Seagate Technology (STX) 10-Q 25 Jan 23 2023 Q2 Quarterly report Financial data

Cover page

Cover page - shares	6 Months Ended
	Dec. 30, 2022	Jan. 23, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 30, 2022
Document Transition Report	false
Entity File Number	001-31560
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1597419
Entity Address, Address Line One	38/39 Fitzwilliam Square
Entity Address, City or Town	Dublin 2
Entity Address, Country	IE
Entity Address, Postal Zip Code	D02 NX53
City Area Code	(353) (1)
Local Phone Number	234-3136
Title of 12(b) Security	Ordinary Shares, par value $0.00001 per share
Trading Symbol	STX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		206,483,864
Entity Registrant Name	Seagate Technology Holdings plc
Entity Central Index Key	0001137789
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--06-30

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 30, 2022	Jul. 01, 2022
Current assets:
Cash and cash equivalents	$ 770,000,000	$ 615,000,000
Accounts receivable, net	840,000,000	1,532,000,000
Inventories	1,194,000,000	1,565,000,000
Other current assets	277,000,000	321,000,000
Total current assets	3,081,000,000	4,033,000,000
Property, equipment and leasehold improvements, net	2,122,000,000	2,239,000,000
Goodwill	1,237,000,000	1,237,000,000
Other intangible assets, net	3,000,000	9,000,000
Deferred Income Tax Assets, Net	1,135,000,000	1,132,000,000
Other assets, net	289,000,000	294,000,000
Total Assets	7,867,000,000	8,944,000,000
Current liabilities:
Accounts payable	1,085,000,000	2,058,000,000
Accrued employee compensation	107,000,000	252,000,000
Accrued warranty	68,000,000	65,000,000
Accrued expenses	829,000,000	596,000,000
Total current liabilities	2,725,000,000	3,555,000,000
Long-term accrued warranty	85,000,000	83,000,000
Other non-current liabilities	134,000,000	135,000,000
Long-term Debt, Excluding Current Maturities	5,393,000,000	5,062,000,000
Total Liabilities	8,337,000,000	8,835,000,000
Shareholders’ (Deficit) Equity:
Ordinary shares and additional paid-in capital	7,281,000,000	7,190,000,000
Accumulated other comprehensive income	99,000,000	36,000,000
Accumulated deficit	(7,850,000,000)	(7,117,000,000)
Total Shareholders’ (Deficit) Equity	(470,000,000)	109,000,000
Total Liabilities and Shareholders’ (Deficit) Equity	7,867,000,000	8,944,000,000
Less: current portion of debt, net of debt issuance costs	$ 636,000,000	$ 584,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 1,887	$ 3,116	$ 3,922	$ 6,231
Cost of revenue	1,641	2,168	3,194	4,327
Product development	200	228	434	461
Marketing and administrative	125	136	254	269
Amortization of intangibles	0	3	3	6
Restructuring Charges	81	1	90	2
Total operating expenses	2,047	2,536	3,975	5,065
(Loss) income from operations	(160)	580	(53)	1,166
Interest income	1	1	2	1
Interest expense	(77)	(62)	(148)	(121)
Gain (Loss) on Extinguishment of Debt	204	0	204	0
Other Nonoperating Income (Expense)	(6)	(5)	(16)	1
Other income (expense), net	122	(66)	42	(119)
(Loss) income before income taxes	(38)	514	(11)	1,047
(Benefit from) provision for income taxes	(5)	13	(7)	20
Net (loss) income	$ (33)	$ 501	$ (4)	$ 1,027
Net (loss) income per share:
Basic (in dollars per share)	$ (0.16)	$ 2.27	$ (0.02)	$ 4.58
Diluted (in dollars per share)	$ (0.16)	$ 2.23	$ (0.02)	$ 4.50
Number of shares used in per share calculations:
Basic (in shares)	206,000	221,000	207,000	224,000
Diluted (in shares)	206,000	225,000	207,000	228,000
Cash dividends declared per ordinary share (in dollars per share)	$ 0.70	$ 0.70	$ 1.40	$ 1.37

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Net (loss) income	$ (33)	$ 501	$ (4)	$ 1,027
Change in net unrealized (losses) gains on cash flow hedges:
Net change	25	20	62	14
Change in unrealized components of post-retirement plans:
Net change	0	0	1	2
Foreign currency translation adjustments
Foreign currency translation adjustments	1	0	0	0
Other comprehensive loss	26	20	63	16
Comprehensive (loss) income	(7)	521	59	1,043
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Change in net unrealized (losses) gains on cash flow hedges:
Net unrealized gains arising during the period	19	11	51	2
Losses reclassified into earnings	6	9	11	12
Net change			62	14
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
Change in unrealized components of post-retirement plans:
Net unrealized gains arising during the period	(1)	0	0	1
Losses reclassified into earnings	$ 1	$ 0	1	1
Net change			$ (1)	$ (2)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net (loss) income	$ (4)	$ 1,027
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	283	212
Share-based compensation	62	70
Deferred income taxes	(4)	0
Other non-cash operating activities, net	28	22
Changes in operating assets and liabilities:
Accounts receivable, net	692	(241)
Inventories	371	(83)
Accounts payable	(919)	63
Accrued employee compensation	(145)	(54)
Accrued expenses, income taxes and warranty	228	40
Other assets and liabilities	108	(39)
Net cash provided by operating activities	496	1,017
INVESTING ACTIVITIES
Acquisition of property, equipment and leasehold improvements	(212)	(212)
Proceeds from the sale of assets	3	0
Purchases of investments	(1)	(18)
Proceeds from sale of investments	0	34
Net cash used in investing activities	(210)	(196)
FINANCING ACTIVITIES
Redemption and repurchase of debt	0	(481)
Dividends to shareholders	(292)	(304)
Repurchases of ordinary shares	(408)	(896)
Taxes paid related to net share settlement of equity awards	(39)	(45)
Proceeds from issuance of long-term debt	600	1,200
Proceeds from issuance of ordinary shares under employee stock plans	29	37
Net cash used in financing activities	(131)	(495)
Increase in cash, cash equivalents and restricted cash	155	326
Cash, cash equivalents and restricted cash at the beginning of the period	617	1,211
Cash, cash equivalents and restricted cash at the end of the period	772	1,537
Proceeds from (Payments for) Other Financing Activities	(21)	(6)
Gain (loss) on repurchase of debt instrument	$ (204)	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Beginning balance (in shares) at Jul. 02, 2021		227
Beginning balance at Jul. 02, 2021	$ 631	$ 0	$ 6,977	$ (41)	$ (6,305)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	1,027				1,027
Other comprehensive income	16			16
Issuance of ordinary shares under employee stock plans (In shares)		3
Issuance of ordinary shares under employee share plans	37		37
Repurchases of ordinary shares (in shares)		(10)
Repurchases of ordinary shares	(905)				(905)
Tax withholding related to vesting of restricted stock units (in shares)		(1)
Tax withholding related to vesting of restricted share units	(45)				(45)
Dividends to shareholders ($0.70 per ordinary share)	(305)				(305)
Share-based compensation	70		70
Ending balance (in shares) at Dec. 31, 2021		219
Ending balance at Dec. 31, 2021	526	$ 0	7,084	(25)	(6,533)
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares under employee stock plans (In shares)		3
Beginning balance (in shares) at Oct. 01, 2021		225
Beginning balance at Oct. 01, 2021	601	$ 0	7,044	(45)	(6,398)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	501				501
Other comprehensive income	20			20
Issuance of ordinary shares under employee stock plans (In shares)		0
Issuance of ordinary shares under employee share plans	4		4
Repurchases of ordinary shares (in shares)		(5)
Repurchases of ordinary shares	(480)				(480)
Tax withholding related to vesting of restricted stock units (in shares)		(1)
Tax withholding related to vesting of restricted share units	(2)				(2)
Dividends to shareholders ($0.70 per ordinary share)	(154)				(154)
Share-based compensation	36		36
Ending balance (in shares) at Dec. 31, 2021		219
Ending balance at Dec. 31, 2021	526	$ 0	7,084	(25)	(6,533)
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares under employee stock plans (In shares)		0
Beginning balance (in shares) at Jul. 01, 2022		210
Beginning balance at Jul. 01, 2022	109	$ 0	7,190	36	(7,117)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(4)				(4)
Other comprehensive income	63			63
Issuance of ordinary shares under employee stock plans (In shares)		2
Issuance of ordinary shares under employee share plans	$ 29		29
Repurchases of ordinary shares (in shares)	(5)	(5)
Repurchases of ordinary shares	$ (400)				(400)
Tax withholding related to vesting of restricted stock units (in shares)	(1)	(1)
Tax withholding related to vesting of restricted share units	$ (39)				(39)
Dividends to shareholders ($0.70 per ordinary share)	(290)				(290)
Share-based compensation	62		62
Ending balance (in shares) at Dec. 30, 2022		206
Ending balance at Dec. 30, 2022	(470)	$ 0	7,281	99	(7,850)
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares under employee stock plans (In shares)		2
Beginning balance (in shares) at Sep. 30, 2022		206
Beginning balance at Sep. 30, 2022	(351)	$ 0	7,248	73	(7,672)
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(33)				(33)
Other comprehensive income	26			26
Issuance of ordinary shares under employee stock plans (In shares)		0
Issuance of ordinary shares under employee share plans	0		0
Repurchases of ordinary shares (in shares)		0
Repurchases of ordinary shares	0				0
Tax withholding related to vesting of restricted stock units (in shares)		0
Tax withholding related to vesting of restricted share units	0				0
Dividends to shareholders ($0.70 per ordinary share)	(145)				(145)
Share-based compensation	33		33
Ending balance (in shares) at Dec. 30, 2022		206
Ending balance at Dec. 30, 2022	$ (470)	$ 0	$ 7,281	$ 99	$ (7,850)
Increase (Decrease) in Stockholders' Equity
Issuance of ordinary shares under employee stock plans (In shares)		0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Dec. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Organization Seagate Technology Holdings plc (“STX”) and its subsidiaries (collectively, unless the context otherwise indicates, the “Company”) is a leading provider of data storage technology and infrastructure solutions. Its principal products are hard disk drives, commonly referred to as disk drives, hard drives or HDDs. In addition to HDDs, the Company produces a broad range of data storage products including solid state drives (“SSDs”), solid state hybrid drives (“SSHDs”), storage subsystems, as well as a scalable edge-to-cloud mass data platform that includes data transfer shuttles and a storage-as-a-service cloud. HDDs are devices that store digitally encoded data on rapidly rotating disks with magnetic surfaces. HDDs continue to be the primary medium of mass data storage due to their performance attributes, reliability, high capacities, superior quality and cost effectiveness. Complementing existing storage architectures, SSDs use integrated circuit assemblies as memory to store data, and most SSDs use NAND flash memory. In contrast to HDDs and SSDs, SSHDs combine the features of SSDs and HDDs in the same unit, containing a high-capacity HDD and a smaller SSD acting as a cache to improve performance. The Company’s HDD products are designed for mass capacity storage and legacy markets. Mass capacity storage involves well-established use cases—such as hyperscale data centers and public clouds as well as emerging use cases. Legacy markets include markets the Company continues to sell to but that it does not plan to invest in significantly. The Company’s HDD and SSD product portfolio includes Serial Advanced Technology Attachment, Serial Attached SCSI and Non-Volatile Memory Express based designs to support a wide variety of mass capacity and legacy applications. The Company’s systems portfolio includes storage subsystems for enterprises, cloud service providers, scale-out storage servers and original equipment manufacturers (“OEMs”). Engineered for modularity, mobility, capacity and performance, these solutions include the Company’s enterprise HDDs and SSDs, enabling customers to integrate powerful, scalable storage within existing environments or create new ecosystems from the ground up in a secure, cost-effective manner. The Company’s Lyve portfolio provides a simple, cost-efficient and secure way to manage massive volumes of data across the distributed enterprise. The Lyve platform includes a shuttle solution that enables enterprises to transfer massive amounts of data from endpoints to the core cloud, a storage-as-a-service cloud offering that provides frictionless mass capacity storage at the metro edge. Basis of Presentation and Consolidation The unaudited Condensed Consolidated Financial Statements of the Company and the accompanying notes were prepared in accordance with United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”). The Company’s unaudited condensed consolidated financial statements include the accounts of the Company and all its wholly-owned and majority-owned subsidiaries, after elimination of intercompany transactions and balances. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s condensed consolidated financial statements and accompanying notes. These estimates and assumptions include the impact of the COVID-19 pandemic. Actual results could differ materially from those estimates. The methods, estimates and judgments the Company uses in applying its most critical accounting policies have a significant impact on the results the Company reports in its condensed consolidated financial statements. The Company’s consolidated financial statements for the fiscal year ended July 1, 2022 are included in its Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission (“SEC”) on August 5, 2022. The Company believes that the disclosures included in these unaudited condensed consolidated financial statements, when read in conjunction with its consolidated financial statements as of July 1, 2022, and the notes thereto, are adequate to make the information presented not misleading. The results of operations for the three and six months ended December 30, 2022 are not necessarily indicative of the results to be expected for any subsequent interim period or for the Company’s fiscal year ending June 30, 2023. Fiscal Year The Company operates and reports financial results on a fiscal year of 52 or 53 weeks ending on the Friday closest to June 30. In fiscal years with 53 weeks, the first quarter consists of 14 weeks and the remaining quarters consist of 13 weeks each. Both the three and six months ended December 30, 2022 and the three and six months ended December 31, 2021 consisted of 13 and 26 weeks, respectively. Fiscal years 2023 and 2022 both comprise of 52 weeks and end on June 30, 2023 and July 1, 2022, respectively. The fiscal quarters ended December 30, 2022, September 30, 2022 and December 31, 2021, are also referred to herein as the “December 2022 quarter”, the “September 2022 quarter” and the “December 2021 quarter”, respectively. Summary of Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies disclosed in Note 1. Basis of Presentation and Summary of Significant Accounting Policies of “Financial Statements and Supplementary Data” contained in Part II, Item 8. of the Company’s Annual Report on Form 10-K for the fiscal year ended July 1, 2022, as filed with the SEC on August 5, 2022. Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04 (ASC Topic 848), Reference Rate Reform. This ASU provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. In December 2022, FASB issued ASU 2022-06 (ASC Topic 848) and deferred the sunset date from December 31, 2022 to December 31, 2024 . The Company adopted the guidance in the quarter ended September 30, 2022 on a prospective basis and is transitioning from an interest rate based on London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements. In November 2021, the FASB issued ASU 2021-10 (ASC Topic 832), Disclosures by Business Entities about Government Assistance . This ASU requires annual disclosures that increase the transparency of transactions involving government grants, including (1) the type of transactions, (2) the accounting for those transactions and (3) the effect of those transactions on an entity’s financial statements. The Company adopted the guidance in the quarter ended September 30, 2022. Recently Issued Accounting Pronouncements In September 2022, the FASB issued ASU 2022-04 (ASC Subtopic 405-50), Disclosure of Supplier Finance Program Obligations . This ASU requires disclosure of key terms of the outstanding supplier finance programs and a rollforward of the related obligations. The Company is required to adopt this guidance in the first quarter of fiscal year 2024. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its condensed consolidated financial statements. In June 2022, the FASB issued ASU 2022-03 (ASC Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . This ASU clarifies that a contractual restriction on the sale of equity security is not considered when measuring its fair value and requires new disclosures for equity securities subject to contractual sale restriction. The Company is required to adopt this guidance in the first quarter of fiscal year 2025. The Company does not expect the adoption of this ASU to have a material impact on its condensed consolidated financial statements.

