Symantec 2015 Annual Report Download - page 154
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severance and facilities costs between $165 million and $195 million. We expect to incur separation costs
between $170 million and $190 million, excluding any potential tax implications outside the U.S. and potential
advisor fees payable upon separation. Total restructuring and separation costs are expected to be between $335
million and $385 million. As of April 3, 2015, liabilities for excess facility obligations at several locations around
the world are expected to be paid throughout the respective lease terms as we continue to occupy these facilities,
the longest of which extends through fiscal 2019.
Restructuring, separation, and transition summary
March 28, 2014
Costs, Net of
Adjustments Cash Payments April 3, 2015
Cumulative
Incurred to Date
(Dollars in millions)
Fiscal 2014 Plan Total $ 38 $ 16 $ (50) $ 4 $ 238
Fiscal 2015 Plan
Severance costs - 102 (43) 59 102
Separation costs - 81 (64) 17 81
Other exit and disposal costs - 7 (1) 6 7
Fiscal 2015 Plan Total $ - $ 190 $ (108) $ 82 $ 190
Restructuring and separation
Plans Total $ 38 $ 206 $ (158) $ 86
Transition and other related costs 46
Total restructuring,
separation, and transition
costs $ 252
As of April 3, 2015, the restructuring and separation liabilities are included in accounts payable, other
current liabilities and other long-term obligations in our Consolidated Balance Sheets.
Note 7. Commitments and Contingencies
Lease commitments
We lease certain of our facilities, equipment, and co-locations under operating leases that expire at various
dates through fiscal 2029. We currently sublease some space under various operating leases that will expire on
various dates through fiscal 2018. Some of our leases contain renewal options, escalation clauses, rent
concessions, and leasehold improvement incentives. Rent expense under operating leases was $128 million, $121
million, and $124 million for fiscal 2015, 2014, and 2013, respectively.
The minimum future rentals on noncancelable operating leases by fiscal year are as follows:
April 3, 2015
(Dollars in millions)
2016 $ 103
2017 81
2018 69
2019 62
2020 42
Thereafter 85
Total minimum future lease payments $ 442
Sublease income (1)
Total minimum future lease payments, net $ 441
76