phases of development as incurred. As of March 29, 2019 and March 30, 2018 , capitalized costs, net of amortization, were $104 million and $100 million , respectively. Business combinations We use the acquisition method of accounting under the authoritative guidance on business combinations. We allocate the purchase price of our acquisitions to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. Each acquired company’s operating results are included in our Consolidated Financial Statements starting on the date of acquisition. Goodwill Goodwill is recorded when consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired. We perform an impairment assessment of goodwill at the reporting unit level at least annually in the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. For purpose of testing goodwill for impairment, we established reporting units based on our current reporting structure, and our goodwill was allocated to the Enterprise Security and Consumer Cyber Safety (Previously Consumer Digital Safety) reporting units. The accounting guidance gives us the option to perform a qualitative assessment to determine whether further impairment testing is necessary. The qualitative assessment considers events and circumstances that might indicate that a reporting unit’s fair value is less than its carrying amount. If it is determined, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative test is performed. In fiscal 2019, based on our qualitative assessments, we concluded that it is more likely than not that the fair values are more than their carrying values. Accordingly, there was no indication of impairment, and further quantitative testing was not required. Long-lived assets In connection with our acquisitions, we generally recognize assets for customer relationships, developed technology, finite-lived trade names, patents, and indefinite-lived trade names. Finite-lived intangible assets are carried at cost less accumulated amortization. Such amortization is provided on a straight-line basis over the estimated useful lives of the respective assets, generally from 1 to 11 years. Amortization for developed technology is recognized in cost of revenue. Amortization for customer relationships and certain trade names is recognized in operating expenses. Indefinite-lived intangible assets are not subject to amortization but instead tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets, including finite-lived intangible assets and property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. An impairment loss is recognized when estimated undiscounted future cash flows generated from the assets are less than their carrying amount. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair value. Contract liabilities Contract liabilities consist of deferred revenue and customer deposit liabilities and represent cash payments received or due in advance of fulfilling our performance obligations. Deferred revenue represents billings under non-cancelable contracts before the related product or service is transferred to the customer. Certain arrangements in our Consumer Cyber Safety segment include terms that allow the end user to terminate the contract and receive a pro-rata refund for a period of time. In these arrangements, we have concluded there are no enforceable rights and obligations during the period in which the option to cancel is exercisable by the customer, and therefore the consideration received or due from the customer is recorded as a customer deposit liability. Debt Our debt includes senior unsecured notes, senior term loans, convertible senior notes, and a senior unsecured revolving credit facility. Our senior unsecured notes are recorded at par value at issuance less a discount representing the amount by which the face value exceeds the fair value at the date of issuance and an amount which represents issuance costs. Our senior term loans are recorded at par value less debt issuance costs, which are recorded as a reduction in the carrying value of the debt. Our convertible senior notes are recorded at par value less the fair value of the equity component of the notes, at their issuance date, determined using Level 2 inputs and less any issuance costs. The discount and issuance costs associated with the various notes are amortized using the effective interest rate method over the term of the debt as a non-cash charge to interest expense. Borrowings under our revolving credit facility, if any, are recognized at principal balance plus accrued interest based upon stated interest rates. Debt maturities are classified as current liabilities on our Consolidated Balance Sheets if we are contractually obligated to repay them in the next twelve months or, prior to the balance sheet date, we have the authorization and intent to repay them prior to their contractual maturities and within the next twelve months. Treasury stock We account for treasury stock under the cost method. Shares repurchased under our share repurchase program are retired. Upon retirement, we allocate the value of treasury stock between Paid-in capital and Retained earnings. Restructuring Restructuring actions generally include significant actions involving employee-related severance charges and contract termination costs. Employee-related severance charges are largely based upon substantive severance plans, while some charges result from mandated requirements in certain foreign jurisdictions. These charges are reflected in the period when both the actions are probable, and the amounts are estimable. Contract termination costs for leased facilities primarily reflect costs that will continue to be incurred under the contract for its remaining term without economic benefit to us. These charges are reflected in the period when the facility ceases to be used. Income taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards in each jurisdiction in which we operate. We measure deferred tax assets and liabilities using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We also assess the likelihood that deferred tax assets will be realized from future taxable income and based on this assessment establish a valuation allowance, if required. The determination of our valuation allowance involves assumptions, judgments, and estimates, including forecasted earnings, future taxable income, and the relative proportions of revenue and income before taxes in the various domestic and international jurisdictions in which we operate. To the extent we establish a valuation allowance or change the valuation allowance in a period, we reflect the change with a corresponding increase or decrease to our tax expense. We record accruals for uncertain tax positions when we believe that it is not more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. We adjust these accruals when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. The provision for income taxes includes the effects of adjustments for uncertain tax positions as well as any related interest and penalties. Stock-based compensation We measure and recognize stock-based compensation for all stock-based awards, including restricted stock units (RSU), performance-based restricted stock units (PRU), stock options, and rights to purchase shares under our employee stock purchase plan (ESPP), based on their estimated fair value on the grant date. We recognize the costs in our financial statements on a straight-line basis over the award’s requisite service period except for PRUs with graded vesting, for which we recognize the costs on a graded basis. For awards with performance conditions, the amount of compensation cost we recognize over the requisite service period is based on the actual or estimated achievement of the performance condition. We estimate the number of stock-based awards that will be forfeited due to employee turnover. The fair value of each RSU and PRU that does not contain a market condition is equal to the market value of our common stock on the date of grant. The fair value of each PRU that contains a market condition is estimated using the Monte Carlo simulation option pricing model. The fair values of RSUs and PRUs are not discounted by the dividend yield because our RSUs and PRUs include dividend-equivalent rights. We use the Black-Scholes model to determine the fair value of unvested stock options assumed in acquisitions and the fair value of rights to acquire shares of common stock under our ESPP . The Black-Scholes valuation model incorporates a number of variables, including our expected stock price volatility over the expected life of the awards, actual and projected employee exercise and forfeiture behaviors, risk-free interest rates, and expected dividends. We have certain liability-classified stock-based compensation awards for which the service inception date precedes the grant date. For these awards, we recognize stock-based compensation expense on a straight-line basis over the service period. The liability is reclassified to Additional paid-in capital in our Consolidated Balance Sheets when the award is granted. There is no substantive future service period that exists at the grant date for these awards . Foreign currency For foreign subsidiaries whose functional currency is the local currency, assets and liabilities are translated to U.S. dollars at exchange rates in effect at the balance sheet date. Gains and losses resulting from translation of these foreign currency financial statements into U.S. dollars are recorded in AOCI. Remeasurement adjustments are recorded in Other income (expense), net . Concentrations of risk A significant portion of our revenue is derived from international sales and independent agents and distributors. Fluctuations of the U.S. dollar against foreign currencies, changes in local regulatory or economic conditions, piracy, or nonperformance by independent agents or distributors could adversely affect our operating results. Financial instruments that potentially subject us to concentrations of risk consist principally of cash and cash equivalents, short-term investments, and trade accounts receivable. Our investment policy limits the amount of credit risk exposure to any one issuer and to any one country. The credit risk in our trade accounts receivable is substantially mitigated by our credit evaluation process, reasonably short collection terms, and the geographical dispersion of sales transactions. Customers which are distributors that accounted for over 10% of our net accounts receivable, are as follows: March 29, 2019 March 30, 2018 Customer A 16 % 22 % Customer B 15 % 15 % Advertising and other promotional costs Advertising and other promotional costs are charged to operations as incurred and included in sales and marketing expenses. These costs totaled $331 million , $360 million , and $212 million for fiscal 2019 , 2018 , and 2017 , respectively. Contingencies We evaluate contingent liabilities including threatened or pending litigation in accordance with the authoritative guidance on contingencies. We assess the likelihood of any adverse judgments or outcomes from potential claims or proceedings, as well as potential ranges of probable losses, when the outcomes of the claims or proceedings are probable and reasonably estimable. A determination of the amount of an accrual required, if any, for these contingencies is made after the analysis of each separate matter. Because of uncertainties related to these matters, we base our estimates on the information available at the time of our assessment. As additional information becomes available, we reassess the potential liability related to our pending claims and litigation and may revise our estimates. |
Recent Accounting Standards
Recent Accounting Standards | 12 Months Ended |
Mar. 29, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Standards | Recent Accounting Standards Recently adopted authoritative guidance Revenue Recognition - Contracts with Customers . In May 2014, the FASB issued new authoritative guidance for revenue from contracts with customers. The standard’s core principle is that a company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration that the company expects to receive in exchange for those goods or services. In addition, companies are required to capitalize certain contract acquisition costs, including commissions paid, when contracts are signed. The asset recognized from capitalized incremental and recoverable acquisition costs is amortized on a straight-line basis consistent with the timing of transfer of the products or services to which the asset relates. As a result of the adoption of the new revenue recognition guidance, our net revenue for fiscal 2019 increased $47 million , and our operating expenses decreased $12 million . See Note 3 for additional information related to the impact of the new guidance on the timing and amounts of revenues recognized in fiscal 2019. The effects of the adoption of the new revenue recognition guidance on our March 29, 2019 Consolidated Balance Sheets were as follows: As of March 29, 2019 (In millions) As Reported Balances Without Adoption of New Standard Effect of Change Accounts receivable, net $ 708 $ 657 $ 51 Other current assets (1) $ 435 $ 421 $ 14 Other long-term assets (2) $ 1,262 $ 1,213 $ 49 Total assets $ 15,938 $ 15,824 $ 114 Short-term contract liabilities $ 2,320 $ 2,437 $ (117 ) Other current liabilities $ 533 $ 494 $ 39 Long-term contract liabilities $ 736 $ 837 $ (101 ) Deferred income tax liabilities $ 577 $ 526 $ 51 Total liabilities $ 10,200 $ 10,328 $ (128 ) Accumulated other comprehensive loss $ (7 ) $ (2 ) $ (5 ) Retained earnings $ 933 $ 686 $ 247 Total stockholders’ equity $ 5,738 $ 5,496 $ 242 (1) As reported includes short-term deferred commissions of $92 million . The balance without adoption of new standard includes short-term deferred commissions of $81 million . (2) As reported includes long-term deferred commissions of $93 million . The balance without adoption of new standard includes long-term deferred commissions of $44 million . The adoption of the new revenue recognition guidance had no impact on our Condensed Consolidated Statements of Cash Flows. Financial Instruments - Recognition and Measurement. In January 2016, the FASB issued new authoritative guidance on financial instruments. The new guidance enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation, and disclosure. We adopted this new guidance in the first quarter of fiscal 2019. Substantially all of our equity investments that were not accounted for under the equity method were previously accounted for under the cost method and are now accounted for using the measurement alternative defined as cost, less impairments, adjusted for observable price changes. Based on the composition of our investment portfolio, the adoption of this guidance did not have a material impact on our Consolidated Financial Statements. Income Taxes - Intra-Entity Asset Transfers Other Than Inventory. In October 2016, the FASB issued new authoritative guidance that requires entities to immediately recognize the tax consequences of intercompany asset transfers, excluding inventory, at the transaction date, rather than deferring the tax consequences under legacy GAAP. We adopted this new guidance in the first quarter of fiscal 2019 using a modified retrospective transition method. The adoption resulted in a cumulative-effect adjustment of a $742 million increase to retained earnings. This cumulative-effect adjustment primarily consisted of additional deferred tax assets related to an intra-entity sale of intangible assets in periods prior to adoption, partially offset by the write-off of income tax consequences deferred from pre-adoption intra-entity transfers and other liabilities for amounts not recognized under legacy GAAP. Opening Balance Sheet Adjustments The following summarizes the effect of adopting the above new accounting standards: (in millions) Balance as of March 30, 2018 Revenue Recognition Guidance Accounting for Income Taxes Guidance Opening Balance as of March 31, 2018 Accounts receivable, net $ 809 $ 24 $ — $ 833 Other current assets (1) $ 522 $ (8 ) $ (8 ) $ 506 Other long-term assets (2) $ 526 $ 57 $ 750 $ 1,333 Total assets $ 15,759 $ 73 $ 742 $ 16,574 Short-term contract liabilities $ 2,368 $ (107 ) $ — $ 2,261 Other current liabilities $ 372 $ (2 ) $ — $ 370 Long-term contract liabilities $ 735 $ (62 ) $ — $ 673 Deferred income tax liabilities $ 592 $ 47 $ — $ 639 Total liabilities $ 10,736 $ (124 ) $ — $ 10,612 Retained earnings $ 328 $ 197 $ 742 $ 1,267 (1) The balance as of March 30, 2018, includes income tax receivable and prepaid income taxes of $107 million and short-term deferred commissions of $94 million . The opening balance as of March 31, 2018, includes income tax receivable and prepaid income taxes of $99 million and short-term deferred commissions of $86 million . (2) The balance as of March 30, 2018, includes long-term deferred commissions of $35 million , long-term income tax receivable and prepaid income taxes of $61 million and deferred income tax assets of $46 million . The opening balance as of March 31, 2018, includes long-term deferred commissions of $92 million , long-term income tax receivable and prepaid income taxes of $29 million , and deferred income tax assets of $828 million . Recently issued authoritative guidance not yet adopted Leases. In February 2016, the FASB issued new guidance on lease accounting which will require lessees to recognize assets and liabilities on their balance sheet for the rights and obligations created by operating leases and will also require disclosures designed to give users of financial statements information on the amount, timing, and uncertainty of cash flows arising from leases. The new guidance will be effective for us in our first quarter of fiscal 2020. We expect to adopt the new guidance on a modified retrospective basis. We have selected and are in the process of implementing a lease accounting system and finalizing our accounting policy and use of optional practical expedients. We are continuing to evaluate the impact of this new standard on our Consolidated Financial Statements and disclosures. We expect that most of our operating lease commitments will be subject to the new standard and recognized as lease liabilities and right-of-use assets upon adoption, which will increase the total assets and total liabilities we report. We are evaluating the impact to our Consolidated Financial Statements as it relates to other aspects of the business. Credit Losses. In June 2016, the FASB issued new authoritative guidance on credit losses which changes the impairment model for most financial assets and certain other instruments. For trade receivables and other instruments, we will be required to use a new forward-looking “expected loss” model. Additionally, for available-for-sale debt securities with unrealized losses, we will measure credit losses in a manner similar to today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The standard will be effective for us in our first quarter of fiscal 2021. We are currently evaluating the impact of the adoption of this guidance on our Consolidated Financial Statements. Internal-Use Software. In August 2018, the FASB issued new guidance that clarifies the accounting for implementation costs in a cloud computing arrangement. The new guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard will be effective for us in our first quarter of fiscal 2021, with early adoption permitted. We are currently evaluating the adoption date and the impact of the adoption of this guidance on our Consolidated Financial Statements and disclosures. Although there are several other new accounting pronouncements issued or proposed by the FASB that we have adopted or will adopt, as applicable, we do not believe any of these accounting pronouncements has had, or will have, a material impact on our consolidated financial position, operating results or disclosures. |
Revenues Revenues
Revenues Revenues | 12 Months Ended |
Mar. 29, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues General We recognize revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for the goods or services. Revenue is recognized net of allowances for returns, discounts, distributor incentives, and end-user rebates, and any taxes collected from customers and subsequently remitted to governmental authorities. For arrangements with multiple performance obligations, which may include hardware, software licenses, cloud services, support and maintenance, and professional services, we allocate revenue to each performance obligation on a relative fair value basis based on management’s estimate of stand-alone selling price (SSP). Judgment is required to determine the SSP for each performance obligation. The determination of SSP is made by taking into consideration observable prices in historical transactions. When observable prices in historical transactions are not available or are inconsistent, we estimate SSP based on observable prices in historical transactions of similar products, pricing discount practices, product margins, and other factors that may vary over time depending upon the unique facts and circumstances related to each performance obligation. Enterprise Security Revenue for our Enterprise Security products is earned from arrangements that can include various combinations of software licenses, cloud services, hardware, support and maintenance, and professional services, which are sold directly to end-users or through a multi-tiered distribution channel. Performance periods generally range from one to three years, and payment terms are generally between thirty and sixty days. Contracts generally do not contain significant financing components or variable consideration. We generally do not offer rights of return for Enterprise Security products, and the distribution channel does not hold inventory. As a result, historical returns and related reserves have been insignificant. We offer channel rebates and marketing programs for our Enterprise Security products. Our estimated reserves for channel volume incentive rebates are based on distributors’ and resellers’ performance compared to the terms and conditions of volume incentive rebate programs, which are typically entered into quarterly. We had reserves for Enterprise Security rebates and marketing programs of $6 million recorded in Other current liabilities as of March 29, 2019 and $6 million recorded against Accounts receivable, net as of March 30, 2018 . Consumer Cyber Safety We sell consumer products and services directly to end-users and consumer packaged software products through a multi-tiered distribution channel. Performance periods are generally one year or less, and payments are generally collected up front. We offer various channel and end-user rebates for our Consumer Cyber Safety products. Our estimated reserves for channel volume incentive rebates are based on distributors’ and resellers’ performance compared to the terms and conditions of volume incentive rebate programs, which are typically entered into quarterly. Our reserves for end-user rebates are estimated based on the terms and conditions of the promotional program, actual sales during the promotion, the amount of redemptions received, historical redemption trends by product and by type of promotional program, and the value of the rebate. We record estimated reserves for channel and end-user rebates as an offset to revenue or contract liabilities. We had reserves for Consumer Cyber Safety rebates of $11 million recorded in Other current liabilities as of March 29, 2019 and $21 million recorded against Accounts receivable, net as of March 30, 2018 . For consumer products that include content updates, rebates are recognized as a ratable offset to revenue or contract liabilities over the term of the subscription. Performance obligations At contract inception, we assess the products and services promised in the contract to identify each performance obligation and evaluate whether the performance obligations are capable of being distinct and are distinct within the context of the contract. Performance obligations that are not both capable of being distinct and distinct within the context of the contract are combined and treated as a single performance obligation in determining the allocation and recognition of revenue. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. In determining whether products and services are considered distinct performance obligations, we assess whether the customer can benefit from the products and services on their own or together with other readily available resources and whether our promise to transfer the product or service to the customer is separately identifiable from other promises in the contract. Our typical performance obligations include the following: Performance Obligation When Performance Obligations are Typically Satisfied Products and services transferred at a point in time: License with distinct deliverables When software activation keys have been made available for download Hardware with distinct deliverables When control of the product passes to the customer, typically upon shipment Products and services transferred over time: License with interrelated deliverables Primarily term-based license subscriptions recognized over the expected performance term, beginning on the date that software activation keys are made available to the customer Cloud hosted solutions Over the contract term, beginning on the date that service is made available to the customer Support and maintenance Ratably over the course of the service term Professional services As the services are provided Timing of revenue recognition As a result of the adoption of the new revenue recognition guidance, the timing of recognition of certain of our performance obligations has changed. For example, certain term-based licenses with distinct performance obligations have a portion of revenue recognized up front when the software activation keys have been made available for download, whereas these arrangements were previously recognized over time. In addition, allocating the transaction price for perpetual software licenses and support on a relative standalone selling price basis under the new guidance has generally resulted in more revenue allocated to the upfront license compared to the residual method of allocation under the previous guidance. Conversely, certain of our perpetual licenses are not distinct from their accompanying support and maintenance under the new guidance and are now recognized over time. The following table provides our revenue disaggregated by the timing of recognition under both the new guidance and the legacy guidance during our fiscal 2019: (In millions) As Reported Amounts Without Adoption of New Standard Effect of Change Enterprise Security: Products and services transferred at a point in time $ 462 $ 266 $ 196 Products and services transferred over time $ 1,861 $ 2,010 $ (149 ) Consumer Cyber Safety: Products and services transferred at a point in time $ 49 $ 48 $ 1 Products and services transferred over time $ 2,359 $ 2,360 $ (1 ) Total Products and services transferred at a point in time $ 511 $ 314 $ 197 Products and services transferred over time $ 4,220 $ 4,370 $ (150 ) Contract liabilities Contract liabilities by segment were as follows: (In millions) March 29, 2019 March 30, 2018 Enterprise Security $ 2,002 $ 2,010 Consumer Cyber Safety 1,054 1,093 Total $ 3,056 $ 3,103 During fiscal 2019, we recognized $2,211 million of revenue from our beginning fiscal 2019 contract liabilities balance. Contract acquisition costs During fiscal 2019, 2018, and 2017, we recognized $100 million , $102 million , and $85 million , respectively, of amortization expense of capitalized contract acquisition costs. There were no impairment losses recognized during fiscal 2019. Remaining performance obligations Remaining performance obligations represent contracted revenue that has not been recognized, which include contract liabilities and amounts that will be billed and recognized as revenue in future periods. As of March 29, 2019 , we had $2,608 million of remaining performance obligations, which does not include customer deposit liabilities of approximately $ 505 million , and the approximate percentages expected to be recognized as revenue in the future are as follows: Total Remaining Performance Obligations Percent Expected to be Recognized as Revenue (In millions, except percentages) 0 - 12 Months 13 - 24 Months 25 - 36 Months Over 36 Months Enterprise Security $ 2,059 65 % 24 % 10 % 2 % Consumer Cyber Safety 549 95 % 4 % 1 % — % Total $ 2,608 71 % 19 % 8 % 1 % Percentages may not add to 100% due to rounding. