Gen Digital (GEN) 10-K risk factor changes: FY2015 vs FY2014

[removed: _If] [added: If] we are unsuccessful at addressing our business challenges, our business and results of operations may be adversely affected and our ability to invest in and grow our business could be [removed: limited._][added: limited.]

[removed: While our board] [added: Transitions] of [removed: directors remains committed to our strategic direction, management transitions] [added: the order we have experienced or are experiencing] can be disruptive and result in loss of institutional focus and employee morale, making execution of business strategies more difficult.

In addition, we are vulnerable to increased risks associated with these efforts given our multiple business [removed: units] [added: units, the proposed separation] and the broad range of geographic regions in which we and our customers and partners operate.

[removed: _If] [added: If] we are unable to attract and retain qualified employees, lose key personnel, fail to integrate replacement personnel successfully, or fail to manage our employee base effectively, we may be unable to develop new and enhanced products and services, effectively manage or expand our business, or increase our [removed: revenues._][added: revenues.]

Competition for people with the specific skills that we require is [removed: significant.][added: significant, and we face difficulties in attracting,]

From time to time, key personnel leave our company and the incidence of this increased in recent periods [removed: following the transition within] [added: due to] the [removed: office of] [added: transitions we have experienced over] the [removed: chief executive officer (“CEO”) in 2013.][added: last few years.]

While we strive to reduce the negative impact of such changes, the loss of any key employee could result in significant disruptions to our operations, including adversely affecting the timeliness of product releases, the successful implementation and completion of company initiatives, the effectiveness of our disclosure controls and procedures and our internal control over financial reporting, and [removed: the] [added: our] results of [removed: our] operations.

[removed: _Fluctuations] [added: Fluctuations] in demand for our products and services are driven by many factors, and a decrease in demand for our products could adversely affect our financial [removed: results._][added: results.]

We are subject to fluctuations in demand for our products and services due to a variety of factors, including general economic conditions, competition, product obsolescence, technological change, shifts in buying patterns, financial difficulties and budget constraints of our current and potential customers, [removed: levels of broadband usage,] awareness of security threats to IT systems, and other factors.

[removed: _If] [added: If] we are unable to develop new and enhanced products and services that achieve widespread market acceptance, or if we are unable to continually improve the performance, features, and reliability of our existing products and services or adapt our business model to keep pace with industry trends, our business and operating results could be adversely [removed: affected._][added: affected.]

| [removed: |] • | [removed: |] Managing the length of the development cycle for new products and product enhancements, which has frequently been longer than we originally [removed: expected] [added: expected;] |

| [removed: |] • | [removed: |] Adapting to emerging and evolving industry standards and to technological developments by our competitors and [removed: customers] [added: customers;] |

| [removed: |] • | [removed: |] Extending the operation of our products and services to new and evolving platforms, operating systems and hardware products, such as mobile [removed: devices] [added: devices;] |

| [removed: |] • | [removed: |] Entering into new or unproven markets with which we have limited [removed: experience] [added: experience;] |

| [removed: |] • | [removed: |] Addressing trade compliance issues affecting our ability to ship our [removed: products] [added: products;] |

| [removed: |] • | [removed: |] Developing or expanding efficient sales [removed: channels] [added: channels; and] |

| [removed: |] • | [removed: |] Obtaining sufficient licenses to technology and technical access from operating system software vendors on reasonable terms to enable the development and deployment of interoperable products, including source code licenses for certain products with deep technical integration into operating [removed: systems] [added: systems.] |

If we are not successful in managing these risks and challenges, or if our new products, product [removed: upgrades,] [added: upgrades] and services are not technologically competitive or do not achieve market acceptance, our business and operating results could be adversely affected.

[removed: _We] [added: We] operate in a highly competitive environment, and our competitors may gain market share in the markets for our products that could adversely affect our business and cause our revenues to [removed: decline._][added: decline.]

[removed: _Our] [added: Our] business models present execution and competitive [removed: risks._][added: risks.]

| [removed: |] • | [removed: |] Continuing to innovate and bring to market compelling cloud-based experiences that generate increasing traffic and market share; and |

| [removed: |] • | [removed: |] Ensuring that our SaaS offerings meet the reliability expectations of our customers and maintain the security of their data. |

[removed: _Our] [added: Our] business depends on customers renewing their arrangements for maintenance, subscriptions, managed security services and SaaS [removed: offerings._][added: offerings.]

A large portion of our revenue is derived from arrangements for maintenance, subscriptions, managed security services and SaaS offerings, yet existing customers have no contractual obligation to purchase additional solutions after the initial subscription or contract [removed: period, and given our limited operating history, we are unable to accurately predict our customer renewal rates.][added: period.]

Our customers’ renewal rates may decline or fluctuate as a result of a number of factors, including the level of their satisfaction with our solutions or our customer support, customer budgets and the pricing of our solutions compared with the solutions offered by our competitors, any of which may cause our revenue to grow more slowly [removed: than expected, if at all.]

[removed: _Our] [added: Our] increasing focus on the delivery of products in an appliance form factor creates new business and financial [removed: risks._][added: risks.]

Since fiscal 2012, shipments of products to customers in an appliance form factor have represented an increasingly larger part of our revenues, [added: particularly in our information management segment,] and we expect this trend to continue.

| [removed: |] • | [removed: | increased] [added: Increased] cost of components and contract manufacturing, as we do not own our manufacturing facilities; |

| [removed: |] • | [removed: | supply] [added: Supply] chain issues, including financial problems of contract manufacturers or component suppliers; |

| [removed: |] • | [removed: | a] [added: A] shortage of adequate component supply or manufacturing capacity that increases our costs and/or causes a delay in order fulfillment; |

| [removed: |] • | [removed: | excess] [added: Excess] inventory levels, which could lead to write-downs or obsolescence charges; |

| [removed: |] • | [removed: | additional] [added: Additional] reserves for product returns; |

| [removed: |] • | [removed: | challenges] [added: Challenges] in managing our channel business; |

| [removed: |] • | [removed: | tax] [added: Tax] and trade compliance complications; and |

| [removed: |] • | [removed: | local] [added: Local] field support of customers’ appliances. |

[removed: _Defects,] [added: Defects,] disruptions or risks related to the provision of our SaaS offerings could impair our ability to deliver our services and could expose us to liability, damage our brand and reputation or otherwise negatively impact our [removed: business._][added: business.]

[removed: _If] [added: If] we fail to manage our sales and distribution channels [removed: effectively] [added: effectively,] or if our partners choose not to market and sell our products to their customers, our operating results could be adversely [removed: affected._][added: affected.]

| [removed: |] • | [removed: |] Longer sales cycles associated with direct sales [removed: efforts] [added: efforts;] |

| [removed: |] • | [removed: |] Difficulty in hiring, retaining, and motivating our direct sales force, particularly through periods of transition in our [removed: organization] [added: organization; and] |

| [removed: |] • | [removed: |] Substantial amounts of training for sales representatives to become productive in selling our products and services, including regular updates to cover new and revised products, and associated delays and difficulties in recognizing the expected benefits of investments in new products and [removed: updates] [added: updates.] |

For the last few years, we have experienced a number of transitions as we have attempted to revitalize our business model, improve execution, and innovate new products and services.

These transitions have involved significant turnover in management and other key personnel, changes in our strategic direction and, more recently, our decision to separate into two independent publicly-traded companies.

We are pursuing a plan to separate our information management business into a new, independent publicly-traded company.

The proposed separation may not be completed on the currently contemplated timeline or at all and, if completed, may not achieve the intended benefits.

In October 2014, we announced a plan to separate into two independent publicly-traded companies through a tax-free distribution to Symantec stockholders of 100% of the capital stock of our information management business (the “spin-off”).

We could be delayed or prevented from completing the proposed separation, or be forced to complete it on terms or conditions that are less favorable and/or different than expected, for a variety of reasons, including unanticipated developments, such as delays in obtaining regulatory approvals or clearances, uncertainty of the financial markets.

Furthermore, any significant delays or complications in our implementation of a new enterprise resource management system and IT infrastructure for our stand-alone information management business would adversely affect our ability to effect the separation in a timely manner and could result in significant business disruption, increased costs, or both.

In addition, if other opportunities were to arise for the disposition of the information business that we believe are superior to the spin-off, we may elect not to complete the spin-off.

Even if the transaction is completed, we may not realize some or all of the anticipated benefits from the proposed separation.

Moreover, following the proposed separation, the combined value of the common stock of the two publicly-traded companies may not be equal to or greater than what the value of our common stock would have been had the proposed separation not occurred.

In addition, we expect to spend substantial time, money and effort on completing the proposed separation without any assurance that it will be completed.

Our investments in terms of financial and management resources may be significantly higher than expected, which could limit our ability to pursue other business opportunities and distract us from operating our businesses as currently conducted.

Our focus on completing the separation, and resource constraints resulting from that focus, could also adversely affect the execution of our business strategy.

retaining and motivating employees as a result.

These difficulties may increase during the pendency of the proposed separation and following its completion.

These risks may be exacerbated by the uncertainty associated with the transitions we have experienced over the last few years, including the proposed separation.

Additionally, we are in the process of addressing the challenges of dynamic and accelerating market trends, such as the emergence of advanced persistent threats in the security space, the decline in the PC market, and the market shift towards tablets and handheld devices, all of which have made it more difficult for us to compete effectively.

Customers may require features and capabilities that our current solutions do not have.

Our failure to develop solutions that satisfy customer preferences in a timely and cost-effective manner may harm our ability to renew our subscriptions with existing customers and to create or increase demand for our solutions, and may adversely impact our operating results.

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| • | Managing new product and service strategies for the markets in which we operate; |

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We may also experience increased difficulties in managing these risks and challenges during the pendency of the separation and following its completion.

If the separation, together with certain related transactions, is determined to be taxable for U.S. federal income tax purposes, we, our stockholders that are subject to U.S. federal income tax and/or the independent information management business could incur significant income tax liabilities.

Receipt of opinions from outside tax counsel and from a national accounting firm (together, the “tax opinions”) substantially to the effect that, for U.S. federal income tax purposes, the proposed separation and certain related internal transactions (collectively the "separation") will qualify under Sections 355 and 368 of the Internal Revenue Code (the “Code), will be a condition to the completion of the separation.

In addition, we will seek a private letter ruling from the IRS to the effect that, among other things, certain aspects of the spin-off and certain other related transactions will not disqualify the spin-off or the related transactions from receiving the generally tax-free treatment that we are anticipating for U.S. federal income tax purposes under the same Code sections.

In January 2013, under the direction of our then-new chief executive officer, we commenced a plan to revitalize our business model, with a focus on operations, sales and organizational structure with the goal of improving our existing products and services.

