Symantec 2003 Annual Report Download - page 65

Symantec 2003 63
The weighted average estimated fair values of employee stock options
granted during fiscal 2003, 2002 and 2001 were approximately $22.36,
$20.66 and $12.70 per share, respectively. The weighted average esti-
mated fair value of employee stock purchase rights granted under the
Employee Stock Purchase Plan during fiscal 2003, 2002 and 2001 were
approximately $17.85, $14.56 and $10.53, respectively.
For purposes of pro forma disclosure, the estimated fair value of the
options was amortized to expense over the options’ vesting period, for
employee stock options, and the six-month purchase period, for stock
purchases under the Employee Stock Purchase Plan. Options assumed
as a result of our acquisition of AXENT were not included in the esti-
mated fair value. Shares purchased through the AXENT Purchase Plan
subsequent to the closing date of the AXENT acquisition were included
in the estimated fair value and were included in the pro forma informa-
tion in the Summary of Significant Accounting Policies under Stock-
Based Compensation.
Note 13. Restructuring, Site Closures and Other
Restructuring, site closures and other consisted of the following:
Year Ended March 31,
(IN THOUSANDS) 2003 2002 2001
Employee severance and
outplacement $8,621 $2,639 $3,524
Excess facilities and equipment 2,468 17,789 140
Total restructuring, site
closures and other $11,089 $20,428 $3,664
During the March 2003 quarter, we recorded approximately $3.4 million
for the costs of severance, related benefits and outplacement services
primarily associated with the relocation of certain development, sales
and finance activities and the realignment of certain worldwide market-
ing efforts. As a result, we terminated 122 employees. In addition, we
recorded approximately $3.0 million for exit costs associated with the
consolidation of certain facilities in the United States. As of March 31,
2003, we had an accrual of approximately $3.2 million outstanding
related to severance, benefits and outplacement services, and $1.5 mil-
lion related to rent and related exit costs of the facilities.
During the September 2002 quarter, we recorded approximately $0.7
million for the costs of severance, related benefits and outplacement
services associated with the reduction in operations of our San Antonio,
Texas site. As a result, we terminated 51 employees. As of March 31,
2003, all costs have been paid with the exception of an immaterial
amount related to outplacement service charges.
During the June 2002 quarter, we recorded approximately $6.1 million
for costs of severance, related benefits, outplacement services and
abandonment of certain fixed assets primarily associated with the
restructuring and relocation of our Leiden, Netherlands operations
to Dublin, Ireland and the outsourcing of our North American and
European consumer support functions. As a result of this relocation,
we terminated 251 employees. This estimate was subsequently revised
in the September 2002 quarter, resulting in a reduction in severance,
related benefits and outplacement services accrual by approximately
$0.9 million. As of March 31, 2003, we had an accrual of approximately
$0.1 million outstanding related to severance, related benefits and out-
placement service charges.