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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Symantec Corporation | NASDAQ:SYMC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 23.75 | 23.03 | 23.97 | 0 | 01:00:00 |
|
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
77-0181864
|
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. employer
Identification no.) |
|
|
|
350 Ellis Street,
|
|
|
Mountain View, California
|
|
94043
|
(Address of principal executive offices)
|
|
(zip code)
|
Large accelerated filer
þ
|
|
Accelerated filer
o
|
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
|
|
(Do not check if a smaller reporting company)
|
|
Page
|
||
|
||
|
||
|
||
|
||
|
||
|
|
September 30,
2016 |
|
April 1,
2016* |
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
5,610
|
|
|
$
|
5,983
|
|
Short-term investments
|
9
|
|
|
42
|
|
||
Accounts receivable, net
|
459
|
|
|
556
|
|
||
Other current assets
|
391
|
|
|
378
|
|
||
Total current assets
|
6,469
|
|
|
6,959
|
|
||
Property and equipment, net
|
933
|
|
|
957
|
|
||
Intangible assets, net
|
1,961
|
|
|
443
|
|
||
Goodwill
|
7,232
|
|
|
3,148
|
|
||
Equity investments
|
159
|
|
|
157
|
|
||
Other long-term assets
|
110
|
|
|
103
|
|
||
Total assets
|
$
|
16,864
|
|
|
$
|
11,767
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|||||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
139
|
|
|
$
|
175
|
|
Accrued compensation and benefits
|
218
|
|
|
219
|
|
||
Deferred revenue
|
2,085
|
|
|
2,279
|
|
||
Current portion of long-term debt
|
600
|
|
|
—
|
|
||
Income taxes payable
|
96
|
|
|
941
|
|
||
Other current liabilities
|
371
|
|
|
419
|
|
||
Total current liabilities
|
3,509
|
|
|
4,033
|
|
||
Long-term debt
|
6,576
|
|
|
2,207
|
|
||
Long-term deferred revenue
|
402
|
|
|
359
|
|
||
Long-term deferred tax liabilities
|
2,234
|
|
|
1,235
|
|
||
Long-term income taxes payable
|
192
|
|
|
160
|
|
||
Other long-term obligations
|
89
|
|
|
97
|
|
||
Total liabilities
|
13,002
|
|
|
8,091
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value, 1,000 shares authorized; 21 shares issued; 0 outstanding
|
—
|
|
|
—
|
|
||
Common stock and additional paid-in capital, $0.01 par value: 3,000,000 shares authorized; 623,348 and 612,266 shares issued and outstanding, respectively
|
4,527
|
|
|
4,309
|
|
||
Accumulated other comprehensive income (loss)
|
(1
|
)
|
|
22
|
|
||
Accumulated deficit
|
(664
|
)
|
|
(655
|
)
|
||
Total stockholders’ equity
|
3,862
|
|
|
3,676
|
|
||
Total liabilities and stockholders’ equity
|
$
|
16,864
|
|
|
$
|
11,767
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
September 30,
2016 |
|
October 2,
2015 |
|
September 30,
2016 |
|
October 2,
2015 |
||||||||
Net revenues
|
$
|
979
|
|
|
$
|
906
|
|
|
$
|
1,863
|
|
|
$
|
1,818
|
|
Cost of revenues
|
210
|
|
|
160
|
|
|
359
|
|
|
318
|
|
||||
Gross profit
|
769
|
|
|
746
|
|
|
1,504
|
|
|
1,500
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
338
|
|
|
336
|
|
|
629
|
|
|
676
|
|
||||
Research and development
|
200
|
|
|
199
|
|
|
370
|
|
|
397
|
|
||||
General and administrative
|
145
|
|
|
66
|
|
|
229
|
|
|
150
|
|
||||
Amortization of intangible assets
|
34
|
|
|
14
|
|
|
48
|
|
|
28
|
|
||||
Restructuring, separation, transition, and other
|
64
|
|
|
31
|
|
|
134
|
|
|
66
|
|
||||
Total operating expenses
|
781
|
|
|
646
|
|
|
1,410
|
|
|
1,317
|
|
||||
Operating income (loss)
|
(12
|
)
|
|
100
|
|
|
94
|
|
|
183
|
|
||||
Interest income
|
4
|
|
|
2
|
|
|
9
|
|
|
5
|
|
||||
Interest expense
|
(52
|
)
|
|
(19
|
)
|
|
(79
|
)
|
|
(39
|
)
|
||||
Other income (expense), net
|
10
|
|
|
4
|
|
|
23
|
|
|
(2
|
)
|
||||
Income (loss) from continuing operations before income taxes
|
(50
|
)
|
|
87
|
|
|
47
|
|
|
147
|
|
||||
Provision for income taxes
|
19
|
|
|
34
|
|
|
50
|
|
|
69
|
|
||||
Income (loss) from continuing operations
|
(69
|
)
|
|
53
|
|
|
(3
|
)
|
|
78
|
|
||||
Income (loss) from discontinued operations, net of income taxes
|
(75
|
)
|
|
103
|
|
|
(6
|
)
|
|
195
|
|
||||
Net income (loss)
|
$
|
(144
|
)
|
|
$
|
156
|
|
|
$
|
(9
|
)
|
|
$
|
273
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share - basic:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(0.11
|
)
|
|
$
|
0.08
|
|
|
$
|
—
|
|
|
$
|
0.11
|
|
Discontinued operations
|
$
|
(0.12
|
)
|
|
$
|
0.15
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.29
|
|
Net income (loss) per share - basic
|
$
|
(0.23
|
)
|
|
$
|
0.23
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share - diluted:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(0.11
|
)
|
|
$
|
0.08
|
|
|
$
|
—
|
|
|
$
|
0.11
|
|
Discontinued operations
|
$
|
(0.12
|
)
|
|
$
|
0.15
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.28
|
|
Net income (loss) per share - diluted
|
$
|
(0.23
|
)
|
|
$
|
0.23
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