At the same time we laid out a roadmap to develop new, innovative products and services that solve important unmet or underserved needs.

One set of challenges relates to leadership under our new business model as, in recent periods, we have experienced transitions of several senior officers, including our chief executive officer.

A third set of challenges relates to GTM execution as we have significantly reorganized our sales structure and have only recently announced our new product strategy.

##### [Table of Contents](#toc)

In addition, we could experience similar departures following our recent chief executive officer transition.

These risks may be exacerbated by the uncertainty associated with the successive transitions in the office of the chief executive officer.

| --- | --- | --- | --- |

| | • | | Managing new product and service strategies, including integrating our various security and storage technologies, management solutions, customer service, and support into unified enterprise security and storage solutions |

_Direct Sales_.

_We are currently planning and designing information systems enhancements, and problems with the design or implementation of these enhancements could interfere with our business and operations._

We are currently in the process of significantly enhancing our information systems, including planning and designing a new enterprise resource planning system.

The implementation of significant enhancements to information systems is frequently disruptive to the underlying business of an enterprise, which may especially be the case for us due to the size and complexity of our businesses.

Any disruptions relating to our systems enhancements, particularly any disruptions impacting our operations during the design or implementation periods, could adversely affect our ability to process customer orders, ship products, provide services and support to our customers, bill and track our customers, fulfill contractual obligations, and otherwise run our business.

Even if we do not encounter these adverse effects, the planning, designing and implementation may be much more costly than we anticipated.

If we are unable to successfully plan, design or implement the information systems enhancements as planned, our financial position, results of operations, and cash flows could be negatively impacted.

customers or others.

For example, during the first quarter of fiscal 2013, we were advised by the Commercial Litigation Branch of the Department of Justice’s Civil Division and the Civil Division of the U.S. Attorney’s Office for the District of Columbia that the government is investigating our compliance with certain provisions of our U.S. General Services Administration Multiple Award Schedule Contract No. GS-35F-0240T effective January 24, 2007, including provisions relating to pricing, country of origin, accessibility, and the disclosure of commercial sales practices.

Because of constant technological change in the segments

| | • | | Customer renewal rates |

change frequently and may not be recognized until launched against a target, we may be unable to anticipate these techniques.

We are cooperating with the investigation and we are unable, at this time, to predict the likely outcome.

If the ultimate determination of our taxes owed in any of these jurisdictions is for an

We are a global company and conduct our business inside and outside the United States.

[removed: OVERVIEW][added: OVERVIEW]

[removed: Our business][added: Our business]

Symantec Corporation [removed: protects the world’s information and] is a global leader in security, backup and availability solutions.

Our market leading products and services protect people and information in any environment – from the [removed: smallest] mobile [removed: device,] [added: device in your pocket,] to the enterprise data center, to cloud-based systems.

Founded in April 1982, Symantec operates one of the largest global threat-intelligence [removed: networks, and provides leading security, backup and availability solutions.][added: networks.]

The company has more than [removed: 20,000] [added: 19,000] employees in more than 50 countries.

[removed: Fiscal calendar][added: Fiscal calendar]

Unless otherwise stated, references to years in this report relate to fiscal year and periods ended [added: April 3, 2015,] March 28, [removed: 2014, March 29, 2013] [added: 2014] and March [removed: 30, 2012.][added: 29, 2013.]

[removed: Strategy][added: Strategy]

[removed: We] [added: In our security business, we operate a global civilian cyber intelligence threat network and] track a vast number of [removed: threat indicators] [added: threats] across the Internet [removed: and continuously collect new telemetry] from hundreds of millions of mobile devices, endpoints, and servers across the globe.

All shares of common stock issued and outstanding, and unvested restricted stock and performance-based [removed: stock] [added: stock,] as of the record date [removed: for any dividend] will be entitled to the dividend and dividend equivalents, respectively.

[removed: Change] [added: | | | | | | | | | | | | | | Change] in [removed: management][added: % | | | | |]

[removed: Our] [added: Our] operating [removed: segments][added: segments]

Our [removed: current] operating segments are [added: significant] strategic business units that offer different products and services distinguished by customer needs.

In the [removed: first] [added: second] quarter of fiscal [removed: 2014,] [added: 2015,] we modified our segment reporting structure to [removed: more readily] match [removed: the] [added: our] new operating structure.

The three reporting segments, which are the same as our operating [removed: segments are as follows: User Productivity & Protection, Information Security, and Information Management.][added: segments, are:]

For further description of our operating segments see Note [removed: 10] [added: 9] of the Notes to Consolidated Financial Statements in this annual report.

[removed: Financial] [added: Financial] results and [removed: trends][added: trends]

[removed: Cost] [added: Amortization] of [removed: revenue] [added: intangible assets] decreased [removed: by $26 million for] [added: in] fiscal 2014 [removed: as] compared to fiscal [removed: 2013, primarily due to decreases in revenue and decreases in intangible assets amortization] [added: 2013] as certain developed technologies [added: from acquired companies] became fully amortized early in fiscal 2014.

[removed: Operating expenses] [added: Sales and marketing expense] decreased [removed: by $281] [added: $350] million [removed: for fiscal 2014 as compared to] [added: in] fiscal [removed: 2013,] [added: 2014,] primarily due to lower salaries and wages [added: of $188 million] resulting from lower headcount, [added: and] lower advertising and promotion expenses [removed: and lower amortization] of [removed: intangible assets as various customer relationship intangibles became fully amortized early in fiscal 2014.][added: $146 million.]

For fiscal 2014, we recognized [removed: $270] [added: $212] million of [removed: restructuring] [added: restructuring, $49 million in transition costs related to our ERP system] and [added: $3 million in other] transition costs.

[removed: CRITICAL] [added: CRITICAL] ACCOUNTING [removed: ESTIMATES][added: POLICIES AND ESTIMATES]

The preparation of our Consolidated Financial Statements and related notes included in this annual report in accordance with generally accepted accounting principles in the [removed: United States,] [added: U.S.,] requires us to make estimates, including judgments and assumptions, that affect the reported amounts of assets, liabilities, revenue, and expenses, and related disclosure of contingent assets and liabilities.

Historically, our critical accounting [added: policies and] estimates have not differed materially from actual results; however, actual results may differ from these estimates under different conditions.

We believe that the estimates described below represent our critical accounting [added: policies and] estimates, as they have the greatest potential impact on our Consolidated Financial Statements.

[removed: _Revenue recognition_][added: Revenue recognition]

Deferred revenue totaled approximately [removed: $3.9] [added: $3.7] billion as of [removed: March 28, 2014,] [added: April 3, 2015,] of which [removed: $581] [added: $555] million was classified as long-term deferred revenue in our Consolidated Balance Sheets.

For our consumer products that include content updates, we recognize revenue and the associated cost of revenue ratably over the term of the subscription upon sell-through to end-users, as the subscription period [added: generally] commences on the date of sale to the end-user.

[removed: _Reserves for product returns._] We reserve for estimated product returns as an offset to revenue or deferred revenue based primarily on historical trends.

[removed: _Reserves for rebates._] We estimate and record reserves for channel and end-user rebates as an offset to revenue or deferred revenue.

[added: Our estimated reserves for channel] volume incentive rebates are based on distributors’ and resellers’ actual performance against the terms and conditions of volume incentive rebate programs, which are typically entered into quarterly.

[removed: _Valuation] [added: Valuation] of goodwill, intangible assets and long-lived [removed: assets_][added: assets]

[removed: _Business combination valuations._] When we acquire businesses, we allocate the purchase price to tangible assets and liabilities and identifiable intangible assets acquired.

| [removed: |] • | [removed: |] cash flows that an asset is expected to generate in the future; |

| [removed: |] • | [removed: |] expected costs to develop the in-process research and development into commercially viable products and estimated cash flows from the projects when completed; |

| [removed: |] • | [removed: |] the acquired company’s brand and competitive position, as well as assumptions about the period of time the acquired brand will continue to be used in the combined company’s product portfolio; |

| [removed: |] • | [removed: |] cost savings expected to be derived from acquiring an asset; and |

| [removed: |] • | [removed: |] discount rates. |

[removed: _Goodwill impairment._] We review goodwill for impairment on an annual basis on the first day of the fourth quarter of each fiscal year, and on an interim basis whenever events or changes in circumstances indicate that the carrying value may not be recoverable, at the reporting unit level.

Many assets and liabilities, such as [added: trade] accounts receivable and property and equipment, are not specifically allocated to an individual reporting unit, and therefore, we apply judgment to allocate the assets and liabilities, and this allocation affects the carrying value of the respective reporting units.

Our fiscal 2015 was a 53-week year whereas our fiscal 2014 and 2013 were 52-week years.

We believe one of our competitive advantages is our database of threat indicators which allows us to reduce the number of false positives and provide faster and better protection for customers through our products.

We are leveraging our capabilities in threat protection and data loss prevention and extending them into our core security offerings.

We are also pioneering new solutions in growing markets like cloud, advanced threat protection, information protection and cyber security services.

Our security strategy is to leverage our unique assets to provide best-in-class consumer and enterprise security products; deliver a unified security analytics platform that provides big data analytics, utilizes our vast telemetry, provides visibility into real-time global threats, and powers Symantec and third-party security analytics applications; and offer cyber security services that provide a full-suite of services from monitoring to incident response to threat intelligence supported by over 500 cyber security experts and nine global threat centers.

In our information management business, with a global installed customer base, we have a comprehensive portfolio that spans backup and recovery, storage management and archiving.

Our information availability offerings help customers keep their data and systems available where they need them, when they need them, and irrespective of their location.

Our information insight solutions help customers know what data they have and leverage that knowledge to help manage such data better and inform strategic decisions.

Our information management product strategy is to expand our best-in-class foundational portfolio across backup, storage management, business continuity, archiving and eDiscovery through software, integrated appliances and the cloud; deliver next-generation availability solutions through a coordinated orchestration architecture focused on managing and moving mission-critical data in a hybrid cloud world; and enable next-generation insight solutions that provide visibility, action, and automated control across an organization’s information landscape through an intelligent information fabric that integrates our portfolio and third-party ecosystems.

In fiscal 2015, we focused on five priorities: running our businesses with a portfolio approach by managing certain businesses for operating margin; prioritizing investments for growth; further reducing costs and improving efficiencies; attracting top talent to our executive team; and continuing to return significant cash to shareholders.

We are optimizing some of our businesses by methodically evaluating every product line to balance our profitability targets against our objectives.

In order to prioritize investments for growth, we are realigning our research and development budgets to apply the best resources to the most promising market opportunities.

To further reduce costs and improve efficiencies, we are consolidating our global footprint, data centers and product support capabilities as well as streamlining the way we run our businesses with initiatives to increase research and development efficiencies and sales productivity.

We are focused on continuing to attract talented business and technology leaders to the company.

