v3.26.1
Fair Value
 12 Months Ended
Jul. 03, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Measurement of Fair Value
Fair value is defined as 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 the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.
Fair Value Hierarchy
A fair value hierarchy is based on whether the market participant assumptions used in determining fair value are obtained from independent sources (observable inputs) or reflect the Company's own assumptions of market participant valuation (unobservable inputs). A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are:
Level 1 - Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 - Quoted prices for identical assets and liabilities in markets that are inactive; quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; or
Level 3 - Prices or valuations that require inputs that are both unobservable and significant to the fair value measurement.
The Company considers an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis and views an inactive market as one in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. Where appropriate, the Company’s or the counterparty’s non-performance risk is considered in determining the fair values of liabilities and assets, respectively.
Items Measured at Fair Value on a Recurring Basis
The following tables present the Company’s assets and liabilities, by financial instrument type and balance sheet line item that are measured at fair value on a recurring basis, excluding accrued interest components, as of:
July 3, 2026June 27, 2025
Fair Value Measurements at Reporting Date UsingFair Value Measurements at Reporting Date Using
(Dollars in millions)Balance Sheet
Location		Quoted Prices in Active Markets for Identical Instruments
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Balance		Quoted Prices in Active Markets for Identical Instruments
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Balance
Assets:
Money market fundsCash and cash equivalents$474 $— $— $474 $226 $— $— $226 
Time depositsCash and cash equivalents— — — — — 26 — 26 
Total cash equivalents474 — — 474 226 26 — 252 
Derivative assetsOther current assets— 1 — 1 — 1 — 1 
Total assets$474 $1 $— $475 $226 $27 $— $253 
As of July 3, 2026 and June 27, 2025, the Company’s Other current assets included $1 million and $2 million, respectively, of restricted cash equivalents held as collateral at banks for various performance obligations.
As of July 3, 2026 and June 27, 2025, the Company had no material available-for-sale investments that had been in a continuous unrealized loss position for a period greater than 12 months. The Company determined no impairment related to credit losses for available-for-sale investments for fiscal year 2026. In fiscal year 2025, the Company sold available-for-sale investments for $41 million. The Company also recorded a net loss of $15 million on available-for-sale investments, related to downward adjustments to write down the carrying amount of certain investments to their fair value during fiscal year 2025, which was recorded to Other, net in the Company’s Consolidated Statements of Operations and Comprehensive Income.
The fair value and amortized cost of the Company’s available-for-sale investments as of July 3, 2026 and June 27, 2025 was immaterial.
Items Measured at Fair Value on a Non-Recurring Basis
From time to time, the Company enters into certain strategic investments for the promotion of business and strategic objectives, which are accounted for either under the equity method or the measurement alternative. Investments under the measurement alternative are recorded at cost, less impairment and adjusted for qualifying observable price changes on a prospective basis. If measured at fair value in the Consolidated Balance Sheets, these investments would generally be classified in Level 3 of the fair value hierarchy.
For the investments that are accounted under the measurement alternative, the Company recorded a net gain of $14 million for fiscal year 2026, primarily due to the sale of an investment. The Company recorded a net loss of $39 million for fiscal year 2025, related to downward adjustments to write down the carrying amount of certain investments to their fair value. As of July 3, 2026 and June 27, 2025, the carrying value of the Company’s strategic investments under the measurement alternative was $19 million and $26 million, respectively.
Other Fair Value Disclosures
The Company’s debt is carried at amortized cost. The estimated fair value of the Company’s debt is derived using the closing price of the same debt instruments as of the date of valuation, which takes into account the trading price of ordinary shares, yield curve, interest rates and other observable inputs. Accordingly, these fair value measurements are categorized as Level 2. The following table presents the fair value and amortized cost of the Company’s debt by class of note, in order of maturity:
July 3, 2026June 27, 2025
(Dollars in millions)Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
Exchangeable Senior Notes
3.50% Exchangeable Senior Notes due June 2028
$186 $1,913 $1,500 $2,654 
Unsecured Senior Notes Issued by Seagate HDD Cayman
4.091% Senior Notes due June 2029
38 38 452 453 
3.125% Senior Notes due July 2029
38 35 138 125 
8.25% Senior Notes due December 2029
8 8 500 535 
4.125% Senior Notes due January 2031
22 20 237 218 
3.375% Senior Notes due July 2031
16 14 61 52 
8.50% Senior Notes due July 2031
29 31 500 538 
9.625% Senior Notes due December 2032
19 21 750 854 
5.75% Senior Notes due December 2034
162 163 489 482 
Unsecured Senior Notes Issued by Seagate Data Storage Technology Pte. Ltd.
4.091% Senior Notes due June 2029
332 333 — — 
3.125% Senior Notes due July 2029
98 90 — — 
8.25% Senior Notes due December 2029
492 598 — — 
5.875% Senior Notes due July 2030
400 407 400 407 
4.125% Senior Notes due January 2031
177 169 — — 
3.375% Senior Notes due July 2031
45 39 — — 
8.50% Senior Notes due July 2031
471 491 — — 
9.625% Senior Notes due December 2032
731 807 — — 
5.75% Senior Notes due December 2034
327 334 — — 
$3,591 $5,511 $5,027 $6,318 
Less: unamortized debt issuance costs(26)— (32)— 
Debt, net of debt issuance costs$3,565 $5,511 $4,995 $6,318 
Less: current portion of debt, net of debt issuance costs(185)— — — 
Long-term debt, less current portion, net of debt issuance costs$3,380 $5,511 $4,995 $6,318