| Statement of Financial Position, Classified (USD $) | |||||||||||||||||||
| In Millions | Jul. 03, 2009
| Apr. 03, 2009
| |||||||||||||||||
| ASSETS: | |||||||||||||||||||
| Cash and cash equivalents | $2,192 | $1,793 | |||||||||||||||||
| Short-term investments | 24 | 199 | |||||||||||||||||
| Trade accounts receivable, net | 619 | 837 | |||||||||||||||||
| Inventories | 24 | 27 | |||||||||||||||||
| Deferred income taxes | 168 | 163 | |||||||||||||||||
| Other current assets | 279 | 278 | [1] | ||||||||||||||||
| Total current assets | 3,306 | 3,297 | [1] | ||||||||||||||||
| Property and equipment, net | 985 | 973 | |||||||||||||||||
| Intangible assets, net | 1,486 | 1,639 | |||||||||||||||||
| Goodwill | 4,589 | 4,561 | |||||||||||||||||
| Investment in joint venture | 84 | 97 | |||||||||||||||||
| Long-term deferred income taxes | 6 | 7 | |||||||||||||||||
| Other long-term assets | 73 | 64 | [1] | ||||||||||||||||
| Total assets | 10,529 | 10,638 | [1] | ||||||||||||||||
| LIABILITIES: | |||||||||||||||||||
| Accounts payable | 226 | 190 | |||||||||||||||||
| Accrued compensation and benefits | 292 | 374 | |||||||||||||||||
| Current deferred revenue | 2,581 | 2,644 | |||||||||||||||||
| Income taxes payable | 19 | 44 | |||||||||||||||||
| Other current liabilities | 274 | 261 | |||||||||||||||||
| Total current liabilities | 3,392 | 3,513 | |||||||||||||||||
| Convertible senior notes | 1,792 | 1,766 | [1] | ||||||||||||||||
| Long-term deferred revenue | 392 | 419 | |||||||||||||||||
| Long-term deferred tax liabilities | 190 | 181 | |||||||||||||||||
| Long-term income taxes payable | 573 | 522 | |||||||||||||||||
| Other long-term liabilities | 78 | 90 | |||||||||||||||||
| Total liabilities | 6,417 | 6,491 | [1] | ||||||||||||||||
| STOCKHOLDERS' EQUITY: | |||||||||||||||||||
| Common Stock | 8 | 8 | |||||||||||||||||
| Additional paid-in capital | 9,161 | 9,289 | [1] | ||||||||||||||||
| Accumulated other comprehensive income | 194 | 186 | |||||||||||||||||
| Accumulated deficit | (5,251) | (5,336) | [1] | ||||||||||||||||
| Total stockholders' equity | 4,112 | 4,147 | [1] | ||||||||||||||||
| Total liabilities and stockholders' equity | $10,529 | $10,638 | [1] | ||||||||||||||||
| [1]Derived from audited financials, as adjusted for the retrospective adoption of FSP APB No. 14-1. See Notes 1 and 4 for further details. | |||||||||||||||||||
| Statement of Income (Including Gross Margin) (USD $) | |||||||||||||||||||
| In Millions, except Per Share data | 3 Months Ended
Jul. 03, 2009 | 3 Months Ended
Jul. 04, 2008 | |||||||||||||||||
| Net revenues: | |||||||||||||||||||
| Content, subscriptions, and maintenance | $1,209 | $1,291 | |||||||||||||||||
| Licenses | 223 | 359 | |||||||||||||||||
| Total net revenues | 1,432 | 1,650 | |||||||||||||||||
| Cost of revenues: | |||||||||||||||||||
| Content, subscriptions and maintenance | 209 | 219 | |||||||||||||||||
| Licenses | 5 | 8 | |||||||||||||||||
| Amortization of acquired product rights | 98 | 85 | |||||||||||||||||
| Total cost of revenues | 312 | 312 | |||||||||||||||||
| Gross Profit | 1,120 | 1,338 | |||||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Sales and marketing | 559 | 663 | |||||||||||||||||
| Research and development | 221 | 232 | |||||||||||||||||
| General and administrative | 89 | 93 | |||||||||||||||||
| Amortization of other purchased intangible assets | 62 | 55 | |||||||||||||||||
| Restructuring | 34 | 17 | |||||||||||||||||
| Impairment of assets held for sale | 3 | 0 | |||||||||||||||||
| Total operating expenses | 968 | 1,060 | |||||||||||||||||
| Operating income | 152 | 278 | |||||||||||||||||
| Interest income | 2 | 18 | |||||||||||||||||
| Interest expense | (32) | (33) | [1] | ||||||||||||||||
| Other income, net | 6 | 0 | |||||||||||||||||
| Income before income taxes and loss from joint venture | 128 | 263 | [1] | ||||||||||||||||
| Provision for income taxes | 42 | 85 | [1] | ||||||||||||||||
| Loss from joint venture | 13 | 6 | |||||||||||||||||
| Net income | $73 | $172 | [1] | ||||||||||||||||
| Net income per share -- basic | 0.09 | 0.21 | [1] | ||||||||||||||||
| Net income per share -- diluted | 0.09 | 0.2 | [1] | ||||||||||||||||
| Weighted-average shares outstanding -- basic | 816 | 839 | |||||||||||||||||
| Weighted-average shares outstanding -- diluted | 827 | 854 | |||||||||||||||||
| [1]As adjusted for the retrospective adoption of FSP APB No. 14-1. See Notes 1 and 4 for further details. | |||||||||||||||||||
| Statement of Cash Flows (USD $) | |||||||||||||||||||
| In Millions | 3 Months Ended
Jul. 03, 2009 | 3 Months Ended
Jul. 04, 2008 | |||||||||||||||||
| OPERATING ACTIVITIES: | |||||||||||||||||||
| Net income | $73 | $172 | [1] | ||||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
| Depreciation and amortization | 221 | 200 | |||||||||||||||||
| Amortization of discount on convertible senior notes | 25 | 24 | [1] | ||||||||||||||||
