Symantec 2003 Annual Report Download - page 66

64 Symantec 2003
During the March 2002 quarter, we recorded approximately $8.1 million
for exit costs associated with the expansion of our Newport News,
Virginia site to a larger facility in Newport News, consolidation of most
of our United Kingdom facilities to Maidenhead, UK, and relocation of
our Leiden, Netherlands operations to Dublin, Ireland, in efforts to con-
solidate our European support functions. These costs included approxi-
mately $5.8 million in rent remaining on the abandoned facilities and
related exit costs, and $2.3 million in related abandoned fixed asset and
leasehold improvement write-offs. These estimates were subsequently
revised in the March 2003, December 2002 and September 2002 quar-
ters, resulting in a net reduction in the facility related accrual by approx-
imately $0.3 million, ($0.4) million and ($1.2) million, respectively. As
of March 31, 2003, we had an accrual of approximately $2.8 million
outstanding related to rent and exit costs of the facilities.
Also during the March 2002 quarter, we recorded approximately $1.0
million for the costs of severance, related benefits and outplacement
services, as we reorganized various operating functions. As a result, we
terminated 29 employees. As of September 30, 2002, all costs had been
paid with the exception of an immaterial amount for related outplace-
ment services.
During the December 2001 quarter, we recorded approximately
$9.4 million for exit costs associated with the relocation of our North
American support group from Eugene, Oregon to an expanded facility
in Springfield, Oregon. These costs included approximately $6.7 million
in rent remaining on the abandoned facilities in Eugene, Oregon and
related exit costs, and $2.7 million in related abandoned leasehold
improvement write-offs. These estimates were subsequently revised
in the September 2002 quarter, resulting in an increase in the facility
related accrual by approximately $0.2 million. As of March 31, 2003, we
had an accrual of approximately $4.4 million outstanding related to rent
and related exit costs of the facilities.
During the June 2001 quarter, we recorded approximately $2.0 million
for the costs of employee severance, related benefits, outplacement
services and abandonment of certain facilities primarily related to vari-
ous restructurings as we continued the integration of AXENT into our
operations. As a result, we terminated 58 employees. These severance,
related benefits, and outplacement costs were paid by the end of the
September 2001 quarter. As of December 31, 2002, all costs have been
paid with the exception of an immaterial amount related to the aban-
doned facilities.
During the March 2001 quarter, we reorganized various operating
functions, thereby terminating 50 employees, and recorded approxi-
mately $1.1 million for the costs of severance, related benefits and
Details of the fiscal 2003 restructuring, site closures and other were as follows:
Cash/ Original Amount Amount Balance
(IN THOUSANDS) Non-cash Charge Paid/Used Adjusted at 3/31/03
Employee severance and outplacement Cash $ 9,606 $(5,304) $(944) $3,358
Excess facilities and fixed assets Cash/non-cash 3,507 (1,999) – 1,508
Total restructuring, site closures, and other $13,113 $(7,303) $(944) $4,866
Details of the fiscal 2002 restructuring, site closures and other were as follows:
Cash/ Original Amount Amount Balance
(IN THOUSANDS) Non-cash Charge Paid/Used Adjusted at 3/31/03
Employee severance and outplacement Cash $ 2,639 $ (2,598) $ (41) $ –
Excess facilities Cash/non-cash 17,789 (9,463) (1,039) 7,287
Total restructuring, site closures and other $20,428 $(12,061) $(1,080) $7,287
Details of the fiscal 2001 restructuring, site closures and other were as follows:
Cash/ Original Amount Amount Balance
(IN THOUSANDS) Non-cash Charge Paid/Used Adjusted at 3/31/03
Employee severance and outplacement Cash $3,524 $(3,524) $ – $ –
Excess equipment Non-cash 140 (140) – –
Total restructuring, site closures and other $3,664 $(3,664) $ – $ –