Symantec 2014 Annual Report Download

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2014 Annual Report
Proxy Statement and Form 10-K

Table of contents

  • Page 1
    2014 Annual Report Proxy Statement and Form 10-K

  • Page 2
    ... materially from those expressed or implied by the forward-looking statements on the basis of several factors, including those that we discuss in the "Risk Factors" section and throughout our 2014 Form 10-K, which is included in this Annual Report. We encourage you to read that section carefully.

  • Page 3
    ...-year, company-wide transformation, we implemented several initiatives designed to improve overall performance, including: dividing sales into new business and renewal teams and increasing sales force specialization; simplifying our organizational structure; and announcing our new channel strategy...

  • Page 4
    ...reduce costs by increasing our R&D capacity, consolidating our global footprint, streamlining product support, and optimizing our Norton business. 4. Attracting Talent to our Executive Team Over the past twelve months, we've addressed both risk and future strategy by carefully making a number of key...

  • Page 5
    ... a new company-wide set of values. To enhance our ability to attract and retain the best talent, we appointed our first Chief Diversity Officer. We invested over $28 million in software and cash to support nonprofits around the world, a 16% increase over the prior year. Our software donation program...

  • Page 6
    ... Total operating expense adjustment Operating income adjustment Net income Joint venture: Amortization of intangible assets Gain from sale of joint venture Income tax effect on above items Total net income adjustment Diluted earnings per share Stock-based compensation adjustment per share, net...

  • Page 7
    ...in software. The threat landscape is increasingly complex and customers need our solutions more than ever. We are actively engaged with management in a thorough strategic review of the Company as the basis for identifying the right new CEO to lead Symantec. To spearhead the search, we formed a three...

  • Page 8
    ...elect the nine nominees named in the proxy statement to Symantec's Board of Directors; 2. To ratify the appointment of KPMG LLP as Symantec's independent registered public accounting firm for the 2015 fiscal year; 3. To hold an advisory vote to approve executive compensation; and 4. To transact such...

  • Page 9
    ...Ownership Reporting Compliance ...EXECUTIVE COMPENSATION AND RELATED INFORMATION ...Compensation Discussion & Analysis (CD&A) ...Summary Compensation Table for Fiscal 2014 ...Grants of Plan-Based Awards in Fiscal 2014 ...Outstanding Equity Awards at Fiscal Year-End 2014 ...Option Exercises and Stock...

  • Page 10
    ... ...2014 ANNUAL MEETING INFORMATION ...Information About Solicitation and Voting ...About the Annual Meeting ...ADDITIONAL INFORMATION ...Stockholder Proposals for the 2015 Annual Meeting ...Available Information ..."Householding"- Stockholders Sharing the Same Last Name and Address ...OTHER...

  • Page 11
    ... Record Date: Tuesday, October 28, 2014 at 9:00 a.m. Pacific Time Symantec Corporation's offices located at 350 Ellis Street, Mountain View, California 94043 A live and re-playable webcast of the Annual Meeting is available on our Investor Relations website at www.symantec.com/invest August 29, 2014...

  • Page 12
    ... Yes Yes Yes OUR EXECUTIVE COMPENSATION PHILOSOPHY AND PRACTICES The overriding principle driving our compensation programs continues to be our belief that it benefits our employees, customers, partners and stockholders to have management's compensation tied to our current and long-term performance...

  • Page 13
    ... two and three years ended as of the end of the second and third fiscal year, respectively, covered by the award. In fiscal 2013 we introduced PCSUs as a component in our CEO's compensation, which derive their value solely on the basis of increases in our stock price, rewarding our CEO for providing...

  • Page 14
    ... Officer and senior financial officers, including our principal financial officer and principal accounting officer. Our Code of Conduct and Code of Ethics for Chief Executive Officer and Senior Financial Officers are posted on the Investor Relations section of our website located at www.symantec.com...

  • Page 15
    ... director serve as the non-executive Chairman of the Board is the appropriate leadership structure for our company at this time because it allows our Chief Executive Officer to focus on executing our company's strategic plan and managing our company's operations and performance, while allowing the...

  • Page 16
    ...Governance Committee for approval by the full Board as appropriate. Board's Role in Risk Oversight The Board executes its risk management responsibility directly and through its committees. The Audit Committee has primary responsibility for overseeing our company's enterprise risk management process...

  • Page 17
    ... hold an executive session to evaluate the Chief Executive Officer's performance and compensation. Executive sessions of the Board are led by the independent, non-executive Chairman. Succession Planning Our Board recognizes the importance of effective executive leadership to Symantec's success, and...

  • Page 18
    ... Committee, Compensation and Leadership Development Committee and Nominating and Governance Committee was appointed by the Board. Each of the Board committees has a written charter approved by the Board and available on our website at www.symantec.com/invest, by clicking on "Company Charters," under...

  • Page 19
    ...of our Board all compensation arrangements for our Chief Executive Officer. ‰ Determine stock ownership guidelines for our Board and executive officers. ‰ Review our company's overall compensation and benefits and programs. ‰ Administer our equity incentive and stock purchase plans. ‰ Review...

  • Page 20
    ... issues. ‰ Monitor compliance under the stock ownership guidelines as set by the Compensation and Leadership Development Committee for the Board and executive officers. ‰ Implement and oversee the processes for evaluating the Board, its committees and the CEO on an annual basis. ‰ Oversee...

  • Page 21
    ...leader of a global sales, marketing or product development organization, are important to us, because they bring experience and perspective in analyzing, shaping, and overseeing the execution of important strategic, operational and policy issues at a senior level. ‰ Public Company Board Experience...

  • Page 22
    ... - Stockholder Proposals for the 2015 Annual Meeting." Contacting the Board of Directors Any stockholder who wishes to contact members of our Board may do so by mailing written communications to: Symantec Corporation 350 Ellis Street Mountain View, California 94043 Attn: Corporate Secretary The...

