QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer Identification no.) | ||||||||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | |||||||||
par value $0.01 per share |
þ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||||||||||||||
Emerging growth company | ||||||||||||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Page | ||||||||
July 2, 2021 | April 2, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts receivable, net | |||||||||||
Other current assets | |||||||||||
Assets held for sale | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease assets | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Other long-term assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued compensation and benefits | |||||||||||
Current portion of long-term debt | |||||||||||
Contract liabilities | |||||||||||
Current operating lease liabilities | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term contract liabilities | |||||||||||
Deferred income tax liabilities | |||||||||||
Long-term income taxes payable | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 18) | |||||||||||
Stockholders’ equity (deficit): | |||||||||||
Common stock and additional paid-in capital, $ | |||||||||||
Accumulated other comprehensive income | |||||||||||
Retained earnings (accumulated deficit) | ( | ( | |||||||||
Total stockholders’ equity (deficit) | ( | ( | |||||||||
Total liabilities and stockholders’ equity (deficit) | $ | $ |
Three Months Ended | |||||||||||
July 2, 2021 | July 3, 2020 | ||||||||||
Net revenues | $ | $ | |||||||||
Cost of revenues | |||||||||||
Gross profit | |||||||||||
Operating expenses: | |||||||||||
Sales and marketing | |||||||||||
Research and development | |||||||||||
General and administrative | |||||||||||
Amortization of intangible assets | |||||||||||
Restructuring, transition and other costs | |||||||||||
Total operating expenses | |||||||||||
Operating income | |||||||||||
Interest expense | ( | ( | |||||||||
Other income (expense), net | ( | ||||||||||
Income (loss) from continuing operations before income taxes | |||||||||||
Income tax expense (benefit) | ( | ||||||||||
Income (loss) from continuing operations | |||||||||||
Income (loss) from discontinued operations | ( | ||||||||||
Net income | $ | $ | |||||||||
Income (loss) per share - basic: | |||||||||||
Continuing operations | $ | $ | |||||||||
Discontinued operations | $ | $ | ( | ||||||||
Net income per share - basic | $ | $ | |||||||||
Income (loss) per share - diluted: | |||||||||||
Continuing operations | $ | $ | |||||||||
Discontinued operations | $ | $ | ( | ||||||||
Net income per share - diluted | $ | $ | |||||||||
Weighted-average shares outstanding: | |||||||||||
Basic | |||||||||||
Diluted |
Three Months Ended | |||||||||||
July 2, 2021 | July 3, 2020 | ||||||||||
Net income | $ | $ | |||||||||
Other comprehensive income, net of taxes: | |||||||||||
Foreign currency translation adjustments | |||||||||||
Net unrealized gain (loss) on available-for-sale securities | |||||||||||
Other comprehensive income, net of taxes | |||||||||||
Comprehensive income | $ | $ |
Three months ended July 2, 2021 | Common Stock and Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance as of April 2, 2021 | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Common stock issued under employee stock incentive plans | — | — | |||||||||||||||||||||||||||
Shares withheld for taxes related to vesting of restricted stock units | ( | ( | — | — | ( | ||||||||||||||||||||||||
Cash dividends declared ($ | — | ( | — | — | ( | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Extinguishment of convertible debt | — | ( | — | — | ( | ||||||||||||||||||||||||
Balance as of July 2, 2021 | $ | $ | $ | ( | $ | ( |
Three months ended July 3, 2020 | Common Stock and Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
Balance as of April 3, 2020 | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ||||||||||||||||||||||||||
Common stock issued under employee stock incentive plans | — | — | |||||||||||||||||||||||||||
Shares withheld for taxes related to vesting of restricted stock units | ( | ( | — | — | ( | ||||||||||||||||||||||||
Cash dividends declared ($ | — | ( | — | — | ( | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Extinguishment of convertible debt | — | ( | — | — | ( | ||||||||||||||||||||||||
Balance as of July 3, 2020 | $ | $ | ( | $ | ( | $ | ( |
Three Months Ended | |||||||||||
July 2, 2021 | July 3, 2020 | ||||||||||
OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments: | |||||||||||
Amortization and depreciation | |||||||||||
Impairments and write-offs of current and long-lived assets | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes | |||||||||||
Loss (gain) on extinguishment of debt | ( | ||||||||||
Non-cash operating lease expense | |||||||||||
Other | |||||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable, net | |||||||||||
Accounts payable | ( | ||||||||||
Accrued compensation and benefits | ( | ( | |||||||||
Contract liabilities | ( | ( | |||||||||
Income taxes payable | ( | ||||||||||
Other assets | |||||||||||
Other liabilities | ( | ( | |||||||||
Net cash provided by (used in) operating activities | |||||||||||
INVESTING ACTIVITIES: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Proceeds from the maturities and sales of short-term investments | |||||||||||
Other | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
FINANCING ACTIVITIES: | |||||||||||
Repayments of debt and related equity component | ( | ( | |||||||||
Proceeds from issuance of debt, net of issuance costs | |||||||||||
Net proceeds from sales of common stock under employee stock incentive plans | |||||||||||
Tax payments related to restricted stock units | ( | ( | |||||||||
Dividends and dividend equivalents paid | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents | ( | ||||||||||
Change in cash and cash equivalents | ( | ||||||||||
Beginning cash and cash equivalents | |||||||||||
Ending cash and cash equivalents | $ | $ |
Three Months Ended | |||||
(In millions) | July 3, 2020 | ||||
Net revenues | $ | ||||
Gross profit | $ | ||||
Operating income (loss) | $ | ( | |||
Income (loss) before income taxes | $ | ( | |||
Income tax expense (benefit) | $ | ( | |||
Income (loss) from discontinued operations | $ | ( |
(In millions, except useful lives) | January 8, 2021 | ||||
Assets: | |||||
Current assets | $ | ||||
Intangible assets | |||||
Goodwill | |||||
Other long-term asset | |||||
Total assets acquired | |||||
Liabilities: | |||||
Current liabilities | |||||
Contract liabilities | |||||
Other long-term obligations | |||||
Total liabilities assumed | |||||
Total purchase price | $ |
(In millions) | |||||
Balance as of April 2, 2021 | $ | ||||
Purchase accounting adjustment | ( | ||||
Balance as of July 2, 2021 | $ |
July 2, 2021 | April 2, 2021 | ||||||||||||||||||||||||||||||||||
(In millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Developed technology | ( | ( | |||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||
Total finite-lived intangible assets | ( | ( | |||||||||||||||||||||||||||||||||
Indefinite-lived trade names | — | — | |||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended | Condensed Statements of Operations Classification | ||||||||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||||||||
Customer relationships and other | $ | $ | Operating expenses | ||||||||||||||
Developed technology | Cost of revenues | ||||||||||||||||
Total | $ | $ |
(In millions) | |||||
Remainder of 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total | $ |
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
Cash | $ | $ | |||||||||
Cash equivalents | |||||||||||
Total cash and cash equivalents | $ | $ |
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
Accounts receivable | $ | $ | |||||||||
Allowance for doubtful accounts | ( | ( | |||||||||
Total accounts receivable, net | $ | $ |
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
Prepaid expenses | $ | $ | |||||||||
Income tax receivable and prepaid income taxes | |||||||||||
Other tax receivable | |||||||||||
Other | |||||||||||
Total other current assets | $ | $ |
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
Land | $ | $ | |||||||||
Computer hardware and software | |||||||||||
Office furniture and equipment | |||||||||||
Buildings | |||||||||||
Leasehold improvements | |||||||||||
Construction in progress | |||||||||||
Total property and equipment, gross | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Total property and equipment, net | $ | $ |
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
Non-marketable equity investments | $ | $ | |||||||||
Long-term income tax receivable and prepaid income taxes | |||||||||||
Deferred income tax assets | |||||||||||
Long-term prepaid royalty | |||||||||||
Other | |||||||||||
Total other long-term assets | $ | $ |
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
Deferred revenue | $ | $ | |||||||||
Customer deposit liabilities | |||||||||||
Total short-term contract liabilities | $ | $ |
(In millions) | July 2, 2021 | April 2, 2021 | ||||||||||||
Income taxes payable | $ | $ | ||||||||||||
Other taxes payable | ||||||||||||||
Accrued legal fees | ||||||||||||||
Accrued royalties | ||||||||||||||
Other | ||||||||||||||
Total other current liabilities | $ | $ |
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
Deemed repatriation tax payable | $ | $ | |||||||||
Other long-term income taxes | |||||||||||
Uncertain tax positions (including interest and penalties) | |||||||||||
Total long-term income taxes payable | $ | $ |
Three Months Ended | |||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||
Interest income | $ | $ | |||||||||
Foreign exchange gain | |||||||||||
Gain (loss) on early extinguishment of debt | ( | ||||||||||
Transition service expense, net | ( | ||||||||||
Other | |||||||||||
Other income (expense), net | $ | ( | $ |
Three Months Ended | |||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||
Income taxes paid, net of refunds | $ | $ | |||||||||
Interest expense paid | $ | $ | |||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | |||||||||
Non-cash operating activities: | |||||||||||
Operating lease assets obtained in exchange for operating lease liabilities | $ | $ | |||||||||
Reduction of operating lease assets as a result of lease terminations and modifications | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
Extinguishment of debt with borrowings from same creditors | $ | $ |
July 2, 2021 | April 2, 2021 | ||||||||||||||||||||||||||||||||||
(In millions) | Fair Value | Level 1 | Level 2 | Fair Value | Level 1 | Level 2 | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(In millions) | Fair Value | ||||
Due in one year or less | $ | ||||
Total | $ |
Three Months Ended | |||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||
Operating lease costs | $ | $ | |||||||||
Short-term lease costs | |||||||||||
