Symantec 2006 Annual Report Download - page 117

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SYMANTEC CORPORATION
Notes to Consolidated Financial Statements Ì (Continued)
Note 17. Subsequent Events
In April 2006, we purchased two buildings in Cupertino, California, for a total purchase price of
$81 million. These buildings are currently leased to a third party.
From April 1 through May 31, 2006, we repurchased 8.2 million shares at prices ranging from $15.93 to
$17.74 per share for an aggregate amount of $136 million. As of May 31, 2006, $710 million remained
authorized for future repurchases.
On March 30, 2006, we received notices of proposed adjustment from the IRS with regard to an audit of
Symantec for fiscal years 2003 and 2004. The IRS claimed that we owed an incremental tax liability with
regard to this audit of $110 million, excluding penalties and interest. The incremental tax liability primarily
relates to transfer pricing matters between Symantec and a foreign subsidiary. On June 2, 2006, we reached an
agreement in principle with the IRS to settle the IRS claims relating to this audit for $36 million, excluding
interest. The consolidated financial statements presented in this annual report reflect adequate accruals to
address this settlement amount. We anticipate that we will finalize this settlement with the IRS before the end
of June 2006. For further discussion, see Note 13.
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