Symantec 2010 Annual Report Download - page 161
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Summarized unaudited Statement of Operations information for the joint venture and the calculation of our share of
the joint venture’s loss are as follows:
For the Period from
January 1, 2009 to
December 31, 2009
For the Period from
February 5, 2008 to
December 31, 2008
($ in millions)
Net revenue..................................... $224 $ 28
Gross margin.................................... 87 7
Net loss, as reported by the joint venture ............... $(63) $(92)
Symantec’s ownership interest ....................... 49% 49%
Symantec’s proportionate share of net loss .............. $(31) $(45)
Adjustment for amortization of basis difference .......... (8) (8)
Loss from joint venture .......................... $(39) $(53)
Note 7. Debt
Convertible senior notes
In June 2006, we issued $1.1 billion in principal amount of 0.75% Notes and $1.0 billion in principal amount of
1.00% Notes. We received proceeds of $2.1 billion from the Senior Notes and incurred net transaction costs of
approximately $33 million, of which $9 million was allocated to equity and the remainder allocated proportionately
to the 0.75% Notes and 1.00% Notes. The 0.75% Notes and 1.00% Notes were each issued at par and bear interest at
0.75% and 1.00% per annum, respectively. Interest is payable semiannually in arrears on June 15 and December 15,
beginning December 15, 2006.
The following table summarizes information regarding the equity and liability components of the Senior
Notes:
April 2,
2010
April 3,
2009
As of
As Adjusted
(In millions)
Equity component ............................................. $ 586 $ 586
Principal amount .............................................. $2,100 $2,100
Unamortized discount .......................................... (229) (334)
Liability component ........................................... $1,871 $1,766
The effective interest rate, contractual interest expense and amortization of debt discount for the Senior Notes
was as follows:
April 2,
2010
April 3,
2009
March 28,
2008
Fiscal Year Ended
As Adjusted As Adjusted
(In millions)
Effective interest rate ................................ 6.78% 6.78% 6.78%
Interest expense — contractual ......................... $ 18 $ 18 $ 18
Interest expense — amortization of debt discount ........... $104 $ 96 $ 89
85
SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)