Variable lease costs | |||||||||||
Total lease costs | $ | $ |
Three Months Ended | |||||||||||
July 2, 2021 | July 3, 2020 | ||||||||||
Weighted-average remaining lease term | |||||||||||
Weighted-average discount rate | % | % |
(In millions) | |||||
Remainder of 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: Imputed interest | ( | ||||
Present value of lease liabilities | $ |
(In millions, except percentages) | July 2, 2021 | April 2, 2021 | Effective Interest Rate | ||||||||||||||
New | $ | $ | % | ||||||||||||||
% | |||||||||||||||||
New | % | ||||||||||||||||
% | |||||||||||||||||
Initial Term Loan due May 7, 2026 | LIBOR plus (1) | ||||||||||||||||
Delayed Term loan due May 7, 2026 | LIBOR plus (1) | ||||||||||||||||
% | |||||||||||||||||
% | |||||||||||||||||
Total principal amount | |||||||||||||||||
Less: unamortized discount and issuance costs | ( | ( | |||||||||||||||
Total debt | |||||||||||||||||
Less: current portion | ( | ( | |||||||||||||||
Total long-term debt | $ | $ |
July 2, 2021 | April 2, 2021 | ||||||||||
Term Loan due May 7, 2026 | % | % | |||||||||
Delayed Term Loan due May 7, 2026 | % | % |
(In millions) | |||||
Remainder of 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total future maturities of debt | $ |
July 2, 2021 | April 2, 2021 | ||||||||||||||||
(In millions) | New | New | New | ||||||||||||||
Liability components: | |||||||||||||||||
Principal | $ | $ | $ | ||||||||||||||
Unamortized discount and issuance costs | ( | ( | |||||||||||||||
Net carrying amount | $ | $ | $ | ||||||||||||||
Equity component net of tax | $ | $ | $ | ||||||||||||||
Three Months Ended | |||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||
Contractual interest expense | $ | $ | |||||||||
Amortization of debt discount and issuance costs | $ | $ | |||||||||
Payments in lieu of conversion price adjustments (1) | $ | $ |
Three Months Ended | |||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||
Foreign exchange forward contracts gain | $ | $ |
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
Foreign exchange forward contracts purchased | $ | $ | |||||||||
Foreign exchange forward contracts sold | $ | $ |
Three Months Ended | |||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||
Severance and termination benefit costs | $ | $ | |||||||||
Contract cancellation charges | |||||||||||
Stock-based compensation charges | |||||||||||
Asset write-offs | |||||||||||
Other exit and disposal costs | |||||||||||
Total restructuring and other costs | $ | $ |
Three Months Ended | |||||
July 3, 2020 | |||||
Severance and termination benefit costs | $ | ||||
Separation costs | |||||
Total restructuring and other costs | $ |
(in millions) | Liability Balance as of April 2, 2021 | Costs, Net of Adjustments | Cash Payments | Liability Balance as of July 2, 2021 | |||||||||||||||||||
Severance and termination benefit costs | $ | $ | $ | ( | $ | ||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Three Months Ended | |||||||||||
(In millions, except percentages) | July 2, 2021 | July 3, 2020 | |||||||||
Income (loss) from continuing operations before income taxes | $ | $ | |||||||||
Income tax expense (benefit) | $ | $ | ( | ||||||||
Effective tax rate | % | ( | % |
(In millions) | Foreign Currency Translation Adjustments | ||||
Balance as of April 2, 2021 | $ | ||||
Other comprehensive income before reclassifications | |||||
Balance as of July 2, 2021 | $ |
Three Months Ended | |||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||
Sales and marketing | $ | $ | |||||||||
Research and development | |||||||||||
General and administrative | |||||||||||
Restructuring and other costs | |||||||||||
Other income (expense), net | ( | ||||||||||
Total stock-based compensation from continuing operations | |||||||||||
Discontinued operations | |||||||||||
Total stock-based compensation expense | $ | $ | |||||||||
Income tax benefit for stock-based compensation expense | $ | ( | $ | ( |
Three Months Ended | ||||||||||||||
(In millions, except per grant data) | July 2, 2021 | July 3, 2020 | ||||||||||||
Restricted stock units (RSUs): | ||||||||||||||
Weighted-average fair value per award granted | $ | $ | ||||||||||||
Awards granted | (1) | |||||||||||||
Total fair value of awards released | $ | $ | ||||||||||||
Outstanding and unvested | ||||||||||||||
Performance-based restricted stock units (PRUs): | ||||||||||||||
Weighted-average fair value per award granted | $ | $ | ||||||||||||
Awards granted | ||||||||||||||
Total fair value of awards released | $ | $ | ||||||||||||
Outstanding and unvested at target payout | ||||||||||||||
Stock options: | ||||||||||||||
Total intrinsic value of stock options exercised | $ | $ | ||||||||||||
Outstanding | (1) | |||||||||||||
Exercisable | (1) | (1) |
Three Months Ended | |||||
(In millions) | July 3, 2020 | ||||
Sales and marketing | $ | ||||
Research and development | |||||
General and administrative | |||||
Restructuring and other costs | |||||
Total stock-based compensation | $ |
Three Months Ended | |||||||||||
(In millions, except per share amounts) | July 2, 2021 | July 3, 2020 | |||||||||
Income (loss) from continuing operations | $ | $ | |||||||||
Income (loss) from discontinued operations | ( | ||||||||||
Net income | $ | $ | |||||||||
Income (loss) per share - basic: | |||||||||||
Continuing operations | $ | $ | |||||||||
Discontinued operations | $ | $ | ( | ||||||||
Net income per share - basic | $ | $ | |||||||||
Income (loss) per share - diluted: | |||||||||||
Continuing operations | $ | $ | |||||||||
Discontinued operations | $ | $ | ( | ||||||||
Net income per share - diluted | $ | $ | |||||||||
Weighted-average shares outstanding - basic | |||||||||||
Dilutive potentially issuable shares: | |||||||||||
Convertible debt | |||||||||||
Employee equity awards | |||||||||||
Weighted-average shares outstanding - diluted | |||||||||||
Anti-dilutive shares excluded from diluted net income per share calculation: | |||||||||||
Employee equity awards (1) | — | ||||||||||
Total |
Three Months Ended | |||||||||||
July 2, 2021 | July 3, 2020 | ||||||||||
N/A | $ | ||||||||||
New | N/A | $ | |||||||||
New | $ | $ |
Three Months Ended | |||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||
Consumer security | $ | $ | |||||||||
Identity and information protection | |||||||||||
Total net revenues | $ | $ |
Three Months Ended | |||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||
Americas | $ | $ | |||||||||
EMEA | |||||||||||
APJ | |||||||||||
Total net revenues | $ | $ |
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
U.S. | $ | $ | |||||||||
International | |||||||||||
Total cash, cash equivalents and short-term investments | $ | $ |
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
U.S. | $ | $ | |||||||||
Ireland | |||||||||||
Germany | |||||||||||
Other countries | |||||||||||
Total property and equipment, net | $ | $ |
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
U.S. | $ | $ | |||||||||
India | |||||||||||
Other countries (1) | |||||||||||
Total operating lease assets | $ | $ |
July 2, 2021 | April 2, 2021 | ||||||||||
Customer A | % | % |
Three Months Ended | |||||||||||
(In millions, except for per share amounts) | July 2, 2021 | July 3, 2020 | |||||||||
Net revenues | $ | 686 | $ | 614 | |||||||
Operating income | $ | 287 | $ | 120 | |||||||
Income (loss) from continuing operations | $ | 181 | $ | 149 | |||||||
Income (loss) from discontinued operations | $ | — | $ | (31) | |||||||
Net income | $ | 181 | $ | 118 | |||||||
Net income per share from continuing operations - diluted | $ | 0.31 | $ | 0.24 | |||||||
Net income (loss) per share from discontinued operations - diluted | $ | — | $ | (0.05) | |||||||
Net income per share - diluted | $ | 0.31 | $ | 0.19 | |||||||
Net cash provided by (used in) operating activities | $ | 258 | $ | 170 |
As Of | |||||||||||
(In millions) | July 2, 2021 | April 2, 2021 | |||||||||
Cash, cash equivalents and short-term investments | $ | 1,245 | $ | 951 | |||||||
Contract liabilities | $ | 1,231 | $ | 1,265 |
Three Months Ended | |||||||||||
July 2, 2021 | July 3, 2020 | ||||||||||
Net revenues | 100 | % | 100 | % | |||||||
Cost of revenues | 15 | 14 | |||||||||
Gross profit | 85 | 86 | |||||||||
Operating expenses: | |||||||||||
Sales and marketing | 23 | 24 | |||||||||
Research and development | 10 | 11 | |||||||||
General and administrative | 7 | 9 | |||||||||
Amortization of intangible assets | 3 | 3 | |||||||||
Restructuring, transition and other costs | 1 | 21 | |||||||||
Total operating expenses | 43 | 66 | |||||||||
Operating income | 42 | 20 | |||||||||
Interest expense | (5) | (7) | |||||||||
Other income (expense), net | — | 3 | |||||||||
Income (loss) from continuing operations before income taxes | 37 | 16 | |||||||||
Income tax expense (benefit) | 10 | (8) | |||||||||
Income (loss) from continuing operations | 26 | 24 | |||||||||
Income (loss) from discontinued operations | — | (5) | |||||||||
Net income | 26 | % | 19 | % |
Three Months Ended | |||||||||||||||||
(In millions, except for percentages) | July 2, 2021 | July 3, 2020 | Change in % | ||||||||||||||
Net revenues | $ | 686 | $ | 614 | 12 | % |
Three Months Ended | |||||||||||
(In millions, except for per user amounts) | July 2, 2021 | July 3, 2020 | |||||||||
Direct customer revenues (1) | $ | 611 | $ | 552 | |||||||
Partner revenues | $ | 80 | $ | 62 | |||||||
Average direct customer count | 23.0 | 20.4 | |||||||||
Direct customer count (at quarter end) | 23.1 | 20.6 | |||||||||
Direct average revenue per user (ARPU) | $ | 8.84 | $ | 9.03 |
Three Months Ended | |||||||||||
July 2, 2021 | July 3, 2020 | ||||||||||
Americas | 70 | % | 73 | % | |||||||
EMEA | 19 | % | 16 | % | |||||||
APJ | 11 | % | 11 | % |
Three Months Ended | |||||||||||||||||
(In millions, except for percentages) | July 2, 2021 | July 3, 2020 | Change in % | ||||||||||||||
Cost of revenues | $ | 102 | $ | 86 | 19 | % |
Three Months Ended | |||||||||||||||||
(In millions, except for percentages) | July 2, 2021 | July 3, 2020 | Change in % | ||||||||||||||
Sales and marketing | $ | 156 | $ | 145 | 8 | % | |||||||||||
Research and development | 68 | 65 | 5 | % | |||||||||||||
General and administrative | 45 | 53 | (15) | % | |||||||||||||
Amortization of intangible assets | 21 | 18 | 17 | % | |||||||||||||
Restructuring and other costs | 7 | 127 | (94) | % | |||||||||||||
Total operating expenses | $ | 297 | $ | 408 | (27) | % |
Three Months Ended | |||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||
Interest expense | $ | (32) | $ | (40) | |||||||
Interest income | — | 2 | |||||||||
Foreign exchange gain | 1 | 1 | |||||||||
Gain (loss) on early extinguishment of debt | (5) | 20 | |||||||||
Transition service expense, net | — | (8) | |||||||||
Other | 1 | 4 | |||||||||
Total non-operating income (expense), net | $ | (35) | $ | (21) |
Three Months Ended | |||||||||||
(In millions, except for percentages) | July 2, 2021 | July 3, 2020 | |||||||||