We remain committed to returning significant cash to shareholders in the form of dividends and share buybacks.

The Planned Separation of Information Management from the Security Business

On October 9, 2014, we announced plans to separate our business into two independent publicly-traded companies: one focused on security and one focused on information management.

The transaction is intended to take the form of a tax-free distribution to Symantec shareholders of all of the capital stock of our information management business.

We expect to complete the legal separation on January 2, 2016, subject to market, regulatory and certain other conditions.

John Gannon has been appointed as General Manager of the information management business, and Don Rath has been appointed as acting Chief Financial Officer.

After the transaction, Michael Brown and Thomas Seifert will continue to lead Symantec as Chief Executive Officer and Chief Financial Officer, respectively.

| | |

| • | Consumer Security: Our Consumer Security segment focuses on making it simple for customers to be productive and protected at home and at work. Our Norton-branded services provide multi-layer security and identity protection on major desktop and mobile operating systems, to defend against increasingly complex online threats to individuals, families, and small businesses. |

| | |

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| • | Enterprise Security: Our Enterprise Security segment protects organizations so they can securely conduct business while leveraging new platforms and data. These products include Secure Socket Layer (“SSL”) Certificates, authentication, mail and web security, data center security, data loss prevention, information security services, endpoint security and management, encryption, and mobile security offerings. |

| | |

| --- | --- |

| • | Information Management: Our Information Management segment focuses on backup and recovery, archiving and eDiscovery, storage and high availability solutions, helping to ensure that our customers’ IT infrastructure and mission-critical applications are protected, managed and available. |

The following table provides an overview of key financial metrics for each of the last three fiscal years:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | |

| | (In millions, except percentages) | | | | | | | | | | |

| Consolidated Income Statement Data: | | | | | | | | | | | |

| Gross profit | 5,355 | | | | 5,527 | | | | 5,731 | | |

| Operating income | 1,149 | | | | 1,183 | | | | 1,106 | | |

| Consolidated Cash Flow and Balance Sheet Data: | | | | | | | | | | | |

| Cash flow from operations | 1,312 | | | | 1,281 | | | | 1,593 | | |

| Deferred revenue | 3,664 | | | | 3,903 | | | | 4,080 | | |

Our Internet home page is www.symantec.com.

Other than the information expressly set forth in this annual report, the information contained or referred to on our website is not part of this annual report.

Fiscal 2014, 2013, and 2012 each consisted of 52 weeks.

Our 2015 fiscal year will consist of 53 weeks and will end on April 3, 2015.

##### [Table of Contents](#toc)

The recent transformation of business and consumer technologies has driven pervasive mobility and an explosion of data resulting in the need for a new approach to protecting devices, applications, data and users.

Further, the emergence of the Internet of Things, where new devices and everyday objects are becoming networked and connected to the Internet for the first time, highlights the need for comprehensive information security and management solutions to protect valuable data.

We believe that the market for security and management solutions will benefit from these trends.

As a platform-independent software company without bias to any individual operating system or hardware environment, Symantec helps customers manage more technologies with greater efficiency and on a wide range of virtual and mobile platforms.

In January 2013, we announced our strategy to transition from being device-centric or protecting endpoints and the data center, to having a broader focus of protecting and managing digital information.

This massive amount of security data, combined with our years of experience analyzing such data allows us to provide advanced intelligence and protection for all of our customers.

During fiscal year 2014, we implemented changes in three areas: simplifying our organizational structure, redesigning our GTM strategy, and changing our product offerings.

_Simplifying our Organizational Structure_

We aligned our organization by functional areas, rather than by market segments in order to reduce complexity, remove redundancies, increase the speed of decision making, and improve accountability and execution.

We reduced the number of management layers from our previous structure and increased the average span of control for managers.

_Redesigning our Go-To-Market Strategy_

We split our direct field sales team into security and information management specialists focused on new business only and expanded their territories to be more effective for our enterprise customers.

We also built a renewals group in order to extend the customer relationship and make it easier to renew and do business with us.

We redesigned our global channel strategy focused on building partner competency, rewarding performance, and customer satisfaction.

_Changing our Product Offerings_

With a portfolio of leading products, we focused our development efforts on making our point solutions better, designing new integrated solutions, and expanding our offerings by partnering with network security vendors to offer solutions that provide multi-tier protection.

_Financial Implications of New Strategy_

We have developed a three-pronged approach to our product offering strategy which includes managing our portfolio of point solutions and reallocating resources to the offerings we estimate have the greatest growth potential, expanding our total addressable market by delivering innovative new offerings that integrate our technologies to solve our customers’ most significant problems, and focusing on developing relationships with other industry leaders that will begin the process of building ecosystems that delivers more value to our customers.

We believe that sales and marketing of our innovative and differentiated products are enhanced by knowledgeable salespeople who can convey the strong value of our technology.

As such, we restructured the

sales organization into new and renewals business teams.

We also reorganized our direct sales force into functional areas of information security and information management.

The focus of these specialized teams is to generate new business through new customer acquisition or through broadening existing customer relationships.

We expect that by separating our direct sales force into specialized teams and focusing on new business, we will improve the efficiency and effectiveness of our sales process.

Concurrently, we created a dedicated renewals team that is focused on extending existing customer relationships and renewing contracts.

We are also investing in our indirect sales channels to build stronger, more strategic relationships that enable us to better serve consumers, small business and mid-market customers.

Through our channel partner program we are seeking to align our offerings with the optimal route to market, leveraging our channel partner capabilities.

We also plan to align the economics and incentives under these relationships based on the value created by the partner and their commitment to Symantec and our customers.

We believe these changes will help us provide our end customer with high-quality sales and post-sales support experiences while expanding our business.

As part of our enhanced capital allocation strategy, in fiscal 2014 we initiated a quarterly cash dividend in addition to our on-going share repurchases activity.

We paid a quarterly dividend in the amount of $0.15 per share of common stock in each quarter of fiscal 2014, for an aggregate of $418 million or $0.60 per share, during fiscal 2014.

Our revenue, income and cash flows may be impacted by severance, other charges, and capital expenditures as we execute our organic growth strategy.

New enterprise resource planning system

During the third quarter of fiscal 2014, following our final testing and data conversion stages, we implemented the critical financial reporting module of a new enterprise resource planning (“ERP”) system.

The costs, other than capital expenditures, associated with this first phase of implementation of the core operating systems have been recorded in operating expenses as restructuring and transition expenses.

We are exposed to various market risks related to fluctuations in interest [removed: rates,] [added: rates and] foreign currency exchange [removed: rates, and equity prices.][added: rates.]

[removed: Interest] [added: Interest] rate [removed: risk][added: risk]

As of [added: April 3, 2015 and] March 28, 2014, we had [removed: $2.10] [added: $2.1] billion in principal amount of fixed-rate senior notes outstanding, with a carrying amount of [removed: $2.10] [added: $2.1] billion and a fair value of [removed: $2.17] [added: $2.2] billion, which fair value is based on level 2 [removed: inputs of market prices for similar debt instruments and resulting yields.][added: inputs.]

We have performed sensitivity analyses as of [added: April 3, 2015 and] March 28, 2014 by using a modeling technique that measures the change in the fair values arising from a hypothetical 50 bps movement in the levels of [added: market] interest [removed: rates across the entire yield curve,] [added: rates,] with all other variables held constant.

On [added: April 3, 2015 and] March 28, 2014, a hypothetical 50 bps increase or decrease in market interest rates would change the fair value of the fixed-rate senior notes by a decrease of approximately [removed: $48] [added: $39] million and [added: $48 million, respectively and] an increase of approximately [added: $40 million and] $49 million, respectively.

However, this hypothetical change in [added: market] interest rates would not impact the interest expense on the fixed-rate debt.

[removed: Foreign] [added: Foreign] currency exchange rate [removed: risk][added: risk]

We conduct business in [removed: 38] [added: 43] currencies through our worldwide operations and, as such, we are exposed to foreign currency risk.

[added: Our exposure to foreign currency transaction gains] and losses is the result of certain net receivables due from our foreign subsidiaries and customers being denominated in currencies other than the functional currency of the subsidiary, primarily the Euro and Singapore dollar.

[removed: We] considered the historical trends in currency exchange rates and determined that it was reasonably possible that adverse changes in exchange rates for all currencies could be experienced.

The estimated impacts of a [removed: five or] ten percent appreciation or depreciation [removed: in value] [added: of foreign currency] are as follows:

| [added: Foreign Exchange Forward Contract] | | [removed: Value of Contracts Given X%] [added: Notional Amount | | | |] Appreciation [removed: of Foreign Currency] | | | | [added: Depreciation] | | | | [removed: Notional Amount] [added: Notional Amount] | | | | [removed: Value of Contracts Given X% Depreciation of Foreign Currency] [added: Appreciation] | | | | [added: Depreciation] | | |

| | | [removed: (Dollars] [added: (Dollars] in [removed: millions)] [added: millions)] | | | | | | | | | | | | | | | | | | | [added: | | | |]

We

| | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | | |

| | | April 3, 2015 | | | | | | | | | | | | March 28, 2014 | | | | | | | | | | |

| | | | | | | Change in Fair Value Due to 10% | | | | | | | | | | | | Change in Fair Value Due to 10% | | | | | | |

| Purchased | | $ | 102 | | | $ | 10 | | | $ | (10 | ) | | $ | 154 | | | $ | 15 | | | $ | (15 | ) |

| Sold | | (195 | | ) | | (19 | | ) | | 19 | | | | (240 | | ) | | (24 | | ) | | 24 | | |

| Total net outstanding contracts | | $ | (93 | ) | | $ | (9 | ) | | $ | 9 | | | $ | (86 | ) | | $ | (9 | ) | | $ | 9 | |

Our exposure to foreign currency transaction gains

##### [Table of Contents](#toc)

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Foreign Forward Exchange Contracts | | 10% | | | | 5% | | | | | (5)% | | | | (10)% | | | | | |

| Purchased, March 28, 2014 | | $ | 168 | | | $ | 161 | | | $ | 154 | | | $ | 146 | | | $ | 137 | |

| Sold, March 28, 2014 | | $ | 218 | | | $ | 228 | | | $ | 240 | | | $ | 252 | | | $ | 266 | |

[removed: Overview][added: Overview]

Symantec Corporation [removed: protects the world’s information and] is a global leader in security, backup and availability solutions.

Our market leading products and services protect people and information in any environment – from the [removed: smallest] mobile [removed: device,] [added: device in your pocket,] to the enterprise data center, to cloud-based systems.

Founded in April 1982, Symantec operates one of the largest global threat-intelligence [removed: networks, and provides leading security, backup and availability solutions.][added: networks.]

The company has more than [removed: 20,000] [added: 19,000] employees in more than 50 countries.