| Stock-based compensation expense | 49 | 45 | |||||||||||||||||
| Impairment of assets held for sale | 3 | 0 | |||||||||||||||||
| Deferred income taxes | 11 | 6 | [1] | ||||||||||||||||
| Income tax (expense) benefit from the exercise of stock options | (1) | 10 | |||||||||||||||||
| Excess income tax benefit from the exercise of stock options | (3) | (9) | |||||||||||||||||
| Loss from joint venture | 13 | 6 | |||||||||||||||||
| Other | 3 | 6 | |||||||||||||||||
| Net change in assets and liabilities, excluding effects of acquisitions: | |||||||||||||||||||
| Trade accounts receivable, net | 229 | 119 | |||||||||||||||||
| Inventories | 4 | 6 | |||||||||||||||||
| Accounts payable | 16 | (9) | |||||||||||||||||
| Accrued compensation and benefits | (90) | (91) | |||||||||||||||||
| Deferred revenue | (142) | (70) | |||||||||||||||||
| Income taxes payable | (19) | (31) | |||||||||||||||||
| Other assets | (22) | 81 | |||||||||||||||||
| Other liabilities | 1 | (51) | |||||||||||||||||
| Net cash provided by operating activities | 371 | 414 | |||||||||||||||||
| INVESTING ACTIVITIES: | |||||||||||||||||||
| Purchase of property and equipment | (54) | (58) | |||||||||||||||||
| Proceeds from sale of property and equipment | 2 | 0 | |||||||||||||||||
| Cash returned from (payments for) business acquisitions, net of cash acquired | 3 | (166) | |||||||||||||||||
| Purchase of equity investment | (16) | 0 | |||||||||||||||||
| Purchases of available-for-sale securities | (2) | (173) | |||||||||||||||||
| Proceeds from sales of available-for-sale securities | 183 | 472 | |||||||||||||||||
| Net cash provided by investing activities | 116 | 75 | |||||||||||||||||
| FINANCING ACTIVITIES: | |||||||||||||||||||
| Net proceeds from sale of common stock under employee stock benefit plans | 11 | 75 | |||||||||||||||||
| Excess income tax benefit from the exercise of stock options | 3 | 9 | |||||||||||||||||
| Tax payments related to restricted stock issuance | (18) | (15) | |||||||||||||||||
| Repurchase of common stock | (123) | (200) | |||||||||||||||||
| Repayments of short-term borrowing | 0 | (200) | |||||||||||||||||
| Repayment of other long-term liability | (1) | (2) | |||||||||||||||||
| Net cash used in financing activities | (128) | (333) | |||||||||||||||||
| Effect of exchange rate fluctuations on cash and cash equivalents | 40 | (1) | |||||||||||||||||
| Increase in cash and cash equivalents | 399 | 155 | |||||||||||||||||
| Beinning cash and cash equivalents | 1,793 | 1,890 | |||||||||||||||||
| Ending cash and cash equivalents | $2,192 | $2,045 | |||||||||||||||||
| [1]As adjusted for the retrospective adoption of FSP APB No. 14-1. See Notes 1 and 4 for further details. | |||||||||||||||||||
| Basis of Presentation | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Basis of Presentation [Abstract] | |
| Significant Accounting Policies | Note1.Basis of Presentation The condensed consolidated financial statements of Symantec Corporation (we, us, and our refer to Symantec Corporation and all of its subsidiaries) as of July3, 2009 and April3, 2009, and for the three months ended July3, 2009 and July4, 2008, have been prepared in accordance with the instructions for Form10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and, therefore, do not include all information and notes normally provided in audited financial statements. In the opinion of management, the condensed consolidated financial statements contain all adjustments, consisting only of normal recurring items, except as otherwise noted, necessary for the fair presentation of our financial position and results of operations for the interim periods. The condensed consolidated balance sheet as of April3, 2009, has been derived from the audited consolidated financial statements as adjusted for the retrospective adoption of Financial Accounting Standards Board (FASB) Staff Position (FSP) APB No.14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) however, it does not include all disclosures required by generally accepted accounting principles. These condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in our Annual Report on Form10-K for the fiscal year ended April3, 2009. The results of operations for the three months ended July3, 2009, are not necessarily indicative of the results to be expected for the entire fiscal year. All significant intercompany accounts and transactions have been eliminated. We have a 52/53-week fiscal accounting year. Unless otherwise stated, references to three months ended in this report relate to fiscal periods ended July3, 2009 and July4, 2008. The three months ended July3, 2009 consisted of 13weeks, whereas the three months ended July4, 2008 consisted of 14weeks. Our 2010 fiscal year consists of 52weeks and ends on April2, 2010. Significant Accounting Policies There have been no changes in our significant accounting policies for the three months ended July3, 2009, as compared to the significant accounting policies described in our Annual Report on Form10-K for the fiscal year ended April3, 2009. As of April4, 2009, we adopted FSP APB No.14-1. See Note4 for further details. Financial Instruments For certain financial instruments, including cash and cash equivalents, short-term investments, accounts receivable, accounts payable and other current liabilities, the carrying amounts approximate their fair value due to the relatively short maturity of these balances. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value: Cash and Cash Equivalents.We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash equivalents are recognized at fair value. As of July3, 2009, our cash equivalents consisted of $ |