  • Page 23
    ... and Chief Executive Officer Managing Partner, Harcourt Chairman of the Board, Defy Media, LLC Director Chairman of the Board, American International Group Director Group President- Enterprise Growth, American Express Director President, Kilovolt Consulting Inc. 2005 2007 2008 2003 1994 2013 2000...

  • Page 24
    ... (India). ‰ Leadership Experience - Managing Partner of Harcourt, Chairman of Atari, former Chairman and Chief Executive Officer of Thomson S.A., Deputy CEO of France Telecom, Chairman of SG Warburg France and Managing Director of SG Warburg & Co. Ltd. ‰ Public Company Board Experience - current...

  • Page 25
    ... by NBC Universal. Mr. Mahoney has served as a member of our Board since April 2003. Mr. Mahoney previously served as coChief Executive Officer of McKesson HBOC, Inc., a healthcare services company, and as Chief Executive Officer of iMcKesson LLC, also a healthcare services company, from July...

  • Page 26
    ... Chief Operating Officer and various executive positions of global financial services firms. ‰ Leadership Experience - former Managing Director and Chief Operating Officer and various executive positions of global financial services firms. ‰ Public Company Board Experience - serves on the board...

  • Page 27
    ... in October 2013 after over 30 years of service. During her career with the United States Air Force, she served in a number of leadership positions including Major General and Commander, 24th Air Force/Network Operations from April 2011 to October 2013; Special Assistant to the Vice Chief of Staff...

  • Page 28
    ... The following table provides information for fiscal year 2014 compensation for all of our non-employee directors: Fiscal Year 2014 Director Compensation Fees Earned or Paid in Cash ($)(1)(2) Stock Awards ($)(3)(4) Option Awards ($)(5) Total ($) Name* Frank E. Dangeard ...Geraldine B. Laybourne...

  • Page 29
    ...fractional share from the stock award is reported in the "Fees Earned or Paid in Cash" column in the table above. The policy of the Board is that compensation for independent directors should be a mix of cash and equitybased compensation. Symantec does not pay employee directors for Board service in...

  • Page 30
    ... for Symantec's 2014 fiscal year. Representatives of KPMG are expected to attend the meeting with the opportunity to make a statement and respond to appropriate questions from stockholders present at the meeting. Principal Accountant Fees and Services We regularly review the services and fees from...

  • Page 31
    ... report to the Audit Committee regarding the extent of services provided by the independent registered public accounting firm in accordance with this pre-approval, and the fees for the services performed to date. The Audit Committee may also pre-approve particular services on a case-by-case...

  • Page 32
    ...performance-based restricted stock units ("PRUs") to our named executive officers as a regular part of our annual executive compensation program. We do not award any stock options to our executives. ‰ The long-term equity incentive component of our former CEO's compensation package for fiscal 2014...

  • Page 33
    ... vote to approve the compensation of our named executive officers is advisory, and therefore not binding. Although the vote is non-binding, the Compensation Committee and the Board value your opinion and will consider the outcome of the vote in establishing compensation philosophy and making future...

  • Page 34
    ...Chief Human Resources Officer Senior Vice President and Chief Accounting Officer Executive Vice President and Chief Operating Officer Executive Vice President, Norton Business Unit Executive Vice President and Chief Financial Officer Executive Vice President, General Counsel and Secretary The Board...

  • Page 35
    ...President and General Counsel at Narus, Inc., a venture-backed private company that designs IP network management software. Mr. Taylor is a member of the board of directors of Piper Jaffray Companies. He holds a juris doctorate from George Washington University, and a bachelor's degree from Stanford...

  • Page 36
    ... the beneficial ownership of Symantec common stock by (i) each stockholder known by Symantec to be the beneficial owner of more than 5% of Symantec common stock, (ii) each member of the Board, (iii) the named executive officers of Symantec included in the Summary Compensation Table appearing on page...

  • Page 37
    ...,500 shares subject to options that will be exercisable as of September 30, 2014. Symantec has adopted a policy that executive officers and members of the Board hold an equity stake in the Company. The policy requires each executive officer to hold a minimum number of shares of Symantec common stock...

  • Page 38
    ...performance-based restricted stock units ("PRUs") to our named executive officers as a regular part of our annual executive compensation program. We do not award any stock options to our executives. ‰ The long-term equity incentive component of our former CEO's compensation package for fiscal 2014...

  • Page 39
    ...our global channel strategy to focus on building partner competency, rewarding performance and customer satisfaction. ‰ We changed our product offerings by making our point solutions better, and designed new integrated solutions and expanded our offerings by entering into key partnerships to offer...

  • Page 40
    ... our sector and support the appropriate behaviors for our leadership team to drive company performance. For a significant portion of the long-term equity incentive compensation component of our regular annual executive compensation program, we also used two other metrics that more directly align the...

  • Page 41
    ...interests, in July 2013 we increased the level of our stock ownership guidelines for our Chief Operating Officer and President, Products and Services so that they have a minimum holding requirement of 3x their base salaries. ‰ Severance of former CEO per employment and equity agreements. As stated...

  • Page 42
    ... Chair and the Chief Human Resources Officer and also with the Compensation Committee during its regular meetings, including in executive sessions from time to time without any members of management present. As part of its engagement in fiscal 2014, Mercer provided, among other services, advice and...

  • Page 43
    ... CEO is determined by performance as reflected in our absolute company share price. A Total Rewards Approach: Elements of the total rewards offered to our executive officers include base salary, short- and long-term incentives including equity awards, health benefits, a deferred compensation program...

  • Page 44
    ...., Nuance Communications, Inc., salesforce.com, inc., Synopsys, Inc. and VMWare, Inc. The Compensation Committee has used the below peer group in setting the compensation for our named executive officers, except for our current interim CEO, for fiscal 2014: Fiscal 2014 Symantec Peer Group eBay Inc...

  • Page 45
    .... We no longer offer stock options as a regular part of our annual executive compensation program and we may further adjust the mix and forms of equity award we offer to our named executive officers, including the CEO, in the future. For fiscal 2014, our former CEO received approximately 77% of...