620
|
|
|
682
|
|
|
617
|
|
|
682
|
|
||||
Diluted
|
620
|
|
|
687
|
|
|
617
|
|
|
689
|
|
||||
Cash dividends declared per common share
|
$
|
0.075
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.30
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
September 30, 2016
|
|
October 2,
2015 |
||||||||
Net income (loss)
|
$
|
(144
|
)
|
|
$
|
156
|
|
|
$
|
(9
|
)
|
|
$
|
273
|
|
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments:
|
|
|
|
|
|
|
|
||||||||
Translation adjustments
|
2
|
|
|
(34
|
)
|
|
(22
|
)
|
|
(22
|
)
|
||||
Reclassification adjustments for net loss included in net income (loss)
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Net foreign currency translation adjustments
|
2
|
|
|
(33
|
)
|
|
(22
|
)
|
|
(21
|
)
|
||||
Unrealized gain (loss) on available-for-sale securities, net of taxes
|
—
|
|
|
5
|
|
|
(1
|
)
|
|
5
|
|
||||
Other comprehensive income (loss), net of taxes
|
2
|
|
|
(28
|
)
|
|
(23
|
)
|
|
(16
|
)
|
||||
Comprehensive income (loss)
|
$
|
(142
|
)
|
|
$
|
128
|
|
|
$
|
(32
|
)
|
|
$
|
257
|
|
|
Six Months Ended
|
||||||
|
September 30, 2016
|
|
October 2, 2015
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net income (loss)
|
$
|
(9
|
)
|
|
$
|
273
|
|
(Income) loss from discontinued operations, net of income taxes
|
6
|
|
|
(195
|
)
|
||
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used in) continuing operating activities:
|
|
|
|
||||
Depreciation and amortization
|
205
|
|
|
153
|
|
||
Stock-based compensation expense
|
134
|
|
|
80
|
|
||
Deferred income taxes
|
49
|
|
|
15
|
|
||
Excess income tax benefit from the exercise of stock options
|
(5
|
)
|
|
(6
|
)
|
||
Other
|
31
|
|
|
8
|
|
||
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
||||
Accounts receivable, net
|
225
|
|
|
108
|
|
||
Accounts payable
|
(66
|
)
|
|
17
|
|
||
Accrued compensation and benefits
|
(35
|
)
|
|
(54
|
)
|
||
Deferred revenue
|
(213
|
)
|
|
(207
|
)
|
||
Income taxes payable
|
(841
|
)
|
|
(46
|
)
|
||
Other assets
|
6
|
|
|
47
|
|
||
Other liabilities
|
(51
|
)
|
|
(30
|
)
|
||
Net cash provided by (used in) continuing operating activities
|
(564
|
)
|
|
163
|
|
||
Net cash provided by (used in) discontinued operating activities
|
(153
|
)
|
|
271
|
|
||
Net cash provided by (used in) operating activities
|
(717
|
)
|
|
434
|
|
||
INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(39
|
)
|
|
(111
|
)
|
||
Payments for acquisitions, net of cash acquired
|
(4,533
|
)
|
|
(4
|
)
|
||
Purchases of short-term investments
|
—
|
|
|
(326
|
)
|
||
Proceeds from maturities of short-term investments
|
31
|
|
|
1,018
|
|
||
Proceeds from sales of short-term investments
|
—
|
|
|
76
|
|
||
Proceeds from divestiture of information management business, net of transaction costs
|
7
|
|
|
—
|
|
||
Net cash provided by (used in) continuing investing activities
|
(4,534
|
)
|
|
653
|
|
||
Net cash used in discontinued investing activities
|
—
|
|
|
(38
|
)
|
||
Net cash provided by (used in) investing activities
|
(4,534
|
)
|
|
615
|
|
||
FINANCING ACTIVITIES:
|
|
|
|
||||
Repayments of debt and other obligations
|
(17
|
)
|
|
(367
|
)
|
||
Proceeds from issuance of debt, net of issuance costs
|
4,999
|
|
|
—
|
|
||
Net proceeds from sales of common stock under employee stock benefit plans
|
49
|
|
|
44
|
|
||
Excess income tax benefit from the exercise of stock options
|
5
|
|
|
6
|
|
||
Tax payments related to restricted stock units
|
(34
|
)
|
|
(25
|
)
|
||
Dividends and dividend equivalents paid
|
(120
|
)
|
|
(210
|
)
|
||
Repurchases of common stock
|
—
|
|
|
(250
|
)
|
||
Proceeds from other financing
|
10
|
|
|
—
|
|
||
Net cash provided by (used in) continuing financing activities
|
4,892
|
|
|
(802
|
)
|
||
Net cash used in discontinued financing activities
|
—
|
|
|
(12
|
)
|
||
Net cash provided by (used in) financing activities
|
4,892
|
|
|
(814
|
)
|
||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(14
|
)
|
|
(12
|
)
|
||
Change in cash and cash equivalents
|
(373
|
)
|
|
223
|
|
||
Beginning cash and cash equivalents
|
5,983
|
|
|
2,874
|
|
||
Ending cash and cash equivalents
|
5,610
|
|
|
3,097
|
|
||
Less: Cash and cash equivalents of discontinued operations
|
—
|
|
|
736
|
|
||
Cash and cash equivalents of continuing operations
|
$
|
5,610
|
|
|
$
|
2,361
|
|
Supplemental disclosure of cash flow information
|
|
|
|
||||
Cash paid for income taxes, net of refunds
|
$
|
977
|
|
|
$
|
94
|
|
•
|
Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
•
|
Level 2: Observable inputs other than quoted prices included in Level 1 for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-driven valuations in which all significant inputs and significant value drivers are observable in active markets.
|
•
|
Level 3: Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used to determine fair value.
