Symantec 2016 Annual Report Download - page 155
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• Level 2: Observable inputs that reflect quoted prices for identical assets or liabilities in markets that are
not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted
prices that are observable for the assets or liabilities; or inputs that are derived principally from or
corroborated by observable market data by correlation or other means.
• Level 3: Unobservable inputs reflecting our own assumptions incorporated in valuation techniques
used to determine fair value. These assumptions are required to be consistent with market participant
assumptions that are reasonably available.
Assets measured and recorded at fair value on a recurring basis
Cash equivalents. Cash equivalents consist primarily of money market funds with original maturities of
three months or less at the time of purchase, and the carrying amount is a reasonable estimate of fair value.
Short-term investments. Short-term investments consist of investment and marketable equity securities with
original maturities greater than three months. Investment securities are priced using inputs such as actual trade
data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market
prices, independent pricing vendors, or other sources, to determine the fair value of these assets. Marketable
equity securities are recorded at fair value using quoted prices in active markets for identical assets.
The following table summarizes our assets measured at fair value on a recurring basis, by level, within the
fair value hierarchy:
April 1, 2016 April 3, 2015
Fair Value
Cash and
Cash
Equivalents
Short-term
Investments Fair Value
Cash and
Cash
Equivalents
Short-term
Investments
(Dollars in millions)
Cash $ 1,072 $ 1,072 $ - $ 776 $ 776 $ -
Non-negotiable certificates of
deposit 1 - 1 296 260 36
Level 1
Money market 2,905 2,905 - 1,725 1,725 -
U.S. government securities 335 310 25 284 - 284
Marketable equity securities 11 - 11 5 - 5
3,251 3,215 36 2,014 1,725 289
Level 2
Corporate bonds 45 43 2 166 - 166
U.S. agency securities 526 523 3 68 - 68
Commercial paper 1,121 1,121 - 333 82 251
Negotiable certificates of
deposit 9 9 - 184 - 184
International government
securities - - - 23 - 23
1,701 1,696 5 774 82 692
Total $ 6,025 $ 5,983 $ 42 $ 3,860 $ 2,843 $ 1,017
There were no transfers between fair value measurement levels during fiscal 2016.
67