Symantec 2016 Annual Report Download - page 159
Download and view the complete annual report
Please find page 159 of the 2016 Symantec annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149 -
150 -
151 -
152 -
153 -
154 -
155 -
156 -
157 -
158 -
159 -
160 -
161 -
162 -
163 -
164 -
165 -
166 -
167 -
168 -
169 -
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
 |
 |
Note 5. Debt
The following table summarizes components of our debt:
April 1, 2016 April 3, 2015
Amount
Effective
Interest Rate Amount
Effective
Interest Rate
(Dollars in millions)
2.75% Senior Notes due September 15, 2015 $ - - % $ 350 2.76 %
2.75% Senior Notes due June 15, 2017 600 2.79 % 600 2.79 %
4.20% Senior Notes due September 15, 2020 750 4.25 % 750 4.25 %
3.95% Senior Notes due June 15, 2022 400 4.05 % 400 4.05 %
2.50% Convertible Senior Notes due April 1,
2021 500 3.76 % - - %
Total principal amount 2,250 2,100
Less: unamortized discount and issuance costs (43) (4)
Total debt 2,207 2,096
Less: current portion - (350)
Total long-term portion $ 2,207 $ 1,746
The future maturities of debt by fiscal year are as follows:
April 1, 2016
(Dollars in millions)
2017 $-
2018 600
2019 -
2020 -
2021 1,250
Thereafter 400
Total $ 2,250
Senior Notes
In fiscal 2013, we issued $1.0 billion of Senior Notes consisting of the 3.95% Senior Notes due in 2022 and
the 2.75% Senior Notes due in 2017. We received proceeds of $996 million, net of an issuance discount. We also
incurred issuance costs of $6 million in fiscal 2013. In fiscal 2011, we issued $750 million of the 4.20% Senior
Notes due in 2020.
Our Senior Notes are senior unsecured obligations that rank equally in right of payment with all of our
existing and future unsecured, unsubordinated obligations and are redeemable by us at any time, subject to a
“make-whole” premium. Interest on our Senior Notes is payable semiannually. Both the discount and issuance
costs are being amortized as incremental interest expense over the respective terms of the Senior Notes. The
principal balance of our 2.75% Senior Notes due September 15, 2015 matured and was settled by a cash payment
of $350 million in the second quarter of fiscal 2016. Contractual interest expense totaled $68 million, $73
million, and $73 million in fiscal years 2016, 2015, and 2014, respectively.
Convertible Senior Notes
On March 4, 2016 (the “Issuance Date”), we issued $500 million of Convertible Senior Notes due in 2021
(the “Notes”). The Notes were issued at par and bear an annual interest rate of 2.50%, payable semiannually in
arrears, beginning on October 1, 2016. Debt issuance costs of $6 million were recorded as a reduction to the
71