Balance Sheet Information

Balance Sheet Information	6 Months Ended
	Dec. 30, 2022
Disclosure Text Block Supplement [Abstract]
Balance Sheet Information	Balance Sheet Information Available-for-sale Debt Securities The following table summarizes, by major type, the fair value and amortized cost of the Company’s available-for-sale debt investments as of December 30, 2022 and July 1, 2022: December 30, July 1, (Dollars in millions) Amortized Cost Unrealized Gain/(Loss) Fair Value Amortized Cost Unrealized Gain/(Loss) Fair Value Available-for-sale debt securities: Money market funds $ 173 $ — $ 173 $ 60 $ — $ 60 Time deposits and certificates of deposit 1 — 1 1 — 1 Other debt securities 16 — 16 23 — 23 Total $ 190 $ — $ 190 $ 84 $ — $ 84 Included in Cash and cash equivalents $ 172 $ 59 Included in Other current assets 2 2 Included in Other assets, net 16 23 Total $ 190 $ 84 As of December 30, 2022 and July 1, 2022, the Company’s Other current assets included $2 million in restricted cash equivalents held as collateral at banks for various performance obligations. As of December 30, 2022 and July 1, 2022, the Company had no material available-for-sale debt securities that had been in a continuous unrealized loss position for a period greater than 12 months. The Company determined no impairment related to credit losses for available-for-sale debt securities as of December 30, 2022 . The fair value and amortized cost of the Company’s investments classified as available-for-sale debt securities as of December 30, 2022, by remaining contractual maturity were as follows: (Dollars in millions) Amortized Cost Fair Value Due in less than 1 year $ 174 $ 174 Due in 1 to 5 years 15 15 Due in 6 to 10 years — — Thereafter 1 1 Total $ 190 $ 190 Cash, Cash Equivalents and Restricted Cash The following table provides a summary of cash, cash equivalents and restricted cash reported within the Company’s Condensed Consolidated Balance Sheets that reconciles to the corresponding amount in the Company’s Condensed Consolidated Statements of Cash Flows: (Dollars in millions) December 30, July 1, December 31, July 2, Cash and cash equivalents $ 770 $ 615 $ 1,535 $ 1,209 Restricted cash included in Other current assets 2 2 2 2 Total cash, cash equivalents and restricted cash shown in the Statements of Cash Flows $ 772 $ 617 $ 1,537 $ 1,211 Accounts receivable, net In connection with the Company’s factoring agreements, from time to time the Company sells trade receivables to a third party for cash proceeds less a discount. During the three and six months ended December 30, 2022, the Company sold trade receivables without recourse for cash proceeds of $211 million and $411 million, respectively. As of December 30, 2022, the total amount that remained subject to servicing by the Company was $287 million. The discounts on receivables sold were not material for the three and six months ended December 30, 2022. During the three and six months ended December 31, 2021, the company did not sell any trade receivables to a third party. Inventories The following table provides details of the inventory balance sheet item: (Dollars in millions) December 30, July 1, Raw materials and components $ 624 $ 601 Work-in-process 305 414 Finished goods 265 550 Total inventories $ 1,194 $ 1,565 Property, Equipment and Leasehold Improvements, net The components of property, equipment and leasehold improvements, net, were as follows: (Dollars in millions) December 30, July 1, Property, equipment and leasehold improvements $ 10,743 $ 10,659 Accumulated depreciation and amortization (8,621) (8,420) Property, equipment and leasehold improvements, net $ 2,122 $ 2,239 Accrued Expenses The following table provides details of the accrued expenses balance sheet item: (Dollars in millions) December 30, July 1, Dividends payable $ 145 $ 147 Other accrued expenses 684 449 Total $ 829 $ 596 Accumulated Other Comprehensive Income (Loss) (“AOCI”) The components of AOCI, net of tax, were as follows: (Dollars in millions) Unrealized Gains/(Losses) on Cash Flow Hedges Unrealized Gains/(Losses) on Post-Retirement Plans Foreign Currency Translation Adjustments Total Balance at July 1, 2022 $ 51 $ (14) $ (1) $ 36 Other comprehensive income before reclassifications 51 — — 51 Amounts reclassified from AOCI 11 1 — 12 Other comprehensive income 62 1 — 63 Balance at December 30, 2022 $ 113 $ (13) $ (1) $ 99 Balance at July 2, 2021 $ (18) $ (22) $ (1) $ (41) Other comprehensive income before reclassifications 2 1 — 3 Amounts reclassified from AOCI 12 1 — 13 Other comprehensive income 14 2 — 16 Balance at December 31, 2021 $ (4) $ (20) $ (1) $ (25)

Debt

Debt	6 Months Ended
	Dec. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt The following table provides details of the Company’s debt as of December 30, 2022 and July 1, 2022: (Dollars in millions) December 30, July 1, Unsecured Senior Notes (1) $1,000 issued on May 22, 2013 at 4.75% due June 1, 2023 (the “2023 Notes”) , interest payable semi-annually on June 1 and December 1 of each year. $ 540 $ 540 $500 issued on February 3, 2017 at 4.875% due March 1, 2024 (the “2024 Notes”) , interest payable semi-annually on March 1 and September 1 of each year. 499 499 $1,000 issued on May 28, 2014 at 4.75% due January 1, 2025 (the “2025 Notes”) , interest payable semi-annually on January 1 and July 1 of each year. 479 479 $700 issued on May 14, 2015 at 4.875% due June 1, 2027 (the “2027 Notes”) , interest payable semi-annually on June 1 and December 1 of each year. 504 504 $500 issued on June 18, 2020 at 4.091% due June 1, 2029 (the “June 2029 Notes”) , interest payable semi-annually on June 1 and December 1 of each year. 469 466 $500 issued on December 8, 2020 at 3.125% due July 15, 2029 (the “July 2029 Notes”) , interest payable semi-annually on January 15 and July 15 of each year. 164 500 $500 issued on June 10, 2020 at 4.125% due January 15, 2031 (the “January 2031 Notes”) , interest payable semi-annually on January 15 and July 15 of each year. 295 500 $500 issued on December 8, 2020 at 3.375% due July 15, 2031 (the “July 2031 Notes”) , interest payable semi-annually on January 15 and July 15 of each year. 77 500 $750 issued on November 30, 2022 at 9.625% due December 1, 2032 ( the “ 2032 Notes ”), interest payable semi-annually on June 1 and December 1 of each year. 750 — $500 issued on December 2, 2014 at 5.75% due December 1, 2034 (the “2034 Notes”) , interest payable semi-annually on June 1 and December 1 of each year. 489 489 Term Loans $600 borrowed on October 14, 2021 at SOFR plus a variable margin ranging from 1.125% to 2.375%, ( the “Term Loan A1”) , repayable in quarterly installments beginning on December 31, 2022, with a final maturity date of September 16, 2025. 600 600 $600 borrowed on October 14, 2021 at SOFR plus a variable margin ranging from 1.25% to 2.5%, ( the “Term Loan A2”) , repayable in quarterly installments beginning on December 31, 2022, with a final maturity date of July 30, 2027. 600 600 $600 borrowed on August 18, 2022 at SOFR plus a variable margin ranging from 1.25% to 2.5%, ( the “ Term Loan A3 ”), repayable in quarterly installments beginning on December 31, 2022, with a final maturity date of July 30, 2027. 600 — 6,066 5,677 Less: unamortized debt issuance costs (37) (31) Debt, net of debt issuance costs 6,029 5,646 Less: current portion of long-term debt (636) (584) Long-term debt, less current portion $ 5,393 $ 5,062 ______________________________ (1) All unsecured senior notes are issued by Seagate HDD Cayman (“Seagate HDD”), and the obligations under these notes are fully and unconditionally guaranteed, on a senior unsecured basis, by Seagate Technology Unlimited Company (“STUC”) and STX. Debt Exchange 2032 Notes. On November 30, 2022, Seagate HDD issued, in a private placement, $750 million in aggregate principal amount of 9.625% Senior Notes due on December 1, 2032, in connection with Seagate HDD’s exchange offers to certain eligible holders of Seagate HDD’s outstanding existing senior notes as set forth below: (Dollars in millions) Existing Notes Principal Amount Outstanding as of September 30, 2022 Principal Amount Exchanged Remaining Principal Amount as of December 30, 2022 Net Gain Recognized From Early Redemption July 2031 Notes $ 500 $ 423 $ 77 $ 95 July 2029 Notes 500 336 164 70 January 2031 Notes 500 205 295 39 Total $ 1,500 $ 964 $ 536 $ 204 The exchange was accounted for as a debt extinguishment and the Company recorded a net gain of $204 million, in the Company’s Condensed Consolidated Statements of Operations . At any time prior to December 1, 2027, Seagate HDD may redeem the 2032 Notes at its option, in whole or in part, at any time and from time to time, at a “make-whole” redemption price. The “make-whole” redemption price will be equal to the greater of: (1) (a) the sum of the present values at such redemption date of the redemption price of the 2032 Notes that would apply if the new 2032 Notes were redeemed on December 1, 2027 plus the remaining scheduled payments of interest thereon to and including December 1, 2027 discounted to the redemption date on a semi-annual basis at the Treasury Rate plus 50 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the 2032 Notes to be redeemed plus, in either case, accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. At any time on or after December 1, 2027, Seagate HDD may redeem some or all of the 2032 Notes at the prices specified in the Indenture, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, Seagate HDD may redeem with the net cash proceeds from one or more equity offerings up to 40% of the 2032 Notes before December 1, 2025, at a redemption price of 109.625% plus accrued and unpaid interest to, but excluding, the redemption date. Credit Agreement On August 18, 2022, Seagate Technology Holdings plc and Seagate HDD (the “Borrower”) entered into an amendment to its Credit Agreement (the “Sixth Amendment”), which provided for a new term loan facility in the aggregate principal amount of $600 million (“Term Loan A3”). Term Loan A3 was borrowed in full at the closing of the Sixth Amendment. The Sixth Amendment to the Credit Agreement also replaced the LIBOR interest rates plus variable margin for the Term Loans A1 and A2 with the SOFR interest rates plus a variable margin that will be determined based on the corporate credit rating of the Borrower or one of its parent entities. The Sixth Amendment also permits the Borrower to increase the revolving loan commitments or obtain new term loans of up to $100 million in aggregate (the “Incremental facility”), subject to the satisfaction of certain terms and conditions. On November 8, 2022, Seagate Technology Holdings plc and the Borrower entered into an amendment to its Credit Agreement (the “Seventh Amendment”), to increase the maximum permitted total leverage ratio the Company must comply with during the covenant relief period that ends on June 28, 2024 and prohibit the Company from pursuing the use of the Incremental Facility during the covenant relief period. The maximum permitted total leverage ratio is 5.0 to 1.0 from the fiscal quarters ending December 30, 2022 to June 30, 2023. For the fiscal quarter ending September 29, 2023, the maximum permitted total leverage ratio is 4.75 to 1.0 and then steps down to 4.5 to 1.0 from the fiscal quarters ending December 29, 2023 to June 28, 2024. The maximum permitted leverage ratio will return to 4.0 to 1.0 for any fiscal quarter ending after June 28, 2024. The Credit Agreement provides a term loan facility in an aggregate principal amount of $1.8 billion that is extended in three tranches of $600 million each for Term Loans A1, A2 and A3, and a $1.75 billion senior unsecured revolving credit facility (“Revolving Credit Facility”). As of December 30, 2022, no borrowings (including swingline loans) were outstanding and no commitments were utilized for letters of credit issued under the Revolving Credit Facility. STX and certain of its material subsidiaries, including STUC, fully and unconditionally guarantee both the Revolving Credit Facility and the Term Loans A1, A2 and A3 (the “Term Loans”). The Credit Agreement includes three financial covenants: (1) interest coverage ratio, (2) total leverage ratio and (3) a minimum liquidity amount. The Company was in compliance with the covenants as of December 30, 2022. Future Principal Payments on Long-term Debt At December 30, 2022, future principal payments on long-term debt were as follows (in millions): Fiscal Year Amount Remainder of 2023 $ 608 2024 586 2025 617 2026 667 2027 649 Thereafter 2,973 Total $ 6,100

Income Taxes

Income Taxes	6 Months Ended
	Dec. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded income tax benefits o f $5 million and $7 million for the three and six months ended December 30, 2022, respectively. The discrete items in the income tax provision were not material for the three months ended December 30, 2022. The income tax benefit for the six months ended December 30, 2022 included approximately $5 million of net discrete tax benefit , primarily associated with the excess tax benefits related to share-based compensation expense. During the six months ended December 30, 2022 , the Company’s unrecognized tax benefits excluding interest and penalties decreased by approximat ely $4 million to $110 million , substantially all of which would impact the effective tax rate, if recognized, subject to certain future valuation allowance reversals. The Company is not expecting material changes to its unrecognized tax benefits in the next twelve months beginning December 31, 2022. The Company recorded income tax provisions of $13 million and $20 million for the three and six months ended December 31, 2021, respectively. The discrete items in the income tax provision were not material for the three months ended December 31, 2021. The income tax provision for the six months ended December 31, 2021 included approximately $9 million of net discrete tax benefit, primarily associated with net excess tax benefits related to share-based compensation expense. The Company’s income tax provision recorded for the three and six months ended December 30, 2022 and the three and six months ended December 31, 2021 differed from the provision for income taxes that would be derived by applying the Irish statutory rate of 25% to income before income taxes, primarily due to the net effect of tax benefits related to (i) non-Irish earnings generated in jurisdictions that are subject to tax incentive programs and are considered indefinitely reinvested outside of Ireland and (ii) current year generation of research credits.

