Symantec 2010 Annual Report Download - page 153

Assets Measured and Recorded at Fair Value on a Nonrecurring Basis
The following table summarizes our assets measured at fair value on a nonrecurring basis, by level, within the
fair value hierarchy:
April 2,
2010 Level 1 Level 2 Level 3
Impairment
Fiscal Year
Ended
April 2,
2010
(In millions)
Assets held for sale . ..................... $34 $— $34 $— $20
In fiscal 2010 and 2009, as part of our ongoing review of real estate holdings, we determined that certain
properties were underutilized. As a result, we committed to sell properties with a total estimated fair value, less
costs to sell, of approximately $34 million and $59 million as of April 2, 2010 and April 3, 2009, respectively.
Assets held for sale are included in Other current assets. We expect the sale of the remaining properties to be
completed during fiscal 2011.
The fair value measurements were based on recent offers made by third parties to purchase the properties or on
valuation appraisals. To reflect the fair value less costs to sell, assets held for sale were written down during fiscal
2010, 2009 and 2008. As a result, we recorded impairments of $20 million, $46 million, and $93 million,
respectively. We sold assets for $42 million and $98 million, which resulted in losses of $10 million and $2 million
in fiscal 2010 and 2008, respectively. We also sold properties in fiscal 2009 for $40 million, which resulted in an
immaterial loss.
Note 3. Short-Term Investments
The following table summarizes our available-for-sale investments:
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Estimated
Fair Value
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Estimated
Fair Value
As of April 2, 2010 As of April 3, 2009
(In millions)
Asset-backed securities ..... $ 7 $— $(1) $ 6 $ 15 $— $(2) $ 13
Corporate securities ........ 4 — — 4 8 — — 8
Government securities ...... — — — — 175 — — 175
Marketable equity securities . . 2 3 — 5 2 1 — 3
Total................. $13 $ 3 $(1) $15 $200 $ 1 $ (2) $199
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:
Losses Fair Value Losses Fair Value Losses Fair Value Losses Fair Value Losses Fair Value Losses Fair Value
Less than 12
Months
12 Months or
Greater Total
Less than 12
Months
12 Months or
Greater Total
As of April 2, 2010 As of April 3, 2009
(In millions)
Asset-backed securities . . $— $— $1 $6 $1 $6 $— $— $2 $13 $2 $13
Proceeds from sales, maturities, and principal pay downs related to available-for-sale securities were
$192 million and $685 million primarily from the maturities related to government securities for fiscal 2010
and the sales of asset-backed securities for fiscal 2009, respectively. The gross realized losses on sales of available-
for-sale investments were not material for fiscal 2010. The gross realized losses on sales of available-for-sale
investments totaled $3 million and were primarily related to our sales of asset-backed securities and corporate
securities in fiscal 2009.
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SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)