Symantec 2008 Annual Report Download - page 171

As of March 28, 2008, the unrealized losses in the above table related to short-term investment securities for
which the fair value was less than the cost basis. We expect to receive the full principal and interest on these
securities. We regularly review our investment portfolio according to FSP FAS 115-1 The Meaning of Other Than
Temporary Impairment and Its Application to Certain Investments (“FSP FAS 115-1”). We identify and evaluate
investments that have indications of possible impairment. Factors considered in determining whether a loss is
temporary include: the length of time and extent to which the fair market value has been lower than the cost basis,
the financial condition and near-term prospects of the investee, credit quality, and our ability to hold the investment
for a period of time sufficient to allow for any anticipated recovery in fair market value. The gross unrealized losses
related to investments are primarily due to a decrease in the fair market value of fixed-rate debt securities as a result
of changes in interest rates. As of March 28, 2008 and March 30, 2007 we have recorded no write-downs related to
other than temporary impairments of short-term investment securities. Unrealized gains and losses on available-for-
sale securities are reported as a component of Stockholders’ equity in the Consolidated Balance Sheets. We
recognized net realized losses of an insignificant amount for both fiscal 2008 and fiscal 2007, and $5 million in
fiscal 2006. These net realized losses are included in Interest income.
The estimated fair value of cash equivalents and short-term investments by contractual maturity as of
March 28, 2008 is as follows:
(In thousands)
Due in one year or less ............................................... $1,780,153
Due one to five years ................................................. 9,172
Due five to ten years ................................................. 13,166
Due in ten years or more .............................................. 40,569
$1,843,060
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 March 28, 2008:
Fair Value
Gross Unrealized
Losses Fair Value
Gross Unrealized
Losses Fair Value
Gross Unrealized
Losses
In Loss Position for Less Than
12 Months
In Loss Position for 12 Months
or Greater Total
(In thousands)
Asset-backed debt
securities ...... $10,058 $354 $23,362 $2,448 $33,420 $2,802
Corporate debt
securities ...... 9,245 258 5,830 150 15,075 408
$19,303 $612 $29,192 $2,598 $48,495 $3,210
Equity investments in privately held companies
As of March 28, 2008 and March 30, 2007, we held equity investments with a carrying value of $6 million and
$8 million, respectively, in several privately-held companies. These investments are recorded at cost as we do not
have significant influence over the investees and are included in Other long-term assets in the Consolidated Balance
Sheets. In fiscal 2008, 2007, and 2006, we recognized declines in value of these investments that were determined to
be other-than-temporary, in accordance with FSP FAS 115-1, of $1 million, $3 million, and $4 million, respectively.
The other-than-temporary declines in fair value were recorded as Other income (expense), net in the Consolidated
Statements of Income.
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SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)