Ireland | 98-1597419 | ||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification Number) |
||||
Title of Each Class | Trading Symbol(s) |
Name of Each Exchange
on Which Registered |
||||||
Ordinary Shares, par value $0.00001 per share | STX | The NASDAQ Global Select Market |
Item | Page No. | |||||||
1 | ||||||||
1A. | ||||||||
1B. | ||||||||
2 | ||||||||
3 | ||||||||
4 | ||||||||
5 | ||||||||
6 | ||||||||
7 | ||||||||
7A. | ||||||||
8 | ||||||||
9 | ||||||||
9A. | ||||||||
9B. | ||||||||
9C. | ||||||||
10 | ||||||||
11 | ||||||||
12 | ||||||||
13 | ||||||||
14 | ||||||||
15 | ||||||||
Name | Age | Positions | ||||||||||||
Dr. William D. Mosley | 54 | Director and Chief Executive Officer | ||||||||||||
Gianluca Romano | 52 | Executive Vice President and Chief Financial Officer | ||||||||||||
Jeffrey D. Nygaard | 57 | Executive Vice President, Global Operations | ||||||||||||
Katherine E. Schuelke | 58 | Senior Vice President, Chief Legal Officer and Corporate Secretary | ||||||||||||
Ban Seng Teh | 55 | Executive Vice President, Global Sales and Sales Operations | ||||||||||||
Jeffrey Fochtman | 47 | Senior Vice President, Business and Marketing | ||||||||||||
Ravinandan Naik | 50 | Executive Vice President, Storage Services and Chief Information Officer |
Location | Building(s) Owned or Leased | Approximate Square Footage | Primary Use | |||||||||||||||||
Europe | ||||||||||||||||||||
Northern Ireland | ||||||||||||||||||||
Springtown | Owned | 479,000 | Manufacture of recording heads | |||||||||||||||||
United States | ||||||||||||||||||||
California | Owned | 412,000 | Product development, marketing and administrative and operational offices | |||||||||||||||||
Colorado | Owned | 528,000 | Product development, administrative and operational offices | |||||||||||||||||
Minnesota | Owned/Leased | 1,098,000 | Manufacture of recording heads and product development | |||||||||||||||||
Asia | ||||||||||||||||||||
China | ||||||||||||||||||||
Wuxi | Leased | 740,000 | Manufacture of drives and drive subassemblies | |||||||||||||||||
Malaysia | ||||||||||||||||||||
Johor |
Owned (1)
|
631,000 | Manufacture of substrates | |||||||||||||||||
Singapore | ||||||||||||||||||||
Woodlands |
Owned/Leased (1)
|
1,511,000 | Manufacture of media, administrative and operational offices | |||||||||||||||||
Shugart |
Owned (1)
|
410,000 | Product development, administrative and operational offices | |||||||||||||||||
Thailand | ||||||||||||||||||||
Korat | Owned/Leased | 2,733,000 | Manufacture of drives and drive subassemblies | |||||||||||||||||
Teparuk | Owned/Leased | 453,000 | Manufacture of drive subassemblies | |||||||||||||||||
7/1/2016 | 6/30/2017 | 6/29/2018 | 6/28/2019 | 7/3/2020 | 7/2/2021 | ||||||||||||||||||||||||||||||
Seagate Technology Holdings plc | $ | 100.00 | $ | 171.58 | $ | 264.31 | $ | 233.43 | $ | 246.81 | $ | 476.38 | |||||||||||||||||||||||
S&P 500 | 100.00 | 117.64 | 134.53 | 143.17 | 155.41 | 228.38 | |||||||||||||||||||||||||||||
Dow Jones US Computer Hardware | 100.00 | 150.92 | 193.99 | 214.19 | 369.24 | 593.44 |
Period
(In millions, except average price paid per share)
|
Total Number of Shares Purchased (1)
|
Average Price Paid per Share (1)
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
|
||||||||||||||||||||||||||||
1st Quarter through 3rd Quarter of Fiscal Year 2021 | 31 | $ | 58.51 | 31 | $ | 4,441 | ||||||||||||||||||||||||||
April 3, 2021 through April 30, 2021 | 1 | 83.44 | 1 | 4,366 | ||||||||||||||||||||||||||||
May 1, 2021 through May 28, 2021 | 2 | 88.68 | 2 | 4,224 | ||||||||||||||||||||||||||||
May 29, 2021 through July 2, 2021 | — | 85.32 | — | 4,223 | ||||||||||||||||||||||||||||
Through 4th Quarter of Fiscal Year 2021 | 34 | 34 | $ | 4,223 |
Fiscal Years Ended | ||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||||
Revenue | $ | 10,681 | $ | 10,509 | $ | 10,390 | ||||||||||||||
Cost of revenue | 7,764 | 7,667 | 7,458 | |||||||||||||||||
Gross profit | 2,917 | 2,842 | 2,932 | |||||||||||||||||
Product development | 903 | 973 | 991 | |||||||||||||||||
Marketing and administrative | 502 | 473 | 453 | |||||||||||||||||
Amortization of intangibles | 12 | 14 | 23 | |||||||||||||||||
Restructuring and other, net | 8 | 82 | (22) | |||||||||||||||||
Income from operations | 1,492 | 1,300 | 1,487 | |||||||||||||||||
Other expense, net | (144) | (268) | (115) | |||||||||||||||||
Income before income taxes | 1,348 | 1,032 | 1,372 | |||||||||||||||||
Provision (Benefit) for income taxes | 34 | 28 | (640) | |||||||||||||||||
Net income | $ | 1,314 | $ | 1,004 | $ | 2,012 |
Fiscal Years Ended | ||||||||||||||||||||
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
||||||||||||||||||
Revenue | 100 | % | 100 | % | 100 | % | ||||||||||||||
Cost of revenue | 73 | 73 | 72 | |||||||||||||||||
Gross margin | 27 | 27 | 28 | |||||||||||||||||
Product development | 8 | 9 | 10 | |||||||||||||||||
Marketing and administrative | 5 | 5 | 4 | |||||||||||||||||
Amortization of intangibles | — | — | — | |||||||||||||||||
Restructuring and other, net | — | 1 | — | |||||||||||||||||
Operating margin | 14 | 12 | 14 | |||||||||||||||||
Other expense, net | (2) | (2) | (1) | |||||||||||||||||
Income before income taxes | 12 | 10 | 13 | |||||||||||||||||
Provision (Benefit) for income taxes | — | — | (6) | |||||||||||||||||
Net income | 12 | % | 10 | % | 19 | % |
Fiscal Years Ended | ||||||||||||||||||||
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
||||||||||||||||||
Revenues by Channel (%) | ||||||||||||||||||||
OEMs | 69 | % | 71 | % | 70 | % | ||||||||||||||
Distributors | 18 | % | 17 | % | 17 | % | ||||||||||||||
Retailers | 13 | % | 12 | % | 13 | % | ||||||||||||||
Revenues by Geography (%) (1)
|
||||||||||||||||||||
Asia Pacific | 49 | % | 48 | % | 49 | % | ||||||||||||||
Americas | 34 | % | 34 | % | 32 | % | ||||||||||||||
EMEA | 17 | % | 18 | % | 19 | % | ||||||||||||||
Revenues by Market (%) | ||||||||||||||||||||
Mass capacity | 60 | % | 53 | % | 43 | % | ||||||||||||||
Legacy | 32 | % | 39 | % | 50 | % | ||||||||||||||
Other | 8 | % | 8 | % | 7 | % | ||||||||||||||
HDD Exabytes Shipped by Market | ||||||||||||||||||||
Mass capacity | 417 | 317 | 202 | |||||||||||||||||
Legacy | 118 | 125 | 145 | |||||||||||||||||
Total | 535 | 442 | 347 | |||||||||||||||||
HDD Price per Terabyte | $ | 18 | $ | 22 | $ | 28 |
Fiscal Years Ended | ||||||||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
Change |
%
Change |
||||||||||||||||||||||
Revenue | $ | 10,681 | $ | 10,509 | $ | 172 | 2 | % | ||||||||||||||||||
Fiscal Years Ended | ||||||||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
Change |
%
Change |
||||||||||||||||||||||
Cost of revenue | $ | 7,764 | $ | 7,667 | $ | 97 | 1 | % | ||||||||||||||||||
Gross profit | 2,917 | 2,842 | 75 | 3 | % | |||||||||||||||||||||
Gross margin | 27 | % | 27 | % |
Fiscal Years Ended | ||||||||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
Change |
%
Change |
||||||||||||||||||||||
Product development | $ | 903 | $ | 973 | $ | (70) | (7) | % | ||||||||||||||||||
Marketing and administrative | 502 | 473 | 29 | 6 | % | |||||||||||||||||||||
Amortization of intangibles | 12 | 14 | (2) | (14) | % | |||||||||||||||||||||
Restructuring and other, net | 8 | 82 | (74) | (90) | % | |||||||||||||||||||||
Operating expenses | $ | 1,425 | $ | 1,542 | $ | (117) |
Fiscal Years Ended | ||||||||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
Change |
%
Change |
||||||||||||||||||||||
Other expense, net | $ | (144) | $ | (268) | $ | 124 | (46) | % |
Fiscal Years Ended | ||||||||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
Change |
%
Change |
||||||||||||||||||||||
Provision for income taxes | $ | 34 | $ | 28 | $ | 6 | 21 | % |
Fiscal Years Ended | ||||||||||||||||||||||||||
(Dollars in millions) |
July 3,
2020 |
June 28,
2019 |
Change |
%
Change |
||||||||||||||||||||||
Revenue | $ | 10,509 | $ | 10,390 | $ | 119 | 1 | % |
Fiscal Years Ended | ||||||||||||||||||||||||||
(Dollars in millions) |
July 3,
2020 |
June 28,
2019 |
Change |
%
Change |
||||||||||||||||||||||
Cost of revenue | $ | 7,667 | $ | 7,458 | $ | 209 | 3 | % | ||||||||||||||||||
Gross profit | 2,842 | 2,932 | (90) | (3) | % | |||||||||||||||||||||
Gross margin | 27 | % | 28 | % |
Fiscal Years Ended | ||||||||||||||||||||||||||
(Dollars in millions) |
July 3,
2020 |
June 28,
2019 |
Change |
%
Change |
||||||||||||||||||||||
Product development | $ | 973 | $ | 991 | $ | (18) | (2) | % | ||||||||||||||||||
Marketing and administrative | 473 | 453 | 20 | 4 | % | |||||||||||||||||||||
Amortization of intangibles | 14 | 23 | (9) | (39) | % | |||||||||||||||||||||
Restructuring and other, net | 82 | (22) | 104 | (473) | % | |||||||||||||||||||||
Operating expenses | $ | 1,542 | $ | 1,445 | $ | 97 |
Fiscal Years Ended | ||||||||||||||||||||||||||
(Dollars in millions) |
July 3,
2020 |
June 28,
2019 |
Change |
%
Change |
||||||||||||||||||||||
Other expense, net | $ | (268) | $ | (115) | $ | (153) | 133 | % |
Fiscal Years Ended | ||||||||||||||||||||||||||
(Dollars in millions) |
July 3,
2020 |
June 28,
2019 |
Change |
%
Change |
||||||||||||||||||||||
Provision (benefit) for income taxes | $ | 28 | $ | (640) | $ | 668 | (104) | % |
As of | ||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
Change | |||||||||||||||||
Cash and cash equivalents | $ | 1,209 | $ | 1,722 | $ | (513) | ||||||||||||||
Fiscal Years Ended | ||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||||
Net cash flow provided by (used in): | ||||||||||||||||||||
Operating activities | $ | 1,626 | $ | 1,714 | $ | 1,761 | ||||||||||||||
Investing activities | (466) | (635) | 846 | |||||||||||||||||
Financing activities | (1,673) | (1,605) | (2,212) | |||||||||||||||||
Effect of foreign currency exchange rates | — | (1) | (1) | |||||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (513) | $ | (527) | $ | 394 |
As of | ||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
Change | |||||||||||||||||
4.250% Senior Notes due March 2022 | $ | 220 | $ | 229 | $ | (9) | ||||||||||||||
4.750% Senior Notes due June 2023 | 541 | 546 | (5) | |||||||||||||||||
4.875% Senior Notes due March 2024 | 500 | 500 | — | |||||||||||||||||
4.750% Senior Notes due January 2025 | 479 | 479 | — | |||||||||||||||||