[removed: Strategy][added: Strategy]

[removed: We] [added: In our security business, we operate a global civilian cyber intelligence threat network and] track a vast number of [removed: threat indicators] [added: threats] across the Internet [removed: and continuously collect new telemetry] from hundreds of millions of mobile devices, endpoints, and servers across the globe.

[removed: Business Highlights][added: Business Highlights]

During fiscal [removed: 2014,] [added: 2015,] we took the following actions in support of our business:

| [removed: |] • | [removed: |] We [removed: implemented] [added: remained committed to] 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. As part of this program we [removed: initiated a] [added: paid] quarterly cash [removed: dividend, targeting a yield of approximately 2.5% based on our closing stock price on May 1, 2013. On May 2, 2013, our board of directors approved a quarterly dividend] [added: dividends] of $0.15 per share of common [removed: stock, the first dividend] [added: stock] in [removed: Symantec’s history.] [added: fiscal 2015, paying out a total of $413 million to shareholders.] |

| [removed: |] • | [removed: |] Our [removed: board] [added: Board] of [removed: directors] [added: Directors] approved an additional $1.0 billion stock repurchase [removed: program.] [added: program in February 2015.] This program does not have an expiration date. [removed: As of March 28, 2014,] [added: During fiscal 2015,] we repurchased 21 million shares of our common stock for an aggregate amount of $500 [removed: million] [added: million,] and [removed: $658 million remained] [added: $1.2 billion remains] authorized for future repurchases. |

[removed: Operating] [added: Operating] Segments and [removed: Products][added: Products]

Our [removed: current] operating segments are [added: significant] strategic business units that offer different products and services distinguished by customer needs.

In the [removed: first] [added: second] quarter of fiscal [removed: 2014,] [added: 2015,] we modified our segment reporting structure to [removed: more readily] match [removed: the] [added: our] new operating structure.

The three [added: reporting segments, which are the same as our] operating [removed: segments] [added: segments,] are: [removed: User Productivity & Protection, Information] [added: Consumer] Security, [added: Enterprise Security,] and Information Management.

[removed: Symantec’s User Productivity & Protection] [added: Our Consumer Security] segment focuses on making it simple for customers to be productive and protected at home and at work.

Our [added: enterprise] endpoint security and management offerings support the evolving endpoint, providing advanced threat protection while helping reduce cost and complexity.

[removed: _Information Security_][added: Security]

[removed: Symantec’s Information] [added: Our Enterprise] Security segment protects organizations so they can securely conduct business while leveraging new platforms and data.

These products include Secure Socket Layer (“SSL”) Certificates, authentication, mail and web security, data center security, data loss prevention, [removed: and] information security [removed: services] [added: services, endpoint security and management, encryption, and mobile security] offerings.

These products and services help our customers [removed: ensure] [added: secure] their confidential information [removed: is secure] wherever it resides in the network path, from the user’s device to the data’s resting place.

[removed: _Information Management_][added: Information Management]

[removed: Symantec’s] [added: Our] Information Management segment focuses on backup and recovery, archiving and eDiscovery, storage and high availability solutions, helping to ensure that our customers’ IT infrastructure and mission-critical applications are protected, managed and available.

Our products are designed to ensure successful backup, recovery, availability, eDiscovery and archiving of information, applications, and systems for organizations ranging from small [removed: business] [added: businesses] to large [removed: enterprise.][added: enterprises.]

[removed: _Financial] [added: Financial] Information by Segment and Geographic [removed: Region_][added: Region]

For information regarding our revenue by segment, revenue by geographical area, and property and equipment by geographical area, see Note [removed: 10] [added: 9] of the Notes to Consolidated Financial Statements in this annual report.

For information regarding the amount and percentage of our revenue contributed by each of our segments and our financial information, including information about geographic areas in which we operate, see Item 7, [added: Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 9 of the Notes to Consolidated Financial Statements in this annual report.]

For information regarding risks associated with our international operations, see Item 1A, [removed: _Risk Factors_.][added: Risk Factors.]

[removed: Sales] [added: Sales] and Go-To-Market [removed: Strategy][added: Strategy]

[removed: Concurrently, we created a] [added: Our] dedicated renewals team [removed: that is] [added: remains] focused on extending customer relationships and renewing our contracts.

We also [removed: streamlined] [added: continued to streamline] our indirect sales strategy to have fewer, more focused partners with specialized partner programs to enhance sales.

Our [removed: GTM] [added: go-to-market ("GTM")] network includes [removed: a] direct sales [removed: force,] [added: forces and] broad eCommerce capabilities, [removed: and] [added: as well as] indirect sales resources that support our global partner ecosystem.

[removed: _Consumer] [added: Consumer] and Small [removed: Business_][added: Business]

We also have [added: a limited number of] partnerships with OEMs globally to distribute our Internet security [removed: suites] and [removed: our] online backup offerings.

[removed: _Commercial_][added: Commercial]

[removed: _Enterprise_][added: Enterprise]

We sell and market our products and related services to [removed: the largest of enterprise organizations,] [added: large enterprises,] including government and public sector customers, through our field sales force.

[removed: Research] [added: Research] and [removed: Development][added: Development]

Symantec’s Security Technology and Response organization [removed: is] [added: consists of] a global team of security engineers, threat analysts, and researchers [removed: that] [added: and] provides the underlying functionality, content, and support for many of our consumer, small business and enterprise security products.

Our security experts monitor malicious code reports collected through the Global Intelligence [removed: Network] [added: Network, one of the largest in the world,] to provide insight into emerging attacks, malicious code activity, phishing, spam, and other threats.

We believe one of our competitive advantages is our database of threat indicators which allows us to reduce the number of false positives and provide faster and better protection for customers through our products.

We are leveraging our capabilities in threat protection and data loss prevention and extending them into our core security offerings.

We are also pioneering new solutions in growing markets like cloud, advanced threat protection, information protection and cyber security services.

Our security strategy is to leverage our unique assets to provide best-in-class consumer and enterprise security products; deliver a unified security analytics platform that provides big data analytics, utilizes our vast telemetry, provides visibility into real-time global threats, and powers Symantec and third-party security analytics applications; and offer cyber security services that provide a full-suite of services from monitoring to incident response to threat intelligence supported by over 500 cyber security experts and nine global threat centers.

In our information management business, with a global installed customer base, we have a comprehensive portfolio that spans backup and recovery, storage management and archiving.

Our information availability offerings help customers keep their data and systems available where they need them, when they need them, and irrespective of their location.

Our information insight solutions help customers know what data they have and leverage that knowledge to help manage such data better and inform strategic decisions.

Our information management product strategy is to expand our best-in-class foundational portfolio across backup, storage management, business continuity, archiving and eDiscovery through software, integrated appliances and the cloud; deliver next-generation availability solutions through a coordinated orchestration architecture focused on managing and moving mission-critical data in a hybrid cloud world; and enable next-generation insight solutions that provide visibility, action, and automated control across an organization’s information landscape through an intelligent information fabric that integrates our portfolio and third-party ecosystems.

In fiscal 2015, we focused on five priorities: running our businesses with a portfolio approach by managing certain businesses for operating margin; prioritizing investments for growth; further reducing costs and improving efficiencies; attracting top talent to our executive team; and continuing to return significant cash to shareholders.

We are optimizing some of our businesses by methodically evaluating every product line to balance our profitability targets against our objectives.

In order to prioritize investments for growth, we are realigning our research and development budgets to apply the best resources to the most promising market opportunities.

To further reduce costs and improve efficiencies, we are consolidating our global footprint, data centers and product support capabilities as well as streamlining the way we run our businesses with initiatives to increase research and development efficiencies and sales productivity.

We are focused on continuing to attract talented business and technology leaders to the company.

We remain committed to returning significant cash to shareholders in the form of dividends and share buybacks.

The Planned Separation of Information Management from the Security Business

On October 9, 2014, we announced plans to separate our business into two independent publicly-traded companies: one focused on security and one focused on information management.

The transaction is intended to take the form of a tax-free distribution to Symantec shareholders of all of the capital stock of our information management business.

We expect to complete the legal separation on January 2, 2016, subject to market, regulatory and certain other conditions.

John Gannon has been appointed as General Manager of the information management business, and Don Rath has been appointed as acting Chief Financial Officer.

After the transaction, Michael Brown and Thomas Seifert will continue to lead Symantec as Chief Executive Officer and Chief Financial Officer, respectively.

For additional separation cost information, see Note 6 of the Notes to Consolidated Financial Statements included in this annual report.

| | |

| --- | --- |

| • | We announced plans to separate our business into two independent publicly-traded companies: one focused on security and one focused on information management. |

| | |

| --- | --- |

| • | We released new products and services. |

| | |

| --- | --- |

| ◦ | In Information Management, we launched our NetBackup 5330 appliance, which delivers twice the performance and capacity of our prior models, making the management of information simpler and less expensive; and we released Backup Exec 2014, which delivers powerful, flexible, and easy-to-use backup and recovery to protect a customer’s physical, virtual, or hybrid environment for a mixture of applications and operating systems. |

| | |

| --- | --- |

| ◦ | In Consumer Security, we simplified our product portfolio by streamlining our core products into a single Norton Security offering. |

| | |

| --- | --- |

| ◦ | In Enterprise Security, we launched our managed advanced threat protection service, which helps customers triangulate threat indicators from our endpoint protection and third-party security products to provide more comprehensive threat detection. We also introduced our managed incident response service, which provides emergency on-demand service to help customers recover from a breach. In addition, we introduced our managed adversary and threat intelligence service, which offers customers a deeper understanding of specific threat actors and attacks. |

| | |

| --- | --- |

| • | We hired five new executives, who bring valuable skills in analytics, backup and recovery software, sales, security, strategy, and human resources. |

| | |

Other than the information expressly set forth in this annual report, the information contained or referred to on our website is not part of this annual report.

The recent transformation of business and consumer technologies has driven pervasive mobility and an explosion of data resulting in the need for a new approach to protecting devices, applications, data and users.

Further, the emergence of the Internet of Things, where new devices and everyday objects are becoming networked and connected to the Internet for the first time, highlights the need for comprehensive information security and management solutions to protect valuable data.

We believe that the market for security and management solutions will benefit from these trends.

As a platform-independent software company without bias to any individual operating system or hardware environment, Symantec helps customers manage more technologies with greater efficiency and on a wide range of virtual and mobile platforms.

In January 2013, we announced our strategy to transition from being device-centric or protecting endpoints and the data center, to having a broader focus of protecting and managing digital information.

This massive amount of security data, combined with our years of experience analyzing such data allows us to provide advanced intelligence and protection for all of our customers.

During fiscal year 2014, we implemented changes in three areas: simplifying our organizational structure; redesigning our Go-To-Market (“GTM”) strategy, and changing our product offerings.