Restructuring and Exit Costs

Restructuring and Exit Costs	6 Months Ended
	Dec. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Exit Costs	Restructuring and Exit Costs The Company recorded restructuring charges of $81 million and $90 million, for the three and six months ended December 30, 2022, respectively. For the three and six months ended December 31, 2021, the Company recorded restructuring charges of $1 million and $2 million, respectively. The Company’s restructuring plans are comprised primarily of charges related to workforce reduction costs, including severance and other one-time termination benefits, and facilities and other exit costs. All restructuring charges are reported in Restructuring and other, net on the Company’s Condensed Consolidated Statements of Operations. October 2022 Plan - On October 24, 2022, the Company’s Board of Directors approved and committed to an October 2022 restructuring plan (the “October 2022 Plan”) to reduce its cost structure to better align the Company’s operational needs to current economic conditions while continuing to support the long-term business strategy. The October 2022 Plan includes reducing its worldwide headcount by approximately 3,000 employees, or 8% of the global workforce, along with other cost saving measures. The following tables summarize the Company’s restructuring activities under the Company’s active restructuring plans: October 2022 Plan Other Plans (Dollars in millions) Workforce Reduction Costs Facilities and Other Exit Costs Workforce Reduction Costs Facilities and Other Exit Costs Total Accrual balances at July 1, 2022 $ — $ — $ — $ 5 $ 5 Restructuring charges 77 3 10 — 90 Cash payments (29) — (8) (1) (38) Accrual balances at December 30, 2022 $ 48 $ 3 $ 2 $ 4 $ 57 Total costs incurred inception to date as of December 30, 2022 $ 77 $ 3 $ 73 $ 24 $ 177 Total expected charges to be incurred as of December 30, 2022 $ — $ — $ — $ 1 $ 1

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Dec. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company is exposed to foreign currency exchange rate, interest rate, and to a lesser extent, equity market risks relating to its ongoing business operations. From time to time, the Company enters into cash flow hedges in the form of foreign currency forward exchange contracts in order to manage the foreign currency exchange rate risk on forecasted expenses and investments denominated in foreign currencies. The Company enters into certain interest rate swap agreements to convert the variable interest rate on its Term Loans to fixed interest rates. The objective of the interest rate swap agreements is to eliminate the variability of interest payment cash flows associated with the variable interest rate under the Term Loans. The Company designates the interest rate swaps as cash flow hedges. On September 26, 2022, the Company terminated its then existing interest rate swap agreements relating to Term Loans A1 and A2 and received cash proceeds of $110 million from the counterparty. The cash proceeds are reported within Net cash provided by operating activities in the Company’s Condensed Consolidated Statement of Cash Flows. The Company discontinued the related hedge accounting prospectively and as a result the realized gain of $110 million was accounted and reported in AOCI and is amortized to Interest expense in the Condensed Consolidated Statement of Operations over the remaining period of the Term Loans A1 and A2. During the three and six months ended December 30, 2022, $7 million of the gains were amortized to interest expense in the Company’s Condensed Consolidated Statement of Operations. On September 26, 2022, the Company entered into new interest swap agreements with a notional amount of $1.6 billion, to convert the variable interest rate on certain principal amounts of the Term Loans drawn under its Credit Agreement. As of December 30, 2022, the aggregate notional amount of the Company’s interest-rate swap contracts was $1.6 billion, of which $600 million will mature in September 2025 and $1.0 billion will mature in July 2027. The Company’s accounting policies for these instruments are based on whether the instruments are classified as designated or non-designated hedging instruments. The Company records all derivatives on its Condensed Consolidated Balance Sheets at fair value. The changes in the fair value of highly effective designated cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Derivatives that are not designated as hedging instruments or are not assessed to be highly effective are adjusted to fair value through earnings. The amount of net unrealized gain on cash flow hedges was $10 million and $51 million as of December 30, 2022 and as of July 1, 2022, respectively. As of December 30, 2022, the amount of existing net gains related to cash flow hedges recorded in AOCI included a net gain of $39 million that is expected to be reclassified to earnings within twelve months. The Company de-designates its cash flow hedges when the forecasted hedged transactions affect earnings or it is probable the forecasted hedged transactions will not occur in the initially identified time period. At such time, the associated gains and losses deferred in AOCI on the Company’s Condensed Consolidated Balance Sheets are reclassified into earnings and any subsequent changes in the fair value of such derivative instruments are immediately reflected in earnings. The Company recognized a net loss of $12 million and a net gain of $6 million in Cost of revenue and Interest expense, respectively, related to the loss of hedge designation on discontinued cash flow hedges during the three months ended December 30, 2022. The Company recognized a net loss of $19 million and a net gain of $8 million in Cost of revenue and Interest expense, respectively, related to the loss of hedge designation on discontinued cash flow hedges during the six months ended December 30, 2022. The Company recognized a net loss of $6 million and $3 million in Cost of revenue and Interest expense, respectively, related to the loss of hedge designation on discontinued cash flow hedges during the three months ended December 31, 2021. The Company recognized a net loss of $8 million and $4 million in Cost of revenue and Interest expense, net related to the loss of hedge designation on discontinued cash flow hedges during the six months ended December 31, 2021, respectively. Other derivatives not designated as hedging instruments consist of foreign currency forward exchange contracts that the Company uses to hedge the foreign currency exposure on forecasted expenditures denominated in currencies other than the U.S. dollar. The Company also enters into foreign currency forward contracts with contractual maturities of less than one month, which are designed to mitigate the effect of changes in foreign exchange rates on monetary assets and liabilities. The Company recognizes gains and losses on these contracts, as well as the related costs in Other, net on its Condensed Consolidated Statements of Operations. The following tables show the total notional value of the Company’s outstanding foreign currency forward exchange contracts as of December 30, 2022 and July 1, 2022. All of the foreign currency forward exchange contracts mature within 12 months. As of December 30, 2022 (Dollars in millions) Contracts Designated as Hedges Contracts Not Designated as Hedges Singapore Dollar $ 173 $ 45 Thai Baht 127 23 Chinese Renminbi 78 15 British Pound Sterling 64 17 Total $ 442 $ 100 As of July 1, 2022 (Dollars in millions) Contracts Designated as Hedges Contracts Not Designated as Hedges Singapore Dollar $ 178 $ 52 Thai Baht 133 35 Chinese Renminbi 92 24 British Pound Sterling 64 15 Total $ 467 $ 126 The Company is subject to equity market risks due to changes in the fair value of the notional investments selected by its employees as part of its non-qualified deferred compensation plan: the Seagate Deferred Compensation Plan (the “SDCP”). In fiscal year 2014, the Company entered into a Total Return Swap (“TRS”) in order to manage the equity market risks associated with the SDCP’s liabilities. The Company pays a floating rate, based on LIBOR plus an interest rate spread, on the notional amount of the TRS. The TRS is designed to substantially offset changes in the SDCP’s liabilities due to changes in the value of the investment options made by employees. As of December 30, 2022, the notional investments underlying the TRS amounted to $102 million and the contract term is through January 2023, settled on a monthly basis, limiting counterparty performance risk. The Company did not designate the TRS as a hedge. Rather, the Company records all changes in the fair value of the TRS to earnings to offset the market value changes of the SDCP’s liabilities. The following tables show the Company’s derivative instruments measured at gross fair value as reflected in the Condensed Consolidated Balance Sheets as of December 30, 2022 and July 1, 2022: As of December 30, 2022 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 $ 5 Accrued expenses $ (2) Interest rate swap Other current assets 9 Accrued expenses (2) Derivatives not designated as hedging instruments: Foreign currency forward exchange contracts Other current assets 1 Accrued expenses (1) Total return swap Other current assets — Accrued expenses — Total derivatives $ 15 $ (5) As of July 1, 2022 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 $ — Accrued expenses $ (14) Interest rate swap Other current assets 65 Accrued expenses — Derivatives not designated as hedging instruments: Foreign currency forward exchange contracts Other current assets — Accrued expenses (5) Total return swap Other current assets — Accrued expenses (4) Total derivatives $ 65 $ (23) The following tables show the effect of the Company’s derivative instruments on the Condensed Consolidated Statements of Comprehensive Income and the Condensed Consolidated Statements of Operations for the three and six months ended December 30, 2022: Amount of Gain/(Loss) Recognized in Income on Derivatives (Dollars in millions) Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) Recognized in Income on Derivatives For the Three Months For the Six Months Foreign currency forward exchange contracts Other, net $ 4 $ (6) Total return swap Operating expenses — (8) (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) For the Three Months For the Six Months For the Three Months For the Six Months For the Three Months For the Six Months Foreign currency forward exchange contracts $ 19 $ (1) Cost of revenue $ (12) $ (19) Other, net $ — $ (1) Interest rate swap — 52 Interest expense 6 8 Interest expense — — The following tables show the effect of the Company’s derivative instruments on the Condensed Consolidated Statements of Comprehensive Income and the Condensed Consolidated Statements of Operations for the three and six months ended December 31, 2021 : (Dollars in millions) Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) Recognized in Income on Derivatives Amount of Gain/(Loss) Recognized in Income on Derivatives For the Three Months For the Six Months Foreign currency forward exchange contracts Other, net $ 2 $ (2) Total return swap Operating expenses 7 6 (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) For the Three Months For the Six Months For the Three Months For the Six Months For the Three Months For the Six Months Foreign currency forward exchange contracts $ 4 $ (5) Cost of revenue $ (6) $ (8) Other, net $ — $ 1 Interest rate swap 7 7 Interest expense (3) (4) Interest expense — —

Fair Value

Fair Value	6 Months Ended
	Dec. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Measurement of Fair Value Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy A fair value hierarchy is based on whether the market participant assumptions used in determining fair value are obtained from independent sources (observable inputs) or reflect the Company’s own assumptions of market participant valuation (unobservable inputs). A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are: Level 1 — Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices for identical assets and liabilities in markets that are inactive; quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; or Level 3 — Prices or valuations that require inputs that are both unobservable and significant to the fair value measurement. The Company considers an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis and views an inactive market as one in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. Where appropriate, the Company’s or the counterparty’s non-performance risk is considered in determining the fair values of liabilities and assets, respectively. Items Measured at Fair Value on a Recurring Basis The following tables present the Company’s assets and liabilities, by financial instrument type and balance sheet line item, that are measured at fair value on a recurring basis, excluding accrued interest components, as of: December 30, 2022 July 1, 2022 Fair Value Measurements at Reporting Date Using 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 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 $ 172 $ — $ — $ 172 $ 59 $ — $ — $ 59 Total cash equivalents 172 — — 172 59 — — 59 Restricted cash and investments: Money market funds 1 — — 1 1 — — 1 Time deposits and certificates of deposit — 1 — 1 — 1 — 1 Other debt securities — — 16 16 — — 23 23 Derivative assets — 15 — 15 — 65 — 65 Total assets $ 173 $ 16 $ 16 $ 205 $ 60 $ 66 $ 23 $ 149 Liabilities: Derivative liabilities $ — $ 5 $ — $ 5 $ — $ 23 $ — $ 23 Total liabilities $ — $ 5 $ — $ 5 $ — $ 23 $ — $ 23 December 30, 2022 July 1, 2022 Fair Value Measurements at Reporting Date Using 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 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 $ 172 $ — $ — $ 172 $ 59 $ — $ — $ 59 Other current assets 1 16 — 17 1 66 — 67 Other assets, net — — 16 16 — — 23 23 Total assets $ 173 $ 16 $ 16 $ 205 $ 60 $ 66 $ 23 $ 149 Liabilities: Accrued expenses $ — $ 5 $ — $ 5 $ — $ 23 $ — $ 23 Total liabilities $ — $ 5 $ — $ 5 $ — $ 23 $ — $ 23 The Company classifies items in Level 1 if the financial assets consist of securities for which quoted prices are available in an active market. The Company classifies items in Level 2 if the financial asset or liability is valued using observable inputs. The Company uses observable inputs including quoted prices in active markets for similar assets or liabilities. Level 2 assets include: agency bonds, corporate bonds, commercial paper, municipal bonds, U.S. Treasuries, time deposits and certificates of deposit. These debt investments are priced using observable inputs and valuation models which vary by asset class. The Company uses a pricing service to assist in determining the fair value of all of its cash equivalents. For the cash equivalents in the Company’s portfolio, multiple pricing sources are generally available. The pricing service uses inputs from multiple industry-standard data providers or other third-party sources and various methodologies, such as weighting and models, to determine the appropriate price at the measurement date. The Company corroborates the prices obtained from the pricing service against other independent sources and, as of December 30, 2022, has not found it necessary to make any adjustments to the prices obtained. The Company’s derivative financial instruments are also classified within Level 2. The Company’s derivative financial instruments consist of foreign currency forward exchange contracts, interest rate swaps and the TRS. The Company recognizes derivative financial instruments in its condensed consolidated financial statements at fair value. The Company determines the fair value of these instruments by considering the estimated amount it would pay or receive to terminate these agreements at the reporting date. Items Measured at Fair Value on a Non-Recurring Basis From time to time, the Company enters into certain strategic investments for the promotion of business and strategic objectives, which are accounted for either under the equity method or the measurement alternative. Investments under the measurement alternative are recorded at cost, less impairment and adjusted for qualifying observable price changes on a prospective basis. If measured at fair value in the Condensed Consolidated Balance Sheets, these investments would generally be classified in Level 3 of the fair value hierarchy. For the investments that are accounted for under the equity method, the Company recorded an immaterial gain and a net loss of $3 million for the three and six months ended December 30, 2022, respectively. The Company recorded an immaterial gain and a net gain of $3 million for the three and six months ended December 31, 2021, respectively . The adjusted carrying value of the investments accounted for under the equity method amounted to $57 million and $61 million as of December 30, 2022 and July 1, 2022, respectively. For the investments that are accounted for under the measurement alternative, the Company recorded an immaterial loss and a net gain of $3 million for the three and six months ended December 30, 2022, respectively, related to downward and upward adjustments due to observable price changes. The Company recorded a net loss of $2 million and a net gain of $4 million for the three and six months ended December 31, 2021, respectively, related to downward and upward adjustments due to observable price changes. As of December 30, 2022 and July 1, 2022, the carrying value of the Company’s strategic investments under the measurement alternative was $99 million and $88 million, respectively. Other Fair Value Disclosures The Company’s debt is carried at amortized cost. The estimated fair value of the Company’s debt is derived using the closing price of the same debt instruments as of the date of valuation, which takes into account the yield curve, interest rates and other observable inputs. Accordingly, these fair value measurements are categorized as Level 2. The following table presents the fair value and amortized cost of the Company’s debt in order of maturity: December 30, 2022 July 1, 2022 (Dollars in millions) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value 4.750% Senior Notes due June 2023 $ 540 $ 538 $ 540 $ 538 4.875% Senior Notes due March 2024 499 493 499 494 4.750% Senior Notes due January 2025 479 469 479 471 4.875% Senior Notes due June 2027 504 473 504 483 4.091% Senior Notes due June 2029 469 417 466 427 3.125% Senior Notes due July 2029 164 127 500 396 4.125% Senior Notes due January 2031 295 233 500 410 3.375% Senior Notes due July 2031 77 59 500 393 9.625% Senior Notes due December 2032 750 825 — — 5.750% Senior Notes due December 2034 489 423 489 433 SOFR Based Term Loan A1 due September 2025 (1) 600 584 600 588 SOFR Based Term Loan A2 due July 2027 (1) 600 566 600 586 SOFR Based Term Loan A3 due July 2027 600 562 — — $ 6,066 $ 5,769 $ 5,677 $ 5,219 Less: unamortized debt issuance costs (37) — (31) — Debt, net of debt issuance costs $ 6,029 $ 5,769 $ 5,646 $ 5,219 Less: current portion of debt, net of debt issuance costs (636) (629) (584) (582) Long-term debt, less current portion, net of debt issuance costs $ 5,393 $ 5,140 $ 5,062 $ 4,637 _________________________________ (1) On August 18, 2022, the Company amended the Credit Agreement and replaced the LIBOR interest rates plus variable margin of Term Loans A1 and A2 with the SOFR interest rates plus a variable margin. Refer to “ Note 3. Debt ” for more details.