|
|
September 30, 2016
|
|
April 1, 2016
|
||||||||||||||||||||
|
Fair Value
|
|
Cash and Cash Equivalents
|
|
Short-term Investments
|
|
Fair Value
|
|
Cash and Cash Equivalents
|
|
Short-term Investments
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Cash
|
$
|
944
|
|
|
$
|
944
|
|
|
$
|
—
|
|
|
$
|
1,072
|
|
|
$
|
1,072
|
|
|
$
|
—
|
|
Non-negotiable certificates of deposit
|
46
|
|
|
46
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Level 1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market
|
2,977
|
|
|
2,977
|
|
|
—
|
|
|
2,905
|
|
|
2,905
|
|
|
—
|
|
||||||
U.S. government securities
|
117
|
|
|
117
|
|
|
—
|
|
|
335
|
|
|
310
|
|
|
25
|
|
||||||
Marketable equity securities
|
9
|
|
|
—
|
|
|
9
|
|
|
11
|
|
|
—
|
|
|
11
|
|
||||||
|
3,103
|
|
|
3,094
|
|
|
9
|
|
|
3,251
|
|
|
3,215
|
|
|
36
|
|
||||||
Level 2
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Corporate bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
43
|
|
|
2
|
|
||||||
U.S. agency securities
|
574
|
|
|
574
|
|
|
—
|
|
|
526
|
|
|
523
|
|
|
3
|
|
||||||
Commercial paper
|
952
|
|
|
952
|
|
|
—
|
|
|
1,121
|
|
|
1,121
|
|
|
—
|
|
||||||
Negotiable certificates of deposit
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
—
|
|
||||||
|
1,526
|
|
|
1,526
|
|
|
—
|
|
|
1,701
|
|
|
1,696
|
|
|
5
|
|
||||||
Total
|
$
|
5,619
|
|
|
$
|
5,610
|
|
|
$
|
9
|
|
|
$
|
6,025
|
|
|
$
|
5,983
|
|
|
$
|
42
|
|
|
August 1, 2016
|
||
|
(In millions)
|
||
Cash and equity consideration for outstanding Blue Coat common shares and restricted stock awards
|
$
|
2,006
|
|
Cash consideration for outstanding Blue Coat debt
|
1,910
|
|
|
Issuance of Symantec 2.0% convertible debt to Bain Capital Funds (selling shareholder)
|
750
|
|
|
Fair value of vested assumed Blue Coat stock options
|
102
|
|
|
Cash consideration for acquiree acquisition-related expenses
|
51
|
|
|
Total consideration
|
4,819
|
|
|
Cash acquired
|
(146
|
)
|
|
Net consideration transferred
|
$
|
4,673
|
|
|
August 1, 2016
|
||
|
(In millions)
|
||
Assets
|
|
||
Accounts receivable
|
$
|
125
|
|
Other current assets
|
65
|
|
|
Property and equipment
|
54
|
|
|
Intangibles
|
1,608
|
|
|
Goodwill
|
4,086
|
|
|
Other long-term assets
|
9
|
|
|
Total assets acquired
|
5,947
|
|
|
Liabilities
|
|
||
Deferred revenue
|
144
|
|
|
Other current liabilities
|
111
|
|
|
Long-term deferred revenue
|
76
|
|
|
Long-term deferred tax liabilities
|
924
|
|
|
Other long-term obligations
|
19
|
|
|
Total liabilities assumed
|
1,274
|
|
|
Total purchase price
|
$
|
4,673
|
|
|
Fair Value
|
|
Weighted-average Estimated Useful Life
|
||
|
(In millions)
|
|
|
||
Customer relationships
|
$
|
844
|
|
|
7 years
|
Developed technology and patents
|
739
|
|
|
4.3 years
|
|
Finite-lived trade names
|
4
|
|
|
2 years
|
|
Product backlog
|
2
|
|
|
4 months
|
|
Total identified finite-lived intangible assets
|
1,589
|
|
|
|
|
In-process research and development
|
19
|
|
|
N/A
|
|
Total identified intangible assets
|
$
|
1,608
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
September 30, 2016
|
|
October 2,
2015 |
||||||||
|
(In millions)
|
||||||||||||||
Net revenues
|
$
|
1,023
|
|
|
$
|
1,041
|
|
|
$
|
2,086
|
|
|
$
|
2,078
|
|
Net income (loss)
|
$
|
(158
|
)
|
|
$
|
40
|
|
|
$
|
(119
|
)
|
|
$
|
—
|
|
|
|
|
Consumer Security
|
|
Enterprise Security
|
|
Total
|
||||||
|
|
|
(In millions)
|
||||||||||
Net balance as of April 1, 2016
|
|
|
$
|
1,231
|
|
|
$
|
1,917
|
|
|
$
|
3,148
|
|
Acquisition of Blue Coat
|
|
|
—
|
|
|
4,086
|
|
|
4,086
|
|
|||
Translation adjustments
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|||
Net balance as of September 30, 2016
|
|
|
$
|
1,231
|
|
|
$
|
6,001
|
|
|
$
|
7,232
|
|
|
September 30, 2016
|
|
April 1, 2016
|
||||||||||||||||||||
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Carrying Amount |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Carrying Amount |
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Customer relationships
|
$
|
1,247
|
|
|
$
|
(361
|
)
|
|
$
|
886
|
|
|
$
|
406
|
|
|
$
|
(320
|
)
|
|
$
|
86
|
|
Developed technology
|
883
|
|
|
(125
|
)
|
|
758
|
|
|
144
|
|
|
(84
|
)
|
|
60
|
|
||||||
Finite-lived trade names
|
19
|
|
|
(4
|
)
|
|
15
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
||||||
Patents
|
21
|
|
|
(19
|
)
|
|
2
|
|
|
21
|
|
|
(18
|
)
|
|
3
|
|
||||||
Total finite-lived intangible assets
|
2,170
|
|
|
(509
|
)
|
|
1,661
|
|
|
573
|
|
|
(424
|
)
|
|
149
|
|
||||||
Indefinite-lived trade names
|
281
|
|
|
—
|
|
|
281
|
|
|
294
|
|
|
—
|
|
|
294
|
|
||||||
In-process research and development
|
19
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