_Simplifying our Organizational Structure_

We aligned our organization by functional areas, rather than by market segments in order to reduce complexity, remove redundancies, increase the speed of decision making, and improve accountability and execution.

We reduced the number of management layers from our previous structure and increased the average span of control for managers.

_Redesigning our Go-To-Market Strategy_

We split our direct field sales team into security and information management specialists focused on new business only and expanded their territories to be more effective for our enterprise customers.

We also built a renewals group in order to extend the customer relationship and make it easier to renew and do business with us.

We redesigned our global channel strategy focused on building partner competency, rewarding performance, and customer satisfaction.

##### [Table of Contents](#toc)

_Changing our Product Offerings_

With a portfolio of leading products, we focused our development efforts on making our point solutions better, designing new integrated solutions, and expanding our offerings by partnering with network security vendors to offer solutions that provide multi-tier protection.

| | • | | We released new solutions. Storage Foundation includes a disruptive new capability that abstracts in-server memory, allowing the sharing of flash storage across servers without the need for expensive storage hardware. We offer a vendor-agnostic solution providing these benefits so customers can run any storage configuration while managing performance and redundancy entirely through software. NetBackup is designed for enterprise level scale, which can accommodate hundreds of thousands of virtual machines and petabytes of data while giving customers faster recovery capabilities. As IT organizations move to software-defined data centers, they can now simplify and automate the protection of massive and complex physical, virtual, and cloud environments which are the building blocks of a modern data center. Mobile App Center is an important enhancement to our integrated mobile workforce productivity solution and includes our Sealed program which delivers enterprise-class security and control for both internally-developed and third- party apps on both iOS and Android operating systems. Our new Disarm technology uses a technique to protect companies from targeted attacks and is included in our messaging offering. Norton solutions include new advanced repair capabilities, compatibility with the new features of Windows 8.1, and protect against new and evolving threats. |

| --- | --- | --- | --- |

| | • | | We entered into key partnerships. We are working with Cisco to integrate technology into their Application Centric Infrastructure (ACI) architecture and extend into the infrastructure automation space. We continue to work with several customers to integrate next-generation firewalls with Symantec Endpoint Protection using our Managed Security Service. This initiative will seek to provide a new set of enhanced advanced threat detection capabilities that will enable our customers to automatically prioritize and provide comprehensive contextual intelligence for incidents based on correlation between network-based advanced threat detection, endpoint security, and Symantec’s Global Intelligence Network. |

| | • | | We enhanced our eBusiness platform into a digital experience that enables existing and potential customers to discover, purchase, and receive product help online with real-time customer care. This improves our ability to reach and acquire a new set of customers by expanding our payment options, expanding our eBusiness platform on a global basis, and advancing our search capabilities. |

| | • | | We attracted new technology executives, who bring valuable skills in holistic information protection product design, integrated IT implementation, cloud infrastructure, eCommerce, global operations, and customer experience. |

_User Productivity & Protection_

These products include our Norton solutions, endpoint security and management, encryption, and mobile offerings.

Our mobile solutions help organizations secure corporate data while gaining visibility into and control of all mobile platforms and enforcing security policies.

_Management’s Discussion and Analysis of Financial Condition and Results of Operations_ and Note 10 of the Notes to Consolidated Financial Statements in this annual report.

In fiscal year 2014, we made changes to our GTM strategy, reorganizing our direct sales force into specialist areas of security and information management focused on selling new business.

We also made changes to our GTM marketing structure.

We created a new Brand, Digital and Advertising team, focused on three GTM areas so that we can effectively market our different products and services distinguished by customer needs.

Our three GTM focus areas are as follows: Consumer and Small Business, Commercial, and Enterprise.

Our Brand, Digital and Advertising team develops marketing activation plans to increase awareness, engagement, consideration, purchase, retention, and advocacy for our brands.

Our Brand efforts include digital marketing, social media, paid advertising (i.e. search, print, digital), search engine optimization, brand partnerships, CRM, video and other content production, and other forms of demand generation and retention marketing.

We also invest in cooperative marketing campaigns with distributors, resellers, retailers, OEMs, and industry partners.

Our standard consumer support program provides self-help online services and phone, chat, and email support to consumers worldwide.

Our Norton One membership features elite-level support, which includes an under two-minute wait time for phone calls, an instant call back feature, and virus protection assurance.

Information with respect to this Item may be found under the heading “Litigation Contingencies” in Note [removed: 8] [added: 7] of the Notes to Consolidated Financial Statements in this annual report which information is incorporated into this Item 3 by reference.

[removed: ##### [Table of Contents](#toc)][added: TABLE OF CONTENTS]

[removed: UNITED] [added: UNITED] STATES SECURITIES AND EXCHANGE [removed: COMMISSION][added: COMMISSION]

[removed: Washington,] [added: Washington,] D.C. [removed: 20549][added: 20549]

[removed: Form 10-K][added: Form 10-K]

[removed: (Mark One)][added: (Mark One)]

| þ | [removed: ANNUAL] [added: ANNUAL] REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF [removed: 1934] [added: 1934] |

[removed: | | For] [added: For] the Fiscal Year Ended [removed: March 28, 2014 |][added: April 3, 2015]

| [removed: ¨] [added: o] | [removed: TRANSITION] [added: TRANSITION] REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF [removed: 1934] [added: 1934] |

[removed: | | For] [added: For] the Transition Period from to [removed: . |]

[removed: Commission] [added: Commission] File Number [removed: 000-17781][added: 000-17781]

[removed: SYMANTEC CORPORATION][added: Symantec Corporation]

[removed: _(Exact] [added: (Exact] name of the registrant as specified in its [removed: charter)_][added: charter)]

| [removed: Delaware] [added: Delaware] | | [removed: 77-0181864] [added: 77-0181864] |

| [removed: _(State] [added: (State] or other jurisdiction [removed: of_ _incorporation] [added: of incorporation] or [removed: organization)_] [added: organization)] | | [removed: _(I.R.S. Employer_ _Identification No.)_] [added: (I.R.S. employer Identification no.)] |

| [removed: 350] [added: 350] Ellis [removed: Street,] [added: Street,] | | [removed: 94043] |

| [removed: Mountain View, California _(Address] [added: (Address] of principal executive [removed: offices)_] [added: offices)] | | [removed: _(zip code)_] [added: (zip code)] |

[removed: Registrant’s] [added: Registrant’s] telephone number, including area [removed: code:][added: code:]

[removed: (650) 527-8000][added: (650) 527-8000]

[removed: Securities] [added: Securities] registered pursuant to Section 12(b) of the [removed: Act:][added: Act:]

| [removed: Common] [added: Common] Stock, par value $0.01 per [removed: share _(Title] [added: share (Title] of each [removed: class)_] [added: class)] | | [removed: The] [added: The] NASDAQ Stock Market [removed: LLC _(Name] [added: LLC (Name] of each exchange on which [removed: registered)_] [added: registered)] |

[removed: Securities] [added: Securities] registered pursuant to Section 12(g) of the [removed: Act:][added: Act:]

[removed: None][added: None]

[removed: _(Title] [added: (Title] of [removed: class)_][added: class)]

Yes þ No [removed: ¨][added: o]

Yes [removed: ¨] [added: o] No þ

| Large accelerated filer þ | | Accelerated filer [removed: ¨] [added: o] | | Non-accelerated filer [removed: ¨] [added: o] | | Smaller reporting company [removed: ¨] [added: o] |

Aggregate market value of the voting stock held by non-affiliates of the registrant, based upon the closing sale price of Symantec common stock on [removed: September 27, 2013] [added: October 3, 2014] as reported on the NASDAQ Global Select Market: [removed: $17,261,356,899.][added: $16,119,850,545.]

Number of shares outstanding of the registrant’s common stock as of [removed: April 25, 2014: 691,693,986][added: May 1, 2015: 680,727,932]

[removed: DOCUMENTS] [added: DOCUMENTS] INCORPORATED BY [removed: REFERENCE][added: REFERENCE]

[removed: For] [added: For] the Fiscal Year Ended [removed: March 28, 2014][added: April 3, 2015]

[removed: PART I][added: | PART I | | |]

| Item 1. | [removed: | [Business](#tx714308_1) | | | 4] [added: [Business](#s5182EE97B1638CAE75DB65CEBD725765)] | [added: [4](#s5182EE97B1638CAE75DB65CEBD725765)] |

| Item 1A. | [removed: |] [Risk [removed: Factors](#tx714308_2) | | | 11] [added: Factors](#sF164F033A6C0B44F06BF65CEBDA4340F)] | [added: [9](#sF164F033A6C0B44F06BF65CEBDA4340F)] |

| Item 1B. | [removed: |] [Unresolved Staff [removed: Comments](#tx714308_3) | | | 25] [added: Comments](#sDAF773CED7DA9032F39B65CEBDC24803)] | [added: [22](#sDAF773CED7DA9032F39B65CEBDC24803)] |

| Item 2. | [removed: | [Properties](#tx714308_4) | | | 25] [added: [Properties](#s7F6C0F9770AB592D453665CEAD7C2326)] | [added: [23](#s7F6C0F9770AB592D453665CEAD7C2326)] |

| Item 3. | [removed: |] [Legal [removed: Proceedings](#tx714308_5) | | | 26] [added: Proceedings](#sA5446AE6C1B6976B4A9865CEBE1621EF)] | [added: [23](#sA5446AE6C1B6976B4A9865CEBE1621EF)] |

| Item 4. | [removed: |] [Mine Safety [removed: Disclosures](#tx714308_6) | | | 26] [added: Disclosures](#sA6764FE45F43BD342FAB65CEBE49AD35)] | [added: [23](#sA6764FE45F43BD342FAB65CEBE49AD35)] |

| [removed: PART II | | | |] [added: PART II] | | |

| Item 5. | [removed: |] [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#tx714308_7) | | | 27] [added: Securities](#s63C51BDB9AF1540A275165CEAD86AA27)] | [added: [24](#s63C51BDB9AF1540A275165CEAD86AA27)] |

| Item 6. | [removed: |] [Selected Financial [removed: Data](#tx714308_8) | | | 28] [added: Data](#s8C67BD42AA0C9425E02665CEBEBC9FEA)] | [added: [26](#s8C67BD42AA0C9425E02665CEBEBC9FEA)] |

10-K 1 symc4315-10k.htm 10-K

| | |

| | |

or

| | |

| | |

| Mountain View, California | | 94043 |

| | | |

| | | |

Yes þ No o

Yes þ No o

Yes o No þ

SYMANTEC CORPORATION

FORM 10-K

| | | |

| --- | --- | --- |

| | | |

| Page | | |

| [Signatures](#s5EC6BC5FA1DF113B501765CEC63C044B) | | [73](#s5EC6BC5FA1DF113B501765CEC63C044B) |

We encourage you to read that section carefully.

