Stock-Based Compensation

6 Months Ended

Sep. 30, 2016

Share-based Compensation [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Stock-based compensation expense

The following table sets forth the stock-based compensation expense recognized in our Condensed Consolidated Statements of Operations:

	Three Months Ended						Six Months Ended
	September 30, 2016			October 2, 2015			September 30, 2016			October 2, 2015
	(In millions)
Cost of revenues	$	5		$	2		$	8		$	4
Sales and marketing	24			16			38			27
Research and development	24			16			39			28
General and administrative	32			11			49			21
Total stock-based compensation expense	85			45			134			80
Tax benefit associated with stock-based compensation expense	(25		)	(13		)	(40		)	(23		)
Net stock-based compensation expense from continuing operations	60			32			94			57
Net stock-based compensation expense from discontinued operations	—			24			—			37
Net stock-based compensation expense	$	60		$	56		$	94		$	94

The following table summarizes additional information related to our stock-based compensation:

	Six Months Ended
	September 30, 2016		October 2, 2015
	(In millions, except per grant data)
Restricted stock units
Weighted-average fair value per grant	$	18.59	$	23.53
Awards granted and assumed in acquisition	13.8		12.8
Total fair value of awards vested	$	94	$	140
Total unrecognized compensation expense	$	301	$	462
Weighted-average remaining vesting period	2.1 years		2.3 years
Performance-based restricted stock units
Weighted-average fair value per grant	$	19.84	$	27.03
Awards granted and assumed in acquisition	4.9		0.9
Total fair value of awards released	$	13	$	5
Total unrecognized compensation expense	$	68	$	24
Weighted-average remaining vesting period	1.4 years		1.8 years
Stock options
Total intrinsic value of stock options exercised	$	50	$	2
Total unrecognized compensation expense	$	134	$	—
Weighted-average remaining vesting period	1.8 years		—

Blue Coat acquisition

In connection with the Blue Coat acquisition, we assumed the outstanding equity awards under two of Blue Coat’s equity incentive plans (the Blue Coat, Inc. 2016 Equity Incentive Plan and the Batman Holdings, Inc. 2015 Amended and Restated Equity Incentive Plan (collectively, the "Plans")), including 7.5 million vested and 12.5 million unvested stock options, 4.8 million unvested RSUs, and 3.0 million unvested PRUs. Upon vesting, these assumed options will be exercisable into, and these assumed RSUs and PRUs will settle into shares of our common stock.  The assumed RSUs and PRUs generally retained the terms and conditions under which they were originally granted. We will not grant additional options or shares under the Plans. Future equity awards by Symantec will be made under Symantec's 2013 Equity Incentive Plan, as amended. See Note 3 for more information on the Blue Coat acquisition.

Included in the aforementioned assumed Blue Coat equity awards were RSUs and PRUs granted to Gregory S. Clark, former Blue Coat CEO and our current CEO, in connection with the closing of the Blue Coat acquisition. These equity awards were assumed by Symantec on the close date for an equivalent of 1.3 million Symantec RSUs and 1.0 million PRUs. The RSUs vest at various times over 3-years and PRUs are subject to 2-year vesting and the achievement of certain performance metrics during the applicable performance period. These awards had a combined fair value of $46 million on the close date of the Blue Coat acquisition. In addition, Blue Coat had previously granted Mr. Clark stock options which were assumed by Symantec on the close date. Upon assumption of these options, Mr. Clark held 3.9 million unvested options to purchase our common stock with a fair value of $53 million on the close date, of which $50 million will be recognized as stock-based compensation expense over the 2-year vesting period and the remainder was included as part of the consideration transferred for the acquisition.