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Mar. 29, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestiture Fiscal 2019 acquisitions Luminate Security acquisition In February 2019, we completed our acquisition of Israel-based Luminate Security (Luminate). Luminate’s technology provides enterprises with a cloud-delivered secure application access service that supports the zero trust security architecture that many enterprises are moving towards. T he total aggregate consideration for the acquisition, primarily consisting of cash, was $139 million , net of $5 million cash acquired. Our preliminary allocation of the aggregate purchase price for the acquisition as of February 11, 2019, was as follows: (In millions, except useful lives) Fair Value Weighted-Average Estimated Useful Life Developed technology $ 30 3.0 years Customer relationships 3 5.0 years Goodwill 112 Other liabilities (6 ) Total purchase price $ 139 The allocation of the purchase price was based upon a preliminary valuation, 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 allocation may require adjustments to goodwill prospectively. The primary areas of the preliminary purchase price allocation that are not yet finalized are certain tax matters. The preliminary goodwill arising from the acquisition is attributed to the expected synergies, including revenue benefits that are expected to be generated by combining Luminate with Symantec. A portion of the goodwill recognized is expected to be deductible for tax purposes. See Note 5 for more information on goodwill. Other fiscal 2019 acquisitions During fiscal 2019, we completed acquisitions of other companies for an aggregate purchase price of $42 million , net of $3 million cash acquired. The purchase prices were primarily allocated to goodwill and intangible assets. Pro forma results of operations for our fiscal 2019 acquisitions have not been presented because they were not material to our consolidated results of operations, either individually or in the aggregate. Fiscal 2018 acquisitions Fireglass Ltd. and Skycure Ltd. 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 for devices running modern operating systems, including iOS and Android. This acquisition extends our endpoint security capabilities. With the addition of Skycure, our Integrated Cyber Defense Platform now enables visibility into and control over all endpoint devices, including mobile devices, whether corporate owned or bring your own device. The total aggregate consideration for these acquisitions, primarily consisting of cash, was $345 million , net of $15 million cash acquired. Our allocation of the aggregate purchase price for these two acquisitions as of July 24, 2017 , was as follows: (In millions, except useful lives) Fair Value Weighted-Average Estimated Useful Life Developed technology $ 123 5.5 years Customer relationships 11 7.0 years Goodwill 247 Deferred income tax liabilities (35 ) Other liabilities (1 ) Total purchase price $ 345 The 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 5 for more information on goodwill. Other fiscal 2018 acquisitions During fiscal 2018, in addition to the acquisitions mentioned above, we completed acquisitions of other companies for an aggregate purchase price of $66 million , net of $1 million cash acquired. Of the aggregate purchase price, $48 million was recorded to goodwill. Pro forma results of operations for our fiscal 2018 acquisitions have not been presented because they were not material to our consolidated results of operations, either individually or in the aggregate. Fiscal 2017 acquisitions On August 1, 2016, we acquired all of the outstanding common stock of Blue Coat, Inc. (Blue Coat), a provider of advanced web security solutions for global enterprises and governments. The addition of Blue Coat’s suite of network and cloud security products to our innovative Enterprise Security product portfolio has enhanced our threat protection and information protection products while providing us with complementary products, such as advanced web and cloud security solutions, that address the network and cloud security needs of enterprises. On February 9, 2017 , we completed the acquisition of LifeLock, Inc. (LifeLock) a provider of proactive identity theft protection services for consumers and consumer risk management services for enterprises. LifeLock’s services are provided on a monthly or annual subscription basis and provide identification and notification of identity-related and other events and assist users in remediating their impact. The total consideration for the acquisitions, net of cash acquired, consisted of the following: (In millions) Blue Coat LifeLock Total Goodwill $ 4,084 $ 1,397 $ 5,481 Intangible assets 1,608 1,247 2,855 Net liabilities assumed (1,019 ) (361 ) (1,380 ) Total purchase price $ 4,673 $ 2,283 $ 6,956 Fiscal 2018 Divestiture Website Security and Public Key Infrastructure solutions On October 31, 2017 , we completed the sale of our WSS and PKI solutions of our Enterprise Security segment to DigiCert. In accordance with the terms of the agreement, we received aggregate consideration of $1.1 billion , consisting of approximately $951 million in cash and shares of common stock representing an approximate 28% interest in the outstanding common stock of DigiCert valued at $160 million as of October 31, 2017 . We determined the estimated fair value of our equity investment with the assistance of valuations performed by third-party specialists and estimates made by management. We utilized a combination of the income approach based on a discounted cash flow method and market approach based on the guideline public company method that focuses on comparing DigiCert to reasonably similar publicly traded companies. See Note 7 for additional information regarding our equity investment. As of the transaction close date, the carrying amounts of the major classes of assets and liabilities associated with the divestiture of our WSS and PKI solutions were as follows: (In millions) Assets: Cash and cash equivalents $ 2 Accounts receivable, net 34 Goodwill and intangible assets, net 670 Other assets 40 Total assets 746 Liabilities: Deferred revenue 285 Other liabilities 11 Total liabilities $ 296 As of the transaction close date, we also had $8 million in cumulative currency translation losses related to subsidiaries that were sold, which was reclassified from AOCI to the gain on divestiture . In addition, we incurred direct costs of $8 million , which was netted against the gain on divestiture, and tax expense of $123 million . The following table presents the gain before income taxes associated with the divestiture: (In millions) Gain on sale of short-term investment $ 7 Gain on sale of other assets and liabilities 646 Total gain on divestiture $ 653 The gain on sale of short-term investment represents the gain on the sale of a short-term investment that was included in the transaction and resulted in the reclassification on the transaction close date of $7 million of unrealized gains from AOCI to the gain on divestiture. The following table presents the income before income taxes for our WSS and PKI solutions for the periods indicated: Year Ended (In millions) March 30, 2018 March 31, 2017 Income before income taxes $ 66 $ 206 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 29, 2019 | |
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 Cyber Safety Total Balance as of March 31, 2017 $ 6,078 $ 2,549 $ 8,627 Acquisitions 256 39 295 Divestiture of WSS and PKI solutions (606 ) — (606 ) Other adjustments 6 (3 ) 3 Balance as of March 30, 2018 5,734 2,585 8,319 Acquisitions 132 6 138 Other adjustments (5 ) (2 ) (7 ) Balance as of March 29, 2019 $ 5,861 $ 2,589 $ 8,450 Intangible assets, net March 29, 2019 March 30, 2018 (In millions) Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,425 $ (515 ) $ 910 $ 1,462 $ (357 ) $ 1,105 Developed technology 1,039 (555 ) 484 1,037 (361 ) 676 Finite-lived trade names and other 6 (2 ) 4 13 (8 ) 5 Total finite-lived intangible assets 2,470 (1,072 ) 1,398 2,512 (726 ) 1,786 Indefinite-lived trade names 852 — 852 852 — 852 In-process research and development — — — 5 — 5 Total intangible assets $ 3,322 $ (1,072 ) $ 2,250 $ 3,369 $ (726 ) $ 2,643 Amortization expense for purchased intangible assets is summarized below: Year Ended Statements of Operations Classification (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Customer relationships and other $ 207 $ 220 $ 147 Operating expenses Developed technology 236 233 145 Cost of revenues Total $ 443 $ 453 $ 292 As of March 29, 2019 , future amortization expense related to intangible assets that have finite lives is as follows by fiscal year: (In millions) March 29, 2019 2020 $ 448 2021 338 2022 275 2023 224 2024 110 Thereafter 3 Total $ 1,398 See Note 4 for more information on our acquisitions and divestiture. |
Supplementary Information
Supplementary Information | 12 Months Ended |
Mar. 29, 2019 | |
Supplementary Information [Abstract] | |
Supplementary Information | Supplementary Information Cash and cash equivalents: (In millions) March 29, 2019 March 30, 2018 Cash $ 376 $ 1,016 Cash equivalents 1,415 758 Total cash and cash equivalents $ 1,791 $ 1,774 Accounts receivable, net: (In millions) March 29, 2019 March 30, 2018 Accounts receivable $ 713 $ 814 Allowance for doubtful accounts (5 ) (5 ) Accounts receivable, net $ 708 $ 809 Other current assets: (In millions) March 29, 2019 March 30, 2018 Prepaid expenses $ 162 $ 177 Income tax receivable and prepaid income taxes 61 107 Value-added tax receivable and other tax receivables 69 24 Short-term deferred commissions 92 94 Assets held for sale — 26 Other 51 94 Total other current assets $ 435 $ 522 In fiscal 2019, we completed the sale of certain land and buildings that were reported as assets held for sale as of March 30, 2018 for a sales price of $26 million , net of selling costs, which was equal to their carrying value. Property and equipment, net: (In millions) March 29, 2019 March 30, 2018 Land $ 66 $ 66 Computer hardware and software 1,159 1,081 Office furniture and equipment 118 110 Buildings 364 365 Leasehold improvements 372 339 Construction in progress 30 29 Total property and equipment, gross 2,109 1,990 Accumulated depreciation and amortization (1,319 ) (1,212 ) Total property and equipment, net $ 790 $ 778 Depreciation and amortization expense was $172 million , $187 million , and $199 million in fiscal 2019 , 2018 , and 2017 , respectively. Other long-term assets: (In millions) March 29, 2019 March 30, 2018 Cost method investments $ 184 $ 175 Equity method investment 32 134 Long-term income tax receivable and prepaid income taxes 34 61 Deferred income tax assets 830 46 Long-term deferred commissions 93 35 Other 89 75 Total other long-term assets $ 1,262 $ 526 Short-term contract liabilities: (In millions) March 29, 2019 March 30, 2018 Deferred revenue $ 1,815 $ 2,368 Customer deposit liabilities 505 — Total short-term contract liabilities $ 2,320 $ 2,368 Long-term income taxes payable: (In millions) March 29, 2019 March 30, 2018 Deemed repatriation tax payable $ 703 $ 824 Uncertain tax positions (including interest and penalties) 373 302 Total long-term income taxes payable $ 1,076 $ 1,126 Other income (expense), net: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Interest income $ 42 $ 24 $ 21 Loss from equity interest (101 ) (26 ) — Foreign exchange loss (18 ) (28 ) (2 ) Other 13 21 27 Total other income (expense), net $ (64 ) $ (9 ) $ 46 Non-cash investing and financing activities and supplemental cash flow information: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Non-cash Investing and Financing Activities: Purchases of property and equipment in current liabilities $ 23 $ 26 $ 33 Equity investment received as consideration in divestitures $ — $ 160 $ — Fair value of equity awards assumed in acquisitions $ — $ 1 $ 112 Common stock issued in connection with acquisitions $ — $ — $ 38 Supplemental Cash Flow Information: Income taxes paid, net of refunds $ 112 $ 354 $ 1,081 Interest expense paid $ 183 $ 199 $ 143 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Mar. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements The following table summarizes our assets and liabilities measured at fair value on a recurring basis: March 29, 2019 March 30, 2018 (In millions) Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Assets: Cash equivalents: Money market funds $ 1,415 $ 1,415 $ — $ 679 $ 679 $ — Certificates of deposit — — — 79 — 79 Short-term investments: Corporate bonds 251 — 251 374 — 374 Commercial paper — — — 2 — 2 Certificates of deposit 1 — 1 12 — 12 Total $ 1,667 $ 1,415 $ 252 $ 1,146 $ 679 $ 467 The following table presents the contractual maturities of our investments in debt securities as of March 29, 2019 : (In millions) Fair Value Due in one year or less $ 79 Due after one year through five years 173 Total $ 252 Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations. Financial instruments not recorded at fair value on a recurring basis include non-marketable equity investments, equity method investment, and our long-term debt. Non-marketable equity investments As of March 29, 2019 and March 30, 2018 , the carry value of our non-marketable equity investments was $184 million and $175 million , respectively. Equity method investment Our investment in equity securities that is accounted for using the equity method is included in Other long-term assets in our Consolidated Balance Sheets. As of March 29, 2019 and March 30, 2018, our equity investment in DigiCert represented an approximately 27% interest in the outstanding common stock of DigiCert and had a carrying value of $32 million and $134 million , respectively. We recorded a loss from our equity method investment of $101 million and $26 million during fiscal 2019 and fiscal 2018, respectively, in Other income (expense), net in the Consolidated Statements of Operations, which consisted of our share of DigiCert’s net loss of $93 million and $24 million , respectively, and basis difference amortization of $8 million and $2 million , respectively. These losses were reflected as a reduction in the carrying amount of our investments in equity interests in our Consolidated Balance Sheets. The following table summarizes DigiCert’s financial data which was provided to us on a three-month lag. Prior year period commenced on October 31, 2017 when we acquired the investment. (In millions) December 31, 2018 December 31, 2017 Current assets $ 168 $ 261 Long-term assets $ 1,641 $ 1,810 Current liabilities $ 331 $ 246 Long-term liabilities $ 1,862 $ 1,868 (In millions) Year Ended December 31, 2018 Two Months Ended December 31, 2017 Revenue $ 313 $ 38 Gross profit $ 250 $ 33 Net loss $ (342 ) $ (90 ) Current and long-term debt As of March 29, 2019 and March 30, 2018 , the total fair value of our current and long-term fixed rate debt was $3,964 million and $3,935 million , respectively. The fair value of our variable rate debt approximated its carrying value. The fair value of all our debt obligations was based on Level 2 inputs on a non-recurring basis. |
Debt
Debt | 12 Months Ended |
Mar. 29, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes components of our debt: (In millions, except percentages) March 29, 2019 March 30, 2018 Effective Senior Term Loan A-2 due August 1, 2019 $ — $ 600 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 500 500 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 4,500 5,100 Less: unamortized discount and issuance costs (48 ) (74 ) Total debt 4,452 5,026 Less: current portion (491 ) — Total long-term portion $ 3,961 $ 5,026 (1) The senior term facilities bear interest at a rate equal to the London InterBank Offered Rate (LIBOR) plus a margin based on the current debt rating of our non-credit-enhanced, senior unsecured long-term debt, and our underlying loan agreements. The interest rates for the outstanding senior term loans are as follows: March 29, 2019 March 30, 2018 Senior Term Loan A-2 due August 1, 2019 N/A 3.31 % Senior Term Loan A-5 due August 1, 2021 4.24 % 3.54 % As of March 29, 2019 , the future contractual maturities of debt by fiscal year are as follows: (In millions) 2020 $ — 2021 1,250 2022 1,750 2023 400 2024 — Thereafter 1,100 Total future maturities of debt $ 4,500 Senior Term Loan A-2 On July 18, 2016, we borrowed $800 million under a 3 -year term loan (the Senior Term Loan A-2) credit facility, as amended. The Senior Term Loan A-2 bore interest at a floating rate of interest plus an applicable margin which was based on our senior unsecured credit agency rating. During fiscal 2019 and 2018, we prepaid principal amounts of $600 million and $200 million , respectively. As of March 29, 2019 , there were no borrowings outstanding under our Senior Term Loan A-2. Senior Term Loan A-5 On August 1, 2016, we entered into a term loan agreement that provides for a 5 -year term loan (the Senior Term Loan A-5) that bears interest at a floating rate of interest plus an applicable margin, which is based on our senior unsecured credit agency rating. For the duration of Senior Term Loan A-5, quarterly payments are due in aggregate annual amounts equal to 10% of the original principal amount. We may voluntarily repay outstanding principal balances under the Senior Term Loan A-5 at any time without premium or penalty, and prepayments must be applied to reduce the subsequent scheduled and outstanding required payments. The Senior Term Loan A-5 agreement contains customary representations and warranties, non-financial covenants for financial reporting, affirmative and negative covenants, including a covenant that we maintain a ratio of consolidated funded debt to consolidated adjusted earnings before interest, taxes, depreciation, and amortization of not more than 6.00 to 1.0 through December 31, 2018, then 5.25 to 1.0 thereafter, and restrictions on subsidiary indebtedness, liens, stock repurchases, and dividends (with exceptions permitting our regular quarterly dividend). As of March 29, 2019 , we were in compliance with all debt covenants. Senior Notes On February 9, 2017, we issued $1.1 billion aggregate principal amount of our 5.0% Senior Notes due April 15, 2025 (the 5.0% Senior Notes). The 5.0% Senior Notes bear interest at a rate of 5.00% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2017. We may redeem some or all of the 5.0% Senior Notes at any time prior to April 15, 2020 at a price equal to 100% of the principal amount of the 5.0% Senior Notes redeemed, plus accrued and unpaid interest, if any, and a premium, as described in the supplemental indenture to the 5.0% Senior Notes. On or after April 15, 2020, we may redeem some or all of the 5.0% Senior Notes at the applicable redemption prices set forth in the supplemental indenture, plus accrued and unpaid interest. In addition, we had two series of senior notes, the 4.2% Senior Notes and 3.95% Senior Notes that are senior unsecured obligations that rank equally in right of payment with all of our existing and future senior, unsecured, unsubordinated obligations and may be redeemed at any time, subject to the make-whole provisions contained in the applicable indenture relating to such series of notes. Interest on each series of these notes is payable semi-annually in arrears, on September 15 and March 15 for the 4.2% Senior Notes, and June 15 and December 15 for the 3.95% Senior Notes. Convertible Senior Notes As of March 29, 2019 and March 30, 2018 , we had two outstanding issuances of convertible notes which are senior unsecured obligations and rank equal in right of payment to all other senior, unsecured, unsubordinated indebtedness. On March 4, 2016, we issued $500 million of convertible notes which mature on April 1, 2021 and bear interest at an annual rate of 2.5% (2.5% Convertible Notes). On August 1, 2016, we issued an additional $1.25 billion of convertible notes which mature on August 15, 2021 and bear interest at an annual rate of 2.0% (2.0% Convertible Notes). Both the 2.5% Convertible Notes and the 2.0% Convertible Notes (collectively, Convertible Senior Notes) have coupon interest payable semiannually in arrears in cash. Interest payments on the Convertible Senior Notes are due on October 1 and April 1 of each year in the case of the 2.5% Convertible Notes, and February 15 and August 15 in the case of the 2.0% Convertible Notes. The fair value of the equity component of our Convertible Senior Notes of $41 million , net of tax was recorded in additional paid-in capital and is being amortized as interest expense. Holders of the Convertible Senior Notes may convert the notes into our common stock at any time up to the maturity date of each note. The conversion rate for the 2.0% Convertible Notes is 48.9860 shares of common stock per $1,000 principal amount of the notes, which represents an initial conversion price of approximately $20.41 per share. The conversion rate for the 2.5% Convertible Notes is 59.6341 shares of common stock per $1,000 principal amount of the notes, which represents an initial conversion price of approximately $16.77 per share. If holders of the Convertible Senior Notes convert them in connection with a fundamental change, we may be required to provide a make-whole premium in the form of an increased conversion rate, subject to a maximum amount, based on the effective date of the fundamental change as set forth in a table contained in the indenture governing each of the Convertible Senior Notes. A fundamental change, as defined, includes a sale of substantially all our assets, a change of the control of Symantec, or a plan for our liquidation or dissolution. The conversion rates under the Convertible Senior Notes are subject to customary anti-dilution adjustments. If the holders request a conversion, we have the option to settle the par amount of the Convertible Senior Notes using cash, shares of our common stock, or a combination of cash and shares with the cash settlement not exceeding the principal amount and accrued and unpaid interest of the Convertible Senior Notes. As long as the holders of the Convertible Senior Notes each own at least 4% of our common stock on an as-converted basis, they are entitled to nominate one director to our Board of Directors. As of March 29, 2019 , the holders’ percentage interest in our common stock exceeded this threshold. On or after the 4 -year anniversary of the issuance date, holders of the 2.5% Convertible Senior Notes have the option to require us to repurchase the notes, in cash, equal to the principal amount and accrued and unpaid interest of the 2.5% Convertible Senior Notes. Therefore, as of March 29, 2019 , the principal amount and associated unamortized discount and issuance costs of the 2.5% Convertible Senior Notes were classified as Current portion of long-term debt in our Consolidated Balance Sheet. We may redeem all or part of the principal of the 2.5% Convertible Senior Notes, at our option, at a purchase price equal to the principal amount plus accrued interest on or after the 4 -year anniversary of the issuance date of the 2.5% Convertible Senior Notes, if the closing trading price of our common stock exceeds 150% of the then-current conversion price for 20 or more trading days in the 30 consecutive trading-day period preceding our exercise of the redemption right (including the last three such trading days) and provided that we have satisfied all regulatory common stock registration requirements. The 2.0% Convertible Senior Notes are not redeemable at our option. Based on the closing price of our common stock of $22.99 on March 29, 2019 , the if-converted values of our 2.5% and 2.0% Convertible Senior Notes exceed the principal amount by approximately $185 million and $158 million , respectively. The following table sets forth total interest expense recognized related to our 2.5% and 2.0% Convertible Senior Notes: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Contractual interest expense $ 38 $ 38 $ 29 Amortization of debt discount and issuance costs $ 16 $ 16 $ 13 Revolving Credit Facility We have an unsecured revolving credit facility to borrow up to $1.0 billion through May 10, 2021. Borrowings under the revolving facility bear interest at a floating rate of interest plus an applicable margin which is based on our senior unsecured credit agency rating. We are obligated to pay commitment fees on the daily amount of the unused revolving commitment at a rate based on our debt ratings. We may request incremental commitments up to $500 million , subject to customary conditions. The revolving credit facility is subject to the same covenants as our Senior Term Loans. As of March 29, 2019 and March 30, 2018 , there were no borrowings outstanding under this revolving facility. |
