Document and Entity Information
Document and Entity Information (USD $) | ||
12 Months Ended
Apr. 02, 2010 | Oct. 02, 2009
| |
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | 2010-04-02 | |
Document Fiscal Year Focus | 2,010 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | SYMANTEC CORP | |
Entity Central Index Key | 0000849399 | |
Current Fiscal Year End Date | --04-02 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 798,888,671 | |
Entity Public Float | $12,902,964,436 | |
Entity Current Reporting Status | Yes | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | |||||||||||||||||||
In Millions | 12 Months Ended
Apr. 02, 2010 | 12 Months Ended
Apr. 03, 2009 | |||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $3,029 | $1,793 | |||||||||||||||||
Short-term investments | 15 | 199 | |||||||||||||||||
Trade accounts receivable, net | 856 | 837 | |||||||||||||||||
Inventories | 25 | 27 | |||||||||||||||||
Deferred income taxes | 176 | 163 | |||||||||||||||||
Other current assets | 250 | 278 | [1] | ||||||||||||||||
Total current assets | 4,351 | 3,297 | [1] | ||||||||||||||||
Property and equipment, net | 949 | 973 | |||||||||||||||||
Intangible assets, net | 1,179 | 1,639 | |||||||||||||||||
Goodwill | 4,605 | 4,561 | |||||||||||||||||
Investment in joint venture | 58 | 97 | |||||||||||||||||
Other long-term assets | 90 | 71 | [1] | ||||||||||||||||
Total assets | 11,232 | 10,638 | [1] | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
Accounts payable | 214 | 190 | |||||||||||||||||
Accrued compensation and benefits | 349 | 374 | |||||||||||||||||
Deferred revenue | 2,835 | 2,644 | |||||||||||||||||
Income taxes payable | 35 | 44 | |||||||||||||||||
Other current liabilities | 338 | 261 | |||||||||||||||||
Total current liabilities | 3,771 | 3,513 | |||||||||||||||||
Convertible senior notes | 1,871 | 1,766 | [1] | ||||||||||||||||
Long-term deferred revenue | 371 | 419 | |||||||||||||||||
Long-term deferred tax liabilities | 195 | 181 | |||||||||||||||||
Long-term income taxes payable | 426 | 522 | |||||||||||||||||
Other long-term obligations | 50 | 90 | |||||||||||||||||
Total liabilities | 6,684 | 6,491 | [1] | ||||||||||||||||
Commitments and contingencies (Note 9) | |||||||||||||||||||
STOCKHOLDERS' EQUITY: | |||||||||||||||||||
Common stock (par value: $0.01, 3,000 shares authorized; 1,182 and 1,201 shares issued at April 2, 2010 and April 3, 2009; 798 and 817 shares outstanding at April 2, 2010 and April 3, 2009) | 8 | 8 | |||||||||||||||||
Additional paid-in capital | 8,990 | 9,289 | [1] | ||||||||||||||||
Accumulated other comprehensive income | 159 | 186 | |||||||||||||||||
Accumulated deficit | (4,609) | (5,336) | [1] | ||||||||||||||||
Total stockholders' equity | 4,548 | 4,147 | [1] | ||||||||||||||||
Total liabilities and stockholders' equity | $11,232 | $10,638 | [1] | ||||||||||||||||
[1]As adjusted for the retrospective adoption of new authoritative guidance on convertible debt instruments. See Note 1 for further discussion. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | ||
Share data in Millions, except Per Share data | Apr. 02, 2010
| Apr. 03, 2009
|
Common stock , par value | 0.01 | 0.01 |
Common stock, shares authorized | 3,000 | 3,000 |
Common stock, shares issued | 1,182 | 1,201 |
Common stock, shares outstanding | 798 | 817 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | |||||||||||||||||||
In Millions, except Per Share data | 12 Months Ended
Apr. 02, 2010 | 12 Months Ended
Apr. 03, 2009 | 12 Months Ended
Mar. 28, 2008 | ||||||||||||||||
Net revenue: | |||||||||||||||||||
Content, subscription, and maintenance | $5,034 | $4,863 | $4,561 | ||||||||||||||||
License | 951 | 1,287 | 1,313 | ||||||||||||||||
Total net revenue | 5,985 | 6,150 | 5,874 | ||||||||||||||||
Cost of revenue: | |||||||||||||||||||
Content, subscription, and maintenance | 849 | 840 | 826 | ||||||||||||||||
License | 22 | 35 | 45 | ||||||||||||||||
Amortization of acquired product rights | 234 | 352 | 349 | ||||||||||||||||
Total cost of revenue | 1,105 | 1,227 | 1,220 | ||||||||||||||||
Gross profit | 4,880 | 4,923 | 4,654 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||
Sales and marketing | 2,367 | 2,386 | 2,415 | ||||||||||||||||
Research and development | 857 | 870 | 895 | ||||||||||||||||
General and administrative | 352 | 343 | 348 | ||||||||||||||||
Amortization of other purchased intangible assets | 247 | 233 | 225 | ||||||||||||||||
Restructuring and transformation | 94 | 96 | 74 | ||||||||||||||||
Impairment of goodwill | 7,419 | ||||||||||||||||||
Loss and impairment of assets held for sale | 30 | 46 | 95 | ||||||||||||||||
Total operating expenses | 3,947 | 11,393 | 4,052 | ||||||||||||||||
Operating income (loss) | 933 | (6,470) | 602 | ||||||||||||||||
Interest income | 6 | 37 | 77 | ||||||||||||||||
Interest expense | (129) | (125) | [1] | (119) | [1] | ||||||||||||||
Other income, net | 55 | 8 | 63 | ||||||||||||||||
Income (loss) before income taxes and loss from joint venture | 865 | (6,550) | [1] | 623 | [1] | ||||||||||||||
Provision for income taxes | 112 | 183 | [1] | 213 | [1] | ||||||||||||||
Loss from joint venture | 39 | 53 | |||||||||||||||||
Net income (loss) | $714 | ($6,786) | [1] | $410 | [1] | ||||||||||||||
Net income (loss) per share -- basic | 0.88 | -8.17 | [1] | 0.47 | [1] | ||||||||||||||
Net income (loss) per share -- diluted | 0.87 | -8.17 | [1] | 0.46 | [1] | ||||||||||||||
Weighted-average shares outstanding -- basic | 810 | 831 | 868 | ||||||||||||||||
Weighted-average shares outstanding -- diluted | 819 | 831 | 884 | ||||||||||||||||
[1]As adjusted for the retrospective adoption of new authoritative guidance on convertible debt instruments. See Note 1 for further discussion. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | |||||||||||||||||||
In Millions | 12 Months Ended
Apr. 02, 2010 | 12 Months Ended
Apr. 03, 2009 | 12 Months Ended
Mar. 28, 2008 | ||||||||||||||||
OPERATING ACTIVITIES: | |||||||||||||||||||