4.875% Senior Notes due June 2027 | 505 | 505 | — | |||||||||||||||||
4.091% Senior Notes due June 2029 | 500 | 500 | — | |||||||||||||||||
3.125% Senior Notes due July 2029 | 500 | — | 500 | |||||||||||||||||
4.125% Senior Notes due January 2031 | 500 | 500 | — | |||||||||||||||||
3.375% Senior Notes due July 2031 | 500 | — | 500 | |||||||||||||||||
5.75% Senior Notes due December 2034 | 490 | 490 | — | |||||||||||||||||
LIBOR based Term Loan due September 2025 | 481 | 500 | (19) | |||||||||||||||||
$ | 5,216 | $ | 4,249 | $ | 967 | |||||||||||||||
Fiscal Year(s) | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Total | 2022 | 2023-2024 | 2025-2026 | Thereafter | |||||||||||||||||||||||||||
Contractual Cash Obligations: | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 5,216 | $ | 245 | $ | 1,091 | $ | 885 | $ | 2,995 | ||||||||||||||||||||||
Interest payments on debt | 1,486 | 228 | 391 | 291 | 576 | |||||||||||||||||||||||||||
Purchase obligations (1)
|
1,658 | 1,497 | 91 | 56 | 14 | |||||||||||||||||||||||||||
Operating leases, including imputed interest (2)
|
65 | 15 | 20 | 9 | 21 | |||||||||||||||||||||||||||
Capital expenditures | 269 | 204 | 65 | — | — | |||||||||||||||||||||||||||
Subtotal | 8,694 | 2,189 | 1,658 | 1,241 | 3,606 | |||||||||||||||||||||||||||
Commitments: | ||||||||||||||||||||||||||||||||
Letters of credit or bank guarantees | 31 | 22 | — | — | 9 | |||||||||||||||||||||||||||
Total | $ | 8,725 | $ | 2,211 | $ | 1,658 | $ | 1,241 | $ | 3,615 |
(Dollars in millions, except percentages) |
Fiscal Years Ended
|
Fair Value at July 2, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Money market funds, time deposits and certificates of deposit | ||||||||||||||||||||||||||||||||||||||||||||||||||
Floating rate | $ | 553 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 553 | $ | 553 | ||||||||||||||||||||||||||||||||||
Average interest rate | 0.03 | % | 0.03 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Other debt securities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | 10 | $ | — | $ | — | $ | — | $ | — | $ | 8 | $ | 18 | $ | 18 | ||||||||||||||||||||||||||||||||||
Fixed interest rate | 5.00 | % | 5.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | 220 | $ | 541 | $ | 500 | $ | 479 | $ | — | $ | 2,995 | $ | 4,735 | $ | 5,009 | ||||||||||||||||||||||||||||||||||
Average interest rate | 4.25 | % | 4.75 | % | 4.88 | % | 4.75 | % | 4.22 | % | 4.40 | % | ||||||||||||||||||||||||||||||||||||||
Variable rate | $ | 25 | $ | 25 | $ | 25 | $ | 25 | $ | 381 | $ | — | $ | 481 | $ | 478 | ||||||||||||||||||||||||||||||||||
Average interest rate | 3.29 | % | 3.29 | % | 3.29 | % | 3.29 | % | 3.29 | % | 3.29 | % |
Table of Contents | Page | |||||||||||||
Fiscal Years Ended | |||||||||||
July 2,
2021 |
July 3,
2020 |
||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,209 | $ | 1,722 | |||||||
Accounts receivable, net | 1,158 | 1,115 | |||||||||
Inventories | 1,204 | 1,142 | |||||||||
Other current assets | 208 | 135 | |||||||||
Total current assets | 3,779 | 4,114 | |||||||||
Property, equipment and leasehold improvements, net | 2,181 | 2,129 | |||||||||
Goodwill | 1,237 | 1,237 | |||||||||
Other intangible assets, net | 29 | 58 | |||||||||
Deferred income taxes | 1,117 | 1,120 | |||||||||
Other assets, net | 332 | 272 | |||||||||
Total Assets
|
$ | 8,675 | $ | 8,930 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 1,725 | $ | 1,808 | |||||||
Accrued employee compensation | 282 | 224 | |||||||||
Accrued warranty | 61 | 69 | |||||||||
Current portion of long-term debt | 245 | 19 | |||||||||
Accrued expenses | 608 | 602 | |||||||||
Total current liabilities | 2,921 | 2,722 | |||||||||
Long-term accrued warranty | 75 | 82 | |||||||||
Other non-current liabilities | 154 | 183 | |||||||||
Long-term debt, less current portion | 4,894 | 4,156 | |||||||||
Total Liabilities
|
8,044 | 7,143 | |||||||||
Commitments and contingencies (See Notes 14 and 15) | |||||||||||
Shareholders’ Equity: | |||||||||||
Preferred shares, $0.00001 par value per share—100,000,000 authorized; no shares issued or outstanding
|
— | — | |||||||||
Ordinary shares, $0.00001 par value per share—1,250,000,000 authorized; 227,382,980 issued and outstanding at July 2, 2021 and 256,718,840 issued and outstanding at July 3, 2020
|
— | — | |||||||||
Additional paid-in capital | 6,977 | 6,757 | |||||||||
Accumulated other comprehensive loss | (41) | (66) | |||||||||
Accumulated deficit | (6,305) | (4,904) | |||||||||
Total Shareholders’ Equity | 631 | 1,787 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 8,675 | $ | 8,930 |
Fiscal Years Ended | |||||||||||||||||
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||
Revenue | $ | 10,681 | $ | 10,509 | $ | 10,390 | |||||||||||
Cost of revenue | 7,764 | 7,667 | 7,458 | ||||||||||||||
Product development | 903 | 973 | 991 | ||||||||||||||
Marketing and administrative | 502 | 473 | 453 | ||||||||||||||
Amortization of intangibles | 12 | 14 | 23 | ||||||||||||||
Restructuring and other, net | 8 | 82 | (22) | ||||||||||||||
Total operating expenses | 9,189 | 9,209 | 8,903 | ||||||||||||||
Income from operations | 1,492 | 1,300 | 1,487 | ||||||||||||||
Interest income | 2 | 20 | 84 | ||||||||||||||
Interest expense | (220) | (201) | (224) | ||||||||||||||
Other, net | 74 | (87) | 25 | ||||||||||||||
Other expense, net | (144) | (268) | (115) | ||||||||||||||
Income before income taxes | 1,348 | 1,032 | 1,372 | ||||||||||||||
Provision (benefit) for income taxes | 34 | 28 | (640) | ||||||||||||||
Net income | $ | 1,314 | $ | 1,004 | $ | 2,012 | |||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 5.43 | $ | 3.83 | $ | 7.13 | |||||||||||
Diluted | $ | 5.36 | $ | 3.79 | $ | 7.06 | |||||||||||
Number of shares used in per share calculations: | |||||||||||||||||
Basic | 242 | 262 | 282 | ||||||||||||||
Diluted | 245 | 265 | 285 | ||||||||||||||
Fiscal Years Ended | |||||||||||||||||
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||
Net income | $ | 1,314 | $ | 1,004 | $ | 2,012 | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Change in net unrealized loss on cash flow hedges: | |||||||||||||||||
Net unrealized gains (losses) arising during the period | 15 | (27) | — | ||||||||||||||
(Gains) losses reclassified into earnings | (9) | 3 | — | ||||||||||||||
Net change | 6 | (24) | — | ||||||||||||||
Change in unrealized components of post-retirement plans: | |||||||||||||||||
Net unrealized gains (losses) arising during the period | 1 | (7) | (16) | ||||||||||||||
Losses (gains) reclassified into earnings | 3 | 1 | — | ||||||||||||||
Net change | 4 | (6) | (16) | ||||||||||||||
Foreign currency translation adjustments | 15 | (2) | (2) | ||||||||||||||
Total other comprehensive income (loss), net of tax | 25 | (32) | (18) | ||||||||||||||
Comprehensive income | $ | 1,339 | $ | 972 | $ | 1,994 |
Fiscal Years Ended | |||||||||||||||||
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 1,314 | $ | 1,004 | $ | 2,012 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 397 | 379 | 541 | ||||||||||||||
Share-based compensation | 112 | 109 | 99 | ||||||||||||||
Loss on redemption and repurchase of debt | 1 | 58 | — | ||||||||||||||
Deferred income taxes | (4) | (6) | (690) | ||||||||||||||
Other non-cash operating activities, net | (50) | 52 | (97) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable, net | (42) | (127) | 204 | ||||||||||||||
Inventories | (64) | (166) | 80 | ||||||||||||||
Accounts payable | (14) | 394 | (268) | ||||||||||||||
Accrued employee compensation | 58 | 55 | (84) | ||||||||||||||
Accrued expenses, income taxes and warranty | (38) | (39) | (81) | ||||||||||||||
Other assets and liabilities | (44) | 1 | 45 | ||||||||||||||
Net cash provided by operating activities | 1,626 | 1,714 | 1,761 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Acquisition of property, equipment and leasehold improvements | (498) | (585) | (602) | ||||||||||||||
Proceeds from the sale of assets | 4 | 1 | 144 | ||||||||||||||
Proceeds from settlement of foreign currency forward exchange contracts | — | — | 29 | ||||||||||||||
Proceeds from redemption of debt security | — | — | 1,283 | ||||||||||||||
Purchases of investments | (4) | (58) | (18) | ||||||||||||||
Proceeds from sale of investments | 29 | 7 | 10 | ||||||||||||||
Maturities of short-term investments | 3 | — | — | ||||||||||||||
Net cash (used in) provided by investing activities | (466) | (635) | 846 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Redemption and repurchase of debt | (33) | (1,137) | (819) | ||||||||||||||
Dividends to shareholders | (649) | (673) | (713) | ||||||||||||||
Repurchases of ordinary shares | (2,047) | (850) | (963) | ||||||||||||||
Taxes paid related to net share settlement of equity awards | (33) | (40) | (31) | ||||||||||||||
Proceeds from issuance of long-term debt | 1,000 | 994 | 245 | ||||||||||||||
Proceeds from issuance of ordinary shares under employee stock plans | 108 | 103 | 69 | ||||||||||||||
Other financing activities, net | (19) | (2) | — | ||||||||||||||
Net cash used in financing activities | (1,673) | (1,605) | (2,212) | ||||||||||||||
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash | — | (1) | (1) | ||||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (513) | (527) | 394 | ||||||||||||||
Cash, cash equivalents and restricted cash at the beginning of the year | 1,724 | 2,251 | 1,857 | ||||||||||||||
Cash, cash equivalents and restricted cash at the end of the year | $ | 1,211 | $ | 1,724 | $ | 2,251 | |||||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||||||||
Cash paid for interest | $ | 184 | $ | 226 | $ | 223 | |||||||||||
Cash paid for income taxes, net of refunds | $ | 44 | $ | 51 | $ | 39 |
Number of Ordinary Shares | Par Value of Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||||
Balance at, June 29, 2018 | 287 | $ | — | $ | 6,377 | $ | (16) | $ | (4,696) | $ | 1,665 | |||||||||||||||||||||||||||
Cumulative effect of adoption of new revenue standard | 34 | 34 | ||||||||||||||||||||||||||||||||||||
Net income | 2,012 | 2,012 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (18) | (18) | ||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares under employee stock plans | 4 | 69 | 69 | |||||||||||||||||||||||||||||||||||