2,470
|
|
|
$
|
(509
|
)
|
|
$
|
1,961
|
|
|
$
|
867
|
|
|
$
|
(424
|
)
|
|
$
|
443
|
|
|
September 30, 2016
|
||
|
(In millions)
|
||
Remainder of 2017
|
$
|
272
|
|
2018
|
347
|
|
|
2019
|
317
|
|
|
2020
|
301
|
|
|
2021
|
153
|
|
|
Thereafter
|
271
|
|
|
Total
|
$
|
1,661
|
|
|
September 30, 2016
|
|
April 1, 2016
|
||||||||||
|
Amount
|
|
Effective
Interest Rate |
|
Amount
|
|
Effective
Interest Rate |
||||||
|
(In millions, except percentages)
|
||||||||||||
2.75% Senior Notes due June 15, 2017
|
$
|
600
|
|
|
2.79
|
%
|
|
$
|
600
|
|
|
2.79
|
%
|
Senior Term Loan A-1 due May 10, 2019
|
1,000
|
|
|
LIBOR plus
(1)
|
|
|
—
|
|
|
—
|
%
|
||
Senior Term Loan A-2 due August 1, 2019
|
800
|
|
|
LIBOR plus
(1)
|
|
|
—
|
|
|
—
|
%
|
||
Senior Term Loan A-3 due August 1, 2019
|
200
|
|
|
LIBOR plus
(1)
|
|
|
—
|
|
|
—
|
%
|
||
4.2% Senior Notes due September 15, 2020
|
750
|
|
|
4.25
|
%
|
|
750
|
|
|
4.25
|
%
|
||
2.5% Convertible Senior Notes due April 1, 2021
|
500
|
|
|
3.76
|
%
|
|
500
|
|
|
3.76
|
%
|
||
Senior Term Loan A-5 due August 1, 2021
|
1,800
|
|
|
LIBOR plus
(1)
|
|
|
—
|
|
|
—
|
%
|
||
2.0% Convertible Unsecured Notes due August 15, 2021
|
1,250
|
|
|
2.66
|
%
|
|
—
|
|
|
—
|
%
|
||
3.95% Senior Notes due June 15, 2022
|
400
|
|
|
4.05
|
%
|
|
400
|
|
|
4.05
|
%
|
||
Total principal amount
|
7,300
|
|
|
|
|
2,250
|
|
|
|
||||
Less: Unamortized discount and issuance costs
|
(124
|
)
|
|
|
|
(43
|
)
|
|
|
||||
Total debt
|
7,176
|
|
|
|
|
2,207
|
|
|
|
||||
Less: Current portion
|
(600
|
)
|
|
|
|
—
|
|
|
|
||||
Total long-term debt
|
$
|
6,576
|
|
|
|
|
$
|
2,207
|
|
|
|
|
|
|
September 30, 2016
|
||
|
|
(In millions)
|
||
Remainder of 2017
|
|
$
|
—
|
|
2018
|
|
600
|
|
|
2019
|
|
—
|
|
|
2020
|
|
2,000
|
|
|
2021
|
|
1,250
|
|
|
Thereafter
|
|
3,450
|
|
|
Total
|
|
$
|
7,300
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
September 30,
2016 |
|
October 2, 2015
|
|
September 30,
2016 |
|
October 2, 2015
|
||||||||
|
(In millions)
|
||||||||||||||
Net revenues
|
$
|
51
|
|
|
$
|
592
|
|
|
$
|
123
|
|
|
$
|
1,179
|
|
Cost of revenues
|
(6
|
)
|
|
(104
|
)
|
|
(9
|
)
|
|
(200
|
)
|
||||
Operating expenses
|
—
|
|
|
(385
|
)
|
|
(24
|
)
|
|
(758
|
)
|
||||
Gain on sale of Veritas
|
—
|
|
|
—
|
|
|
38
|
|
|
—
|
|
||||
Other expense, net
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
(6
|
)
|
||||
Income from discontinued operations before income taxes
|
43
|
|
|
102
|
|
|
128
|
|
|
215
|
|
||||
Income taxes expense (benefit)
|
118
|
|
|
(1
|
)
|
|
134
|
|
|
20
|
|
||||
Income (loss) from discontinued operations, net of income taxes
|
$
|
(75
|
)
|
|
$
|
103
|
|
|
$
|
(6
|
)
|
|
$
|
195
|
|
|
|
Three Months Ended
September 30, 2016
|
|
Six Months Ended
September 30, 2016
|
||||
|
|
(In millions)
|
||||||
Fiscal 2017 Plan
|
|
|
|
|
||||
Severance costs
|
|
$
|
14
|
|
|
$
|
38
|
|
Other exit and disposal costs
|
|
20
|
|
|
35
|
|
||
Asset write-offs
|
|
5
|
|
|
14
|
|
||
Fiscal 2017 Plan total
|
|
39
|
|
|
87
|
|
||
Fiscal 2015 Plan total
|
|
—
|
|
|
2
|
|
||
Transition and other related costs
|
|
25
|
|
|
45
|
|
||
Restructuring, separation, transition, and other from continuing operations
|
|
64
|
|
|
134
|
|
||
Restructuring, separation, transition, and other from discontinued operations
|
|
1
|
|
|
10
|
|
||
Total restructuring, separation, transition, and other
|
|
$
|
65
|
|
|
$
|
144
|
|
|
Balance as of April 1, 2016
|
|
Costs, Net of
Adjustments |
|
Cash
Payments |
|
Non-Cash Charges
|
|
Balance as of September 30, 2016
|
|
Cumulative
Incurred to Date |
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Fiscal 2017 Plan
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Severance costs
|
$
|
—
|
|
|
$
|
38
|
|
|
$
|
(31
|
)
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
38
|
|
Other exit and disposal costs
|
4
|
|
|
35
|
|
|
(21
|
)
|
|
—
|
|
|
18
|
|
|
39
|
|
||||||
Asset write-offs
|
—
|
|
|
14
|
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
14
|
|
||||||
Fiscal 2017 Plan total
|
4
|
|
|
87
|
|
|
(52
|
)
|
|
(14
|
)
|
|
25
|
|
|
$
|
91
|
|
|||||
Fiscal 2015 Plan total
|
29
|
|
|
12
|
|
|
(32
|
)
|
|
—
|
|
|
9
|
|
|
$
|
468
|
|
|||||
Restructuring and separation plans total
|
$
|
33
|
|
|
$
|
99
|
|
|
$
|
(84
|
)
|
|
$
|
(14
|
)
|
|
$
|
34
|
|
|
|
•
|
Consumer Security:
Our Consumer Security segment focuses on making it simple for customers to be productive and protected at home and at work. Our Norton-branded services provide multi-layer security and identity protection on major desktop and mobile operating systems, to defend against increasingly complex online threats to individuals, families, and small businesses.