  • Page 46
    ... for our named executive officers during fiscal 2014 were: (i) base salary, (ii) short-term cash incentive awards, and (iii) long-term equity incentive awards. I. Base Salary The Compensation Committee reviews the named executive officers' salaries annually as part of its overall competitive market...

  • Page 47
    ... Chief Financial Officer in October 2013 at which time he received a 7.3% increase in recognition of his increased responsibilities. The following table presents each named executive officer's base salary for fiscal 2014 as compared to fiscal 2013: Name of NEO Change in FY14 Annual Salary Salary...

  • Page 48
    ... than our CEO) against individual performance targets as well. Executive Annual Incentive Plan Target Opportunities: Under the Executive Annual Incentive Plans for a given fiscal year, each named executive officer has a target award opportunity, expressed as a percentage of base salary, with the...

  • Page 49
    ... the Compensation Committee has the discretion to adjust awards as appropriate, it did not exercise such discretion for fiscal 2014. For the non-GAAP operating income metric, for every 1% achievement above target the initial funding of the named executive officer's target bonus opportunity increases...

  • Page 50
    ... company less than a month before our fiscal year end. Our named executive officers' fiscal 2014 annual incentive payout level by performance metric, total payout as percentage of target opportunity and total payout amounts are provided in the table below: Non-GAAP Operating Income Funding Revenue...

  • Page 51
    ... officers, and stock options are no longer granted to the named executive officers as a regular part of our annual executive compensation program. For fiscal 2014, approximately 77% of our former CEO's target total direct compensation (sum of base salary, target annual incentive and grant date...

  • Page 52
    ... (PCSUs) Beginning in fiscal 2013, the independent members of the Board approved PCSUs, a new component in our former CEO's compensation that directly tied to increasing our stock price, which rewards our former CEO for providing direct value to our stockholders. For fiscal 2014, Mr. Bennett's long...

  • Page 53
    ... the number of shares granted in fiscal 2014, value of each award and the total value of the equity awards for each named executive officer as of the Grant Date (all values of restricted stock unit awards are based upon the closing price for a share of our common stock of $24.15 on May 20, 2013...

  • Page 54
    ...$150,000 or greater (including our named executive officers) the opportunity to defer up to 75% of base salary and 100% of cash bonuses for payment at a future date. This plan is provided to be competitive in the executive talent market, and to provide executives with a tax-efficient alternative for...

  • Page 55
    ... the applicable officer returning a release of claims. The Compensation Committee determined to modify these arrangements for the same reason it adopted our Executive Retention Plan. In connection with his appointment to President and CEO in fiscal 2013, we entered into an employment agreement with...

  • Page 56
    ..., the Compensation Committee further modified the stock ownership requirements to increase the minimum levels our Chief Operating Officer and President, Products and Services. For fiscal 2014 our executive officers were required to hold the following minimum number of shares: ‰ CEO: 5x base salary...

  • Page 57
    ..., the Company records salaries and performance-based compensation incentives as expenses in the amount paid, or to be paid, to the named executive officers. Accounting rules also require the Company to record an expense in its financial statements for equity awards, even though equity awards are not...

  • Page 58
    ... the CD&A be included in this proxy statement and incorporated into our Annual Report on Form 10-K for the fiscal year ended March 28, 2014. By: The Compensation and Leadership Development Committee of the Board of Directors: Geraldine B. Laybourne Robert S. Miller (Chair) David L. Mahoney Daniel...

  • Page 59
    ... compensated executive officers had he remained an executive officer through the end of the fiscal year (the "named executive officers"). Summary Compensation Table for Fiscal 2014 Fiscal Year 2014 2014 2014 2013 2014 2013 Salary ($) 36,364(2) Bonus ($) - Stock Awards ($)(1) - - Non-Equity Option...

  • Page 60
    ... non-employee director stock award grant. 4) (5) (6) (7) Mr. Seifert received a prorated salary of $30,000 based on his period of employment as our Executive Vice President and Chief Financial Officer in fiscal 2014. His annual base salary is $720,000. Represents a one-time sign-on bonus, which...

  • Page 61
    ... coverage of expenses related to attendance at the FY13 sales achiever's trip, and (c) $266,643 for relocation expenses. Mr. Gillett's received a prorated salary of $241,951 based on his period of employment as our Executive Vice President and Chief Operating Officer in fiscal 2013. His annual base...

  • Page 62
    ... salary of $684,028 based on his period of employment as our President and Chief Executive Officer in fiscal 2013. (19) The PCSUs awarded to our CEO in fiscal year 2013 were based on the achievement of specified performance metrics. The PCSUs were also subject to an underlying continued service...

  • Page 63
    ... (a) $844 for dividend equivalent payment and (b) $2,385 for the Company's contributions to Mr. deSouza's account under its 401(k) plan. (28) Mr. deSouza's base salary increased from $435,000 to $700,000 in January 2013 in connection with his appointment as our President, Products and Services as we...

  • Page 64
    ... effective December 31, 2013. (33) Represents (a) $544 for dividend equivalent payment and (b) $7,126 for the Company's contributions to Mr. Del Matto's account under its 401(k) plan. (34) This amount includes a prorated increase in base salary as part of Mr. Rath's FY13 annual review process in his...

  • Page 65
    ... for the fiscal year ended March 28, 2014, certain information regarding grants of plan-based awards to our named executive officers from our incentive plans: Grants of Plan-Based Awards in Fiscal 2014 All Other Grant All Other Option Date Stock Awards: Fair Awards: Number Value Estimated Future...

  • Page 66
    ...regarding outstanding equity awards at fiscal year end for our named executive officers. Outstanding Equity Awards At Fiscal Year-End 2014 Option Awards Stock Awards Equity Incentive Equity Plan Incentive Awards: Plan Number Awards: of Value of Unearned Unearned Shares, Shares, Market Value Units or...