Derivatives
Derivatives | 12 Months Ended |
Mar. 29, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives We conduct business in numerous currencies throughout our worldwide operations, and our entities hold monetary assets or liabilities, earn revenues, or incur costs in currencies other than the entity’s functional currency. As a result, we are exposed to foreign exchange gains or losses which impacts our operating results. As part of our foreign currency risk mitigation strategy, we have entered into foreign exchange forward contracts with up to twelve months in duration. We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our foreign currency exposure in a manner that entirely offsets the effects of the changes in foreign exchange rates. During fiscal 2019, to help protect the net investment in a foreign operation from adverse changes in foreign currency exchange rates, we initiated a program under which we may enter into foreign currency forward and option contracts to offset the changes in the carrying amounts of these investments due to fluctuations in foreign currency exchange rates. As of March 29, 2019 , the fair value of these contracts was insignificant. During fiscal 2019, the net gain recognized in AOCI was insignificant. We also enter into foreign currency forward contracts to hedge foreign currency balance sheet exposure. These forward contracts are not designated as hedging instruments. As of March 29, 2019 and March 30, 2018 , the fair value of these contracts was insignificant. The related gain (loss) recognized in Other income (expense), net in our Consolidated Statements of Operations was as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Foreign exchange forward contracts gain (loss) $ (37 ) $ 25 $ (17 ) The fair value of our foreign exchange forward contracts is presented on a gross basis in our Condensed Consolidated Balance Sheets. To mitigate losses in the event of nonperformance by counterparties, we have entered into master netting arrangements with our counterparties that allow us to settle payments on a net basis. The effect of netting on our derivative assets and liabilities was not material as of March 29, 2019 and March 30, 2018 . The notional amount of our outstanding foreign exchange forward contracts in U.S. dollar equivalent was as follows: (In millions) March 29, 2019 March 30, 2018 Net investment hedges Foreign exchange forward contracts sold $ 116 $ — Balance sheet contracts Foreign exchange forward contracts purchased $ 963 $ 697 Foreign exchange forward contracts sold $ 122 $ 151 |
Restructuring, Transition and O
Restructuring, Transition and Other Costs | 12 Months Ended |
Mar. 29, 2019 | |
Restructuring Costs [Abstract] | |
Restructuring, Transition and Other Costs | Restructuring, Transition and Other Costs Our restructuring, transition and other costs 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 exit costs, which generally include rent expense and lease termination costs, less estimated sublease income. Transition costs are incurred in connection with Board of Directors approved discrete strategic information technology transformation initiatives and primarily consist of consulting charges associated with our enterprise resource planning and supporting systems and costs to automate business processes. In addition, transition costs include expenses associated with divestitures of our product lines. Fiscal 2019 Plan In August 2018, we announced a restructuring plan (the Fiscal 2019 Plan) under which we will initiate targeted reductions of up to approximately 8% of our global workforce. We estimate that we will incur total costs in connection with the Fiscal 2019 Plan of approximately $50 million , primarily for severance and termination benefits and facilities exit costs. These actions are expected to be completed in fiscal 2020. As of March 29, 2019 , we have incurred costs of $22 million related to our Fiscal 2019 Plan. 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), under which we reduced headcount and closed certain facilities. These actions were completed in fiscal 2019 at a cumulative cost of $289 million . Our restructuring, transition and other costs are presented in the table below: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Severance and termination benefit costs $ 28 $ 61 $ 76 Other exit and disposal costs 15 52 80 Asset write-offs 2 25 23 Transition costs 196 272 94 Total restructuring, transition and other costs $ 241 $ 410 $ 273 Included in our fiscal 2018 other exit and disposal costs is a $29 million impairment charge related to certain land and buildings previously reported as property and equipment that were reclassified to assets held for sale. As of March 29, 2019 , the restructuring liabilities were not significant. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Pre-tax income from international operations was $214 million , $890 million , and $353 million for fiscal 2019 , 2018 , and 2017 , respectively. The components of income tax expense (benefit) recorded in continuing operations are as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Current: Federal $ 73 $ 1,011 $ 108 State 15 40 6 International 74 107 68 Total 162 1,158 182 Deferred: Federal (52 ) (1,664 ) (177 ) State (2 ) (151 ) (17 ) International (16 ) (33 ) (14 ) Total (70 ) (1,848 ) (208 ) Income tax expense (benefit) $ 92 $ (690 ) $ (26 ) As of December 28, 2018, we have completed our accounting for the effects of the enactment of the Tax Cuts and Jobs Act (H.R.1) (the 2017 Tax Act) in accordance with U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 118, and the amounts are no longer considered provisional. We will continue to evaluate any new guidance from the U.S. Department of Treasury and the Internal Revenue Service (IRS) as issued. The U.S. federal statutory income tax rates we have applied for fiscal 2019 , 2018 , and 2017 are as follows: Year Ended March 29, 2019 March 30, 2018 March 31, 2017 U.S. federal statutory income tax rate 21.0 % 31.6 % 35.0 % The difference between our effective income tax and the federal statutory income tax is as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Federal statutory tax expense (benefit) $ 22 $ 138 $ (92 ) Foreign earnings not considered indefinitely reinvested, net 3 — 12 State taxes, net of federal benefit (2 ) (26 ) (11 ) Foreign earnings taxed at other than the federal rate 17 (156 ) 34 Transition tax (57 ) 893 — Federal research and development credit (9 ) (12 ) (9 ) Valuation allowance increase (decrease) 31 7 (1 ) Change in uncertain tax positions 53 (6 ) (24 ) Nondeductible transaction costs — — 11 Write-off of tax attributes due to restructuring — — 52 Stock-based compensation 17 (44 ) — Effect of tax rate change on deferred taxes — (131 ) — Re-assessment of deferred taxes on foreign earnings — (1,420 ) — Nondeductible officer compensation 3 11 7 Nondeductible goodwill — 59 — Other U.S. permanent differences 5 — — Return to provision adjustment 5 — — Other, net 4 (3 ) (5 ) Income tax expense (benefit) $ 92 $ (690 ) $ (26 ) The principal components of deferred tax assets and liabilities are as follows: As of (In millions) March 29, 2019 March 30, 2018 Deferred tax assets: Tax credit carryforwards $ 54 $ 30 Net operating loss carryforwards of acquired companies 51 32 Other accruals and reserves not currently tax deductible 64 66 Deferred revenue 54 94 Intangible assets 384 — Loss on investments not currently tax deductible 35 9 Stock-based compensation 87 141 Other 25 18 Gross deferred tax assets 754 390 Valuation allowance (105 ) (19 ) Deferred tax assets, net of valuation allowance $ 649 $ 371 Deferred tax liabilities: Property and equipment $ (17 ) $ (5 ) Goodwill (13 ) (20 ) Intangible assets — (459 ) Unremitted earnings of foreign subsidiaries (316 ) (396 ) Prepaids and deferred expenses (43 ) (23 ) Discount on convertible debt (7 ) (14 ) Deferred tax liabilities (396 ) (917 ) Net deferred tax assets (liabilities) $ 253 $ (546 ) The valuation allowance provided against our deferred tax assets as of March 29, 2019 , increased primarily due to a corresponding increase in unrealized capital losses from equity investments, certain acquired tax loss and tax credits carryforwards, and California research and development credits. Based on our current operations, these attributes are not expected to be realized, and a valuation allowance has been recorded to offset them. As of March 29, 2019 , we have U.S. federal net operating losses attributable to various acquired companies of approximately $147 million , which, if not used, will expire between fiscal 2020 and 2037 . We have U.S. federal research and development credits of approximately $11 million . The research and development credits, if not used, will expire between fiscal 2020 and 2036 . $89 million of the net operating loss carryforwards and $11 million of the U.S. federal research and development tax credits are subject to limitations which currently prevent their use, and therefore these attributes are not expected to be realized. The remaining net operating loss carryforwards and U.S. federal research and development tax credits are subject to an annual limitation under U.S. federal tax regulations but are expected to be fully realized. We have $3 million of foreign tax credits which, if not used, will expire beginning in fiscal 2028 . Furthermore, we have U.S. state net operating loss and credit carryforwards attributable to various acquired companies of approximately $68 million and $51 million , respectively. If not used, our U.S. state net operating losses will expire between fiscal 2020 and 2037 , and the majority of our U.S. state credit carryforwards can be carried forward indefinitely. In addition, we have foreign net operating loss carryforwards attributable to various foreign companies of approximately $118 million , $24 million of which relate to Japan, and will expire beginning in fiscal 2028 , and the rest of which, under current applicable foreign tax law, can be carried forward indefinitely. In assessing the ability to realize our deferred tax assets, we considered whether it is more likely than not that some portion or all the deferred tax assets will not be realized. We considered the following: we have historical cumulative book income, as measured by the current and prior two years; we have strong, consistent taxpaying history; we have substantial U.S. federal income tax carryback potential; and we have substantial amounts of scheduled future reversals of taxable temporary differences from our deferred tax liabilities. We have concluded that this positive evidence outweighs the negative evidence and, thus, that the deferred tax assets as of March 29, 2019 are realizable on a “more likely than not” basis. The aggregate changes in the balance of gross unrecognized tax benefits were as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Balance at beginning of year $ 378 $ 248 $ 197 Settlements with tax authorities (3 ) (4 ) (23 ) Lapse of statute of limitations (17 ) (3 ) (9 ) Increase related to prior period tax positions 16 35 21 Decrease related to prior period tax positions (11 ) — (9 ) Increase related to current year tax positions 75 98 38 Increase due to acquisition 8 4 33 Net increase 68 130 51 Balance at end of year $ 446 $ 378 $ 248 There was a change of $68 million in gross unrecognized tax benefits during fiscal 2019 . This gross liability does not include offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, interest deductions, and state income taxes. Of the total unrecognized tax benefits at March 29, 2019 , $361 million , if recognized, would favorably affect our effective tax rate. We recognize interest and/or penalties related to uncertain tax positions in income tax expense. At March 29, 2019 , before any tax benefits, we had $43 million of accrued interest and penalties on unrecognized tax benefits. Interest included in our provision for income taxes was an expense of approximately $17 million for fiscal 2019. If the accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced in the period that such determination is made and reflected as a reduction of the overall income tax provision. We file income tax returns in the U.S. on a federal basis and in many U.S. state and foreign jurisdictions. Our most significant tax jurisdictions are the U.S., Ireland, and Singapore. Our tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. Our fiscal years 2014 through 2019 remain subject to examination by the IRS for U.S. federal tax purposes. Our fiscal years prior to 2014 have been settled and closed with the IRS. Our 2015 through 2019 fiscal years remain subject to examination by the appropriate governmental agencies for Irish tax purposes, and our 2014 through 2019 fiscal years remain subject to examination by the appropriate governmental agencies for Singapore tax purposes. 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 involves 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 $26 million . Depending on the nature of the settlement or expiration of statutes of limitations, we estimate $26 million could affect 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 tolling of the statute of limitations in various taxing jurisdictions. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 29, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Preferred stock Our Board of Directors has the authority to issue up to 1 million shares of preferred stock and to determine the price, rights, preferences, privileges, and restrictions, including voting rights, of those shares without any further vote or action by the stockholders. As of March 29, 2019 and March 30, 2018 , there were no shares outstanding. Dividends On May 9, 2019 , we announced a cash dividend of $0.075 per share of common stock to be paid in June 2019 . All shares of common stock issued and outstanding and all RSUs and PRUs 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 Under our stock repurchase program, we may purchase shares of our outstanding common stock through open market and through accelerated stock repurchase (ASR) transactions. In fiscal 2019, we executed share repurchases of 11 million shares for $252 million in the open market at an average price of $22.68 per share, including $18 million for 1 million shares settled in April 2019. In fiscal 2018, we received 2 million shares at an average price of $30.51 per share from the final settlement of an ASR entered into in fiscal 2017 under which we made a prepayment of $500 million in March 2017 and received an initial delivery of 14 million shares. In January 2019, our Board of Directors increased their authorization by $500 million . As of March 29, 2019 , we have $1,048 million remaining under the authorization to be completed in future periods with no expiration date. Accumulated other comprehensive income (loss) Components and activities of AOCI, net of tax, were as follows: (In millions) Foreign Currency Translation Adjustments Unrealized Gain (Loss) On Available-For-Sale Securities Equity Method Investee Total AOCI Balance as of March 31, 2017 $ 7 $ 5 $ — $ 12 Other comprehensive loss before reclassifications (4 ) (5 ) — (9 ) Reclassification to net income (loss) 5 (4 ) — 1 Balance as of March 30, 2018 8 (4 ) — 4 Other comprehensive income (loss) before reclassifications (13 ) 3 (1 ) (11 ) Balance as of March 29, 2019 $ (5 ) $ (1 ) $ (1 ) $ (7 ) During fiscal 2018, a net foreign currency translation loss of $8 million related to foreign entities sold in the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture , and a net gain of $3 million related to liquidated foreign entities was reclassified to Other income (expense), net . A realized gain of $7 million on securities sold in connection with the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture . The tax effect of $3 million was reclassified to Income tax expense (benefit) . |
Stock-Based Compensation and Ot
Stock-Based Compensation and Other Benefit Plans | 12 Months Ended |
Mar. 29, 2019 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation and Other Benefit Plans | Stock-Based Compensation and Other Benefit Plans Stock incentive plans The purpose of our stock incentive plans is to attract, retain, and motivate eligible persons whose present and potential contributions are important to our success by offering them an opportunity to participate in our future performance through equity awards. We have one primary stock incentive plan: the 2013 Equity Incentive Plan (the 2013 Plan), under which incentive stock options may be granted only to employees (including officers and directors who are also employees), and other awards may be granted to employees, officers, directors, consultants, independent contractors, and advisors. As amended in December 2018, our stockholders have approved and reserved 82 million shares of common stock for issuance under the 2013 Plan. As of March 29, 2019 , 22 million shares remained available for future grant, calculated using the maximum potential shares that could be earned and issued at vesting. In connection with the acquisitions of various companies, we have assumed the equity awards granted under stock incentive plans of the acquired companies or issued equity awards in replacement thereof. No new awards will be granted under our acquired stock plans. RSUs (In millions, except per share and year data) Number of Weighted- Weighted- Aggregate Intrinsic Outstanding at March 30, 2018 19 $ 25.06 Granted 15 $ 21.77 Vested (10 ) $ 23.91 Forfeited (3 ) $ 24.24 Outstanding and unvested at March 29, 2019 21 $ 23.36 1.0 $ 493 RSUs generally vest over a three -year period. The weighted-average grant date fair value per share of RSUs granted during fiscal 2019 , 2018 , and 2017 was $21.77 , $30.01 , and $20.56 , respectively. The total fair value of RSUs released in fiscal 2019 , 2018 , and 2017 was $ 214 million , $ 294 million , and $ 181 million , respectively, which represents the market value of our common stock on the date the RSUs were released. PRUs (In millions, except per share and year data) Number of Weighted- Weighted- Aggregate Intrinsic Outstanding and unvested at March 30, 2018 3 $ 30.00 Granted 2 $ 21.30 Performance adjustment (1 ) $ 28.74 Vested (1 ) $ 21.78 Forfeited (1 ) $ 31.15 Unvested at March 29, 2019 2 $ 27.04 1.2 $ 53 Vested and unreleased at March 29, 2019 1 Outstanding at March 29, 2019 3 The total fair value of PRUs released in fiscal 2019, 2018, and 2017 was $261 million , $24 million , and $14 million , respectively, which represents the market value of our common stock on the date the PRUs were released. We have granted PRUs to certain of our executives. Typically, these PRUs have a three -year vest period and contain a combination of Company performance and market conditions. The performance conditions are based on the achievement of specified one-year non-GAAP financial metrics and in fiscal 2019, a liquidity metric. The market conditions are based on the achievement of our relative total shareholder return over a two- and three-year period. Typically, 0% to 200% of target shares are eligible to be earned based on the achievement of the performance and market conditions. In addition, during fiscal 2017, we granted 2 million PRUs to certain of our executives and assumed 3 million PRUs as part of the Blue Coat acquisition, all of which had a three -year vesting period. Based on the achievement of our fiscal 2018 non-GAAP operating income, 268% of target PRUs, or 13 million shares, became eligible to be earned, of which 12 million shares vested at the end of fiscal 2018 and were issued in fiscal 2019, and 1 million shares vested at the end of fiscal 2019 and will be released in fiscal 2020. Valuation of PRUs The fair value of each PRU that does not contain a market condition is equal to the market value of our common stock on the date of grant. The fair value of each PRU that contains a market condition is estimated using the Monte Carlo simulation option pricing model. The valuation and the underlying weighted-average assumptions for PRUs are summarized below: Year Ended March 29, 2019 March 30, 2018 March 31, 2017 Expected term 2.7 years 2.8 years N/A Expected volatility 34.2 % 23.2 % N/A Risk-free interest rate 2.7 % 1.5 % N/A Expected dividend yield — — N/A Weighted-average grant date fair value of PRUs $ 21.30 $ 32.78 $ 19.99 N/A: Not applicable as awards did not contain a market condition. Stock options (In millions, except per share and year data) Number of Weighted- Weighted- Aggregate Intrinsic Outstanding at March 30, 2018 14 $ 8.53 Assumed in acquisitions 1 $ 0.53 Exercised (2 ) $ 10.10 Forfeited and expired (1 ) $ 13.12 Outstanding at March 29, 2019 12 $ 7.83 Exercisable at March 29, 2019 11 $ 7.94 5.8 $ 165 The total intrinsic value of options exercised during fiscal 2019 , 2018 , and 2017 was $ 23 million , $ 131 million , and $ 78 million , respectively. Restricted stock In connection with our fiscal 2018 acquisitions, we issued approximately 1 million restricted shares of our common stock and will recognize $44 million of expense over the service period. These restricted shares will be released to the individuals through three annual installments subject to the individuals’ continued employment at Symantec. Liability-classified awards settled in shares Certain fiscal 2019 and 2018 bonuses are settled in RSUs that vest shortly after the grant date. In fiscal 2019, 2 million RSUs were issued to settle these bonuses. As of March 29, 2019 and March 30, 2018 , the total liability associated with these liability-classified awards was $22 million and $25 million , respectively, which is presented in Accrued compensation and benefits in our Consolidated Balance Sheets. ESPP Under our 2008 Employee Stock Purchase Plan, employees may annually contribute up to 10% of their gross compensation, subject to certain limitations, to purchase shares of our common stock at a discounted price. Beginning August 16, 2016, eligible employees are offered shares through a 12-month offering period, which consists of two consecutive 6 -month purchase periods, at 85% of the lower of either the fair market value on the purchase date or the fair market value at the beginning of the offering period. Prior to that, employees were able to purchase shares of common stock at a price per share equal to 85% of the fair market value on the purchase date at the end of each six-month purchase period. In August 2018, we cancelled the issuance of common stock under our ESPP for the 6-month purchase period ended August 15, 2018, as a result of the delayed filing of our Annual Report on Form 10-K for the fiscal year ended March 30, 2018. All participant contributions were refunded. In addition, the enrollment in the purchase period beginning August 16, 2018 was cancelled. On February 16, 2019, we opened enrollment in a new offering period. As of March 29, 2019 , 34 million shares have been issued under this plan, and 36 million shares remained available for future issuance. The following table summarizes activity related to the purchase rights issued under the ESPP: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Shares issued under the ESPP — 3 3 Proceeds from issuance of shares $ — $ 69 $ 56 Stock-based compensation expense Total stock-based compensation expense and the related income tax benefit recognized for all of our equity incentive plans in our Consolidated Statements of Operations were as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Cost of revenues $ 17 $ 28 $ 21 Sales and marketing 114 165 107 Research and development 134 200 110 General and administrative 87 217 202 Total stock-based compensation expense $ 352 $ 610 $ 440 Income tax benefit for stock-based compensation expense $ (73 ) $ (116 ) $ (149 ) As of March 29, 2019 , the total unrecognized stock-based compensation costs, net of estimated forfeitures, were as follows: (In millions) Unrecognized compensation cost Weighted-average remaining years RSUs $ 252 1.7 PRUs 22 1.2 Options 14 1.8 Restricted stock 19 1.3 Liability-classified awards settled in shares 32 2.1 ESPP 14 0.9 Total $ 353 Other employee benefit plans 401(k) plan We maintain a salary deferral 401(k) plan for all of our U.S. employees. This plan allows employees to contribute their pretax salary up to the maximum dollar limitation prescribed by the Internal Revenue Code. We matched the first 3% of a participant’s eligible compensation prior to December 31, 2016 and the first 3.5% thereafter, up to $6,000 in a calendar year. Our employer matching contributions to the 401(k) plan were as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 401(k) matching contributions $ 23 $ 25 $ 19 |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Mar. 29, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share also includes the incremental effect of dilutive potentially issuable common shares outstanding during the period using the treasury stock method. Dilutive potentially issuable common shares include the dilutive effect of the shares underlying convertible debt and employee equity awards. Diluted loss per share was the same as basic loss per share for the year ended March 31, 2017 , as there was a loss from continuing operations in the period and inclusion of potentially issuable shares was anti-dilutive. The components of basic and diluted net income (loss) per share are as follows: Year Ended (In millions, except per share amounts) March 29, 2019 March 30, 2018 March 31, 2017 Income (loss) from continuing operations $ 16 $ 1,127 $ (236 ) Income from discontinued operations, net of income taxes 15 11 130 Net income (loss) $ 31 $ 1,138 $ (106 ) Income (loss) per share - basic: Continuing operations $ 0.03 $ 1.83 $ (0.38 ) Discontinued operations $ 0.02 $ 0.02 $ 0.21 Net income (loss) per share - basic $ 0.05 $ 1.85 $ (0.17 ) Income (loss) per share - diluted: Continuing operations $ 0.02 $ 1.69 $ (0.38 ) Discontinued operations $ 0.02 $ 0.02 $ 0.21 Net income (loss) per share - diluted (1) $ 0.05 $ 1.70 $ (0.17 ) Weighted-average outstanding shares - basic 632 616 618 Dilutive potentially issuable shares: Convertible debt 10 32 — Employee equity awards 19 20 — Weighted-average shares outstanding - diluted 661 668 618 Anti-dilutive shares excluded from diluted net income (loss) per share calculation: Convertible debt — — 91 Employee equity awards 6 1 50 Total 6 1 141 (1) Net income (loss) per share amounts may not add due to rounding. 