|
•
|
Enterprise Security:
Our Enterprise Security segment protects organizations so they can securely conduct business while leveraging new platforms and data. Our Enterprise Security segment includes our threat protection products, information protection products, cyber security services, and website security services.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
September 30, 2016
|
|
October 2,
2015 |
||||||||
|
(In millions)
|
||||||||||||||
Total Segments
|
|
|
|
|
|
|
|
||||||||
Net revenues
|
$
|
979
|
|
|
$
|
906
|
|
|
$
|
1,863
|
|
|
$
|
1,818
|
|
Operating income
|
249
|
|
|
283
|
|
502
|
|
|
558
|
||||||
Consumer Security
|
|
|
|
|
|
|
|
||||||||
Net revenues
|
$
|
405
|
|
|
$
|
420
|
|
|
$
|
808
|
|
|
$
|
850
|
|
Operating income
|
224
|
|
|
232
|
|
449
|
|
|
477
|
||||||
Enterprise Security
|
|
|
|
|
|
|
|
||||||||
Net revenues
|
$
|
574
|
|
|
$
|
486
|
|
|
$
|
1,055
|
|
|
$
|
968
|
|
Operating income
|
25
|
|
|
51
|
|
|
53
|
|
|
81
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
September 30, 2016
|
|
October 2,
2015 |
||||||||
|
(In millions)
|
||||||||||||||
Total segment operating income
|
$
|
249
|
|
|
$
|
283
|
|
|
$
|
502
|
|
|
$
|
558
|
|
Reconciling items:
|
|
|
|
|
|
|
|
||||||||
Unallocated corporate charges
|
—
|
|
|
87
|
|
|
—
|
|
|
186
|
|
||||
Stock-based compensation
|
85
|
|
|
45
|
|
|
134
|
|
|
80
|
|
||||
Amortization of intangible assets
|
69
|
|
|
20
|
|
|
89
|
|
|
43
|
|
||||
Restructuring, separation, transition, and other
|
64
|
|
|
31
|
|
|
134
|
|
|
66
|
|
||||
Acquisition and integration costs
|
43
|
|
|
—
|
|
|
51
|
|
|
—
|
|
||||
Total consolidated operating income (loss) from continuing operations
|
$
|
(12
|
)
|
|
$
|
100
|
|
|
$
|
94
|
|
|
$
|
183
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
September 30, 2016
|
|
October 2,
2015 |
||||||||
|
(In millions, except per share data)
|
||||||||||||||
Dividends declared and paid
|
$
|
47
|
|
|
$
|
102
|
|
|
$
|
93
|
|
|
$
|
205
|
|
Dividend equivalents paid
|
5
|
|
|
1
|
|
|
27
|
|
|
5
|
|
||||
Total dividends and dividend equivalents paid
|
$
|
52
|
|
|
$
|
103
|
|
|
$
|
120
|
|
|
$
|
210
|
|
Cash dividends declared per common share
|
$
|
0.075
|
|
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.30
|
|
|
Foreign Currency
Translation Adjustments
|
|
Unrealized Gain on
Available-For-Sale
Securities
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
Balance as of April 1, 2016
|
$
|
15
|
|
|
$
|
7
|
|
|
$
|
22
|
|
Other comprehensive loss before reclassifications
|
(22
|
)
|
|
(1
|
)
|
|
(23
|
)
|
|||
Balance as of September 30, 2016
|
$
|
(7
|
)
|
|
$
|
6
|
|
|
$
|
(1
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
September 30, 2016
|
|
October 2,
2015 |
||||||||
|
(In millions)
|
||||||||||||||
Cost of revenues
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
8
|
|
|
$
|
4
|
|
Sales and marketing
|
24
|
|
|
16
|
|
|
38
|
|
|
27
|
|
||||
Research and development
|
24
|
|
|
16
|
|
|
39
|
|
|
28
|
|
||||
General and administrative
|
32
|
|
|
11
|
|
|
49
|
|
|
21
|
|
||||
Total stock-based compensation expense
|
85
|
|
|
45
|
|
|
134
|
|
|
80
|
|
||||
Tax benefit associated with stock-based compensation expense
|
(25
|
)
|
|
(13
|
)
|
|
(40
|
)
|
|
(23
|
)
|
||||
Net stock-based compensation expense from continuing operations
|
60
|
|
|
32
|
|
|
94
|
|
|
57
|
|
||||
Net stock-based compensation expense from discontinued operations
|
—
|
|
|
24
|
|
|
—
|
|
|
37
|
|
||||
Net stock-based compensation expense
|
$
|
60
|
|
|
$
|
56
|
|
|
$
|
94
|
|
|
$
|
94
|
|
|
Six Months Ended
|
||||||
|
September 30, 2016
|
|
October 2,
2015 |
||||
|
(In millions, except per grant data)
|
||||||
Restricted stock units
|
|
|
|
||||
Weighted-average fair value per grant
|
$
|
18.59
|
|
|
$
|
23.53
|
|
Awards granted and assumed in acquisition
|
13.8
|
|
|
12.8
|
|
||
Total fair value of awards vested
|
$
|
94
|
|
|
$
|
140
|
|
Total unrecognized compensation expense
|
$
|
301
|
|
|
$
|
462
|
|
Weighted-average remaining vesting period
|
2.1 years
|
|
|
2.3 years
|
|
||
Performance-based restricted stock units
|
|
|
|
||||
Weighted-average fair value per grant
|
$
|
19.84
|
|
|
$
|
27.03
|
|
Awards granted and assumed in acquisition
|
4.9
|
|
|
0.9
|
|
||
Total fair value of awards released
|
$
|
13
|
|
|
$
|
5
|
|
Total unrecognized compensation expense
|
$
|
68
|
|
|
$
|
24
|
|
Weighted-average remaining vesting period
|
1.4 years
|
|
|
1.8 years
|
|
||
Stock options
|
|
|
|
||||
Total intrinsic value of stock options exercised
|
$
|
50
|
|
|
$
|
2
|
|
Total unrecognized compensation expense
|
$
|
134
|
|
|
$
|
—
|
|
Weighted-average remaining vesting period
|
1.8 years
|
|
|
—
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
September 30, 2016
|
|
October 2,
2015 |
||||||||
|
(In millions, except percentages)
|
||||||||||||||
Income (loss) before income taxes
|
$
|
(50
|
)
|
|
$
|
87
|
|
|
$
|
47
|
|
|
$
|
147
|
|
Provision for income taxes
|
$
|
19
|
|
|
$
|
34
|
|
|
$
|
50
|
|
|
$
|
69
|
|
Effective tax rate
|
(38
|
)%
|
|
39
|
%
|
|
106
|
%
|
|
47
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
September 30, 2016
|
|
October 2,
2015 |
||||||||
|
(In millions, except per share data)
|
||||||||||||||
Income (loss) from continuing operations
|
$
|
(69
|
)
|
|
$
|
53
|
|
|
$
|
(3
|
)
|
|
$
|
78
|
|
Income (loss) from discontinued operations, net of tax
|
(75
|
)
|
|
103
|
|
|
(6
|
)
|
|
195
|
|
||||
Net income (loss)
|
$
|
(144
|
)
|
|
$
|
156
|
|
|
$
|
(9
|
)
|
|
$
|
273
|
|
Income (loss) per share - basic:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(0.11
|
)
|
|
$
|
0.08
|
|
|
$
|
—
|
|
|
$
|
0.11
|
|
Discontinued operations
|
$
|
(0.12
|
)
|
|
$
|
0.15
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.29
|
|
Net income (loss) per share - basic
|
$
|
(0.23
|
)
|
|
$
|
0.23
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.40
|
|
Income (loss) per share - diluted:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(0.11
|
)
|
|
$
|
0.08
|
|
|
$
|
—
|
|
|
$
|
0.11
|
|
Discontinued operations
|
$
|
(0.12
|
)
|
|
$
|
0.15
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.28
|
|
Net income (loss) per share - diluted
|
$
|
(0.23
|
)
|
|
$
|
0.23
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.40
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding - basic
|
620
|
|
|
682
|
|
|
617
|
|
|
682
|
|
||||
Dilutive potential shares
|
—
|
|
|
5
|
|
|
—
|
|
|
7
|
|
||||
Weighted-average shares outstanding - diluted
|
620
|
|
|
687
|
|
|
617
|
|
|
689
|
|
|
|
As of
|
||||
|
September 30, 2016
|
|
October 2,
2015 |
||
|
(In millions)
|
||||
Convertible shares
|
91
|
|
|
—
|
|
Stock options
|
19
|
|
|
—
|
|
Restricted stock units
|
29
|
|
|
11
|
|
Total
|
139
|
|
|
11
|
|
•
|
Consumer Securit
y:
Our Consumer Security segment focuses on making it simple for customers to be productive and protected at home and at work. Our Norton-branded services provide multi-layer security and identity protection on major desktop and mobile operating systems, to defend against increasingly complex online threats to individuals, families, and small businesses.