Income (loss) from continuing operations before income taxes | $ | 252 | $ | 99 | |||||||
Income tax expense (benefit) | $ | 71 | $ | (50) | |||||||
Effective tax rate | 28 | % | (51) | % |
Three Months Ended | |||||||||||
(In millions) | July 2, 2021 | July 3, 2020 | |||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | 258 | $ | 170 | |||||||
Investing activities | $ | (1) | $ | 23 | |||||||
Financing activities | $ | 44 | $ | (1,305) |
(In millions) | July 2, 2021 | ||||
Term Loans | $ | 1,741 | |||
Senior Notes | 1,500 | ||||
Convertible Senior Notes | 625 | ||||
Mortgage Loans | 10 | ||||
Total debt | $ | 3,876 |
Exhibit Number | Incorporated by Reference | Filed/Furnished with this 10-Q | ||||||||||||||||||||||||||||||||||||
Exhibit Description | Form | File Number | Exhibit | File Date | ||||||||||||||||||||||||||||||||||
10.01 | 10-K | 000-17781 | 10.31 | 5/21/2021 | ||||||||||||||||||||||||||||||||||
10.02 | 8-K | 000-17781 | 10.01 | 6/7/2021 | ||||||||||||||||||||||||||||||||||
10.03* | X | |||||||||||||||||||||||||||||||||||||
10.04* | X | |||||||||||||||||||||||||||||||||||||
31.01 | X | |||||||||||||||||||||||||||||||||||||
31.02 | X | |||||||||||||||||||||||||||||||||||||
32.01† | X | |||||||||||||||||||||||||||||||||||||
32.02† | X |
Exhibit Number | Incorporated by Reference | Filed/Furnished with this 10-Q | ||||||||||||||||||||||||||||||||||||
Exhibit Description | Form | File Number | Exhibit | File Date | ||||||||||||||||||||||||||||||||||
101 | The following financial information from NortonLifeLock Inc.'s Quarterly Report on Form 10-Q for the quarter ended July 2, 2021 are formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Stockholders’ Equity (Deficit), (vi) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to the Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | X |
* | Indicates a management contract or compensatory plan or arrangement. | ||||
† | This exhibit is being furnished rather than filed, and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K. |
NORTONLIFELOCK INC. | ||||||||
(Registrant) | ||||||||
By: | /s/ Vincent Pilette | |||||||
Vincent Pilette Chief Executive Officer | ||||||||
By: | /s/ Natalie Derse | |||||||
Natalie Derse Chief Financial Officer |
/s/ Vincent Pilette | ||||||||
Vincent Pilette | ||||||||
Chief Executive Officer |
/s/ Natalie Derse | ||||||||
Natalie Derse | ||||||||
Chief Financial Officer |
/s/ Vincent Pilette | ||||||||
Vincent Pilette | ||||||||
Chief Executive Officer |
/s/ Natalie Derse | ||||||||
Natalie Derse | ||||||||
Chief Financial Officer |
!LIZ2;#
MP._0DXV;3&^D(\) /3!0*X#2TP>VU:M6'(-7+$2N&ONJ%BJ=.3&R@_0*,QFS5VC=<6:PS 3PPLIDF"V:@+^H''0S$<7'^<;0<\ :R;0Q\WMK:PS9EPYHQE; ;9VV%G&J!SOIKJY[[HV*J4L$LC)NU]
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MVLYCR.]QD4<7-UD!!XA
M_A4IM.$$^+09Z'A3OQS@=\X ]1S@<&!_X&3@2N =X$V@%V CO+!*; Q3MOD^
MA/_^L'T!( ^\R7!/ F\6XP"O\/OBH,*;3Y!T@ &7J1< _P#X1,
8?L87+7U9H1-&\E6(^9\B;U6IH@YE'\N
M)^JL\XPNZ=DO5,$",-:O#FBE?\D^B3X,B-LMQV!W
M15H-@=^Y ,>^^A*>=U<:*N.,WI- ,T.>M
!LIZ2;#
MP._0DXV;3&^D(\) /3!0*X#2TP>VU:M6'(-7+$2N&ONJ%BJ=.3&R@_0*,QFS5VC=<6:PS 3PPLIDF"V:@+^H''0S$<7'^<;0<\ :R;0Q\WMK:PS9EPYHQE; ;9VV%G&J!SOIKJY[[HV*J4L$LC)NU]
MR[8S&&<_>2T'":^)78$S@PRK\QMR=CJHB9\:#+H9=%%5VQL*?F+0495V6[H:
MZDUZK/@SZN"$C%=.AX+[NQ*76H&5T[KE^#B_#F3K&'CHTGY\DDU3[H;SIP(J
M6(/\"P)L0F5G*[(W8)Z64\V1!1-6#! :HSR&1J<1?,R 7]-)[^6(4]>3@$L!
MT_2QV[X?$J\!G.FRD4MLC%*V66KI?TO830/V 7B=Y0(R?IJ6"VZ#?B$0)!QL
MYP"_!SA;X"><63L8>!L@ST'"?O&I4408R#$P*W<0\,D'J;G *J"L^I/'7C"/
M&Y7? &P"$&X-^08H5/G T+!!!EU4E>D!U50G_<\#.)GA%LXDFL8:MXW-\7HP
MVLYCR.]QD4<7-UD!!XA
M_A4IM.$$^+09Z'A3OQS@=\X ]1S@<&!_X&3@2N =X$V@%V CO+!*; Q3MOD^
MA/_^L'T!( ^\R7!/ F\6XP"O\/OBH,*;3Y!T@ &7J1< _P#X1,
8?L87+7U9H1-&\E6(^9\B;U6IH@YE'\N
M)^JL\XPNZ=DO5,$",-:O#FBE?\D^B3X,B-LMQV!W
M15H-@=^Y ,>^^A*>=U<:*N.,WI- ,T.>M
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued (in shares) | 581,000,000 | 580,000,000 |
Common stock, shares outstanding (in shares) | 581,000,000 | 580,000,000 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 181 | $ 118 |
Other comprehensive income, net of taxes: | ||
Foreign currency translation adjustments | 2 | 11 |
Net unrealized gain (loss) on available-for-sale securities | 0 | 1 |
Other comprehensive income, net of taxes | 2 | 12 |
Comprehensive income | $ 183 | $ 130 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per common share (in dollars per share) | $ 0.125 | $ 0.125 |
Description of Business and Significant Accounting Policies |
3 Months Ended |
---|---|
Jul. 02, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Significant Accounting Policies | Description of Business and Significant Accounting Policies Business NortonLifeLock, Inc. is a leading provider of consumer Cyber Safety solutions globally. We help customers protect their devices, online privacy, identity and home networks. Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States of America for interim financial information. In the opinion of management, the unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring items, except as otherwise noted, necessary for the fair presentation of our financial position, results of operations, and cash flows for the interim periods. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended April 2, 2021. The results of operations for the three months ended July 2, 2021 are not necessarily indicative of the results expected for the entire fiscal year. Fiscal calendar We have a 52/53-week fiscal year ending on the Friday closest to March 31. Unless otherwise stated, references to three-month periods in this report relate to fiscal periods ended July 2, 2021 and July 3, 2020. The three months ended July 2, 2021 and July 3, 2020 each consisted of 13 weeks. Our 2022 fiscal year consists of 52 weeks and ends on April 1, 2022. Use of estimates The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Such estimates include, but are not limited to, valuation of business combinations including acquired intangible assets and goodwill, loss contingencies, the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions and valuation of assets and liabilities and results of operations of our discontinued operations. On an ongoing basis, management determines these estimates and assumptions based on historical experience and on various other assumptions that are believed to be reasonable. Third-party valuation specialists are also utilized for certain estimates. Actual results could differ from such estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment due to the COVID-19 pandemic, and such differences may be material to the Condensed Consolidated Financial Statements. Significant accounting policies With the exception of those discussed in Note 2, there have been no material changes to our significant accounting policies as of and for the three months ended July 2, 2021, as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended April 2, 2021.
|
Recent Accounting Standards |
3 Months Ended |
---|---|
Jul. 02, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Standards | Recent Accounting Standards Recently adopted authoritative guidance Income Taxes. In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The guidance also clarifies and amends existing guidance to improve consistent application. On April 3, 2021, the first day of fiscal 2022, we adopted this guidance prospectively. The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements. Recently issued authoritative guidance not yet adopted Debt with Conversion and Other Options. In August 2020, the FASB issued new guidance that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments. The new guidance removes from GAAP the separation models for convertible debt with embedded conversion features. As a result, after adopting the guidance, entities will no longer separately present embedded conversion features in equity. Instead, they will account for the convertible debt wholly as debt. The new guidance also requires use of the if-converted method when calculating the dilutive impact of convertible debt on earnings per share. The standard will be effective for us in our first quarter of fiscal 2023, with early adoption permitted beginning in the first quarter of fiscal 2022. It may be applied retrospectively to each prior period presented or retrospectively with cumulative effect recognized in retained earnings as of the date of adoption. We are currently evaluating the impact of the adoption of this guidance on our Condensed Consolidated Financial Statements and disclosures. Reference Rate Reform. In March 2020, the FASB issued new guidance providing temporary optional expedients and exceptions to ease the financial reporting burden of the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. The standard was effective upon issuance and may generally be applied through December 31, 2022, to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR. We continue to evaluate our contractual arrangements and hedging relationships that reference LIBOR. Although there are several other new accounting pronouncements issued or proposed by the FASB that we have adopted or will adopt, as applicable, we do not believe any of these accounting pronouncements has had, or will have, a material impact on our Condensed Consolidated Financial Statements and disclosures
|
Discontinued Operations and Assets Held for Sale |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Assets Held for Sale | Discontinued Operations and Assets Held for Sale Discontinued operations On November 4, 2019, we completed the sale of certain of our Enterprise Security assets and certain liabilities to Broadcom Inc. (the Broadcom sale). Certain costs associated with the divestiture of our Enterprise Security business are classified as discontinued operations in our Condensed Consolidated Statements of Operations. During the three months ended July 3, 2020, costs primarily consisted of severance and termination benefits as part of our November 2019 restructuring plan. These activities were completed during fiscal 2021. See Note 12 for information associated with our restructuring activities. In connection with the Broadcom sale, we entered into a transition services agreement under which we provided assistance to Broadcom including, but not limited to, business support services and information technology services. During fiscal 2021, the transition services were completed. Dedicated direct costs, net of charges to Broadcom, for these transition services were $8 million during the three months ended July 3, 2020. These direct costs were presented as part of Other income (expense), net in the Condensed Consolidated Statements of Operations. The following table presents information regarding certain components of income (loss) from discontinued operations, net of income taxes during the three months ended July 3, 2020. There was no discontinued operations activity during the three months ended July 2, 2021.