| Fair Value Measurements | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Fair Value Measurements [Abstract] | |
| Fair Value Measurements | Note2.Fair Value Measurements We measure assets and liabilities at fair value based upon exit price, representing the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. SFASNo.157 (as impacted by FSP Nos. 157-1, 157-2, 157-3, and 157-4) establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: Level1:Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level2:Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level3:Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available. Assets Measured and Recorded at Fair Value on a Recurring Basis The following table summarizes our assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy: As of July3, 2009 As of April3, 2009 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In millions) Cash equivalents: Money market funds........................................................................ $ 1,312 $ $ $ 1,312 $ 389 $ $ $ 389 Bank securities and deposits........................................................... 320 320 474 474 Government securities...................................................................... 25 25 479 479 Cash equivalents total:..................................................................... 1,312 345 1,657 389 953 1,342 Short-term investments: Asset-backed securities.................................................................... 10 10 13 13 Corporate securities.......................................................................... 8 8 8 8 Government securities...................................................................... 175 175 Marketable equity securities........................................................... 6 6 3 3 Short-term investments total:............................... |
| Investments | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Investments [Abstract] | |
| Marketable Securities | Note3.Investments Short-term investments The following summarizes our available-for-sale investments: July3, 2009 April3, 2009 Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value (In millions) Asset-backed securities....................................... $ 12 $ $ (2) $ 10 $ 15 $ $ (2) $ 13 Corporate securities............................................. 8 8 8 8 Government securities......................................... 175 175 Marketable equity securities.............................. 2 4 6 2 1 3 Total..................................................................... $ 22 $ 4 $ (2) $ 24 $ 200 $ 1 $ (2) $ 199 The following table provides the gross unrealized losses and the fair market value of our investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of the following periods ended: July3, 2009 April3, 2009 Less than 12 Months 12 Months or Greater Total Less than 12 Months 12 Months or Greater Total Losses Fair Value Losses Fair Value Losses Fair Value Losses Fair Value Losses Fair Value Losses Fair Value (In millions) Asset-backed securities.. $ $ $ 2 $ 10 $ 2 $ 10 $ $ $ 2 $ 13 $ 2 $ 13 Proceeds from sales of available-for-sale securities were $183million primarily from the sales of government securities and $472million primarily from the sales of asset-backed securities for the three months ended July3, 2009 and July4, 2008, respectively. Gross realized losses on these sales were not material for the same periods. Equity investments As of July3, 2009 and April3, 2009, we held equity investments in privately-held companies of $17million and $3million, respectively. For both the three months ended July3, 2009 and July4, 2008, other-than-temporary losses related to these investments were not material. |
| Accounting for convertible debt instruments | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Accounting for Convertible Debt Instruments [Abstract] | |