Repurchases of ordinary shares | (21) | (966) | (966) | |||||||||||||||||||||||||||||||||||
Tax withholding related to vesting of restricted share units | (1) | (31) | (31) | |||||||||||||||||||||||||||||||||||
Dividends to shareholders ($2.52 per ordinary share)
|
(702) | (702) | ||||||||||||||||||||||||||||||||||||
Share-based compensation | 99 | 99 | ||||||||||||||||||||||||||||||||||||
Balance at, June 28, 2019 | 269 | — | 6,545 | (34) | (4,349) | 2,162 | ||||||||||||||||||||||||||||||||
Impact of adoption of new lease standard | (2) | (2) | ||||||||||||||||||||||||||||||||||||
Net income | 1,004 | 1,004 | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (32) | (32) | ||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares under employee stock plans | 6 | 103 | 103 | |||||||||||||||||||||||||||||||||||
Repurchases of ordinary shares | (17) | (847) | (847) | |||||||||||||||||||||||||||||||||||
Tax withholding related to vesting of restricted share units | (1) | (40) | (40) | |||||||||||||||||||||||||||||||||||
Dividends to shareholders ($2.58 per ordinary share)
|
(670) | (670) | ||||||||||||||||||||||||||||||||||||
Share-based compensation | 109 | 109 | ||||||||||||||||||||||||||||||||||||
Balance at, July 3, 2020 | 257 | — | 6,757 | (66) | (4,904) | 1,787 | ||||||||||||||||||||||||||||||||
Net income | 1,314 | 1,314 | ||||||||||||||||||||||||||||||||||||
Other comprehensive income | 25 | 25 | ||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares under employee stock plans | 4 | 108 | 108 | |||||||||||||||||||||||||||||||||||
Repurchases of ordinary shares | (33) | (2,047) | (2,047) | |||||||||||||||||||||||||||||||||||
Tax withholding related to vesting of restricted share units | (1) | (33) | (33) | |||||||||||||||||||||||||||||||||||
Dividends to shareholders ($2.66 per ordinary share)
|
(635) | (635) | ||||||||||||||||||||||||||||||||||||
Share-based compensation | 112 | 112 | ||||||||||||||||||||||||||||||||||||
Balance at, July 2, 2021 | 227 | $ | — | $ | 6,977 | $ | (41) | $ | (6,305) | $ | 631 |
(Dollars in millions) |
Amortized
Cost |
Unrealized
Gain/(Loss) |
Fair
Value |
|||||||||||||||||
Available-for-sale debt securities: | ||||||||||||||||||||
Money market funds | $ | 552 | $ | — | $ | 552 | ||||||||||||||
Time deposits and certificates of deposit | 1 | — | 1 | |||||||||||||||||
Other debt securities | 18 | — | 18 | |||||||||||||||||
Total | $ | 571 | $ | — | $ | 571 | ||||||||||||||
Included in Cash and cash equivalents | $ | 551 | ||||||||||||||||||
Included in Other current assets | 2 | |||||||||||||||||||
Included in Other assets, net | 18 | |||||||||||||||||||
Total | $ | 571 |
(Dollars in millions) |
Amortized
Cost |
Fair
Value |
||||||||||||
Due in less than 1 year | $ | 553 | $ | 553 | ||||||||||
Due in 1 to 5 years | 10 | 10 | ||||||||||||
Due in 6 to 10 years | — | — | ||||||||||||
Thereafter | 8 | 8 | ||||||||||||
Total | $ | 571 | $ | 571 |
(Dollars in millions) |
Amortized
Cost |
Unrealized
Gain/(Loss) |
Fair
Value |
|||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
Money market funds | $ | 495 | $ | — | $ | 495 | ||||||||||||||
Time deposits and certificates of deposits | 56 | — | 56 | |||||||||||||||||
Other debt securities | 18 | — | 18 | |||||||||||||||||
Total | $ | 569 | $ | — | $ | 569 | ||||||||||||||
Included in Cash and cash equivalents | $ | 549 | ||||||||||||||||||
Included in Other current assets | 2 | |||||||||||||||||||
Included in Other assets, net | 18 | |||||||||||||||||||
Total | $ | 569 |
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
June 29,
2018 |
||||||||||||||||||||||
Cash and cash equivalents | $ | 1,209 | $ | 1,722 | $ | 2,220 | $ | 1,853 | ||||||||||||||||||
Restricted cash included in Other current assets | 2 | 2 | 31 | 4 | ||||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in the Statements of Cash Flows | $ | 1,211 | $ | 1,724 | $ | 2,251 | $ | 1,857 |
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
||||||||||||
Accounts receivable | $ | 1,162 | $ | 1,120 | ||||||||||
Allowances for expected credit losses
|
(4) | (5) | ||||||||||||
Account receivable, net | $ | 1,158 | $ | 1,115 |
(Dollars in millions) | Balance at Beginning of Period | Charges (Credit) to Operations |
Deductions (1)
|
Balance at End of Period | ||||||||||||||||||||||
Fiscal year ended June 28, 2019 | $ | 4 | — | — | $ | 4 | ||||||||||||||||||||
Fiscal year ended July 3 2020 | $ | 4 | 1 | — | $ | 5 | ||||||||||||||||||||
Fiscal year ended July 2, 2021 | $ | 5 | — | (1) | $ | 4 |
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
||||||||||||
Raw materials and components | $ | 375 | $ | 451 | ||||||||||
Work-in-process | 443 | 313 | ||||||||||||
Finished goods | 386 | 378 | ||||||||||||
Total inventories | $ | 1,204 | $ | 1,142 |
(Dollars in millions) |
Useful Life in Years (1)
|
July 2,
2021 |
July 3,
2020 |
|||||||||||||||||
Land and land improvements | $ | 47 | $ | 48 | ||||||||||||||||
Equipment |
3 – 7
|
8,250 | 8,033 | |||||||||||||||||
Buildings and leasehold improvements |
Up to 30
|
1,881 | 1,848 | |||||||||||||||||
Construction in progress | 200 | 283 | ||||||||||||||||||
10,378 | 10,212 | |||||||||||||||||||
Less: accumulated depreciation and amortization | (8,197) | (8,083) | ||||||||||||||||||
Property, equipment and leasehold improvements, net | $ | 2,181 | $ | 2,129 |
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
||||||||||||
Dividends payable | $ | 153 | $ | 167 | ||||||||||
Other accrued expenses | 455 | 435 | ||||||||||||
Total | $ | 608 | $ | 602 |
(Dollars in millions) | Unrealized Gains/(Losses) on Cash Flow Hedges | Unrealized Gains/(Losses) on Post-Retirement Plans | Foreign Currency Translation Adjustments | Total | |||||||||||||||||||||||||
Balance at June 28, 2019 | $ | — | $ | (20) | $ | (14) | $ | (34) | |||||||||||||||||||||
Other comprehensive loss before reclassifications | (27) | (7) | (2) | (36) | |||||||||||||||||||||||||
Amounts reclassified from AOCL to Consolidated Statements of Operations | 3 | 1 | — | 4 | |||||||||||||||||||||||||
Other comprehensive loss | (24) | (6) | (2) | (32) | |||||||||||||||||||||||||
Balance at July 3, 2020 | (24) | (26) | (16) | (66) | |||||||||||||||||||||||||
Other comprehensive gain before reclassifications | 15 | 1 | 15 | 31 | |||||||||||||||||||||||||
Amounts reclassified from AOCL to Consolidated Statements of Operations | (9) | 3 | — | (6) | |||||||||||||||||||||||||
Other comprehensive income | 6 | 4 | 15 | 25 | |||||||||||||||||||||||||
Balance at July 2, 2021 | $ | (18) | $ | (22) | $ | (1) | $ | (41) |
(Dollars in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Remaining Useful Life | ||||||||||||||||||||||
Existing technology | $ | 43 | $ | (30) | $ | 13 | 1.8 Years | |||||||||||||||||||
Customer relationships | 71 | (58) | 13 | 1.2 Years | ||||||||||||||||||||||
Other intangible assets | 9 | (6) | 3 | 1.7 Years | ||||||||||||||||||||||
Total amortizable other intangible assets | $ | 123 | $ | (94) | $ | 29 | 1.5 Years |
(Dollars in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Remaining Useful Life | ||||||||||||||||||||||
Existing technology | $ | 199 | $ | (179) | $ | 20 | 1.5 Years | |||||||||||||||||||
Customer relationships | 71 | (48) | 23 | 2.2 Years | ||||||||||||||||||||||
Trade name | 2 | (2) | — | 0.2 Years | ||||||||||||||||||||||
Other intangible assets | 19 | (4) | 15 | 2.9 Years | ||||||||||||||||||||||
Total amortizable other intangible assets | $ | 291 | $ | (233) | $ | 58 | 2.1 Years |
(Dollars in millions) | Amount | |||||||
2022 | $ | 20 | ||||||
2023 | 9 | |||||||
Thereafter | — | |||||||
Total
|
$ | 29 |
Fiscal Year | Amount | |||||||
2022 | $ | 245 | ||||||
2023 | 566 | |||||||
2024 | 525 | |||||||
2025 | 504 | |||||||
2026 | 381 | |||||||
Thereafter | 2,995 | |||||||
Total | $ | 5,216 |
Fiscal Years Ended | ||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||||
U.S. | $ | 191 | $ | 121 | $ | 275 | ||||||||||||||
Non-U.S. | 1,157 | 911 | 1,097 | |||||||||||||||||
$ | 1,348 | $ | 1,032 | $ | 1,372 |
Fiscal Years Ended | ||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||||
Current income tax expense: | ||||||||||||||||||||
U.S. | $ | — | $ | — | $ | — | ||||||||||||||
Non-U.S. | 38 | 36 | 45 | |||||||||||||||||
Total Current | 38 | 36 | 45 | |||||||||||||||||
Deferred income tax benefit: | ||||||||||||||||||||
U.S. | 8 | (18) | (678) | |||||||||||||||||
Non-U.S. | (12) | 10 | (7) | |||||||||||||||||
Total Deferred | (4) | (8) | (685) | |||||||||||||||||
Provision (benefit) for income taxes | $ | 34 | $ | 28 | $ | (640) |
Fiscal Years Ended | ||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
||||||||||||
Deferred tax assets | ||||||||||||||
Accrued warranty | $ | 31 | $ | 35 | ||||||||||
Inventory carrying value adjustments | 39 | 30 | ||||||||||||
Receivable allowances | 15 | 11 | ||||||||||||
Accrued compensation and benefits | 66 | 55 | ||||||||||||
Depreciation | 47 | 59 | ||||||||||||
Restructuring accruals | 1 | 9 | ||||||||||||
Other accruals and deferred items | 25 | 22 | ||||||||||||
Net operating losses | 698 | 735 | ||||||||||||
Tax credit carryforwards | 628 | 603 | ||||||||||||
Other assets | 1 | 7 | ||||||||||||
Gross: Deferred tax assets | 1,551 | 1,566 | ||||||||||||
Less: Valuation allowance | (429) | (438) | ||||||||||||
Net: Deferred tax assets | 1,122 | 1,128 | ||||||||||||
Deferred tax liabilities | ||||||||||||||
Unremitted earnings of certain non-U.S. entities | (5) | (16) | ||||||||||||
Acquisition-related Items | (5) | (8) | ||||||||||||
Other liabilities | (9) | (5) | ||||||||||||
Net: Deferred tax liabilities | (19) | (29) | ||||||||||||
Total net deferred tax assets | $ | 1,103 | $ | 1,099 |
Fiscal Years Ended | ||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||||
Provision at statutory rate | $ | 337 | $ | 258 | $ | 343 | ||||||||||||||
Permanent differences | 8 | (1) | 3 | |||||||||||||||||
Valuation allowance | (2) | (16) | (742) | |||||||||||||||||
Earnings taxed at less than statutory rate | (287) | (193) | (234) | |||||||||||||||||
Research Credit | (27) | (27) | (38) | |||||||||||||||||
Tax expense related to intercompany transactions | — | — | 23 | |||||||||||||||||
Other individually immaterial items | 5 | 7 | 5 | |||||||||||||||||
Provision (benefit) for income taxes | $ | 34 | $ | 28 | $ | (640) | ||||||||||||||