Net income (loss) | $714 | ($6,786) | [1] | $410 | [1] | ||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||
Depreciation and amortization | 733 | 836 | 824 | ||||||||||||||||
Amortization of discount on senior convertible notes | 104 | 97 | [1] | 91 | [1] | ||||||||||||||
Stock-based compensation expense | 155 | 157 | 164 | ||||||||||||||||
Loss and impairment of assets held for sale | 30 | 46 | 95 | ||||||||||||||||
Deferred income taxes | (41) | (127) | [1] | (216) | [1] | ||||||||||||||
Income tax benefit from the exercise of stock options | 10 | 14 | 29 | ||||||||||||||||
Excess income tax benefit from the exercise of stock options | (13) | (18) | (26) | ||||||||||||||||
Loss from joint venture | 39 | 53 | |||||||||||||||||
Net gain on settlements of litigation | (59) | ||||||||||||||||||
Impairment of goodwill | 7,419 | ||||||||||||||||||
Net (gain) loss on legal liquidation of foreign entities | (47) | 5 | |||||||||||||||||
Other | 8 | 3 | |||||||||||||||||
Net change in assets and liabilities, excluding effects of acquisitions: | |||||||||||||||||||
Trade accounts receivable, net | (14) | (85) | (7) | ||||||||||||||||
Inventories | 3 | 6 | 11 | ||||||||||||||||
Accounts payable | 4 | (49) | 1 | ||||||||||||||||
Accrued compensation and benefits | (34) | (55) | 97 | ||||||||||||||||
Deferred revenue | 114 | 141 | 127 | ||||||||||||||||
Income taxes payable | (105) | (29) | 196 | ||||||||||||||||
Other assets | 1 | 66 | 81 | ||||||||||||||||
Other liabilities | 40 | (28) | (2) | ||||||||||||||||
Net cash provided by operating activities | 1,693 | 1,671 | 1,819 | ||||||||||||||||
INVESTING ACTIVITIES: | |||||||||||||||||||
Purchase of property and equipment | (248) | (272) | (274) | ||||||||||||||||
Proceeds from sale of property and equipment | 45 | 40 | 105 | ||||||||||||||||
Cash payments for acquisitions, net of cash acquired | (31) | (1,063) | (1,162) | ||||||||||||||||
Investment in joint venture | (150) | ||||||||||||||||||
Purchase of equity investments | (21) | (2) | |||||||||||||||||
Purchases of available-for-sale securities | (2) | (349) | (1,234) | ||||||||||||||||
Proceeds from sales of available-for-sale securities | 192 | 685 | 1,189 | ||||||||||||||||
Net cash used in investing activities | (65) | (961) | (1,526) | ||||||||||||||||
FINANCING ACTIVITIES: | |||||||||||||||||||
Net proceeds from sales of common stock under employee stock benefit plans | 124 | 229 | 224 | ||||||||||||||||
Excess income tax benefit from the exercise of stock options | 13 | 18 | 26 | ||||||||||||||||
Tax payments related to restricted stock issuance | (20) | (16) | (4) | ||||||||||||||||
Repurchase of common stock | (553) | (700) | (1,500) | ||||||||||||||||
Repayment of short-term borrowing | (200) | ||||||||||||||||||
Repayment of other long-term liability | (5) | (8) | (12) | ||||||||||||||||
Proceeds from short-term borrowing | 200 | ||||||||||||||||||
Net cash used in financing activities | (441) | (677) | (1,066) | ||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | 49 | (130) | 104 | ||||||||||||||||
Change in cash and cash equivalents | 1,236 | (97) | (669) | ||||||||||||||||
Beginning cash and cash equivalents | 1,793 | 1,890 | 2,559 | ||||||||||||||||
Ending cash and cash equivalents | 3,029 | 1,793 | 1,890 | ||||||||||||||||
Supplemental schedule of non-cash transactions: | |||||||||||||||||||
Issuance of stock options and restricted stock for business acquisitions | 35 | ||||||||||||||||||
Supplemental cash flow disclosures: | |||||||||||||||||||
Income taxes paid (net of refunds) | 247 | 321 | 181 | ||||||||||||||||
Interest expense paid | $19 | $23 | $23 | ||||||||||||||||
[1]As adjusted for the retrospective adoption of new authoritative guidance on convertible debt instruments. See Note 1 for further discussion. |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | |||||||||||||||||||
In Millions | Common Stock
| Additional Paid-In Capital
| Accumulated Other Comprehensive Income
| Accumulated Earnings (Deficit)
| Total
| ||||||||||||||
Balances, shares at Mar. 30, 2007 | 899 | ||||||||||||||||||
Balances, value at Mar. 30, 2007 | $9 | $10,409 | [1] | $183 | $1,310 | [1] | $11,911 | [1] | |||||||||||
Components of comprehensive income (loss): | |||||||||||||||||||
Net income (loss), as adjusted | 410 | [1] | 410 | [1] | |||||||||||||||
Translation adjustment, net of tax | (23) | (23) | |||||||||||||||||
Total comprehensive income (loss) | 387 | [1] | |||||||||||||||||
Issuance of common stock under employee stock plans, shares | 20 | ||||||||||||||||||
Issuance of common stock under employee stock plans, value | 223 | 223 | |||||||||||||||||
Repurchases of common stock, shares | (81) | ||||||||||||||||||
Repurchases of common stock, value | (1) | (1,347) | (151) | (1,499) | |||||||||||||||
Restricted stock units released, net of taxes, shares | 1 | ||||||||||||||||||
Restricted stock units released, net of taxes, value | (4) | (4) | |||||||||||||||||
Stock-based compensation, net of estimated forfeitures | 157 | 157 | |||||||||||||||||
Acquisition PPA adjustment for options | 32 | 32 | |||||||||||||||||
Income tax benefit from employee stock transactions | 17 | 17 | |||||||||||||||||
Cumulative effect of adjustments from the adoption of FIN 48, net of taxes | 5 | 5 | |||||||||||||||||
Balances, shares at Mar. 28, 2008 | 839 | ||||||||||||||||||
Balances, value at Mar. 28, 2008 | 8 | 9,487 | [1] | 160 | 1,574 | [1] | 11,229 | [1] | |||||||||||
Balances, shares at Apr. 04, 2007 | |||||||||||||||||||
Balances, value at Apr. 04, 2007 | |||||||||||||||||||
Components of comprehensive income (loss): | |||||||||||||||||||
Balances, shares at Mar. 28, 2008 | |||||||||||||||||||
Balances, value at Mar. 28, 2008 | 11,229 | [1] | |||||||||||||||||
Components of comprehensive income (loss): | |||||||||||||||||||
Net income (loss), as adjusted | (6,786) | [1] | (6,786) | [1] | |||||||||||||||
Translation adjustment, net of tax | 21 | 21 | |||||||||||||||||
