When activating a newly purchased key, is actual download necessary?

Hi.  I already have Norton Security installed from last year - my license expires tomorrow.

I activated the new key I bought from Costco.

All seems well, except I never really DOWNLOADED anything this time.

Is my assumption, that a download would not be downloading anything new,

and that all that needs to happen is that the same old code be licensed for another year, correct?

Thanks, Fred