Symantec 2014 Annual Report Download - page 141

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SYMANTEC CORPORATION
Notes to Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
Business
Symantec Corporation (“we,” “us,” “our,” and “the Company” refer to Symantec Corporation and all of its
subsidiaries) is an information protection expert that helps people, businesses and governments seeking the
freedom to unlock the opportunities technology brings – anytime, anywhere.
Principles of consolidation
The accompanying consolidated financial statements of Symantec Corporation and its wholly-owned
subsidiaries are prepared in conformity with generally accepted accounting principles in the United States.
Noncontrolling interest positions of certain of our consolidated entities are reported as a separate component of
consolidated equity from the equity attributable to our stockholders for fiscal 2013 and 2012. In fiscal 2013, an
entity in which we held a noncontrolling interest became a wholly-owned subsidiary, see Note 14 for details. All
significant intercompany accounts and transactions have been eliminated. Certain amounts in 2013 and 2012
Consolidated Financial Statements have been reclassified to be comparable with classifications used in our 2014
Consolidated Financial Statements.
Fiscal calendar
We have a 52/53-week fiscal year ending on the Friday closest to March 31. Our fiscal 2014, 2013, and
2012 were 52-week years and our fiscal 2015 will consist of 53 weeks.
Use of estimates
The preparation of consolidated financial statements in conformity with generally accepted accounting
principles in the U.S. requires management to make estimates and assumptions that affect the amounts reported
in the consolidated financial statements and accompanying notes. Estimates are based upon historical factors,
current circumstances and the experience and judgment of management. Management evaluates its assumptions
and estimates on an ongoing basis and may engage outside subject matter experts to assist in its valuations.
Actual results could differ from those estimates. Significant items subject to such estimates and assumptions
include those related to the allocation of revenue recognized and deferred amounts, valuation of goodwill,
intangible assets and long-lived assets, valuation of stock-based compensation, contingencies and litigation, and
the recognition and measurement of current and deferred income taxes (including the measurement of uncertain
tax positions).
Segment reporting change
We modified our segment reporting structure to match our operating structure 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. Reclassifications of prior period financial information
have been made to conform to the current period presentation. This change does not impact previously reported
Consolidated Financial Statements of the Company. See Note 10 for additional information on our segment
reporting change.
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