Reclassification adjustment for net (gain) loss on legal liquidation of foreign entities included in net income, net | 5 | 5 | |||||||||||||||||
Total comprehensive income (loss) | (6,760) | [1] | |||||||||||||||||
Issuance of common stock under employee stock plans, shares | 18 | ||||||||||||||||||
Issuance of common stock under employee stock plans, value | 230 | 230 | |||||||||||||||||
Repurchases of common stock, shares | (42) | ||||||||||||||||||
Repurchases of common stock, value | (576) | (124) | (700) | ||||||||||||||||
Restricted stock units released, net of taxes, shares | 2 | ||||||||||||||||||
Restricted stock units released, net of taxes, value | (15) | (15) | |||||||||||||||||
Stock-based compensation, net of estimated forfeitures | 154 | 154 | |||||||||||||||||
Income tax benefit from employee stock transactions | 9 | 9 | |||||||||||||||||
Balances, shares at Apr. 03, 2009 | 817 | 817 | |||||||||||||||||
Balances, value at Apr. 03, 2009 | 8 | 9,289 | 186 | (5,336) | 4,147 | ||||||||||||||
Components of comprehensive income (loss): | |||||||||||||||||||
Net income (loss), as adjusted | 714 | 714 | |||||||||||||||||
Change in unrealized gain (loss) on available-for-sale securities, net of tax | 3 | 3 | |||||||||||||||||
Translation adjustment, net of tax | 17 | 17 | |||||||||||||||||
Reclassification adjustment for net (gain) loss on legal liquidation of foreign entities included in net income, net | (47) | (47) | |||||||||||||||||
Total comprehensive income (loss) | 687 | ||||||||||||||||||
Issuance of common stock under employee stock plans, shares | 12 | ||||||||||||||||||
Issuance of common stock under employee stock plans, value | 124 | 124 | |||||||||||||||||
Repurchases of common stock, shares | (34) | ||||||||||||||||||
Repurchases of common stock, value | (566) | 13 | (553) | ||||||||||||||||
Restricted stock units released, net of taxes, shares | 3 | ||||||||||||||||||
Restricted stock units released, net of taxes, value | (20) | (20) | |||||||||||||||||
Stock-based compensation, net of estimated forfeitures | 154 | 154 | |||||||||||||||||
Income tax benefit from employee stock transactions | 9 | 9 | |||||||||||||||||
Balances, shares at Apr. 02, 2010 | 798 | 798 | |||||||||||||||||
Balances, value at Apr. 02, 2010 | $8 | $8,990 | $159 | ($4,609) | $4,548 | ||||||||||||||
[1]As adjusted for the retrospective adoption of new authoritative guidance on convertible debt instruments. See Note 1 for further discussion. |
1_CONSOLIDATED STATEMENTS OF ST
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | |||
In Millions | 12 Months Ended
Apr. 02, 2010 | 12 Months Ended
Apr. 03, 2009 | 12 Months Ended
Mar. 28, 2008 |
Tax effect of translation adjustment | $9 | ($36) | $16 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | |
12 Months Ended
Apr. 02, 2010 | |
Summary of Significant Accounting Policies | Note1. Summary of Significant Accounting Policies Business Symantec Corporation ("we," "us," "our," "the Company"refer to Symantec Corporation and all of its subsidiaries) is a provider of security, storage and systems management solutions that help businesses and consumers secure and manage their information. We provide customers worldwide with software and services that protect, manage and control information risks related to security, data protection, storage, compliance, and systems management. We help our customers manage cost, complexity and compliance by protecting their IT infrastructure as they seek to maximize value from their IT investments. Principles of Consolidation The accompanying consolidated financial statements of Symantec Corporation and its wholly-owned subsidiaries are prepared in conformity with generally accepted accounting principles in the United States. All significant intercompany accounts and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current presentation with no impact on previously reported net income. Fiscal Calendar We have a 52/53-week fiscal year ending on the Friday closest to March31. Unless otherwise stated, references to years in this report relate to fiscal years rather than calendar years. Fiscal Year Ended Weeks 2010 April2, 2010 52 2009 April3, 2009 53 2008 March28, 2008 52 Our 2011 fiscal year will consist of 52weeks and will end on April1, 2011. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States 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 those related to the allocation of revenue between recognized and deferred amounts, fair value of financial instruments, valuation of goodwill, intangible assets and long-lived assets, valuation of stock-based compensation, contingencies and litigation, and the valuation allowance for deferred income taxes. Foreign Currency Translation The functional currency of our foreign subsidiaries is generally the local currency. Assets and liabilities denominated in foreign currencies are translated using the exchange rate on the balance sheet dates. Revenues and expenses are translated using monthly average exchange rates prevailing during the year. The translation adjustments resulting from this process are included as a component of Accumulated other comprehensive income. In event of liquidation of a foreign subsidiary, the accumulated translation adjustment attributable to that foreign subsidiary is reclassified from Accumulated other c |
Fair Value Measurements
Fair Value Measurements | |
12 Months Ended
Apr. 02, 2010 | |
Fair Value Measurements | Note2. Fair Value Measurements We measure assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents 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. The authoritative guidance on fair value measurements 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 April2, 2010 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 $ 2,046 $ $ $ 2,046 $ 389 $ $ $ 389 Bank securities and deposits 216 216 474 474 Government securities 116 116 479 479 Total cash equivalents 2,046 332 2,378 389 953 1,342 Short-term investments: Asset-backed securities 6 6 13 13 Corporate securities 4 4 8 8 Government securities 175 175 Marketable equity securities 5 5 3 3 Total short-term investments 5 |