  • Page 67
    ... table shows for the fiscal year ended March 28, 2014, certain information regarding option exercises and stock vested during the last fiscal year with respect to our named executive officers: Option Exercises and Stock Vested in Fiscal 2014 Option Awards Number of Shares Acquired Value Realized on...

  • Page 68
    ... and agreements (other than the Deferred Compensation Plan) that could result in potential payouts to our named executive officers in the case of their termination of employment and/or a change in control of Symantec. Symantec Executive Retention Plan In January 2001, the Board approved the Symantec...

  • Page 69
    ... year of the performance period. In April 2012, the Compensation Committee revised the plan to provide for the payment of a cash severance benefit for our named executive officers equal to one times such officer's base salary and target payout under the Executive Annual Incentive Plan applicable...

  • Page 70
    ...March 28, 2014 (intrinsic values of equity awards are based upon the closing price for a share of our common stock of $19.79 on March 28, 2014): Severance Pay COBRA Premiums Option Vesting RSU Vesting PRU Vesting Involuntary Termination Because of Market Conditions or Division Performance ...$1,219...

  • Page 71
    ... of equity awards are based upon the closing price for a share of our common stock of $19.79 on March 28, 2014 minus the exercise price): Severance Pay COBRA Premiums Option Vesting RSU Vesting PRU Vesting Involuntary Termination Because of Market Conditions or Division Performance ...Termination...

  • Page 72
    ... of equity awards are based upon the closing price for a share of our common stock of $19.79 on March 28, 2014 minus the exercise price): Severance Pay COBRA Premiums Option Vesting RSU Vesting PRU Vesting Involuntary Termination Because of Market Conditions or Division Performance ...Termination...

  • Page 73
    ..., a related person is any Symantec executive officer, director, nominee for director, or stockholder holding more than 5% of any class of Symantec's voting securities, in each case, since the beginning of the previous fiscal year, and their immediate family members. Under the policy, absent any...

  • Page 74
    ... in fiscal 2015. In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board (and the Board has approved) that the audited financial statements be included in Symantec's Annual Report on Form 10-K for the fiscal year ended March 28, 2014 for filing with...

  • Page 75
    ... the Board (Proposal 1), FOR the ratification of the appointment of KPMG as our independent registered public accounting firm for the 2015 fiscal year (Proposal 2); and FOR the approval of compensation to our named executive officers (Proposal 3). Could other matters be decided at the Annual Meeting...

  • Page 76
    ... telephone, or if you received paper proxy materials by mail, by filling out and returning the proxy card. For questions regarding your stock ownership, you may contact our transfer agent, Computershare Investor Services, by email through their website at www.computershare.com/contactus or by phone...

  • Page 77
    ...elections appointed for the Annual Meeting. Who is paying for this proxy solicitation? Symantec is paying the costs of the solicitation of proxies. We have retained AST Phoenix Advisors to help us solicit proxies from brokers, bank nominees and other institutions for a fee of $9,500, plus reasonable...

  • Page 78
    ...The preliminary voting results will be announced at the Annual Meeting and posted on our website at www.symantec.com/invest. The final results will be tallied by the inspector of elections and filed with the U.S. Securities and Exchange Commission in a current report on Form 8-K within four business...

  • Page 79
    ..., if applicable, annual report and other proxy materials, you may write or call Symantec's Investor Relations department at 350 Ellis Street, Mountain View, California 94043, Attn: Investor Relations, telephone number (650) 527-5523. Any stockholders who share the same address and currently receive...

  • Page 80
    ...Mountain View, California (Address of principal executive offices) 77-0181864 (I.R.S. Employer Identification No.) 94043 (zip code) Registrant's telephone number, including area code: (650) 527-8000 Securities registered pursuant to Section 12(b) of the Act: Common Stock, par value $0.01 per share...

  • Page 81
    ... ...Item 11. Executive Compensation ...Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ...Item 13. Certain Relationships and Related Transactions, and Director Independence ...Item 14. Principal Accounting Fees and Services ...PART IV Item 15...

  • Page 82
    ... anticipated growth and trends in our businesses and in our industries, the anticipated impacts of acquisitions, our intent to pay quarterly cash dividends in the future, the actions we intend to take as part of our new strategy, the expected impact of our new strategy and other characterizations of...

  • Page 83
    ... largest global threat-intelligence networks, and provides leading security, backup and availability solutions. The company has more than 20,000 employees in more than 50 countries. Our Internet home page is www.symantec.com. Other than the information expressly set forth in this annual report, the...

  • Page 84
    ... price on May 1, 2013. On May 2, 2013, our board of directors approved a quarterly dividend of $0.15 per share of common stock, the first dividend in Symantec's history. Our board of directors approved an additional $1.0 billion stock repurchase program. This program does not have an expiration date...

  • Page 85
    ... on making it simple for customers to be productive and protected at home and at work. These products include our Norton solutions, endpoint security and management, encryption, and mobile offerings. Our Norton products help customers protect against increasingly complex threats and address the...

  • Page 86
    ... market our products and related services to the largest of enterprise organizations, including government and public sector customers, through our field sales force. This field sales team is responsible for approximately 2,000 named accounts around the world, leveraging our global partner ecosystem...

  • Page 87
    ... technical support includes: self-service options delivered by telephone or electronically during the contracted-for hours, immediate patches for severe problems, periodic software updates, and access to our technical knowledge base and frequently asked questions. Customers In fiscal 2014, 2013...

  • Page 88
    ... various solutions and functions in their current and future products. We also compete for access to retail distribution channels and for spending at the retail level and in corporate accounts. In addition, we compete with other software companies, operating system providers, network equipment...

  • Page 89
    ... have used, registered, or applied to register other specific trademarks and service marks to help distinguish our products, technologies, and services from those of our competitors in the U.S. and foreign countries and jurisdictions. We enforce our trademark, service mark, and trade name rights in...

  • Page 90
    ... relations website located at www.symantec.com/invest. The information contained, or referred to, on our website is not part of this annual report unless expressly noted. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding our filings...