|
•
|
Enterprise Security
:
Our Enterprise Security segment protects organizations so they can securely conduct business while leveraging new platforms and data. Our Enterprise Security segment includes our threat protection products, information protection products, cyber security services, and website security services.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
September 30, 2016
|
|
October 2, 2015
|
|
September 30, 2016
|
|
October 2, 2015
|
||||||||
|
(In millions, except percentages)
|
||||||||||||||
Condensed Consolidated Statements of Operations data:
|
|
|
|
|
|
|
|
||||||||
Net revenues
|
$
|
979
|
|
|
$
|
906
|
|
|
$
|
1,863
|
|
|
$
|
1,818
|
|
Gross profit
|
769
|
|
|
746
|
|
|
1,504
|
|
|
1,500
|
|
||||
Operating income (loss)
|
(12
|
)
|
|
100
|
|
|
94
|
|
|
183
|
|
||||
Operating margin percentage
|
(1)
|
%
|
|
11
|
%
|
|
5
|
%
|
|
10
|
%
|
||||
Condensed Consolidated Statements of Cash Flows data:
|
|
|
|
|
|
|
|
||||||||
Cash flow from continuing operating activities
|
|
|
|
|
$
|
(564
|
)
|
|
$
|
163
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
September 30, 2016
|
|
October 2,
2015 |
||||
Net revenues
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Cost of revenues
|
21
|
%
|
|
18
|
%
|
|
19
|
%
|
|
17
|
%
|
Gross profit
|
79
|
%
|
|
82
|
%
|
|
81
|
%
|
|
83
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
||||
Sales and marketing
|
35
|
%
|
|
37
|
%
|
|
34
|
%
|
|
37
|
%
|
Research and development
|
20
|
%
|
|
22
|
%
|
|
20
|
%
|
|
22
|
%
|
General and administrative
|
15
|
%
|
|
7
|
%
|
|
12
|
%
|
|
8
|
%
|
Amortization of intangible assets
|
3
|
%
|
|
2
|
%
|
|
3
|
%
|
|
2
|
%
|
Restructuring, separation, transition, and other
|
7
|
%
|
|
3
|
%
|
|
7
|
%
|
|
4
|
%
|
Total operating expenses
|
80
|
%
|
|
71
|
%
|
|
76
|
%
|
|
72
|
%
|
Operating income (loss)
|
(1)
|
%
|
|
11
|
%
|
|
5
|
%
|
|
10
|
%
|
Non-operating expense, net
|
4
|
%
|
|
1
|
%
|
|
3
|
%
|
|
2
|
%
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
September 30, 2016
|
|
October 2, 2015
|
|
% Change
|
|
September 30, 2016
|
|
October 2, 2015
|
|
% Change
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||||||||||
Net revenues
|
$
|
979
|
|
|
$
|
906
|
|
|
8
|
%
|
|
$
|
1,863
|
|
|
$
|
1,818
|
|
|
2
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
September 30, 2016
|
|
October 2, 2015
|
|
% Change
|
|
September 30, 2016
|
|
October 2, 2015
|
|
% Change
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||||||||||
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer Security
|
$
|
405
|
|
|
$
|
420
|
|
|
(4)
|
%
|
|
$
|
808
|
|
|
$
|
850
|
|
|
(5)
|
%
|
Enterprise Security
|
574
|
|
|
486
|
|
|
18
|
%
|
|
1,055
|
|
|
968
|
|
|
9
|
%
|
||||
Percentage of total net revenues:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Consumer Security
|
41
|
%
|
|
46
|
%
|
|
|
|
43
|
%
|
|
47
|
%
|
|
|
||||||
Enterprise Security
|
59
|
%
|
|
54
|
%
|
|
|
|
57
|
%
|
|
53
|
%
|
|
|
||||||
Operating income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer Security
|
$
|
224
|
|
|
$
|
232
|
|
|
(3)
|
%
|
|
$
|
449
|
|
|
$
|
477
|
|
|
(6)
|
%
|
Enterprise Security
|
25
|
|
|
51
|
|
|
(51)
|
%
|
|
53
|
|
|
81
|
|
|
(35)
|
%
|
||||
Operating margin:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer Security
|
55
|
%
|
|
55
|
%
|
|
|
|
56
|
%
|
|
56
|
%
|
|
|
||||||