Short-Term Investments
Short-Term Investments | |
12 Months Ended
Apr. 02, 2010 | |
Short-Term Investments | Note3. Short-Term Investments The following table summarizes our available-for-sale investments: As of April2, 2010 As of April3, 2009 Amortized Unrealized Unrealized Estimated Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value Cost Gains Losses Fair Value (In millions) Asset-backed securities $ 7 $ $ (1 ) $ 6 $ 15 $ $ (2 ) $ 13 Corporate securities 4 4 8 8 Government securities 175 175 Marketable equity securities 2 3 5 2 1 3 Total $ 13 $ 3 $ (1 ) $ 15 $ 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 April2, 2010 As of April3, 2009 Less than 12 12 Months or Less than 12 12 Months or Months Greater Total Months 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 $ $ $ 1 $ 6 $ 1 $ 6 $ $ $ 2 $ 13 $ 2 $ 13 Proceeds from sales, maturities, and principal pay downs related to available-for-sale securities were $192million and $685million primarily from the maturities related to government securities for fiscal 2010 and the sales of asset-backed securities for fiscal 2009, respectively. The gross realized losses on sales of available-for-sale investments were not material for fiscal 2010. The gross realized losses on sales of available-for-sale investments totaled $3million and were primarily related to our sales of asset-backed securities and corporate securities in fiscal 2009. |
Acquisitions
Acquisitions | |
12 Months Ended
Apr. 02, 2010 | |
Acquisitions | Note4. Acquisitions Fiscal 2010 acquisitions During fiscal 2010, we completed two acquisitions of nonpublic companies for an aggregate of $42million in cash. No equity interests were issued. We recorded goodwill in connection with each of these acquisitions, which resulted primarily from our expectation of synergies from the integration of the acquired company's technology with our technology. The goodwill for these acquisitions is only partially tax deductible, if at all. The results of operations for the acquired companies have been included in our results of operations since their respective acquisition dates. These acquisitions are included in our Security and Compliance segment. The purchase price allocation related to these fiscal 2010 acquisitions is as follows (in millions): Acquisition date Various Net tangible assets (liabilities) $ Intangible assets(1) 18 Goodwill 24 Total purchase price $ 42 (1) Intangible assets include customer relationships of $13million and developed technology of $5million, which are amortized over their estimated useful lives of four to eleven years. The weighted-average estimated useful lives were 10.0years and 4.0years, respectively. Fiscal 2009 acquisitions MessageLabs Purchase On November14, 2008, we completed the acquisition of MessageLabs Group Limited ("MessageLabs"), a nonpublic United Kingdom-based provider of managed services to protect, control, encrypt, and archive electronic communications. The acquisition complements our SaaS business. In exchange for all of the voting equity interests of MessageLabs, we paid the following (in millions): Cash paid for acquisition of common stock outstanding, excluding cash acquired $ 632 Acquisition-related transaction costs 8 Total purchase price $ 640 The results of operations for MessageLabs are included since the date of acquisition as part of the Security and Compliance segment. Supplemental proforma information for MessageLabs was not material to our financial results and was therefore not included. The purchase price was subject to an adjustment of up to an additional $13million in cash due to estimates in the initial purchase price that were not finalized. As a result, subsequent to the acquisition date, the Company paid an additional $10million to the seller which was allocated to Goodwill. The following table presents the purchase price allocation included in our Consolidated Balance Sheets (in millions): Net tangible assets(1) $ 20 Intangible assets(2) 170 Goodwill(3) 480 Deferred tax liability (30 ) Total purchase price $ 640 (1) Net tangible assets included deferred revenue which was adjusted down from $34million to $10million representing our estimate of the fair value of the contractual obligation assumed for support services. (2) Intangible assets included customer relationships of $127million, developed technology of $39million and definite-lived tradenames of |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | |
12 Months Ended
Apr. 02, 2010 | |
Goodwill and Intangible Assets | Note5. Goodwill and Intangible Assets Goodwill We allocate goodwill to our reporting units, which are the same as our operating segments. Goodwill is allocated by operating segment as follows: Storage and Security and Server Consumer Compliance Management Services Total (In millions) Net balance as of March28, 2008(1) $ 103 $ 4,081 $ 6,666 $ 358 $ 11,208 Operating segment reclassification(2) (84 ) 84 Goodwill acquired through business combinations(3) 253 54 471 778 Goodwill adjustments(4) 4 (10 ) (6 ) Goodwill impairment (2,700 ) (4,199 ) (520 ) (7,419 ) Net balance as of April3, 2009(5) $ 356 $ 1,355 $ 2,457 $ 393 $ 4,561 Operating segment reclassification(6) 193 191 (384 ) Goodwill acquired through business combinations(3) 24 24 Goodwill adjustments(4) 10 10 20 Net balance as of April2, 2010(7) $ 356 $ 1,582 $ 2,648 $ 19 $ 4,605 (1) Gross goodwill balances for the Consumer, Security and Compliance, Storage and Server Management, and Services are $103million, $4.1billion, $6.7billion, and $358million, respectively as of March28, 2008. There was no accumulated impairment loss as of March28, 2008. (2) In the first quarter of fiscal 2009, we moved Altiris services from the Security and Compliance segment to the Services segment. As a result of this reclassification the above adjustments were made as required by the authoritative guidance. (3) See Note4 for acquisitions. (4) Reflects