Symantec 2008 Annual Report Download - page 110

(e)
In fiscal 2008, we recorded a write-down of $95 million of certain tangible and intangible assets and liabilities in
the Storage and Server Management segment. On March 8, 2008 these assets were sold to a third party.
(f)
Share and per share amounts reflect the two-for-one stock splits effected as stock dividends, which occurred on
November 30, 2004, and November 19, 2003.
March 28, 2008 March 30, 2007 March 31, 2006 April 1, 2005 April 2, 2004
As of
(In thousands)
Balance Sheet Data:
Working capital
(g)
....... $ (69,668) $ 752,958 $ 430,365 $1,987,259 $1,555,094
Total assets ............ 18,092,094 17,750,870 17,913,183 5,614,221 4,456,498
Convertible subordinated
notes
(h)
............. — — 512,800 — 599,987
Convertible senior
notes
(i)
.............. 2,100,000 2,100,000 — — —
Long-term obligations
(j)
. . . 106,187 21,370 24,916 4,408 6,032
Stockholders’ equity ..... $10,973,183 $11,601,513 $13,668,471 $3,705,453 $2,426,208
(g)
During fiscal 2008, we borrowed $200 million under the five-year $1 billion senior unsecured revolving credit
facility that we entered into in July 2006. As of March 28, 2008, we had $200 million in outstanding borrowings
included in Short-term borrowings on our Consolidated Balance Sheets related to this credit facility and were in
compliance with all of the covenants. See Note 9 of the Notes to the Consolidated Financial Statements in this
annual report.
(h)
In fiscal 2006, in connection with our acquisition of Veritas, we assumed $520 million of 0.25% convertible
subordinated notes, which are classified as a current liability and are included in the calculation of working
capital. These notes were paid off in their entirety in August 2006. In October 2001, we issued $600 million of
3% convertible subordinated notes. In November 2004, substantially all of the outstanding 3% convertible
subordinated notes were converted into 70.3 million shares of our common stock and the remainder was
redeemed for cash.
(i)
In fiscal 2007, we issued $1.1 billion principal amount of 0.75% Convertible Senior Notes and $1.0 billion
principal amount of 1.00% Convertible Senior Notes. For more information, see Note 9 of the Notes to
Consolidated Financial Statements in this annual report.
(j)
Included in Long-term obligations at March 28, 2008 is the effect of a timing difference between cash payments
on the OEM placement fees and the expense recognized for accounting purposes. See “Managements
Discussion and Analysis of Financial Condition and Results of Operations — Financial Results and Trends”
for more discussion.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
OVERVIEW
Our Business
Symantec is a global leader in providing security, storage and systems management solutions to 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.
We have a 52/53-week fiscal year ending on the Friday closest to March 31. Unless otherwise stated,
references to fiscal years in this report relate to fiscal year and periods ended March 28, 2008, March 30, 2007 and
March 31, 2006. Our 2009 fiscal year will consist of 53 weeks and will end on April 3, 2009.
28