| Accounting for Convertible Debt Instruments | Note4.Accounting for Convertible Debt Instruments As of April4, 2009, we adopted FSP APB No.14-1, which requires issuers of certain types of convertible notes to separately account for the liability and equity components of such convertible notes in a manner that reflects the entitys nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. FSP APB No.14-1 applies to the 0.75%Convertible Senior Notes due June15, 2011 and the 1.00%Convertible Senior Notes due June15, 2013, collectively referred to as the Senior Notes. Prior to the adoption of FSP APB No.14-1, the liability of the Senior Notes was carried at its principal value and only the contractual interest expense was recognized in our Condensed Consolidated Statements of Operations. Because FSP APB No.14-1 requires retrospective adoption, we were required to adjust all periods for which the Senior Notes were outstanding before the date of adoption. Upon adoption of FSP APB No.14-1 and effective as of the issuance date of the Senior Notes, we recorded $586million of the principal amount to equity, representing the debt discount for the difference between our estimated nonconvertible debt borrowing rate of 6.78% at the time of issuance and the coupon rate of the Senior Notes. This debt discount, recorded in additional paid-in capital, is amortized as additional non-cash interest expense over the contractual terms of the Senior Notes using the effective interest method. In addition, we allocated $9million of the issuance costs to the equity component of the Senior Notes and the remaining $24million of the issuance costs to the debt component of the Senior Notes. The issuance costs were allocated pro rata based on the relative carrying amounts of the debt and equity components. The $24million of debt issuance costs allocated to the debt component is amortized as interest expense over the respective contractual terms of the Senior Notes using the effective interest method. Each $1,000 of principal of the Senior Notes will initially be convertible into 52.2951 shares of Symantec common stock, which is the equivalent of $19.12 per share, subject to adjustment upon the occurrence of specified events. As of July3, 2009, the remaining weighted average amortization period of the discount and debt issuance costs is approximately 3years and the if-converted value of the Senior Notes does not exceed the principal amount of the Senior Notes. The following table presents information regarding the equity and liability components of the Senior Notes: As of July3, 2009 April3, 2009 As Adjusted (In millions) Equity component of Senior Notes..................................................................................................................................... $ 586 $ 586 Principal amount of Senior Notes........................................................................................................................................ $ 2,100 $ 2,100 Unamortized discount of Senior Notes................................................................. |
| Goodwill and Intangible Assets | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Goodwill and Intangible Assets [Abstract] | |
| Goodwill and Intangible Assets | Note5.Goodwill and Intangible Assets Goodwill We account for goodwill in accordance with SFASNo.142, Goodwill and Other Intangible Assets. As such, we allocate goodwill to our reporting units, which are the same as our operating segments. Goodwill is allocated by operating segment as follows: Consumer Security and Compliance Storage and Server Management Services Total (In millions) Balance as of April3, 2009................................................................................ $ 356 $ 1,355 $ 2,457 $ 393 $ 4,561 Operating segment reclassification(1)............................................................... 103 2 (105) Goodwill adjustments(2)..................................................................................... 7 11 10 28 Balance as of July3, 2009................................................................................. $ 363 $ 1,469 $ 2,459 $ 298 $ 4,589 ____________ (1) During the first quarter of fiscal 2010, we modified our segment reporting structure to more readily match our operating structure. Refer to Note9 for further discussion on segment information. (2) Adjustments made to goodwill reflect the finalization of purchase price and tax adjustments related to prior acquisitions. We apply a fair value based impairment test to the net book value of goodwill and indefinite-lived intangible assets on an annual basis on the first day of the fourth quarter of each fiscal year or earlier if indicators of impairment exist. As of July3, 2009, no indicators of impairment were identified. Intangible assets, net July3, 2009 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Remaining Useful Life (In millions) Customer relationships................................................................................................... $ 1,832 $ (804) $ 1,028 4years Developed technology.................................................................................................... 1,777 (1,473) 304 1year Definite-lived tradenames.............................................................................................. 130 (58) 72 5years Patents............................................................................................................................... 76 (48) 28 4years Indefinite-lived tradenames........................................................................................... 54 54 Indefinite Total.................................................................................................................................. $ 3,869 $ (2,383) $ 1,486 3years April3, 2009 Gross Carrying Amount Accumulated |
