Symantec 2014 Annual Report Download - page 160

The following table summarizes information regarding the equity and liability components of the
convertible senior notes as of March 29, 2013:
March 29,
2013
(Dollars in millions)
Principal amount $ 1,000
Equity component 313
Liability component 997
Unamortized discount 3
There is no remaining liability as of March 28, 2014.
Revolving credit facility
In the first quarter of fiscal 2013, we amended our senior unsecured revolving credit facility agreement. The
amendment extended the term of the credit facility to June 7, 2017 and revolving loans under the credit facility
will bear interest, at our option, either at a rate equal to a) LIBOR plus a margin based on debt ratings, as defined
in the credit facility agreement or b) the bank’s base rate plus a margin based on debt ratings, as defined in the
credit facility agreement. Under the terms of this credit facility, we must comply with certain financial and non-
financial covenants, including a covenant to maintain a specified ratio of debt to EBITDA (earnings before
interest, taxes, depreciation and amortization). As of March 28, 2014, we were in compliance with all financial
covenants, and no amounts were outstanding.
Note 7. Restructuring and Transition
Our restructuring and transition costs and liabilities consist primarily of severance, facilities costs, and
transition and other related costs. Severance generally includes 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 integrations in efforts to streamline our business operations, and cost associated with
the planning, design, testing, and data conversion phases of a new ERP system. Restructuring and transition costs
are managed at the corporate level and are not allocated to our reportable segments. See Note 10 of these
Consolidated Financial Statements for information regarding the reconciliation of total segment operating income
to total consolidated operating income.
Restructuring plan
We initiated a restructuring plan in the fourth quarter of fiscal 2013 to reduce management and redundant
personnel resulting in headcount reductions across the Company. As of March 28, 2014, total costs related to this
plan incurred since inception were $222 million, primarily related to severance and related employee benefits.
The costs for severance and benefits are substantially complete, however we expect to incur immaterial
adjustments to existing reserves in subsequent periods.
Other exit and disposal costs
Our other exit and disposal costs consist primarily of costs associated with closing or consolidating certain
facilities. Largely as a result of business acquisitions, management may deem certain leased facilities to be in
excess and make a plan to exit them either at the time of acquisition or after the acquisition in conjunction with
our efforts to integrate and streamline our operations. As of March 28, 2014, liabilities for these excess facility
obligations at several locations around the world are expected to be paid over the respective lease terms, the
longest of which extends through fiscal 2018.
81