Symantec 2011 Annual Report Download - page 161

releases and SEC filings regarding Veritas’ financial results, which allegedly contained revenue recognized from
contracts that were unsigned or lacked essential terms. The defendants to this matter filed a motion to dismiss the
CAC in July 2005; the motion was denied in May 2006. In April 2008, the parties filed a stipulation of settlement.
On July 31, 2008, the Court held a final approval hearing and, on August 5, 2008, the Court entered an order
approving the settlement. An objector to the fees portion of the settlement has lodged an appeal. On October 4,
2010, the Third Circuit Court of Appeals affirmed the order of the District Court approving the fee request.
In fiscal 2008, we recorded an accrual in the amount of $21.5 million for this matter and, pursuant to the terms
of the settlement, we established a settlement fund of $21.5 million on May 1, 2008. On February 4, 2011, the
District Court entered an order for disbursement of that fund.
We are also involved in a number of other judicial and administrative proceedings that are incidental to our
business. Although adverse decisions (or settlements) may occur in one or more of the cases, it is not possible to
estimate the possible loss or losses from each of these cases. The final resolution of these lawsuits, individually or in
the aggregate, is not expected to have a material adverse effect on our financial condition or results of operations.
Note 9. Stock Repurchases
The following table presents a summary of our stock repurchases attributable to Symantec Corporation:
April 1,
2011
April 2,
2010
April 3,
2009
Year Ended
(In millions, except per share data)
Total number of shares repurchased
attributable to Symantec
Corporation .................... 57 34 42
Dollar amount of shares repurchased
attributable to Symantec
Corporation .................... $ 870 $ 553 $ 700
Average price paid per share ......... $ 15.39 $ 16.39 $ 16.53
Range of price paid per share......... $12.07 to $18.46 $14.14 to $18.29 $10.34 to $22.64
We have had stock repurchase programs in the past and have repurchased shares on a quarterly basis since the
fourth quarter of fiscal 2004 under new and existing programs. Our most recent program was authorized by our
Board of Directors on January 25, 2011 to repurchase up to $1 billion of our common stock. This program does not
have an expiration date and as of April 1, 2011, $877 million remained authorized for future repurchases.
Note 10. Segment Information
As of April 1, 2011, our five reportable segments are the same as our operating segments and are as follows:
•Consumer. Our Consumer segment focuses on delivering Internet security, PC tune-up, and online backup
solutions and services to individual users and home offices.
•Security and Compliance. Our Security and Compliance segment focuses on providing large, medium, and
small-sized businesses with solutions for endpoint security and management, compliance, messaging
management, data loss prevention, encryption, and authentication services. These products allow our
customers to secure, provision, and remotely manage their laptops, PCs, mobile devices, and servers. We
also provide our customers with solutions delivered through our SaaS security offerings.
•Storage and Server Management. Our Storage and Server Management segment focuses on providing
large, medium, and small-sized businesses with storage and server management, backup, archiving, and data
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SYMANTEC CORPORATION
Notes to Consolidated Financial Statements — (Continued)