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. The conversion feature of both notes was anti-dilutive during fiscal 2017 due to a loss from continuing operations. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Mar. 29, 2019 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information We operate in the following two reportable segments, which are the same as our operating segments: • Enterprise Security. Our Enterprise Security segment focuses on providing our Integrated Cyber Defense solutions to help business and government customers unify cloud and on-premises security to deliver a more effective cyber defense solution, while driving down cost and complexity. • Consumer Cyber Safety. Our Consumer Cyber Safety segment focuses on providing cyber safety solutions under our Norton LifeLock brand to help consumers protect their devices, online privacy, identities, and home networks. Operating segments are based upon the nature of our business and how our business is managed. Our Chief Operating Decision Makers, comprised of our Chief Executive Officer and Chief Financial Officer, 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 reportable segments: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Total segments: Net revenues $ 4,731 $ 4,834 $ 4,019 Operating income $ 1,414 $ 1,584 $ 1,026 Enterprise Security: Net revenues $ 2,323 $ 2,554 $ 2,355 Operating income $ 269 $ 473 $ 187 Consumer Cyber Safety: Net revenues $ 2,408 $ 2,280 $ 1,664 Operating income $ 1,145 $ 1,111 $ 839 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 primarily of stock-based compensation expense; amortization of intangible assets; restructuring, transition and other costs; and acquisition-related costs. The following table provides a reconciliation of our total reportable segments’ operating income to our total operating income (loss): Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Total segment operating income $ 1,414 $ 1,584 $ 1,026 Reconciling items: Stock-based compensation expense 352 610 440 Amortization of intangible assets 443 453 293 Restructuring, transition and other costs 241 410 273 Acquisition-related costs 3 60 120 Other (5 ) 2 — Total consolidated operating income (loss) from continuing operations $ 380 $ 49 $ (100 ) Products and service revenue information The following table summarizes net revenues by significant product and services categories: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Enterprise Security: Endpoint and information protection $ 1,027 $ 983 $ 947 Network and web security 748 782 451 WSS and PKI — 238 422 Other products and services 548 551 535 Total Enterprise Security $ 2,323 $ 2,554 $ 2,355 Consumer Cyber Safety: Consumer security $ 1,471 $ 1,504 $ 1,527 Identity and information protection 937 776 137 Total Consumer Cyber Safety 2,408 2,280 1,664 Total net revenues $ 4,731 $ 4,834 $ 4,019 Endpoint and information protection products include endpoint security, advanced threat protection, and information protection solutions and their related support services. Network and web security products include network security, web security, and cloud security solutions and their related support services. WSS and PKI products consist of the solutions we divested on October 31, 2017 . Other products and services primarily consist of email security products, managed security services, consulting, and other professional services. Consumer security products include Norton security, Norton Secure VPN, and other consumer security solutions. Identity and information protection products include LifeLock identity theft protection and other information protection solutions. Geographical information Net revenues by geography are based on the billing addresses of our customers. The following table represents net revenues by geographic area for the periods presented: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Americas $ 3,028 $ 3,031 $ 2,329 EMEA 1,002 1,048 955 APJ 701 755 735 Total net revenues $ 4,731 $ 4,834 $ 4,019 Note: The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan Revenues from customers inside the U.S. were $2.8 billion , $2.8 billion , and $2.1 billion during fiscal 2019, 2018, and 2017, respectively. No other individual country accounted for more than 10% of revenues. Most of our assets, excluding cash and cash equivalents and short-term investments, as of March 29, 2019 and March 30, 2018 , were attributable to our U.S. operations. The table below represents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries. (In millions) March 29, 2019 March 30, 2018 U.S. $ 1,544 $ 858 International 499 1,304 Total cash, cash equivalents and short-term investments $ 2,043 $ 2,162 The table below represents our property and equipment, net of accumulated depreciation and amortization, by geographic area, based on the physical location of the asset, at the end of each period presented. (In millions) March 29, 2019 March 30, 2018 U.S. $ 671 $ 677 International (1) 119 101 Total property and equipment, net $ 790 $ 778 (1) No individual country represented more than 10% of the respective totals. Significant customers In fiscal 2019 , the following customer, who is a distributor, accounted for 10% or more of our net revenues: Year Ended March 29, 2019 March 30, 2018 March 31, 2017 HNA Group Co., Ltd. 10 % N/A N/A |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease commitments We lease certain of our facilities, equipment, and data center co-locations under operating leases that expire at various dates through fiscal 2029. We currently sublease some space under various operating leases that will expire on various dates through fiscal 2022. Some of our leases contain renewal options, escalation clauses, rent concessions, and leasehold improvement incentives. Rent expense under operating leases was $68 million , $78 million , and $79 million for fiscal 2019 , 2018 , and 2017 , respectively. The minimum future rentals on non-cancelable operating leases by fiscal year are as follows: (In millions) March 29, 2019 2020 $ 55 2021 49 2022 40 2023 32 2024 26 Thereafter 42 Total minimum future lease payments 244 Sublease income (6 ) Total minimum future lease payments, net $ 238 Purchase obligations We have purchase obligations that are associated with agreements for purchases of goods or services. Management believes that cancellation of these contracts is unlikely, and we expect to make future cash payments according to the contract terms. The following reflects estimated future payments for purchase obligations by fiscal year: (In millions) March 29, 2019 2020 $ 525 2021 175 2022 145 2023 136 2024 81 Thereafter 9 Total purchase obligations $ 1,071 Deemed repatriation taxes Under the 2017 Tax Act, we are required to pay a one-time transition tax on untaxed foreign earnings of our foreign subsidiaries through July 2025. See Note 11 for more information regarding the 2017 Tax Act and its impact on our income taxes. The following reflects estimated future payments for deemed repatriation taxes by fiscal year: (In millions) March 29, 2019 2020 $ 65 2021 67 2022 67 2023 126 2024 168 Thereafter 210 Total obligations $ 703 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 material liabilities related to such indemnification obligations in our Consolidated Financial Statements. In connection with the sale of our Veritas information management business, 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 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 SEC Investigation As previously disclosed in our public filings, the Audit Committee of our Board of Directors (the Audit Committee) completed its internal investigation (the Audit Committee Investigation) in September 2018. In connection with the Audit Committee Investigation, we voluntarily contacted the SEC in April 2018. The SEC commenced a formal investigation, and we continue to cooperate with that investigation. The outcome of such an investigation is difficult to predict. We have incurred, and will continue to incur, significant expenses related to legal and other professional services in connection with the SEC investigation. At this stage, we are unable to assess whether any material loss or adverse effect is reasonably possible as a result of the SEC’s investigation or estimate the range of any potential loss. Securities Class Action and Derivative Litigation Securities class action lawsuits, which have since been consolidated, were filed in May 2018 against us and certain of our current and former officers, in the U.S. District Court for the Northern District of California. The lead plaintiff’s consolidated amended complaint alleges that, during a purported class period of May 11, 2017 to August 2, 2018, defendants made false and misleading statements in violation of Sections 10(b) and 20(a), and that certain individuals violated Section 20A, of the Securities Exchange Act. Defendants filed motions to dismiss, which are currently pending. Purported shareholder derivative lawsuits have been filed against Symantec and certain of our officers and directors in the U.S. District Court for the District of Delaware, Delaware Chancery Court, and Delaware Superior Court, arising generally out of the same facts and circumstances as alleged in the securities class action and alleging claims for breach of fiduciary duty and related claims; these lawsuits include an action brought derivatively on behalf of Symantec’s 2008 Employee Stock Purchase Plan. The derivative actions are currently voluntarily stayed in light of the securities class action. No specific amount of damages has been alleged in these lawsuits. We have also received demands from purported stockholders to inspect corporate books and records under Delaware law. We will continue to incur legal fees in connection with these pending cases and demands, including expenses for the reimbursement of legal fees of present and former officers and directors under indemnification obligations. The expense of continuing to defend such litigation may be significant. We intend to defend these lawsuits vigorously, but there can be no assurance that we will be successful in any defense. If any of the lawsuits are decided adversely, we may be liable for significant damages directly or under our indemnification obligations, which could adversely affect our business, results of operations, and cash flows. At this stage, we are unable to assess whether any material loss or adverse effect is reasonably possible as a result of these lawsuits or estimate the range of any potential loss. 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. 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. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 29, 2019 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation The accompanying consolidated financial statements of Symantec and our wholly-owned subsidiaries are prepared in conformity with generally accepted accounting principles in the United States (GAAP). All significant intercompany accounts and transactions have been eliminated in consolidation. |
Fiscal calendar | Fiscal calendar We have a 52/53-week fiscal year ending on the Friday closest to March 31. Our fiscal years 2019 , 2018 , and 2017 were each 52-week years. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates are based upon historical factors, current circumstances, and the experience and judgment of management. Management evaluates its assumptions and estimates on an ongoing basis and may engage outside subject matter experts to assist in its valuations. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include determination of stand-alone selling price for performance obligations, valuation of business combinations including acquired intangible assets and goodwill, loss contingencies, valuation of stock-based compensation, and the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions. |
Revenue recognition | Revenue recognition On March 31, 2018, the first day of our fiscal 2019, we adopted the new revenue standard, Revenue Recognition - Contracts with Customers , on a modified retrospective basis, applying the practical expedient to all uncompleted contracts as of March 31, 2018, and as a result, results of our fiscal 2019 are presented under the new revenue recognition guidance, while prior period amounts are not adjusted and continue to be reported under the prior revenue recognition guidance. See Notes 2 and 3 for further discussion on our revenue recognition policies and the impacts of the new guidance. Revenues General We recognize revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for the goods or services. Revenue is recognized net of allowances for returns, discounts, distributor incentives, and end-user rebates, and any taxes collected from customers and subsequently remitted to governmental authorities. For arrangements with multiple performance obligations, which may include hardware, software licenses, cloud services, support and maintenance, and professional services, we allocate revenue to each performance obligation on a relative fair value basis based on management’s estimate of stand-alone selling price (SSP). Judgment is required to determine the SSP for each performance obligation. The determination of SSP is made by taking into consideration observable prices in historical transactions. When observable prices in historical transactions are not available or are inconsistent, we estimate SSP based on observable prices in historical transactions of similar products, pricing discount practices, product margins, and other factors that may vary over time depending upon the unique facts and circumstances related to each performance obligation. Enterprise Security Revenue for our Enterprise Security products is earned from arrangements that can include various combinations of software licenses, cloud services, hardware, support and maintenance, and professional services, which are sold directly to end-users or through a multi-tiered distribution channel. Performance periods generally range from one to three years, and payment terms are generally between thirty and sixty days. Contracts generally do not contain significant financing components or variable consideration. We generally do not offer rights of return for Enterprise Security products, and the distribution channel does not hold inventory. As a result, historical returns and related reserves have been insignificant. We offer channel rebates and marketing programs for our Enterprise Security products. Our estimated reserves for channel volume incentive rebates are based on distributors’ and resellers’ performance compared to the terms and conditions of volume incentive rebate programs, which are typically entered into quarterly. We had reserves for Enterprise Security rebates and marketing programs of $6 million recorded in Other current liabilities as of March 29, 2019 and $6 million recorded against Accounts receivable, net as of March 30, 2018 . Consumer Cyber Safety We sell consumer products and services directly to end-users and consumer packaged software products through a multi-tiered distribution channel. Performance periods are generally one year or less, and payments are generally collected up front. We offer various channel and end-user rebates for our Consumer Cyber Safety products. Our estimated reserves for channel volume incentive rebates are based on distributors’ and resellers’ performance compared to the terms and conditions of volume incentive rebate programs, which are typically entered into quarterly. Our reserves for end-user rebates are estimated based on the terms and conditions of the promotional program, actual sales during the promotion, the amount of redemptions received, historical redemption trends by product and by type of promotional program, and the value of the rebate. We record estimated reserves for channel and end-user rebates as an offset to revenue or contract liabilities. We had reserves for Consumer Cyber Safety rebates of $11 million recorded in Other current liabilities as of March 29, 2019 and $21 million recorded against Accounts receivable, net as of March 30, 2018 . For consumer products that include content updates, rebates are recognized as a ratable offset to revenue or contract liabilities over the term of the subscription. Performance obligations At contract inception, we assess the products and services promised in the contract to identify each performance obligation and evaluate whether the performance obligations are capable of being distinct and are distinct within the context of the contract. Performance obligations that are not both capable of being distinct and distinct within the context of the contract are combined and treated as a single performance obligation in determining the allocation and recognition of revenue. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. In determining whether products and services are considered distinct performance obligations, we assess whether the customer can benefit from the products and services on their own or together with other readily available resources and whether our promise to transfer the product or service to the customer is separately identifiable from other promises in the contract. Our typical performance obligations include the following: Performance Obligation When Performance Obligations are Typically Satisfied Products and services transferred at a point in time: License with distinct deliverables When software activation keys have been made available for download Hardware with distinct deliverables When control of the product passes to the customer, typically upon shipment Products and services transferred over time: License with interrelated deliverables Primarily term-based license subscriptions recognized over the expected performance term, beginning on the date that software activation keys are made available to the customer Cloud hosted solutions Over the contract term, beginning on the date that service is made available to the customer Support and maintenance Ratably over the course of the service term Professional services As the services are provided Timing of revenue recognition As a result of the adoption of the new revenue recognition guidance, the timing of recognition of certain of our performance obligations has changed. For example, certain term-based licenses with distinct performance obligations have a portion of revenue recognized up front when the software activation keys have been made available for download, whereas these arrangements were previously recognized over time. In addition, allocating the transaction price for perpetual software licenses and support on a relative standalone selling price basis under the new guidance has generally resulted in more revenue allocated to the upfront license compared to the residual method of allocation under the previous guidance. Conversely, certain of our perpetual licenses are not distinct from their accompanying support and maintenance under the new guidance and are now recognized over time. |
Fair value measurements | Fair value measurements For assets and liabilities measured at fair value, fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider assumptions that market participants would use when pricing the asset or liability. The three levels of inputs that may be used to measure fair value are: • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets or model-derived valuations. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We monitor and review the inputs and results of these valuation models to help ensure the fair value measurements are reasonable and consistent with market experience in similar asset classes. |
Assets measured and recorded at fair value | Assets measured and recorded at fair value Cash equivalents . We consider all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents are carried at amounts that approximate fair value due to the short period of time to maturity. Short-term investments . Short-term investments consist primarily of corporate bonds. They are classified as available-for-sale and recognized at fair value using Level 1 and Level 2 inputs, which are quoted using market prices, independent pricing vendors, or other sources, to determine the fair value. Unrealized gains and losses, net of tax, are included in Accumulated other comprehensive income (loss) . We regularly review our investment portfolio to identify and evaluate investments that have indications of impairment. Factors considered in determining whether a loss is other-than-temporary include: the length of time and extent to which the fair value has been lower than the cost basis, the financial condition and near-term prospects of the investee, credit quality, likelihood of recovery, and our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. Derivatives. We have entered into foreign exchange forward contracts with up to 12 months in duration to mitigate our foreign currency risk. The forward contracts designated as net investment hedges are used to hedge net investments in certain foreign subsidiaries whose functional currency is the local currency. Gain or loss on these forward contracts are recognized in the translation adjustments component of Accumulated other comprehensive income (loss) (AOCI) and is reclassified to net earnings in the period in which the hedged subsidiary is either sold or substantially liquidated. The foreign exchange forward contracts not designated as hedges are used to hedge foreign currency balance sheet exposure. These forward contracts are recognized at fair value using Level 2 inputs to determine the fair value. |
Non-marketable equity investments | Non-marketable investments Our non-marketable investments consist of equity investments in privately-held companies without a readily determinable fair value. Beginning March 31, 2018, we measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Gains and losses on these investments, whether realized or unrealized, are recognized in Other income (expense), net in our Consolidated Statements of Operations. We account for the investment in common stock of DigiCert Parent Inc. (DigiCert) that we received as a portion of the net consideration in the sale of our website security (WSS) and public key infrastructure (PKI) solutions under the equity method. We record our interest in the net earnings (loss) of DigiCert based on the most recently available financial statements of DigiCert, which are provided to us on a three-month lag, along with adjustments for amortization of basis differences, in Other income (expense), net in our Consolidated Statements of Operations. We assess the recoverability of our non-marketable investments by reviewing various indicators of impairment. If indicators are present, a fair value measurement is made by performing a discounted cash flow analysis of the investment. We immediately recognize the impairment to our non-marketable equity investments if the carrying value exceeds the fair value. For our equity method investment, if a decline in value is determined to be other than temporary, impairment is recognized and included in Other income (expense), net in our Consolidated Statements of Operations. |
Accounts receivable | Accounts receivable Accounts receivable are recorded at the invoiced amount and are not interest bearing. We maintain an allowance for doubtful accounts to reserve for potentially uncollectible receivables. We review our accounts receivables by aging category to identify specific customers with known disputes or collectability issues. In addition, we maintain an allowance for all other receivables not included in the specific reserve by applying specific percentages of projected uncollectible receivables to the various aging categories. In determining these percentages, we use judgment based on our historical collection experience and current economic trends. We also offset deferred revenue against accounts receivable when channel inventories are in excess of specified levels and for transactions where collection of a receivable is not considered probable. |
Contract acquisition costs | Contract acquisition costs Sales commissions that are incremental to obtaining a customer contract for which revenue is deferred are accrued and capitalized and subsequently amortized to sales and marketing expense on a straight-line basis over three years, the expected period of benefit. In arriving at the average period of benefit, we evaluate both qualitative and quantitative factors which include historical customer renewal rates, anticipated renewal periods, and the estimated useful life of the underlying product sold as part of the transaction. Commissions paid on renewals of support and maintenance are not commensurate with the initial commissions paid, and therefore the amortization period of commissions for initial contracts considers the estimated term of specific anticipated renewal contracts over the life of the customer. |
Property and equipment | Property and equipment Property, equipment, and leasehold improvements are stated at cost, net of accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives. Estimated useful lives for financial reporting purposes are as follows: buildings, 20 to 30 years; building improvements, 7 to 20 years; leasehold improvements, the lesser of the life of the improvement or the initial lease term, computer hardware and software, and office furniture and equipment, 3 to 5 years. |
Software development costs | Software development costs The costs for the development of new software products and substantial enhancements to existing software products are expensed as incurred until technological feasibility has been established, at which time any additional costs would be capitalized in accordance with the accounting guidance for software. Because our current process for developing software is essentially completed concurrently with the establishment of technological feasibility, which occurs upon the completion of a working model, no costs have been capitalized for any of the periods presented. Internal-use software development costs We capitalize qualifying costs incurred during the application development stage related to software developed for internal-use and enterprise cloud computing services and amortize them over the estimated useful life of 3 years. We expense costs incurred related to the planning and post-implementation phases of development as incurred. |
Business combinations | Business combinations We use the acquisition method of accounting under the authoritative guidance on business combinations. We allocate the purchase price of our acquisitions to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. Each acquired company’s operating results are included in our Consolidated Financial Statements starting on the date of acquisition. |