Equity

Equity	6 Months Ended
	Dec. 30, 2022
Equity [Abstract]
Equity	it Share Capital The Company’s authorized share capital i s $13,500 and consists of 1,250,000,000 ordinary shares, par value $0.00001, of which 206,477,388 shares were outstanding as of December 30, 2022, and 100,000,000 preferred shares, par value $0.00001, of which none were issued or outstanding as of December 30, 2022. Ordinary shares - Holders of ordinary shares are entitled to receive dividends when and as declared by the Company’s board of directors (the “Board of Directors”). Upon any liquidation, dissolution, or winding up of the Company, after required payments are made to holders of preferred shares, any remaining assets of the Company will be distributed ratably to holders of the preferred and ordinary shares. Holders of shares are entitled to one vote per share on all matters upon which the ordinary shares are entitled to vote, including the election of directors. Preferred shares - The Company may issue preferred shares in one or more series, up to the authorized amount, without shareholder approval. The Board of Directors is authorized to establish from time to time the number of shares to be included in each series, and to fix the rights, preferences and privileges of the shares of each wholly unissued series and any of its qualifications, limitations or restrictions. The Board of Directors can also increase or decrease the number of shares of a series, but not below the number of shares of that series then outstanding, without any further vote or action by the shareholders. The Board of Directors may authorize the issuance of preferred shares with voting or conversion rights that could harm the voting power or other rights of the holders of the ordinary shares. The issuance of preferred shares, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in control of the Company and might harm the market price of its ordinary shares and the voting and other rights of the holders of ordinary shares. Repurchases of Equity Securities All repurchases are effected as redemptions in accordance with the Company’s Constitution. As of December 30, 2022, $1.9 billion remained available for repurchase under the existing repurchase authorization limit. The following table sets forth information with respect to repurchases of the Company’s ordinary shares during the six months ended December 30, 2022: (In millions) Number of Shares Repurchased Dollar Value of Shares Repurchased Repurchases of ordinary shares (1) 5 $ 400 Tax withholding related to vesting of equity awards 1 39 Total 6 $ 439

Revenue

Revenue	6 Months Ended
	Dec. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The following table provides information about disaggregated revenue by sales channel and geographical region for the Company’s single reportable segment: For the Three Months Ended For the Six Months Ended (Dollars in millions) December 30, December 31, December 30, December 31, Revenues by Channel OEMs $ 1,365 $ 2,178 $ 2,910 $ 4,465 Distributors 297 562 596 1,069 Retailers 225 376 416 697 Total $ 1,887 $ 3,116 $ 3,922 $ 6,231 Revenues by Geography (1) Asia Pacific $ 760 $ 1,433 $ 1,561 $ 3,016 Americas 853 1,186 1,789 2,265 EMEA 274 497 572 950 Total $ 1,887 $ 3,116 $ 3,922 $ 6,231 _________________________________ (1) Revenue is attributed to geography based on bill from locations.

Guarantees

Guarantees	6 Months Ended
	Dec. 30, 2022
Guarantees [Abstract]
Guarantees	Indemnification Obligations The Company from time to time enters into agreements with customers, suppliers, partners and others in the ordinary course of business that provide indemnification for certain matters including, but not limited to, intellectual property infringement claims, environmental claims and breach of agreement claims. The nature of the Company’s indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay. Historically, the Company has not made any significant indemnification payments under such agreements and no amount has been accrued in the Company’s condensed consolidated financial statements with respect to these indemnification obligations. Product Warranty The Company estimates probable product warranty costs at the time revenue is recognized. The Company generally warrants its products for a period of 1 to 5 years. The Company uses estimated repair or replacement costs and uses statistical modeling to estimate product warranty return rates in order to determine its warranty obligation. Changes in the Company’s product warranty liability during the six months ended December 30, 2022 and December 31, 2021 were as follows: For the Six Months Ended (Dollars in millions) December 30, December 31, Balance, beginning of period $ 148 $ 136 Warranties issued 27 43 Repairs and replacements (48) (43) Changes in liability for pre-existing warranties, including expirations 26 8 Balance, end of period $ 153 $ 144

Earnings Per Share

Earnings Per Share	6 Months Ended
	Dec. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Basic (loss) earnings per share is computed by dividing income available to shareholders by the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed by dividing income available to shareholders by the weighted-average number of shares outstanding during the period and the number of additional shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options, unvested restricted share units and performance-based share units and shares to be purchased under the Employee Stock Purchase Plan. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method. Under the treasury stock method, an increase in fair market value of the Company’s share price can result in a greater dilutive effect from potentially dilutive securities. The following table sets forth the computation of basic and diluted net (loss) income per share attributable to the shareholders of the Company: For the Three Months Ended For the Six Months Ended (In millions, except per share data) December 30, December 31, December 30, December 31, Numerator: Net (loss) income $ (33) $ 501 $ (4) $ 1,027 Number of shares used in per share calculations: Total shares for purposes of calculating basic net (loss) income per share 206 221 207 224 Weighted-average effect of dilutive securities: Employee equity award plans — 4 — 4 Total shares for purposes of calculating diluted net (loss) income per share 206 225 207 228 Net (loss) income per share: Basic $ (0.16) $ 2.27 $ (0.02) $ 4.58 Diluted $ (0.16) $ 2.23 $ (0.02) $ 4.50

Legal, Environmental and Other

Legal, Environmental and Other Contingencies	6 Months Ended
	Dec. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal, Environmental and Other Contingencies	The Company assesses the probability of an unfavorable outcome of all its material litigation, claims or assessments to determine whether a liability had been incurred and whether it is probable that one or more future events will occur confirming the fact of the loss. In the event that an unfavorable outcome is determined to be probable and the amount of the loss can be reasonably estimated, the Company establishes an accrual for the litigation, claim or assessment. In addition, in the event an unfavorable outcome is determined to be less than probable, but reasonably possible, the Company will disclose an estimate of the possible loss or range of such loss; however, when a reasonable estimate cannot be made, the Company will provide disclosure to that effect. Litigation is inherently uncertain and may result in adverse rulings or decisions. Additionally, the Company may enter into settlements or be subject to judgments that may, individually, or in the aggregate, have a material adverse effect on its results of operations. Accordingly, actual results could differ materially. Litigation Lambeth Magnetic Structures LLC, v. Seagate Technology (US) Holdings, Inc., et al. On April 29, 2016, Lambeth Magnetic Structures LLC filed a complaint against Seagate Technology (US) Holdings, Inc. and Seagate Technology LLC in the U.S. District Court for the Western District of Pennsylvania, alleging infringement of U.S. Patent No. 7,128,988, “Magnetic Material Structures, Devices and Methods,” seeking damages as well as additional relief. The district court entered judgement in favor of Seagate on April 19, 2022. The parties filed post-trial motions with the district court in May 2022. On November 22, 2022, the court denied all pending post-trial motions. Lambeth Magnetic Structures LLC filed a notice of appeal to the Federal Circuit on December 20, 2022. The Company believes the asserted claims are without merit and intends to vigorously defend this case. Seagate Technology LLC, et al. v. Headway Technologies, Inc, et al. On February 18, 2020, Seagate Technology LLC, Seagate Technology (Thailand) Ltd., Seagate Singapore International Headquarters Pte. Ltd. and Seagate Technology International (collectively, the “Seagate Entities”) filed a complaint in the United States District Court for the Northern District of California against defendant suppliers of HDD suspension assemblies. Defendants include NHK Spring Co. Ltd., TDK Corporation, Hutchinson Technology Inc. and several of their subsidiaries and affiliates. The complaint includes federal and state antitrust law claims, as well as a breach of contract claim. The complaint alleges that defendants and their co-conspirators knowingly conspired for more than twelve years not to compete in the supply of suspension assemblies; that defendants misused confidential information that the Seagate Entities had provided pursuant to nondisclosure agreements, in breach of their contractual obligations; and that the Seagate Entities paid artificially high prices on purchases of suspension assemblies. The Seagate Entities seek to recover the overcharges they paid for suspension assemblies, as well as additional relief permitted by law. On March 22, 2022, the Seagate Entities dismissed with prejudice all claims being asserted against Defendants TDK Corporation, Hutchinson Technology Inc. and their subsidiaries and affiliates (collectively “TDK”) relating to the antitrust law claims, the breach of contract claim and other matters described in the complaint. On April 1, 2022, the Seagate Entities and TDK filed a Stipulation for Dismissal with Prejudice to dismiss with prejudice all claims against TDK. On August 2, 2022, NHK Spring Co. Ltd. filed a motion for Partial Summary Judgment Regarding Foreign Commerce and on October 14, 2022, Seagate Entities’ filed its corresponding opposition. A trial date has not been set. Environmental Matters The Company’s operations are subject to U.S. and foreign laws and regulations relating to the protection of the environment, including those governing discharges of pollutants into the air and water, the management and disposal of hazardous substances and wastes and the cleanup of contaminated sites. Some of the Company’s operations require environmental permits and controls to prevent and reduce air and water pollution, and these permits are subject to modification, renewal and revocation by issuing authorities. The Company has established environmental management systems and continually updates its environmental policies and standard operating procedures for its operations worldwide. The Company believes that its operations are in material compliance with applicable environmental laws, regulations and permits. The Company budgets for operating and capital costs on an ongoing basis to comply with environmental laws. If additional or more stringent requirements are imposed on the Company in the future, it could incur additional operating costs and capital expenditures. Some environmental laws, such as the Comprehensive Environmental Response Compensation and Liability Act of 1980 (as amended, the “Superfund” law) and its state equivalents, can impose liability for the cost of cleanup of contaminated sites upon any of the current or former site owners or operators or upon parties who sent waste to these sites, regardless of whether the owner or operator owned the site at the time of the release of hazardous substances or the lawfulness of the original disposal activity. The Company has been identified as a responsible or potentially responsible party at several sites. At each of these sites, the Company has an assigned portion of the financial liability based on the type and amount of hazardous substances disposed of by each party at the site and the number of financially viable parties. The Company has fulfilled its responsibilities at some of these sites and remains involved in only a few at this time. While the Company’s ultimate costs in connection with these sites is difficult to predict with complete accuracy, based on its current estimates of cleanup costs and its expected allocation of these costs, the Company does not expect costs in connection with these sites to be material. The Company may be subject to various state, federal and international laws and regulations governing the environment, including those restricting the presence of certain substances in electronic products. For example, the European Union (“EU”) enacted the Restriction of the Use of Certain Hazardous Substances in Electrical and Electronic Equipment (2011/65/EU), which prohibits the use of certain substances, including lead, in certain products, including disk drives and server storage products, put on the market after July 1, 2006. Similar legislation has been or may be enacted in other jurisdictions, including in the U.S., Canada, Mexico, Taiwan, China, Japan and others. The EU REACH Directive (Registration, Evaluation, Authorization and Restriction of Chemicals, EC 1907/2006) also restricts substances of very high concern in products. If the Company or its suppliers fails to comply with the substance restrictions, recycle requirements or other environmental requirements as they are enacted worldwide, it could have a materially adverse effect on the Company’s business. Other Matters On August 29, 2022, the Company received a proposed charging letter (“PCL”) from the U.S. Commerce Department’s Bureau of Industry and Security (“BIS”), alleging violations of the U.S. Export Administration Regulations (“EAR”). The PCL alleges the Company acted in violation of the EAR by providing its HDDs to a customer and its affiliates listed on the BIS Entity List between August 2020 and September 2021. The Company believes these allegations are without merit. The Company has responded to the PCL, setting forth its position that it did not engage in prohibited conduct as alleged by BIS, because, among other reasons, Seagate’s HDDs are not subject to the EAR. The matters raised by the PCL remain unresolved at this time, and there can be no assurance as to the timing or terms of any final outcome. The Company is unable at this time to estimate the range of loss and/or penalty, if any, although it is possible that the outcome could have a material impact on its business, results of operations, financial condition, and cash flows. The Company has committed to compliance through its global team of international trade compliance and legal professionals and by maintaining robust trade controls, compliance policies and procedures. The Company has been cooperating with BIS and engaging in discussions with BIS to seek a resolution of this matter. If the Company is not able to reach a resolution, the Company believes that this matter will result in litigation between the Company and BIS. The Company believes that it has complied with all relevant export control laws and regulations and will defend itself vigorously. The Company is involved in a number of other judicial, regulatory or administrative proceedings and investigations incidental to its business, and the Company may be involved in such proceedings and investigations arising in the normal course of its business in the future. Although occasional adverse decisions or settlements may occur, the Company believes that the final disposition of such matters will not have a material adverse effect on its financial position or results of operations.

Commitments

Commitments	6 Months Ended
	Dec. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments	Unconditional Long-Term Purchase Obligations. As of December 30, 2022, the Company had unconditional long-term purchase obligations of approximately $3.1 billion, primarily related to purchases of inventory components. The Company expects the commitment to total $677 million, $595 million, $666 million, $745 million and $393 million for fiscal years 2024, 2025, 2026, 2027 and thereafter, respectively. During the three months ended December 30, 2022, the Company recorded order cancellation fees of $108 million to terminate certain purchase commitments related to purchase of inventory components and equipment. The Company expects these amounts to be paid within one year.

Subsequent event

Subsequent event	6 Months Ended
	Dec. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Dividend Declared O n January 25, 2023, the Com pany’s Board of Directors declared a quarterly cash dividend of $0.70 per share, which will be payable on April 6, 2023 to shareholders of record as of the close of business on March 22, 2023 .

