Symantec 2004 Annual Report Download - page 70

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«68»SYMANTEC CORPORATION
As of March 31, 2004, we had reserved the following shares of authorized but unissued common stock:
Conversion of 3% Convertible Subordinated Notes 35,149,000
Stock Purchase Plans* 12,995,000
Stock Award Plans 10,000
Employee Stock Option Plans 62,601,000
Total 110,755,000
* Includes 3,103,000 shares related to the 1998 Employee Stock Purchase Plan which were authorized under the “evergreen” provision on January 1, 2004 but which have not yet
been registered.
2004 Annual Report
During fiscal 2004, we recorded costs of severance, related benefits and outplacement services for a member of our senior management
team, which was subsequently adjusted as provided below.
Cash/ Original Amount Amount Balance
(In thousands) Non-cash Charge Paid/Used Adjusted at 3/31/04
Employee severance and benefits Cash $ 465 $ – $ (242) $223
Note 13. Restructuring, Site Closures and Other
Restructuring, site closures and other consisted of the following:
(In thousands) Year Ended March 31,
2004 2003 2002
Restructuring provision: $465 $13,113 $ 20,428
Adjustments to prior restructuring provisions 442 (2,024) –
Total restructuring, site closures and other $907 $11,089 $ 20,428
The Company anticipates that the remaining restructuring reserve
balance will be paid by the end of fiscal year 2005.
Fiscal 2003 During fiscal 2003, we recorded costs of severance,
related benefits and outplacement services and costs associated
with the consolidation of certain facilities in the United States and
Europe. The costs resulted from relocating certain development,
sales and finance activities, realigning certain worldwide marketing
efforts and outsourcing our North American and European con-
sumer support functions. As a result, we terminated 424 employees.
The fiscal 2003 restructuring provision was subsequently reduced
as costs were lower than anticipated.
The following table sets forth an analysis of the components of the fiscal 2003 restructuring plans, the provision adjustments that
followed, and payments made against the reserve as of March 31, 2004.
Cash/ Original Amount Amount Balance
(In thousands) Non-cash Charge Paid/Used Adjusted at 3/31/04
Employee severance and outplacement Cash $ 9,606 $ (7,969) $ (1,637) $ –
Excess facilities and fixed assets Cash/non-cash 3,507 (3,321) (72) 114
Total restructuring, site closures and other $13,113 $ (11,290) $ (1,709) $114
The Company anticipates that the remaining restructuring reserve balance will be paid by the end of fiscal year 2005.