Symantec 2011 Annual Report Download - page 155
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Statement of Operations information for the joint venture and the calculation of our share of the joint venture’s loss
are as follows:
For the Period from
January 1, 2010 to
December 31, 2010
For the Period from
January 1, 2009 to
December 31, 2009
For the Period from
February 5, 2008 to
December 31, 2008
($ in millions)
Net revenue ..................... $370 $224 $ 28
Gross margin .................... 157 87 7
Net loss, as reported by the joint
venture ....................... $(46) $ (63) $(92)
Symantec’s ownership interest........ 49% 49% 49%
Symantec’s proportionate share of net
loss ......................... $(23) $ (31) $(45)
Adjustment for amortization of basis
difference ..................... (8) (8) (8)
Loss from joint venture ........... $(31) $ (39) $(53)
Note 6. Debt
Senior notes
In the second quarter of fiscal 2011, we issued $350 million in principal amount of 2.75% Notes due
September 15, 2015 and $750 million in principal amount of 4.20% Notes due September 15, 2020, collectively
referred to as the “Senior Notes”, for an aggregate principal amount of $1.1 billion. The 2.75% Notes and
4.20% Notes are senior unsecured obligations of the Company that rank equally in right of payment with all of our
existing and future unsecured and unsubordinated obligations and are redeemable by us at any time, subject to a
“make-whole” premium. Our proceeds were $1.1 billion, net of an issuance discount of approximately $3 million
resulting from sale of the notes at a yield slightly above the stated coupons. We also incurred issuance costs of
approximately $6.2 million. Both the discount and issuance costs are being amortized as incremental non-cash
interest expense over the respective terms of the notes. The 2.75% Notes and 4.20% Notes bear interest at 2.75% and
4.20% per annum, respectively. Interest is payable semiannually in arrears on the 15th of March and September,
beginning March 15, 2011.
Convertible senior notes
In June 2006, we issued $1.1 billion in principal amount of 0.75% Notes due 2011 and $1.0 billion in principal
amount of 1.00% Notes due 2013, collectively referred to as the “Convertible Senior Notes”. We received proceeds
of $2.1 billion from the Convertible Senior Notes and incurred net transaction costs of approximately $33 million,
of which $9 million was allocated to equity and the remainder allocated proportionately to the 0.75% Notes and
1.00% Notes. The 0.75% Notes and 1.00% Notes were each issued at par and bear interest at 0.75% and 1.00% per
annum, respectively. Interest is payable semiannually in arrears on June 15 and December 15, beginning
December 15, 2006.
85
SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)