| Restructuring | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Restructuring [Abstract] | |
| Restructuring | Note6.Restructuring Our restructuring costs and liabilities consist of severance, benefits, facilities and other costs in accordance with SFASNo. 146, Accounting for Costs Associated with Exit or Disposal Activities, and SFASNo. 112, Employers Accounting for Postemployment Benefits. Severance and benefits generally include severance, stay-put or one-time bonuses, outplacement services, health insurance coverage, effects of foreign currency exchange and legal costs. Facilities costs generally include rent expense, less expected sublease income and lease termination costs. Other costs generally include relocation, asset abandonment costs, the effects of foreign currency exchange and consulting services. Also included in Restructuring in our Condensed Consolidated Statements of Operations are transition and transformation fees, consulting charges, and other costs related to the outsourcing of back office functions. Restructuring expenses generally do not impact a particular reporting segment and are included in the Other reporting segment. Charges for restructuring costs were $23million and $14million for the three months ended July3, 2009 and July4, 2008, respectively. Transition, transformation, and related other costs were $11million and $3million for the three months ended July3, 2009 and July4, 2008, respectively. Restructuring charges related to the years prior to the 2008 Plan are substantially complete, and total remaining costs are not expected to be material. Transition and transformation related activities are expected to be substantially complete at the end of fiscal 2010. Total remaining costs for these activities are estimated to be approximately $30million. 2009 Restructuring Plan (2009 Plan) In the third quarter of fiscal 2009, management approved and initiated the following restructuring events to: Reduce operating costs through a worldwide headcount reduction.Charges related to this action are for severance and benefits. These actions were initiated in the third quarter of fiscal 2009 and are expected to be substantially completed in fiscal 2010. Total remaining costs for relocation are not expected to be material. Consolidate facilities.In an ongoing effort to consolidate facilities, we decided to move our corporate headquarters to Mountain View, California. Charges related to this action will primarily be associated with moving costs. These actions have been initiated and costs are expected to be substantially completed in fiscal 2010 but are not expected to be material. 2008 Restructuring Plan (2008 Plan) In the third quarter of fiscal 2008, management approved and initiated the following restructuring events to: Reduce operating costs through a worldwide headcount reduction.This action was initiated in the third quarter of fiscal 2008 and was substantially completed in the fourth quarter of fiscal 2008. Charges related to this action are for severance and benefits. Total remaining costs are not expected to be material. Reduce operating costs, implement management structure changes, optimize the business structure and discontinue certain products.Charges related to t |
| Litigation | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Litigation [Abstract] | |
| Litigation | Note7.Litigation For a discussion of our pending tax litigation with the Internal Revenue Service relating to the 2000 and 2001 tax years of Veritas, see Note 11. On July7, 2004, a purported class action complaint entitled Paul Kuck, et al.v. Veritas Software Corporation, et al. was filed in the United States District Court for the District of Delaware. The lawsuit alleges violations of federal securities laws in connection with Veritas announcement on July6, 2004 that it expected results of operations for the fiscal quarter ended June30, 2004 to fall below earlier estimates. The complaint generally seeks an unspecified amount of damages. Subsequently, additional purported class action complaints have been filed in Delaware federal court, and, on March3, 2005, the Court entered an order consolidating these actions and appointing lead plaintiffs and counsel. A consolidated amended complaint (CAC), was filed on May27, 2005, expanding the class period from April23, 2004 through