Enterprise Security
|
4
|
%
|
|
10
|
%
|
|
|
|
5
|
%
|
|
8
|
%
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
September 30, 2016
|
|
October 2, 2015
|
|
% Change
|
|
September 30, 2016
|
|
October 2, 2015
|
|
% Change
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||||||||||
Cost of revenues
|
$
|
210
|
|
|
$
|
160
|
|
|
31
|
%
|
|
$
|
359
|
|
|
$
|
318
|
|
|
13
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
% Change
|
|
September 30, 2016
|
|
October 2,
2015 |
|
% Change
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||||||||||
Sales and marketing
|
$
|
338
|
|
|
$
|
336
|
|
|
1
|
%
|
|
$
|
629
|
|
|
$
|
676
|
|
|
(7)
|
%
|
Research and development
|
200
|
|
|
199
|
|
|
1
|
%
|
|
370
|
|
|
397
|
|
|
(7)
|
%
|
||||
General and administrative
|
145
|
|
|
66
|
|
|
120
|
%
|
|
229
|
|
|
150
|
|
|
53
|
%
|
||||
Amortization of intangible assets
|
34
|
|
|
14
|
|
|
143
|
%
|
|
48
|
|
|
28
|
|
|
71
|
%
|
||||
Restructuring, separation, transition, and other
|
64
|
|
|
31
|
|
|
106
|
%
|
|
134
|
|
|
66
|
|
|
103
|
%
|
||||
Total
|
$
|
781
|
|
|
$
|
646
|
|
|
21
|
%
|
|
$
|
1,410
|
|
|
$
|
1,317
|
|
|
7
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
% Change
|
|
September 30, 2016
|
|
October 2,
2015 |
|
% Change
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||||||||||
Interest income
|
$
|
4
|
|
|
$
|
2
|
|
|
100
|
%
|
|
$
|
9
|
|
|
$
|
5
|
|
|
80
|
%
|
Interest expense
|
(52
|
)
|
|
(19
|
)
|
|
174
|
%
|
|
(79
|
)
|
|
(39
|
)
|
|
103
|
%
|
||||
Other income (expense), net
|
10
|
|
|
4
|
|
|
*
|
|
|
23
|
|
|
(2
|
)
|
|
*
|
|
||||
Non-operating expense, net
|
$
|
(38
|
)
|
|
$
|
(13
|
)
|
|
192
|
%
|
|
$
|
(47
|
)
|
|
$
|
(36
|
)
|
|
31
|
%
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
September 30, 2016
|
|
October 2,
2015 |
|
% Change
|
|
September 30, 2016
|
|
October 2,
2015 |
|
% Change
|
||||||||||
|
(In millions, except percentages)
|
||||||||||||||||||||
Income (loss) before income taxes
|
$
|
(50
|
)
|
|
$
|
87
|
|
|
|
|
$
|
47
|
|
|
$
|
147
|
|
|
|
||
Provision for income taxes
|
$
|
19
|
|
|
$
|
34
|
|
|
(44)
|
%
|
|
$
|
50
|
|
|
$
|
69
|
|
|
(28)
|
%
|
Effective tax rate on earnings
|
(38
|
)%
|
|
39
|
%
|
|
|
|
106
|
%
|
|
47
|
%
|
|
|
|
Six Months Ended
|
||||||
|
September 30, 2016
|
|
October 2,
2015 |
||||
|
(In millions)
|
||||||
Net cash provided by (used in):
|
|
|
|
||||
Continuing operating activities
|
$
|
(564
|
)
|
|
$
|
163
|
|
Continuing investing activities
|
(4,534
|
)
|
|
653
|
|
||
Continuing financing activities
|
4,892
|
|
|
(802
|
)
|
|
Payments Due by Fiscal Period
|
||||||||||||||||||
|
Total
|
|
Remainder of 2017
|
|
2018 - 2019
|
|
2020 - 2021
|
|
Thereafter
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Senior Notes and Convertible Senior Notes
(1)
|
$
|
3,500
|
|
|
$
|
—
|
|
|
$
|
600
|
|
|
$
|
1,250
|
|
|
$
|
1,650
|
|
Senior Term Facilities
(2)
|
3,800
|
|
|
—
|
|
|
—
|
|
|
2,000
|
|
|
1,800
|
|
|||||
Interest payments on debt
(3)
|
768
|
|
|
95
|
|
|
351
|
|
|
261
|
|
|
61
|
|
|||||
Total
|
$
|
8,068
|
|
|
$
|
95
|
|
|
$
|
951
|
|
|
$
|
3,511
|
|
|
$
|
3,511
|
|
|
(1)
|
In the second quarter of fiscal 2017, we issued $1.25 billion of Convertible Senior Notes related to the Blue Coat acquisition. See
Note 5
of the Notes to Condensed Consolidated Financial Statements for further information on the Convertible Senior Notes.