adjustments made to goodwill of prior acquisitions as a result of tax adjustments that were accounted for under the prior authoritative guidance on business combinations. (5) Gross goodwill balances for the Consumer, Security and Compliance, Storage and Server Management, and Services are $356million, $4.1billion, $6.7billion, and $913million, respectively as of April3, 2009. Accumulated impairment losses for the Security and Compliance, Storage and Server Management, and Services are $2.7billion, $4.2billion, and $520million, respectively as of April3, 2009. There was no accumulated impairment loss for the Consumer segment as of April3, 2009. (6) During the first quarter of fiscal 2010, we changed our reporting segments to better align to our operating structure, resulting in the Enterprise Vault products that were formerly included in the Security and Compliance segment being moved to the Storage and Server Management segment. Also, Software-as-a-Service, which wa |
Investment in Joint Venture
Investment in Joint Venture | |
12 Months Ended
Apr. 02, 2010 | |
Investment in Joint Venture | Note6. Investment in Joint Venture On February5, 2008, Symantec formed Huawei-Symantec, Inc. ("joint venture") with a subsidiary of Huawei Technologies Co., Limited ("Huawei"). The joint venture is domiciled in Hong Kong with principal operations in Chengdu, China. We contributed cash of $150million, licenses related to certain intellectual property and intangible assets in exchange for 49% of the outstanding common shares of the joint venture. The joint venture develops, manufactures, markets and supports security and storage appliances to global telecommunications carriers and enterprise customers. Huawei contributed its telecommunications storage and security business assets, engineering, sales and marketing resources, personnel, and licenses related to intellectual property in exchange for a 51% ownership interest in the joint venture. The contribution of assets to the joint venture was accounted for at its carrying value. The historical carrying value of the assets contributed by Symantec comprised a significant portion of the net assets of the joint venture. As a result, our carrying value of the investment in the joint venture exceeded our proportionate share in the book value of the joint venture by approximately $75million upon formation of the joint venture. As the contributions for both Symantec and Huawei were recorded at historical carrying value by the joint venture, this basis difference is attributable to the contributed identified intangible assets. The basis difference is being amortized over a weighted-average period of 9years, the estimated useful lives of the underlying identified intangible assets to which the basis difference is attributed. On February5, 2011, we have a one-time option to purchase an additional two percent ownership interest from Huawei for $28million. We determined the value of the option using the Black-Scholes option-pricing model. The value of the option is not considered material to the financial statements. We have concluded that the option does not meet the definition of a derivative under the authoritative guidance. Symantec and Huawei each have the right to purchase all of the other partner's ownership interest through a bid process upon certain triggering events set to occur as early as February5, 2011. We account for our investment in the joint venture under the equity method of accounting. Under this method, we record our proportionate share of the joint venture's net income or loss based on the quarterly financial statements of the joint venture. We record our proportionate share of net income or loss one quarter in arrears. In determining our share of the joint venture's net income or loss, we adjust the joint venture's reported results to recognize the amortization expense associated with the basis difference described above. As described in Note1, the joint venture adopted new authoritative guidance on revenue arrangements with multiple deliverables during its period ended December31, 2009, which was applied to the beginning of its fiscal year. The impact of the adoption decreased our proportionate share of net loss by $12million during our fiscal 2010. Su |
Debt
Debt | |
12 Months Ended
Apr. 02, 2010 | |
Debt | Note7. Debt Convertible senior notes In June 2006, we issued $1.1billion in principal amount of 0.75%Notes and $1.0billion in principal amount of 1.00%Notes. We received proceeds of $2.1billion from the Senior Notes and incurred net transaction costs of approximately $33million, of which $9million was allocated to equity and the remainder allocated proportionately to the 0.75%Notes and 1.00%Notes. The 0.75%Notes and 1.00%Notes were each issued at par and bear interest at 0.75% and 1.00% per annum, respectively. Interest is payable semiannually in arrears on June 15 and December15, beginning December15, 2006. The following table summarizes information regarding the equity and liability components of the Senior Notes: As of April2, April3, 2010 2009 As Adjusted (In millions) Equity component $ 586 $ 586 Principal amount $ 2,100 $ 2,100 Unamortized discount (229 ) (334 ) Liability component $ 1,871 $ 1,766 The effective interest rate, contractual interest expense and amortization of debt discount for the Senior Notes was as follows: Fiscal Year Ended April2, April3, March28, 2010 2009 2008 As Adjusted As Adjusted (In millions) Effective interest rate 6.78 % 6.78 % 6.78 % Interest expense contractual $ 18 $ 18 $ 18 Interest expense amortization of debt discount $ 104 $ 96 $ 89 As of April2, 2010, the remaining weighted-average amortization period of the discount and debt issuance costs is approximately 2.6years and the if-converted value of the Senior Notes does not exceed the principal amount of the Senior Notes. Each $1,000 of principal of the Senior Notes will initially be convertible into 52.2951shares of Symantec common stock, which is the equivalent of $19.12 per