July6, 2004. The CAC also named another officer as a defendant and added allegations that Veritas and the named officers made false or misleading statements in press releases and SEC filings regarding the companys financial results, which allegedly contained revenue recognized from contracts that were unsigned or lacked essential terms. The defendants to this matter filed a motion to dismiss the CAC in July 2005; the motion was denied in May 2006. In April 2008, the parties filed a stipulation of settlement. On July31, 2008, the Court held a final approval hearing and, on August5, 2008, the Court entered an order approving the settlement. An objector to the fees portion of the settlement has lodged an appeal. In fiscal 2008, we recorded an accrual in the amount of $21.5million for this matter and, pursuant to the terms of the settlement, we established a settlement fund of $21.5million on May1, 2008. We are also 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 financial condition or results of operations. |
| Stock repurchases | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Stock Repurchases [Abstract] | |
| Stock repurchases | Note8.Stock Repurchases The following table presents a summary of our stock repurchases: Three Months Ended July3, 2009 (In millions, except per share data) Total number of shares repurchased................................................................................................................ 8 Dollar amount of shares repurchased............................................................................................................... $ 123 Average price paid per share.............................................................................................................................. $ 15.59 Range of price paid per share............................................................................................................................. $ 14.14 to $16.81 We have had stock repurchase programs in the past. Our most recent program was authorized by our Board of Directors on June14, 2007 to repurchase up to $2billion of our common stock. This program does not have an expiration date, and as of July3, 2009, $177million remained authorized for future repurchases. |
| Segment Information | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Segment Information [Abstract] | |
| Segment Information | Note9.Segment Information During the first quarter of fiscal 2010, we modified our segment reporting structure to more readily match our operating structure. The following modifications were made to our segment reporting structure: (i)Enterprise Vault products moved to the Storage and Server Management segment from the Security and Compliance segment; and (ii)Software-as-a-Service (SaaS) offerings moved to either the Security and Compliance segment or the Storage and Server Management segment from the Services segment, based on the nature of the service delivered. There were no changes to the Consumer or Other segments. The new reporting structure more directly aligns the operating segments with our markets and customers, and we believe it will establish more direct lines of reporting responsibilities, speed decision making, and enhance the ability to pursue product integration and strategic growth opportunities. Data shown from the prior periods has been reclassified to match the current reporting structure. As of July3, 2009, our five operating segments are: Consumer.Our Consumer segment focuses on delivering our Internet security, PC tuneup, and backup products to individual users and home offices. Security and Compliance.Our Security and Compliance segment focuses on providing large, medium, and small-sized businesses with solutions for endpoint security and management, compliance, messaging management, and data loss prevention solutions that allow our customers to secure, provision, and remotely access their laptops, PCs, mobile devices, and servers, as well as services delivered through our SaaS offering. Storage and Server Management.Our Storage and Server Management segment focuses on providing enterprise and large enterprise customers with storage and server management, backup, archiving, and data protection solutions across heterogeneous storage and server platforms, as well as services delivered through our SaaS offerings. Services.Our Services segment provides customers with leading IT risk management services and solutions to manage security, availability, performance and compliance risks across multi-vendor environments. Our services include consulting, business critical, education, and managed security services. Other.Our Other segment is comprised of sunset products and products nearing the end of their life cycle. It also includes general and administrative expenses; amortization of acquired product rights, other intangible assets, and other assets; goodwill impairment charges; charges such as stock-based compensation and restructuring; and certain indirect costs that are not charged to the other operating segments. Our reportable segments are the same as our operating segments. The accounting policies of the segments are described in our Annual Report on Form10-K for the fiscal year ended April3, 2009. There are no intersegment sales. Our chief operating decision maker evaluates performance based on direct profit or loss from operations before income taxes not including nonrecurring gains and losses, foreign exchange gains and losses, and miscellaneous other income and expenses. E |