|
(2)
|
In the first quarter of fiscal 2017 we entered into a senior unsecured credit facility in which we borrowed and aggregate $1.0 billion that was amended in the second quarter of fiscal 2017 to provide for an additional $800 million. In the second quarter of fiscal 2017, we entered into an additional Senior Term Facility which we borrowed an aggregate of $2.0 billion. We utilized the proceeds of the amended credit facility of $800 million, and new credit facility of $2.0 billion, to pay a portion of the purchase price for the Blue Coat acquisition. See
Note 5
of the Notes to Condensed Consolidated Financial Statements for further information on the Senior Term Facilities.
|
(3)
|
Interest payments were calculated based on the contractual terms of the related Senior Notes, Convertible Senior Notes and Senior Term Facilities. See
Note 5
of the Notes to Condensed Consolidated Financial Statements for further information on the Senior Notes, Convertible Senior Notes and Senior Term Facilities.
|
|
SYMANTEC CORPORATION
|
|
|
(Registrant)
|
|
|
|
|
|
By:
|
/s/ Gregory S. Clark
|
|
|
Gregory S. Clark
Chief Executive Officer and Director
|
|
|
|
|
By:
|
/s/ Thomas J. Seifert
|
|
|
Thomas J. Seifert
Executive Vice President and Chief Financial Officer
|
Exhibit
Number
|
|
|
|
Incorporated by Reference
|
|
Filed with this 10-Q
|
||||||
Exhibit Description
|
|
Form
|
|
File Number
|
|
Exhibit
|
|
File Date
|
|
|||
2.01
|
|
Amendment to Investment Agreement, dated as of July 31, 2016, by and among Symantec Corporation, Bain Capital Fund XI, L.P., Bain Capital Europe Fund IV, L.P. and Silver Lake Partners IV Cayman (AIV II), L.P.
|
|
10-Q
|
|
000-17781
|
|
2.03
|
|
8/5/2016
|
|
|
4.01
|
|
Amendment Agreement, dated July 18, 2016, by and among Symantec Corporation, Wells Fargo Bank, National Association, and JPMorgan Chase Bank, N.A.
|
|
10-Q
|
|
000-17781
|
|
4.02
|
|
8/5/2016
|
|
|
4.02
|
|
Credit Agreement, effective as of August 1, 2016, among Symantec Corporation, the lenders party thereto (the “Lenders”), Wells Fargo Bank, National Association, as Term Loan A-1/Revolver Administrative Agent and Swingline Lender, JPMorgan Chase Bank, N.A., as Term Loan A-2 Administrative Agent, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Barclays Bank PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Lead Arrangers and Joint Bookrunners in respect of the Term A-2 Facility, Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd. And TD Securities (USA) LLC, as Co-Documentation Agents in respect of the Term A-2 Facility, and Bank of America, N.A., as Syndication Agent in respect of Term A-2 Facility.
|
|
10-Q
|
|
000-17781
|
|
4.03
|
|
8/5/2016
|
|
|
4.03
|
|
Indenture, dated as of August 1, 2016, by and between Symantec Corporation and Wells Fargo Bank, National Association, as trustee (including the form of 2.00% Convertible Senior Note Due 2021).
|
|
10-Q
|
|
000-17781
|
|
4.04
|
|
8/5/2016
|
|
|
4.04
|
|
Term Loan Agreement, dated as of August 1, 2016, among Symantec Corporation, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., as Syndication Agent, and Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd., and TD Securities (USA) LLC, as Co-Documentation Agents, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank, PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Joint Lead Arrangers and Joint Bookrunners.
|
|
10-Q
|
|
000-17781
|
|
4.05
|
|
8/5/2016
|
|
|
31.01
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
X
|
Exhibit
Number
|
|
|
|
Incorporated by Reference
|
|
Filed with this 10-Q
|
||||||
Exhibit Description
|
|
Form
|
|
File Number
|
|
Exhibit
|
|
File Date
|
|
|||
31.02
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
X
|
32.01†
|
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
X
|
32.02†
|
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
|
|
|
|
|
X
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
X
|
101.SCH
|
|
XBRL Taxonomy Schema Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.DEF
|
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.LAB
|
|
XBRL Taxonomy Labels Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.PRE
|
|
XBRL Taxonomy Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
†
|
This exhibit is being furnished rather than filed, and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K.
|
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