share, subject to adjustment upon the occurrence of specified events. Holders of the Senior Notes may convert their Senior Notes prior to maturity during specified periods as follows: (1)during any calendar quarter, beginning after June30, 2006, if the closing price of our common stock for at least 20 trading days in the 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is more than 130% of the applicable conversion price per share; (2)if specified corporate transactions, including a change in control, occur; (3)with respect to the 0.75%Notes, at any time on or after April5, 2011, and with respect to the 1.00%Notes, at any time on or after April5, 2013; or (4)during the five business-day period after any five consecutive trading-day period during which the trading price of the Senior Notes falls below a certain threshold. Upon conversion, we would pay the holder the cash value of the applicable number of shares of Symantec common stock, up to the principal amount of the note. Amounts in excess of the principal amount, if any, may be paid in cash or in stock |
Restructuring
Restructuring | |
12 Months Ended
Apr. 02, 2010 | |
Restructuring | Note8. Restructuring Upon approval of a restructuring plan by management with the appropriate level of authority, we record restructuring liabilities in accordance with the authoritative guidance. Liabilities for costs associated with an exit or disposal activity are recognized when the liability is incurred, as opposed to when management commits to an exit plan. In addition, (i)liabilities associated with exit and disposal activities are measured at fair value; (ii)one-time termination benefits are expensed at the date the entity notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period; and (iii)costs to terminate a contract before the end of its term are recognized when the entity terminates the contract in accordance with the contract terms. In addition, a portion of the restructuring costs related to international employees whose termination benefits are recognized when the amount of such termination benefits becomes estimable and payment is probable. We record other costs associated with exit activities as they are incurred. Our restructuring costs and liabilities consist of severance, benefits, facilities and other costs. Severance and benefits generally include severance, 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 the effects of foreign currency exchange and consulting services. Also included in Restructuring in our Consolidated Statements of Operations are transition and transformation fees, consulting services, and other costs related to the outsourcing of back office functions. Restructuring expenses are included in the Other reporting segment. Charges for restructuring costs were $94million, $96million, and $74million for fiscal 2010, 2009 and 2008, respectively. These amounts include transition, transformation, consulting costs and related other costs of $28million and $21million for fiscal 2010 and 2009, respectively. There were no transition, transformation, consulting costs and related other costs in fiscal 2008. Transition and transformation related activities are expected to be substantially completed in fiscal 2011. Total remaining costs for transition and transformation activities are estimated to range from approximately $10million to $20million. Restructuring Plans The following details restructuring plans that management has committed to and are not substantially completed: 2010 Restructuring Plan ("2010 Plan") In the fourth quarter of fiscal 2010, management approved and initiated the following restructuring events to: * Reduce operating costs through a workforce realignment.This action was initiated to more appropriately allocate resources to the Company's key strategic initiatives. Charges related to this action are for severance and benefits. These actions are expected to be substantially completed in fiscal 2011. Total remaining costs for severance and benefits are estimated to |
Commitments and Contingencies
Commitments and Contingencies | |
12 Months Ended
Apr. 02, 2010 | |
Commitments and Contingencies | Note9. Commitments and Contingencies Lease Commitments We lease certain of our facilities and related equipment under operating leases that expire at various dates through 2029. We currently sublease some space under various operating leases that will expire on various dates through 2018. Some of our leases contain renewal options, escalation clauses, rent concessions, and leasehold improvement incentives. Rent expense was $88million, $88million, and $87million in fiscal 2010, 2009, and 2008, respectively. As of April2, 2010, our future commitments and sublease information under non-cancellable leases were as follows: Lease Sublease Net Lease Commitment Income Commitment(1) (In millions) 2011 $ 90 $ 4 $ 86 2012 73 2 71 2013 60 2 58 2014 52 1 51 2015 35 1 34 Thereafter 82 1 81 $ 392 $ 11 $ 381 (1) The net lease commitment amount includes $21million related to facilities that are included in our restructuring reserve. For more information, see Note8. Purchase Obligations We have purchase obligations of $421million as of April2, 2010 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. Indemnification As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was, serving at our request in such capacity. The maximum potential amount of future payments we could be required to make under these indemnification agreements is not limited; however, we have directors' and officers' insurance coverage that reduces our exposure and may enable us to recover a portion of any future amounts paid. We believe the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal. 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 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 For a discussion of our pending tax litigation with the Internal Revenue Service relating to the 2000 and 2001 tax years of Veritas, see Note13. 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 t |