Assets held for sale During fiscal 2020, we reclassified certain land and buildings previously reported as property and equipment to assets held for sale when the properties were approved for immediate sale in their present condition and the sale was expected to be completed within one year. We continue to actively market the properties for sale; however, during fiscal 2022, the commercial real estate market continues to be adversely affected by the COVID-19 pandemic, which has delayed the expected timing of sale. We have taken into consideration the current real estate values and demand, and continue to execute plans to sell these properties. As of July 2, 2021, these assets are classified as assets held for sale. During the three months ended July 2, 2021, there were no impairments because the fair value of the properties less costs to sell either equals or exceeds their carrying value.On July 14, 2021, we completed the sale of certain land and buildings in Mountain View, which were previously classified as held for sale as of July 2, 2021, for cash consideration of $358 million. We will recognize a gain on sale of $176 million.
|
Acquisitions |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions Fiscal 2021 acquisition On January 8, 2021, we completed our acquisition of Avira. Avira provides a consumer-focused portfolio of cybersecurity and privacy solutions primarily in Europe and key emerging markets. The total aggregate consideration for the acquisition was $344 million, net of $32 million cash acquired. Our current allocation of the aggregate purchase price for the acquisition as of January 8, 2021, is as follows:
The allocation of the purchase price above was based upon a preliminary valuation performed during the fourth quarter of fiscal 2021 and reflects adjustments made during the three months ended July 2, 2021. Our estimates and assumptions are subject to refinement within the measurement period, which may be up to one year from the acquisition date. Adjustments to the purchase price may require adjustments to goodwill prospectively. The primary area of preliminary purchase price allocation that is not yet finalized relates to certain tax matters.
|
Revenues |
3 Months Ended |
---|---|
Jul. 02, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Contract liabilities During the three months ended July 2, 2021, we recognized $498 million from the contract liabilities balance at April 2, 2021. During the three months ended July 3, 2020, we recognized $442 million from the contract liabilities balance at April 3, 2020. Remaining performance obligations Remaining performance obligations represent contract revenue that has not been recognized, which include contract liabilities and amounts that will be billed and recognized as revenue in future periods. As of July 2, 2021, we had $881 million of remaining performance obligations, excluding customer deposit liabilities of $350 million, of which we expect to recognize approximately 94% as revenue over the next 12 months. See Note 17 for tabular disclosures of disaggregated revenue by solution and geographic region.
|
Goodwill and Intangible Assets |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The changes in the carrying amount of goodwill were as follows:
Intangible assets, net
Amortization expense for purchased intangible assets is summarized below:
As of July 2, 2021, future amortization expense related to intangible assets that have finite lives is as follows by fiscal year:
|
Supplementary Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Information | Supplementary Information Cash and cash equivalents:
Accounts receivable, net:
Other current assets:
Property and equipment, net:
Other long-term assets:
Short-term contract liabilities:
Other current liabilities:
Long-term income taxes payable:
Other income (expense), net:
Supplemental cash flow information:
|
Financial Instruments and Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements For financial instruments measured at fair value, fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider assumptions that market participants would use when pricing the asset or liability. The three levels of inputs that may be used to measure fair value are: •Level 1: Quoted prices in active markets for identical assets or liabilities. •Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets or model-derived valuations. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. •Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We monitor and review the inputs and results of these valuation models to help ensure the fair value measurements are reasonable and consistent with market experience in similar asset classes. Assets measured and recorded at fair value on a recurring basis The following table summarizes our financial instruments measured at fair value on a recurring basis:
The following table presents the contractual maturities of our investments in debt securities as of July 2, 2021:
Actual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations. Financial instruments not recorded at fair value on a recurring basis include our non-marketable equity investments and long-term debt. Non-marketable equity investments As of July 2, 2021 and April 2, 2021, the carrying value of our non-marketable equity investments was $185 million and $185 million, respectively. Current and long-term debt As of July 2, 2021 and April 2, 2021, the total fair value of our fixed rate debt was $2,154 million and $2,400 million, respectively. The fair value of our variable rate debt approximated its carrying value. The fair values of all our debt obligations were based on Level 2 inputs.
|
Leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases We lease certain of our facilities, equipment, and data center co-locations under operating leases that expire on various dates through fiscal 2028. Our leases generally have terms that range from 1 year to 10 years for our facilities, 1 year to 6 years for equipment, and 1 year to 6 years for data center co-locations. Some of our leases contain renewal options, escalation clauses, rent concessions and leasehold improvement incentives. On July 14, 2021, we completed the sale of certain land and buildings in Mountain View for cash consideration of $358 million. In conjunction with the sale, we signed a 7-year leaseback agreement for a portion of the property, with an option to extend the lease for an additional 5 years. The leaseback agreement is effective as of the date of sale. The sale transaction and immediate leaseback qualified as a completed sale, and we will recognize a gain on sale of $176 million. The following summarizes our lease costs:
Other information related to our operating leases was as follows:
See Note 7 for cash flow information related to our operating leases. As of July 2, 2021, the maturities of our lease liabilities by fiscal year are as follows:
|
Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following table summarizes components of our debt:
(1) The term loans bear interest at a rate equal to LIBOR plus a margin based either on the current debt rating of our non-credit-enhanced, senior unsecured long-term debt or consolidated adjusted leverage as defined in the underlying loan agreement. The interest rates for the outstanding term loans are as follows:
As of July 2, 2021, the future contractual maturities of debt by fiscal year are as follows:
Repayments of Convertible Senior Notes In May 2021, we settled the $250 million principal and conversion rights of our New 2.5% Convertible Notes in cash. The aggregate settlement amount of $364 million was based on $24.40 per underlying share into which the New 2.5% Convertible Notes were convertible. In addition, we paid $1 million of accrued and unpaid interest through the date of settlement and $1 million of cash dividends that we declared on May 10, 2021. The repayments resulted in an adjustment to stockholders’ equity of $112 million and a loss on extinguishment of $2 million. As of July 2, 2021 and April 2, 2021, our Convertible Senior Notes consisted of the following:
Based on the closing price of our common stock of $27.20 on July 2, 2021, the if-converted value of the New 2.0% Convertible Notes exceeded the principal amount by approximately $208 million. The following table sets forth total interest expense recognized related to our Convertible Senior Notes:
(1) Payments in lieu of conversion price adjustments consist of amounts paid to holders of the Convertible Senior Notes when our quarterly dividend to our common stockholders exceeds the amounts defined in the Convertible Senior Notes agreements. Credit facility On November 4, 2019, we entered into a credit agreement with financial institutions, which provides a revolving line of credit of $1 billion, a 5-year term loan of $500 million (the Initial Term Loan) and a delayed draw 5-year term loan commitment of $750 million (the Delayed Draw Term Loan). On September 14, 2020, we drew $750 million on the Delayed Draw Term Loan. On May 7, 2021, we entered into the first amendment to the credit agreement with financial institutions (the First Amendment), which extended the maturity of all term loans and revolver credit facilities from November 2024 to May 2026. The First Amendment also provided for an incremental increase under the Initial Term Loan of $525 million. This transaction was accounted for as a debt extinguishment of the Initial Term Loan and resulted in accelerated recognition of interest expense for unamortized debt issuance costs, which was immaterial. At the closing of the First Amendment, we did not borrow any funds under the revolving line of credit and fully borrowed the First Amendment under the Initial Term Loan, such that loans in an aggregate principal amount of $1,741 million were outstanding. The credit facilities remain senior secured. The principal amount of the Initial Term Loan and the additional borrowings under the First Amendment must be repaid in quarterly installments on the last business day of each calendar quarter commencing with the quarter ended September 30, 2022 in an amount equal to 1.25% of the aggregate principal amount, as of the date of the first amendment. The principal amount of the Delayed Draw Term Loan must be repaid in quarterly installments on the last business day of each calendar quarter commencing with the later of (i) the quarter ended March 31, 2021 and (ii) the first full fiscal quarter ended following the Borrowing of the Delayed Draw Term Loans in an amount equal to 1.25% of aggregate principal amount that are outstanding immediately after the borrowing of the Delayed Draw Term Loan. We may voluntarily repay outstanding principal balances without penalty. As of July 2, 2021, there were no borrowings outstanding under our revolving credit facilities. Interest on borrowings under the credit agreement can be based on a base rate or the LIBOR at our election. Based on our debt ratings and our consolidated leverage ratios as determined in accordance with the credit agreement, loans borrowed bear interest, in the case of base rate loans, at a per annum rate equal to the applicable base rate plus a margin ranging from 0.125% to 0.75%, and in the case of LIBOR loans, LIBOR, as adjusted for statutory reserves, plus a margin ranging from 1.125% to 1.75%. The unused revolving line of credit is subject to a commitment fee ranging from 0.125% to 0.30% per annum. Debt covenant compliance The credit agreement contains customary representations and warranties, non-financial covenants for financial reporting, affirmative and negative covenants, including a covenant that we maintain a consolidated leverage ratio of not more than 5.25 to 1.0, or 5.75 to 1.0 if we acquire assets or business in an aggregate amount greater than $250 million, and restrictions on indebtedness, liens, investments, stock repurchases, and dividends (with exceptions permitting our regular quarterly dividend and other specific capital returns). As of July 2, 2021, we were in compliance with all debt covenants.
|
Derivatives |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | DerivativesWe conduct business in numerous currencies throughout our worldwide operations and our entities hold monetary assets or liabilities, earn revenues or incur costs in currencies other than the entity’s functional currency. As a result, we are exposed to foreign exchange gains or losses, which impact our operating results. As part of our foreign currency risk mitigation strategy, we have entered into foreign exchange forward contracts with up to 12 months in duration. We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our foreign currency exposure in a manner that entirely offsets the effects of the changes in foreign exchange rates. We enter into foreign currency forward contracts to hedge foreign currency balance sheet exposure. These forward contracts are not designated as hedging instruments. As of July 2, 2021 and April 2, 2021, the fair value of these contracts was immaterial. The related gain (loss) recognized in Other income (expense), net in our Condensed Consolidated Statements of Operations was as follows:
The fair value of our foreign exchange forward contracts is presented on a gross basis in our Condensed Consolidated Balance Sheets. To mitigate losses in the event of nonperformance by counterparties, we have entered into master netting arrangements with our counterparties that allow us to settle payments on a net basis. The effect of netting on our derivative assets and liabilities was immaterial as of July 2, 2021 and April 2, 2021. The notional amount of our outstanding foreign exchange forward contracts in U.S. dollar equivalent was as follows:
|
Restructuring and Other Costs |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Costs | Restructuring and Other Costs Our restructuring and other costs consist primarily of severance and termination benefits, contract cancellation charges and asset write-offs and impairments. Severance costs generally include severance payments, outplacement services, health insurance coverage and legal costs. Contract cancellation charges primarily include penalties for early termination of contracts and write-offs of related prepaid assets. December 2020 Plan In December 2020, our Board of Directors approved a restructuring plan (the December 2020 Plan) to consolidate facilities and reduce operating costs in connection with our acquisition of Avira. We estimate that we will incur total costs of up to $20 million. These actions are expected to be completed in fiscal 2022. As of July 2, 2021, we have incurred total costs of $15 million under the December 2020 Plan. November 2019 Plan In November 2019, our Board of Directors approved a restructuring plan (the November 2019 Plan) in connection with the strategic decision to divest our Enterprise Security business. Actions under this plan included the reduction of our workforce as well as asset write-offs and impairments, contract terminations, facilities closures, and the sale of underutilized facilities. These actions were completed in fiscal 2021. Any remaining costs or adjustments are immaterial. We incurred total costs of $513 million, excluding stock-based compensation expense, under the November 2019 Plan. In connection with the Broadcom sale, our Board of Directors also approved an equity-based severance program under which certain equity awards held by certain terminated employees were accelerated. As of July 2, 2021, we have incurred $127 million of stock-based compensation related to our equity-based severance program. See Note 15 for further information on the impact of this program. Restructuring and other costs summary Our restructuring and other costs attributable to continuing operations are presented in the table below:
In connection with the agreement to sell certain assets of our Enterprise Security business, a portion of our restructuring and other costs were classified to discontinued operations during the three months ended July 3, 2020. Our restructuring and other costs attributable to discontinued operations are presented in the table below. There was no discontinued operations activity during the three months ended July 2, 2021.