Fiscal Years Ended | ||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||||
Balance of unrecognized tax benefits at the beginning of the year | $ | 89 | $ | 83 | $ | 60 | ||||||||||||||
Gross increase for tax positions of prior years | 7 | — | 22 | |||||||||||||||||
Gross decrease for tax positions of prior years | (1) | (1) | (9) | |||||||||||||||||
Gross increase for tax positions of current year | 15 | 8 | 16 | |||||||||||||||||
Gross decrease for tax positions of current year | — | — | — | |||||||||||||||||
Settlements | (1) | (1) | — | |||||||||||||||||
Lapse of statutes of limitation | (1) | — | (6) | |||||||||||||||||
Non-U.S. exchange gain | — | — | — | |||||||||||||||||
Balance of unrecognized tax benefits at the end of the year | $ | 108 | $ | 89 | $ | 83 |
Fiscal Years Ended | ||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
||||||||||||
Operating lease cost | $ | 15 | 22 | |||||||||||
Variable lease cost | 4 | 4 | ||||||||||||
Total lease cost | $ | 19 | 26 | |||||||||||
Operating cash outflows from operating leases | $ | 19 | 18 |
July 2,
2021 |
July 3,
2020 |
|||||||||||||
Weighted-average remaining lease term | 7.2 years | 13.2 years | ||||||||||||
Weighted-average discount rate | 6.02 | % | 6.53 | % |
(Dollars in millions) | Balance Sheet Location |
July 2,
2021 |
July 3,
2020 |
|||||||||||||||||
ROU assets | Other assets, net | $ | 97 | $ | 103 | |||||||||||||||
Current lease liabilities | Accrued expenses | 15 | 14 | |||||||||||||||||
Non-current lease liabilities | Other non-current liabilities | 39 | 49 |
Fiscal Year | Amount | |||||||
2022 | $ | 15 | ||||||
2023 | 12 | |||||||
2024 | 8 | |||||||
2025 | 5 | |||||||
2026 | 4 | |||||||
Thereafter | 21 | |||||||
Total lease payments | 65 | |||||||
Less: imputed interest | (11) | |||||||
Present value of lease liabilities | $ | 54 |
June 2020 Plan | December 2017 Plan | Other Plans | ||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Workforce Reduction Costs | Facilities and Other Exit Costs | Workforce Reduction Costs | Facilities and Other Exit Costs | Workforce Reduction Costs | Facilities and Other Exit Costs | Total | |||||||||||||||||||||||||||||||||||||
Accrual balances at June 29, 2018 | $ | — | $ | — | $ | 5 | $ | 4 | $ | 14 | $ | 19 | $ | 42 | ||||||||||||||||||||||||||||||
Restructuring charges | — | — | — | 3 | 41 | 10 | 54 | |||||||||||||||||||||||||||||||||||||
Cash payments | — | — | (5) | (5) | (43) | (12) | (65) | |||||||||||||||||||||||||||||||||||||
Adjustments | — | — | — | (1) | 1 | (1) | (1) | |||||||||||||||||||||||||||||||||||||
Accrual balances at June 28, 2019 | — | — | — | 1 | 13 | 16 | 30 | |||||||||||||||||||||||||||||||||||||
Lease adoption adjustment | — | — | — | — | — | (11) | (11) | |||||||||||||||||||||||||||||||||||||
Restructuring charges | 56 | 2 | — | — | 26 | 2 | 86 | |||||||||||||||||||||||||||||||||||||
Cash payments | (18) | — | — | (1) | (30) | (4) | (53) | |||||||||||||||||||||||||||||||||||||
Adjustments | — | — | — | — | (4) | — | (4) | |||||||||||||||||||||||||||||||||||||
Accrual balances at July 3, 2020 | 38 | 2 | — | — | 5 | 3 | 48 | |||||||||||||||||||||||||||||||||||||
Restructuring charges | — | — | — | — | 6 | 8 | 14 | |||||||||||||||||||||||||||||||||||||
Cash payments | (37) | (1) | — | — | (10) | (5) | (53) | |||||||||||||||||||||||||||||||||||||
Adjustments | — | — | — | — | — | (1) | (1) | |||||||||||||||||||||||||||||||||||||
Accrual balances at July 2, 2021 | $ | 1 | $ | 1 | $ | — | $ | — | $ | 1 | $ | 5 | $ | 8 | ||||||||||||||||||||||||||||||
Total costs incurred to date as of July 2, 2021
|
$ | 56 | $ | 2 | $ | 26 | $ | 8 | $ | 156 | $ | 52 | $ | 300 | ||||||||||||||||||||||||||||||
Total expected costs to be incurred as of July 2, 2021
|
$ | — | $ | 7 | $ | — | $ | — | $ | — | $ | — | $ | 7 |
As of July 2, 2021 | ||||||||||||||
(Dollars in millions) | Contracts Designated as Hedges | Contracts Not Designated as Hedges | ||||||||||||
Singapore Dollar | $ | 172 | $ | 43 | ||||||||||
Thai Baht | 131 | 46 | ||||||||||||
Chinese Renminbi | 73 | 21 | ||||||||||||
British Pound Sterling | 54 | 16 | ||||||||||||
$ | 430 | $ | 126 |
As of July 3, 2020 | ||||||||||||||
(Dollars in millions) | Contracts Designated as Hedges | Contracts Not Designated as Hedges | ||||||||||||
Singapore Dollar | $ | 187 | $ | 56 | ||||||||||
Thai Baht | 157 | 42 | ||||||||||||
Chinese Renminbi | 81 | 25 | ||||||||||||
British Pound Sterling | 64 | 20 | ||||||||||||
$ | 489 | $ | 143 |
As of July 2, 2021 | ||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
(Dollars in millions) |
Balance Sheet
Location |
Fair
Value |
Balance Sheet
Location |
Fair
Value |
||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||
Foreign currency forward exchange contracts | Other current assets | $ | 1 | Accrued expenses | $ | (5) | ||||||||||||||||||||
Interest rate swap | Other current assets | — | Accrued expenses | (14) | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Foreign currency forward exchange contracts | Other current assets | 1 | Accrued expenses | (2) | ||||||||||||||||||||||
Total return swap | Other current assets | 2 | Accrued expenses | — | ||||||||||||||||||||||
Total derivatives | $ | 4 | $ | (21) |
As of July 3, 2020 | ||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
(Dollars in millions) |
Balance Sheet
Location |
Fair
Value |
Balance Sheet
Location |
Fair
Value |
||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||
Foreign currency forward exchange contracts | Other current assets | $ | 3 | Accrued expenses | $ | — | ||||||||||||||||||||
Interest rate swap | Other current assets | — | Accrued expenses | $ | (27) | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Foreign currency forward exchange contracts | Other current assets | 2 | Accrued expenses | (2) | ||||||||||||||||||||||
Total return swap | Other current assets | 1 | Accrued expenses | — | ||||||||||||||||||||||
Total derivatives | $ | 6 | $ | (29) |
Derivatives Not Designated as Hedging Instruments |
Location of Gain/(Loss) Recognized in
Income on Derivatives |
Amount of Gain/(Loss) Recognized in
Income on Derivatives |
||||||||||||
Foreign currency forward exchange contracts | Other, net | $ | 10 | |||||||||||
Total return swap | Operating expenses | 30 |
(Dollars in millions)
Derivatives Designated as Hedging Instruments |
Amount of Gain/(Loss) Recognized in OCI on Derivatives (Effective Portion) | Location of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain/(Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||||
Foreign currency forward exchange contracts | $ | 7 | Cost of revenue | $ | 14 | Other, net | $ | 1 | ||||||||||||||||||||||||
Interest rate swap | 8 | Interest expense | (7) | Interest expense | — |
Derivatives Not Designated as Hedging Instruments |
Location of Gain/(Loss) Recognized in
Income on Derivatives |
Amount of Gain/(Loss) Recognized in
Income on Derivatives |
||||||||||||
Foreign currency forward exchange contracts | Other, net | $ | (2) | |||||||||||
Total return swap | Operating expenses | 2 |
(Dollars in millions)
Derivatives Designated as Hedging Instruments |
Amount of Gain/(Loss) Recognized in OCI on Derivatives (Effective Portion) | Location of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain/(Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain/(Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||||
Foreign currency forward exchange contracts | $ | 2 | Other expense, net | $ | (3) | Other expense, net | $ | (1) | ||||||||||||||||||||||||
Interest rate swap | (29) | Other expense, net | — | Other expense, net | — |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||
(US Dollars in millions) |
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 | $ | 551 | $ | — | $ | — | $ | 551 | ||||||||||||||||||
Time deposits and certificates of deposit | — | — | — | — | ||||||||||||||||||||||
Total cash equivalents | 551 | — | — | 551 | ||||||||||||||||||||||
Restricted cash and investments: | ||||||||||||||||||||||||||
Money market funds | 1 | — | — | 1 | ||||||||||||||||||||||
Time deposits and certificates of deposit | — | 1 | — | 1 | ||||||||||||||||||||||
Other debt securities | — | — | 18 | 18 | ||||||||||||||||||||||
Derivative assets | — | 4 | — | 4 | ||||||||||||||||||||||
Total assets | $ | 552 | $ | 5 | $ | 18 | $ | 575 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative liabilities | $ | — | $ | 21 | $ | — | $ | 21 | ||||||||||||||||||
Total liabilities | $ | — | $ | 21 | $ | — | $ | 21 |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||
(US Dollars in millions) |
Quoted Prices in Active Markets for Identical Instruments
(Level 1) |
Significant Other Observable Inputs
(Level 2) |
Significant Unobservable Inputs
(Level 3) |
Total
Balance |
||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 551 | $ | — | $ | — | $ | 551 | ||||||||||||||||||
Other current assets | 1 | 5 | — | 6 | ||||||||||||||||||||||
Other assets, net | — | — | 18 | 18 | ||||||||||||||||||||||
Total assets | $ | 552 | $ | 5 | $ | 18 | $ | 575 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Accrued expenses | $ | — | $ | 21 | $ | — | $ | 21 | ||||||||||||||||||
Total liabilities | $ | — | $ | 21 | $ | — | $ | 21 |
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||
(US Dollars in millions) |
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 | $ | 494 | $ | — | $ | — | $ | 494 | ||||||||||||||||||
Time deposits and certificates of deposit | — | 55 | — | 55 | ||||||||||||||||||||||
Total cash equivalents | 494 | 55 | — | 549 | ||||||||||||||||||||||
Restricted cash and investments: | ||||||||||||||||||||||||||
Money market funds | 1 | — | — | 1 | ||||||||||||||||||||||
Time deposits and certificates of deposit | — | 1 | — | 1 | ||||||||||||||||||||||
Other debt securities | — | — | 18 | 18 | ||||||||||||||||||||||
Derivative assets | — | 6 | — | 6 | ||||||||||||||||||||||
Total assets | $ | 495 | $ | 62 | $ | 18 | $ | 575 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Derivative liabilities | $ | — | $ | 29 | $ | — | $ | 29 | ||||||||||||||||||
Total liabilities | $ | — | $ | 29 | $ | — | $ | 29 | ||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||||||||
(Dollars in millions) |
Quoted Prices in Active Markets for Identical Instruments
