Note 5. Supplemental Financial Information
Accumulated other comprehensive income
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As of |
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March 29, |
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March 30, |
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(In millions) |
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Foreign currency translation adjustments, net of (tax benefits) taxes of $(6) million and $16 million as of March 29, 2013 and March 30, 2012, respectively |
$ 181 |
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$ 174 |
|
Unrealized gain on available-for-sale securities, net of taxes of $11 million and $0 million as of March 29, 2013 and March 30, 2012, respectively |
16 |
|
1 |
|
Accumulated other comprehensive income |
$ 197 |
|
$ 175 |
|
Less: Accumulated other comprehensive income attributable to noncontrolling interest |
— |
|
2 |
|
Accumulated other comprehensive income attributable to Symantec Corporation |
$ 197 |
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$ 173 |
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|
|
|
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Gain from sale of joint venture
In fiscal 2008, Symantec formed a joint venture with a subsidiary of Huawei Technologies Co., Limited (“Huawei”). On March 30, 2012, we sold our 49% ownership interest in the joint venture to Huawei for $530 million in cash. The gain of $530 million, offset by costs to sell the joint venture of $4 million, was included in Gain from sale of joint venture in our Consolidated Statements of Income.
Other income (expense), net
In fiscal 2013, we began receiving a tax incentive from the China tax bureau in the form of value-added tax (“VAT”) refunds. The tax incentive is provided to companies that perform software research and development activities in China. The refunds relate to VAT collected on qualifying software product sales. This tax incentive plan enables companies to retrospectively apply the rules back to January 2011. As of March 29, 2013, we recognized cumulative refunds of $33 million, which were included in Other income (expense), net in our Consolidated Statements of Income.