PART I

10-K 1 d714308d10k.htm 10-K

| --- | --- |

OR

| --- | --- | --- | --- | --- | --- | --- |

TABLE OF CONTENTS

| [Signatures](#tx714308_21) | | | | | 96 | |

None.

There are currently no unresolved issues with respect to any Commission staff’s written comments that were received at least 180 days before the end of our fiscal year to which this report relates and that relate to our periodic or current reports under the Exchange Act.

Our corporate headquarters is located in Mountain View, California where we occupy facilities totaling approximately [removed: 1,067,000] [added: 1,074,000] square feet, of which [added: 723,000 square feet is owned and 351,000 square feet is leased.]

We also lease an additional [removed: 89,000] [added: 67,000] square feet in the San Francisco Bay Area.

Our leased facilities are occupied under leases that expire on various dates [removed: beyond] [added: through] fiscal [removed: 2023.][added: 2029.]

The following table presents the approximate square footage of our facilities as of [removed: March 28, 2014:][added: April 3, 2015:]

| | [removed: | Approximate] [added: Approximate] Total Square [removed: Footage(1) | |] [added: Footage(1)] | | | | |

| | [removed: | Owned | |] [added: Owned] | | [removed: Leased] | [added: Leased] | |

| | [removed: | (In thousands) | |] [added: (In thousands)] | | | | |

| Americas (U.S., Canada and Latin America) | [removed: | | 1,546 |] [added: 1,740] | | | [removed: 1,335] [added: 1,177] | |

| EMEA (Europe, Middle East, Africa) | [removed: | | 307 |] [added: 285] | | | [removed: 550] [added: 541] | |

| Asia Pacific/Japan | [removed: | | 251 |] [added: 235] | | | [removed: 1,986] [added: 1,857] | |

| (1) | Included in the total square footage above are [removed: vacant,] [added: vacant and] available-for-lease properties totaling approximately [removed: 33,000] [added: 79,000] square feet. Total square footage excludes approximately [removed: 35,000] [added: 14,000] square feet relating to facilities subleased to third parties. |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| | | | | | |

| Total | 2,260 | | | 3,575 | |

| | |

##### [Table of Contents](#toc)

724,000 square feet is owned and 343,000 square feet is leased.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Total | | | 2,104 | | | | 3,871 | |

[removed: PART II][added: PART II]

##### [Table of Contents](#toc)

[removed: Price] [added: Price] Range of Common [removed: Stock][added: Stock]

Our common stock is traded on the NASDAQ Global Select Market under the symbol “SYMC.” The high and low [added: closing] sales prices set forth below are as reported on the NASDAQ Global Select Market during each quarter of the two most recent [added: fiscal] years.

| | [removed: | Fourth Quarter] [added: Fourth Quarter] | | | | [removed: Third Quarter] [added: Third Quarter] | | | | [removed: Second Quarter] [added: Second Quarter] | | | | [removed: First Quarter] [added: First Quarter] | | | | [removed: Fourth Quarter] [added: Fourth Quarter] | | | | [removed: Third Quarter] [added: Third Quarter] | | | | [removed: Second Quarter] [added: Second Quarter] | | | | [removed: First Quarter] [added: First Quarter] | | |

[removed: Stockholders][added: Stockholders]

As of [removed: March 28, 2014,] [added: April 3, 2015,] there were [removed: 2,098] [added: 1,996] stockholders of record.

[removed: Dividends][added: Dividends]

During fiscal [added: 2015 and fiscal] 2014 we declared and paid [removed: common stock] [added: aggregate cash] dividends of [added: $413 million or $0.60 per common share and] $418 million or $0.60 per [removed: share.][added: common share, respectively.]

Dividends declared and paid each quarter during fiscal [added: 2015 and fiscal] 2014 were $0.15 per share.

[removed: In addition, our board of directors approved dividend equivalent rights entitling holders of] [added: Our] restricted stock and performance-based stock [added: 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.

On May [removed: 8, 2014,] [added: 14, 2015,] we [removed: announced] [added: declared] a quarterly dividend in the amount of $0.15 per share of common stock to be paid on June [removed: 25, 2014] [added: 24, 2015] to all stockholders of record as of June 10, [removed: 2014.][added: 2015.]

[removed: Repurchases] [added: Repurchases] of our equity [removed: securities][added: securities]

Stock repurchases during the three months ended [removed: March 28, 2014] [added: April 3, 2015] were as follows:

| | [removed: | | Total] [added: Total] Number of Shares [removed: Purchased |] [added: Purchased] | | | [removed: Average] [added: Average] Price Paid per [removed: Share] [added: Share] | | | | [removed: Total] [added: Total] Number of Shares Purchased Under Publicly Announced Plans or [removed: Programs |] [added: Programs] | | | [removed: Maximum] [added: Maximum] Dollar Value of Shares That May Yet Be Purchased Under the Plans or [removed: Programs] [added: Programs] | | [added: |]

| | [removed: | (In] [added: (In] millions, except per share [removed: data) | |] [added: data)] | | | | | | | | | | | | |

During the fourth quarter of fiscal [removed: 2013,] [added: 2015,] our [removed: board] [added: Board] of [removed: directors] [added: Directors] authorized a new $1.0 billion stock repurchase program which commenced [removed: in fiscal 2014.][added: immediately.]

Our active stock repurchase programs have [removed: $658 million] [added: $1.2 billion] remaining authorized for future repurchase as of [removed: March 28, 2014,] [added: April 3, 2015] and [removed: neither program has] [added: do not have] an expiration date.

[removed: Stock] [added: Stock] performance [removed: graph][added: graph]

The graph below compares the cumulative total stockholder return on our common stock with the cumulative total return on the S&P 500 Composite Index and the S&P Information Technology Index for the five years ended [removed: March 28, 2014] [added: April 3, 2015] (assuming the investment of $100 in our common stock and in each of the other indices on the last day of trading for [removed: the] fiscal [removed: 2009,] [added: 2010,] and the reinvestment of all dividends).

[removed: COMPARISON] [added: COMPARISON] OF FIVE-YEAR CUMULATIVE TOTAL [removed: RETURN][added: RETURN]

[removed: Among] [added: Among] Symantec Corporation, [removed: The] [added: the] S&P 500 [removed: Index][added: Index]

[removed: And The] [added: and the] S&P Information Technology [removed: Index][added: Index]

[removed: ][added: ]

| | [removed: | 2009] [added: 2010] | | | | [removed: 2010] [added: 2011] | | | | [removed: 2011] [added: 2012] | | | | [removed: 2012] [added: 2013] | | | | [removed: 2013] [added: 2014] | | | | [removed: 2014] [added: 2015] | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | 2015 | | | | | | | | | | | | | | | | 2014 | | | | | | | | | | | | | | |

| High | $ | 26.69 | | | $ | 26.58 | | | $ | 24.77 | | | $ | 23.04 | | | $ | 24.15 | | | $ | 25.41 | | | $ | 26.96 | | | $ | 25.10 | |

| Low | $ | 23.28 | | | $ | 21.94 | | | $ | 22.42 | | | $ | 19.97 | | | $ | 18.20 | | | $ | 21.49 | | | $ | 22.36 | | | $ | 21.62 | |

| | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | |

| January 3, 2015 to January 30, 2015 | 4 | | | $ | 25.57 | | | 4 | | | $ | 183 | |

| January 31, 2015 to February 27, 2015 | 1 | | | $ | 25.50 | | | 1 | | | $ | 1,158 | |

| February 28, 2015 to April 3, 2015 | — | | | $ | — | | | — | | | $ | 1,158 | |

| Total | 5 | | | $ | 25.55 | | | 5 | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | |

| Symantec Corporation | $ | 100.00 | | | $ | 110.08 | | | $ | 111.51 | | | $ | 147.17 | | | $ | 121.12 | | | $ | 147.78 | |

| S&P 500 | $ | 100.00 | | | $ | 115.36 | | | $ | 124.59 | | | $ | 141.99 | | | $ | 171.65 | | | $ | 194.99 | |

| S&P Information Technology | $ | 100.00 | | | $ | 111.68 | | | $ | 134.37 | | | $ | 132.86 | | | $ | 165.49 | | | $ | 196.12 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | Fiscal 2014 | | | | | | | | | | | | | | | | Fiscal 2013 | | | | | | | | | | | | | | |

| High | | $ | 23.97 | | | $ | 25.06 | | | $ | 26.44 | | | $ | 24.45 | | | $ | 24.73 | | | $ | 19.09 | | | $ | 19.20 | | | $ | 18.80 | |

| Low | | $ | 18.20 | | | $ | 21.20 | | | $ | 21.93 | | | $ | 21.06 | | | $ | 18.82 | | | $ | 17.33 | | | $ | 13.18 | | | $ | 13.89 | |

No dividends and dividend equivalents were paid in any periods prior to fiscal 2014.

Each quarterly dividend was recorded as a reduction to additional paid-in capital.

| | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| December 28, 2013 to January 24, 2014 | | | 4 | | | $ | 23.17 | | | | 4 | | | $ | 695 | |

| January 25, 2014 to February 21, 2014 | | | 2 | | | $ | 22.14 | | | | 2 | | | $ | 658 | |

| February 22, 2014 to March 28, 2014 | | | \- | | | $ | \- | | | | \- | | | $ | 658 | |

| Total | | | 6 | | | $ | 22.85 | | | | 6 | | | | | |

##### [Table of Contents](#toc)

| | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Symantec Corporation | | | 100.00 | | | | 103.33 | | | | 113.74 | | | | 115.22 | | | | 152.06 | | | | 121.93 | |

| S&P 500 | | | 100.00 | | | | 142.85 | | | | 164.80 | | | | 177.99 | | | | 202.84 | | | | 246.25 | |

| S&P Information Technology | | | 100.00 | | | | 147.92 | | | | 165.20 | | | | 198.77 | | | | 196.53 | | | | 216.41 | |

This data should be read in conjunction with our Consolidated Financial Statements and related notes included in [added: this annual report and with Item 7.]

[removed: this annual report and with Item 7, _Management’s] [added: Management’s] Discussion and Analysis of Financial Condition and Results of [removed: Operations._ Historical results may not be indicative of future results.][added: Operations.]

