Symantec 2009 Annual Report Download - page 149

appointing lead plaintiffs and counsel. A consolidated amended complaint (“CAC”), was filed on May 27, 2005,
expanding the class period from April 23, 2004 through July 6, 2004. The CAC also named another officer as a
defendant and added allegations that Veritas and the named officers made false or misleading statements in press
releases and SEC filings regarding the company’s financial results, which allegedly contained revenue recognized
from contracts that were unsigned or lacked essential terms. The defendants to this matter filed a motion to dismiss
the CAC in July 2005; the motion was denied in May 2006. In April 2008, the parties filed a stipulation of
settlement. On July 31, 2008, the Court held a final approval hearing and, on August 5, 2008, the Court entered an
order approving the settlement. An objector to the fees portion of the settlement has lodged an appeal. In fiscal 2008,
we recorded an accrual in the amount of $21.5 million for this matter and, pursuant to the terms of the settlement, we
established a settlement fund of $21.5 million on May 1, 2008.
We are also involved in a number of other judicial and administrative proceedings that are incidental to our
business. Although adverse decisions (or settlements) may occur in one or more of the cases, it is not possible to
estimate the possible loss or losses from each of these cases. The final resolution of these lawsuits, individually or in
the aggregate, is not expected to have a material adverse effect on our financial condition or results of operations.
Note 11. Stock Transactions
Stock repurchases
The following table presents a summary of our stock repurchases:
April 3,
2009
March 28,
2008
March 31,
2007
Year Ended
(In thousands, except per share data)
Total number of shares repurchased .... 42,342 80,939 161,705
Dollar amount of shares repurchased . . . $ 699,881 $ 1,499,995 $ 2,846,312
Average price paid per share ......... $ 16.53 $ 18.53 $ 17.60
Range of price paid per share......... $10.34 to $22.64 $16.67 to $20.16 $15.61 to $21.66
We have operated stock repurchase programs in the past. Our most recent program was authorized by our
Board of Directors on June 14, 2007 to repurchase up to $2 billion of our common stock. This program does not
have an expiration date and as of April 3, 2009, $300 million remained authorized for future repurchases.
Note 12. Segment Information
During the first quarter of fiscal 2009, we changed our operating segments to better align our operating
structure. Altiris services that were formerly included in the Security and Compliance segment were moved to the
Services segment. This move is a result of operational changes in our Services segment and the continued
integration of our Altiris business. All operating segments are managed by the chief operating decision maker,
which is our current chief executive officer, formerly our chief operating officer. Our chief operating decision
maker, manages business operations, evaluates performance and allocates resources based primarily on the
operating segments’ net revenues. The new business structure more directly aligns the operating segments with
markets and customers, and we believe will establish more direct lines of reporting responsibilities, speed decision
making, and enhance the ability to pursue strategic growth opportunities. We revised the business segment
information for prior years to conform to the new presentation. Our reportable segments are the same as our
operating segments. As of April 3, 2009, we operated in five operating segments:
•Consumer. Our Consumer segment focuses on delivering our Internet security, PC tuneup, and backup
products to individual users and home offices.
•Security and Compliance. Our Security and Compliance segment focuses on providing large, medium, and
small-sized businesses with solutions for endpoint security and management, compliance, archiving,
89
SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)