Restructuring summary Our activities and liabilities related to our December 2020 Plan are presented in the table below: The restructuring liabilities are included in Other current liabilities in our Condensed Consolidated Balance Sheets.
|
Income Taxes |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following table summarizes our effective tax rate for the periods presented:
Our effective tax rate for the three months ended July 2, 2021 differs from the federal statutory income tax rate primarily due to state taxes, partially offset by the benefits of lower-tax international earnings and various permanent differences. Our effective tax rate for the three months ended July 3, 2020 differs from the federal statutory income tax rate primarily due to a tax benefit related to a favorable tax ruling, the benefits of lower-taxed international earnings, and the research and development tax credit, partially offset by state taxes and various permanent differences. We are a U.S.-based multinational company subject to tax in multiple U.S. and international tax jurisdictions. Our results of operations would be adversely affected to the extent that our geographical mix of income becomes more weighted toward jurisdictions with higher tax rates and would be favorably affected to the extent the relative geographic mix shifts to lower tax jurisdictions. Any change in our mix of earnings is dependent upon many factors and is therefore difficult to predict. The timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. Given the potential resolution of uncertain tax positions involves multiple tax periods and jurisdictions, we are unable to accurately estimate when these unrecognized tax benefits will be realized or released. However, it is reasonably possible that there could be significant changes to our unrecognized tax benefits in the next 12 months. We continue to monitor the progress of ongoing income tax controversies and the impact, if any, of the expected expiration of the statute of limitations in various taxing jurisdictions.
|
Stockholders' Equity |
3 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders' Equity Dividends On July 27, 2021, we announced that our Board of Directors declared a cash dividend of $0.125 per share of common stock to be paid in September 2021. All shares of common stock issued and outstanding and all restricted stock units (RSUs) and performance-based restricted stock units (PRUs) as of the record date will be entitled to the dividend and dividend equivalent rights (DERs), respectively, which will be paid out if and when the underlying shares are released. Any future dividends and DERs will be subject to the approval of our Board of Directors. Stock repurchase program Under our stock repurchase program, we may purchase shares of our outstanding common stock through open market and through accelerated stock repurchase transactions. On May 4, 2021, our Board of Directors approved an incremental share repurchase authorization of $1,500 million. As of July 2, 2021, we had $1,774 million remaining under the authorization to be completed in future periods with no expiration date. No shares were repurchased during the three months ended July 2, 2021 and July 3, 2020. Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss), net of taxes, consisted of foreign currency translation adjustments:
|
Stock-Based Compensation |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The following table sets forth the stock-based compensation expense recognized for our equity incentive plans:
As of July 2, 2021, the total unrecognized stock-based compensation costs related to our unvested stock-based awards was $159 million, which will be recognized over an estimated weighted-average amortization period of 2.2 years. The following table summarizes additional information related to our stock-based awards, including awards associated with our discontinued operations:
(1) The number of shares was less than 1 million. Dividend equivalent rights (DERs) Our RSUs and PRUs contain DERs that entitles the recipient of an award to receive cash dividend payments if and when the underlying shares are released. The amount of DERs equals the amount of cumulated dividends on the issued number of common stock that would have been payable since the date the associated award was granted. As of July 2, 2021 and April 2, 2021, current dividends payable related to DER was $10 million and $12 million, respectively, recorded as part of Other current liabilities in the Condensed Consolidated Balance Sheets, and long-term dividends payable related to DER was $2 million and $10 million, respectively, recorded as part of Other long-term liabilities. Stock-based award modifications In connection with the Broadcom sale, during the first quarter of fiscal 2021, we entered into severance and retention arrangements with certain executives. Pursuant to these agreements, these executives were entitled to receive vesting of 50% of their unvested equity, subject to a service condition, and the remaining unvested equity was earned at levels of 0% to 150%, subject to market and service conditions. In addition, we entered into severance and retention arrangements with certain other employees in connection with restructuring activities and the Broadcom sale, which accelerated either a portion or all of the vesting of their stock-based awards. All award modifications related to the Broadcom sale were fully expensed in fiscal 2021. The following table summarizes the stock-based compensation expense recognized as a result of these modifications during the three months ended July 3, 2020:
|
Net Income Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | Net Income Per ShareBasic income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share also includes the incremental effect of dilutive potentially issuable common shares outstanding during the period using the treasury stock method. Dilutive potentially issuable common shares include the dilutive effect of the shares underlying convertible debt and employee equity awards. The components of basic and diluted net income (loss) per share are as follows:
(1) During the three months ended July 2, 2021, the number of shares was less than 1 million. Under the treasury stock method, our convertible debt instruments will generally have a dilutive impact on net income per share when our average stock price for the period exceeds the conversion prices for the convertible debt instruments. The 2.0% Convertible Notes and New 2.5% Convertible Senior Notes were fully repaid on May 26, 2020 and May 13, 2021, respectively. The conversion price of each convertible debt instrument applicable in the periods presented is as follows:
|
Segment and Geographic Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Geographic Information | Segment and Geographic Information We operate as one reportable segment. Our Chief Operating Decision Maker reviews financial information presented on a consolidated basis to evaluate company performance and to allocate resources. The following table summarizes net revenues for our major solutions:
Consumer security products include our Norton 360 Security offerings, Norton Security, Norton Secure VPN, Avira Security, and other consumer security solutions. Identity and information protection products include our Norton 360 with LifeLock offerings, LifeLock identity theft protection and other information protection solutions. Geographic information Net revenues by geography are based on the billing addresses of our customers. The following table represents net revenues by geographic area for the periods presented:
Note: The Americas include U.S., Canada and Latin America; EMEA includes Europe, Middle East and Africa; APJ includes Asia Pacific and Japan. Revenues from customers inside the U.S. were $456 million and $427 million during the three months ended July 2, 2021 and July 3, 2020, respectively. No other individual country accounted for more than 10% of revenues. The table below represents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries.
The table below represents our property and equipment, net of accumulated depreciation and amortization, by geographic area, based on the physical location of the asset, at the end of each period presented.
Our operating lease assets by geographic area, based on the physical location of the asset, at the end of each period presented, are as follows:
(1) No other individual country represented more than 10% of the respective totals. Significant customers No customer accounted for 10% or more of our net revenues during the three months ended July 2, 2021.Customers that accounted for over 10% of our net accounts receivable were as follows:
|
Commitments and Contingencies |
3 Months Ended |
---|---|
Jul. 02, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Indemnifications In the ordinary course of business, we may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners, subsidiaries and other parties with respect to certain matters, including, but not limited to, losses arising out of our breach of agreements or representations and warranties made by us. In addition, our bylaws contain indemnification obligations to our directors, officers, employees, and agents, and we have entered into indemnification agreements with our directors and certain of our officers to give such directors and officers additional contractual assurances regarding the scope of the indemnification set forth in our bylaws and to provide additional procedural protections. We maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and officers. It is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Such indemnification agreements might not be subject to maximum loss clauses. Historically, we have not incurred material costs as a result of obligations under these agreements, and we have not accrued any material liabilities related to such indemnification obligations in our Condensed Consolidated Financial Statements. In connection with the sale of Veritas and the sale of our Enterprise Security business to Broadcom, we assigned several leases to Veritas Technologies LLC or Broadcom and/or their related subsidiaries. As a condition to consenting to the assignments, certain lessors required us to agree to indemnify the lessor under the applicable lease with respect to certain matters, including, but not limited to, losses arising out of Veritas Technologies LLC, Broadcom, or their related subsidiaries’ breach of payment obligations under the terms of the lease. As with our other indemnification obligations discussed above and in general, it is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. As with our other indemnification obligations, such indemnification agreements might not be subject to maximum loss clauses, and to date, generally under our real estate obligations, we have not incurred material costs as a result of such obligations under our leases and have not accrued any liabilities related to such indemnification obligations in our Condensed Consolidated Financial Statements. We provide limited product warranties, and the majority of our software license agreements contain provisions that indemnify licensees of our software from damages and costs resulting from claims alleging that our software infringes on the intellectual property rights of a third party. Historically, payments made under these provisions have been immaterial. We monitor the conditions that are subject to indemnification to identify if a loss has occurred. Litigation contingencies SEC Investigation As previously disclosed in our public filings, the Audit Committee of our Board of Directors (the Audit Committee) completed its internal investigation (the Audit Committee Investigation) in September 2018. In connection with the Audit Committee Investigation, we voluntarily contacted the U.S. Securities and Exchange Commission (SEC) in April 2018. The SEC commenced a formal investigation, and we continue to cooperate with that investigation. The outcome of such an investigation is difficult to predict. We have incurred, and may continue to incur, significant expenses related to legal and other professional services in connection with the SEC investigation. At this stage, we are unable to assess whether any material loss or adverse effect is reasonably possible as a result of the SEC’s investigation or estimate the range of any potential loss. Securities Class Action and Derivative Litigation Securities class action lawsuits, which have since been consolidated, were filed in May 2018 against us and certain of our former officers, in the U.S. District Court for the Northern District of California. The lead plaintiff’s consolidated amended complaint alleged that, during a purported class period of May 11, 2017 to August 2, 2018, defendants made false and misleading statements in violation of Sections 10(b) and 20(a), and that certain individuals violated Section 20A, of the Securities Exchange Act. Defendants filed motions to dismiss, which the Court granted in an order dated June 14, 2019. Pursuant to that order, plaintiff filed a motion seeking leave to amend and a proposed first amended complaint on July 11, 2019. The Court granted the motion in part on October 2, 2019 and the first amended complaint was filed on October 11, 2019. The Court’s order dismissed certain claims against certain of our former officers. Defendants filed answers on November 7, 2019. On April 20, 2021, to resolve an alleged conflict of interest raised with respect to the lead plaintiff and its counsel, the Court ordered a second Class Notice disclosing the circumstances of the alleged conflict and providing a further period for class members to opt out, which closed on July 2, 2021. The initial class opt out period closed on August 25, 2020. On May 24, 2021, the parties reached a proposed settlement and release of all claims in the class action, for $70 million, and on June 8, 2021, the parties executed a Stipulation and Agreement of Settlement, subject to Court approval and exclusive of any claims that may be brought by shareholders who opted out of the class action. Of the $70M, $67.1 million was covered under the applicable insurance policy with the remainder to be paid by the Company. On July 6, 2021, the plaintiff filed its Motion for Preliminary Settlement Approval and that motion is set to be heard on August 12, 2021. Purported shareholder derivative lawsuits have been filed against us and certain of our former officers and current and former directors in the U.S. District Courts for the District of Delaware and the Northern District of California, Delaware Chancery Court, and Delaware Superior Court, arising generally out of the same facts and circumstances as alleged in the securities class action and alleging claims for breach of fiduciary duty and related claims; these lawsuits include an action brought derivatively on behalf of our 2008 Employee Stock Purchase Plan. The derivative actions are currently voluntarily stayed in light of the securities class action. No specific amount of damages has been alleged in these lawsuits. We have also received demands from purported stockholders to inspect corporate books and records under Delaware law. We will continue to incur legal fees in connection with these pending cases and demands, including expenses for the reimbursement of legal fees of present and former officers and directors under indemnification obligations. The expense of continuing to defend such litigation may be significant. We intend to defend these lawsuits vigorously, but there can be no assurance that we will be successful in any defense. If any of the lawsuits are decided adversely, we may be liable for significant damages directly or under our indemnification obligations, which could adversely affect our business, results of operations, and cash flows. At this stage, we are unable to assess whether any material loss or adverse effect is reasonably possible as a result of the derivative lawsuits or estimate the range of any potential loss. GSA During the first quarter of fiscal 2013, we were advised by the Commercial Litigation Branch of the Department of Justice’s (DOJ) 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 (GSA) 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. As reported on the GSA’s publicly-available database, our total sales under the GSA Schedule contract were approximately $222 million from the period beginning January 2007 and ending September 2012. We fully cooperated with the government throughout its investigation, and in January 2014, representatives of the government indicated that their initial analysis of our actual damages exposure from direct government sales under the GSA Schedule contract was approximately $145 million; since the initial meeting, the government’s analysis of our potential damages exposure relating to direct sales has increased. The government also indicated they would pursue