Goodwill | Goodwill Goodwill is recorded when consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired. We perform an impairment assessment of goodwill at the reporting unit level at least annually in the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. For purpose of testing goodwill for impairment, we established reporting units based on our current reporting structure, and our goodwill was allocated to the Enterprise Security and Consumer Cyber Safety (Previously Consumer Digital Safety) reporting units. The accounting guidance gives us the option to perform a qualitative assessment to determine whether further impairment testing is necessary. The qualitative assessment considers events and circumstances that might indicate that a reporting unit’s fair value is less than its carrying amount. If it is determined, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative test is performed. In fiscal 2019, based on our qualitative assessments, we concluded that it is more likely than not that the fair values are more than their carrying values. Accordingly, there was no indication of impairment, and further quantitative testing was not required. |
Long-lived assets | Long-lived assets In connection with our acquisitions, we generally recognize assets for customer relationships, developed technology, finite-lived trade names, patents, and indefinite-lived trade names. Finite-lived intangible assets are carried at cost less accumulated amortization. Such amortization is provided on a straight-line basis over the estimated useful lives of the respective assets, generally from 1 to 11 years. Amortization for developed technology is recognized in cost of revenue. Amortization for customer relationships and certain trade names is recognized in operating expenses. Indefinite-lived intangible assets are not subject to amortization but instead tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets, including finite-lived intangible assets and property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group of assets may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. An impairment loss is recognized when estimated undiscounted future cash flows generated from the assets are less than their carrying amount. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair value. |
Revenue recognition - Contracts with Customers | Contract liabilities Contract liabilities consist of deferred revenue and customer deposit liabilities and represent cash payments received or due in advance of fulfilling our performance obligations. Deferred revenue represents billings under non-cancelable contracts before the related product or service is transferred to the customer. Certain arrangements in our Consumer Cyber Safety segment include terms that allow the end user to terminate the contract and receive a pro-rata refund for a period of time. In these arrangements, we have concluded there are no enforceable rights and obligations during the period in which the option to cancel is exercisable by the customer, and therefore the consideration received or due from the customer is recorded as a customer deposit liability. Revenue Recognition - Contracts with Customers . In May 2014, the FASB issued new authoritative guidance for revenue from contracts with customers. The standard’s core principle is that a company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration that the company expects to receive in exchange for those goods or services. In addition, companies are required to capitalize certain contract acquisition costs, including commissions paid, when contracts are signed. The asset recognized from capitalized incremental and recoverable acquisition costs is amortized on a straight-line basis consistent with the timing of transfer of the products or services to which the asset relates. |
Debt | Debt Our debt includes senior unsecured notes, senior term loans, convertible senior notes, and a senior unsecured revolving credit facility. Our senior unsecured notes are recorded at par value at issuance less a discount representing the amount by which the face value exceeds the fair value at the date of issuance and an amount which represents issuance costs. Our senior term loans are recorded at par value less debt issuance costs, which are recorded as a reduction in the carrying value of the debt. Our convertible senior notes are recorded at par value less the fair value of the equity component of the notes, at their issuance date, determined using Level 2 inputs and less any issuance costs. The discount and issuance costs associated with the various notes are amortized using the effective interest rate method over the term of the debt as a non-cash charge to interest expense. Borrowings under our revolving credit facility, if any, are recognized at principal balance plus accrued interest based upon stated interest rates. Debt maturities are classified as current liabilities on our Consolidated Balance Sheets if we are contractually obligated to repay them in the next twelve months or, prior to the balance sheet date, we have the authorization and intent to repay them prior to their contractual maturities and within the next twelve months. |
Treasury stock | Treasury stock We account for treasury stock under the cost method. Shares repurchased under our share repurchase program are retired. Upon retirement, we allocate the value of treasury stock between Paid-in capital and Retained earnings. |
Restructuring | Restructuring Restructuring actions generally include significant actions involving employee-related severance charges and contract termination costs. Employee-related severance charges are largely based upon substantive severance plans, while some charges result from mandated requirements in certain foreign jurisdictions. These charges are reflected in the period when both the actions are probable, and the amounts are estimable. Contract termination costs for leased facilities primarily reflect costs that will continue to be incurred under the contract for its remaining term without economic benefit to us. These charges are reflected in the period when the facility ceases to be used. |
Income taxes | Income taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards in each jurisdiction in which we operate. We measure deferred tax assets and liabilities using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We also assess the likelihood that deferred tax assets will be realized from future taxable income and based on this assessment establish a valuation allowance, if required. The determination of our valuation allowance involves assumptions, judgments, and estimates, including forecasted earnings, future taxable income, and the relative proportions of revenue and income before taxes in the various domestic and international jurisdictions in which we operate. To the extent we establish a valuation allowance or change the valuation allowance in a period, we reflect the change with a corresponding increase or decrease to our tax expense. We record accruals for uncertain tax positions when we believe that it is not more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. We adjust these accruals when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. The provision for income taxes includes the effects of adjustments for uncertain tax positions as well as any related interest and penalties. |
Stock-based compensation | Stock-based compensation We measure and recognize stock-based compensation for all stock-based awards, including restricted stock units (RSU), performance-based restricted stock units (PRU), stock options, and rights to purchase shares under our employee stock purchase plan (ESPP), based on their estimated fair value on the grant date. We recognize the costs in our financial statements on a straight-line basis over the award’s requisite service period except for PRUs with graded vesting, for which we recognize the costs on a graded basis. For awards with performance conditions, the amount of compensation cost we recognize over the requisite service period is based on the actual or estimated achievement of the performance condition. We estimate the number of stock-based awards that will be forfeited due to employee turnover. The fair value of each RSU and PRU that does not contain a market condition is equal to the market value of our common stock on the date of grant. The fair value of each PRU that contains a market condition is estimated using the Monte Carlo simulation option pricing model. The fair values of RSUs and PRUs are not discounted by the dividend yield because our RSUs and PRUs include dividend-equivalent rights. We use the Black-Scholes model to determine the fair value of unvested stock options assumed in acquisitions and the fair value of rights to acquire shares of common stock under our ESPP . The Black-Scholes valuation model incorporates a number of variables, including our expected stock price volatility over the expected life of the awards, actual and projected employee exercise and forfeiture behaviors, risk-free interest rates, and expected dividends. We have certain liability-classified stock-based compensation awards for which the service inception date precedes the grant date. For these awards, we recognize stock-based compensation expense on a straight-line basis over the service period. The liability is reclassified to Additional paid-in capital in our Consolidated Balance Sheets when the award is granted. There is no substantive future service period that exists at the grant date for these awards . |
Foreign currency | Foreign currency For foreign subsidiaries whose functional currency is the local currency, assets and liabilities are translated to U.S. dollars at exchange rates in effect at the balance sheet date. Gains and losses resulting from translation of these foreign currency financial statements into U.S. dollars are recorded in AOCI. Remeasurement adjustments are recorded in Other income (expense), net . |
Concentrations of credit risk | Concentrations of risk A significant portion of our revenue is derived from international sales and independent agents and distributors. Fluctuations of the U.S. dollar against foreign currencies, changes in local regulatory or economic conditions, piracy, or nonperformance by independent agents or distributors could adversely affect our operating results. Financial instruments that potentially subject us to concentrations of risk consist principally of cash and cash equivalents, short-term investments, and trade accounts receivable. Our investment policy limits the amount of credit risk exposure to any one issuer and to any one country. The credit risk in our trade accounts receivable is substantially mitigated by our credit evaluation process, reasonably short collection terms, and the geographical dispersion of sales transactions. |
Advertising and other promotional costs | Advertising and other promotional costs Advertising and other promotional costs are charged to operations as incurred and included in sales and marketing expenses. |
Contingencies | Contingencies We evaluate contingent liabilities including threatened or pending litigation in accordance with the authoritative guidance on contingencies. We assess the likelihood of any adverse judgments or outcomes from potential claims or proceedings, as well as potential ranges of probable losses, when the outcomes of the claims or proceedings are probable and reasonably estimable. A determination of the amount of an accrual required, if any, for these contingencies is made after the analysis of each separate matter. Because of uncertainties related to these matters, we base our estimates on the information available at the time of our assessment. As additional information becomes available, we reassess the potential liability related to our pending claims and litigation and may revise our estimates. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Accounting Policies [Abstract] | |
Schedules of Concentration of Risk | Customers which are distributors that accounted for over 10% of our net accounts receivable, are as follows: March 29, 2019 March 30, 2018 Customer A 16 % 22 % Customer B 15 % 15 % |
Recent Accounting Standards (Ta
Recent Accounting Standards (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following summarizes the effect of adopting the above new accounting standards: (in millions) Balance as of March 30, 2018 Revenue Recognition Guidance Accounting for Income Taxes Guidance Opening Balance as of March 31, 2018 Accounts receivable, net $ 809 $ 24 $ — $ 833 Other current assets (1) $ 522 $ (8 ) $ (8 ) $ 506 Other long-term assets (2) $ 526 $ 57 $ 750 $ 1,333 Total assets $ 15,759 $ 73 $ 742 $ 16,574 Short-term contract liabilities $ 2,368 $ (107 ) $ — $ 2,261 Other current liabilities $ 372 $ (2 ) $ — $ 370 Long-term contract liabilities $ 735 $ (62 ) $ — $ 673 Deferred income tax liabilities $ 592 $ 47 $ — $ 639 Total liabilities $ 10,736 $ (124 ) $ — $ 10,612 Retained earnings $ 328 $ 197 $ 742 $ 1,267 (1) The balance as of March 30, 2018, includes income tax receivable and prepaid income taxes of $107 million and short-term deferred commissions of $94 million . The opening balance as of March 31, 2018, includes income tax receivable and prepaid income taxes of $99 million and short-term deferred commissions of $86 million . (2) The balance as of March 30, 2018, includes long-term deferred commissions of $35 million , long-term income tax receivable and prepaid income taxes of $61 million and deferred income tax assets of $46 million . The opening balance as of March 31, 2018, includes long-term deferred commissions of $92 million , long-term income tax receivable and prepaid income taxes of $29 million , and deferred income tax assets of $828 million . The effects of the adoption of the new revenue recognition guidance on our March 29, 2019 Consolidated Balance Sheets were as follows: As of March 29, 2019 (In millions) As Reported Balances Without Adoption of New Standard Effect of Change Accounts receivable, net $ 708 $ 657 $ 51 Other current assets (1) $ 435 $ 421 $ 14 Other long-term assets (2) $ 1,262 $ 1,213 $ 49 Total assets $ 15,938 $ 15,824 $ 114 Short-term contract liabilities $ 2,320 $ 2,437 $ (117 ) Other current liabilities $ 533 $ 494 $ 39 Long-term contract liabilities $ 736 $ 837 $ (101 ) Deferred income tax liabilities $ 577 $ 526 $ 51 Total liabilities $ 10,200 $ 10,328 $ (128 ) Accumulated other comprehensive loss $ (7 ) $ (2 ) $ (5 ) Retained earnings $ 933 $ 686 $ 247 Total stockholders’ equity $ 5,738 $ 5,496 $ 242 (1) As reported includes short-term deferred commissions of $92 million . The balance without adoption of new standard includes short-term deferred commissions of $81 million . (2) As reported includes long-term deferred commissions of $93 million . The balance without adoption of new standard includes long-term deferred commissions of $44 million . |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Our typical performance obligations include the following: Performance Obligation When Performance Obligations are Typically Satisfied Products and services transferred at a point in time: License with distinct deliverables When software activation keys have been made available for download Hardware with distinct deliverables When control of the product passes to the customer, typically upon shipment Products and services transferred over time: License with interrelated deliverables Primarily term-based license subscriptions recognized over the expected performance term, beginning on the date that software activation keys are made available to the customer Cloud hosted solutions Over the contract term, beginning on the date that service is made available to the customer Support and maintenance Ratably over the course of the service term Professional services As the services are provided The following table provides our revenue disaggregated by the timing of recognition under both the new guidance and the legacy guidance during our fiscal 2019: (In millions) As Reported Amounts Without Adoption of New Standard Effect of Change Enterprise Security: Products and services transferred at a point in time $ 462 $ 266 $ 196 Products and services transferred over time $ 1,861 $ 2,010 $ (149 ) Consumer Cyber Safety: Products and services transferred at a point in time $ 49 $ 48 $ 1 Products and services transferred over time $ 2,359 $ 2,360 $ (1 ) Total Products and services transferred at a point in time $ 511 $ 314 $ 197 Products and services transferred over time $ 4,220 $ 4,370 $ (150 ) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | As of March 29, 2019 , we had $2,608 million of remaining performance obligations, which does not include customer deposit liabilities of approximately $ 505 million , and the approximate percentages expected to be recognized as revenue in the future are as follows: Total Remaining Performance Obligations Percent Expected to be Recognized as Revenue (In millions, except percentages) 0 - 12 Months 13 - 24 Months 25 - 36 Months Over 36 Months Enterprise Security $ 2,059 65 % 24 % 10 % 2 % Consumer Cyber Safety 549 95 % 4 % 1 % — % Total $ 2,608 71 % 19 % 8 % 1 % Percentages may not add to 100% due to rounding. |
Contract liabilities | Contract liabilities by segment were as follows: (In millions) March 29, 2019 March 30, 2018 Enterprise Security $ 2,002 $ 2,010 Consumer Cyber Safety 1,054 1,093 Total $ 3,056 $ 3,103 Short-term contract liabilities: (In millions) March 29, 2019 March 30, 2018 Deferred revenue $ 1,815 $ 2,368 Customer deposit liabilities 505 — Total short-term contract liabilities $ 2,320 $ 2,368 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Website Security and Public Key Infrastructure Businesses | |
Business Acquisition [Line Items] | |
Divestiture | The following table presents the gain before income taxes associated with the divestiture: (In millions) Gain on sale of short-term investment $ 7 Gain on sale of other assets and liabilities 646 Total gain on divestiture $ 653 As of the transaction close date, the carrying amounts of the major classes of assets and liabilities associated with the divestiture of our WSS and PKI solutions were as follows: (In millions) Assets: Cash and cash equivalents $ 2 Accounts receivable, net 34 Goodwill and intangible assets, net 670 Other assets 40 Total assets 746 Liabilities: Deferred revenue 285 Other liabilities 11 Total liabilities $ 296 The following table presents the income before income taxes for our WSS and PKI solutions for the periods indicated: Year Ended (In millions) March 30, 2018 March 31, 2017 Income before income taxes $ 66 $ 206 |
Luminate Security | |
Business Acquisition [Line Items] | |
Schedule of Preliminary Fair Values of the Assets Acquired and Liabilities Assumed | Our preliminary allocation of the aggregate purchase price for the acquisition as of February 11, 2019, was as follows: (In millions, except useful lives) Fair Value Weighted-Average Estimated Useful Life Developed technology $ 30 3.0 years Customer relationships 3 5.0 years Goodwill 112 Other liabilities (6 ) Total purchase price $ 139 |
Fireglass, Ltd. and Skycure, Ltd. | |
Business Acquisition [Line Items] | |
Schedule of Preliminary Fair Values of the Assets Acquired and Liabilities Assumed | Our allocation of the aggregate purchase price for these two acquisitions as of July 24, 2017 , was as follows: (In millions, except useful lives) Fair Value Weighted-Average Estimated Useful Life Developed technology $ 123 5.5 years Customer relationships 11 7.0 years Goodwill 247 Deferred income tax liabilities (35 ) Other liabilities (1 ) Total purchase price $ 345 |
Blue Coat and LifeLock | |
Business Acquisition [Line Items] | |
Schedule of Preliminary Fair Values of the Assets Acquired and Liabilities Assumed | The total consideration for the acquisitions, net of cash acquired, consisted of the following: (In millions) Blue Coat LifeLock Total Goodwill $ 4,084 $ 1,397 $ 5,481 Intangible assets 1,608 1,247 2,855 Net liabilities assumed (1,019 ) (361 ) (1,380 ) Total purchase price $ 4,673 $ 2,283 $ 6,956 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill by segment are as follows: (In millions) Enterprise Security Consumer Cyber Safety Total Balance as of March 31, 2017 $ 6,078 $ 2,549 $ 8,627 Acquisitions 256 39 295 Divestiture of WSS and PKI solutions (606 ) — (606 ) Other adjustments 6 (3 ) 3 Balance as of March 30, 2018 5,734 2,585 8,319 Acquisitions 132 6 138 Other adjustments (5 ) (2 ) (7 ) Balance as of March 29, 2019 $ 5,861 $ 2,589 $ 8,450 |
Schedule of Intangible Assets, Net, Indefinite-Lived | March 29, 2019 March 30, 2018 (In millions) Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,425 $ (515 ) $ 910 $ 1,462 $ (357 ) $ 1,105 Developed technology 1,039 (555 ) 484 1,037 (361 ) 676 Finite-lived trade names and other 6 (2 ) 4 13 (8 ) 5 Total finite-lived intangible assets 2,470 (1,072 ) 1,398 2,512 (726 ) 1,786 Indefinite-lived trade names 852 — 852 852 — 852 In-process research and development — — — 5 — 5 Total intangible assets $ 3,322 $ (1,072 ) $ 2,250 $ 3,369 $ (726 ) $ 2,643 |
Schedule of Intangible Assets, Net, Finite-Lived | March 29, 2019 March 30, 2018 (In millions) Gross Accumulated Net Gross Accumulated Net Customer relationships $ 1,425 $ (515 ) $ 910 $ 1,462 $ (357 ) $ 1,105 Developed technology 1,039 (555 ) 484 1,037 (361 ) 676 Finite-lived trade names and other 6 (2 ) 4 13 (8 ) 5 Total finite-lived intangible assets 2,470 (1,072 ) 1,398 2,512 (726 ) 1,786 Indefinite-lived trade names 852 — 852 852 — 852 In-process research and development — — — 5 — 5 Total intangible assets $ 3,322 $ (1,072 ) $ 2,250 $ 3,369 $ (726 ) $ 2,643 |
Finite-lived Intangible Assets Amortization Expense | Amortization expense for purchased intangible assets is summarized below: Year Ended Statements of Operations Classification (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Customer relationships and other $ 207 $ 220 $ 147 Operating expenses Developed technology 236 233 145 Cost of revenues Total $ 443 $ 453 $ 292 |
Schedule of Future Intangible Asset Amortization Expense | As of March 29, 2019 , future amortization expense related to intangible assets that have finite lives is as follows by fiscal year: (In millions) March 29, 2019 2020 $ 448 2021 338 2022 275 2023 224 2024 110 Thereafter 3 Total $ 1,398 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Supplementary Information [Abstract] | |
Schedule of Cash and cash equivalents | Cash and cash equivalents: (In millions) March 29, 2019 March 30, 2018 Cash $ 376 $ 1,016 Cash equivalents 1,415 758 Total cash and cash equivalents $ 1,791 $ 1,774 |
Schedule of Accounts receivable, net | Accounts receivable, net: (In millions) March 29, 2019 March 30, 2018 Accounts receivable $ 713 $ 814 Allowance for doubtful accounts (5 ) (5 ) Accounts receivable, net $ 708 $ 809 |
Schedule of Other current assets | Other current assets: (In millions) March 29, 2019 March 30, 2018 Prepaid expenses $ 162 $ 177 Income tax receivable and prepaid income taxes 61 107 Value-added tax receivable and other tax receivables 69 24 Short-term deferred commissions 92 94 Assets held for sale — 26 Other 51 94 Total other current assets $ 435 $ 522 |
Summary of Property and equipment, net | Property and equipment, net: (In millions) March 29, 2019 March 30, 2018 Land $ 66 $ 66 Computer hardware and software 1,159 1,081 Office furniture and equipment 118 110 Buildings 364 365 Leasehold improvements 372 339 Construction in progress 30 29 Total property and equipment, gross 2,109 1,990 Accumulated depreciation and amortization (1,319 ) (1,212 ) Total property and equipment, net $ 790 $ 778 |
Schedule of Other long-term assets | Other long-term assets: (In millions) March 29, 2019 March 30, 2018 Cost method investments $ 184 $ 175 Equity method investment 32 134 Long-term income tax receivable and prepaid income taxes 34 61 Deferred income tax assets 830 46 Long-term deferred commissions 93 35 Other 89 75 Total other long-term assets $ 1,262 $ 526 |
Short-term Contract liabilities | Contract liabilities by segment were as follows: (In millions) March 29, 2019 March 30, 2018 Enterprise Security $ 2,002 $ 2,010 Consumer Cyber Safety 1,054 1,093 Total $ 3,056 $ 3,103 Short-term contract liabilities: (In millions) March 29, 2019 March 30, 2018 Deferred revenue $ 1,815 $ 2,368 Customer deposit liabilities 505 — Total short-term contract liabilities $ 2,320 $ 2,368 |
Schedule of Long-term income taxes payable | Long-term income taxes payable: (In millions) March 29, 2019 March 30, 2018 Deemed repatriation tax payable $ 703 $ 824 Uncertain tax positions (including interest and penalties) 373 302 Total long-term income taxes payable $ 1,076 $ 1,126 |
Schedule of Other income, net | Other income (expense), net: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Interest income $ 42 $ 24 $ 21 Loss from equity interest (101 ) (26 ) — Foreign exchange loss (18 ) (28 ) (2 ) Other 13 21 27 Total other income (expense), net $ (64 ) $ (9 ) $ 46 |
Schedule of Noncash investing and financing Activities and supplemental cash flow information | Non-cash investing and financing activities and supplemental cash flow information: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Non-cash Investing and Financing Activities: Purchases of property and equipment in current liabilities $ 23 $ 26 $ 33 Equity investment received as consideration in divestitures $ — $ 160 $ — Fair value of equity awards assumed in acquisitions $ — $ 1 $ 112 Common stock issued in connection with acquisitions $ — $ — $ 38 Supplemental Cash Flow Information: Income taxes paid, net of refunds $ 112 $ 354 $ 1,081 Interest expense paid $ 183 $ 199 $ 143 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
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 and liabilities measured at fair value on a recurring basis: March 29, 2019 March 30, 2018 (In millions) Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Assets: Cash equivalents: Money market funds $ 1,415 $ 1,415 $ — $ 679 $ 679 $ — Certificates of deposit — — — 79 — 79 Short-term investments: Corporate bonds 251 — 251 374 — 374 Commercial paper — — — 2 — 2 Certificates of deposit 1 — 1 12 — 12 Total $ 1,667 $ 1,415 $ 252 $ 1,146 $ 679 $ 467 |
Available-for-sale Securities | The following table presents the contractual maturities of our investments in debt securities as of March 29, 2019 : (In millions) Fair Value Due in one year or less $ 79 Due after one year through five years 173 Total $ 252 |