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Consolidation, Policy	The Company’s consolidated financial statements for the fiscal year ended July 1, 2022 are included in its Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission (“SEC”) on August 5, 2022. The Company believes that the disclosures included in these unaudited condensed consolidated financial statements, when read in conjunction with its consolidated financial statements as of July 1, 2022, and the notes thereto, are adequate to make the information presented not misleading. The results of operations for the three and six months ended December 30, 2022 are not necessarily indicative of the results to be expected for any subsequent interim period or for the Company’s fiscal year ending June 30, 2023.
Fiscal Period, Policy	The Company operates and reports financial results on a fiscal year of 52 or 53 weeks ending on the Friday closest to June 30. In fiscal years with 53 weeks, the first quarter consists of 14 weeks and the remaining quarters consist of 13 weeks each. Both the three and six months ended December 30, 2022 and the three and six months ended December 31, 2021 consisted of 13 and 26 weeks, respectively. Fiscal years 2023 and 2022 both comprise of 52 weeks and end on June 30, 2023 and July 1, 2022, respectively. The fiscal quarters ended December 30, 2022, September 30, 2022 and December 31, 2021, are also referred to herein as the “December 2022 quarter”, the “September 2022 quarter” and the “December 2021 quarter”, respectively.
Recently Issued Accounting Pronouncements, Policy	Recently Issued Accounting Pronouncements In September 2022, the FASB issued ASU 2022-04 (ASC Subtopic 405-50), Disclosure of Supplier Finance Program Obligations . This ASU requires disclosure of key terms of the outstanding supplier finance programs and a rollforward of the related obligations. The Company is required to adopt this guidance in the first quarter of fiscal year 2024. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its condensed consolidated financial statements. In June 2022, the FASB issued ASU 2022-03 (ASC Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . This ASU clarifies that a contractual restriction on the sale of equity security is not considered when measuring its fair value and requires new disclosures for equity securities subject to contractual sale restriction. The Company is required to adopt this guidance in the first quarter of fiscal year 2025. The Company does not expect the adoption of this ASU to have a material impact on its condensed consolidated financial statements.
Derivatives, Policy	The Company is exposed to foreign currency exchange rate, interest rate, and to a lesser extent, equity market risks relating to its ongoing business operations. From time to time, the Company enters into cash flow hedges in the form of foreign currency forward exchange contracts in order to manage the foreign currency exchange rate risk on forecasted expenses and investments denominated in foreign currencies. The Company enters into certain interest rate swap agreements to convert the variable interest rate on its Term Loans to fixed interest rates. The objective of the interest rate swap agreements is to eliminate the variability of interest payment cash flows associated with the variable interest rate under the Term Loans. The Company designates the interest rate swaps as cash flow hedges. On September 26, 2022, the Company terminated its then existing interest rate swap agreements relating to Term Loans A1 and A2 and received cash proceeds of $110 million from the counterparty. The cash proceeds are reported within Net cash provided by operating activities in the Company’s Condensed Consolidated Statement of Cash Flows. The Company discontinued the related hedge accounting prospectively and as a result the realized gain of $110 million was accounted and reported in AOCI and is amortized to Interest expense in the Condensed Consolidated Statement of Operations over the remaining period of the Term Loans A1 and A2. During the three and six months ended December 30, 2022, $7 million of the gains were amortized to interest expense in the Company’s Condensed Consolidated Statement of Operations. On September 26, 2022, the Company entered into new interest swap agreements with a notional amount of $1.6 billion, to convert the variable interest rate on certain principal amounts of the Term Loans drawn under its Credit Agreement. As of December 30, 2022, the aggregate notional amount of the Company’s interest-rate swap contracts was $1.6 billion, of which $600 million will mature in September 2025 and $1.0 billion will mature in July 2027. The Company’s accounting policies for these instruments are based on whether the instruments are classified as designated or non-designated hedging instruments. The Company records all derivatives on its Condensed Consolidated Balance Sheets at fair value. The changes in the fair value of highly effective designated cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Derivatives that are not designated as hedging instruments or are not assessed to be highly effective are adjusted to fair value through earnings. The amount of net unrealized gain on cash flow hedges was $10 million and $51 million as of December 30, 2022 and as of July 1, 2022, respectively. As of December 30, 2022, the amount of existing net gains related to cash flow hedges recorded in AOCI included a net gain of $39 million that is expected to be reclassified to earnings within twelve months.
Fair Value Measurement, Policy	Measurement of Fair Value Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy A fair value hierarchy is based on whether the market participant assumptions used in determining fair value are obtained from independent sources (observable inputs) or reflect the Company’s own assumptions of market participant valuation (unobservable inputs). A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are: Level 1 — Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices for identical assets and liabilities in markets that are inactive; quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; or Level 3 — Prices or valuations that require inputs that are both unobservable and significant to the fair value measurement.
Fair Value of Financial Instruments, Policy	Items Measured at Fair Value on a Non-Recurring Basis From time to time, the Company enters into certain strategic investments for the promotion of business and strategic objectives, which are accounted for either under the equity method or the measurement alternative. Investments under the measurement alternative are recorded at cost, less impairment and adjusted for qualifying observable price changes on a prospective basis. If measured at fair value in the Condensed Consolidated Balance Sheets, these investments would generally be classified in Level 3 of the fair value hierarchy. For the investments that are accounted for under the equity method, the Company recorded an immaterial gain and a net loss of $3 million for the three and six months ended December 30, 2022, respectively. The Company recorded an immaterial gain and a net gain of $3 million for the three and six months ended December 31, 2021, respectively . The adjusted carrying value of the investments accounted for under the equity method amounted to $57 million and $61 million as of December 30, 2022 and July 1, 2022, respectively. For the investments that are accounted for under the measurement alternative, the Company recorded an immaterial loss and a net gain of $3 million for the three and six months ended December 30, 2022, respectively, related to downward and upward adjustments due to observable price changes. The Company recorded a net loss of $2 million and a net gain of $4 million for the three and six months ended December 31, 2021, respectively, related to downward and upward adjustments due to observable price changes. As of December 30, 2022 and July 1, 2022, the carrying value of the Company’s strategic investments under the measurement alternative was $99 million and $88 million, respectively.
Standard Product Warranty, Policy	Product WarrantyThe Company estimates probable product warranty costs at the time revenue is recognized. The Company generally warrants its products for a period of 1 to 5 years. The Company uses estimated repair or replacement costs and uses statistical modeling to estimate product warranty return rates in order to determine its warranty obligation.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Policies)	6 Months Ended
	Dec. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives, Policy	The Company is exposed to foreign currency exchange rate, interest rate, and to a lesser extent, equity market risks relating to its ongoing business operations. From time to time, the Company enters into cash flow hedges in the form of foreign currency forward exchange contracts in order to manage the foreign currency exchange rate risk on forecasted expenses and investments denominated in foreign currencies. The Company enters into certain interest rate swap agreements to convert the variable interest rate on its Term Loans to fixed interest rates. The objective of the interest rate swap agreements is to eliminate the variability of interest payment cash flows associated with the variable interest rate under the Term Loans. The Company designates the interest rate swaps as cash flow hedges. On September 26, 2022, the Company terminated its then existing interest rate swap agreements relating to Term Loans A1 and A2 and received cash proceeds of $110 million from the counterparty. The cash proceeds are reported within Net cash provided by operating activities in the Company’s Condensed Consolidated Statement of Cash Flows. The Company discontinued the related hedge accounting prospectively and as a result the realized gain of $110 million was accounted and reported in AOCI and is amortized to Interest expense in the Condensed Consolidated Statement of Operations over the remaining period of the Term Loans A1 and A2. During the three and six months ended December 30, 2022, $7 million of the gains were amortized to interest expense in the Company’s Condensed Consolidated Statement of Operations. On September 26, 2022, the Company entered into new interest swap agreements with a notional amount of $1.6 billion, to convert the variable interest rate on certain principal amounts of the Term Loans drawn under its Credit Agreement. As of December 30, 2022, the aggregate notional amount of the Company’s interest-rate swap contracts was $1.6 billion, of which $600 million will mature in September 2025 and $1.0 billion will mature in July 2027. The Company’s accounting policies for these instruments are based on whether the instruments are classified as designated or non-designated hedging instruments. The Company records all derivatives on its Condensed Consolidated Balance Sheets at fair value. The changes in the fair value of highly effective designated cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Derivatives that are not designated as hedging instruments or are not assessed to be highly effective are adjusted to fair value through earnings. The amount of net unrealized gain on cash flow hedges was $10 million and $51 million as of December 30, 2022 and as of July 1, 2022, respectively. As of December 30, 2022, the amount of existing net gains related to cash flow hedges recorded in AOCI included a net gain of $39 million that is expected to be reclassified to earnings within twelve months.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures (Policies)	6 Months Ended
	Dec. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments, Policy	Items Measured at Fair Value on a Non-Recurring Basis From time to time, the Company enters into certain strategic investments for the promotion of business and strategic objectives, which are accounted for either under the equity method or the measurement alternative. Investments under the measurement alternative are recorded at cost, less impairment and adjusted for qualifying observable price changes on a prospective basis. If measured at fair value in the Condensed Consolidated Balance Sheets, these investments would generally be classified in Level 3 of the fair value hierarchy. For the investments that are accounted for under the equity method, the Company recorded an immaterial gain and a net loss of $3 million for the three and six months ended December 30, 2022, respectively. The Company recorded an immaterial gain and a net gain of $3 million for the three and six months ended December 31, 2021, respectively . The adjusted carrying value of the investments accounted for under the equity method amounted to $57 million and $61 million as of December 30, 2022 and July 1, 2022, respectively. For the investments that are accounted for under the measurement alternative, the Company recorded an immaterial loss and a net gain of $3 million for the three and six months ended December 30, 2022, respectively, related to downward and upward adjustments due to observable price changes. The Company recorded a net loss of $2 million and a net gain of $4 million for the three and six months ended December 31, 2021, respectively, related to downward and upward adjustments due to observable price changes. As of December 30, 2022 and July 1, 2022, the carrying value of the Company’s strategic investments under the measurement alternative was $99 million and $88 million, respectively.
Fair Value Measurement, Policy	Measurement of Fair Value Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy A fair value hierarchy is based on whether the market participant assumptions used in determining fair value are obtained from independent sources (observable inputs) or reflect the Company’s own assumptions of market participant valuation (unobservable inputs). A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are: Level 1 — Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices for identical assets and liabilities in markets that are inactive; quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; or Level 3 — Prices or valuations that require inputs that are both unobservable and significant to the fair value measurement.

Balance Sheet Information (Tabl

Balance Sheet Information (Tables)	6 Months Ended
	Dec. 30, 2022
Disclosure Text Block Supplement [Abstract]
Summary of Debt Securities, Available-for-sale	The following table summarizes, by major type, the fair value and amortized cost of the Company’s available-for-sale debt investments as of December 30, 2022 and July 1, 2022: December 30, July 1, (Dollars in millions) Amortized Cost Unrealized Gain/(Loss) Fair Value Amortized Cost Unrealized Gain/(Loss) Fair Value Available-for-sale debt securities: Money market funds $ 173 $ — $ 173 $ 60 $ — $ 60 Time deposits and certificates of deposit 1 — 1 1 — 1 Other debt securities 16 — 16 23 — 23 Total $ 190 $ — $ 190 $ 84 $ — $ 84 Included in Cash and cash equivalents $ 172 $ 59 Included in Other current assets 2 2 Included in Other assets, net 16 23 Total $ 190 $ 84
Fair value and amortized cost of available-for-sale securities by contractual maturity	The fair value and amortized cost of the Company’s investments classified as available-for-sale debt securities as of December 30, 2022, by remaining contractual maturity were as follows: (Dollars in millions) Amortized Cost Fair Value Due in less than 1 year $ 174 $ 174 Due in 1 to 5 years 15 15 Due in 6 to 10 years — — Thereafter 1 1 Total $ 190 $ 190
Cash, cash equivalents, and restricted cash	The following table provides a summary of cash, cash equivalents and restricted cash reported within the Company’s Condensed Consolidated Balance Sheets that reconciles to the corresponding amount in the Company’s Condensed Consolidated Statements of Cash Flows: (Dollars in millions) December 30, July 1, December 31, July 2, Cash and cash equivalents $ 770 $ 615 $ 1,535 $ 1,209 Restricted cash included in Other current assets 2 2 2 2 Total cash, cash equivalents and restricted cash shown in the Statements of Cash Flows $ 772 $ 617 $ 1,537 $ 1,211
Inventories	The following table provides details of the inventory balance sheet item: (Dollars in millions) December 30, July 1, Raw materials and components $ 624 $ 601 Work-in-process 305 414 Finished goods 265 550 Total inventories $ 1,194 $ 1,565
Property, Equipment and Leasehold Improvements, net	The components of property, equipment and leasehold improvements, net, were as follows: (Dollars in millions) December 30, July 1, Property, equipment and leasehold improvements $ 10,743 $ 10,659 Accumulated depreciation and amortization (8,621) (8,420) Property, equipment and leasehold improvements, net $ 2,122 $ 2,239
Accrued expenses	The following table provides details of the accrued expenses balance sheet item: (Dollars in millions) December 30, July 1, Dividends payable $ 145 $ 147 Other accrued expenses 684 449 Total $ 829 $ 596
Schedule of accumulated other comprehensive income (loss)	The components of AOCI, net of tax, were as follows: (Dollars in millions) Unrealized Gains/(Losses) on Cash Flow Hedges Unrealized Gains/(Losses) on Post-Retirement Plans Foreign Currency Translation Adjustments Total Balance at July 1, 2022 $ 51 $ (14) $ (1) $ 36 Other comprehensive income before reclassifications 51 — — 51 Amounts reclassified from AOCI 11 1 — 12 Other comprehensive income 62 1 — 63 Balance at December 30, 2022 $ 113 $ (13) $ (1) $ 99 Balance at July 2, 2021 $ (18) $ (22) $ (1) $ (41) Other comprehensive income before reclassifications 2 1 — 3 Amounts reclassified from AOCI 12 1 — 13 Other comprehensive income 14 2 — 16 Balance at December 31, 2021 $ (4) $ (20) $ (1) $ (25)

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	(Dollars in millions) December 30, July 1, Unsecured Senior Notes (1) $1,000 issued on May 22, 2013 at 4.75% due June 1, 2023 (the “2023 Notes”) , interest payable semi-annually on June 1 and December 1 of each year. $ 540 $ 540 $500 issued on February 3, 2017 at 4.875% due March 1, 2024 (the “2024 Notes”) , interest payable semi-annually on March 1 and September 1 of each year. 499 499 $1,000 issued on May 28, 2014 at 4.75% due January 1, 2025 (the “2025 Notes”) , interest payable semi-annually on January 1 and July 1 of each year. 479 479 $700 issued on May 14, 2015 at 4.875% due June 1, 2027 (the “2027 Notes”) , interest payable semi-annually on June 1 and December 1 of each year. 504 504 $500 issued on June 18, 2020 at 4.091% due June 1, 2029 (the “June 2029 Notes”) , interest payable semi-annually on June 1 and December 1 of each year. 469 466 $500 issued on December 8, 2020 at 3.125% due July 15, 2029 (the “July 2029 Notes”) , interest payable semi-annually on January 15 and July 15 of each year. 164 500 $500 issued on June 10, 2020 at 4.125% due January 15, 2031 (the “January 2031 Notes”) , interest payable semi-annually on January 15 and July 15 of each year. 295 500 $500 issued on December 8, 2020 at 3.375% due July 15, 2031 (the “July 2031 Notes”) , interest payable semi-annually on January 15 and July 15 of each year. 77 500 $750 issued on November 30, 2022 at 9.625% due December 1, 2032 ( the “ 2032 Notes ”), interest payable semi-annually on June 1 and December 1 of each year. 750 — $500 issued on December 2, 2014 at 5.75% due December 1, 2034 (the “2034 Notes”) , interest payable semi-annually on June 1 and December 1 of each year. 489 489 Term Loans $600 borrowed on October 14, 2021 at SOFR plus a variable margin ranging from 1.125% to 2.375%, ( the “Term Loan A1”) , repayable in quarterly installments beginning on December 31, 2022, with a final maturity date of September 16, 2025. 600 600 $600 borrowed on October 14, 2021 at SOFR plus a variable margin ranging from 1.25% to 2.5%, ( the “Term Loan A2”) , repayable in quarterly installments beginning on December 31, 2022, with a final maturity date of July 30, 2027. 600 600 $600 borrowed on August 18, 2022 at SOFR plus a variable margin ranging from 1.25% to 2.5%, ( the “ Term Loan A3 ”), repayable in quarterly installments beginning on December 31, 2022, with a final maturity date of July 30, 2027. 600 — 6,066 5,677 Less: unamortized debt issuance costs (37) (31) Debt, net of debt issuance costs 6,029 5,646 Less: current portion of long-term debt (636) (584) Long-term debt, less current portion $ 5,393 $ 5,062 ______________________________ (1) All unsecured senior notes are issued by Seagate HDD Cayman (“Seagate HDD”), and the obligations under these notes are fully and unconditionally guaranteed, on a senior unsecured basis, by Seagate Technology Unlimited Company (“STUC”) and STX.
Schedule of Extinguishment of Debt	On November 30, 2022, Seagate HDD issued, in a private placement, $750 million in aggregate principal amount of 9.625% Senior Notes due on December 1, 2032, in connection with Seagate HDD’s exchange offers to certain eligible holders of Seagate HDD’s outstanding existing senior notes as set forth below: (Dollars in millions) Existing Notes Principal Amount Outstanding as of September 30, 2022 Principal Amount Exchanged Remaining Principal Amount as of December 30, 2022 Net Gain Recognized From Early Redemption July 2031 Notes $ 500 $ 423 $ 77 $ 95 July 2029 Notes 500 336 164 70 January 2031 Notes 500 205 295 39 Total $ 1,500 $ 964 $ 536 $ 204
Future principal payments on long-term debt	At December 30, 2022, future principal payments on long-term debt were as follows (in millions): Fiscal Year Amount Remainder of 2023 $ 608 2024 586 2025 617 2026 667 2027 649 Thereafter 2,973 Total $ 6,100