  • Page 91
    ..., customer service, and support into unified enterprise security and storage solutions Addressing trade compliance issues affecting our ability to ship our products Developing or expanding efficient sales channels Obtaining sufficient licenses to technology and technical access from operating system...

  • Page 92
    ... directly for sales to end-users of our products, we compete with them for the opportunity to have our products bundled with the product offerings of our strategic partners such as computer hardware OEMs and ISPs. Our competitors could gain market share from us if any of these strategic partners...

  • Page 93
    ... recent years, our SaaS offerings have become increasingly critical in our business. Our competitors are rapidly developing and deploying SaaS offerings for consumers and business customers. Pricing and delivery models are evolving. Devices and form factors influence how users access services in the...

  • Page 94
    ...and our business. Since our customers use our SaaS offerings for mission-critical protection from threats to electronic information, endpoint devices, and computer networks, any errors, defects, disruptions in service or other performance problems with our SaaS offerings could significantly harm our...

  • Page 95
    ...to pricing, promotions, and other terms offered by our competitors The consolidation of electronics retailers has increased their negotiating power with respect to hardware and software providers such as us OEM Sales Channels. A portion of our revenues is derived from sales through our OEM partners...

  • Page 96
    ...other unanticipated problems could result in lengthy interruptions in the delivery of our products and services. Furthermore, our business administration, human resources and finance services depend on the proper functioning of our computer, telecommunication and other related systems and operations...

  • Page 97
    ... businesses, business units, and technologies. Acquisitions can involve a number of special risks and challenges, including Complexity, time, and costs associated with the integration of acquired business operations, workforce, products, and technologies Diversion of management time and attention...

  • Page 98
    ... could make our products more expensive or could increase our costs of doing business in certain countries Limitations on future growth or inability to maintain current levels of revenues from international sales if we do not invest sufficiently in our international operations Longer payment cycles...

  • Page 99
    ...results of operations, and cash flows. We have been named as a party to class action lawsuits, and we may be named in additional litigation. For example, during the first quarter of fiscal 2013, we were advised by the Commercial Litigation Branch of the Department of Justice's Civil Division and the...

  • Page 100
    ... number, severity, and timing of threat outbreaks (e.g. worms and viruses) Our resellers making a substantial portion of their purchases near the end of each quarter Enterprise customers' tendency to negotiate site licenses near the end of each quarter Cancellation, deferral, or limitation of orders...

  • Page 101
    ... to increased credit risk should customers be unable to pay us, or delay paying us, for previously purchased products and services. Accordingly, reserves for doubtful accounts and write-offs of accounts receivable may increase. In addition, weakness in the market for end users of our products could...

  • Page 102
    ... approval prior to use in our products. In addition, many of the risks associated with usage of open source cannot be eliminated, and could, if not properly addressed, negatively affect our business. If we are unable to adequately address increased customer demands on our technical support services...

  • Page 103
    ... and other long-lived assets Stock-based compensation expense Restructuring charges Loss on sale of a business and similar write-downs of assets held for sale Our effective tax rate may increase, which could increase our income tax expense and reduce (increase) our net income (loss). Our effective...

  • Page 104
    ...current reports under the Exchange Act. Item 2. Properties Our properties consist primarily of owned and leased office facilities for sales, research and development, administrative, customer service, and technical support personnel. Our corporate headquarters is located in Mountain View, California...

  • Page 105
    ... our current needs and that the productive capacity of our facilities is substantially utilized. Item 3. Legal Proceedings Information with respect to this Item may be found under the heading "Litigation Contingencies" in Note 8 of the Notes to Consolidated Financial Statements in this annual report...

  • Page 106
    ... dividend equivalents are subject to the approval of our board of directors. Repurchases of our equity securities Stock repurchases during the three months ended March 28, 2014 were as follows: Total Number of Shares Purchased Under Publicly Announced Average Price Paid Plans or per Share Programs...

  • Page 107
    ...day of trading for the fiscal 2009, and the reinvestment of all dividends). The comparisons in the graph below are based on historical data and are not intended to forecast the possible future performance of our common stock. COMPARISON OF FIVE-YEAR CUMULATIVE TOTAL RETURN Among Symantec Corporation...

  • Page 108
    ... applied retrospectively for all periods presented. See Note 1 of the Notes to Consolidated Financial Statements in this annual report for information regarding the change in accounting policy for sales commissions. In fiscal 2008, we formed a joint venture with a subsidiary of Huawei Technologies...

  • Page 109
    ... largest global threat-intelligence networks, and provides leading security, backup and availability solutions. The company has more than 20,000 employees in more than 50 countries. Our Internet home page is www.symantec.com. Other than the information expressly set forth in this annual report, the...

  • Page 110
    ...built a renewals group in order to extend the customer relationship and make it easier to renew and do business with us. We redesigned our global channel strategy focused on building partner competency, rewarding performance, and customer satisfaction. Changing our Product Offerings With a portfolio...

  • Page 111
    ... leadership team resulted in certain severance and accelerated stock based compensation expenses. Our operating segments Our current operating segments are strategic business units that offer different products and services distinguished by customer needs. In the first quarter of fiscal 2014...

  • Page 112
    ...for fiscal 2015. These include optimizing our businesses based on lifecycle and growth potential; prioritizing investments for growth in our enterprise businesses; further reducing costs and improving efficiencies across the company; rounding out our talented executive team; and continuing to return...

  • Page 113
    ... software licenses and maintenance or services, packaged products with content updates, and subscriptions, we allocate and defer revenue for the undelivered items based on the fair value using vendor specific objective evidence ("VSOE"), and recognize the difference between the total arrangement fee...

  • Page 114
    ... brand will continue to be used in the combined company's product portfolio; cost savings expected to be derived from acquiring an asset; and discount rates. These estimates are inherently uncertain and unpredictable, and if different estimates were used, the purchase price for the acquisition...

  • Page 115
    ...of publicly traded companies operating in the same or similar lines of business. Applying the income approach requires that we make a number of important estimates and assumptions. We estimate the future cash flows of each reporting unit based on historical and forecasted revenue and operating costs...

