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:


		October 2, 2026								July 3, 2026
		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	$	366	$	—	$	—	$	366	$	474	$	—	$	—	$	474






Total cash equivalents		366		—		—		366		474		—		—		474






Derivative assets	Other current assets	—		—		—		—		—		1		—		1
Total assets		$	366	$	—	$	—	$	366	$	474	$	1	$	—	$	475

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, 2026				July 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