Note 1. Basis of Presentation
The condensed consolidated financial statements of Symantec Corporation ("we," "us," "our," and "the Company" refer to Symantec Corporation and all of its subsidiaries) as of December 31, 2010 and April 2, 2010, and for the three and nine months ended December 31, 2010 and January 1, 2010, have been prepared in accordance with the instructions on Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In accordance with those rules and regulations, we have omitted certain information and notes normally provided in our annual consolidated financial statements. In the opinion of management, the 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 and results of operations for the interim periods. The condensed consolidated financial statements for the three and nine months ended January 1, 2010 have been adjusted for the impact of our joint venture's adoption of new authoritative guidance on revenue recognition during the fourth quarter of fiscal 2010 as of the first quarter of fiscal 2010. These condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 2, 2010. The results of operations for the three and nine months ended December 31, 2010 are not necessarily indicative of the results expected for the entire fiscal year. All significant intercompany accounts and transactions have been eliminated.
On August 9, 2010, we completed the acquisition of the identity and authentication business of VeriSign, Inc. ("VeriSign"), including a controlling interest in its subsidiary VeriSign Japan K.K. ("VeriSign Japan"), a publicly traded company on the Tokyo Stock Exchange. Given the Company's majority ownership interest in VeriSign Japan, the accounts of VeriSign Japan have been consolidated with the accounts of the Company, and a noncontrolling interest has been recorded for the noncontrolling investors' interests in the equity and operations of VeriSign Japan. See Note 3.
Fiscal year end
We have a 52/53-week fiscal accounting year ending on the Friday closest to March 31. The three months ended December 31, 2010 and January 1, 2010 both consisted of 13 weeks. The nine months ended December 31, 2010 and January 1, 2010 both consisted of 39 weeks. Our 2011 fiscal year consists of 52 weeks and ends on April 1, 2011.
Significant accounting policies
There have been no changes in our significant accounting policies for the nine months ended December 31, 2010 as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended April 2, 2010.
Recently adopted authoritative guidance
In the first quarter of fiscal 2011, we adopted new authoritative guidance which changes the model for determining whether an entity should consolidate a variable interest entity ("VIE"). The standard replaces the quantitative-based risks and rewards calculation for determining which enterprise has a controlling financial interest in a VIE with an approach focused on identifying which enterprise has the power to direct the activities of a VIE and the obligation to absorb losses of the entity or the right to receive the entity's residual returns. The adoption of this guidance did not have an impact on our condensed consolidated financial statements for the three and nine months ended December 31, 2010.
Free historical financial statements for NortonLifeLock Inc..
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