Symantec 2014 Annual Report Download - page 109

$189 million. Concurrently with the payment of the conversion value we received $189 million from the
note hedge we entered into at the time of the issuance of the 1.00% notes. At the time of issuance of the
1.00% notes, we granted warrants 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 impact from the warrants on our earnings per share for fiscal 2014.
(e) In fiscal 2011, we issued $350 million in principal amount of 2.75% senior notes due September 2015
(“2.75% notes due 2015”) and $750 million in principal amount of 4.20% senior notes due September 2020
(“4.20% notes”). In fiscal 2013, we issued $600 million in principal amount of 2.75% senior notes due June
2017 (“2.75% notes due 2017”) and $400 million in principal amount of 3.95% senior notes due June 2022
(“3.95% notes”).
(f) See Note 1 of the Notes to Consolidated Financial Statements in this annual report for information regarding
the correction of an error related to deferred revenue. The out-of-period effect on net income of correcting
this error in fiscal 2014 is $22 million and the effect on Symantec Corporation stockholders’ equity as of the
beginning of fiscal 2012 was $49 million. Long-term deferred revenue and Total stockholders’ equity as of
fiscal 2011 and 2010 have also been adjusted. However, income statement data for fiscal years 2011 and
2010 have not been adjusted as the impact on Net income in each of these years was not material.
(g) During fiscal 2014, we declared and paid common stock cash dividends. Dividends were recorded as a
reduction to additional paid-in capital. No dividends or dividend equivalents were paid prior to fiscal 2014.
See Note 5 of the Notes to Consolidated Financial Statements in this annual report for information regarding
dividends and dividend equivalents.
(h) During fiscal 2012, we recorded an impairment of $19 million as a cumulative-effect adjustment in
accumulated deficit, related to an implied fair value measurement made for our former Services reporting
unit upon the adoption of a new accounting standard.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
OVERVIEW
Our business
Symantec Corporation protects the world’s information and is a global leader in security, backup and
availability solutions. Our market leading products and services protect people and information in any
environment – from the smallest mobile device, to the enterprise data center, to cloud-based systems. Founded in
April 1982, Symantec operates one of the 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 information contained or referred to on our website is not part of this annual report.
Fiscal calendar
We have a 52/53-week fiscal year ending on the Friday closest to March 31. Unless otherwise stated,
references to years in this report relate to fiscal year and periods ended March 28, 2014, March 29, 2013 and
March 30, 2012. Fiscal 2014, 2013, and 2012 each consisted of 52 weeks. Our 2015 fiscal year will consist of
53 weeks and will end on April 3, 2015.
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