Stock-Based Compensation

9 Months Ended

Dec. 30, 2016

Stock-based compensation expense

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



	Three Months Ended						Nine Months Ended
	December 30, 2016			January 1, 2016			December 30, 2016			January 1, 2016
	(In millions)
Cost of revenues	$	6		$	3		$	14		$	7
Sales and marketing	25			12			63			39
Research and development	25			14			64			41
General and administrative	41			9			90			31
Total stock-based compensation expense	97			38			231			118
Tax benefit associated with stock-based compensation expense	(34		)	(14		)	(74		)	(37		)
Net stock-based compensation expense from continuing operations	63			24			157			81
Net stock-based compensation expense from discontinued operations	—			12			—			49
Total net stock-based compensation expense	$	63		$	36		$	157		$	130

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



	Nine Months Ended
	December 30, 2016		January 1, 2016
	(In millions, except per grant data)
Restricted stock units:
Weighted-average fair value per grant	$	18.80	$	23.32
Awards granted and assumed in acquisition	14.2		13.7
Total fair value of awards vested	$	138	$	191
Total unrecognized compensation expense	$	257	$	389
Weighted-average remaining vesting period	2.0 years		2.1 years
Performance-based restricted stock units:
Weighted-average fair value per grant	$	19.99	$	27.03
Awards granted and assumed in acquisition	5.0		0.9
Total fair value of awards released	$	13	$	6
Total unrecognized compensation expense	$	63	$	21
Weighted-average remaining vesting period	1.2 years		1.5 years
Stock options:
Weighted-average exercise price of options assumed in acquisition	$	7.39	$	—
Total intrinsic value of stock options exercised	$	57	$	3
Total unrecognized compensation expense	$	116	$	—
Weighted-average remaining vesting period	1.6 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. The total fair value of options assumed was $265 million and the total fair value of RSUs and PRUs assumed was $162 million. 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.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details