| Stock-based Compensation | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Stock-Based Compensation [Abstract] | |
| Stock-based Compensation | Note10.Stock-based Compensation The following table sets forth the total stock-based compensation expense recognized in our Condensed Consolidated Statements of Operations for the three months ended July3, 2009 and July 4, 2008: Three Months Ended July3, 2009 July4, 2008 (In millions, except per share data) Cost of revenues Content, subscriptions, and maintenance................................................................ $ 4 $ 3 Cost of revenues Licenses........................................................................................................................... 1 1 Sales and marketing.......................................................................................................................................... 18 19 Research and development............................................................................................................................. 17 13 General and administrative.............................................................................................................................. 9 9 Total stock-based compensation expense................................................................................................... 49 45 Tax benefit associated with stock-based compensation expense............................................................ 13 12 Net effect of stock-based compensation expense on operations............................................................ $ 36 $ 33 Net effect of stock-based compensation expense on earnings per share basic............................... $ 0.04 $ 0.04 Net effect of stock-based compensation expense on earnings per share diluted............................ $ 0.04 $ 0.04 As of July3, 2009, total unrecognized compensation expense adjusted for estimated forfeitures related to unvested stock options and Restricted Stock Units (RSUs), was $80million and $132million, respectively, which is expected to be recognized over the remaining weighted-average vesting periods of 2years for stock options and 3years for RSUs. The weighted-average fair value per stock option granted during the three months ended July3, 2009 and July4, 2008 was $5.16 and $5.23, respectively. The total intrinsic value of options exercised during the three months ended July3, 2009 and July4, 2008, including assumed options, was $15million and $52million, respectively. The weighted-average fair value per RSUs granted during the three months ended July3, 2009 and July4, 2008 was $15.38 and $19.94, respectively. The fair value of RSUs granted for the three months ended July3, 2009 and July4, 2008, was $145million and $171million, respectively. The total fair value of RSUs that vested during the three months ended July3, 2009 and July4, 2008, including assumed RSUs, was $63million and $49million, respectively. During the three months ended July3, 2009, we granted 93,992 Restricted Stock Awards |
| Income Taxes | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Income Taxes [Abstract] | |
| Income Taxes | Note11.Income Taxes The effective tax rate was approximately 33% and 32% for the three months ended July3, 2009 and July4, 2008, respectively. The effective tax rates for both periods reflect the benefits of lower-taxed foreign earnings, domestic manufacturing tax incentives, and research and development credits, offset by state income taxes and non-deductible stock-based compensation. As discussed further below, the tax expense for the three months ended July3, 2009 includes a $7million tax expense related to the U.S.tax treatment of certain stock based compensation. For the three months ended July4, 2008, we recorded a $5million tax benefit related to a favorable Irish settlement. The effective tax rate for the three months ended July3, 2009 is otherwise lower than in the three months ended July4, 2008 primarily due to higher benefits from lower-taxed foreign earnings. On May27, 2009, the U.S.Court of Appeals for the Ninth Circuit overturned a 2005 U.S.Tax Court ruling in Xilinx, Inc.v. Commissioner, holding that stock-based compensation related to research and development (RD) must be shared by the participants of a RD cost sharing arrangement. The Ninth Circuit held