Stock Repurchases
Stock Repurchases | |
12 Months Ended
Apr. 02, 2010 | |
Stock Repurchases | Note10. Stock Repurchases The following table presents a summary of our stock repurchases: Year Ended April2, April3, March28, 2010 2009 2008 (In millions, except per share data) Total number of shares repurchased 34 42 81 Dollar amount of shares repurchased $ 553 $ 700 $ 1,499 Average price paid per share $ 16.39 $ 16.53 $ 18.53 Range of price paid per share $ 14.14 to $18.29 $ 10.34 to $22.64 $ 16.67 to $20.16 We have had stock repurchase programs in the past and have repurchased shares on a quarterly basis since the fourth quarter of fiscal 2004 under new and existing programs. Our most recent program was authorized by our Board of Directors on October27, 2009 to repurchase up to $1billion of our common stock. This program does not have an expiration date and as of April2, 2010, $747million remained authorized for future repurchases. |
Segment Information
Segment Information | |
12 Months Ended
Apr. 02, 2010 | |
Segment Information | Note11. 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, expedite 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 April2, 2010, our five operating segments are: * Consumer.Our Consumer segment focuses on delivering our Internet security, PC tune-up, 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. These products allow our customers to secure, provision, and remotely access their laptops, PCs, mobile devices, and servers. We also provide our customers with services delivered through our SaaS security offerings. * Storage and Server Management.Our Storage and Server Management segment focuses on providing large, medium and small-sized businesses 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 implementation services and solutions designed to assist them in maximizing the value of their Symantec software. Our offerings include consulting, business critical services, 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, 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 provision for income taxes, loss from joint venture, and non-operating items, such as interest income and interest expense, are also allocated to this segment. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies. There are no intersegment sales. Our chief operating decision maker evaluates performance primarily based on net revenue. Except for goo |
Employee Benefits and Stock-Bas
Employee Benefits and Stock-Based Compensation | |
12 Months Ended
Apr. 02, 2010 | |
Employee Benefits and Stock-Based Compensation | Note12. Employee Benefits and Stock-Based Compensation 401(k) plan We maintain a salary deferral 401(k) plan for all of our domestic employees. This plan allows employees to contribute up to 50% of their pretax salary up to the maximum dollar limitation prescribed by the Internal Revenue Code. We match 50% of the employee's contribution. The maximum match in any given plan year is 3% of the employees' eligible compensation, up to $6,000. Our contributions under the plan were $22million, $20million, and $24million, in fiscal 2010, 2009, and 2008, respectively. Stock purchase plans 2008 Employee Stock Purchase Plan In September 2008, our stockholders approved the 2008 Employee Stock Purchase Plan ("2008 ESPP") and reserved 20million shares of common stock for issuance thereunder. As of April2, 2010, 16million shares remain available for issuance under the 2008 ESPP. Subject to certain limitations, our employees may elect to have 2% to 10% of their compensation withheld through payroll deductions to purchase shares of common stock under the 2008 ESPP. Employees 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. 2002 Executive Officers' Stock Purchase Plan In September 2002, our stockholders approved the 2002 Executive Officers' Stock Purchase Plan and reserved 250,000shares of common stock for issuance thereunder, which was amended by our Board of Directors in January 2008. The purpose of the plan is to provide executive officers with a means to acquire an equity interest in Symantec at fair market value by applying a portion or all of their respective bonus payments towards the purchase price. As of April2, 2010, 40,401shares have been issued under the plan and 209,599shares remain available for future issuance. Shares reserved for issuance under this plan have not been adjusted for the stock dividends. Stock award plans 2000Director Equity Incentive Plan In September 2000, our stockholders approved the 2000Director Equity Incentive Plan and reserved 50,000shares of common stock for issuance thereunder. Stockholders increased the number of shares of stock that may be issued by 50,000 in both September 2004 and September 2007. The purpose of this plan is to provide the members of the Board of Directors with an opportunity to receive common stock for all or a portion of the retainer payable to each director for serving as a member. Each director may elect any portion up to 100% of the retainer to be paid in the form of stock. As of April2, 2010, a total of 109,881shares had been issued under this plan and 40,119shares remained available for future issuance. 2004 Equity Incentive Plan Under the 2004 Equity Incentive Plan, ("2004 Plan") our Board of Directors, or a committee of the Board of Directors, may grant incentive and nonqualified stock options, stock appreciation rights, restricted stock units ("RSUs"), or restricted stock awards ("RSAs") to employees, officers, directors, consultants, independent contractors, and advisors to us, or to any parent, subsidiary, or affiliate of ours. |
Income Taxes
Income Taxes | |
12 Months Ended
Apr. 02, 2010 | |