Restructuring and Exit Costs Re

Restructuring and Exit Costs Restructuring and Exit Costs (Tables)	6 Months Ended
	Dec. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following tables summarize the Company’s restructuring activities under the Company’s active restructuring plans: October 2022 Plan Other Plans (Dollars in millions) Workforce Reduction Costs Facilities and Other Exit Costs Workforce Reduction Costs Facilities and Other Exit Costs Total Accrual balances at July 1, 2022 $ — $ — $ — $ 5 $ 5 Restructuring charges 77 3 10 — 90 Cash payments (29) — (8) (1) (38) Accrual balances at December 30, 2022 $ 48 $ 3 $ 2 $ 4 $ 57 Total costs incurred inception to date as of December 30, 2022 $ 77 $ 3 $ 73 $ 24 $ 177 Total expected charges to be incurred as of December 30, 2022 $ — $ — $ — $ 1 $ 1

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Dec. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of notional value of outstanding foreign currency forward exchange contracts	The following tables show the total notional value of the Company’s outstanding foreign currency forward exchange contracts as of December 30, 2022 and July 1, 2022. All of the foreign currency forward exchange contracts mature within 12 months. As of December 30, 2022 (Dollars in millions) Contracts Designated as Hedges Contracts Not Designated as Hedges Singapore Dollar $ 173 $ 45 Thai Baht 127 23 Chinese Renminbi 78 15 British Pound Sterling 64 17 Total $ 442 $ 100 As of July 1, 2022 (Dollars in millions) Contracts Designated as Hedges Contracts Not Designated as Hedges Singapore Dollar $ 178 $ 52 Thai Baht 133 35 Chinese Renminbi 92 24 British Pound Sterling 64 15 Total $ 467 $ 126
Schedule of gross fair value of derivative instruments	The following tables show the Company’s derivative instruments measured at gross fair value as reflected in the Condensed Consolidated Balance Sheets as of December 30, 2022 and July 1, 2022: As of December 30, 2022 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 $ 5 Accrued expenses $ (2) Interest rate swap Other current assets 9 Accrued expenses (2) Derivatives not designated as hedging instruments: Foreign currency forward exchange contracts Other current assets 1 Accrued expenses (1) Total return swap Other current assets — Accrued expenses — Total derivatives $ 15 $ (5) As of July 1, 2022 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 $ — Accrued expenses $ (14) Interest rate swap Other current assets 65 Accrued expenses — Derivatives not designated as hedging instruments: Foreign currency forward exchange contracts Other current assets — Accrued expenses (5) Total return swap Other current assets — Accrued expenses (4) Total derivatives $ 65 $ (23)
Schedule of the effect of derivative instruments on Other comprehensive income (loss) and the Consolidated Statement of Operations	The following tables show the effect of the Company’s derivative instruments on the Condensed Consolidated Statements of Comprehensive Income and the Condensed Consolidated Statements of Operations for the three and six months ended December 30, 2022: Amount of Gain/(Loss) Recognized in Income on Derivatives (Dollars in millions) Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) Recognized in Income on Derivatives For the Three Months For the Six Months Foreign currency forward exchange contracts Other, net $ 4 $ (6) Total return swap Operating expenses — (8) The following tables show the effect of the Company’s derivative instruments on the Condensed Consolidated Statements of Comprehensive Income and the Condensed Consolidated Statements of Operations for the three and six months ended December 31, 2021 : (Dollars in millions) Derivatives Not Designated as Hedging Instruments Location of Gain/(Loss) Recognized in Income on Derivatives Amount of Gain/(Loss) Recognized in Income on Derivatives For the Three Months For the Six Months Foreign currency forward exchange contracts Other, net $ 2 $ (2) Total return swap Operating expenses 7 6

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Dec. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	December 30, 2022 July 1, 2022 Fair Value Measurements at Reporting Date Using 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 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 $ 172 $ — $ — $ 172 $ 59 $ — $ — $ 59 Total cash equivalents 172 — — 172 59 — — 59 Restricted cash and investments: Money market funds 1 — — 1 1 — — 1 Time deposits and certificates of deposit — 1 — 1 — 1 — 1 Other debt securities — — 16 16 — — 23 23 Derivative assets — 15 — 15 — 65 — 65 Total assets $ 173 $ 16 $ 16 $ 205 $ 60 $ 66 $ 23 $ 149 Liabilities: Derivative liabilities $ — $ 5 $ — $ 5 $ — $ 23 $ — $ 23 Total liabilities $ — $ 5 $ — $ 5 $ — $ 23 $ — $ 23
Schedule of Fair Value, by Balance Sheet Grouping, Measured on Recurring Basis	December 30, 2022 July 1, 2022 Fair Value Measurements at Reporting Date Using 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 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 $ 172 $ — $ — $ 172 $ 59 $ — $ — $ 59 Other current assets 1 16 — 17 1 66 — 67 Other assets, net — — 16 16 — — 23 23 Total assets $ 173 $ 16 $ 16 $ 205 $ 60 $ 66 $ 23 $ 149 Liabilities: Accrued expenses $ — $ 5 $ — $ 5 $ — $ 23 $ — $ 23 Total liabilities $ — $ 5 $ — $ 5 $ — $ 23 $ — $ 23

Equity (Tables)

Equity (Tables)	6 Months Ended
	Dec. 30, 2022
Equity [Abstract]
Schedule of Share Repurchases	The following table sets forth information with respect to repurchases of the Company’s ordinary shares during the six months ended December 30, 2022: (In millions) Number of Shares Repurchased Dollar Value of Shares Repurchased Repurchases of ordinary shares (1) 5 $ 400 Tax withholding related to vesting of equity awards 1 39 Total 6 $ 439

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Dec. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table provides information about disaggregated revenue by sales channel and geographical region for the Company’s single reportable segment: For the Three Months Ended For the Six Months Ended (Dollars in millions) December 30, December 31, December 30, December 31, Revenues by Channel OEMs $ 1,365 $ 2,178 $ 2,910 $ 4,465 Distributors 297 562 596 1,069 Retailers 225 376 416 697 Total $ 1,887 $ 3,116 $ 3,922 $ 6,231 Revenues by Geography (1) Asia Pacific $ 760 $ 1,433 $ 1,561 $ 3,016 Americas 853 1,186 1,789 2,265 EMEA 274 497 572 950 Total $ 1,887 $ 3,116 $ 3,922 $ 6,231 _________________________________ (1) Revenue is attributed to geography based on bill from locations.

Guarantees (Tables)

Guarantees (Tables)	6 Months Ended
	Dec. 30, 2022
Guarantees [Abstract]
Schedule of Product Warranty Liability	Changes in the Company’s product warranty liability during the six months ended December 30, 2022 and December 31, 2021 were as follows: For the Six Months Ended (Dollars in millions) December 30, December 31, Balance, beginning of period $ 148 $ 136 Warranties issued 27 43 Repairs and replacements (48) (43) Changes in liability for pre-existing warranties, including expirations 26 8 Balance, end of period $ 153 $ 144

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Dec. 30, 2022
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted net income (loss) per share	The following table sets forth the computation of basic and diluted net (loss) income per share attributable to the shareholders of the Company: For the Three Months Ended For the Six Months Ended (In millions, except per share data) December 30, December 31, December 30, December 31, Numerator: Net (loss) income $ (33) $ 501 $ (4) $ 1,027 Number of shares used in per share calculations: Total shares for purposes of calculating basic net (loss) income per share 206 221 207 224 Weighted-average effect of dilutive securities: Employee equity award plans — 4 — 4 Total shares for purposes of calculating diluted net (loss) income per share 206 225 207 228 Net (loss) income per share: Basic $ (0.16) $ 2.27 $ (0.02) $ 4.58 Diluted $ (0.16) $ 2.23 $ (0.02) $ 4.50

Balance Sheet Information (Summ

Balance Sheet Information (Summary of fair value and amortized cost of investments, by major type) (Details) - USD ($) $ in Millions	Dec. 30, 2022	Jul. 01, 2022
Available-for-sale debt securities:
Amortized Cost	$ 190	$ 84
Unrealized Gain/(Loss)	0	0
Fair Value	190	84
Cash and cash equivalents [Member]
Available-for-sale debt securities:
Fair Value	172	59
Other current assets [Member]
Available-for-sale debt securities:
Fair Value	2	2
Other Assets [Member]
Available-for-sale debt securities:
Fair Value	16	23
Money market funds [Member]
Available-for-sale debt securities:
Amortized Cost	173	60
Unrealized Gain/(Loss)	0	0
Fair Value	173	60
Time deposits and certificates of deposit [Member]
Available-for-sale debt securities:
Amortized Cost	1	1
Unrealized Gain/(Loss)	0	0
Fair Value	1	1
Other Debt Obligations [Member]
Available-for-sale debt securities:
Amortized Cost	16	23
Unrealized Gain/(Loss)	0	0
Fair Value	$ 16	$ 23

Balance Sheet Information Balan

Balance Sheet Information Balance Sheet Information (Available-for-Sale Debt Securities) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 30, 2022	Jul. 01, 2022	Dec. 31, 2021	Jul. 02, 2021
Investments, Debt and Equity Securities [Abstract]
Restricted cash included in Other current assets	$ 2	$ 2	$ 2	$ 2
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale	$ 0	$ 0

Balance Sheet Information (Fair

Balance Sheet Information (Fair value and amortized cost of available-for-sale securities by contractual maturity) (Details) - USD ($) $ in Millions	Dec. 30, 2022	Jul. 01, 2022
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 190	$ 84
Unrealized Gain/(Loss)	0	0
Fair Value	190	84
Amortized Cost
Amortized cost, due in less than 1 year	174
Amortized cost, due in 1 to 5 years	15
Amortized cost, due in 6 to 10 years	0
Amortized cost, thereafter	1
Amortized Cost	190
Fair Value
Fair value, due in less than 1 year	174
Fair value, due in 1 to 5 years	15
Fair value, due in 6 to 10 years	0
Fair value, thereafter	1
Fair Value	190
Money market funds [Member]
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	173	60
Unrealized Gain/(Loss)	0	0
Fair Value	173	60
Time deposits and certificates of deposit [Member]
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	1	1
Unrealized Gain/(Loss)	0	0
Fair Value	1	1
Cash and cash equivalents [Member]
Schedule of Held-to-maturity Securities [Line Items]
Fair Value	172	59
Other current assets [Member]
Schedule of Held-to-maturity Securities [Line Items]
Fair Value	2	2
Other Assets [Member]
Schedule of Held-to-maturity Securities [Line Items]
Fair Value	$ 16	$ 23

Balance Sheet Information (Cash

Balance Sheet Information (Cash, Cash Equivalents, and Restricted Cash) (Details) - USD ($) $ in Millions	Dec. 30, 2022	Jul. 01, 2022	Dec. 31, 2021	Jul. 02, 2021
Investments, Debt and Equity Securities [Abstract]
Cash and cash equivalents	$ 770	$ 615	$ 1,535	$ 1,209
Restricted cash included in Other current assets	2	2	2	2
Total cash, cash equivalents and restricted cash shown in the Statements of Cash Flows	$ 772	$ 617	$ 1,537	$ 1,211

Balance Sheet Information (Acco

Balance Sheet Information (Accounts Receivable) (Details) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 30, 2022 USD ($)	Dec. 30, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Continuing Involvement with Continued to be Recognized Transferred Financial Assets, Amount Outstanding	$ 287	$ 287
Factored Trade Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from Sale and Collection of Receivables	$ 211	$ 411

Balance Sheet Information (Inve

Balance Sheet Information (Inventories) (Details) - USD ($) $ in Millions	Dec. 30, 2022	Jul. 01, 2022
Inventory, Net [Abstract]
Raw materials and components	$ 624	$ 601
Work-in-process	305	414
Finished goods	265	550
Total inventories	$ 1,194	$ 1,565

Balance Sheet Information (Prop

Balance Sheet Information (Property, Equipment and Leasehold Improvements, net) (Details) - USD ($) $ in Millions	Dec. 30, 2022	Jul. 01, 2022
Property, Plant and Equipment, Net [Abstract]
Property, equipment and leasehold improvements	$ 10,743	$ 10,659
Accumulated depreciation and amortization	(8,621)	(8,420)
Property, equipment and leasehold improvements, net	$ 2,122	$ 2,239

Balance Sheet Information (Accr

Balance Sheet Information (Accrued expenses) (Details) - USD ($)	Dec. 30, 2022	Jul. 01, 2022
Payables and Accruals [Abstract]
Dividends payable	$ 145,000,000	$ 147,000,000
Other accrued expenses	684,000,000	449,000,000
Total	$ 829,000,000	$ 596,000,000

Balance Sheet Information (AOCI

Balance Sheet Information (AOCI) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (351)	$ 601	$ 109	$ 631
Net change	25	20	62	14
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	0	0	(1)	(2)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	1	0	0	0
Other comprehensive income	26	20	63	16
Ending balance	(470)	526	(470)	526
Accumulated Other Comprehensive Loss [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	73	(45)	36	(41)
Other comprehensive (loss) income before reclassifications			51	3
Amounts reclassified from AOCI			12	13
Other comprehensive income			63	16
Ending balance	99	(25)	99	(25)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			51	(18)
Losses reclassified into earnings	6	9	11	12
Net change			62	14
Ending balance	113	(4)	113	(4)
Net unrealized gains arising during the period	19	11	51	2
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	(1)	0	0	1
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(14)	(22)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax	1	0	1	1
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax			1	2
Ending balance	(13)	(20)	(13)	(20)
Foreign currency translation adjustments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(1)	(1)
Other comprehensive (loss) income before reclassifications			0	0
Amounts reclassified from AOCI			0	0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax			0	0
Ending balance	$ (1)	$ (1)	$ (1)	$ (1)

