Symantec 2012 Annual Report Download - page 126

Revolving credit facility: In the second quarter of fiscal 2011, we also entered into a $1 billion senior
unsecured revolving credit facility that expires in December 2014. Under the terms of this credit facility, we must
comply with certain financial and non-financial covenants, including a covenant to maintain a specified ratio of
debt to EBITDA (earnings before interest, taxes, depreciation and amortization). As of March 30, 2012, we were
in compliance with all required covenants, and there was no outstanding balance on the credit facility.
We believe that our existing cash and investment balances, our borrowing capacity, our ability to issue new
debt instruments, and cash generated from operations will be sufficient to meet our working capital and capital
expenditures requirements for at least the next 12 months.
Uses of cash
Our principal cash requirements include working capital, capital expenditures, taxes, and payments of
principal and interest on our debt. In addition, we regularly evaluate our ability to repurchase stock and acquire
other businesses.
Acquisitions: In fiscal 2012, we acquired Clearwell, LiveOffice and another company for an aggregate
amount of $508 million, net of cash acquired. In fiscal 2011, we acquired the identity and authentication business
of VeriSign, as well as PGP, GuardianEdge and two other companies for an aggregate amount of $1.5 billion, net
of cash acquired. In fiscal 2010, we acquired two companies for an aggregate amount of $31 million, net of cash
acquired.
Convertible senior notes: In June 2006, we issued $1.1 billion principal amount of 0.75% Notes due
June 15, 2011, and $1.0 billion principal amount of 1.00% Notes due June 15, 2013, to initial purchasers in a
private offering for resale to qualified institutional buyers pursuant to SEC Rule 144A. In fiscal 2011, we
repurchased $500 million of aggregate principal amount of our 0.75% Notes in privately negotiated transactions
for approximately $510 million. Concurrently with the repurchase, we sold a proportionate share of the note
hedges that we entered into at the time of the issuance of the convertible notes back to the note hedge
counterparties for approximately $13 million. The net cost of the repurchase of the 0.75% Notes and the
concurrent sale of the note hedges was $497 million in cash. We repaid the $600 million balance under our
0.75% Notes upon maturity in fiscal 2012.
Stock repurchases: We repurchased 51 million, 57 million, and 34 million shares for $893 million,
$872 million, and $553 million during fiscal 2012, 2011, and 2010, respectively. As of March 30, 2012, we had
$984 million remaining under the plan authorized for future repurchases.
U.S. tax: As of March 30, 2012, $2.4 billion in cash, cash equivalents, and marketable securities were held
by our foreign subsidiaries. We have provided U.S. deferred taxes on a portion of our undistributed foreign
earnings sufficient to address the incremental U.S. tax that would be due if we needed these funds to support our
operations in the U.S.
Cash Flows
The following table summarizes, for the periods indicated, selected items in our Consolidated Statements of
Cash Flows:
Fiscal 2012 Fiscal 2011 Fiscal 2010
(In millions)
Net cash provided by (used in):
Operating activities ................................. $1,901 $ 1,794 $1,693
Investing activities .................................. (318) (1,760) (65)
Financing activities ................................. (1,386) (184) (441)
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