Income Taxes | Note13. Income Taxes The components of the provision for income taxes are as follows: Year Ended April2, April3, March28, 2010 2009 2008 (In millions) Current: Federal $ 62 $ 161 $ 258 State 48 48 International 91 101 123 153 310 429 Deferred: Federal 2 (121 ) (178 ) State (2 ) (39 ) (33 ) International (41 ) 33 (5 ) (41 ) (127 ) (216 ) $ 112 $ 183 $ 213 Pretax income from international operations was $498million and $458million for fiscal 2010 and 2008, respectively. Pretax loss from international operations was $1.5billion in fiscal 2009. The difference between our effective income tax and the federal statutory income tax is as follows: Year Ended April2, April3, March28, 2010 2009 2008 (In millions) Expected Federal statutory tax $ 303 $ (2,293 ) $ 218 State taxes, net of federal benefit (2 ) (8 ) 6 Goodwill impairment non deductible 2,510 Foreign earnings taxed at less than the federal rate (92 ) (64 ) (1 ) Domestic production activities deduction (10 ) (12 ) (14 ) Federal research and development credit (6 ) (12 ) (7 ) Valuation allowance increase (decrease) for Irish NOLs (11 ) 61 Benefit of losses from joint venture (5 ) (9 ) Veritas Tax Court Decision (including valuation allowance release) (70 ) Other, net 5 10 11 $ 112 $ 183 $ 213 The principal components of deferred tax assets are as follows: Year Ended April2, April3, 2010 2009 (In millions) Deferred tax assets: Tax credit carryforwards $ 16 $ 20 Net operating loss carryforwards of acquired companies 148 202 Other accruals and reserves not currently tax deductible 137 160 Deferred revenue 61 57 Loss on investments not currently tax deductible 23 22 Book over tax depreciation 20 27 State income taxes 36 43 Goodwill 64 77 Other 81 65 586 673 Valuation allowance (67 ) (102 ) Deferred tax assets 519 571 Deferred tax liabilities: Intangible assets (272 ) (377 ) Unremitted earnings of foreign subsidiaries (244 ) (206 ) |
Earnings Per Share
Earnings Per Share | |
12 Months Ended
Apr. 02, 2010 | |
Earnings Per Share | Note14. Earnings Per Share Basic and diluted earnings per share are computed on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share also includes the incremental effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include shares underlying outstanding stock options, stock awards, warrants, and convertible notes. The components of earnings per share are as follows: Year Ended April2, April3, March28, 2010 2009 2008 (In millions, except per share data) Net income (loss) per share basic: Net income (loss) $ 714 $ (6,786 ) $ 410 Net income (loss) per share basic $ 0.88 $ (8.17 ) $ 0.47 Weighted-average outstanding common shares 810 831 868 Net income (loss) per share diluted: Net income (loss) $ 714 $ (6,786 ) $ 410 Net income (loss) per share diluted $ 0.87 $ (8.17 ) $ 0.46 Weighted-average outstanding common shares 810 831 868 Shares issuable from assumed exercise of options 6 15 Dilutive impact of restricted stock and restricted stock units 3 1 Total weighted-average shares outstanding diluted 819 831 884 The following potential common shares were excluded from the computation of diluted earnings per share, as their effect would have been anti-dilutive: Year Ended April2, April3, March28, 2010(1) 2009(1) 2008(1) (In millions) Stock options 47 61 66 Restricted stock units 2 47 63 66 (1) For these fiscal years, the effects of the warrants issued and the option purchased in connection with the convertible Senior Notes were excluded because, as discussed in Note8, they have no impact on diluted earnings per share until our average stock price for the applicable period reaches $27.3175 per share and $19.12 per share, respectively. |
Subsequent Events
Subsequent Events | |
12 Months Ended
Apr. 02, 2010 | |
Subsequent Events | Note15. Subsequent Events In April 2010, we signed definitive agreements to acquire PGP Corporation ("PGP") and GuardianEdge Technologies, Inc. ("GuardianEdge"), privately-held US-based providers of email and data encryption services. We expect to acquire PGP and GuardianEdge for a purchase price of approximately $300million and $70million in cash, respectively. The acquisitions are expected to close by the end of the first quarter of fiscal 2011 and therefore a disclosure of the purchase price allocation cannot be made at this time. In April 2010, we announced our strategy for the Consulting Services business to expand our partner eco-system to better leverage their customer reach and operational scale. As a result of this change in strategy, we expect to take a restructuring charge in the range of $40million to $50million during fiscal 2011. The Consulting Services business is included in the Services segment in this annual report. On May19, 2010, we signed a definitive agreement to acquire certain assets of VeriSign, Inc. ("VeriSign"), a publicly-held US-based provider of internet authentication and domain naming services. The acquired assets relate to the authentication business of VeriSign. As part of the agreement, we will also acquire VeriSign's 54% interest in VeriSign Japan KK. We anticipate a purchase price of approximately $1.28billion to be paid in cash related to this acquisition, which is subject to regulatory approvals and other closing conditions. We expect the acquisition to close during the second quarter of our fiscal 2011. |
Schedule II
Schedule II | |
12 Months Ended
Apr. 02, 2010 | |
Schedule II | Schedule II Additions Balance at Beginning of Period Charged against Revenue and to Operating expense (1) Charged to Other Accounts Amount Written Off or Used Balance atEnd of Period (In millions) Allowance for doubtful accounts: Year ended April 2, 2010 $ 9 $ 3 $ - $ (4) $ 8 Year ended April 3, 2009 9 1 - (1) 9 Year ended March28, 2008 8 1 - - 9 Reserve for product returns: Year ended April 2, 2010 $ 12 $ 46 $ - $ (49) $ 9 Year ended April 3, 2009 14 52 - (54) 12 Year ended March28, 2008 12 67 - (65) 14 Reserve for rebates: Year ended April 2, 2010 $ 70 $ 181 $ 96 (2) $ (276) $ 71 Year ended April 3, 2009 82 192 91 (2) (295) 70 Year ended March28, 2008 100 221 109 (2) (348) 82 (1) Reserve for product returns and reserve for rebates are charged against revenue. (2) Balances represent unrecognized customer rebates that will be amortized within 12months and are recorded as a reduction of deferred revenue. |