Debt (Narrative) (Details)

Debt (Narrative) (Details)			3 Months Ended		6 Months Ended
	Aug. 18, 2022 USD ($)	Oct. 14, 2021 USD ($)	Dec. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jul. 01, 2022 USD ($)	Dec. 08, 2020	Jun. 18, 2020 USD ($)	Jun. 10, 2020	Feb. 03, 2017 USD ($)	May 14, 2015 USD ($)	Dec. 02, 2014 USD ($)	May 28, 2014 USD ($)	May 22, 2013 USD ($)
Debt Instrument [Line Items]
Amount of borrowings drawn			$ 0
Gain (loss) on repurchase of debt instrument					$ (204,000,000)	$ 0
Repayments of Long-term Debt					0	481,000,000
Debt, net of debt issuance costs			964,000,000		964,000,000
Less: current portion of debt, net of debt issuance costs			(636,000,000)		(636,000,000)				$ (584,000,000)
Long-term Debt, Excluding Current Maturities			5,393,000,000		5,393,000,000				5,062,000,000
Gain (Loss) on Extinguishment of Debt			204,000,000	$ 0	204,000,000	$ 0
Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			536,000,000		536,000,000
Long-term debt, gross			6,066,000,000		6,066,000,000				5,677,000,000
Debt issuance costs			(37,000,000)		(37,000,000)				(31,000,000)
Debt, net of debt issuance costs			6,029,000,000		6,029,000,000				5,646,000,000
Less: current portion of debt, net of debt issuance costs			(636,000,000)		(636,000,000)				(584,000,000)
Long-term Debt, Excluding Current Maturities			5,393,000,000		5,393,000,000				5,062,000,000
Net gain on debt exchange
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt					204,000,000
Senior Notes 4.75 Percent Due June 2023 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			540,000,000		540,000,000				540,000,000
Senior Notes 4.875 Percent Due March 2024 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			499,000,000		499,000,000				499,000,000
Senior Notes 4.75 Percent Due January 2025 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			479,000,000		479,000,000				479,000,000
Senior Notes 4.875 percent Due June 2027 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			504,000,000		504,000,000				504,000,000
Senior note 4.091 percent due June 2029 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			469,000,000		469,000,000				466,000,000
Senior note 3.125 percent due July 2029
Debt Instrument [Line Items]
Debt, net of debt issuance costs			336,000,000		336,000,000
Senior note 3.125 percent due July 2029 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			164,000,000		164,000,000				500,000,000
Senior note 3.125 percent due July 2029 | Net gain on debt exchange
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt					70,000,000
Senior note 4.125 percent due January 2031
Debt Instrument [Line Items]
Debt, net of debt issuance costs			205,000,000		205,000,000
Senior note 4.125 percent due January 2031 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			295,000,000		295,000,000				500,000,000
Senior note 4.125 percent due January 2031 | Net gain on debt exchange
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt					39,000,000
Senior Notes 3.375 Percent due July 2031
Debt Instrument [Line Items]
Debt, net of debt issuance costs			423,000,000		423,000,000
Senior Notes 3.375 Percent due July 2031 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			77,000,000		77,000,000				500,000,000
Senior Notes 3.375 Percent due July 2031 | Net gain on debt exchange
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt					$ 95,000,000
Senior Notes 9.625 Percent due December 2032 | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed					100%
Senior Notes 9.625 Percent due December 2032 | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed					40%
Senior Notes 9.625 Percent due December 2032 | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed					109.625%
Senior Notes 9.625 Percent due December 2032 | Treasury Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate					0.50%
Senior Notes 9.625 Percent due December 2032 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			750,000,000		$ 750,000,000		$ 750,000,000		0
Senior note 5.75 percent due December 2034 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			489,000,000		489,000,000				489,000,000
Term Loan A1 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			600,000,000		600,000,000				600,000,000
Term Loan A2 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			600,000,000		600,000,000				600,000,000
Term Loan A3 | Reported Value Measurement [Member]
Debt Instrument [Line Items]
Senior Notes			$ 600,000,000		$ 600,000,000				$ 0
Term Loan | Debt Instrument, Leverage, Period One
Debt Instrument [Line Items]
Debt Instrument, Covenant, Maximum, Leverage Ratio			5		5
Debt Instrument, Covenant, Leverage Ratio, Minimum			1		1
Term Loan | Debt Instrument, Leverage, Period Two
Debt Instrument [Line Items]
Debt Instrument, Covenant, Maximum, Leverage Ratio			4.75		4.75
Debt Instrument, Covenant, Leverage Ratio, Minimum			1		1
Term Loan | Debt Instrument, Leverage, Period Three
Debt Instrument [Line Items]
Debt Instrument, Covenant, Maximum, Leverage Ratio			4.5		4.5
Debt Instrument, Covenant, Leverage Ratio, Minimum			1		1
Term Loan | Debt Instrument, Leverage, Period Four
Debt Instrument [Line Items]
Debt Instrument, Covenant, Maximum, Leverage Ratio			4		4
2019 Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,750,000,000
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount								$ 1,500,000,000
Senior Notes | Senior Notes 4.75 Percent Due June 2023
Debt Instrument [Line Items]
Aggregate principal amount																	$ 1,000,000,000
Stated interest rate (as a percent)																	4.75%
Senior Notes | Senior Notes 4.875 Percent Due March 2024
Debt Instrument [Line Items]
Aggregate principal amount													$ 500,000,000
Stated interest rate (as a percent)													4.875%
Senior Notes | Senior Notes 4.75 Percent Due January 2025
Debt Instrument [Line Items]
Aggregate principal amount																$ 1,000,000,000
Stated interest rate (as a percent)																4.75%
Senior Notes | Senior Notes 4.875 percent Due June 2027
Debt Instrument [Line Items]
Aggregate principal amount														$ 700,000,000
Stated interest rate (as a percent)														4.875%
Senior Notes | Senior note 4.091 percent due June 2029
Debt Instrument [Line Items]
Aggregate principal amount											$ 500,000,000
Stated interest rate (as a percent)											4.091%
Senior Notes | Senior note 3.125 percent due July 2029
Debt Instrument [Line Items]
Aggregate principal amount								500,000,000
Stated interest rate (as a percent)										3.125%
Senior Notes | Senior note 4.125 percent due January 2031
Debt Instrument [Line Items]
Aggregate principal amount								500,000,000
Stated interest rate (as a percent)												4.125%
Senior Notes | Senior Notes 3.375 Percent due July 2031
Debt Instrument [Line Items]
Aggregate principal amount								$ 500,000,000
Stated interest rate (as a percent)										3.375%
Senior Notes | Senior Notes 9.625 Percent due December 2032
Debt Instrument [Line Items]
Aggregate principal amount							$ 750,000,000
Stated interest rate (as a percent)							9.625%
Senior Notes | Senior note 5.75 percent due December 2034
Debt Instrument [Line Items]
Aggregate principal amount															$ 500,000,000
Stated interest rate (as a percent)															5.75%
Term Loan A1 | Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		600,000,000
Term Loan A2 | Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		600,000,000
October 2021 Term Loan | Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		1,800,000,000
Term Loan A3 | Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 600,000,000	$ 600,000,000
Line of Credit Facility, Revolving Credit Commitment Increase or Revolving Credit Conversion to Term Loan, Amount	$ 100,000,000
Minimum | Term Loan A1
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.125%
Minimum | Term Loan A2
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.25%
Minimum | Term Loan A3
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Maximum | Term Loan A1
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.375%
Maximum | Term Loan A2
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.50%
Maximum | Term Loan A3
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%

Debt (Future principal payments

Debt (Future principal payments on long-term debt) (Details) $ in Millions	Dec. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Repayments of long-term debt, remainder of 2021	$ 608
Repayments of long-term debt, 2022	586
Repayments of long-term debt, 2023	617
Repayments of long-term debt, 2024	667
Repayments of long-term debt, 2025	649
Thereafter	2,973
Total future principal payments on long-term debt	$ 6,100

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (5)	$ 13	$ (7)	$ 20
Net discrete tax expense			(5)	$ (9)
Unrecognized Tax Benefits	$ 110		$ 110
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	25%	25%	25%	25%
Unrecognized tax benefits, period increase (decrease)			$ 4

Restructuring and Exit Costs (D

Restructuring and Exit Costs (Details) $ in Millions		3 Months Ended		6 Months Ended
	Oct. 24, 2022 employee	Dec. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring charges		$ 81	$ 1	$ 90	$ 2
Restructuring and other, net		81	$ 1	90	$ 2
Restructuring and Related Cost, Expected Number of Positions Eliminated | employee	3,000
Restructuring and Related Cost, Number of Positions Eliminated, Period Percent	8%
Employee severance [Member] | Other Restructuring Plans [Member]
Restructuring Reserve [Roll Forward]
Restructuring accrual, beginning balance				0
Restructuring charges				10
Cash payments				(8)
Restructuring accrual, ending balance		2		2
Total costs incurred inception to date as of December 30, 2022				73
Total expected charges to be incurred as of December 30, 2022		0		0
Employee severance [Member] | October 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring accrual, beginning balance				0
Restructuring charges				77
Cash payments				(29)
Restructuring accrual, ending balance		48		48
Total costs incurred inception to date as of December 30, 2022				77
Total expected charges to be incurred as of December 30, 2022		0		0
Facility closing [Member] | Other Restructuring Plans [Member]
Restructuring Reserve [Roll Forward]
Restructuring accrual, beginning balance				5
Restructuring charges				0
Cash payments				(1)
Restructuring accrual, ending balance		4		4
Total costs incurred inception to date as of December 30, 2022				24
Total expected charges to be incurred as of December 30, 2022		1		1
Facility closing [Member] | October 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring accrual, beginning balance				0
Restructuring charges				3
Cash payments				0
Restructuring accrual, ending balance		3		3
Total costs incurred inception to date as of December 30, 2022				3
Total expected charges to be incurred as of December 30, 2022		0		0
Restructuring Charges [Member]
Restructuring Reserve [Roll Forward]
Restructuring accrual, beginning balance				5
Restructuring charges				90
Cash payments				(38)
Restructuring accrual, ending balance		57		57
Total costs incurred inception to date as of December 30, 2022				177
Total expected charges to be incurred as of December 30, 2022		$ 1		$ 1

Derivative Financial Instrume_3

Derivative Financial Instruments Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 26, 2022	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021	Jul. 01, 2022
Interest Rate Swap
Derivative Financial Instruments
Derivative, Cash Received on Hedge	$ 110
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		$ 7		$ 7
Interest Rate Swap | Other Nonoperating Income (Expense) [Member]
Derivative Financial Instruments
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		6	$ (3)	8	$ (4)
Term Loan A1
Derivative Financial Instruments
Derivative, notional amount		600		600
Term Loan A2
Derivative Financial Instruments
Derivative, notional amount		1,000		1,000
Cash Flow Hedging [Member]
Derivative Financial Instruments
Unrealized Gain (Loss) on Cash Flow Hedging Instruments				(10)		$ (51)
Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months		39		39
Cash Flow Hedging [Member] | Cost of Sales [Member]
Derivative Financial Instruments
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion		12	6	19	8
Cash Flow Hedging [Member] | Interest Expense
Derivative Financial Instruments
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion		6	$ 3	8	$ 4
Designated as Hedging Instrument [Member] | Interest Rate Swap
Derivative Financial Instruments
Derivative, notional amount		1,600		1,600
Derivatives not designated as hedging instruments [Member] | Total Return Swap [Member]
Derivative Financial Instruments
Derivative, notional amount		$ 102		$ 102

Derivative Financial Instrume_4

Derivative Financial Instruments (Schedule of the effect of derivative instruments on Other comprehensive income (loss) and the Consolidated Statement of Operations) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Sep. 26, 2022	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Foreign currency forward exchange contracts [Member] | Other Nonoperating Income (Expense) [Member]
Derivatives Instruments, Gain (Loss)
Amount of Gain/(Loss) Recognized in Income on Derivatives		$ 4	$ 2	$ (6)	$ (2)
Amount of Gain/(Loss) Recognized in OCI on Derivatives (Effective Portion)		19	4	(1)	(5)
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		(12)	(6)	(19)	(8)
Amount of Gain/(Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)		0	0	(1)	1
Interest Rate Swap
Derivatives Instruments, Gain (Loss)
Amount of Gain/(Loss) Recognized in OCI on Derivatives (Effective Portion)	$ 110
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		7		7
Interest Rate Swap | Other Nonoperating Income (Expense) [Member]
Derivatives Instruments, Gain (Loss)
Amount of Gain/(Loss) Recognized in OCI on Derivatives (Effective Portion)		0	7	52	7
Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		6	(3)	8	(4)
Amount of Gain/(Loss) Recognized in Income (Ineffective Portion and Amount Excluded from Effectiveness Testing)		0	0	0	0
Interest Rate Swap | Operating Expense [Member]
Derivatives Instruments, Gain (Loss)
Amount of Gain/(Loss) Recognized in Income on Derivatives			$ 7		$ 6
Total Return Swap [Member] | Operating Expense [Member]
Derivatives Instruments, Gain (Loss)
Amount of Gain/(Loss) Recognized in Income on Derivatives		$ 0		$ (8)

Derivative Financial Instrume_5

Derivative Financial Instruments Derivative Financial Instruments (Schedule of notional value of outstanding foreign currency forward exchange contracts) (Details) - Foreign currency forward exchange contracts [Member] - USD ($) $ in Millions	Dec. 30, 2022	Jul. 01, 2022
Designated as Hedging Instrument [Member]
Derivative Financial Instruments
Derivative, notional amount	$ 442	$ 467
Derivatives not designated as hedging instruments [Member]
Derivative Financial Instruments
Derivative, notional amount	100	126
Singapore, Dollars | Designated as Hedging Instrument [Member]
Derivative Financial Instruments
Derivative, notional amount	173	178
Singapore, Dollars | Derivatives not designated as hedging instruments [Member]
Derivative Financial Instruments
Derivative, notional amount	45	52
China, Yuan Renminbi | Designated as Hedging Instrument [Member]
Derivative Financial Instruments
Derivative, notional amount	78	92
China, Yuan Renminbi | Derivatives not designated as hedging instruments [Member]
Derivative Financial Instruments
Derivative, notional amount	15	24
United Kingdom, Pounds | Designated as Hedging Instrument [Member]
Derivative Financial Instruments
Derivative, notional amount	64	64
United Kingdom, Pounds | Derivatives not designated as hedging instruments [Member]
Derivative Financial Instruments
Derivative, notional amount	17	15
Thailand, Baht | Designated as Hedging Instrument [Member]
Derivative Financial Instruments
Derivative, notional amount	127	133
Thailand, Baht | Derivatives not designated as hedging instruments [Member]
Derivative Financial Instruments
Derivative, notional amount	$ 23	$ 35

