Symantec 2012 Annual Report Download - page 157

SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)
In December 2011, the FASB issued an accounting standards update that will require us to disclose
information about offsetting and related arrangements associated with certain financial and derivative
instruments to enable users of our financial statements to better understand the effect of those arrangements on
our financial position. The new guidance will be applicable to us on a retrospective basis in the first quarter of
fiscal 2014. We do not expect that this guidance will materially impact our disclosures included in our
Consolidated Financial Statements.
Note 2. Fair Value Measurements
For assets and liabilities measured at fair value such amounts are based on an expected exit price,
representing the amount that would be received on the sale of an asset or paid to transfer a liability, as the case
may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions
that market participants would use in pricing an asset or liability. The authoritative guidance on fair value
measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring
basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the
hierarchical levels of inputs to measure fair value:
•Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in
active markets.
•Level 2: Observable inputs that reflect quoted prices for identical assets or liabilities in markets that are
not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices
that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated
by observable market data by correlation or other means.
•Level 3: Unobservable inputs reflecting our own assumptions incorporated in valuation techniques used
to determine fair value. These assumptions are required to be consistent with market participant
assumptions that are reasonably available.
Assets measured and recorded at fair value on a recurring basis
There have been no transfers between fair value measurement levels during fiscal 2012. The following table
summarizes our assets measured at fair value on a recurring basis, by level, within the fair value hierarchy:
As of March 30, 2012 As of April 1, 2011
Level 1 Level 2 Total Level 1 Level 2 Total
(In millions)
Cash Equivalents(1) ............................... $1,483 $— $1,483 $1,866 $— $1,866
(1) Cash equivalents are money market funds which are valued based on quoted market prices of the identical
underlying security.
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