Symantec 2016 Annual Report Download - page 167

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Note 9. Stockholders’ Equity
Dividends
We declared and paid aggregate cash dividends by fiscal year as follows:
Year Ended
April 1,
2016
April 3,
2015
March 28,
2014
(Dollars in millions, except
dividends per share)
Dividends per share $ 4.60 $ 0.60 $ 0.60
Total amount $ 3,020 $ 413 $ 418
Fiscal 2016 included a special dividend of $4.00 per share that was declared and paid during the fourth
quarter of fiscal 2016 and was recorded as a reduction of retained earnings. Our restricted stock and
performance-based stock units have DERs entitling holders to dividend equivalents to be paid in the form of cash
upon vesting, for each share of the underlying units.
On May 12, 2016, we declared a cash dividend of $0.075 per share of common stock to be paid on June 22,
2016 to all stockholders of record as of the close of business on June 8, 2016. All shares of common stock issued
and outstanding, and unvested restricted stock and performance-based stock, as of the record date will be entitled
to the dividend and dividend equivalents, respectively. Any future dividends and dividend equivalents will be
subject to the approval of our Board of Directors.
Stock repurchases
Through our stock repurchase programs we have repurchased shares on a quarterly basis since the fourth
quarter of fiscal 2004. Under the programs, shares are repurchased on the open market and through accelerated
stock repurchase (“ASR”) transactions. During the second quarter of fiscal 2016, our Board of Directors
authorized a new $1.5 billion stock repurchase program which commenced immediately.
Repurchases on open market transactions
The following table summarizes our stock repurchases on open market transactions for the periods presented
and excludes the impact of shares purchased under our ASR agreements (except for the remaining authorization
amount):
Year Ended
April 1,
2016
April 3,
2015
March 28,
2014
(In millions, except per share data)
Total number of shares repurchased 17 21 21
Dollar amount of shares repurchased $ 368 $ 500 $ 500
Average price paid per share $ 21.69 $ 23.73 $ 23.87
Remaining authorization at end of period $ 790 $ 1,158 $ 658
Accelerated Stock Repurchase agreements
In November 2015, we entered into an ASR agreement with a financial institution to repurchase an
aggregate of $500 million of our common stock. During the third quarter of fiscal 2016, we made an upfront
payment of $500 million to the financial institution pursuant to the ASR agreement, and received and retired an
initial delivery of 19.9 million shares of our common stock. The ASR was completed on January 15, 2016,
which, per the terms of the agreement, resulted in the Company receiving an additional 5.0 million shares of our
common stock. The total shares received and retired under the terms of the ASR agreement were 24.9 million,
with an average price paid per share of $20.08.
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