[removed: Five-Year Summary][added: Five-Year Summary]

| | | [removed: Fiscal (a)] [added: Fiscal (a)] | | | | | | | | | | | | | | | | | | |

| | | [removed: 2014] [added: 2015] | | | | [removed: 2013] [added: 2014] | | | | [removed: 2012] [added: 2013] | | | | [removed: 2011] [added: 2012] | | | | [removed: 2010] [added: 2011] | | |

| | | [removed: (In] [added: (In] millions, except per share [removed: data)] [added: data)] | | | | | | | | | | | | | | | | | | |

| Net revenue | | $ | [removed: 6,676] [added: 6,508] | | | $ | [removed: 6,906] [added: 6,676] | | | $ | [removed: 6,730] [added: 6,906] | | | $ | [removed: 6,190] [added: 6,730] | | | $ | [removed: 5,985] [added: 6,190] | |

| Operating income [removed: (b)] | | [added: 1,149] | [added: | | |] 1,183 | | | | 1,106 | | | | 1,104 | | | | 927 | | | [removed: | 927 | |]

| Net income attributable to Symantec Corporation stockholders [removed: (b)(c)] [added: (b)] | | [removed: $] [added: 878] | [added: | | |] 898 | | | [removed: $] | 755 | | | [removed: $] | 1,187 | | | [removed: $] | 626 | | | [removed: $ | 711 | |]

| Net income per share attributable to Symantec Corporation [removed: stockholders — basic (b)(c)] [added: stockholders: (c)] | | [removed: $] | [removed: 1.29] | | | [removed: $] | [removed: 1.08] | | | [removed: $] | [removed: 1.60] | | | [removed: $] | [removed: 0.80] | | | [removed: $] | [removed: 0.88] | |

| Cash dividends per share [removed: attributable to Symantec Corporation (g)] | | $ | 0.60 | | | $ | [removed: \-] [added: 0.60] | | | $ | [removed: \-] [added: —] | | | $ | [removed: \-] [added: —] | | | $ | [removed: \-] [added: —] | |

| Total assets [removed: (b)] | | [added: 13,233] | [added: | | |] 13,539 | | | | 14,508 | | | | 13,158 | | | | 12,841 | | | [removed: | 11,317 | |]

| Deferred revenue | | [added: 3,109] | [added: | | |] 3,322 | | | | 3,496 | | | | 3,444 | | | | 3,321 | | | [removed: | 2,835 | |]

| Current portion of long-term debt [removed: (d)] [added: (c)(d)] | | [added: 350] | [removed: \-] | | | [added: —] | [removed: 997] | | | [added: 997] | [removed: \-] | | | [added: —] | [removed: 596] | | | [added: 596] | [removed: \-] | |

| Long-term [removed: debt(d) (e)] [added: debt (c)(d)] | | [added: 1,746] | [added: | | |] 2,095 | | | | 2,094 | | | | 2,039 | | | | 1,987 | | | [removed: | 1,871 | |]

| Long-term deferred revenue [removed: (f)] | | [added: 555] | [added: | | |] 581 | | | | 584 | | | | 596 | | | | 565 | | | [removed: | 436 | |]

| Total stockholders’ equity [removed: (b) (f) (g)] [added: (e)] | | [removed: $] [added: 5,935] | [added: | | |] 5,797 | | | [removed: $] | 5,476 | | | [removed: $] | 5,237 | | | [removed: $] | 4,635 | | | [removed: $ | 4,567 | |]

| (a) | We have a 52/53-week fiscal year. [removed: Fiscal] [added: Our fiscal 2015 was a 53-week year whereas fiscal] 2014, 2013, 2012, [removed: 2011,] and [removed: 2010] [added: 2011] each consisted of 52 weeks. |

| [removed: (c)] [added: (b)] | In fiscal 2008, we formed a joint venture with a subsidiary of Huawei Technologies Co., Limited (“Huawei”). In fiscal 2012, we sold our 49% ownership interest in the joint venture to Huawei for $530 million in cash. The gain of $530 million, offset by costs to sell the joint venture of $4 million, was included in gain from sale of joint venture in our fiscal 2012 Consolidated Statements of Income. |

| [removed: (d)] [added: (c)] | In the first quarter of fiscal 2007, we issued $1.0 billion in principal amount of 1.00% Convertible Senior Notes (“1.00% notes”), due in June 2013. On June 15, 2013, the principal balance on those notes matured and was settled by a cash payment of $1 billion, along with the $5 million semi-annual interest payment. In addition, we elected to pay the conversion value above par value of the 1.00% notes in cash in the amount of [added: $189 million. Concurrently with the payment of the conversion value we received $189 million from the note hedge we entered into at the time of the issuance of the 1.00% notes. At the time of issuance of the 1.00% notes, we granted warrants to affiliates of certain initial purchasers of the notes whereby they had the option to purchase up to 52.7 million shares of our common stock at a price of $27.1330 per share. All the warrants expired unexercised on various dates during the second quarter of fiscal 2014 and there was no dilutive impact from the warrants on our earnings per share for fiscal 2014.] |

| [removed: (e)] [added: (d)] | In fiscal 2011, we issued $350 million in principal amount of 2.75% senior notes due September 2015 (“2.75% notes due 2015”) and $750 million in principal amount of 4.20% senior notes due September 2020 (“4.20% notes”). In fiscal 2013, we issued $600 million in principal amount of 2.75% senior notes due June 2017 (“2.75% notes due 2017”) and $400 million in principal amount of 3.95% senior notes due June 2022 (“3.95% notes”). |

Historical results may not be indicative of future results.

| Basic | | $ | 1.27 | | | $ | 1.29 | | | $ | 1.08 | | | $ | 1.60 | | | $ | 0.80 | |

| Diluted | | $ | 1.26 | | | $ | 1.28 | | | $ | 1.06 | | | $ | 1.59 | | | $ | 0.76 | |

| Weighted-average shares outstanding: | | | | | | | | | | | | | | | | | | | | |

| Basic | | 689 | | | | 696 | | | | 701 | | | | 741 | | | | 778 | | |

| Diluted | | 696 | | | | 704 | | | | 711 | | | | 748 | | | | 786 | | |

| | | | | | | | | | | | | | | | | | | | | |

| Cash, cash equivalents, and short-term investments | | $ | 3,891 | | | $ | 4,084 | | | $ | 4,747 | | | $ | 3,211 | | | $ | 2,958 | |

| | |

| | |

| | |

| | |

| | |

| (e) | Includes noncontrolling interest in subsidiary of $78 million and $77 million in fiscal 2012 and fiscal 2011, respectively. |

##### [Table of Contents](#toc)

| Net income per share attributable to Symantec Corporation stockholders — diluted (b)(c) | | $ | 1.28 | | | $ | 1.06 | | | $ | 1.59 | | | $ | 0.76 | | | $ | 0.87 | |

| Weighted-average shares outstanding attributable to Symantec Corporation stockholders — basic | | | 696 | | | | 701 | | | | 741 | | | | 778 | | | | 810 | |

| Weighted-average shares outstanding attributable to Symantec Corporation stockholders — diluted | | | 704 | | | | 711 | | | | 748 | | | | 786 | | | | 819 | |

| Cash and cash equivalents | | $ | 3,707 | | | $ | 4,685 | | | $ | 3,162 | | | $ | 2,950 | | | $ | 3,029 | |

| Symantec Corporation stockholders’ equity (b) (f) (g) (h) | | $ | 5,797 | | | $ | 5,476 | | | $ | 5,159 | | | $ | 4,558 | | | $ | 4,567 | |

| Noncontrolling interest in subsidiary | | | \- | | | | \- | | | | 78 | | | | 77 | | | | \- | |

| --- | --- |

| (b) | Effective March 30, 2013, we changed our accounting policy for sales commissions that are incremental and directly related to customer sales contracts in which revenue is deferred. The adoption of this accounting policy change has been applied retrospectively for all periods presented. See Note 1 of the Notes to Consolidated Financial Statements in this annual report for information regarding the change in accounting policy for sales commissions. |

| | $189 million. Concurrently with the payment of the conversion value we received $189 million from the note hedge we entered into at the time of the issuance of the 1.00% notes. At the time of issuance of the 1.00% notes, we granted warrants to affiliates of certain initial purchasers of the notes whereby they had the option to purchase up to 52.7 million shares of our common stock at a price of $27.1330 per share. All the warrants expired unexercised on various dates during the second quarter of fiscal 2014 and there was no dilutive impact from the warrants on our earnings per share for fiscal 2014. |

| (f) | See Note 1 of the Notes to Consolidated Financial Statements in this annual report for information regarding the correction of an error related to deferred revenue. The out-of-period effect on net income of correcting this error in fiscal 2014 is $22 million and the effect on Symantec Corporation stockholders’ equity as of the beginning of fiscal 2012 was $49 million. Long-term deferred revenue and Total stockholders’ equity as of fiscal 2011 and 2010 have also been adjusted. However, income statement data for fiscal years 2011 and 2010 have not been adjusted as the impact on Net income in each of these years was not material. |

| (g) | During fiscal 2014, we declared and paid common stock cash dividends. Dividends were recorded as a reduction to additional paid-in capital. No dividends or dividend equivalents were paid prior to fiscal 2014. See Note 5 of the Notes to Consolidated Financial Statements in this annual report for information regarding dividends and dividend equivalents. |

| (h) | During fiscal 2012, we recorded an impairment of $19 million as a cumulative-effect adjustment in accumulated deficit, related to an implied fair value measurement made for our former Services reporting unit upon the adoption of a new accounting standard. |

[removed: Annual] [added: Annual] financial [removed: statements][added: statements]