claims for certain sales to California, Florida, and New York as well as sales to the federal government through reseller GSA Schedule contracts, which could significantly increase our potential damages exposure. In 2012, a sealed civil lawsuit was filed against us related to compliance with the GSA Schedule contract and contracts with California, Florida, and New York. On July 18, 2014, the Court-imposed seal expired, and the government intervened in the lawsuit. On September 16, 2014, the states of California and Florida intervened in the lawsuit, and the state of New York notified the Court that it would not intervene. On October 3, 2014, the DOJ filed an amended complaint, which did not state a specific damages amount. On October 17, 2014, California and Florida combined their claims with those of the DOJ and the relator on behalf of New York in an Omnibus Complaint, and a First Amended Omnibus Complaint was filed on October 8, 2015; the state claims also do not state specific damages amounts. On June 6, 2019, we filed a motion seeking summary judgment on all claims asserted by all plaintiffs, and the plaintiffs filed a motion for partial summary judgment on elements of liability on their claims. On October 21, 2019, the DOJ moved for a Prejudgment Writ of Sequestration for the Company to set aside $1,090 million to pay a judgment, should the United States prevail in this litigation, under the Federal Debt Collection Procedures Act. The Writ was sought in response to the Company’s announcement of its plans to distribute the after-tax proceeds of the sale of the Symantec enterprise business to Broadcom to its shareholders via a special dividend. The Court denied the Writ on December 12, 2019, on the basis of the Government’s failure to establish the “probable validity” of the debt, the amount sought to be sequestered, and the Company’s available cash, cash equivalents and short-term investments. The Court permitted the DOJ limited discovery of facts relevant to the Company’s financial state and financial projections and the option to renew its motion if appropriate and supported by the analysis of its own financial expert. That discovery period has now closed. On March 30, 2020, the Court issued an Order granting in part and denying in part our motion for summary judgment and granting in part and denying in part the United States’ motion for partial summary judgment. On September 30, 2020, the Company filed a Motion for Reconsideration of certain rulings in the Court’s March 30 Summary Judgment Order. Court ordered mediations in July 2020 February 2021 were not successful. The August 2, 2021 trial date has now been continued until September 27, 2021. On March 23, 2021, Plaintiffs withdrew their demand for a jury trial and the Company consented to proceed with a bench trail. On May 13, 2021, we reached a settlement in principle with the State of Florida to resolve all claims it asserted in the litigation for $0.5 million. The issue of relator’s statutory attorney’s fees with respect to the State of Florida’s claims remains unresolved. At this time, our current estimate of the low end of the range of probable estimated losses from this matter is $50 million, inclusive of the settlement with the State of Florida, which we have accrued. It is possible that the litigation could lead to claims or findings of violations of the False Claims Act and could be material to our results of operations and cash flows for any period. Resolution of False Claims Act investigations can ultimately result in the payment of somewhere between one and three times the actual damages proven by the government, plus civil penalties. There is at least a reasonable possibility that a loss may have been incurred in excess of our accrual for this matter. Holden v. NortonLifeLock On February 8, 2021, Lauren Holden filed a putative class action in the Circuit Court for Duval County, Florida alleging that the Company violated the Florida wiretapping statute, Florida Security of Communications Act, Fla. Stat. Ann. § 934.01, et. seq., through the use of session replay technology on www.us.norton.com. The complaint defines the class as consisting of Florida residents who visited the website and whose electronic communications were alleged to have been intercepted by the Company without prior consent and, on behalf of the class, seeks statutory damages, attorney’s fees and costs, and injunctive relief. On March 12, 2021, the Company removed the case to the District Court for the Middle District of Florida and filed its Answer and Affirmative Defenses to the complaint. The Company then filed a Motion for Judgment on the Pleadings on April 20, 2021. On April 29, 2021, Plaintiff filed a Motion for Leave to File an Amended Complaint. On July 22, 2021, the Court granted Plaintiff leave to file an amended complaint and deemed the Motion for Judgment on the Pleadings moot. At this stage, we are unable to assess whether any material loss or adverse effect is reasonably possible as a result of this lawsuit or estimate the range of any potential loss. We dispute these claims and intend to defend them vigorously. Other We are involved in a number of other judicial and administrative proceedings that are incidental to our business. Although adverse decisions (or settlements) may occur in one or more of the cases, it is not possible to estimate the possible loss or losses from each of these cases. The final resolution of these lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on our business, results of operations, financial condition or cash flows.
|
Description of Business and Significant Accounting Policies (Policies) |
3 Months Ended |
---|---|
Jul. 02, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States of America for interim financial information. In the opinion of management, the unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring items, except as otherwise noted, necessary for the fair presentation of our financial position, results of operations, and cash flows for the interim periods. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended April 2, 2021. The results of operations for the three months ended July 2, 2021 are not necessarily indicative of the results expected for the entire fiscal year. |
Fiscal calendar | We have a 52/53-week fiscal year ending on the Friday closest to March 31. Unless otherwise stated, references to three-month periods in this report relate to fiscal periods ended July 2, 2021 and July 3, 2020. The three months ended July 2, 2021 and July 3, 2020 each consisted of 13 weeks. Our 2022 fiscal year consists of 52 weeks and ends on April 1, 2022. |
Use of estimates | The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Such estimates include, but are not limited to, valuation of business combinations including acquired intangible assets and goodwill, loss contingencies, the recognition and measurement of current and deferred income taxes, including the measurement of uncertain tax positions and valuation of assets and liabilities and results of operations of our discontinued operations. On an ongoing basis, management determines these estimates and assumptions based on historical experience and on various other assumptions that are believed to be reasonable. Third-party valuation specialists are also utilized for certain estimates. Actual results could differ from such estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment due to the COVID-19 pandemic, and such differences may be material to the Condensed Consolidated Financial Statements. |
Recent Accounting Standards | Recently adopted authoritative guidance Income Taxes. In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The guidance also clarifies and amends existing guidance to improve consistent application. On April 3, 2021, the first day of fiscal 2022, we adopted this guidance prospectively. The adoption of this guidance did not have a material impact on our Condensed Consolidated Financial Statements. Recently issued authoritative guidance not yet adopted Debt with Conversion and Other Options. In August 2020, the FASB issued new guidance that simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments. The new guidance removes from GAAP the separation models for convertible debt with embedded conversion features. As a result, after adopting the guidance, entities will no longer separately present embedded conversion features in equity. Instead, they will account for the convertible debt wholly as debt. The new guidance also requires use of the if-converted method when calculating the dilutive impact of convertible debt on earnings per share. The standard will be effective for us in our first quarter of fiscal 2023, with early adoption permitted beginning in the first quarter of fiscal 2022. It may be applied retrospectively to each prior period presented or retrospectively with cumulative effect recognized in retained earnings as of the date of adoption. We are currently evaluating the impact of the adoption of this guidance on our Condensed Consolidated Financial Statements and disclosures. Reference Rate Reform. In March 2020, the FASB issued new guidance providing temporary optional expedients and exceptions to ease the financial reporting burden of the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. The standard was effective upon issuance and may generally be applied through December 31, 2022, to any new or amended contracts, hedging relationships, and other transactions that reference LIBOR. We continue to evaluate our contractual arrangements and hedging relationships that reference LIBOR. Although there are several other new accounting pronouncements issued or proposed by the FASB that we have adopted or will adopt, as applicable, we do not believe any of these accounting pronouncements has had, or will have, a material impact on our Condensed Consolidated Financial Statements and disclosures
|
Discontinued Operations and Assets Held for Sale (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Discontinued Operations | The following table presents information regarding certain components of income (loss) from discontinued operations, net of income taxes during the three months ended July 3, 2020. There was no discontinued operations activity during the three months ended July 2, 2021.
|
Acquisitions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Our current allocation of the aggregate purchase price for the acquisition as of January 8, 2021, is as follows:
|
Goodwill and Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets, Net, Finite-Lived |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets, Net, Indefinite-Lived |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortization Expense | Amortization expense for purchased intangible assets is summarized below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Intangible Asset Amortization Expense | As of July 2, 2021, future amortization expense related to intangible assets that have finite lives is as follows by fiscal year:
|
Supplementary Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and cash equivalents | Cash and cash equivalents:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts receivable, net | Accounts receivable, net:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other current assets | Other current assets:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property and equipment, net | Property and equipment, net:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other long-term assets | Other long-term assets:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term contract liabilities | Short-term contract liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other current liabilities | Other current liabilities:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term income taxes payable | Long-term income taxes payable:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other income, net | Other income (expense), net:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information:
|
Financial Instruments and Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Carrying Value of Assets Measured at Fair Value on a Recurring Basis | The following table summarizes our financial instruments measured at fair value on a recurring basis:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contractual Maturity of Investments in Debt Securities | The following table presents the contractual maturities of our investments in debt securities as of July 2, 2021:
|
Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Cost and Sublease Income | The following summarizes our lease costs:
Other information related to our operating leases was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lessee, Operating Lease, Liability, Maturity | As of July 2, 2021, the maturities of our lease liabilities by fiscal year are as follows:
|
Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Debt | The following table summarizes components of our debt:
(1) The term loans bear interest at a rate equal to LIBOR plus a margin based either on the current debt rating of our non-credit-enhanced, senior unsecured long-term debt or consolidated adjusted leverage as defined in the underlying loan agreement. The interest rates for the outstanding term loans are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | As of July 2, 2021, the future contractual maturities of debt by fiscal year are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Convertible Debt | As of July 2, 2021 and April 2, 2021, our Convertible Senior Notes consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Expense | The following table sets forth total interest expense recognized related to our Convertible Senior Notes:
|
Derivatives (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Loss | The related gain (loss) recognized in Other income (expense), net in our Condensed Consolidated Statements of Operations was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Foreign Exchange Contracts | The notional amount of our outstanding foreign exchange forward contracts in U.S. dollar equivalent was as follows:
|
Restructuring and Other Costs (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs | Our restructuring and other costs attributable to continuing operations are presented in the table below:
In connection with the agreement to sell certain assets of our Enterprise Security business, a portion of our restructuring and other costs were classified to discontinued operations during the three months ended July 3, 2020. Our restructuring and other costs attributable to discontinued operations are presented in the table below. There was no discontinued operations activity during the three months ended July 2, 2021.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Activities | Our activities and liabilities related to our December 2020 Plan are presented in the table below:
|
Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Effective Tax Rate | The following table summarizes our effective tax rate for the periods presented:
|
Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss), net of taxes, consisted of foreign currency translation adjustments:
|
Stock-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-Based Compensation Expense | The following table sets forth the stock-based compensation expense recognized for our equity incentive plans:
The following table summarizes the stock-based compensation expense recognized as a result of these modifications during the three months ended July 3, 2020:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Additional Information Related to Stock-Based awards | The following table summarizes additional information related to our stock-based awards, including awards associated with our discontinued operations:
|
Net Income Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Income Per Share | The components of basic and diluted net income (loss) per share are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Conversion Rate | The conversion price of each convertible debt instrument applicable in the periods presented is as follows:
|
Segment and Geographic Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 02, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers by Products and Services | The following table summarizes net revenues for our major solutions:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Net revenues by geography are based on the billing addresses of our customers. The following table represents net revenues by geographic area for the periods presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash, Cash Equivalents and Investments | The table below represents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | The table below represents our property and equipment, net of accumulated depreciation and amortization, by geographic area, based on the physical location of the asset, at the end of each period presented.