  • Page 116
    ... of Symantec's common stock over a three-year period, and are also subject to an underlying continued service vesting condition. We estimate the fair value of PRUs using the Monte Carlo simulation option pricing model ("Monte Carlo model"), as the total shareholder return modifier contains a market...

  • Page 117
    ...2013, we used an annualized dividend yield based on the per share dividends declared by our board of directors. See Note 15 of the Notes to Consolidated Financial Statements in this annual report. In accordance with the authoritative guidance on stock compensation, we record stock-based compensation...

  • Page 118
    ...than the amounts recorded, such differences will impact our tax provision in our Consolidated Statements of Income in the ...fiscal years ended 2014, 2013 and 2012, respectively. Content, subscription, and maintenance revenue decreased primarily due to decreases from our User Productivity & Protection...

  • Page 119
    ... services activities and encryption revenues of $30 million. User Productivity & Protection operating income increased primarily due to lower advertising and promotional expenses of $123 million, as well as a decline in salaries and wages of $34 million. Fiscal 2013 compared to Fiscal 2012: User...

  • Page 120
    ...salaries and wages of $24 million, higher equipment costs, outside services and other costs of $49 million. Net revenue by geographic region Fiscal 2014 Change in $ % Fiscal 2013 (Dollars in millions) Change in $ % Fiscal 2012 Americas (U.S., Canada and Latin America) User Productivity & Protection...

  • Page 121
    ...for fiscal 2013 primarily due to higher technical support, services, and OEM royalty costs. The increased costs were due to growth in our business and higher royalty payments to major OEM partners as part of revenue-sharing arrangements. Cost of license increased primarily due to higher direct costs...

  • Page 122
    ... costs, see Note 7 of the Notes to Consolidated Financial Statements. We experienced favorable foreign currency effects on our operating expenses of $42 million in the year ended March 28, 2014, as compared to the same period last year. Fiscal 2013 compared to Fiscal 2012: Sales and marketing...

  • Page 123
    ... costs, see Note 7 of the Notes to Consolidated Financial Statements in this annual report. We experienced favorable foreign currency effects on our operating expenses of $99 million in the year ended March 29, 2013, as compared to the year ended in fiscal 2012. Non-operating income (expense) Fiscal...

  • Page 124
    ... U.S. federal Research and Development credit expired on December 31, 2013), partially offset by state income taxes. Pretax income from international operations was significantly higher in fiscal 2012 due to the sale of our 49% ownership interest in the joint venture to Huawei on March 30, 2012 for...

  • Page 125
    ... interest had been recorded for the noncontrolling investors' interests in the equity and operations of VeriSign Japan. During the second quarter of fiscal 2013, we completed a tender offer and paid $92 million to acquire VeriSign Japan common shares and stock rights, which increased our ownership...

  • Page 126
    ... engage in the open market purchase of our notes prior to their maturity. Furthermore, our capital allocation strategy contemplates a quarterly cash dividend. In addition, we regularly evaluate our ability to repurchase stock, pay debts, and acquire other businesses. Acquisitions: In fiscal 2013, we...

  • Page 127
    ... million and stock-based compensation expense of $164 million, and an increase in deferred revenue of $119 million. These amounts were partially offset by an increase in trade accounts receivable, net of $107 million. Net cash provided by operating activities was $1.9 billion for fiscal 2012, which...

  • Page 128
    ... payments were calculated based on terms of the related notes. For further information on the notes, see Note 6 of the Notes to Consolidated Financial Statements in this annual report. These amounts are associated with agreements for purchases of goods or services generally including agreements...

  • Page 129
    ...-rate senior notes outstanding, with a carrying amount of $2.10 billion and a fair value of $2.17 billion, which fair value is based on level 2 inputs of market prices for similar debt instruments and resulting yields. We have performed sensitivity analyses as of March 28, 2014 by using a modeling...

  • Page 130
    ... and related disclosures included in Part IV, Item 15 of this annual report are incorporated by reference into this Item 8. Selected quarterly financial data Fiscal 2014 Fiscal 2013 Dec. 27, Sep. 27, Jun. 28, Mar. 29, Dec. 28, Sep. 28, Jun. 29, 2013 2013 2013 2013 2012 2012 2012 (In millions...

  • Page 131
    ... these criteria. The Company's independent registered public accounting firm has issued an attestation report regarding its assessment of the Company's internal control over financial reporting as of March 28, 2014, which is included in Part IV, Item 15 of this annual report. c) Changes in Internal...

  • Page 132
    the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. Item 9B. Other Information None. 53

  • Page 133
    ... by this item will be included in an amendment to this annual report on Form 10-K or incorporated by reference from Symantec's definitive proxy statement to be filed pursuant to Regulation 14A. Item 14. Principal Accountant Fees and Services The information required by this item will be included in...

  • Page 134
    ... Street Mountain View, California 94043 650-527-8000 The following documents are filed as part of this report: Page Number 1. 2. 3. Consolidated Financial Statements: Report of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets as of March 28, 2014 and March 29, 2013...

  • Page 135
    ...financial position of Symantec Corporation and subsidiaries as of March 28, 2014 and March 29, 2013, and the results of their operations and their cash flows for each of the years in the three-year period ended March 28, 2014, in conformity with U.S. generally accepted accounting principles. Also in...

  • Page 136
    ...deferred tax liabilities Long-term income taxes payable Other long-term obligations Total liabilities Commitments and contingencies (Note 8) Stockholders' equity: Symantec Corporation stockholders' equity: Common stock, $0.01 par value, 3,000 shares authorized; 909 and 912 shares issued; 695 and 698...

  • Page 137
    SYMANTEC CORPORATION CONSOLIDATED STATEMENTS OF INCOME Year Ended March 28, March 29, March 30, 2014 2013 2012 (In millions, except per share data) Net revenue: Content, subscription, and maintenance License Total net revenue Cost of revenue: Content, subscription, and maintenance License ...

