v3.26.3
Fair Value
 3 Months Ended
Oct. 02, 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:
October 2, 2026July 3, 2026
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$366 $— $— $366 $474 $— $— $474 
Total cash equivalents366 — — 366 474 — — 474 
Derivative assetsOther current assets— — — — — 1 — 1 
Total assets$366 $— $— $366 $474 $1 $— $475 
As of October 2, 2026 and July 3, 2026, the Company’s Other current assets included $112 million and $1 million, respectively, of restricted cash equivalents held as collateral at banks for various performance obligations.
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:
October 2, 2026July 3, 2026
(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 
Unsecured Senior Notes issued by Seagate HDD Cayman
4.091% Senior Notes due June 2029
38 38 38 38 
3.125% Senior Notes due July 2029
38 35 38 35 
8.25% Senior Notes due December 2029
— — 8 8 
4.125% Senior Notes due January 2031
22 20 22 20 
3.375% Senior Notes due July 2031
16 13 16 14 
8.50% Senior Notes due July 2031
— — 29 31 
9.625% Senior Notes due December 2032
19 21 19 21 
5.75% Senior Notes due December 2034
162 151 162 163 
Unsecured Senior Notes issued by Seagate Data Storage Technology Pte. Ltd.
4.091% Senior Notes due June 2029
312 307 332 333 
3.125% Senior Notes due July 2029
98 90 98 90 
8.25% Senior Notes due December 2029
— — 492 598 
5.875% Senior Notes due July 2030
400 397 400 407 
4.125% Senior Notes due January 2031
164 152 177 169 
3.375% Senior Notes due July 2031
45 38 45 39 
8.50% Senior Notes due July 2031
— — 471 491 
9.625% Senior Notes due December 2032
731 793 731 807 
5.75% Senior Notes due December 2034
327 313 327 334 
$2,372 $2,368 $3,591 $5,511 
Less: unamortized debt issuance costs(21)— (26)— 
Debt, net of debt issuance costs$2,351 $2,368 $3,565 $5,511 
Less: current portion of long-term debt, net of debt issuance costs— — (185)— 
Long-term debt, less current portion, net of debt issuance costs$2,351 $2,368 $3,380 $5,511 
For the balance of the Company’s financial instruments, primarily accounts receivable, accounts payable and financial liabilities included within accrued expenses, the carrying value approximates fair value due to their short-term nature. If measured at fair value in the Condensed Consolidated Balance Sheets, these other financial instruments would be classified in Level 2 or Level 3 of the fair value hierarchy.
The Company’s non-financial assets, such as goodwill and property, plant and equipment, are recorded at cost. Fair value adjustments are made to these non-financial assets in the period an impairment charge is recognized. If measured at fair value in the Condensed Consolidated Balance Sheets, these would generally be classified in Level 3 of the fair value hierarchy.