(Level 1) |
Significant Other Observable Inputs
(Level 2) |
Significant Unobservable Inputs
(Level 3) |
Total
Balance |
||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 494 | $ | 55 | $ | — | $ | 549 | ||||||||||||||||||
Other current assets | 1 | 7 | — | 8 | ||||||||||||||||||||||
Other assets, net | — | — | 18 | 18 | ||||||||||||||||||||||
Total assets | $ | 495 | $ | 62 | $ | 18 | $ | 575 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Accrued expense | $ | — | $ | 29 | $ | — | $ | 29 | ||||||||||||||||||
Total liabilities | $ | — | $ | 29 | $ | — | $ | 29 |
July 2, 2021 | July 3, 2020 | |||||||||||||||||||||||||
(Dollars in millions) |
Carrying
Amount |
Estimated
Fair Value |
Carrying
Amount |
Estimated
Fair Value |
||||||||||||||||||||||
4.250% Senior Notes due March 2022 | $ | 220 | $ | 224 | $ | 229 | $ | 237 | ||||||||||||||||||
4.750% Senior Notes due June 2023 | 541 | 578 | 546 | 576 | ||||||||||||||||||||||
4.875% Senior Notes due March 2024 | 499 | 544 | 498 | 541 | ||||||||||||||||||||||
4.750% Senior Notes due January 2025 | 479 | 529 | 479 | 517 | ||||||||||||||||||||||
4.875% Senior Notes due June 2027 | 504 | 561 | 504 | 549 | ||||||||||||||||||||||
4.091% Senior Notes due June 2029 | 461 | 519 | 456 | 523 | ||||||||||||||||||||||
3.125% Senior Notes due July 2029 | 500 | 488 | — | — | ||||||||||||||||||||||
4.125% Senior Notes due January 2031 | 499 | 513 | 499 | 524 | ||||||||||||||||||||||
3.375% Senior Notes due July 2031 | 500 | 487 | — | — | ||||||||||||||||||||||
5.750% Senior Notes due December 2034 | 489 | 566 | 489 | 543 | ||||||||||||||||||||||
LIBOR Based Term Loan due September 2025 | 481 | 478 | 500 | 490 | ||||||||||||||||||||||
$ | 5,173 | $ | 5,487 | $ | 4,200 | $ | 4,500 | |||||||||||||||||||
Less: debt issuance costs | (34) | — | (25) | — | ||||||||||||||||||||||
Debt, net of debt issuance costs
|
$ | 5,139 | $ | 5,487 | $ | 4,175 | $ | 4,500 | ||||||||||||||||||
Less: current portion of debt, net of debt issuance costs | (245) | (249) | (19) | (19) | ||||||||||||||||||||||
Long-term debt, less current portion, net of debt issuance costs
|
$ | 4,894 | $ | 5,238 | $ | 4,156 | $ | 4,481 |
(In millions) | Number of Shares Repurchased | Dollar Value of Shares Repurchased | ||||||||||||
Cumulative repurchased through June 29, 2018 | 352 | $ | 10,502 | |||||||||||
Repurchased in fiscal year 2019(1)
|
22 | 997 | ||||||||||||
Cumulative repurchased through June 28, 2019 | 374 | 11,499 | ||||||||||||
Repurchased in fiscal year 2020(1)
|
18 | 887 | ||||||||||||
Cumulative repurchased through July 3, 2020 | 392 | 12,386 | ||||||||||||
Repurchased in fiscal year 2021(1)
|
34 | 2,081 | ||||||||||||
Cumulative repurchased through July 2, 2021 | 426 | $ | 14,467 |
Fiscal Years | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Options | |||||||||||||||||
Expected term (in years) | 4.2 | 4.2 | 4.2 | ||||||||||||||
Volatility |
37 - 38%
|
39 %
|
39 - 40%
|
||||||||||||||
Weighted-average volatility | 38 | % | 39 | % | 39 | % | |||||||||||
Expected dividend rate |
3.2 - 5.2%
|
4.2 %
|
4.6 - 5.0%
|
||||||||||||||
Weighted-average expected dividend rate | 4.7 | % | 4.2 | % | 4.7 | % | |||||||||||
Risk-free interest rate |
0.2 - 0.7%
|
1.4 %
|
2.5 - 2.8%
|
||||||||||||||
Weighted-average fair value | $ | 10.77 | $ | 12.41 | $ | 11.49 | |||||||||||
RSUs | |||||||||||||||||
Expected term (in years) |
1 - 2.5
|
1 - 2.5
|
1 - 2.5
|
||||||||||||||
Expected dividend rate |
2.5 - 5.4%
|
3.9 - 5.8%
|
4.1 - 6.4%
|
||||||||||||||
Weighted-average expected dividend rate | 4.6 | % | 4.3 | % | 4.7 | % | |||||||||||
Weighted-average fair value | $ | 50.64 | $ | 49.49 | $ | 44.37 | |||||||||||
ESPP | |||||||||||||||||
Expected term (in years) | 0.5 | 0.5 | 0.5 | ||||||||||||||
Volatility |
39 - 44%
|
32 - 35%
|
34 - 42%
|
||||||||||||||
Weighted-average volatility | 42 | % | 33 | % | 38 | % | |||||||||||
Expected dividend rate |
4.0 - 5.8%
|
4.3 - 5.4%
|
4.8 - 5.6%
|
||||||||||||||
Weighted-average expected dividend rate | 5.1 | % | 4.9 | % | 5.2 | % | |||||||||||
Risk-free interest rate | 0.1% |
1.6 - 2.0%
|
2.2 - 2.4%
|
||||||||||||||
Weighted-average fair value | $ | 13.77 | $ | 12.23 | $ | 12.18 | |||||||||||
PSUs subject to TSR/ROIC conditions | |||||||||||||||||
Expected term (in years) | 3.0 | 3.0 | 3.0 | ||||||||||||||
Volatility | 38 | % | 37 | % | 46 | % | |||||||||||
Weighted-average volatility | 38 | % | 37 | % | 46 | % | |||||||||||
Expected dividend rate | 5.6 | % | 4.6 | % | 5.0 | % | |||||||||||
Weighted-average expected dividend rate | 5.6 | % | 4.6 | % | 5.0 | % | |||||||||||
Risk-free interest rate | 0.2 | % | 1.5 | % | 2.8 | % | |||||||||||
Weighted-average fair value | $ | 43.20 | $ | 52.39 | $ | 46.38 | |||||||||||
PSUs subject to an AEPS condition | |||||||||||||||||
Expected term (in years) | 2.5 | 2.5 | 2.5 | ||||||||||||||
Expected dividend rate |
3.2 - 5.2%
|
4.2 %
|
4.6 - 5.0%
|
||||||||||||||
Weighted-average expected dividend rate | 4.9 | % | 4.2 | % | 4.7 | % | |||||||||||
Weighted-average fair value | $ | 45.50 | $ | 49.27 | $ | 43.92 |
Options |
Number of Shares
(In millions)
|
Weighted-Average Exercise Price |
Weighted-Average Remaining Contractual Term
(In years)
|
Aggregate Intrinsic Value
(Dollars in millions)
|
||||||||||||||||||||||
Outstanding at July 3, 2020 | 2.4 | $ | 44.18 | 3.7 | $ | 15 | ||||||||||||||||||||
Granted | 0.3 | $ | 53.06 | |||||||||||||||||||||||
Exercised | (1.1) | $ | 46.62 | |||||||||||||||||||||||
Forfeitures | — | $ | 30.95 | |||||||||||||||||||||||
Expirations | — | $ | 65.68 | |||||||||||||||||||||||
Outstanding at July 2, 2021 | 1.6 | $ | 44.24 | 4.0 | $ | 69 | ||||||||||||||||||||
Vested and expected to vest at July 2, 2021 | 1.6 | $ | 44.09 | 4.0 | $ | 68 | ||||||||||||||||||||
Exercisable at July 2, 2021 | 1.0 | $ | 39.94 | 3.1 | $ | 47 |
Unvested Awards |
Number of Shares
(In millions)
|
Weighted-Average Grant-Date Fair Value | ||||||||||||
Unvested at July 3, 2020 | 4.8 | $ | 41.77 | |||||||||||
Granted | 3.3 | $ | 50.64 | |||||||||||
Forfeitures | (0.2) | $ | 38.06 | |||||||||||
Vested | (2.0) | $ | 38.28 | |||||||||||
Unvested at July 2, 2021 | 5.9 | $ | 47.81 | |||||||||||
Performance Awards |
Number of Shares
(In millions)
|
Weighted-Average Grant-Date Fair Value | ||||||||||||
Performance units at July 3, 2020 | 0.9 | $ | 42.77 | |||||||||||
Granted | 0.6 | $ | 38.11 | |||||||||||
Forfeitures | — | $ | 46.93 | |||||||||||
Vested | (0.5) | $ | 28.20 | |||||||||||
Performance units at July 2, 2021 | 1.0 | $ | 46.56 |
Fiscal Years Ended | ||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||||
Balance, beginning of period | $ | 151 | $ | 195 | $ | 237 | ||||||||||||||
Warranties issued | 76 | 86 | 112 | |||||||||||||||||
Repairs and replacements | (81) | (85) | (99) | |||||||||||||||||
Changes in liability for pre-existing warranties, including expirations | (10) | (45) | (55) | |||||||||||||||||
Balance, end of period | $ | 136 | $ | 151 | $ | 195 | ||||||||||||||
Fiscal Years Ended | ||||||||||||||||||||
(In millions, except per share data) |
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||||
Numerator: | ||||||||||||||||||||
Net income | $ | 1,314 | $ | 1,004 | $ | 2,012 | ||||||||||||||
Number of shares used in per share calculations: | ||||||||||||||||||||
Total shares for purposes of calculating basic net income per share
|
242 | 262 | 282 | |||||||||||||||||
Weighted-average effect of dilutive securities: | ||||||||||||||||||||
Employee equity award plans | 3 | 3 | 3 | |||||||||||||||||
Total shares for purposes of calculating diluted net income per share
|
245 | 265 | 285 | |||||||||||||||||
Net income per share | ||||||||||||||||||||
Basic | $ | 5.43 | $ | 3.83 | $ | 7.13 | ||||||||||||||
Diluted | 5.36 | 3.79 | 7.06 |
Fiscal Years Ended | ||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||||
Revenue from external customers (1):
|
||||||||||||||||||||
Singapore | $ | 5,180 | $ | 5,032 | $ | 5,085 | ||||||||||||||
United States | 3,656 | 3,583 | 3,310 | |||||||||||||||||
The Netherlands | 1,825 | 1,572 | 1,630 | |||||||||||||||||
Other | 20 | 322 | 365 | |||||||||||||||||
Consolidated | $ | 10,681 | $ | 10,509 | $ | 10,390 | ||||||||||||||
Long-lived assets: | ||||||||||||||||||||
Thailand | $ | 682 | $ | 681 | $ | 558 | ||||||||||||||
United States | 612 | 567 | 523 | |||||||||||||||||
Singapore | 570 | 601 | 556 | |||||||||||||||||
Other | 411 | 376 | 286 | |||||||||||||||||
Consolidated | $ | 2,275 | $ | 2,225 | $ | 1,923 |
Fiscal Years Ended | ||||||||||||||||||||
(Dollars in millions) |
July 2,
2021 |
July 3,
2020 |
June 28,
2019 |
|||||||||||||||||
Revenues by Channel | ||||||||||||||||||||
OEMs | $ | 7,403 | $ | 7,504 | $ | 7,261 | ||||||||||||||
Distributors | 1,854 | 1,738 | 1,780 | |||||||||||||||||
Retailers | 1,424 | 1,267 | 1,349 | |||||||||||||||||
Total | $ | 10,681 | $ | 10,509 | $ | 10,390 | ||||||||||||||
Revenues by Geography(1)
|
||||||||||||||||||||
Asia Pacific | $ | 5,198 | $ | 5,060 | $ | 5,115 | ||||||||||||||
Americas | 3,656 | 3,583 | 3,310 | |||||||||||||||||
EMEA | 1,827 | 1,866 | 1,965 | |||||||||||||||||
Total | $ | 10,681 | $ | 10,509 | $ | 10,390 |
Revenue recognition—Sales incentive program rebates and discounts | |||||
Description of the Matter |
The Company sells its products to original equipment manufacturers, distributors and retailers (collectively, “customers”). As explained in Note 1 to the consolidated financial statements, the Company reduces revenue for estimated future reductions to the final selling prices for shipped products including sales incentive programs, such as price protection and volume incentives.
|
||||
Auditing management’s estimates of future reductions to the final selling prices is complex as it requires management to make subjective assumptions including the amount of price adjustments on products as well as the timing of its channel sales of products through to end customers.
|
|||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the completeness of sales incentive programs, the accuracy and completeness of the underlying data used in the calculations and management’s assumptions of the amount of future reductions to the final selling prices as well as the timing of its channel sales of products through to end customers.