Our operating lease assets by geographic area, based on the physical location of the asset, at the end of each period presented, are as follows:
(1) No other individual country represented more than 10% of the respective totals.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable by Major Customers by Reporting Segments | Customers that accounted for over 10% of our net accounts receivable were as follows:
|
Discontinued Operations and Assets Held for Sale - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Jul. 14, 2021 |
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment of assets to be disposed of | $ 0 | ||
Enterprise Security | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Dedicated direct costs, net of charges, for transition services agreement | $ 8,000,000 | ||
Mountain View Buildings | Disposal Group, Held-for-sale, Not Discontinued Operations | Subsequent Event | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration from sale of properties | $ 358,000,000 | ||
Gain on sale of property | $ 176,000,000 |
Discontinued Operations and Assets Held for Sale - Components of Income (Loss) from Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income (loss) from discontinued operations | $ 0 | $ (31) |
Discontinued Operations, Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net revenues | 0 | |
Gross profit | 0 | |
Operating income (loss) | (42) | |
Income (loss) before income taxes | (41) | |
Income tax expense (benefit) | (10) | |
Income (loss) from discontinued operations | $ (31) |
Acquisitions - Narrative (Details) $ in Millions |
Jan. 08, 2021
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Purchase price allocation measurement period | 1 year |
Avira | |
Business Acquisition [Line Items] | |
Cash payments, net of cash acquired | $ 344 |
Cash acquired | $ 32 |
Acquisitions - Preliminary Allocation Of The Aggregate Purchase Price (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
Jan. 08, 2021 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 2,863 | $ 2,867 | |
Avira | |||
Business Acquisition [Line Items] | |||
Current assets | $ 12 | ||
Intangible assets | 162 | ||
Goodwill | 264 | ||
Other long-term asset | 21 | ||
Total assets acquired | 459 | ||
Current liabilities | 29 | ||
Contract liabilities | 54 | ||
Other long-term obligations | 32 | ||
Total liabilities assumed | 115 | ||
Total purchase price | $ 344 |
Revenues - Timing of Revenue Recognition, Contract Liabilities and Contract Acquisition Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized from beginning contract liabilities | $ 498 | $ 442 |
Revenues - Remaining Performance Obligations (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligations | $ 881 | |
Customer deposit liabilities | $ 350 | $ 415 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-03 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Percent expected to be recognized as revenue | 94.00% | |
Remaining performance obligation, expected timing of satisfaction, period | 12 months |
Goodwill and Intangible Assets - Schedule of Changes in the Carrying Amount of Goodwill (Details) $ in Millions |
3 Months Ended |
---|---|
Jul. 02, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 2,867 |
Purchase accounting adjustment | (4) |
Ending balance | $ 2,863 |
Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 784 | $ 773 |
Accumulated Amortization | (435) | (404) |
Net Carrying Amount | 349 | 369 |
Indefinite-lived intangible assets | 747 | 747 |
Gross Carrying Amount | 1,531 | 1,520 |
Net Carrying Amount | 1,096 | 1,116 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 567 | 556 |
Accumulated Amortization | (320) | (299) |
Net Carrying Amount | 247 | 257 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 210 | 210 |
Accumulated Amortization | (114) | (104) |
Net Carrying Amount | 96 | 106 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 7 | 7 |
Accumulated Amortization | (1) | (1) |
Net Carrying Amount | $ 6 | $ 6 |
Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 21 | $ 18 |
Segment Reconciling Items | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 31 | 25 |
Customer relationships and other | Operating expenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 21 | 18 |
Developed technology | Cost of revenues | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 10 | $ 7 |
Goodwill and Intangible Assets - Schedule of Future Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2022 | $ 90 | |
2023 | 101 | |
2024 | 88 | |
2025 | 29 | |
2026 | 24 | |
Thereafter | 17 | |
Net Carrying Amount | $ 349 | $ 369 |
Supplementary Information - Cash and Cash Equivalents (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Supplementary Information [Abstract] | ||
Cash | $ 702 | $ 650 |
Cash equivalents | 528 | 283 |
Total cash and cash equivalents | $ 1,230 | $ 933 |
Supplementary Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Supplementary Information [Abstract] | ||
Accounts receivable | $ 106 | $ 118 |
Allowance for doubtful accounts | (1) | (1) |
Accounts receivable, net | $ 105 | $ 117 |
Supplementary Information - Other Current Assets (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Supplementary Information [Abstract] | ||
Prepaid expenses | $ 99 | $ 95 |
Income tax receivable and prepaid income taxes | 64 | 96 |
Other tax receivable | 19 | 31 |
Other | 16 | 15 |
Total other current assets | $ 198 | $ 237 |
Supplementary Information - Property and Equipment (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 625 | $ 633 |
Accumulated depreciation and amortization | (554) | (555) |
Total property and equipment, net | 71 | 78 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 3 | 3 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 481 | 479 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 52 | 63 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 29 | 29 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 59 | 58 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 1 | $ 1 |
Supplementary Information - Other Long-term Assets (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Supplementary Information [Abstract] | ||
Non-marketable equity investments | $ 185 | $ 185 |
Long-term income tax receivable and prepaid income taxes | 30 | 30 |
Deferred income tax assets | 348 | 355 |
Long-term prepaid royalty | 66 | 70 |
Other | 49 | 46 |
Other long-term assets | $ 678 | $ 686 |
Supplementary Information - Short-term Contract Liabilities (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Supplementary Information [Abstract] | ||
Deferred revenue | $ 826 | $ 795 |
Customer deposit liabilities | 350 | 415 |
Total short-term contract liabilities | $ 1,176 | $ 1,210 |
Supplementary Information - Other Current Liabilities (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Supplementary Information [Abstract] | ||
Income taxes payable | $ 140 | $ 111 |
Other taxes payable | 74 | 82 |
Accrued legal fees | 69 | 66 |
Accrued royalties | 45 | 46 |
Other | 113 | 123 |
Other current liabilities | $ 441 | $ 428 |
Supplementary Information - Long-term Income Taxes Payable (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Supplementary Information [Abstract] | ||
Deemed repatriation tax payable | $ 511 | $ 525 |
Other long-term income taxes | 29 | 29 |
Uncertain tax positions (including interest and penalties) | 563 | 565 |
Total long-term income taxes payable | $ 1,103 | $ 1,119 |
Supplementary Information - Other Income (Expense), Net (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Supplementary Information [Abstract] | ||
Interest income | $ 0 | $ 2 |
Foreign exchange gain | 1 | 1 |
Gain (loss) on early extinguishment of debt | (5) | 20 |
Transition service expense, net | 0 | (8) |
Other | 1 | 4 |
Other income (expense), net | $ (3) | $ 19 |
Supplementary Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Supplementary Information [Abstract] | ||
Income taxes paid, net of refunds | $ 14 | $ 2 |
Interest expense paid | 44 | 45 |
Cash paid for amounts included in the measurement of operating lease liabilities | 8 | 9 |
Non-cash operating activities: | ||
Operating lease assets obtained in exchange for operating lease liabilities | 0 | 2 |
Reduction of operating lease assets as a result of lease terminations and modifications | 0 | 23 |
Non-cash investing and financing activities: | ||
Extinguishment of debt with borrowings from same creditors | $ 494 | $ 0 |
Financial Instruments and Fair Value Measurements - Schedule of Debt Maturities (Details) $ in Millions |
Jul. 02, 2021
USD ($)
|
---|---|
Fair Value Disclosures [Abstract] | |
Due in one year or less | $ 15 |
Total | $ 15 |
Financial Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of non-marketable equity investments | $ 185 | $ 185 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $ 2,154 | $ 2,400 |
Leases - Narrative - Sale Leaseback (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Ellis - Subsequent Event |
Jul. 14, 2021 |
---|---|
Sale Leaseback Transaction [Line Items] | |
Sale leaseback transaction, lease terms | 7-year |
Sale leaseback transaction, lease terms, optional renewal period | 5 years |
Leases - Lease Cost (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Leases [Abstract] | ||
Operating lease costs | $ 4 | $ 4 |
Short-term lease costs | 1 | 1 |
Variable lease costs | 1 | 3 |
Total lease costs | $ 6 | $ 8 |
Leases - Operating Lease Information (Details) |
Jul. 02, 2021 |
Jul. 03, 2020 |
---|---|---|
Leases [Abstract] | ||
Weighted-average remaining lease term | 4 years 2 months 12 days | 4 years 1 month 6 days |
Weighted-average discount rate | 4.11% | 4.14% |
Leases - Maturity of Lease Liabilities (Details) $ in Millions |
Jul. 02, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
Remainder of 2022 | $ 20 |
2023 | 22 |
2024 | 19 |
2025 | 14 |
2026 | 7 |
Thereafter | 9 |
Total lease payments | 91 |
Less: Imputed interest | (7) |
Present value of lease liabilities | $ 84 |
Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Remainder of 2022 | $ 29 | |
2023 | 1,101 | |
2024 | 89 | |
2025 | 89 | |
2026 | 1,189 | |
Thereafter | 1,379 | |
Total future maturities of debt | $ 3,876 | $ 3,620 |
Debt - Schedule of Convertible Senior Notes (Details) - USD ($) $ in Millions |
Jul. 02, 2021 |
Apr. 02, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Principal | $ 3,876 | $ 3,620 |
Less: unamortized discount and issuance costs | (16) | (19) |
Total debt | 3,860 | 3,601 |
