Fair Value (Tables)

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, 2026								June 27, 2025
		Fair Value Measurements at Reporting Date Using								Fair 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 funds	Cash and cash equivalents	$	474	$	—	$	—	$	474	$	226	$	—	$	—	$	226



Time deposits	Cash and cash equivalents	—		—		—		—		—		26		—		26


Total cash equivalents		474		—		—		474		226		26		—		252






Derivative assets	Other current assets	—		1		—		1		—		1		—		1
Total assets		$	474	$	1	$	—	$	475	$	226	$	27	$	—	$	253

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, 2026				June 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