Equity Method Investments | The following table summarizes DigiCert’s financial data which was provided to us on a three-month lag. Prior year period commenced on October 31, 2017 when we acquired the investment. (In millions) December 31, 2018 December 31, 2017 Current assets $ 168 $ 261 Long-term assets $ 1,641 $ 1,810 Current liabilities $ 331 $ 246 Long-term liabilities $ 1,862 $ 1,868 (In millions) Year Ended December 31, 2018 Two Months Ended December 31, 2017 Revenue $ 313 $ 38 Gross profit $ 250 $ 33 Net loss $ (342 ) $ (90 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Long-Term Debt, Interest Rates, Payment Dates | The following table summarizes components of our debt: (In millions, except percentages) March 29, 2019 March 30, 2018 Effective Senior Term Loan A-2 due August 1, 2019 $ — $ 600 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 500 500 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 4,500 5,100 Less: unamortized discount and issuance costs (48 ) (74 ) Total debt 4,452 5,026 Less: current portion (491 ) — Total long-term portion $ 3,961 $ 5,026 (1) The senior term facilities bear interest at a rate equal to the London InterBank Offered Rate (LIBOR) plus a margin based on the current debt rating of our non-credit-enhanced, senior unsecured long-term debt, and our underlying loan agreements. The interest rates for the outstanding senior term loans are as follows: March 29, 2019 March 30, 2018 Senior Term Loan A-2 due August 1, 2019 N/A 3.31 % Senior Term Loan A-5 due August 1, 2021 4.24 % 3.54 % |
Schedule of Long-Term Debt for Each of the Next Five Years and Thereafter | As of March 29, 2019 , the future contractual maturities of debt by fiscal year are as follows: (In millions) 2020 $ — 2021 1,250 2022 1,750 2023 400 2024 — Thereafter 1,100 Total future maturities of debt $ 4,500 |
Interest Income and Interest Expense Disclosure | The following table sets forth total interest expense recognized related to our 2.5% and 2.0% Convertible Senior Notes: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Contractual interest expense $ 38 $ 38 $ 29 Amortization of debt discount and issuance costs $ 16 $ 16 $ 13 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) | The related gain (loss) recognized in Other income (expense), net in our Consolidated Statements of Operations was as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Foreign exchange forward contracts gain (loss) $ (37 ) $ 25 $ (17 ) |
Schedule of Foreign Exchange Contracts | The notional amount of our outstanding foreign exchange forward contracts in U.S. dollar equivalent was as follows: (In millions) March 29, 2019 March 30, 2018 Net investment hedges Foreign exchange forward contracts sold $ 116 $ — Balance sheet contracts Foreign exchange forward contracts purchased $ 963 $ 697 Foreign exchange forward contracts sold $ 122 $ 151 |
Restructuring, Transition and_2
Restructuring, Transition and Other Costs (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Restructuring Costs [Abstract] | |
Restructuring and Related Costs | Our restructuring, transition and other costs are presented in the table below: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Severance and termination benefit costs $ 28 $ 61 $ 76 Other exit and disposal costs 15 52 80 Asset write-offs 2 25 23 Transition costs 196 272 94 Total restructuring, transition and other costs $ 241 $ 410 $ 273 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of income tax expense (benefit) | The components of income tax expense (benefit) recorded in continuing operations are as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Current: Federal $ 73 $ 1,011 $ 108 State 15 40 6 International 74 107 68 Total 162 1,158 182 Deferred: Federal (52 ) (1,664 ) (177 ) State (2 ) (151 ) (17 ) International (16 ) (33 ) (14 ) Total (70 ) (1,848 ) (208 ) Income tax expense (benefit) $ 92 $ (690 ) $ (26 ) |
Schedule of Difference Between Effective Income Tax and Federal Statutory Income Tax | The U.S. federal statutory income tax rates we have applied for fiscal 2019 , 2018 , and 2017 are as follows: Year Ended March 29, 2019 March 30, 2018 March 31, 2017 U.S. federal statutory income tax rate 21.0 % 31.6 % 35.0 % The difference between our effective income tax and the federal statutory income tax is as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Federal statutory tax expense (benefit) $ 22 $ 138 $ (92 ) Foreign earnings not considered indefinitely reinvested, net 3 — 12 State taxes, net of federal benefit (2 ) (26 ) (11 ) Foreign earnings taxed at other than the federal rate 17 (156 ) 34 Transition tax (57 ) 893 — Federal research and development credit (9 ) (12 ) (9 ) Valuation allowance increase (decrease) 31 7 (1 ) Change in uncertain tax positions 53 (6 ) (24 ) Nondeductible transaction costs — — 11 Write-off of tax attributes due to restructuring — — 52 Stock-based compensation 17 (44 ) — Effect of tax rate change on deferred taxes — (131 ) — Re-assessment of deferred taxes on foreign earnings — (1,420 ) — Nondeductible officer compensation 3 11 7 Nondeductible goodwill — 59 — Other U.S. permanent differences 5 — — Return to provision adjustment 5 — — Other, net 4 (3 ) (5 ) Income tax expense (benefit) $ 92 $ (690 ) $ (26 ) |
Principal Components of Deferred Tax Assets | The principal components of deferred tax assets and liabilities are as follows: As of (In millions) March 29, 2019 March 30, 2018 Deferred tax assets: Tax credit carryforwards $ 54 $ 30 Net operating loss carryforwards of acquired companies 51 32 Other accruals and reserves not currently tax deductible 64 66 Deferred revenue 54 94 Intangible assets 384 — Loss on investments not currently tax deductible 35 9 Stock-based compensation 87 141 Other 25 18 Gross deferred tax assets 754 390 Valuation allowance (105 ) (19 ) Deferred tax assets, net of valuation allowance $ 649 $ 371 Deferred tax liabilities: Property and equipment $ (17 ) $ (5 ) Goodwill (13 ) (20 ) Intangible assets — (459 ) Unremitted earnings of foreign subsidiaries (316 ) (396 ) Prepaids and deferred expenses (43 ) (23 ) Discount on convertible debt (7 ) (14 ) Deferred tax liabilities (396 ) (917 ) Net deferred tax assets (liabilities) $ 253 $ (546 ) |
Schedule of Changes in Unrecognized Tax Benefits | The aggregate changes in the balance of gross unrecognized tax benefits were as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Balance at beginning of year $ 378 $ 248 $ 197 Settlements with tax authorities (3 ) (4 ) (23 ) Lapse of statute of limitations (17 ) (3 ) (9 ) Increase related to prior period tax positions 16 35 21 Decrease related to prior period tax positions (11 ) — (9 ) Increase related to current year tax positions 75 98 38 Increase due to acquisition 8 4 33 Net increase 68 130 51 Balance at end of year $ 446 $ 378 $ 248 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Components and activities of AOCI, net of tax, were as follows: (In millions) Foreign Currency Translation Adjustments Unrealized Gain (Loss) On Available-For-Sale Securities Equity Method Investee Total AOCI Balance as of March 31, 2017 $ 7 $ 5 $ — $ 12 Other comprehensive loss before reclassifications (4 ) (5 ) — (9 ) Reclassification to net income (loss) 5 (4 ) — 1 Balance as of March 30, 2018 8 (4 ) — 4 Other comprehensive income (loss) before reclassifications (13 ) 3 (1 ) (11 ) Balance as of March 29, 2019 $ (5 ) $ (1 ) $ (1 ) $ (7 ) |
Stock-Based Compensation and _2
Stock-Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule Of PRUs Valuation Assumptions | The valuation and the underlying weighted-average assumptions for PRUs are summarized below: Year Ended March 29, 2019 March 30, 2018 March 31, 2017 Expected term 2.7 years 2.8 years N/A Expected volatility 34.2 % 23.2 % N/A Risk-free interest rate 2.7 % 1.5 % N/A Expected dividend yield — — N/A Weighted-average grant date fair value of PRUs $ 21.30 $ 32.78 $ 19.99 N/A: Not applicable as awards did not contain a market condition. |
Schedule of Stock Option Activities | Stock options (In millions, except per share and year data) Number of Weighted- Weighted- Aggregate Intrinsic Outstanding at March 30, 2018 14 $ 8.53 Assumed in acquisitions 1 $ 0.53 Exercised (2 ) $ 10.10 Forfeited and expired (1 ) $ 13.12 Outstanding at March 29, 2019 12 $ 7.83 Exercisable at March 29, 2019 11 $ 7.94 5.8 $ 165 |
Schedule of ESPP Activities | The following table summarizes activity related to the purchase rights issued under the ESPP: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Shares issued under the ESPP — 3 3 Proceeds from issuance of shares $ — $ 69 $ 56 |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense and the related income tax benefit recognized for all of our equity incentive plans in our Consolidated Statements of Operations were as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Cost of revenues $ 17 $ 28 $ 21 Sales and marketing 114 165 107 Research and development 134 200 110 General and administrative 87 217 202 Total stock-based compensation expense $ 352 $ 610 $ 440 Income tax benefit for stock-based compensation expense $ (73 ) $ (116 ) $ (149 ) |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | As of March 29, 2019 , the total unrecognized stock-based compensation costs, net of estimated forfeitures, were as follows: (In millions) Unrecognized compensation cost Weighted-average remaining years RSUs $ 252 1.7 PRUs 22 1.2 Options 14 1.8 Restricted stock 19 1.3 Liability-classified awards settled in shares 32 2.1 ESPP 14 0.9 Total $ 353 |
Schedule of Employer 401K Contributions | Our employer matching contributions to the 401(k) plan were as follows: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 401(k) matching contributions $ 23 $ 25 $ 19 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Restricted Stock Activities | RSUs (In millions, except per share and year data) Number of Weighted- Weighted- Aggregate Intrinsic Outstanding at March 30, 2018 19 $ 25.06 Granted 15 $ 21.77 Vested (10 ) $ 23.91 Forfeited (3 ) $ 24.24 Outstanding and unvested at March 29, 2019 21 $ 23.36 1.0 $ 493 |
PRUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Restricted Stock Activities | PRUs (In millions, except per share and year data) Number of Weighted- Weighted- Aggregate Intrinsic Outstanding and unvested at March 30, 2018 3 $ 30.00 Granted 2 $ 21.30 Performance adjustment (1 ) $ 28.74 Vested (1 ) $ 21.78 Forfeited (1 ) $ 31.15 Unvested at March 29, 2019 2 $ 27.04 1.2 $ 53 Vested and unreleased at March 29, 2019 1 Outstanding at March 29, 2019 3 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Components of Earnings Per Share | The components of basic and diluted net income (loss) per share are as follows: Year Ended (In millions, except per share amounts) March 29, 2019 March 30, 2018 March 31, 2017 Income (loss) from continuing operations $ 16 $ 1,127 $ (236 ) Income from discontinued operations, net of income taxes 15 11 130 Net income (loss) $ 31 $ 1,138 $ (106 ) Income (loss) per share - basic: Continuing operations $ 0.03 $ 1.83 $ (0.38 ) Discontinued operations $ 0.02 $ 0.02 $ 0.21 Net income (loss) per share - basic $ 0.05 $ 1.85 $ (0.17 ) Income (loss) per share - diluted: Continuing operations $ 0.02 $ 1.69 $ (0.38 ) Discontinued operations $ 0.02 $ 0.02 $ 0.21 Net income (loss) per share - diluted (1) $ 0.05 $ 1.70 $ (0.17 ) Weighted-average outstanding shares - basic 632 616 618 Dilutive potentially issuable shares: Convertible debt 10 32 — Employee equity awards 19 20 — Weighted-average shares outstanding - diluted 661 668 618 Anti-dilutive shares excluded from diluted net income (loss) per share calculation: Convertible debt — — 91 Employee equity awards 6 1 50 Total 6 1 141 (1) Net income (loss) per share amounts may not add due to rounding. |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segment Data | The following table summarizes the operating results of our reportable segments: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Total segments: Net revenues $ 4,731 $ 4,834 $ 4,019 Operating income $ 1,414 $ 1,584 $ 1,026 Enterprise Security: Net revenues $ 2,323 $ 2,554 $ 2,355 Operating income $ 269 $ 473 $ 187 Consumer Cyber Safety: Net revenues $ 2,408 $ 2,280 $ 1,664 Operating income $ 1,145 $ 1,111 $ 839 |
Reconciliation of Total Segment Operating Income to Total Consolidated Operating Income | The following table provides a reconciliation of our total reportable segments’ operating income to our total operating income (loss): Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Total segment operating income $ 1,414 $ 1,584 $ 1,026 Reconciling items: Stock-based compensation expense 352 610 440 Amortization of intangible assets 443 453 293 Restructuring, transition and other costs 241 410 273 Acquisition-related costs 3 60 120 Other (5 ) 2 — Total consolidated operating income (loss) from continuing operations $ 380 $ 49 $ (100 ) |
Schedule of Product Revenue Information | The following table summarizes net revenues by significant product and services categories: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Enterprise Security: Endpoint and information protection $ 1,027 $ 983 $ 947 Network and web security 748 782 451 WSS and PKI — 238 422 Other products and services 548 551 535 Total Enterprise Security $ 2,323 $ 2,554 $ 2,355 Consumer Cyber Safety: Consumer security $ 1,471 $ 1,504 $ 1,527 Identity and information protection 937 776 137 Total Consumer Cyber Safety 2,408 2,280 1,664 Total net revenues $ 4,731 $ 4,834 $ 4,019 |
Schedule of Net Revenue by Geographic Location | The following table represents net revenues by geographic area for the periods presented: Year Ended (In millions) March 29, 2019 March 30, 2018 March 31, 2017 Americas $ 3,028 $ 3,031 $ 2,329 EMEA 1,002 1,048 955 APJ 701 755 735 Total net revenues $ 4,731 $ 4,834 $ 4,019 Note: The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan |
Cash, Cash Equivalents and Short-term Investments | The table below represents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries. (In millions) March 29, 2019 March 30, 2018 U.S. $ 1,544 $ 858 International 499 1,304 Total cash, cash equivalents and short-term investments $ 2,043 $ 2,162 |
Schedule of Long-Lived Assets by Geographic Location | The table below represents our property and equipment, net of accumulated depreciation and amortization, by geographic area, based on the physical location of the asset, at the end of each period presented. (In millions) March 29, 2019 March 30, 2018 U.S. $ 671 $ 677 International (1) 119 101 Total property and equipment, net $ 790 $ 778 (1) No individual country represented more than 10% of the respective totals. |
Schedule of Revenue by Major Customers by Reporting Segments | In fiscal 2019 , the following customer, who is a distributor, accounted for 10% or more of our net revenues: Year Ended March 29, 2019 March 30, 2018 March 31, 2017 HNA Group Co., Ltd. 10 % N/A N/A |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Future Rentals | The minimum future rentals on non-cancelable operating leases by fiscal year are as follows: (In millions) March 29, 2019 2020 $ 55 2021 49 2022 40 2023 32 2024 26 Thereafter 42 Total minimum future lease payments 244 Sublease income (6 ) Total minimum future lease payments, net $ 238 |
Schedule of Unrecognized Purchase Obligations | The following reflects estimated future payments for purchase obligations by fiscal year: (In millions) March 29, 2019 2020 $ 525 2021 175 2022 145 2023 136 2024 81 Thereafter 9 Total purchase obligations $ 1,071 |
Schedule of Estimated Future Payments for Deemed Repatriation Taxes by Fiscal Year | The following reflects estimated future payments for deemed repatriation taxes by fiscal year: (In millions) March 29, 2019 2020 $ 65 2021 67 2022 67 2023 126 2024 168 Thereafter 210 Total obligations $ 703 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies (Narrative - Derivatives) (Details) | 12 Months Ended |
Mar. 29, 2019 | |
Foreign Exchange Forward | |
Derivative [Line Items] | |
Term of contract | 12 months |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies (Narrative - Property, Plant and Equipment) (Details) - USD ($) | 12 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Capitalized software development costs | $ 0 | $ 0 |
Property and equipment, net | $ 790,000,000 | 778,000,000 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Finite-lived intangible asset, useful life | 1 year | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Finite-lived intangible asset, useful life | 11 years | |
Computer hardware and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, equipment useful life (in years) | 3 years | |
Computer hardware and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, equipment useful life (in years) | 5 years | |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, equipment useful life (in years) | 3 years | |
Office furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, equipment useful life (in years) | 5 years | |
Buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, equipment useful life (in years) | 20 years | |
Buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, equipment useful life (in years) | 30 years | |
Building Improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, equipment useful life (in years) | 7 years | |
Building Improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, equipment useful life (in years) | 20 years | |
Software and Software Development Costs | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, equipment useful life (in years) | 3 years | |
Property and equipment, net | $ 104,000,000 | $ 100,000,000 |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies (Concentration Risk) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Product Information [Line Items] | |||
Advertising expense | $ 331 | $ 360 | $ 212 |
Credit Risk | Accounts Receivable | Customer A | |||
Product Information [Line Items] | |||
Concentration risk, Percentage | 16.00% | 22.00% | |
Credit Risk | Accounts Receivable | Customer B | |||
Product Information [Line Items] | |||
Concentration risk, Percentage | 15.00% | 15.00% |
Recent Accounting Standards (Na
Recent Accounting Standards (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | Jun. 29, 2018 | Mar. 31, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net revenues | $ 4,731 | $ 4,834 | $ 4,019 | ||
Operating expenses | 3,301 | 3,753 | $ 3,266 | ||
Cumulative-effect adjustment to retained earnings (accumulated deficit) | 933 | $ 328 | $ 1,267 | ||
Accounting Standards Update 2014-09 | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Cumulative-effect adjustment to retained earnings (accumulated deficit) | 197 | ||||
Accounting Standards Update 2014-09 | Effect of Change | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Net revenues | 47 | ||||
Operating expenses | (12) | ||||
Cumulative-effect adjustment to retained earnings (accumulated deficit) | $ 247 | ||||
Accounting Standards Update 2016-16 | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Cumulative-effect adjustment to retained earnings (accumulated deficit) | $ 742 | $ 742 |
Recent Accounting Standards (Sc
Recent Accounting Standards (Schedule of Effect of New Accounting Pronouncements) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Jun. 29, 2018 | Mar. 31, 2018 | Mar. 30, 2018 |
ASSETS | ||||
Accounts receivable, net | $ 708 | $ 833 | $ 809 | |
Other current assets | 435 | 506 | 522 | |
Other long-term assets | 1,262 | 1,333 | 526 | |
Total assets | 15,938 | 16,574 | 15,759 | |
LIABILITIES | ||||
Short-term contract liabilities | 2,320 | 2,261 | 2,368 | |
Other current liabilities | 533 | 370 | 372 | |
Long-term contract liabilities | 736 | 673 | 735 | |
Deferred income tax liabilities | 577 | 639 | 592 | |
Total liabilities | 10,200 | 10,612 | 10,736 | |
Stockholders’ equity: | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (7) | 4 | ||
Retained earnings | 933 | 1,267 | 328 | |
Stockholders' Equity Attributable to Parent | 5,738 | 5,023 | ||
Short-term deferred commissions | 92 | 86 | 94 | |
Long-term deferred commissions | 93 | 92 | 35 | |
Income tax receivable and prepaid income taxes | 61 | 99 | 107 | |
Long-term income tax receivable and prepaid income taxes | 34 | 29 | 61 | |
Deferred income tax assets | 830 | 828 | $ 46 | |
Amounts Without Adoption of New Standard | ||||
ASSETS | ||||
Accounts receivable, net | 657 | |||
Other current assets | 421 | |||
Other long-term assets | 1,213 | |||
Total assets | 15,824 | |||
LIABILITIES | ||||
Short-term contract liabilities | 2,437 | |||
Other current liabilities | 494 | |||
Long-term contract liabilities | 837 | |||
Deferred income tax liabilities | 526 | |||
Total liabilities | 10,328 | |||
Stockholders’ equity: | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2) | |||
Retained earnings | 686 | |||
Stockholders' Equity Attributable to Parent | 5,496 | |||
Short-term deferred commissions | 81 | |||
Long-term deferred commissions | 44 | |||
Accounting Standards Update 2014-09 | ||||
ASSETS | ||||
Accounts receivable, net | 24 | |||
Other current assets | (8) | |||
Other long-term assets | 57 | |||
Total assets | 73 | |||
LIABILITIES | ||||
Short-term contract liabilities | (107) | |||
Other current liabilities | (2) | |||
Long-term contract liabilities | (62) | |||
Deferred income tax liabilities | 47 | |||
Total liabilities | (124) | |||
Stockholders’ equity: | ||||
Retained earnings | 197 | |||
Accounting Standards Update 2014-09 | Effect of Change | ||||
ASSETS | ||||
Accounts receivable, net | 51 | |||
Other current assets | 14 | |||
Other long-term assets | 49 | |||
Total assets | 114 | |||
LIABILITIES | ||||
Short-term contract liabilities | (117) | |||
Other current liabilities | 39 | |||
Long-term contract liabilities | (101) | |||
Deferred income tax liabilities | 51 | |||
Total liabilities | (128) | |||
Stockholders’ equity: | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (5) | |||
Retained earnings | 247 | |||
Stockholders' Equity Attributable to Parent | $ 242 | |||
Accounting Standards Update 2016-16 | ||||
ASSETS | ||||
Accounts receivable, net | 0 | |||
Other current assets | (8) | |||
Other long-term assets | 750 | |||
Total assets | 742 | |||
LIABILITIES | ||||
Short-term contract liabilities | 0 | |||
Other current liabilities | 0 | |||
Long-term contract liabilities | 0 | |||
Deferred income tax liabilities | 0 | |||
Total liabilities | 0 | |||
Stockholders’ equity: | ||||
Retained earnings | $ 742 | $ 742 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenue recognized from beginning contract liabilities balance | $ 2,211,000,000 | ||
Contract acquisition costs amortization expense | 100,000,000 | $ 102,000,000 | $ 85,000,000 |
Contract acquisition costs impairment loss | 0 | ||
Total Remaining Performance Obligations | 2,608,000,000 | ||
Customer deposit liabilities | 505,000,000 | 0 | |
Enterprise Security | |||
Disaggregation of Revenue [Line Items] | |||
Total Remaining Performance Obligations | 2,059,000,000 | ||
Enterprise Security | Other Current Liabilities | |||
Disaggregation of Revenue [Line Items] | |||
Rebate Reserves | 6,000,000 | ||
Enterprise Security | Accounts Receivable | |||
Disaggregation of Revenue [Line Items] | |||
Rebate Reserves | 6,000,000 | ||
Consumer Cyber Safety | |||
Disaggregation of Revenue [Line Items] | |||
Total Remaining Performance Obligations | 549,000,000 | ||
Consumer Cyber Safety | Other Current Liabilities | |||
Disaggregation of Revenue [Line Items] | |||
Rebate Reserves | $ 11,000,000 | ||
Consumer Cyber Safety | Accounts Receivable | |||
Disaggregation of Revenue [Line Items] | |||
Rebate Reserves | $ 21,000,000 |
Revenues (Schedule of Remaining
Revenues (Schedule of Remaining Performance Obligations) (Details) | Mar. 29, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-03-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 71.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-03-29 | Enterprise Security | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 65.00% |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-03-29 | Consumer Cyber Safety | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 95.00% |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 19.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-29 | Enterprise Security | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 24.00% |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-03-29 | Consumer Cyber Safety | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 4.00% |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 8.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-29 | Enterprise Security | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 10.00% |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-29 | Consumer Cyber Safety | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 1.00% |
Expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 1.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-29 | Enterprise Security | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 2.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-29 | Consumer Cyber Safety | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent Expected to be Recognized as Revenue | 0.00% |
Revenues (Total Remaining Perfo
Revenues (Total Remaining Performance Obligations) (Details) $ in Millions | Mar. 29, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 2,608 |
Enterprise Security | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | 2,059 |
Consumer Cyber Safety | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Total Remaining Performance Obligations | $ 549 |
Revenues (Schedule of Timing of
Revenues (Schedule of Timing of Revenue Recognition) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | $ 4,731 | $ 4,834 | $ 4,019 |
Effect of Change | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 47 | ||
Products and services transferred at a point in time | Operating Segments | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 511 | ||
Products and services transferred at a point in time | Operating Segments | Amounts Without Adoption of New Standard | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 314 | ||
Products and services transferred at a point in time | Operating Segments | Effect of Change | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 197 | ||
Products and services transferred over time | Operating Segments | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 4,220 | ||
Products and services transferred over time | Operating Segments | Amounts Without Adoption of New Standard | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 4,370 | ||
Products and services transferred over time | Operating Segments | Effect of Change | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | (150) | ||