|
||||
To test the estimated sales incentive programs, our audit procedures included, among others, testing the completeness of sales incentive programs as well as the accuracy and completeness of the underlying data used in the calculations and evaluating the significant assumptions used by management to estimate its reserves related to remaining channel inventory. To test the completeness of the sales incentive programs, we inspected significant new sales contracts and agreements that include the contractual rights to discounts and rebates to validate they are being properly considered in the incentives reserve calculations and examined credit memos issued after year end. We also directly confirmed terms and conditions of agreements with a sample of the Company’s customers as well as inquired of sales representatives and other members of management to assess whether all contractual terms were provided to the Finance Department. To test the underlying data used in the sales incentive program reserve calculations, we confirmed ending on hand inventory at a sample of distributors and retailers. To test management’s assumptions of the amount of future reductions to the final selling prices as well as the timing of its distributors’ sales of products through to end customers we inquired with operations management and compared estimates with industry and analysts’ forecasts. In addition, we performed a retrospective review comparing prior period assumptions to the actual results in subsequent periods and performed sensitivity analyses to evaluate the potential effect of changes in the Company's significant assumptions.
|
|||||
Realizability of deferred income taxes | |||||
Description of the Matter | At July 2, 2021, the Company had gross deferred tax assets of $1,551 million, partially offset by a valuation allowance of $429 million. As discussed in Note 5 to the consolidated financial statements, the Company recognizes a valuation allowance to reduce the carrying value of its deferred tax assets to the amount that management believes is more likely than not to be realized. | ||||
Auditing the realizability of the deferred tax assets was complex as the assessment process includes forecasting future sources of taxable income and scheduling the use of the applicable deferred tax assets which includes subjective management assumptions, and the amounts involved are material to the financial statements as a whole.
|
|||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls that address the risks of material misstatement relating to the realizability of deferred tax assets. This included controls over management’s determination of sources and amount of future taxable income including income from operations and scheduling of the future reversal of existing taxable temporary differences.
|
||||
Among other audit procedures performed, we evaluated the assumptions used by the Company to develop projections of future taxable income by jurisdiction and tested the completeness and accuracy of the underlying data used in its projections. For example, we compared the projections of future taxable income with the actual results of prior periods, as well as management’s consideration of current industry and economic trends. We also assessed the historical accuracy of management’s projections and compared the projections of future taxable income with other forecasted financial information prepared by the Company. In addition, we tested the Company’s scheduling of the reversal of existing temporary taxable differences.
|
|||||
Page No. | |||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit
No. |
Exhibit Description | Form | File No. | Exhibit |
Filing
Date |
Filed
Herewith
|
||||||||||||||||||||||||||||||||
2.1 | DEF M14A | 001-31560 | Annex A | 3/3/2021 | ||||||||||||||||||||||||||||||||||
3.1 | X | |||||||||||||||||||||||||||||||||||||
3.2 | 8-K12B | 001-31560 | 3.1 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
4.1 | X | |||||||||||||||||||||||||||||||||||||
4.2 | X | |||||||||||||||||||||||||||||||||||||
4.3 | 8-K | 001-31560 | 4.1 | 5/22/2013 | ||||||||||||||||||||||||||||||||||
4.3(a) | 8-K12B | 001-31560 | 10.3 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
4.4 | 8-K | 001-31560 | 4.1 | 5/22/2013 | ||||||||||||||||||||||||||||||||||
4.5 |
Registration Rights Agreement dated as of May 22, 2013, among Seagate HDD Cayman, Seagate Technology plc and Morgan Stanley & Co. LLC.
|
8-K | 001-31560 | 4.3 | 5/22/2013 | |||||||||||||||||||||||||||||||||
4.6 |
Indenture for the 2025 Notes dated as of May 28, 2014, among Seagate HDD Cayman, as Issuer, Seagate Technology plc, as Guarantor and U.S. Bank National Association, as trustee
|
8-K | 001-31560 | 4.1 | 5/28/2014 | |||||||||||||||||||||||||||||||||
4.6(a) | 8-K12B | 001-31560 | 10.4 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
4.7 | 8-K | 001-31560 | 4.1 | 5/28/2014 | ||||||||||||||||||||||||||||||||||
4.8 |
Registration Rights Agreement dated as of May 28, 2014, among Seagate HDD Cayman, Seagate Technology plc and Morgan Stanley & Co. LLC.
|
8-K | 001-31560 | 4.3 | 5/28/2014 | |||||||||||||||||||||||||||||||||
4.9 | 8-K | 001-31560 | 4.1 | 12/2/2014 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit
No. |
Exhibit Description | Form | File No. | Exhibit |
Filing
Date |
Filed
Herewith
|
||||||||||||||||||||||||||||||||
4.9(a) | 8-K12B | 001-31560 | 10.5 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
4.10 | 8-K | 001-31560 | 4.1 | 12/2/2014 | ||||||||||||||||||||||||||||||||||
4.11 | 8-K | 001-31560 | 4.3 | 12/2/2014 | ||||||||||||||||||||||||||||||||||
4.12 |
Indenture for the 2022 Notes, dated as of February 3, 2017, among Seagate HDD Cayman, as Issuer, Seagate Technology plc, as Guarantor, and Wells Fargo Bank, National Association, as trustee
|
8-K |
001-31560
|
4.1 | 2/3/2017 | |||||||||||||||||||||||||||||||||
4.12(a) | 8-K12B | 001-31560 | 10.7 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
4.13 | 8-K | 001-31560 | 4.1 | 2/3/2017 | ||||||||||||||||||||||||||||||||||
4.14 | 8-K | 001-31560 | 4.5 | 2/3/2017 | ||||||||||||||||||||||||||||||||||
4.15 | 8-K |
001-31560
|
4.3 |
2/3/2017
|
||||||||||||||||||||||||||||||||||
4.15(a) | 8-K12B | 001-31560 | 10.6 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
4.16 | 8-K | 001-31560 | 4.3 | 2/3/2017 | ||||||||||||||||||||||||||||||||||
4.17 | 8-K |
001-31560
|
4.6 |
2/3/2017
|
||||||||||||||||||||||||||||||||||
4.18 | 8-K |
001-31560
|
4.1 | 5/14/2015 | ||||||||||||||||||||||||||||||||||
4.18(a) | 8-K12B | 001-31560 | 10.8 | 5/19/2021 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit
No. |
Exhibit Description | Form | File No. | Exhibit |
Filing
Date |
Filed
Herewith
|
||||||||||||||||||||||||||||||||
4.19 | 8-K | 001-31560 | 4.1 | 5/14/2015 | ||||||||||||||||||||||||||||||||||
4.20 | 8-K |
001-31560
|
4.3 | 5/14/2015 | ||||||||||||||||||||||||||||||||||
4.21 | 8-K | 001-31560 | 4.1 | 6/11/2020 | ||||||||||||||||||||||||||||||||||
4.21(a) | 8-K12B | 001-31560 | 10.9 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
4.22 | 8-K | 001-31560 | 4.1 | 6/11/2020 | ||||||||||||||||||||||||||||||||||
4.23 | 8-K | 001-31560 | 4.3 | 6/11/2020 | ||||||||||||||||||||||||||||||||||
4.24 | 8-K | 001-31560 | 4.1 | 6/18/2020 | ||||||||||||||||||||||||||||||||||
4.24(a) | 8-K12B | 001-31560 | 10.10 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
4.25 | 8-K | 001-31560 | 4.1 | 6/18/2020 | ||||||||||||||||||||||||||||||||||
4.26 | 8-K | 001-31560 | 4.3 | 6/18/2020 | ||||||||||||||||||||||||||||||||||
4.27 | 8-K | 001-31560 | 4.1 | 12/9/2020 | ||||||||||||||||||||||||||||||||||
4.27(a) | 8-K12B | 001-31560 | 10.12 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
4.28 | 8-K | 001-31560 | 4.1 | 12/9/2020 | ||||||||||||||||||||||||||||||||||
4.29 | 8-K | 001-31560 | 4.3 | 12/9/2020 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit
No. |
Exhibit Description | Form | File No. | Exhibit |
Filing
Date |
Filed
Herewith
|
||||||||||||||||||||||||||||||||
4.30 | 8-K | 001-31560 | 4.4 | 12/9/2020 | ||||||||||||||||||||||||||||||||||
4.30(a) | 8-K12B | 001-31560 | 10.11 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
4.31 | 8-K | 001-31560 | 4.4 | 12/9/2020 | ||||||||||||||||||||||||||||||||||
4.32 | 8-K | 001-31560 | 4.6 | 12/9/2020 | ||||||||||||||||||||||||||||||||||
10.1+ | 10-Q | 001-31560 | 10.4 | 10/27/2017 | ||||||||||||||||||||||||||||||||||
10.2+ | 10-Q | 001-31560 | 10.4 | 1/26/2017 | ||||||||||||||||||||||||||||||||||
10.3+ | 10-Q | 001-31560 | 10.3 | 1/26/2017 | ||||||||||||||||||||||||||||||||||
10.4+ | 10-Q | 001-31560 | 10.2 | 1/26/2017 | ||||||||||||||||||||||||||||||||||
10.5+ | 10-Q | 001-31560 | 10.1 | 1/26/2017 | ||||||||||||||||||||||||||||||||||
10.6+ | 8-K | 001-31560 | 10.1 | 10/18/2017 | ||||||||||||||||||||||||||||||||||
10.7+ | 10-Q | 001-31560 | 10.1 | 1/29/2016 | ||||||||||||||||||||||||||||||||||
10.8+ | 10-Q | 001-31560 | 10.3 | 1/30/2015 | ||||||||||||||||||||||||||||||||||
10.8(a)+ | 10-Q | 001-31560 | 10.1 | 10/30/2015 | ||||||||||||||||||||||||||||||||||
10.8(b)+ | 10-K | 001-31560 | 10.16(b) | 8/2/2019 | ||||||||||||||||||||||||||||||||||
10.8(c)+ | 10-Q | 001-31560 | 10.6 | 2/4/2019 | ||||||||||||||||||||||||||||||||||
10.8(d)+ | 10-Q | 001-31560 | 10.1 | 2/5/2020 | ||||||||||||||||||||||||||||||||||
10.8(e)+ | 10-Q | 001-31560 | 10.2 | 1/28/2021 | ||||||||||||||||||||||||||||||||||
10.9+ | 10-K | 001-31560 | 10.17 | 8/2/2019 | ||||||||||||||||||||||||||||||||||
10.9(a)+ | 10-Q | 001-31560 | 10.26 | 5/5/2010 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit
No. |
Exhibit Description | Form | File No. | Exhibit |
Filing
Date |
Filed
Herewith
|
||||||||||||||||||||||||||||||||
10.9(b)+ | 10-Q | 001-31560 | 10.21 | 5/3/2011 | ||||||||||||||||||||||||||||||||||
10.9(c)+ | 10-Q/A | 001-31560 | 10.56 | 1/31/2013 | ||||||||||||||||||||||||||||||||||
10.9(d)+ | 10-Q | 001-31560 | 10.4 | 1/30/2015 | ||||||||||||||||||||||||||||||||||
10.9(e)+ | 10-Q | 001-31560 | 10.7 | 2/4/2019 | ||||||||||||||||||||||||||||||||||
10.9(f)+ | 10-K | 001-31560 | 10.17(f) | 8/7/2020 | ||||||||||||||||||||||||||||||||||
10.9(g)+ | 10-Q | 001-31560 | 10.3 | 1/28/2021 | ||||||||||||||||||||||||||||||||||
10.10+ | 10-Q | 001-31560 | 10.27 | 4/30/2012 | ||||||||||||||||||||||||||||||||||
10.10(a)+ | 10-Q | 001-31560 | 10.4 | 2/4/2019 | ||||||||||||||||||||||||||||||||||
10.10(b)+ | 10-K | 001-31560 | 10.18(b) | 8/7/2020 | ||||||||||||||||||||||||||||||||||
10.11+ | 10-Q | 001-31560 | 10.28 | 5/5/2010 | ||||||||||||||||||||||||||||||||||
10.11(a)+ | 10-Q | 001-31560 | 10.5 | 2/4/2019 | ||||||||||||||||||||||||||||||||||
10.11(b)+ | 10-K | 001-31560 | 10.19(b)+ | 8/7/2020 | ||||||||||||||||||||||||||||||||||
10.12+ | 8-K | 001-31560 | 10.1 | 11/4/2013 | ||||||||||||||||||||||||||||||||||
10.13+ | X | |||||||||||||||||||||||||||||||||||||
10.14 | 10-Q | 001-31560 | 10.4(b) | 5/6/2009 | ||||||||||||||||||||||||||||||||||
10.15 | 8-K | 001-31560 | 10.2 | 7/6/2010 | ||||||||||||||||||||||||||||||||||
10.16 | 10-Q | 001-31560 | 10.3 | 10/27/2017 | ||||||||||||||||||||||||||||||||||
10.17+ | 10-Q | 001-31560 | 10.3 | 2/4/2019 | ||||||||||||||||||||||||||||||||||
10.18 |
Credit Agreement, dated as of February 20, 2019, by and among Seagate Technology public limited company, Seagate HDD Cayman, as the Borrower, the Lenders party thereto, The Bank of Nova Scotia, as Administrative Agent, Bank of America, N.A., BNP Paribas Securities Corp. and Morgan Stanley Senior Funding, Inc., as Syndication Agents, and MUFG Bank, Ltd. and Wells Fargo Bank, National Association, as Documentation Agents
|
10-Q | 001-31560 | 10.1 | 4/30/2019 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit
No. |
Exhibit Description | Form | File No. | Exhibit |
Filing
Date |
Filed
Herewith
|
||||||||||||||||||||||||||||||||
10.19 | 10-Q | 001-31560 | 10.2 | 4/30/2019 | ||||||||||||||||||||||||||||||||||
10.19(a) | 10-Q | 001-31560 | 10.5 | 1/28/2021 | ||||||||||||||||||||||||||||||||||