  • Page 138
    SYMANTEC CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Year Ended March 28, March 29, March 30, 2014 2013 2012 (Dollars in millions) Net income Other comprehensive income (loss), net of taxes: Foreign currency translation adjustments: Translation adjustments Reclassification ...

  • Page 139
    ... as of March 29, 2013 Net income Other comprehensive loss Issuance of common stock under employee stock plans Repurchases of common stock Tax payments related to restricted stock units Dividends paid and accrued Stock-based compensation, net of estimated forfeitures Income tax benefit from employee...

  • Page 140
    ...net cash provided by operating activities: Depreciation Amortization of intangible assets Amortization of debt issuance costs and discounts Stock-based compensation expense Deferred income taxes Excess income tax benefit from the exercise of stock options Net gain from sale of short-term investments...

  • Page 141
    ... and how our Chief Operating Decision Maker ("CODM") views the business and allocates resources, beginning from the first quarter of fiscal 2014. The CODM function is comprised of our Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and President of Products and Services...

  • Page 142
    ... are generally offered to our customers over a specified period of time, and we recognize the related revenue ratably over the maintenance, subscription, or service period. We enter into perpetual software license agreements through direct sales to customers and indirect sales with distributors...

  • Page 143
    ... to license royalties, some OEMs pay an annual flat fee and/or support royalties for the right to sell maintenance and technical support to the end-user. We recognize revenue from OEM support royalties and fees ratably over the term of the support agreement. We offer channel and end-user rebates for...

  • Page 144
    ... stockholders' equity by $49 million and increased longterm deferred revenue by $67 million as of April 1, 2011. The errors were not material to the Consolidated Statements of Income in our fiscal years 2013 and 2012 or the quarters in our fiscal year 2014. The adjustment to correct the cumulative...

  • Page 145
    ...and March 29, 2013, we held equity investments in privately-held companies of $13 million and $14 million, respectively. Debt. Our debt has included senior unsecured notes, convertible senior notes, and a revolving credit facility. Our senior unsecured notes are recorded at cost based upon par value...

  • Page 146
    ...$281 million, $283 million, and $273 million in fiscal 2014, 2013, and 2012, respectively. Business combinations We use the acquisition method of accounting under the authoritative guidance on business combinations. Each acquired company's operating results are included in our Consolidated Financial...

  • Page 147
    ... sales or offerings of a comparable entity. We also consider our market capitalization on the date of the analysis to ensure the reasonableness of the sum of our reporting units' estimated fair value. Our cash flow assumptions are based on historical and forecasted revenue, operating costs, and...

  • Page 148
    ... financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards in each jurisdiction in which we operate. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in...

  • Page 149
    ... are discounted by the dividend yield. Restricted stock units and restricted stock awards. The fair value of each Restricted Stock Unit ("RSU") and Restricted Stock Award ("RSA") is equal to the market value of Symantec's common stock on the date of grant. Because the Company's RSUs and RSAs include...

  • Page 150
    ... pay cash dividends on our common stock, and therefore our expected dividend rate was zero for all such periods presented. For awards granted on or subsequent to June 27, 2013, we used an annualized dividend yield based on the per share dividends declared by our board of directors. The compensation...

  • Page 151
    ... impact on our operating results and financial position. Sales Commissions Effective March 30, 2013, we changed our accounting policy for sales commissions that are incremental and directly related to customer sales contracts in which revenue is deferred. These commission costs are accrued and...

  • Page 152
    ... Statements of Income Year Ended Year Ended March 29, 2013 March 30, 2012 As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted (In millions, except per share data) Operating expenses: Sales and marketing Provision for income taxes Net income attributable to Symantec Corporation...

  • Page 153
    ... of these assets. Marketable equity securities. Marketable equity securities are classified as level 1 and are recorded at fair value using quoted prices in active markets for identical assets. There have been no transfers between fair value measurement levels during fiscal 2014. The following table...

  • Page 154
    ...equity interests of the acquired company, we paid a total purchase price of $28 million in cash. The objective of the acquisition is to extend our enterprise mobility portfolio to include a cross-platform mobile application protection solution to help organizations protect and isolate corporate data...

  • Page 155
    ... from the integration of Clearwell product offerings with our existing product offerings. Other (2) (3) In addition to Clearwell, we completed the acquisitions of LiveOffice LLC ("LiveOffice") and another privately-held company for an aggregate purchase price of $151 million, which consisted...

  • Page 156
    ...goodwill are as follows: User Productivity & Protection Information Information Security Management (Dollars in millions) Total Net balance as of March 30, 2012 Additions (1) Adjustments (2) Net balance as of March 29, 2013 Additions (1) Adjustments (2) Net balance as of March 28, 2014 $ 1,641 10...

  • Page 157
    ... 28, 2014 (Dollars in millions) 2015 2016 2017 2018 2019 Thereafter Total Note 5. Supplemental Financial Information Dividends $ 157 106 87 66 35 20 471 $ During fiscal 2014 we declared and paid common stock dividends of $418 million or $0.60 per share. Each quarterly dividend was recorded as...

  • Page 158
    ... interest in the joint venture to Huawei for $530 million in cash. The gain of $530 million, offset by costs to sell the joint venture of $4 million, was included in gain from sale of joint venture in our Consolidated Statements of Income. Other income (expense), net In fiscal 2013, we began...

  • Page 159
    ... to affiliates of certain initial purchasers of the notes whereby they had the option to purchase up to 52.7 million shares of our common stock at a price of $27.1330 per share. All the warrants expired unexercised on various dates during the second quarter of fiscal 2014 and there was no dilutive...

  • Page 160
    ... severance payments, outplacement services, health insurance coverage, and legal costs. Facilities costs generally include rent expense and lease termination costs, less estimated sublease income. Transition and other related costs primarily consist of severance costs associated with acquisition...

  • Page 161
    ... facilities, equipment, and co-locations under operating leases that expire at various dates beyond fiscal 2019. We currently sublease some space under various operating leases that will expire on various dates through fiscal 2019. Some of our leases contain renewal options, escalation clauses, rent...