Enterprise Security | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 2,323 | 2,554 | 2,355 |
Enterprise Security | Products and services transferred at a point in time | Operating Segments | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 462 | ||
Enterprise Security | Products and services transferred at a point in time | Operating Segments | Amounts Without Adoption of New Standard | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 266 | ||
Enterprise Security | Products and services transferred at a point in time | Operating Segments | Effect of Change | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 196 | ||
Enterprise Security | Products and services transferred over time | Operating Segments | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 1,861 | ||
Enterprise Security | Products and services transferred over time | Operating Segments | Amounts Without Adoption of New Standard | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 2,010 | ||
Enterprise Security | Products and services transferred over time | Operating Segments | Effect of Change | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | (149) | ||
Consumer Cyber Safety | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 2,408 | $ 2,280 | $ 1,664 |
Consumer Cyber Safety | Products and services transferred at a point in time | Operating Segments | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 49 | ||
Consumer Cyber Safety | Products and services transferred at a point in time | Operating Segments | Amounts Without Adoption of New Standard | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 48 | ||
Consumer Cyber Safety | Products and services transferred at a point in time | Operating Segments | Effect of Change | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 1 | ||
Consumer Cyber Safety | Products and services transferred over time | Operating Segments | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 2,359 | ||
Consumer Cyber Safety | Products and services transferred over time | Operating Segments | Amounts Without Adoption of New Standard | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | 2,360 | ||
Consumer Cyber Safety | Products and services transferred over time | Operating Segments | Effect of Change | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | $ (1) |
Revenues (Schedule of Contract
Revenues (Schedule of Contract Liabilities) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 |
Capitalized Contract Cost [Line Items] | ||
Contract liabilities | $ 3,056 | $ 3,103 |
Enterprise Security | ||
Capitalized Contract Cost [Line Items] | ||
Contract liabilities | 2,002 | 2,010 |
Consumer Cyber Safety | ||
Capitalized Contract Cost [Line Items] | ||
Contract liabilities | $ 1,054 | $ 1,093 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Acquisition Narrative) (Details) $ in Millions | Jul. 24, 2017USD ($)Business | Feb. 28, 2019USD ($) | Jul. 31, 2017USD ($) | Mar. 29, 2019USD ($) | Mar. 30, 2018USD ($) | Mar. 31, 2017USD ($) | Feb. 11, 2019USD ($) | Feb. 09, 2017USD ($) | Aug. 01, 2016USD ($) |
Business Acquisition [Line Items] | |||||||||
Cash payments, net of cash acquired | $ 180 | $ 401 | $ 6,736 | ||||||
Goodwill | 8,450 | 8,319 | $ 8,627 | $ 5,481 | |||||
Luminate Security | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash payments, net of cash acquired | $ 139 | ||||||||
Cash acquired | $ 5 | ||||||||
Goodwill | $ 112 | ||||||||
Other companies | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash payments, net of cash acquired | 42 | 66 | |||||||
Cash acquired | $ 3 | 1 | |||||||
Goodwill | $ 48 | ||||||||
Fireglass, Ltd. and Skycure, Ltd. | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash payments, net of cash acquired | $ 345 | ||||||||
Cash acquired | $ 15 | ||||||||
Number of businesses acquired | Business | 2 | ||||||||
Goodwill | $ 247 | ||||||||
Blue Coat, Inc. | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 4,084 | ||||||||
LifeLock | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 1,397 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures (Aggregate Purchase Price) (Details) - USD ($) $ in Millions | Feb. 11, 2019 | Jul. 24, 2017 | Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | Feb. 09, 2017 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 8,450 | $ 8,319 | $ 8,627 | $ 5,481 | ||
Total purchase price | $ 6,956 | |||||
Luminate Security | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 112 | |||||
Other liabilities | (6) | |||||
Total purchase price | 139 | |||||
Fireglass, Ltd. and Skycure, Ltd. | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 247 | |||||
Deferred income tax liabilities | (35) | |||||
Other liabilities | (1) | |||||
Total purchase price | 345 | |||||
Developed technology | Luminate Security | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangibles | $ 30 | |||||
Weighted-Average Estimated Useful Life | 3 years | |||||
Developed technology | Fireglass, Ltd. and Skycure, Ltd. | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangibles | $ 123 | |||||
Weighted-Average Estimated Useful Life | 5 years 6 months | |||||
Customer relationships | Luminate Security | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangibles | $ 3 | |||||
Weighted-Average Estimated Useful Life | 5 years | |||||
Customer relationships | Fireglass, Ltd. and Skycure, Ltd. | ||||||
Business Acquisition [Line Items] | ||||||
Finite-lived intangibles | $ 11 | |||||
Weighted-Average Estimated Useful Life | 7 years |
Acquisitions and Divestitures_4
Acquisitions and Divestitures (Schedule of Total Consideration) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | Feb. 09, 2017 | Aug. 01, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 8,450 | $ 8,319 | $ 8,627 | $ 5,481 | |
Intangible assets | 2,855 | ||||
Net liabilities assumed | (1,380) | ||||
Total purchase price | 6,956 | ||||
Blue Coat, Inc. | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 4,084 | ||||
Intangible assets | 1,608 | ||||
Net liabilities assumed | (1,019) | ||||
Total purchase price | $ 4,673 | ||||
LifeLock | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 1,397 | ||||
Intangible assets | 1,247 | ||||
Net liabilities assumed | (361) | ||||
Total purchase price | $ 2,283 |
Acquisitions and Divestitures_5
Acquisitions and Divestitures (Divestiture Narrative) (Details) - USD ($) $ in Millions | Oct. 31, 2017 | Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax expense (benefit) | $ 92 | $ (690) | $ (26) | |
Website Security and Public Key Infrastructure Businesses | Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Consideration | $ 1,100 | |||
Proceeds from divestiture of businesses | 951 | |||
Foreign currency translation gains (losses) | (8) | |||
Transaction costs | 8 | |||
Income tax expense (benefit) | 123 | |||
Gain on sale of short-term investment | $ 7 | |||
Website Security and Public Key Infrastructure Businesses | Discontinued Operations, Disposed of by Sale | DigiCert | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Business disposal, non-cash consideration received | 28.00% | |||
Equity interests issued and issuable, consideration received | $ 160 |
Acquisitions and Divestitures_6
Acquisitions and Divestitures (Balance Sheet Disclosures) (Details) - Website Security and Public Key Infrastructure Businesses - Discontinued Operations, Disposed of by Sale $ in Millions | Oct. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash and cash equivalents | $ 2 |
Accounts receivable, net | 34 |
Goodwill and intangible assets, net | 670 |
Other assets | 40 |
Total assets | 746 |
Deferred revenue | 285 |
Other liabilities | 11 |
Total liabilities | $ 296 |
Acquisitions and Divestitures_7
Acquisitions and Divestitures (Gain on Divestiture) (Details) - USD ($) $ in Millions | Oct. 31, 2017 | Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of other assets and liabilities | $ 0 | $ 653 | $ 0 | |
Total gain on divestiture | $ 0 | $ 653 | $ 0 | |
Website Security and Public Key Infrastructure Businesses | Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of short-term investment | $ 7 | |||
Gain on sale of other assets and liabilities | 646 | |||
Total gain on divestiture | $ 653 |
Acquisitions and Divestitures_8
Acquisitions and Divestitures (Income before Income Taxes) (Details) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 30, 2018 | Mar. 31, 2017 | |
Website Security and Public Key Infrastructure Businesses | Discontinued Operations, Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income before income taxes | $ 66 | $ 206 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Schedule Of Changes In The Carrying Amount Of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 8,319 | $ 8,627 |
Acquisition | 138 | 295 |
Divestiture of WSS and PKI solutions | (606) | |
Other adjustments | (7) | 3 |
Ending balance | 8,450 | 8,319 |
Enterprise Security | ||
Goodwill [Roll Forward] | ||
Beginning balance | 5,734 | 6,078 |
Acquisition | 132 | 256 |
Divestiture of WSS and PKI solutions | (606) | |
Other adjustments | (5) | 6 |
Ending balance | 5,861 | 5,734 |
Consumer Cyber Safety: | ||
Goodwill [Roll Forward] | ||
Beginning balance | 2,585 | 2,549 |
Acquisition | 6 | 39 |
Divestiture of WSS and PKI solutions | 0 | |
Other adjustments | (2) | (3) |
Ending balance | $ 2,589 | $ 2,585 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule Of Intangible Assets, Net) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 2,470 | $ 2,512 |
Accumulated Amortization | (1,072) | (726) |
Net Carrying Amount | 1,398 | 1,786 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived trade names | 852 | 852 |
Gross Carrying Amount | 3,322 | 3,369 |
Net Carrying Amount | 2,250 | 2,643 |
In Process Research and Development | ||
Indefinite-lived Intangible Assets [Line Items] | ||
In-process research and development | 0 | 5 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,425 | 1,462 |
Accumulated Amortization | (515) | (357) |
Net Carrying Amount | 910 | 1,105 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,039 | 1,037 |
Accumulated Amortization | (555) | (361) |
Net Carrying Amount | 484 | 676 |
Finite-lived trade names and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6 | 13 |
Accumulated Amortization | (2) | (8) |
Net Carrying Amount | $ 4 | $ 5 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Schedule of Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 207 | $ 220 | $ 147 |
Total | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 443 | 453 | 292 |
Operating Expense | Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 207 | 220 | 147 |
Cost of revenue | Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 236 | $ 233 | $ 145 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Schedule Of Future Intangible Asset Amortization Expense) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 448 | |
2021 | 338 | |
2022 | 275 | |
2023 | 224 | |
2024 | 110 | |
Thereafter | 3 | |
Net Carrying Amount | $ 1,398 | $ 1,786 |
Supplementary Information (Cash
Supplementary Information (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 |
Supplementary Information [Abstract] | ||
Cash | $ 376 | $ 1,016 |
Cash equivalents | 1,415 | 758 |
Total cash and cash equivalents | $ 1,791 | $ 1,774 |
Supplementary Information (Acco
Supplementary Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 31, 2018 | Mar. 30, 2018 |
Supplementary Information [Abstract] | |||
Accounts receivable | $ 713 | $ 814 | |
Allowance for doubtful accounts | (5) | (5) | |
Accounts receivable, net | $ 708 | $ 833 | $ 809 |
Supplementary Information (Othe
Supplementary Information (Other Current Assets) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 31, 2018 | Mar. 30, 2018 |
Supplementary Information [Abstract] | |||
Prepaid expenses | $ 162 | $ 177 | |
Income tax receivable and prepaid income taxes | 61 | $ 99 | 107 |
Value-added tax receivable and other tax receivables | 69 | 24 | |
Short-term deferred commissions | 92 | 86 | 94 |
Assets held for sale | 0 | 26 | |
Other | 51 | 94 | |
Total other current assets | $ 435 | $ 506 | $ 522 |
Supplementary Information (Prop
Supplementary Information (Property and Equipment) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 2,109 | $ 1,990 |
Accumulated depreciation and amortization | (1,319) | (1,212) |
Property and equipment, net | 790 | 778 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 66 | 66 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,159 | 1,081 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 118 | 110 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 364 | 365 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 372 | 339 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 30 | $ 29 |
Supplementary Information (Narr
Supplementary Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Supplementary Information [Abstract] | |||
Depreciation and amortization | $ 172 | $ 187 | $ 199 |
Finite-Lived Intangible Assets [Line Items] | |||
Proceeds from sale of assets | $ 26 |
Supplementary Information (Ot_2
Supplementary Information (Other Long-term Assets) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 31, 2018 | Mar. 30, 2018 |
Supplementary Information [Abstract] | |||
Cost method investments | $ 184 | $ 175 | |
Equity method investment | 32 | 134 | |
Long-term income tax receivable and prepaid income taxes | 34 | $ 29 | 61 |
Deferred income tax assets | 830 | 828 | 46 |
Long-term deferred commissions | 93 | 35 | |
Other | 89 | 75 | |
Total other long-term assets | $ 1,262 | $ 1,333 | $ 526 |
Supplementary Information (Cont
Supplementary Information (Contract Liabilities) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 31, 2018 | Mar. 30, 2018 |
Supplemental Information [Abstract] | |||
Deferred revenue | $ 1,815 | $ 2,368 | |
Customer deposit liabilities | 505 | 0 | |
Total short-term contract liabilities | $ 2,320 | $ 2,261 | $ 2,368 |
Supplementary Information (Long
Supplementary Information (Long-term Income Taxes Payable) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 |
Supplementary Information [Abstract] | ||
Deemed repatriation tax payable | $ 703 | $ 824 |
Uncertain tax positions (including interest and penalties) | 373 | 302 |
Total long-term income taxes payable | $ 1,076 | $ 1,126 |
Supplementary Information (Tota
Supplementary Information (Total Other Income, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Supplementary Information [Abstract] | |||
Interest income | $ 42 | $ 24 | $ 21 |
Loss from equity interest | (101) | (26) | 0 |
Foreign exchange loss | (18) | (28) | (2) |
Other | 13 | 21 | 27 |
Total other income (expense), net | $ (64) | $ (9) | $ 46 |
Supplementary Information (Non-
Supplementary Information (Non-cash Investing and Financing Activities) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Non-cash Investing and Financing Activities: | |||
Purchases of property and equipment in current liabilities | $ 23 | $ 26 | $ 33 |
Equity investment received as consideration in divestitures | $ 0 | $ 160 | $ 0 |
Fair value of equity awards assumed in acquisitions | 0 | 1 | 112 |
Common stock issued in connection with acquisitions | 0 | 0 | 38 |
Supplemental Cash Flow Information: | |||
Income taxes paid, net of refunds | $ 112 | $ 354 | $ 1,081 |
Interest expense paid | $ 183 | $ 199 | $ 143 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements (Schedule of the Carrying Value of Assets Measured at Fair Value on a Recurring Basis) (Details) - Recurring - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 1,667 | $ 1,146 |
Fair Value | Cash equivalents: | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 1,415 | 679 |
Fair Value | Cash equivalents: | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 79 |
Fair Value | Short-term investments: | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 1 | 12 |
Fair Value | Short-term investments: | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 251 | 374 |
Fair Value | Short-term investments: | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 2 |
Reported Value Measurement | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 1,415 | 679 |
Reported Value Measurement | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 252 | 467 |
Reported Value Measurement | Cash equivalents: | Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 1,415 | 679 |
Reported Value Measurement | Cash equivalents: | Level 1 | 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 | Cash equivalents: | Level 2 | 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 | Cash equivalents: | Level 2 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 79 |
Reported Value Measurement | Short-term investments: | Level 1 | 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 | Corporate bonds | ||
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 | Commercial paper | ||
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 | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 1 | 12 |
Reported Value Measurement | Short-term investments: | Level 2 | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 251 | 374 |
Reported Value Measurement | Short-term investments: | Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 0 | $ 2 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements (Schedule of Debt Maturities) (Details) $ in Millions | Mar. 29, 2019USD ($) |
Fair Value Disclosures [Abstract] | |
Due in one year or less | $ 79 |
Due after one year through five years | 173 |
Total | $ 252 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Carry value of our non-marketable equity investments | $ 184 | $ 175 | |
Equity method investment, fair value | 32 | 134 | |
Loss from equity interest | 101 | 26 | $ 0 |
Level 2 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value of debt | $ 3,964 | $ 3,935 | |
DigiCert | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Equity method investment, ownership percentage | 27.00% | 27.00% | |
Equity method investment, fair value | $ 32 | $ 134 | |
DigiCert | Other Income | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Loss from equity interest | 101 | 26 | |
Basis differences amortization | 8 | 2 | |
Share of loss | $ 93 | $ 24 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements (Schedule of Equity Method Investments Summarized Information) (Details) - DigiCert - USD ($) $ in Millions | 2 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2018 | |
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ||
Current assets | $ 261 | $ 168 |
Long-term assets | 1,810 | 1,641 |
Equity Method Investment, Summarized Financial Information, Liabilities [Abstract] | ||
Current liabilities | 246 | 331 |
Long-term liabilities | 1,868 | 1,862 |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||
Revenue | 38 | 313 |
Gross profit | 33 | 250 |
Net loss | $ (90) | $ (342) |
Debt (Schedule Of Components Of
Debt (Schedule Of Components Of Long-Term Debt, Interest Rates, Payment Dates) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 | Feb. 09, 2017 | Aug. 01, 2016 | Jul. 18, 2016 | Mar. 04, 2016 |
Debt Instrument [Line Items] | ||||||
Principal amount | $ 4,500 | $ 5,100 | ||||
Less: unamortized discount and issuance costs | (48) | (74) | ||||
Total debt | 4,452 | 5,026 | ||||
Less: current portion | (491) | 0 | ||||
Long-term debt | 3,961 | 5,026 | ||||
Senior Term Loan A-2 due August 1, 2019 | Senior Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 0 | $ 600 | $ 800 | |||
Term loan, interest rate | 3.31% | |||||
4.2% Senior Notes due September 15, 2020 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 750 | $ 750 | ||||
Effective interest rate (as a percent) | 4.25% | |||||
Stated interest rate (as a percent) | 4.20% | |||||
2.5% Convertible Senior Notes due April 1, 2021 | Convertible Debt | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 500 | 500 | ||||
Effective interest rate (as a percent) | 3.76% | |||||
Stated interest rate (as a percent) | 2.50% | 2.50% | ||||
Senior Term Loan A-5 due August 1, 2021 | Senior Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 500 | $ 500 | ||||
Term loan, interest rate | 4.24% | 3.54% | ||||
2.0% Convertible Senior Notes due August 15, 2021 | Convertible Debt | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 1,250 | $ 1,250 | ||||
Effective interest rate (as a percent) | 2.66% | |||||
Stated interest rate (as a percent) | 2.00% | 2.00% | ||||
3.95% Senior Notes due June 15, 2022 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 400 | 400 | ||||
Effective interest rate (as a percent) | 4.05% | |||||
Stated interest rate (as a percent) | 3.95% | 3.95% | ||||
5.0% Senior Notes due April 15, 2025 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 1,100 | $ 1,100 | $ 1,100 | |||
Effective interest rate (as a percent) | 5.23% | |||||
Stated interest rate (as a percent) | 5.00% | 5.00% |
Debt (Schedule Of Long-Term Deb
Debt (Schedule Of Long-Term Debt For Each Of The Next Five Years And Thereafter) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 0 | |
2021 | 1,250 | |
2022 | 1,750 | |
2023 | 400 | |
2024 | 0 | |
Thereafter | 1,100 | |
Total future maturities of debt | $ 4,500 | $ 5,100 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Aug. 01, 2016USD ($)$ / shares | Jul. 18, 2016USD ($) | Mar. 04, 2016USD ($)$ / shares | Mar. 29, 2019USD ($)SeniorNotes$ / shares | Mar. 30, 2018USD ($) | Feb. 09, 2017USD ($) |
Debt Instrument [Line Items] | ||||||
Principal amount | $ 4,500,000,000 | $ 5,100,000,000 | ||||
Share price (in dollars per share) | $ / shares | $ 22.99 | |||||
Convertible Debt | ||||||
Debt Instrument [Line Items] | ||||||
Threshold percentage of common stock ownership, termination of rights to board representation | 4.00% | |||||
Revolving Credit Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Incremental revolving commitments | $ 500,000,000 | |||||
Maximum borrowing capacity | 1,000,000,000 | |||||
Line of credit, amount outstanding | 0 | 0 | ||||
5.0% Senior Notes due April 15, 2025 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 1,100,000,000 | 1,100,000,000 | $ 1,100,000,000 | |||
Stated interest rate (as a percent) | 5.00% | 5.00% | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
Additional Senior Notes | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Number of notes | SeniorNotes | 2 | |||||
3.95% Senior Notes due June 15, 2022 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 400,000,000 | 400,000,000 | ||||
Stated interest rate (as a percent) | 3.95% | 3.95% | ||||
4.2% Senior Notes due September 15, 2020 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 750,000,000 | 750,000,000 | ||||
Stated interest rate (as a percent) | 4.20% | |||||
2.5% Convertible Senior Notes due April 1, 2021 | Convertible Debt | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 500,000,000 | 500,000,000 | ||||
Stated interest rate (as a percent) | 2.50% | 2.50% | ||||
Debt Instrument, Redemption Price, Percentage | 150.00% | |||||
Debt Instrument, face amount | $ 500,000,000 | |||||
Conversion ratio | 0.0596341 | |||||
Conversion price (in usd per share) | $ / shares | $ 16.77 | $ 16.77 | ||||
Debt instrument, term, earliest redemption | 4 years | |||||
Debt Instrument, if-converted, value in excess of principal | $ 185,000,000 | |||||
Senior Term Loan A-2 due August 1, 2019 | Senior Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument term | 3 years | |||||
Repayments of debt | 600,000,000 | 200,000,000 | ||||
Principal amount | $ 800,000,000 | 0 | 600,000,000 | |||
Senior Term Loan A-5 due August 1, 2021 | Senior Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument term | 5 years | |||||
Principal amount | $ 500,000,000 | 500,000,000 | ||||
Quarterly payment amount, percent of original total | 10.00% | |||||
EBITDA Ratio initial period through December 31, 2018 | 6 | |||||
EBITDA Ratio, after December 31, 2018 | 5.25 | |||||
2.0% Convertible Senior Notes due August 15, 2021 | Convertible Debt | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 1,250,000,000 | $ 1,250,000,000 | ||||
Stated interest rate (as a percent) | 2.00% | 2.00% | ||||
Debt Instrument, face amount | $ 1,250,000,000 | |||||
Conversion ratio | 0.0489860 | |||||
Conversion price (in usd per share) | $ / shares | $ 20.41 | $ 20.41 | ||||
Debt Instrument, if-converted, value in excess of principal | $ 158,000,000 | |||||
Additional Paid-in Capital | Convertible Debt | ||||||
Debt Instrument [Line Items] | ||||||
Convertible debt, fair value disclosures | $ 41,000,000 |
Debt (Schedule of Interest Expe
Debt (Schedule of Interest Expense and Debt Discount and Issuance Costs) (Details) - Convertible Debt - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | |||
Contractual interest expense | $ 38 | $ 38 | $ 29 |
Amortization of debt discount and issuance costs | $ 16 | $ 16 | $ 13 |
Derivatives (Details)
Derivatives (Details) - Foreign Exchange Forward - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Not Designated as Hedging Instrument | Foreign exchange forward contracts sold | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount | $ 122 | $ 151 | |
Not Designated as Hedging Instrument | Foreign exchange forward contracts purchased | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount | 963 | 697 | |
Not Designated as Hedging Instrument | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Foreign exchange forward contracts gain (loss) | (37) | 25 | $ (17) |
Net Investment Hedging | Designated as Hedging Instrument | Foreign exchange forward contracts sold | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount | $ 116 | $ 0 |
Restructuring, Transition and_3
Restructuring, Transition and Other Costs (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2018 | Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Severance and termination benefit costs | $ 28 | $ 61 | $ 76 | |
Other exit and disposal costs | 15 | 52 | 80 | |
Assets write-offs | 2 | 25 | 23 | |
Transition costs | 196 | 272 | 94 | |
Total restructuring, transition and other costs | 241 | 410 | $ 273 | |
Other exit and disposal costs | $ 29 | |||
Fiscal 2019 Plan | Severance and termination benefit costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected number of positions eliminated, percent | 8.00% | |||
Expected restructuring and related costs | $ 50 | |||
Cumulative Incurred to Date | 22 | |||
Fiscal 2017 Plan: | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative Incurred to Date | $ 289 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 03, 2020 | Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Income Taxes [Line Items] | ||||
Pretax income from international operations | $ 214 | $ 890 | $ 353 | |
Change in gross unrecognized tax benefit | 68 | 130 | 51 | |