10.20 | 10-Q | 001-31560 | 10.3 | 4/30/2019 | ||||||||||||||||||||||||||||||||||
10.21 | 10-Q | 001-31560 | 10.1 | 11/1/2019 | ||||||||||||||||||||||||||||||||||
10.21(a) | 10-Q | 001-31560 | 10.2 | 11/1/2019 | ||||||||||||||||||||||||||||||||||
10.21(b) | 10-Q | 001-31560 | 10.4 | 1/28/2021 | ||||||||||||||||||||||||||||||||||
10.21(c) | 8-K | 001-31560 | 10.1 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
10.22 | 8-K12B | 001-31560 | 10.2 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
10.23+ | 8-K | 001-31560 | 10.1 | 11/4/2019 | ||||||||||||||||||||||||||||||||||
10.24+ | 10-K | 001-31560 | 10.35 | 8/7/2020 | ||||||||||||||||||||||||||||||||||
10.25+ | 10-K | 001-31560 | 10.36 | 8/7/2020 | ||||||||||||||||||||||||||||||||||
10.26+ | 10-K | 001-31560 | 10.37 | 8/7/2020 | ||||||||||||||||||||||||||||||||||
10.27+ | 10-K | 001-31560 | 10.38 | 8/7/2020 | ||||||||||||||||||||||||||||||||||
10.28+ | 10-Q | 001-31560 | 10.3 | 4/29/2021 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit
No. |
Exhibit Description | Form | File No. | Exhibit |
Filing
Date |
Filed
Herewith
|
||||||||||||||||||||||||||||||||
10.29+ | 8-K12B | 001-31560 | 10.18 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
10.30+ | 8-K12B | 001-31560 | 10.14 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
10.31+ | 8-K12B | 001-31560 | 10.15 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
10.32+ | 8-K12B | 001-31560 | 10.16 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
10.33+ | 8-K12B | 001-31560 | 10.17 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
10.34+ | 8-K12B | 001-31560 | 10.20 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
10.35 | 8-K12B | 001-31560 | 10.13 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
10.36+ | 8-K12B | 001-31560 | 10.19 | 5/19/2021 | ||||||||||||||||||||||||||||||||||
10.37+ | X | |||||||||||||||||||||||||||||||||||||
21.1 | X | |||||||||||||||||||||||||||||||||||||
23.1 | X | |||||||||||||||||||||||||||||||||||||
24.1 | X | |||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit
No. |
Exhibit Description | Form | File No. | Exhibit |
Filing
Date |
Filed
Herewith
|
||||||||||||||||||||||||||||||||
32.1† | X | |||||||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document. | |||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||||||||||||||||||||||||||||||||
104 | Inline XBRL Cover Page contained in Exhibit 101 |
SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY | |||||||||||
/s/ DR. WILLIAM D. MOSLEY | |||||||||||
Date: | August 6, 2021 | (Dr. William D. Mosley, Chief Executive Officer and Director) |
Signature | Title | Date | ||||||
/s/ DR. WILLIAM D. MOSLEY |
Chief Executive Officer and Director
(Principal Executive Officer) |
August 6, 2021 | ||||||
(Dr. William D. Mosley) | ||||||||
/s/ GIANLUCA ROMANO | Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | August 6, 2021 | ||||||
(Gianluca Romano) | ||||||||
/s/ MICHAEL R. CANNON | Chairperson of the Board | August 6, 2021 | ||||||
(Michael R. Cannon) | ||||||||
/s/ MARK W. ADAMS | Director | August 6, 2021 | ||||||
(Mark W. Adams) | ||||||||
/s/ SHANKAR ARUMUGAVELU | Director | August 6, 2021 | ||||||
(Shankar Arumugavelu) | ||||||||
/s/ PRAT BHATT | Director | August 6, 2021 | ||||||
(Prat Bhatt) | ||||||||
/s/ JUDY BRUNER | Director | August 6, 2021 | ||||||
(Judy Bruner) | ||||||||
/s/ JAY L. GELDMACHER | Director | August 6, 2021 | ||||||
(Jay L. Geldmacher) | ||||||||
/s/ DYLAN HAGGART | Director | August 6, 2021 | ||||||
(Dylan Haggart) | ||||||||
/s/ STEPHEN J. LUCZO | Director | August 6, 2021 | ||||||
(Stephen J. Luczo) | ||||||||
/s/ STEPHANIE TILENIUS | Director | August 6, 2021 | ||||||
(Stephanie Tilenius) | ||||||||
/s/ EDWARD J. ZANDER | Director | August 6, 2021 | ||||||
(Edward J. Zander) |
• | Amending the objects or memorandum of association of the Company; |
• | Amending the articles of association of the Company; |
• | Approving a change of name of the Company; |
• | Authorizing the entering into of a guarantee or provision of security in connection with a loan, quasi-loan or credit transaction to a director or connected person; |
• | Opting out of pre-emption rights on the issuance of new shares; |
• | Re-registration of the Company from a public limited company to a private company; |
• | Variation of class rights attaching to classes of shares; |
• | Purchase of own shares off-market; |
• | A reduction of issued share capital; |
• | Sanctioning a compromise/scheme of arrangement; |
• | Resolving that the Company be wound up by the Irish courts; |
• | Resolving in favor of a shareholders’ voluntary winding-up; |
• | Re-designation of shares into different share classes; and |
• | Setting the re-issue price of treasury shares. |
• | in the event of an offer, all holders of securities of the target company should be afforded equivalent treatment and, if a person acquires control of a company, the other holders of securities must be protected; |
|
• | the holders of the securities in the target company must have sufficient time and information to enable them to reach a properly informed decision on the offer; where it advises the holders of securities, the board of the target company must give its views on the effects of implementation of the offer on employment, conditions of employment and the locations of the target company’s places of business; |
• | the board of the target company must act in the interests of the company as a whole and must not deny the holders of securities the opportunity to decide on the merits of the offer; |
• | false markets must not be created in the securities of the target company, of the bidder, or of any other company concerned by the offer in such a way that the rise or fall of the prices of the securities becomes artificial and the normal functioning of the markets is distorted; |
• | a bidder must announce an offer only after ensuring that it can fulfill in full, any cash consideration, if such is offered, and after taking all reasonable measures to secure the implementation of any other type of consideration; |
• | a target company must not be hindered in the conduct of its affairs for longer than is reasonable by an offer for its securities; and |
• | a “substantial acquisition” of securities (whether such acquisition is to be effected by one transaction or a series of transactions) shall take place only at an acceptable speed and shall be subject to adequate and timely disclosure. |
• | the instrument of transfer is duly stamped (if required by law) and lodged with the Company accompanied by the certificate for the shares (if any) to which it relates and such other evidence as the board may reasonably require to show the right of the transferor to make the transfer; |
• | the instrument of transfer is in respect of only one class of shares; |
• | in the case of a transfer to joint holders, the number of joint holders to which the share is to be transferred does not exceed four; and |
• | it is satisfied that all applicable consents, authorisations, permissions, or approvals required to be obtained pursuant to any applicable law or agreement prior to such transfer have been obtained or that no such consents, authorisations, permissions or approvals are required. |
Tier: 1 Pay Level: E5 (CEO)
Location: U.S.
|
WITHOUT A CHANGE IN CONTROL | |||||
Base | 24 months of Pay | ||||
Bonus | Prior Year Bonus, if applicable, and Pro Rata Bonus, if applicable | ||||
Other | Outplacement services for two years following Termination Date | ||||
Payout Schedule | The lesser of (i) 50% of the U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder payable 12 months following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
||||||||
Base | 36 months of Pay | |||||||
Bonus | 36 months of Target Bonus (less any Pro Rata Bonus already paid, if applicable) | |||||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | |||||||
Other |
Continued Coverage Payment, if applicable, and
Outplacement services for two years following the Termination Date
|
|||||||
Payout Schedule | The lesser of (i) 100% of the U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: 2 Pay Level: E3-E4 (EVP-President)
Location: U.S.
|
WITHOUT A CHANGE IN CONTROL | |||||
Base | 20 months of Pay | ||||
Bonus | Prior Year Bonus, if applicable, and Pro Rata Bonus, if applicable | ||||
Other | Outplacement services for two years following the Termination Date | ||||
Payout Schedule | The lesser of (i) 50% of the U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder payable 12 months following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | 24 months of Pay | ||||
Bonus | 24 months of Target Bonus (less any Pro Rata Bonus already paid, if applicable) | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other |
Continued Coverage Payment, if applicable, and
Outplacement services for two years following the Termination Date
|
||||
Payout Schedule | The lesser of (i) 100% of the U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: 3 Pay Level: E2 (SVP)
Location: U.S.
|
WITHOUT A CHANGE IN CONTROL | |||||
Base | 16 months of Pay | ||||
Bonus | Prior Year Bonus, if applicable, and Pro Rata Bonus, if applicable | ||||
Other | Outplacement services for 18 months following Termination Date | ||||
Payout Schedule | The lesser of (i) 50% of the U.S Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | 18 months of Pay | ||||
Bonus | 18 months of Target Bonus (less any Pro Rata Bonus already paid, if applicable) | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other |
Continued Coverage Payment, if applicable, and
Outplacement services for 18 months following the Termination Date
|
||||
Payout Schedule | The lesser of (i) 100% of the U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: 4 Pay Level: E1 (VP)
Location: U.S.
|
WITHOUT A CHANGE IN CONTROL | |||||
Base | 12 months of Pay | ||||
Bonus | Prior Year Bonus, if applicable, and Pro Rata Bonus, if applicable | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | 12 months of Pay | ||||
Bonus | 12 months of Target Bonus (less any Pro Rata Bonus already paid, if applicable) | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other |
Continued Coverage Payment, if applicable, and
Outplacement services for one year following the Termination Date
|
||||
Payout Schedule | The lesser of (i) 100% of the U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E2 (SVP)
Location: Canada
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) six months plus, (ii) one additional month for each year of service over six years, with the total of (i) and (ii) subject to an aggregate maximum of 12 months (“Canada Severance Pay Amount”).
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for 18 months following Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | Canada Severance Pay Amount (as defined above) | ||||
Bonus | 18 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E1 (VP)
Location: Canada
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) six months plus, (ii) one additional month for each year of service over six years, with the total of (i) and (ii) subject to an aggregate maximum of 12 months (“Canada Severance Pay Amount”).
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | Canada Severance Pay Amount (as defined above) | ||||
Bonus | 12 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E2 (SVP)
Location: Thailand
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) either (A) six months, for those Non-U.S. Eligible Executives with less than six years of service with the Group prior to the Termination Event or (B) eight months for those Non-U.S. Eligible Executives with six or more years of service with the Group prior to the Termination Event, plus, (ii) one additional month for each year of service over eight years, with the total of (i) and (ii) subject to an aggregate maximum of 24 months (“Thailand Severance Pay Amount”).