  • Page 162
    ... with agreements for purchases of goods or services. Management believes that cancellation of these contracts is unlikely and we expect to make future cash payments according to the contract terms. The following reflects unrecognized purchase obligations: March 28, 2014 (Dollars in millions) 2015...

  • Page 163
    ... as of March 28, 2014, and neither program has an expiration date. Note 10. Segment Information In the fourth quarter of fiscal 2013, we announced a new strategy and created three new business segments which offer different products and services distinguished by customer needs. We also made...

  • Page 164
    ... reportable segments' operating income to the consolidated operating income: Year Ended March 28, March 29, March 30, 2014 2013 2012 (Dollars in millions) Total segment operating income Reconciling items: Amortization of intangibles Restructuring and transition Stock-based compensation Acquisition...

  • Page 165
    ... 10% of the respective totals. Significant customers In fiscal 2014, 2013 and 2012, there were no significant customers that accounted for more than 10% of our total net revenue. Note 11. Employee Benefits and Stock-Based Compensation 401(k) plan We maintain a salary deferral 401(k) plan for all of...

  • Page 166
    ... of their compensation withheld through payroll deductions to purchase shares of common stock under the 2008 ESPP. Employees purchase shares of common stock at a price per share equal to 85% of the fair market value on the purchase date at the end of each six-month purchase period. Stock award plans...

  • Page 167
    ... option grants typically awarded as part of our annual compensation program. These PRUs can be earned depending upon the achievement of a company-specific performance condition and a market condition as follows: (1) our achievement of annual target earnings per share for the applicable fiscal year...

  • Page 168
    ... Income. Year Ended March 28, March 29, March 30, 2014 2013 2012 (In millions, except per share data) Cost of revenue Sales and marketing Research and development General and administrative Total stock-based compensation expense Tax benefit associated with stock-based compensation expense Net stock...

  • Page 169
    ... weighted-average vesting period of 2.7 years. Performance-based restricted stock units activity Number of Shares Unvested at March 29, 2013 Granted Incremental grants due to performance and market conditions Vested and released Issued Forfeited Unvested at March 28, 2014 1,732,756 947,033 (270...

  • Page 170
    ... taxed at less than the federal rate Domestic production activities deduction Federal research and development credit Valuation allowance (decrease) increase Benefit of losses from joint venture Tax positions (including valuation allowance release) Other, net $ 405 26 (131) (14) (6) (3) (26) 7 258...

  • Page 171
    .... As of March 28, 2014, we have U.S. federal net operating losses attributable to various acquired companies of approximately $74 million, which, if not used, will expire between fiscal 2015 and 2032. These net operating loss carryforwards are subject to an annual limitation under Internal Revenue...

  • Page 172
    ... and Singapore. Our tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. Our 2009 through 2014 fiscal years remain subject to examination by the Internal Revenue Service ("IRS") for U.S. federal tax...

  • Page 173
    ... include California, Japan, the UK and India. As of March 28, 2014, we are under examination regarding Symantec U.S. federal income taxes for the fiscal years 2009 through 2012. In addition, we are under examination by the California Franchise Tax Board for the Symantec California income taxes...

  • Page 174
    ... the option purchased in connection with the convertible senior notes. Note 14. Noncontrolling Interest As of March 30, 2012, we owned 54% of VeriSign Japan. During the second quarter of fiscal 2013, we completed a tender offer and paid $92 million to acquire VeriSign Japan common shares and stock...

  • Page 175
    ...duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Mountain View, State of California, on the 16th day of May 2014. SYMANTEC CORPORATION By: /s/ Michael A. Brown Michael A. Brown Interim President and Chief Executive Officer, and Director...

  • Page 176
    ... to Revenue and to Other Operating Expense (1) Accounts (2) (Dollars in millions) $ 222 $ 156 252 173 227 173 Balance at Beginning of Period Year ended March 28, 2014 Year ended March 29, 2013 Year ended April 1, 2012 (1) Amount Written Off or Used $ Balance at End of Period (1) 101 111 103...

  • Page 177
    ..., N.A., as Co-Syndication Agents, JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc., as CoDocumentation Agents, and Wells Fargo Securities, LLC, Banc of America Securities LLC and Citigroup Global Markets Inc., as Joint Bookrunners and Joint Lead Arrangers 98 S-8 S-8 333-119872 333...

  • Page 178
    ... agreements entered into prior to January 17, 2006) Form of Indemnification Agreement for Officers, Directors and Key Employees Symantec Corporation 1996 Equity Incentive Plan, as amended, including form of Stock Option Agreement and form of Restricted Stock Purchase Agreement Symantec Corporation...

  • Page 179
    ... form of Stock Option Grant - Terms and Conditions and form of RSU Awards Agreement Symantec Senior Executive Incentive Plan, as amended and restated Symantec Corporation Executive Retention Plan, as amended and restated Symantec Corporation Executive Severance Plan Offer Letter, dated February...

  • Page 180
    ...to the Trademark License Agreement, dated August 9, 2010, by and between VeriSign, Inc. and Symantec Corporation Subsidiaries of Symantec Corporation Consent of Independent Registered Public Accounting Firm Power of Attorney (see Signature page to this annual report) Certification of Chief Executive...

  • Page 181
    ... by Reference File No. Exhibit Filing Date Filed Herewith 31.02 32.01(††) 32.02(††) 101.INS 101.SCH 101.CAL 101.LAB 101.PRE 101.DEF Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Certification of Chief Executive Officer pursuant to...

  • Page 182
    .... Other names may be trademarks of their respective owners. ANNUAL MEETING The Annual Meeting will be held on Tuesday, October 28, 2014 at 9.00 a.m. PT at: 350 Ellis Street Mountain View, CA 94043 (650) 527-8000 www.symantec.com/invest Stock Exchange Listing Symantec's common stock is traded on the...

  • Page 183
    350 Ellis Street Mountain View, CA 94043 Tel: (650) 527-8000 www.symantec.com