[removed: Selected] [added: Selected] quarterly financial [removed: data][added: data]

| | [removed: | Fiscal 2014] [added: Fiscal 2015] | | | | | | | | | | | | | | | | [removed: Fiscal 2013] [added: Fiscal 2014] | | | | | | | | | | | | | | |

| | [removed: | Mar. 28, 2014] [added: Apr. 3, 2015] | | | | [removed: Dec. 27, 2013] [added: Jan. 2, 2015] | | | | [removed: Sep. 27, 2013] [added: Oct. 3, 2014] | | | | [removed: Jun. 28, 2013] [added: Jul. 4, 2014] | | | | [removed: Mar. 29, 2013] [added: Mar. 28, 2014] | | | | [removed: Dec. 28, 2012] [added: Dec. 27, 2013] | | | | [removed: Sep. 28, 2012] [added: Sep. 27, 2013] | | | | [removed: Jun. 29, 2012] [added: Jun. 28, 2013] | | |

| | [removed: | (In] [added: (In] millions, except per share [removed: data)] [added: data)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net revenue | [removed: |] $ | [removed: 1,625] [added: 1,518] | | | $ | [removed: 1,705] [added: 1,638] | | | $ | [removed: 1,637] [added: 1,617] | | | $ | [removed: 1,709] [added: 1,735] | | | $ | [removed: 1,748] [added: 1,625] | | | $ | [removed: 1,791] [added: 1,705] | | | $ | [removed: 1,699] [added: 1,637] | | | $ | [removed: 1,668] [added: 1,709] | |

| Gross profit | [removed: |] [added: 1,231] | [removed: 1,343] | | | [added: 1,359] | [removed: 1,422] | | | [added: 1,339] | [removed: 1,353] | | | [added: 1,426] | [removed: 1,409] | | | [added: 1,343] | [removed: 1,440] | | | [added: 1,422] | [removed: 1,492] | | | [added: 1,353] | [removed: 1,415] | | | [added: 1,409] | [removed: 1,384] | |

| Operating income | [removed: |] [added: 152] | [removed: 306] | | | [added: 327] | [removed: 405] | | | [added: 348] | [removed: 248] | | | [added: 322] | [removed: 224] | | | [added: 306] | [removed: 255] | | | [added: 405] | [removed: 304] | | | [added: 248] | [removed: 297] | | | [added: 224] | [removed: 250] | |

| Net income | [removed: |] [added: 176] | [removed: 217] | | | [added: 222] | [removed: 283] | | | [added: 244] | [removed: 241] | | | [added: 236] | [removed: 157] | | | [added: 217] | [removed: 190] | | | [added: 283] | [removed: 216] | | | [added: 241] | [removed: 189] | | | [added: 157] | [removed: 160] | |

| Net income per share [removed: attributable to Symantec Corporation stockholders] — basic | [removed: | $] [added: 0.26] | [removed: 0.31] | | | [removed: $] [added: 0.32] | [removed: 0.41] | | | [removed: $] [added: 0.35] | [removed: 0.34] | | | [removed: $] [added: 0.34] | [removed: 0.23] | | | [removed: $] [added: 0.31] | [removed: 0.27] | | | [removed: $] [added: 0.41] | [removed: 0.31] | | | [removed: $] [added: 0.34] | [removed: 0.27] | | | [removed: $] [added: 0.23] | [removed: 0.22] | |

| Net income per share [removed: attributable to Symantec Corporation stockholders] — diluted | [removed: | $ | 0.31] [added: 0.25] | | | [removed: $] | [removed: 0.40] [added: 0.32] | | | [removed: $] | [removed: 0.34] [added: 0.35] | | | [removed: $] | [removed: 0.22] [added: 0.34] | | | [removed: $] | [removed: 0.27] [added: 0.31] | | | [removed: $] | [removed: 0.31] [added: 0.40] | | | [removed: $] | [removed: 0.27] [added: 0.34] | | | [removed: $] | 0.22 | | [added: |]

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Less: Income (loss) attributable to noncontrolling interest | | | \- | | | | \- | | | | \- | | | | \- | | | | \- | | | | \- | | | | \- | | | | \- | |

| Net income attributable to Symantec Corporation stockholders | | $ | 217 | | | $ | 283 | | | $ | 241 | | | $ | 157 | | | $ | 190 | | | $ | 216 | | | $ | 189 | | | $ | 160 | |

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[removed: | | _a)_ | _Evaluation] [added: a) Evaluation] of Disclosure Controls and [removed: Procedures_ |][added: Procedures]

Our management (with the participation of our [removed: interim] Chief Executive Officer and Chief Financial Officer) has conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act).

Based on such evaluation, our [removed: interim] Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period covered by this report.

[removed: | | _b)_ | _Management’s] [added: b) Management’s] Report on Internal Control over Financial [removed: Reporting_ |][added: Reporting]

Our management, with the participation of our [removed: interim] Chief Executive Officer and our Chief Financial Officer, has conducted an evaluation of the effectiveness of our internal control over financial reporting as of [removed: March 28, 2014,] [added: April 3, 2015,] based on criteria established in Internal Control — Integrated Framework (1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

Our management has concluded that, as of [removed: March 28, 2014,] [added: April 3, 2015,] our internal control over financial reporting was effective based on these criteria.

The Company’s independent registered public accounting firm has issued an attestation report regarding its assessment of the Company’s internal control over financial reporting as of [removed: March 28, 2014,] [added: April 3, 2015,] which is included in Part IV, Item 15 of this annual report.

[removed: | | _c)_ | _Changes] [added: c) Changes] in Internal Control over Financial [removed: Reporting_ |][added: Reporting]

There were no changes in our internal control over financial reporting during the quarter ended [removed: March 28, 2014] [added: April 3, 2015] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

[removed: | | _d)_ | _Limitations] [added: d) Limitations] on Effectiveness of [removed: Controls_ |][added: Controls]

Our management, including our [removed: interim] Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud.

[added: Because of] the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.

| --- | --- | --- |

Because of

##### [Table of Contents](#toc)

[removed: PART III][added: PART III]

##### [Table of Contents](#toc)

[removed: PART IV][added: PART IV]

##### [Table of Contents](#toc)

[removed: Symantec Corporation][added: Symantec Corporation]

[removed: Attn:] [added: Attn:] Investor [removed: Relations][added: Relations]

[removed: 350] [added: 350] Ellis [removed: Street][added: Street]

[removed: Mountain] [added: Mountain] View, California [removed: 94043][added: 94043]

[removed: 650-527-8000][added: 650-527-8000]

| | | [removed: | | Page Number] [added: Page] |

| 1. | [removed: |] Consolidated Financial Statements: | | [removed: |]

[removed: | | | Report of Independent Registered Public Accounting Firm | | 56 |][added: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM]

| | [removed: | Consolidated] [added: [Consolidated] Balance Sheets as of [removed: March 28, 2014] [added: April 3, 2015] and March [removed: 29, 2013 |] [added: 28, 2014](#sBE7EA37D562F603605B465CEA3AA069A)] | [removed: 57] [added: [47](#sBE7EA37D562F603605B465CEA3AA069A)] |

| | [removed: | Consolidated] [added: [Consolidated] Statements of Income for the years ended [added: April 3, 2015,] March 28, 2014, [removed: March 29, 2013] and March [removed: 30, 2012 |] [added: 29, 2013](#s544CF2F2432AC631949B65CEA3CB55DF)] | [removed: 58] [added: [48](#s544CF2F2432AC631949B65CEA3CB55DF)] |

| | [removed: | Consolidated] [added: [Consolidated] Statements of Comprehensive Income for the years ended [added: April 3, 2015,] March 28, 2014, [removed: March 29, 2013] and March [removed: 30, 2012 |] [added: 29, 2013](#s226DA48F706088D9CC4E65CEA3EFF1A4)] | [removed: 59] [added: [49](#s226DA48F706088D9CC4E65CEA3EFF1A4)] |

| | [removed: | Consolidated] [added: [Consolidated] Statements of Stockholders’ Equity for the years ended [added: April 3, 2015,] March 28, 2014, [removed: March 29, 2013] and March [removed: 30, 2012 |] [added: 29, 2013](#s2809C4F740C06B26798F65CEA3FC4BDD)] | [removed: 60] [added: [50](#s2809C4F740C06B26798F65CEA3FC4BDD)] |

| | [removed: | Consolidated] [added: [Consolidated] Statements of Cash Flows for the years ended [added: April 3, 2015,] March 28, 2014, [removed: March 29, 2013] and March [removed: 30, 2012 |] [added: 29, 2013](#s7CD59660E65A486C5BE865CEA4487DF6)] | [removed: 61] [added: [51](#s7CD59660E65A486C5BE865CEA4487DF6)] |

[removed: | | |] Notes to Consolidated Financial Statements [removed: | | 62 |]

| | [removed: | Schedules other than those listed above] [added: Financial statement schedules] have been omitted since they are either not required, not applicable, or the information is otherwise included. | | [removed: |]

| [removed: 3. |] [added: 2.] | [removed: Exhibits:] [added: [Exhibits:] The information required by this Item is set forth in the Exhibit Index that follows the signature page of this Annual [removed: Report. |] [added: Report.](#sC89D215CB77DAA860BB265CEC68CE466)] | [added: [74](#sC89D215CB77DAA860BB265CEC68CE466)] |

[removed: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM][added: | | [Report of Independent Registered Public Accounting Firm](#s4FC29E32EE8F68E1FBDB65CEC1ABFB5A) | [46](#s4FC29E32EE8F68E1FBDB65CEC1ABFB5A) |]

We have audited the accompanying consolidated balance sheets of Symantec Corporation and subsidiaries as of [removed: March 28, 2014] [added: April 3, 2015] and March [removed: 29, 2013,] [added: 28, 2014,] and the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the years in the three-year period ended [removed: March 28, 2014.][added: April 3, 2015.]

We also have audited the internal control over financial reporting of Symantec Corporation as of [removed: March 28, 2014,] [added: April 3, 2015,] based on criteria established in [removed: _Internal] [added: Internal] Control – Integrated Framework [removed: (1992)_] [added: (1992)] issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

[removed: Management] [added: The management] of Symantec Corporation is responsible for these consolidated financial [removed: statements, the financial statement schedule,] [added: statements] for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A.b).

Our responsibility is to express an opinion on these consolidated financial [removed: statements, the financial statement schedule] [added: statements] and an opinion on the internal control over financial reporting of Symantec Corporation based on our audits.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Symantec Corporation and subsidiaries as of [removed: March 28, 2014] [added: April 3, 2015] and March [removed: 29, 2013,] [added: 28, 2014,] and the results of their operations and their cash flows for each of the years in the three-year period ended [removed: March 28, 2014,] [added: April 3, 2015,] in conformity with U.S. generally accepted accounting principles.

Also in our opinion, Symantec Corporation maintained, in all material respects, effective internal control over financial reporting as of [removed: March 28, 2014,] [added: April 3, 2015,] based on criteria established in [removed: _Internal] [added: Internal] Control – Integrated Framework [removed: (1992)_] [added: (1992)] issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

[removed: _/s/_] [added: /s/] KPMG LLP

[removed: CONSOLIDATED] [added: CONSOLIDATED] BALANCE [removed: SHEETS][added: SHEETS]

| | [added: April 3, 2015] | [removed: March] [added: | | | March] 28, [removed: 2014] [added: 2014] | | | | [removed: March] [added: March] 29, [removed: 2013] [added: 2013] | | |

| | [removed: | (In] [added: (In] millions, except par [removed: value)] [added: value)] | | | | | | |

| [removed: ASSETS |] [added: ASSETS] | | | | | | | |

| Current assets: | | | | | | | | [removed: |]

| [removed: Cash] [added: Beginning cash] and cash equivalents | [removed: | $ |] 3,707 | | | [removed: $] | 4,685 | | [added: | | 3,162 | | |]

| Short-term investments | [removed: |] [added: 1,017] | [removed: 377] | | | [added: 377] | [removed: 62] | |

| Trade accounts receivable, net | [added: (38] | | [removed: 1,007] [added: )] | | [added: 30] | | [removed: 1,031] | | [added: (107 | | ) |]

| Deferred income taxes | [removed: |] [added: 152] | [removed: 142] | | | [added: 142] | [removed: 169] | |