Unrecognized tax benefits which would affect the effective income tax rate | 361 | |||
Accrued penalties and interest | 43 | |||
Interest included in the provision for income taxes | 17 | |||
Possible decrease in gross unrecognized tax benefit in the next 12 months | 26 | |||
Impact on income tax provision from change in unrecognized tax benefits | 53 | $ (6) | $ (24) | |
Domestic | U.S. Federal | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 147 | |||
Operating loss carryforwards, not expected to be realized | 89 | |||
State | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 68 | |||
Tax credit carryforward | 51 | |||
Foreign | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 118 | |||
Tax credit carryforward | 3 | |||
Forecast | ||||
Income Taxes [Line Items] | ||||
Impact on income tax provision from change in unrecognized tax benefits | $ 26 | |||
JAPAN | Foreign | ||||
Income Taxes [Line Items] | ||||
Operating loss carryforwards | 24 | |||
Research Tax Credit Carryforward | Domestic | U.S. Federal | ||||
Income Taxes [Line Items] | ||||
Tax credit carryforward | 11 | |||
Tax credit carryforward, not expected to be realized | $ 11 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Current: | |||
Federal | $ 73 | $ 1,011 | $ 108 |
State | 15 | 40 | 6 |
International | 74 | 107 | 68 |
Total | 162 | 1,158 | 182 |
Deferred: | |||
Federal | (52) | (1,664) | (177) |
State | (2) | (151) | (17) |
International | (16) | (33) | (14) |
Total | (70) | (1,848) | (208) |
Income tax expense (benefit) | $ 92 | $ (690) | $ (26) |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate, Federal Statutory Income Tax Rate) (Details) | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate, percent | 21.00% | 31.60% | 35.00% |
Income Taxes (Schedule Of Diffe
Income Taxes (Schedule Of Difference Between Effective Income Tax And Federal Statutory Income Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax expense (benefit) | $ 22 | $ 138 | $ (92) |
Foreign earnings not considered indefinitely reinvested, net | 3 | 0 | 12 |
State taxes, net of federal benefit | (2) | (26) | (11) |
Foreign earnings taxed at other than the federal rate | 17 | (156) | 34 |
Transition tax | (57) | 893 | 0 |
Federal research and development credit | (9) | (12) | (9) |
Valuation allowance increase (decrease) | 31 | 7 | (1) |
Change in uncertain tax positions | 53 | (6) | (24) |
Nondeductible transaction costs | 0 | 0 | 11 |
Write-off of tax attributes due to restructuring | 0 | 0 | 52 |
Stock-based compensation | 17 | (44) | 0 |
Effect of tax rate change on deferred taxes | 0 | (131) | 0 |
Re-assessment of deferred taxes on foreign earnings | 0 | (1,420) | 0 |
Nondeductible officer compensation | 3 | 11 | 7 |
Nondeductible goodwill | 0 | 59 | 0 |
Other U.S. permanent differences | 5 | 0 | 0 |
Return to provision adjustment | 5 | 0 | 0 |
Other, net | 4 | (3) | (5) |
Income tax expense (benefit) | $ 92 | $ (690) | $ (26) |
Income Taxes (Principal Compone
Income Taxes (Principal Components Of Deferred Tax Assets) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 |
Deferred tax assets: | ||
Tax credit carryforwards | $ 54 | $ 30 |
Net operating loss carryforwards of acquired companies | 51 | 32 |
Other accruals and reserves not currently tax deductible | 64 | 66 |
Deferred revenue | 54 | 94 |
Intangible assets | 384 | 0 |
Loss on investments not currently tax deductible | 35 | 9 |
Stock-based compensation | 87 | 141 |
Other | 25 | 18 |
Gross deferred tax assets | 754 | 390 |
Valuation allowance | (105) | (19) |
Deferred tax assets, net of valuation allowance | 649 | 371 |
Deferred tax liabilities: | ||
Property and equipment | (17) | (5) |
Goodwill | (13) | (20) |
Intangible assets | 0 | (459) |
Unremitted earnings of foreign subsidiaries | (316) | (396) |
Prepaids and deferred expenses | (43) | (23) |
Discount on convertible debt | (7) | (14) |
Deferred tax liabilities | (396) | (917) |
Deferred tax assets, net | $ 253 | |
Deferred tax liabilities, net | $ (546) |
Income Taxes (Schedule Of Chang
Income Taxes (Schedule Of Changes In Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 378 | $ 248 | $ 197 |
Settlements with tax authorities | (3) | (4) | (23) |
Lapse of statute of limitations | (17) | (3) | (9) |
Increase related to prior period tax positions | 16 | 35 | 21 |
Decrease related to prior period tax positions | (11) | 0 | (9) |
Increase related to current year tax positions | 75 | 98 | 38 |
Increase due to acquisition | 8 | 4 | 33 |
Net increase | 68 | 130 | 51 |
Balance at end of year | $ 446 | $ 378 | $ 248 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | May 09, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 |
Class of Stock [Line Items] | ||||||
Preferred stock, number of shares authorized | 1,000,000 | 1,000,000 | ||||
Preferred stock, number of shares outstanding | 0 | 0 | ||||
Cash dividends declared per common share (in usd per share) | $ 0.30 | $ 0.30 | $ 0.30 | |||
Payments for repurchases of common stock | $ 234 | $ 0 | $ 500 | |||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchases of common stock (in shares) | 11,000,000 | |||||
Payments for repurchases of common stock | $ 252 | |||||
Stock repurchase average price per share | $ 22.68 | |||||
Stock Repurchase authorization increase | $ 500 | |||||
Remaining authorization at end of period | $ 1,048 | |||||
Common Stock | Subsequent Event | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared per common share (in usd per share) | $ 0.075 | |||||
Repurchases of common stock (in shares) | 1,000,000 | |||||
Payments for repurchases of common stock | $ 18 | |||||
March 2017 Accelerated Stock Repurchase Agreement | Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Repurchases of common stock (in shares) | 2,000,000 | 14,000,000 | ||||
Payments for repurchases of common stock | $ 500 | |||||
Stock repurchase average price per share | $ 30.51 | |||||
Foreign Currency Translation Adjustments | Gain on Divestiture | WSS and PKI Solutions | ||||||
Class of Stock [Line Items] | ||||||
Reclassification from AOCI to statement of operations | $ (8) | |||||
Foreign Currency Translation Adjustments | Other Operating Income (Expense) | Foreign Entities | ||||||
Class of Stock [Line Items] | ||||||
Reclassification from AOCI to statement of operations | 3 | |||||
Unrealized Gain (Loss) On Available-For-Sale Securities | Gain on Divestiture | WSS and PKI Solutions | ||||||
Class of Stock [Line Items] | ||||||
Reclassification from AOCI to statement of operations | 7 | |||||
Unrealized Gain (Loss) On Available-For-Sale Securities | Income Tax Expense (Benefit) | WSS and PKI Solutions | ||||||
Class of Stock [Line Items] | ||||||
Reclassification from AOCI to statement of operations | $ 3 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 29, 2019 | Mar. 30, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at the beginning of the period | $ 5,023 | |
Balance at the end of the period | 5,738 | $ 5,023 |
Total AOCI | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at the beginning of the period | 4 | 12 |
Other comprehensive loss before reclassifications | (11) | (9) |
Reclassification to net income (loss) | 1 | |
Balance at the end of the period | (7) | 4 |
Foreign Currency Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at the beginning of the period | 8 | 7 |
Other comprehensive loss before reclassifications | (13) | (4) |
Reclassification to net income (loss) | 5 | |
Balance at the end of the period | (5) | 8 |
Unrealized Gain (Loss) On Available-For-Sale Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at the beginning of the period | (4) | 5 |
Other comprehensive loss before reclassifications | 3 | (5) |
Reclassification to net income (loss) | (4) | |
Balance at the end of the period | (1) | (4) |
Equity Method Investee | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at the beginning of the period | 0 | 0 |
Other comprehensive loss before reclassifications | (1) | 0 |
Reclassification to net income (loss) | 0 | |
Balance at the end of the period | $ (1) | $ 0 |
Stock-Based Compensation and _3
Stock-Based Compensation and Other Benefit Plans (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||||
Apr. 03, 2020shares | Mar. 29, 2019USD ($)purchase_periods$ / sharesshares | Mar. 30, 2018USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, number of shares issued | 630 | 624 | |||
Employee Stock Purchase Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Remaining shares available for future issuance (in shares) | 36 | ||||
Maximum employee subscription rate (up to) (as a percent) | 10.00% | ||||
Purchase periods, number | purchase_periods | 2 | ||||
Purchase period | 6 months | ||||
Purchase price of common stock (as a percent) | 85.00% | ||||
Award Offering period (in months) | 12 months | ||||
Stock issued under employee stock purchase plan (in shares) | 34 | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 21.77 | $ 30.01 | $ 20.56 | ||
Total fair value of stock released | $ | $ 214 | $ 294 | $ 181 | ||
Number of shares granted (in shares) | 15 | ||||
Number of unvested shares (in shares) | 21 | 19 | |||
Number of shares vested (in shares) | 10 | ||||
2013 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares approved and reserved for issuance (in shares) | 82 | ||||
Remaining shares available for future issuance (in shares) | 22 | ||||
PRUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 21.30 | $ 32.78 | $ 19.99 | ||
Total fair value of stock released | $ | $ 261 | $ 24 | $ 14 | ||
Number of shares granted (in shares) | 2 | ||||
Number of unvested shares (in shares) | 2 | 3 | |||
Number of shares vested (in shares) | 1 | ||||
Fiscal 2017 PRU's | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (in years) | 3 years | ||||
Number of shares granted (in shares) | 2 | ||||
Award vesting rights, percentage | 268.00% | ||||
Number of shares eligible to be earned (in shares) | 13 | ||||
Number of shares vested (in shares) | 1 | 12 | |||
Number of shares issued (in shares) | 12 | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total intrinsic value of options exercised | $ | $ 23 | $ 131 | $ 78 | ||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, number of shares issued | 1 | ||||
Stock-based compensation expense to be recognized | $ | $ 44 | ||||
Liability-Classified Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued (in shares) | 2 | ||||
Liability-classified awards outstanding | $ | $ 22 | $ 25 | |||
Blue Coat, Inc. | Fiscal 2017 PRU's | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Assumed in acquisition | 3 | ||||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance award range, percent | 0.00% | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance award range, percent | 200.00% | ||||
Forecast | Fiscal 2017 PRU's | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued (in shares) | 1 | ||||
Common Stock and Additional Paid-In Capital | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued (in shares) | 24 | 22 | 17 |
Stock-Based Compensation and _4
Stock-Based Compensation and Other Benefit Plans (Schedules of Restricted Stock and Performance-based RSU's) (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Mar. 29, 2019USD ($)$ / sharesshares | Mar. 30, 2018$ / sharesshares | Mar. 31, 2017$ / shares | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of shares, unvested at beginning of year | 19 | ||
Number of shares granted (in shares) | 15 | ||
Number of shares, vested (in shares) | (10) | ||
Number of shares, forfeited | (3) | ||
Number of shares, unvested at end of year | 21 | 19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted-Average Exercise Price, Outstanding and unvested at beginning of year (in dollars per share) | $ / shares | $ 25.06 | ||
Weighted-average grant date fair value (in dollars per share) | $ / shares | 21.77 | $ 30.01 | $ 20.56 |
Weighted-Average Exercise Price, Vested and released (in dollars per share) | $ / shares | 23.91 | ||
Weighted-Average Exercise Price, Forfeited (in dollars per share) | $ / shares | 24.24 | ||
Weighted-Average Exercise Price, Outstanding and unvested at end of year (in dollars per share) | $ / shares | $ 23.36 | $ 25.06 | |
Weighted-Average Remaining Years, Outstanding and unvested at end of year | 1 year | ||
Aggregate Intrinsic Value, Outstanding and unvested at end of year | $ | $ 493 | ||
PRUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of shares, unvested at beginning of year | 3 | ||
Number of shares granted (in shares) | 2 | ||
Number of shares, performance adjustment (in shares) | (1) | ||
Number of shares, vested (in shares) | (1) | ||
Number of shares, forfeited | (1) | ||
Number of shares, unvested at end of year | 2 | 3 | |
Number of shares, vested and unreleased at end of year | 1 | ||
Number of shares, outstanding at end of year | 3 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted-Average Exercise Price, Outstanding and unvested at beginning of year (in dollars per share) | $ / shares | $ 30 | ||
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 21.30 | $ 32.78 | $ 19.99 |
Weighted Average Exercise Price, Performance adjustment (in dollars per share) | $ / shares | 28.74 | ||
Weighted-Average Exercise Price, Vested and released (in dollars per share) | $ / shares | $ 21.78 | ||
Weighted-Average Exercise Price, Forfeited (in dollars per share) | $ / shares | 31.15 | ||
Weighted-Average Exercise Price, Outstanding and unvested at end of year (in dollars per share) | $ / shares | $ 27.04 | $ 30 | |
Weighted-Average Remaining Years, Outstanding and unvested at end of year | 1 year 2 months | ||
Aggregate Intrinsic Value, Outstanding and unvested at end of year | $ | $ 53 |
Stock-Based Compensation and _5
Stock-Based Compensation and Other Benefit Plans (Valuation Assumptions) (Details) - PRUs - $ / shares | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 2 years 8 months | 2 years 9 months 18 days | |
Expected volatility | 34.20% | 23.20% | |
Risk-free interest rate | 2.70% | 1.50% | |
Expected dividend yield | 0.00% | 0.00% | |
Weighted-average grant date fair value (in dollars per share) | $ 21.30 | $ 32.78 | $ 19.99 |
Stock-Based Compensation and _6
Stock-Based Compensation and Other Benefit Plans (Schedule of Stock Options) (Details) - Stock Options $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Mar. 29, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at the beginning of period (in shares) | shares | 14 |
Assumed in acquisitions (in shares) | shares | 1 |
Exercised (in shares) | shares | (2) |
Forfeited and expired (in shares) | shares | (1) |
Outstanding at the end of period (in shares) | shares | 12 |
Exercisable at period end (in shares) | shares | 11 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted Average Exercise Price, Outstanding at the beginning of period (in dollars per share) | $ / shares | $ 8.53 |
Weighted Average Exercise Price, Assumed (in dollars per share) | $ / shares | 0.53 |
Weighted Average Exercise Price, Exercised (in dollars per share) | $ / shares | 10.10 |
Weighted Average Exercise Price, Forfeited and expired (in dollars per share) | $ / shares | 13.12 |
Weighted Average Exercise Price, Outstanding at the end of period (in dollars per share) | $ / shares | 7.83 |
Weighted Average Exercise Price, Exercisable at period end (in dollars per share) | $ / shares | $ 7.94 |
Exercisable at period end, Weighted Average Remaining Years (in years) | 5 years 9 months |
Exercisable at period end, Aggregate Intrinsic Value | $ | $ 165 |
Stock-Based Compensation and _7
Stock-Based Compensation and Other Benefit Plans (Employee Stock Purchase Plan) (Details) - 2008 Employee Stock Purchase Plan - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock issued under ESPP | 0 | 3 | 3 |
Proceeds from issuance of shares | $ 0 | $ 69 | $ 56 |
Stock-Based Compensation and _8
Stock-Based Compensation and Other Benefit Plans (Schedule Of Stock-Based Compensation Expense Recognized In Our Consolidated Statements Of Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense from continuing operations | $ 352 | $ 610 | $ 440 |
Tax benefit associated with stock-based compensation expense | (73) | (116) | (149) |
Continuing Operations | Cost of revenue | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense from continuing operations | 17 | 28 | 21 |
Continuing Operations | Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense from continuing operations | 114 | 165 | 107 |
Continuing Operations | Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense from continuing operations | 134 | 200 | 110 |
Continuing Operations | General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense from continuing operations | $ 87 | $ 217 | $ 202 |
Stock-Based Compensation and _9
Stock-Based Compensation and Other Benefit Plans (Unrecognized Compensation Costs) (Details) $ in Millions | 12 Months Ended |
Mar. 29, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Costs | $ 353 |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Costs | $ 252 |
Weighted-average remaining years | 1 year 8 months |
PRUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Costs | $ 22 |
Weighted-average remaining years | 1 year 2 months |
Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Costs | $ 14 |
Weighted-average remaining years | 1 year 9 months |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Costs | $ 19 |
Weighted-average remaining years | 1 year 3 months |
Liability-Classified Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Costs | $ 32 |
Weighted-average remaining years | 2 years 1 month |
Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Costs | $ 14 |
Weighted-average remaining years | 11 months 10 days |
Stock-Based Compensation and_10
Stock-Based Compensation and Other Benefit Plans (Employer 401K Matching Contributions) (Details) - USD ($) | 12 Months Ended | |||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation [Abstract] | ||||
Contributions per employee, percent | 3.50% | 3.00% | ||
Contributions per employee, amount | $ 6,000 | |||
401(k) matching contributions | $ 23,000,000 | $ 25,000,000 | $ 19,000,000 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Income (loss) from continuing operations | $ 16 | $ 1,127 | $ (236) | |
Income from discontinued operations, net of income taxes | 15 | 11 | 130 | |
Net income (loss) | $ 31 | $ 1,138 | $ (106) | |
Income (loss) per share - basic: | ||||
Continuing operations (in usd per share) | $ 0.03 | $ 1.83 | $ (0.38) | |
Discontinued operations (in usd per share) | 0.02 | 0.02 | 0.21 | |
Net income (loss) per share - basic (in usd per share) | 0.05 | 1.85 | (0.17) | |
Income (loss) per share - diluted: | ||||
Continuing operations (in usd per share) | 0.02 | 1.69 | (0.38) | |
Discontinued operations (in usd per share) | 0.02 | 0.02 | 0.21 | |
Net income (loss) per share - diluted (in usd per share) | [1] | $ 0.05 | $ 1.70 | $ (0.17) |
Weighted-average shares outstanding — basic (in shares) | 632 | 616 | 618 | |
Dilutive potential shares from convertible debt (in shares) | 10 | 32 | 0 | |
Dilutive potential shares from employee equity awards (in shares) | 19 | 20 | 0 | |
Weighted-average shares outstanding - diluted (in shares) | 661 | 668 | 618 | |
Anti-dilutive shares excluded from diluted net income (loss) per share calculation: | 6 | 1 | 141 | |
Convertible Debt | ||||
Income (loss) per share - diluted: | ||||
Anti-dilutive shares excluded from diluted net income (loss) per share calculation: | 0 | 0 | 91 | |
Employee equity awards | ||||
Income (loss) per share - diluted: | ||||
Anti-dilutive shares excluded from diluted net income (loss) per share calculation: | 6 | 1 | 50 | |
[1] | Net income (loss) per share amounts may not add due to rounding. |
Net Income Per Share (Narrative
Net Income Per Share (Narrative) (Details) - Convertible Debt - $ / shares | Mar. 29, 2019 | Aug. 01, 2016 | Mar. 04, 2016 |
2.5% Convertible Senior Notes due April 1, 2021 | |||
Debt Instrument [Line Items] | |||
Conversion price (in usd per share) | $ 16.77 | $ 16.77 | |
Stated interest rate (as a percent) | 2.50% | 2.50% | |
2.0% Convertible Senior Notes due August 15, 2021 | |||
Debt Instrument [Line Items] | |||
Conversion price (in usd per share) | $ 20.41 | $ 20.41 | |
Stated interest rate (as a percent) | 2.00% | 2.00% |
Segment and Geographic Inform_3
Segment and Geographic Information (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019USD ($)segment | Mar. 30, 2018USD ($) | Mar. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 2 | ||
Net revenues | $ 4,731 | $ 4,834 | $ 4,019 |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Net revenues | $ 0 | $ 0 | $ 0 |
Segment and Geographic Inform_4
Segment and Geographic Information (Schedule Of Reportable Segment Data) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 4,731 | $ 4,834 | $ 4,019 |
Operating income | 380 | 49 | (100) |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income | 1,414 | 1,584 | 1,026 |
Enterprise Security | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 2,323 | 2,554 | 2,355 |
Enterprise Security | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income | 269 | 473 | 187 |
Consumer Cyber Safety: | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 2,408 | 2,280 | 1,664 |
Consumer Cyber Safety: | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating income | $ 1,145 | $ 1,111 | $ 839 |
Segment and Geographic Inform_5
Segment and Geographic Information (Reconciliation Of Total Segment Operating Income To Total Consolidated Operating Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income | $ 380 | $ 49 | $ (100) |
Stock-based compensation expense | 352 | 610 | 440 |
Amortization of intangible assets | 207 | 220 | 147 |
Restructuring, transition and other costs | 241 | 410 | 273 |
Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income | 1,414 | 1,584 | 1,026 |
Segment Reconciling Items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Stock-based compensation expense | 352 | 610 | 440 |
Amortization of intangible assets | 443 | 453 | 293 |
Restructuring, transition and other costs | 241 | 410 | 273 |
Acquisition-related costs | 3 | 60 | 120 |
Other | $ (5) | $ 2 | $ 0 |
Segment and Geographic Inform_6
Segment and Geographic Information (Schedule Of Product Revenue Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Revenue from External Customer [Line Items] | |||
Total net revenues | $ 4,731 | $ 4,834 | $ 4,019 |
Enterprise Security: | |||
Revenue from External Customer [Line Items] | |||
Total net revenues | 2,323 | 2,554 | 2,355 |
Endpoint and information protection | |||
Revenue from External Customer [Line Items] | |||
Total net revenues | 1,027 | 983 | 947 |
Network and web security | |||
Revenue from External Customer [Line Items] | |||
Total net revenues | 748 | 782 | 451 |
WSS and PKI | |||
Revenue from External Customer [Line Items] | |||
Total net revenues | 0 | 238 | 422 |
Other products and services | |||
Revenue from External Customer [Line Items] | |||
Total net revenues | 548 | 551 | 535 |
Consumer Cyber Safety: | |||
Revenue from External Customer [Line Items] | |||
Total net revenues | 2,408 | 2,280 | 1,664 |
Consumer Security | |||
Revenue from External Customer [Line Items] | |||
Total net revenues | 1,471 | 1,504 | 1,527 |
Identity and Information Protection | |||
Revenue from External Customer [Line Items] | |||
Total net revenues | $ 937 | $ 776 | $ 137 |
Segment and Geographic Inform_7
Segment and Geographic Information (Schedule Of Net Revenue By Geographic Location) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | |
Revenue from External Customer [Line Items] | |||
Net revenues | $ 4,731 | $ 4,834 | $ 4,019 |
Americas | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 3,028 | 3,031 | 2,329 |
EMEA | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 1,002 | 1,048 | 955 |
APJ | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 701 | 755 | 735 |
U.S. | |||
Revenue from External Customer [Line Items] | |||
Net revenues | $ 2,800 | $ 2,800 | $ 2,100 |
Segment and Geographic Inform_8
Segment and Geographic Information (Schedule Of Long-Lived Assets By Geographic Location) (Details) - USD ($) $ in Millions | Mar. 29, 2019 | Mar. 30, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total cash, cash equivalents and short-term investments | $ 2,043 | $ 2,162 |
Property and equipment, net | 790 | 778 |
U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total cash, cash equivalents and short-term investments | 1,544 | 858 |
Property and equipment, net | 671 | 677 |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total cash, cash equivalents and short-term investments | 499 | 1,304 |
Property and equipment, net | $ 119 | $ 101 |
Segment and Geographic Inform_9
Segment and Geographic Information (Schedule of Customer Concentration Risk) (Details) | 12 Months Ended |
Mar. 29, 2019 | |
HNA Group Co., Ltd. | Customer Concentration Risk | |
Product Information [Line Items] | |
Concentration risk, Percentage | 10.00% |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 69 Months Ended | |||
Mar. 29, 2019 | Mar. 30, 2018 | Mar. 31, 2017 | Sep. 30, 2012 | Jan. 31, 2014 | |
Loss Contingencies [Line Items] | |||||
Rent expense | $ 68 | $ 78 | $ 79 | ||
Total net revenues | 4,731 | $ 4,834 | $ 4,019 | ||
GSA Schedule Contract | |||||
Loss Contingencies [Line Items] | |||||
Total net revenues | $ 222 | ||||
GSA analysis of damage exposure | $ 145 | ||||
Minimum | GSA Schedule Contract | |||||
Loss Contingencies [Line Items] | |||||
Current estimate of the low end of the range of estimated loss | $ 25 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule Of Minimum Future Rentals) (Details) $ in Millions | Mar. 29, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 55 |
2021 | 49 |
2022 | 40 |
2023 | 32 |
2024 | 26 |
Thereafter | 42 |
Total minimum future lease payments | 244 |
Sublease income | (6) |
Total minimum future lease payments, net | $ 238 |
Commitments and Contingencies_4
Commitments and Contingencies (Schedule Of Unrecognized Purchase Obligations) (Details) $ in Millions | Mar. 29, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 525 |
2021 | 175 |
2022 | 145 |
2023 | 136 |
2024 | 81 |
Thereafter | 9 |
Total purchase obligations | $ 1,071 |
Commitments and Contingencies_5
Commitments and Contingencies (Schedule of Deemed Repatriation Taxes) (Details) $ in Millions | Mar. 29, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 65 |
2021 | 67 |
2022 | 67 |
2023 | 126 |
2024 | 168 |
Thereafter | 210 |
Total obligations | $ 703 |
Uncategorized Items - symc-2019
Label | Element | Value |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 939,000,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 939,000,000 |