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | Thailand Severance Pay Amount (as defined above) | ||||
Bonus | 18 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E1 (VP)
Location: Thailand
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) either (A) six months, for those Non-U.S. Eligible Executives with less than six years of service with the Group prior to the Termination Event or (B) eight months for those Non-U.S. Eligible Executives with six or more years of service with the Group prior to the Termination Event, plus, (ii) one additional month for each year of service over eight years, with the total of (i) and (ii) subject to an aggregate maximum of 24 months (“Thailand Severance Pay Amount”).
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | Thailand Severance Pay Amount (as defined above) | ||||
Bonus | 12 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E2 (SVP)
Location: Malaysia
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) six months plus, (ii) one additional month for each year of service with the Group over six years, with the total of (i) and (ii) subject to an aggregate maximum of 24 months (“Malaysia Severance Pay Amount”).
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | Malaysia Severance Pay Amount (as defined above) | ||||
Bonus | 18 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E1 (VP)
Location: Malaysia
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) six months plus, (ii) one additional month for each year of service over six years, with the total of (i) and (ii) subject to an aggregate maximum of 24 months (“Malaysia Severance Pay Amount”).
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | Malaysia Severance Pay Amount (as defined above) | ||||
Bonus | 12 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E3 (EVP)
Location: Singapore
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) six months plus, (ii) one additional month for each year of service over six years, with the total of (i) and (ii) subject to an aggregate maximum of 24 months (“Singapore Severance Pay Amount”).
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for 24 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | Singapore Severance Pay Amount (as defined above) | ||||
Bonus | 24 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for 24 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E2 (SVP)
Location: Singapore
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) six months plus, (ii) one additional month for each year of service over six years, with the total of (i) and (ii) subject to an aggregate maximum of 24 months (“Singapore Severance Pay Amount”).
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | Singapore Severance Pay Amount (as defined above) | ||||
Bonus | 18 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E1 (VP)
Location: Singapore
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) six months plus, (ii) one additional month for each year of service over six years, with the total of (i) and (ii) subject to an aggregate maximum of 24 months (“Singapore Severance Pay Amount”).
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | Singapore Severance Pay Amount (as defined above) | ||||
Bonus | 12 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E2 (SVP)
Location: China
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay (“China Severance Pay Amount”) equal to the sum of:
(i) for service periods prior to January 1, 2008: one month for each year of service, plus
(ii) for service periods on or after January 1, 2008: one month for each year of service, provided the monthly salary is equal to or less than three times the local average salary, up to a maximum of 12 months.
If the service period is from six months to one year, the employee shall be entitled to Pay which will be equal to one month’s salary. If the service period is less than six months, Pay will be equal to half month’s salary
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder of the China Severance Pay Amount, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | China Severance Pay Amount (as defined above) | ||||
Bonus | 18 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E1 (VP)
Location: China
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay (“China Severance Pay Amount”) equal to the sum of:
(i) for service periods prior to January 1, 2008: one month for each year of service, plus
(ii) for service periods on or after January 1, 2008: one month for each year of service, provided the monthly salary is equal to or less than three times the local average salary, up to a maximum of 12 months.
If the service period is from six months to one year, the employee shall be entitled to Pay which will be equal to one month’s salary. If the service period is less than six months, Pay will be equal to half month’s salary.
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder of the China Severance Pay Amount, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | China Severance Pay Amount (as defined above) | ||||
Bonus | 12 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E2 (SVP)
Location: United Kingdom
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) six months plus, (ii) one additional month for each year of service over six years, with the total of (i) and (ii) subject to an aggregate maximum of 18 months (“U.K. Severance Pay Amount”).
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | U.K. Severance Pay Amount (as defined above) | ||||
Bonus | 18 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E1 (VP)
Location: United Kingdom
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) six months plus, (ii) one additional month for each year of service over six years, with the total of (i) and (ii) subject to an aggregate maximum of 18 months (“U.K. Severance Pay Amount”)
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | U.K. Severance Pay Amount (as defined above) | ||||
Bonus | 12 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E2 (SVP)
Location: France
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) six months plus, (ii) one additional month for each year of service over six years, with the total of (i) and (ii) subject to an aggregate maximum of 18 months (“France Severance Pay Amount”).
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | France Severance Pay Amount (as defined above) | ||||
Bonus | 18 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for 18 months following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Tier: Non-US Pay Level: E1 (VP)
Location: France
|
WITHOUT A CHANGE IN CONTROL | |||||
Base |
The number of months of Pay equal to the sum of (i) six months plus, (ii) one additional month for each year of service over six years, with the total of (i) and (ii) subject to an aggregate maximum of 18 months (“France Severance Pay Amount”)
|
||||
Bonus | Prior Year Bonus, if applicable | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
DURING A CHANGE IN CONTROL PERIOD
Note: No enhanced benefits due to a Termination Event occurring within a Change in
Control Period shall be paid prior to the effective date of a Change in Control. |
|||||
Base | France Severance Pay Amount (as defined above) | ||||
Bonus | 12 months of Target Bonus | ||||
Equity | Upon the later of (i) a Termination Event occurring during a Change in Control Period or (ii) immediately prior to the effective date of a Change in Control, other than as provided herein, there shall be full vesting of all unvested equity-based awards (whether or not granted prior to or following the adoption of this Plan). Notwithstanding the applicable provisions of the Eligible Executive’s award agreements or the relevant share compensation plan governing such equity-based awards, if a Termination Event occurs during a Change in Control Period but prior to the effective date of the Change in Control, no unvested awards shall lapse or be forfeited solely on account of such Termination Event; provided, however, if the Change in Control has not occurred within the 6-month period following the Termination Event, all such unvested awards shall automatically lapse at the end of such 6-month period. In addition, if an award agreement specifies the manner and extent to which such award shall become accelerated in connection with a Change in Control, the terms of such award agreement will govern for purposes of determining the number of shares that will become vested in connection with a Termination Event during a Change in Control Period. | ||||
Other | Outplacement services for one year following the Termination Date | ||||
Payout Schedule | The lesser of (i) 100% of the Non-U.S. Benefit or (ii) twice the compensation limit then in effect under Section 401(a)(17) of the Code, payable within 20 business days following the Payment Confirmation Date, with the remainder, if any, payable 6 months and 1 day following the Termination Date. |
Seagate Technology Holdings Public Limited Company | Ireland | ||||
Seagate Technology plc
- re-registered as Seagate Technology Unlimited Company on July 5, 2021
|
Ireland | ||||
Seagate Technology | Cayman | ||||
Seagate Technology (Dublin Branch) | Ireland | ||||
Seagate Systems Ireland Limited | Ireland | ||||
Seagate Data Storage Technology | Cayman | ||||
Seagate HDD Cayman | Cayman | ||||
Seagate Technology (US) Holdings, Inc. | Delaware | ||||
EVault, Inc. | Delaware | ||||
Seagate Cloud Systems, Inc. | Delaware | ||||
Seagate Cloud Systems Japan Ltd. | Japan | ||||
Dot Hill Singapore Pte. Ltd. | Singapore | ||||
Dot Hill Germany GmbH | Germany | ||||
Dot Hill Systems Europe Ltd. | United Kingdom | ||||
Dot Hill Systems Tianjin Ltd. | China | ||||
Dot Hill Systems Israel Ltd. | Israel | ||||
Cloverleaf Communications, Inc. | Delaware | ||||
Dot Hill Israel Ltd. | Israel | ||||
Seagate Technology Australia Pty. Limited | Australia | ||||
Seagate Technology Taiwan Ltd. | Taiwan | ||||
Seagate US LLC | Delaware | ||||
Quinta Corporation | California | ||||
Seagate Technology LLC | Delaware | ||||
Seagate Technology Canada Inc. | Canada | ||||
Seagate Federal, Inc. | Delaware | ||||
Seagate Systems (US) Holdings Inc. | Delaware | ||||
Seagate Systems (US) Inc. | California | ||||
Seagate Technology International | Cayman | ||||
Seagate Technology International (Singapore Branch) | Singapore | ||||
Lyve (SG) Pte. Ltd. | Singapore | ||||
Seagate International (Johor) Sdn. Bhd. | Malaysia | ||||
Seagate Technology China Holding Company | Cayman | ||||
Seagate Technology Manufacturing (Hong Kong) Limited | Hong Kong | ||||
Penang Seagate Industries (M) Sdn. Bhd. | Malaysia | ||||
Seagate Global Business Services (Malaysia) Sdn. Bhd. | Malaysia | ||||
Seagate Technology (Thailand) Limited | Thailand | ||||
Seagate Technology HDD (India) Private Limited | India |
Seagate Technology (Ireland) | Cayman | ||||
Seagate Technology (Ireland) (Springtown Branch) | United Kingdom | ||||
Seagate Brasil Comércio e Representação de Produtos de Informática Ltda.
|
Brazil | ||||
Seagate Brasil Comércio e Representação de Produtos de Informática Ltda. (Sao Paulo Branch)
|
Brazil | ||||
Seagate Technology UK Ltd. | United Kingdom | ||||
Seagate Technology UK Ltd. (Moscow Branch) | Russia | ||||
Seagate Systems (Bermuda) Limited | Bermuda | ||||
Seagate Systems (Malaysia) Sdn. Bhd. | Malaysia | ||||
Seagate Systems (UK) Limited | United Kingdom | ||||
Seagate Systems (Havant) Limited | United Kingdom | ||||
Seagate Systems (Philippines), Inc. | Philippines | ||||
Seagate Systems (México) S.A. de C.V. | Mexico | ||||
Seagate Business Centre (UK) Ltd. | United Kingdom | ||||
Seagate Business Centre GmbH | Germany | ||||
Seagate Singapore International Headquarters Pte. Ltd. | Singapore | ||||
Seagate Technology Israel Ltd. | Israel | ||||
Seagate (Hangzhou) Data Recovery Services Co. Ltd. | China | ||||
Seagate Technology International (Wuxi) Company Limited | China | ||||
Seagate Technology (Netherlands) B.V. | Netherlands | ||||
Nippon Seagate Inc. | Japan | ||||
Seagate Technology MEA DMCC | Dubai | ||||
Seagate Technology EMEA B.V. | Netherlands | ||||
Seagate Technology EMEA B.V. (Russia Branch) | Russian Federation | ||||
Seagate Technology (Netherlands) B.V. (UK Branch) | United Kingdom | ||||
Seagate Technology (Netherlands B.V., Filial Sverige Branch) | Sweden | ||||
Seagate Technology (Netherlands) B.V. (Germany Branch) | Germany | ||||
Seagate Technology (Netherlands) B.V. (French Branch) | France | ||||
Seagate Technology Services (Shanghai) Co., Ltd. | China | ||||
Seagate Technology Services (Shanghai) Co., Ltd. (Beijing Branch)
|
China | ||||
Seagate Technology Services (Shanghai) Co., Ltd. (Shenzhen Branch)
|
China | ||||
Seagate Technology Services (Shanghai) Co., Ltd. (Chengdu Branch)
|
China | ||||
Seagate Technology Services (Shanghai) Co., Ltd. (Hangzhou Branch)
|
China |
August 6, 2021 | /s/ Dr. William D. Mosley | ||||||||||
Name: | Dr. William D. Mosley | ||||||||||
Title: |
Chief Executive Officer and Director
(Principal Executive Officer) |
August 6, 2021 | /s/ Gianluca Romano | ||||||||||
Name: | Gianluca Romano | ||||||||||
Title: |
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer) |
Date: | August 6, 2021 | /s/ Dr. William D. Mosley | ||||||||||||
Name: | Dr. William D. Mosley | |||||||||||||
Title: |
Chief Executive Officer and Director
(Principal Executive Officer) |
|||||||||||||
Date: | August 6, 2021 | /s/ Gianluca Romano | ||||||||||||
Name: | Gianluca Romano | |||||||||||||
Title: |
Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer) |