Convertible Debt | New 2.00% Convertible Unsecured Notes due August 15, 2022 | ||
Debt Instrument [Line Items] | ||
Principal | 625 | 625 |
Less: unamortized discount and issuance costs | (4) | (5) |
Total debt | 621 | 620 |
Equity component net of tax | 56 | 56 |
Convertible Debt | New 2.50% Convertible Senior Notes due April 1, 2022 | ||
Debt Instrument [Line Items] | ||
Principal | $ 0 | 250 |
Less: unamortized discount and issuance costs | 0 | |
Total debt | 250 | |
Equity component net of tax | $ 43 |
Debt - Summary of Interest Expense (Details) - Convertible Debt - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Debt Instrument [Line Items] | ||
Contractual interest expense | $ 3 | $ 6 |
Amortization of debt discount and issuance costs | 1 | 1 |
Payments in lieu of conversion price adjustments | $ 2 | $ 2 |
Derivatives (Details) - Foreign Exchange Forward - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
Apr. 02, 2021 |
|
Derivatives, Fair Value [Line Items] | |||
Derivative contract term | 12 months | ||
Not Designated as Hedging Instrument | Purchased | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount | $ 312 | $ 270 | |
Not Designated as Hedging Instrument | Sold | |||
Derivatives, Fair Value [Line Items] | |||
Notional amount | 112 | $ 68 | |
Not Designated as Hedging Instrument | Other expense, net | |||
Derivatives, Fair Value [Line Items] | |||
Foreign exchange forward contracts gain | $ 3 | $ 10 |
Restructuring and Other Costs - Narrative (Details) - USD ($) |
Jul. 02, 2021 |
Dec. 31, 2020 |
---|---|---|
December 2020 Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected cost of restructuring | $ 20,000,000 | |
Cumulative restructuring cost incurred to date | $ 15,000,000 | |
November 2019 Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative restructuring cost incurred to date | 513,000,000 | |
November 2019 Plan | Equity-Based Severance Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative restructuring cost incurred to date | $ 127,000,000 |
Restructuring and Other Costs - Restructuring Summary (Details) $ in Millions |
3 Months Ended |
---|---|
Jul. 02, 2021
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 3 |
Costs, Net of Adjustments | 3 |
Cash Payments | (4) |
Ending balance | 2 |
December 2020 Plan | Severance and termination benefit costs | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | 3 |
Costs, Net of Adjustments | 3 |
Cash Payments | (4) |
Ending balance | $ 2 |
Income Taxes - Schedule of Effective Tax Rate (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Income (loss) from continuing operations before income taxes | $ 252 | $ 99 |
Income tax expense (benefit) | $ 71 | $ (50) |
Effective tax rate | 28.00% | (51.00%) |
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Jul. 27, 2021 |
May 04, 2021 |
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Class of Stock [Line Items] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.125 | $ 0.125 | ||
Stock repurchase program, incremental authorized amount | $ 1,500 | |||
Remaining authorized repurchase amount | $ 1,774 | |||
Number of shares repurchased | 0 | 0 | ||
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.125 |
Stockholders' Equity - Schedule of Stock Repurchase Program (Details) - shares |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Stockholders' Equity Note [Abstract] | ||
Number of shares repurchased | 0 | 0 |
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions |
3 Months Ended |
---|---|
Jul. 02, 2021
USD ($)
| |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | $ (500) |
Ending balance | (497) |
Foreign Currency Translation Adjustments | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | 47 |
Other comprehensive income before reclassifications | 2 |
Ending balance | $ 49 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Apr. 02, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Current dividends payable | $ 10 | $ 12 |
Long-term dividend payable | $ 2 | $ 10 |
Award modification term, vesting percentage | 50.00% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award modification term, percentage of unvested equity | 0.00% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award modification term, percentage of unvested equity | 150.00% | |
Liability-Classified Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation costs related to our unvested stock-based awards | $ 159 | |
Unrecognized stock-based compensation costs, estimated weighted-average amortization period | 2 years 2 months 12 days |
Stock-Based Compensation - Schedule of Stock-based Compensation Expense from Modifications (Details) $ in Millions |
3 Months Ended |
---|---|
Jul. 03, 2020
USD ($)
| |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Total stock-based compensation | $ 13 |
Sales and marketing | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Total stock-based compensation | 1 |
Research and development | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Total stock-based compensation | 2 |
General and administrative | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Total stock-based compensation | 3 |
Restructuring and other costs | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Total stock-based compensation | $ 7 |
Net Income Per Share - Schedule of Debt Conversions (Details) - Convertible Debt - $ / shares |
Jul. 02, 2021 |
May 13, 2021 |
Jul. 03, 2020 |
May 31, 2020 |
May 26, 2020 |
---|---|---|---|---|---|
2.0% Convertible Senior Notes due August 15, 2022 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Stated interest rate | 2.00% | 2.50% | 2.00% | ||
Conversion price (in dollars per share) | $ 10.23 | $ 24.40 | |||
New 2.50% Convertible Senior Notes due April 1, 2022 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Stated interest rate | 2.50% | 2.50% | |||
Conversion price (in dollars per share) | 16.77 | ||||
New 2.00% Convertible Unsecured Notes due August 15, 2022 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Stated interest rate | 2.00% | ||||
Conversion price (in dollars per share) | $ 20.41 | $ 20.41 |
Segment and Geographic Information - Narrative (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021
USD ($)
segment
|
Jul. 03, 2020
USD ($)
|
|
Segment Reporting Information [Line Items] | ||
Number of reportable segment | segment | 1 | |
Revenues | $ 686 | $ 614 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 456 | $ 427 |
Segment and Geographic Information - Schedule of Product Revenue Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Segment Reporting Information [Line Items] | ||
Net revenues | $ 686 | $ 614 |
Consumer security | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 412 | 363 |
Identity and information protection | ||
Segment Reporting Information [Line Items] | ||
Net revenues | $ 274 | $ 251 |
Segment and Geographic Information - Schedule of Revenue by Geographical Location (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jul. 02, 2021 |
Jul. 03, 2020 |
|
Revenue from External Customer [Line Items] | ||
Net revenues | $ 686 | $ 614 |
Americas | ||
Revenue from External Customer [Line Items] | ||
Net revenues | 477 | 448 |
EMEA | ||
Revenue from External Customer [Line Items] | ||
Net revenues | 127 | 96 |
APJ | ||
Revenue from External Customer [Line Items] | ||
Net revenues | $ 82 | $ 70 |
Segment and Geographic Information - Schedule of Revenue by Major Customers (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Jul. 02, 2021 |
Apr. 02, 2021 |
|
Accounts Receivable | Customer Concentration Risk | Customer A | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 44.00% | 46.00% |
Commitments and Contingencies (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 69 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jun. 08, 2021
USD ($)
|
May 24, 2021
USD ($)
|
May 13, 2021
USD ($)
|
Oct. 21, 2019
USD ($)
|
Jan. 31, 2014
USD ($)
|
Jul. 02, 2021
USD ($)
|
Jul. 03, 2020
USD ($)
|
Sep. 30, 2012
USD ($)
|
|
Loss Contingencies [Line Items] | ||||||||
Litigation settlement payment | $ 70.0 | $ 70.0 | ||||||
Loss contingency, insurance recoveries | $ 67.1 | |||||||
Net revenues | $ 686.0 | $ 614.0 | ||||||
GSA Schedule Contract | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation settlement payment | $ 0.5 | |||||||
Net revenues | $ 222.0 | |||||||
Estimated damage | $ 1,090.0 | $ 145.0 | ||||||
Estimated loss (low end) | $ 50.0 | |||||||
GSA Schedule Contract | Minimum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimated litigation payment as times of actual damages proven | 1 | |||||||
GSA Schedule Contract | Maximum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimated litigation payment as times of actual damages proven | 3 |
F$2.6E;;(H,CM]%QC3(.HIP5
MVX0)8[0!^2B8HEV^6DG$5Y"[0L M ;?F*SF7CI;"R#^,DJ4G?7CQ%X'_VTB_Y\^EF'OS9F)";3H9A.IH>?\3?K
MT9@E?[-/^'OM5]+JCY+A&(H+9P-R53+S!XA<>@IDH^S@>J:MM(661ESA(8&L
M,8@_YHL0/>CVYV <&19B'Y"33<'F':'A&D))K0&,_@4B+$
ML*;@@"&!4G4+N^PD-GY@&\8C]^\-9R\8Y$3F3N04/MJ*:^Q#K=$E8,;PHX)Y
MJWG+1 G\ 4'4<(K)?$Y#CGDK5,W!LH=M=RB0;6 2/04R3C*83X(YSWCB.:1Q
M6(HG$.?!0;7'=G)K/L,Q2:=H'6*[MH].*V6NI:(Z-BOOB?L5I.[_6M5M9U%M
MQ72Y9MI[9-32NH]L%D,VG'Y5)0FCK="-L%JMX"K#"8I'#5"5F*9F4@F=/O
M/4?TK93$R-2M5O>N!; ^.RG>3[BT(![,-#/UO+)AJU-%/,,&=T4H*V,4H(3SB/_&
MQ-/]M+U;U@?8%^RKTGNK9I67,T YLBX8M6+1FEX;=@M[>5'CED.+.C,^-9\
MZ!9)M8]68A](J8OG#AZ4.CZ,NY&U;I[;Q>M0]\08O\/),]OB4$R.Q N#(2"L\).!!^,..<6$3:@?3.)@X$KD$*#08EL0DIFV_V1F)0[
M"YZKTWD>L#(U\BDH0+%LXOY(]F _A=3>=N6XG >\8C7ON,--[C+A D9,$6\I
MDRG")Z5T&UY,&A3[K32W2<8J&!WW3+7#P,M4.FZUNRX_TX.K9$M^)1?FP(FS
M,=TJA]7A3GZ=KJ*WXNE"_T;[E4$8#550G4V>G(^43Y?D]!%=)Q?3I8NXYLIK
MC?\5Y%D ^Y4#2_,'.QC^J5S]#5!+ P04 " "VA@)3\#&?K5L$ #V"0
M&0 'AL+W=O X&G_7<&B:HU./H#0A#7U,0P/4SBPXANA):>
MA"F0SNZ3#*SO'AWB?TK7L%.X?!G)A;P%=E0Q1D?X^UD:Z82.-%&@)A2'+6KU
MBHYY;W!U'FK'''F1A=4.IGJXX8?OCK-Q]B.]I _Q+2RRI:3]QO:#/AD@8;MJ
M?WQ 'VV L)U.FSM;X@V\8FH6"+ATD>)A)F53>J-\0\;6#K65,7Y.0AN6/6:(
MGT-ZEY0.XHYF<,9 :5,[:6-=7UC?@.5$BKU=F)LWM>N$[V:9MM66[:ZC)V'O33O*V4'1J;9
M-1G/'8S6%!Y9*$NRM.47[]OA^'QH<-;#D/NI[A'J I7H+RV9% 9H>_C!5J2;U;GESKDR,'?PX--)HG6J=5#1-:TW%
M6O%AO:.#F:!,!D@"L-JB41M_QYL%A82AH.B^H)8[$.9>/*S)4=!6M0'&IK4P
MQ+F/OC6%>GD\/U ?Z[T(M(U>%5:'3 $"*(VI WHWD3AL>/K%<@P4* &*;
M!=0M^!>:.1RH2Z>6 +;J*%=55J R(295ZJWR%1:Q #WLHO(V-$J<:A-W6(")
M+
X6K+QE,5"LAIT-%G8ACBW"K5E)3GEYG]![]ZXS>UFTG5+5T2O:!7IZ\HENY
M=."_>V6ZF.J/62!#9O2C*W*T\[:HV2WB"TI:+ *2GAF;W
7R X,
MW\)1MP6OI[WN,98V]?K"&IG"7BC*=GQI9UH@@U/,IE_5X;18U)J%E7D=RC)3
M2282LAZUJ56$7,*Z YWJ5,Q6Z[=-^V".4&BS(JH++Q-P*#,&I2\