Symantec 2014 Annual Report Download - page 130

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and losses is the result of certain net receivables due from our foreign subsidiaries and customers being
denominated in currencies other than the functional currency of the subsidiary, primarily the Euro and Singapore
dollar. Our foreign subsidiaries conduct their businesses in local currency. We have entered into foreign
exchange forward contracts with up to six months in duration, to offset the foreign exchange risk on certain
monetary assets and liabilities denominated in currencies other than the functional currency of the subsidiary. We
considered the historical trends in currency exchange rates and determined that it was reasonably possible that
adverse changes in exchange rates for all currencies could be experienced. The estimated impacts of a five or ten
percent appreciation or depreciation in value are as follows:
Value of Contracts Given X%
Appreciation of Foreign Currency
Notional
Amount
Value of Contracts Given X%
Depreciation of Foreign Currency
Foreign Forward
Exchange Contracts 10% 5% (5)% (10)%
(Dollars in millions)
Purchased, March 28, 2014 $ 168 $ 161 $ 154 $ 146 $ 137
Sold, March 28, 2014 $ 218 $ 228 $ 240 $ 252 $ 266
We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our
foreign currency exposure in a manner that entirely offsets the effects of the changes in foreign exchange rates.
Item 8. Financial Statements and Supplementary Data
Annual financial statements
The Consolidated Financial Statements 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
Mar. 28,
2014
Dec. 27,
2013
Sep. 27,
2013
Jun. 28,
2013
Mar. 29,
2013
Dec. 28,
2012
Sep. 28,
2012
Jun. 29,
2012
(In millions, except per share data)
Net revenue $ 1,625 $ 1,705 $ 1,637 $ 1,709 $ 1,748 $ 1,791 $ 1,699 $ 1,668
Gross profit 1,343 1,422 1,353 1,409 1,440 1,492 1,415 1,384
Operating income 306 405 248 224 255 304 297 250
Net income 217 283 241 157 190 216 189 160
Less: Income (loss) attributable to
noncontrolling interest - - - - - - - -
Net income attributable to
Symantec Corporation
stockholders $ 217 $ 283 $ 241 $ 157 $ 190 $ 216 $ 189 $ 160
Net income per share attributable
to Symantec Corporation
stockholders — basic $ 0.31 $ 0.41 $ 0.34 $ 0.23 $ 0.27 $ 0.31 $ 0.27 $ 0.22
Net income per share attributable to
Symantec Corporation
stockholders — diluted $ 0.31 $ 0.40 $ 0.34 $ 0.22 $ 0.27 $ 0.31 $ 0.27 $ 0.22
51