Symantec 2007 Annual Report Download - page 103

Download and view the complete annual report

Please find page 103 of the 2007 Symantec annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

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 insignificant. We monitor the conditions that are subject to indemnification to identify if a loss has occurred.
Note 8. Stock Transactions
Stock repurchases
We have operated stock repurchase programs since 2001. As of January 2007, we completed the $1 billion
share repurchase program announced in January 2006 as well as the $1.5 billion share repurchase program
announced in June 2006. On January 24, 2007, we announced that our Board of Directors authorized the repurchase
of $1 billion of Symantec common stock, without a scheduled expiration date.
During fiscal 2007, we repurchased 162 million shares of our common stock at prices ranging from $15.61 to
$21.66 per share for an aggregate amount of $2.8 billion. During fiscal 2006, we repurchased 174 million shares at
prices ranging from $15.83 to $23.85 per share for an aggregate amount of $3.6 billion. During fiscal 2005, we
repurchased eight million shares at prices ranging from $21.05 to $30.77 per share, for an aggregate amount of
$192 million. As of March 31, 2007, $500 million remained authorized for future repurchases.
Stock dividend
On October 19, 2004, our Board of Directors approved a two-for-one stock split to be effected in the form of a
stock dividend. Stockholders of record at the close of business on November 11, 2004 were issued one additional
share of common stock for each share owned as of that date. An additional 353 million shares resulting from the
stock dividend were issued in book-entry form on November 30, 2004.
Increase to authorized shares
On June 24, 2005, our stockholders approved the adoption of our amended and restated certificate of
incorporation, which increased the number of authorized shares of common stock to 3,000,000,000 from
1,600,000,000. The increase was sought in order to carry out our acquisition of Veritas. On September 15,
2004, our stockholders approved the adoption of our amended and restated certificate of incorporation, which
increased the number of authorized shares of common stock to 1,600,000,000 from 900,000,000.
97
SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)