that related parties to such an arrangement must share stock option costs, notwithstanding the U.S.Tax Courts finding that unrelated parties in such an arrangement would not share such costs. We have a similar RD cost sharing arrangement in place. The Ninth Circuits reversal of the U.S.Tax Courts decision changes our estimate of stock option related tax benefits previously recognized under Financial Interpretation No.48, Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statement No.109. As a result of the Ninth Circuits ruling, we increased our liability for unrecognized tax benefits, recording a tax expense of approximately $7million and a reduction of additional paid-in capital of approximately $30million in the three months ended July3, 2009. On March 29, 2006, we received a Notice of Deficiency from the IRS claiming that we owe $867 million of additional taxes, excluding interest and penalties, for the 2000 and 2001 tax years based on an audit of Veritas. On June 26, 2006, we filed a petition with the U.S. Tax Court protesting the IRS claim for such additional taxes. In the March 2007 quarter, we agreed to pay $7 million out of $35 million originally assessed by the IRS in connection with several of the lesser issues covered in the assessment. The IRS agreed to waive the assessment of penalties. During July 2008, we completed the trial phase of the Tax Court case, which dealt with the remaining issue covered in the assessment. At trial, the IRS changed its position with respect to this remaining issue, which decreased the remaining amount at issue from $832 million to $545 million, excluding interest. We filed our post-trial briefs in October 2008 and rebuttal briefs in November 2008 with the U.S. Tax Court. There have been no further developments in this case in the June 2009 quarter, as we continue to await the decision of the U.S.Tax Court. We continue to monitor the progress of ongoing tax controversies and the impact, if an |
| Earnings Per Share | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Earnings Per Share [Abstract] (EarningsPerShareAbstractDisclosure) | |
| Earnings Per Share | Note12.Earnings Per Share The components of earnings per share are as follows: Three Months Ended July3, 2009 July4, 2008 (In millions, except per share data) Net income per share basic: Net income.......................................................................................................................................................... $ 73 $ 172 Net income per share basic......................................................................................................................... $ 0.09 $ 0.21 Weighted average outstanding common shares.......................................................................................... 816 839 Net income per share diluted: Net income.......................................................................................................................................................... $ 73 $ 172 Net income per share diluted...................................................................................................................... $ 0.09 $ 0.20 Weighted-average outstanding common shares.......................................................................................... 816 839 Shares issuable from assumed exercise of options..................................................................................... 8 13 Dilutive impact of restricted stock and restricted stock units................................................................... 3 1 Dilutive impact of assumed conversion of Senior Notes........................................................................... 1 Total weighted-average shares outstanding diluted............................................................................... 827 854 We excluded 56million and 55million weighted-average stock options for the three months ended July3, 2009 and July4, 2008, respectively, because their effect would have been anti-dilutive. The effect of the warrants issued and options purchased in connection with the convertible senior notes were also excluded for the reasons discussed in Note8 of Notes to Consolidated Financial Statements in our Annual Report on Form10-K for the fiscal year ended April3, 2009. |
| Document Information | |
| 3 Months Ended
Jul. 03, 2009 USD / shares | |
| Document Information [Line Items] | |
| Document Type | 10-Q |
| Amendment Flag | false |
| Document Period End Date | 2009-07-03 |
| Entity Information (USD $) | |||
| 3 Months Ended
Jul. 03, 2009 | Jul. 31, 2009
| Oct. 03, 2008
| |
| Entity Information [Line Items] | |||
| Entity Registrant Name | Symantec Corporation | ||
| Entity Central Index Key | 0000849399 | ||
| Current Fiscal Year End Date | --04-02 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Public Float | $14,129,454,929 | ||
| Entity Common Stock, Shares Outstanding | 814,504,809 |
