Symantec 2015 Annual Report Download - page 125

Senior Notes. In fiscal 2013, we issued $1.0 billion of Senior Notes consisting of the 3.95% Senior Notes
due in 2022 and the 2.75% Senior Notes due in 2017. We received proceeds of $996 million, net of an issuance
discount. In fiscal 2011, we issued $1.1 billion of Senior Notes consisting of the 4.20% Senior Notes due in 2020
and 2.75% Senior Notes due in 2015.
Revolving Credit Facility. In fiscal 2011, we entered into a $1.0 billion senior unsecured revolving credit
facility (“credit facility”), which was amended in fiscal 2013. The amendment extended the term of the credit
facility to June 7, 2017. Under the terms of this credit facility, we must comply with certain financial and non-
financial covenants, including a covenant to maintain a specified ratio of debt to EBITDA (earnings before
interest, taxes, depreciation and amortization). As of April 3, 2015, we were in compliance with the required
covenants, and no amounts were outstanding.
We believe that our existing cash and investment balances, our available revolving credit facility, our ability
to issue new debt instruments, and cash generated from operations will be sufficient to meet our working capital
and capital expenditure requirements, as well as to fund any cash dividends, principal and interest payments on
debt, and repurchases of our stock, for at least the next 12 months and foreseeable future. Since the beginning of
fiscal 2014, we have implemented a capital allocation strategy pursuant to which we expect to return over time
approximately 50% of free cash flow to stockholders through a combination of dividends and share repurchases,
while still enabling our company to invest in its future. Our strategy emphasizes organic growth through internal
innovation and will be complemented by acquisitions that fit strategically and meet specific internal profitability
hurdles.
Uses of Cash
Our principal cash requirements include working capital, capital expenditures, payments of principal and
interest on debt, and payments of taxes. Also, we may, from time to time, engage in the open market purchase of
our notes prior to their maturity. Furthermore, our capital allocation strategy contemplates a quarterly cash
dividend. In addition, we regularly evaluate our ability to repurchase stock, pay debts, and acquire other
businesses.
Stock Repurchases. Our Board of Directors authorized a new $1.0 billion stock repurchase program during
the fourth quarter of fiscal 2015. In fiscal 2015, we repurchased 21 million shares, or $500 million of our
common stock. In fiscal 2014, we repurchased 21 million shares, or $500 million, of our common stock. In fiscal
2013, we repurchased 49 million shares, or $826 million, of our common stock. Our active stock repurchase
programs have $1.2 billion remaining authorized for future repurchase as of April 3, 2015, with no expiration
date.
Dividend Program. During fiscal 2015, we declared and paid aggregate cash dividends of $413 million or
$0.60 per common share. During fiscal 2014, we declared and paid cash dividends of $418 million or $0.60 per
common share. Our restricted stock and performance-based stock units have dividend equivalent rights entitling
holders to dividend equivalents to be paid in the form of cash upon vesting, for each share of the underlying
units. No dividends or dividend equivalents were paid in any periods prior to fiscal 2014.
On May 14, 2015, we declared a cash dividend of $0.15 per share of common stock to be paid on June 24,
2015 to all stockholders of record as of the close of business on June 10, 2015. All shares of common stock
issued and outstanding, and unvested restricted stock and performance-based stock, as of the record date will be
entitled to the dividend and dividend equivalents, respectively. Any future dividends and dividend equivalents
will be subject to the approval of our Board of Directors.
Restructuring Plans. In fiscal 2015, we announced plans to separate our business into two independent
publicly-traded companies: one focused on security and one focused on information management. We expect to
complete the legal separation on January 2, 2016, subject to market, regulatory and certain other conditions. In
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