Symantec 2011 Annual Report Download - page 147

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Assets Measured and Recorded at Fair Value on a Recurring Basis
The following table summarizes our assets that are measured at fair value on a recurring basis, by level, within
the fair value hierarchy:
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
As of April 1, 2011 As of April 2, 2010
(In millions)
Cash equivalents:
Money market funds
(1)
. . . . . $1,866 $ — $— $1,866 $2,046 $ — $— $2,046
Bank securities and
deposits
(2)
............ — 204 — 204 — 216 — 216
Government securities
(2)
. . . . — — — — — 116 — 116
Total .................... $1,866 $204 $— $2,070 $2,046 $332 $— $2,378
(1)
Level 1 securities are based on quoted market prices of the identical underlying security.
(2)
Level 2 securities are priced using quoted market prices for similar instruments and nonbinding market prices
that are corroborated by observable market data.
Assets and Liabilities Measured and Recorded at Fair Value on a Nonrecurring Basis
The following table summarizes our assets measured at fair value on a nonrecurring basis, by level, within the
fair value hierarchy:
April 1,
2011 Level 2 Level 3
Losses
Fiscal Year
Ended
April 1,
2011
April 2,
2010 Level 2
Losses
Fiscal Year
Ended
April 2,
2010
(In millions)
Assets held for sale ........... $ — $ — $ — $ 2 $34 $34 $20
Indefinite-lived intangible assets . . $1,250 $ — $1,250 $27 $— $— $—
Long-term debt .............. $ 497 $497 $ — $16 $— $— $—
Assets Held for Sale. Assets held for sale during fiscal 2011 were measured at fair value, less costs to sell,
using Level 2 inputs consisting of recent offers made by third parties to purchase the properties or valuation
appraisals. As of April 1, 2011, we reclassified all remaining assets held for sale valued at $2 million to assets held
for use within Property and equipment. During fiscal 2011, 2010 and 2009, we recorded impairments as a result of
fair value measurements of $2 million, $20 million, and $46 million, respectively. As of April 2, 2010 assets held for
sale was $34 million. During fiscal years 2010 and 2009, we sold assets held for sale for $42 million and $40 million
which resulted in a $10 million and immaterial loss, respectively. Assets held for sale were included in Other current
assets.
Indefinite-lived intangible assets. During fiscal 2011, we recorded an impairment charge of $27 million
which reduced the gross carrying value of indefinite-lived tradenames. This impairment charge was due to
reductions in expected future cash flows for certain indefinite-lived tradenames related to the Consumer segment.
This impairment charge was recorded within Impairment of intangible assets and goodwill on the Consolidated
Statements of Operations.
Long-Term Debt. In fiscal 2011, we repurchased $500 million of aggregate principal amount of our
0.75% Notes , which had a net book value of $481 million. Concurrently with the repurchase, we sold a
proportionate share of the initial note hedges back to the note hedge counterparties for approximately $13 million.
These transactions resulted in a loss from extinguishment of debt of approximately $16 million, which represents
77
SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)