Derivative Financial Instrume_6

Derivative Financial Instruments Derivative Financial Instruments (Schedule of gross fair value of derivative instruments) (Details) - USD ($) $ in Millions	Dec. 30, 2022	Jul. 01, 2022
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	$ 15	$ 65
Derivative liability, fair value, gross liability	(5)	(23)
Foreign currency forward exchange contracts [Member] | Designated as Hedging Instrument [Member] | Other current assets [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	5	0
Foreign currency forward exchange contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(2)	(14)
Foreign currency forward exchange contracts [Member] | Derivatives not designated as hedging instruments [Member] | Other current assets [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	1	0
Foreign currency forward exchange contracts [Member] | Derivatives not designated as hedging instruments [Member] | Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(1)	(5)
Interest Rate Swap | Designated as Hedging Instrument [Member] | Other current assets [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	9	65
Interest Rate Swap | Designated as Hedging Instrument [Member] | Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(2)	0
Total Return Swap [Member] | Derivatives not designated as hedging instruments [Member] | Other current assets [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	0	0
Total Return Swap [Member] | Derivatives not designated as hedging instruments [Member] | Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	$ 0	$ (4)

Fair Value (Schedule of Fair Va

Fair Value (Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Recurring basis [Member] - USD ($) $ in Thousands	Dec. 30, 2022	Jul. 01, 2022
Assets:
Total cash equivalents	$ 172,000	$ 59,000
Restricted cash and investments:
Total assets	205,000	149,000
Liabilities:
Total liabilities	5,000	(23,000)
Money market funds [Member]
Assets:
Total cash equivalents	172,000	59,000
Restricted cash and investments:
Restricted cash and investments:	1,000	1,000
Time deposits and certificates of deposit [Member]
Restricted cash and investments:
Restricted cash and investments:	1,000	1,000
Other debt securities
Restricted cash and investments:
Restricted cash and investments:	16,000	23,000
Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member]
Assets:
Total cash equivalents	172,000	59,000
Restricted cash and investments:
Total assets	173,000	60,000
Liabilities:
Total liabilities	0	0
Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member] | Money market funds [Member]
Assets:
Total cash equivalents	172,000	59,000
Restricted cash and investments:
Restricted cash and investments:	1,000	1,000
Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member] | Time deposits and certificates of deposit [Member]
Restricted cash and investments:
Restricted cash and investments:	0	0
Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member] | Other debt securities
Restricted cash and investments:
Restricted cash and investments:	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Total cash equivalents	0	0
Restricted cash and investments:
Total assets	16,000	66,000
Liabilities:
Total liabilities	5,000	(23,000)
Significant Other Observable Inputs (Level 2) [Member] | Money market funds [Member]
Assets:
Total cash equivalents	0	0
Restricted cash and investments:
Restricted cash and investments:	0	0
Significant Other Observable Inputs (Level 2) [Member] | Time deposits and certificates of deposit [Member]
Restricted cash and investments:
Restricted cash and investments:	1,000	1,000
Significant Other Observable Inputs (Level 2) [Member] | Other debt securities
Restricted cash and investments:
Restricted cash and investments:	0	0
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Total cash equivalents	0	0
Restricted cash and investments:
Total assets	16,000	23,000
Liabilities:
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) [Member] | Money market funds [Member]
Assets:
Total cash equivalents	0	0
Restricted cash and investments:
Restricted cash and investments:	0	0
Significant Unobservable Inputs (Level 3) [Member] | Time deposits and certificates of deposit [Member]
Restricted cash and investments:
Restricted cash and investments:	0	0
Significant Unobservable Inputs (Level 3) [Member] | Other debt securities
Restricted cash and investments:
Restricted cash and investments:	16,000	23,000
Derivative Financial Instruments, Assets [Member]
Restricted cash and investments:
Derivative assets	15,000	65,000
Derivative Financial Instruments, Assets [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member]
Restricted cash and investments:
Derivative assets	0	0
Derivative Financial Instruments, Assets [Member] | Significant Other Observable Inputs (Level 2) [Member]
Restricted cash and investments:
Derivative assets	15,000	65,000
Derivative Financial Instruments, Assets [Member] | Significant Unobservable Inputs (Level 3) [Member]
Restricted cash and investments:
Derivative assets	0	0
Derivative Financial Instruments, Liabilities [Member]
Liabilities:
Derivative liabilities	5,000	(23,000)
Derivative Financial Instruments, Liabilities [Member] | Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member]
Liabilities:
Derivative liabilities	0	0
Derivative Financial Instruments, Liabilities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Liabilities:
Derivative liabilities	5,000	(23,000)
Derivative Financial Instruments, Liabilities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Derivative liabilities	$ 0	$ 0

Fair Value (Schedule of Fair _2

Fair Value (Schedule of Fair Value, by Balance Sheet Grouping, Measured on Recurring Basis) (Details) - Recurring basis [Member] - USD ($) $ in Millions	Dec. 30, 2022	Jul. 01, 2022
Assets:
Cash and cash equivalents	$ 172	$ 59
Other current assets	17	67
Other current assets	16	23
Total assets	205	149
Liabilities:
Accrued expenses	5	23
Total liabilities	5	(23)
Quoted Prices in Active Markets for Identical Instruments (Level 1) [Member]
Assets:
Cash and cash equivalents	172	59
Other current assets	1	1
Other current assets	0	0
Total assets	173	60
Liabilities:
Accrued expenses	0	0
Total liabilities	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash and cash equivalents	0	0
Other current assets	16	66
Other current assets	0	0
Total assets	16	66
Liabilities:
Accrued expenses	5	23
Total liabilities	5	(23)
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Cash and cash equivalents	0	0
Other current assets	0	0
Other current assets	16	23
Total assets	16	23
Liabilities:
Accrued expenses	0	0
Total liabilities	$ 0	$ 0

Fair Value (Schedule of Carryin

Fair Value (Schedule of Carrying Values and Estimated Fair Values of Debt Instruments) (Details) - USD ($) $ in Millions	Dec. 30, 2022	Nov. 30, 2022	Jul. 01, 2022
Debt Fair Value Disclosures
Debt, net of debt issuance costs	$ 964
Less: current portion of debt, net of debt issuance costs	(636)		$ (584)
Long-term debt, less current portion, net of debt issuance costs	5,393		5,062
Senior note 4.125 percent due January 2031
Debt Fair Value Disclosures
Debt, net of debt issuance costs	205
Senior note 3.125 percent due July 2029
Debt Fair Value Disclosures
Debt, net of debt issuance costs	336
Senior Notes 3.375 Percent due July 2031
Debt Fair Value Disclosures
Debt, net of debt issuance costs	423
Reported Value Measurement [Member]
Debt Fair Value Disclosures
Senior Notes	536
Long-term debt, gross	6,066		5,677
Debt issuance costs	(37)		(31)
Debt, net of debt issuance costs	6,029		5,646
Less: current portion of debt, net of debt issuance costs	(636)		(584)
Long-term debt, less current portion, net of debt issuance costs	5,393		5,062
Reported Value Measurement [Member] | Senior Notes 4.75 Percent Due June 2023
Debt Fair Value Disclosures
Senior Notes	540		540
Reported Value Measurement [Member] | Senior Notes 4.875 Percent Due March 2024
Debt Fair Value Disclosures
Senior Notes	499		499
Reported Value Measurement [Member] | Senior Notes 4.75 Percent Due January 2025
Debt Fair Value Disclosures
Senior Notes	479		479
Reported Value Measurement [Member] | Senior Notes 4.875 percent Due June 2027
Debt Fair Value Disclosures
Senior Notes	504		504
Reported Value Measurement [Member] | Senior note 4.125 percent due January 2031
Debt Fair Value Disclosures
Senior Notes	295		500
Reported Value Measurement [Member] | Senior note 4.091 percent due June 2029
Debt Fair Value Disclosures
Senior Notes	469		466
Reported Value Measurement [Member] | Senior note 5.75 percent due December 2034
Debt Fair Value Disclosures
Senior Notes	489		489
Reported Value Measurement [Member] | Senior note 3.125 percent due July 2029
Debt Fair Value Disclosures
Senior Notes	164		500
Reported Value Measurement [Member] | Senior Notes 3.375 Percent due July 2031
Debt Fair Value Disclosures
Senior Notes	77		500
Reported Value Measurement [Member] | Term Loan A1
Debt Fair Value Disclosures
Senior Notes	600		600
Reported Value Measurement [Member] | Term Loan A2
Debt Fair Value Disclosures
Senior Notes	600		600
Reported Value Measurement [Member] | Term Loan A3
Debt Fair Value Disclosures
Senior Notes	600		0
Reported Value Measurement [Member] | Senior Notes 9.625 Percent due December 2032
Debt Fair Value Disclosures
Senior Notes	750	$ 750	0
Estimate of Fair Value Measurement [Member]
Debt Fair Value Disclosures
Long-term debt, gross	5,769		5,219
Debt issuance costs	0		0
Debt, net of debt issuance costs	5,769		5,219
Less: current portion of debt, net of debt issuance costs	(629)		(582)
Long-term debt, less current portion, net of debt issuance costs	5,140		4,637
Estimate of Fair Value Measurement [Member] | Senior Notes 4.75 Percent Due June 2023
Debt Fair Value Disclosures
Senior Notes	538		538
Estimate of Fair Value Measurement [Member] | Senior Notes 4.875 Percent Due March 2024
Debt Fair Value Disclosures
Senior Notes	493		494
Estimate of Fair Value Measurement [Member] | Senior Notes 4.75 Percent Due January 2025
Debt Fair Value Disclosures
Senior Notes	469		471
Estimate of Fair Value Measurement [Member] | Senior Notes 4.875 percent Due June 2027
Debt Fair Value Disclosures
Senior Notes	473		483
Estimate of Fair Value Measurement [Member] | Senior note 4.125 percent due January 2031
Debt Fair Value Disclosures
Senior Notes	233		410
Estimate of Fair Value Measurement [Member] | Senior note 4.091 percent due June 2029
Debt Fair Value Disclosures
Senior Notes	417		427
Estimate of Fair Value Measurement [Member] | Senior note 5.75 percent due December 2034
Debt Fair Value Disclosures
Senior Notes	423		433
Estimate of Fair Value Measurement [Member] | Senior note 3.125 percent due July 2029
Debt Fair Value Disclosures
Senior Notes	127		396
Estimate of Fair Value Measurement [Member] | Senior Notes 3.375 Percent due July 2031
Debt Fair Value Disclosures
Senior Notes	59		393
Estimate of Fair Value Measurement [Member] | SOFR Based Term Loan A1 due September 2025
Debt Fair Value Disclosures
Senior Notes	584		588
Estimate of Fair Value Measurement [Member] | SOFR Based Term Loan A2 due July 2027
Debt Fair Value Disclosures
Senior Notes	566		586
Estimate of Fair Value Measurement [Member] | SOFR Based Term Loan A3 due July 2027
Debt Fair Value Disclosures
Senior Notes	562		0
Estimate of Fair Value Measurement [Member] | Senior Notes 9.625 Percent due December 2032
Debt Fair Value Disclosures
Senior Notes	$ 825		$ 0

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021	Jul. 01, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Income (loss) from equity method investments		$ 3	$ 3
Equity Method Investments		57		$ 61
Net gains (losses) from investment under measurement alternative	$ (2)	3	$ 4
Cost-method investments [Member] | Other current assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Cost method investment		$ 99		$ 88

Equity (Narrative) (Details)

Equity (Narrative) (Details)	6 Months Ended
	Dec. 30, 2022 USD ($) $ / shares shares
Equity [Abstract]
Authorized share capital (in dollars) | $	$ 13,500
Ordinary shares, authorized (in shares)	1,250,000,000
Ordinary shares, par value (in dollars per share) | $ / shares	$ 0.00001
Ordinary shares, outstanding (in shares)	206,477,388
Preferred shares, authorized (in shares)	100,000,000
Preferred shares, par value (in dollars per share) | $ / shares	$ 0.00001
Preferred shares, issued (in shares)	0
Preferred shares, outstanding (in shares)	0
Common stock, voting rights	one vote per share
Preferred stock minimum number of series	1
Stock repurchase program, remaining authorized repurchase amount | $	$ 1,900,000,000

Equity (Schedule of Share Repur

Equity (Schedule of Share Repurchases) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Dollar Value [Abstract]
Repurchases of ordinary shares (in shares)			5
Tax withholding related to vesting of equity awards (in shares)			1
Repurchases of ordinary shares and tax withholding related to vesting of equity awards (in shares)			6
Repurchases of ordinary shares (1)	$ 0	$ 480	$ 400	$ 905
Tax withholding related to vesting of equity awards	$ 0	$ 2	39	$ 45
Repurchases of ordinary shares and tax withholding related to vesting of equity awards			$ 439

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 1,887	$ 3,116	$ 3,922	$ 6,231
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue	760	1,433	1,561	3,016
Americas
Disaggregation of Revenue [Line Items]
Revenue	853	1,186	1,789	2,265
EMEA
Disaggregation of Revenue [Line Items]
Revenue	274	497	572	950
OEMs
Disaggregation of Revenue [Line Items]
Revenue	1,365	2,178	2,910	4,465
Distributors
Disaggregation of Revenue [Line Items]
Revenue	297	562	596	1,069
Retailers
Disaggregation of Revenue [Line Items]
Revenue	$ 225	$ 376	$ 416	$ 697

Guarantees Guarantees (Narrativ

Guarantees Guarantees (Narrative) (Details) $ in Millions	3 Months Ended
	Dec. 30, 2022 USD ($)
Schedule of Fiscal Years [Line Items]
intellectual property indemnification obligations	$ 0
Minimum
Schedule of Fiscal Years [Line Items]
Product warranty period term	1 year
Maximum
Schedule of Fiscal Years [Line Items]
Product warranty period term	5 years

Guarantees (Product Warranty) (

Guarantees (Product Warranty) (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Guarantees [Abstract]
Balance, beginning of period	$ 148	$ 136
Warranties issued	27	43
Repairs and replacements	(48)	(43)
Changes in liability for pre-existing warranties, including expirations	26	8
Balance, end of period	$ 153	$ 144

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of computation of basic and diluted net income (loss) per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Numerator:
Net (loss) income	$ (33)	$ 501	$ (4)	$ 1,027
Number of shares used in per share calculations:
Total shares for purposes of calculating basic net (loss) income per share	206,000	221,000	207,000	224,000
Weighted-average effect of dilutive securities:
Employee equity award plans	0	4,000	0	4,000
Total shares for purposes of calculating diluted net (loss) income per share	206,000	225,000	207,000	228,000
Net (loss) income per share:
Basic (in dollars per share)	$ (0.16)	$ 2.27	$ (0.02)	$ 4.58
Diluted (in dollars per share)	$ (0.16)	$ 2.23	$ (0.02)	$ 4.50
Antidilutive securities excluded from computation of Earnings Per Share, amount	2,000		2,000

Commitments (Details)

Commitments (Details) $ in Millions	3 Months Ended
	Dec. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unconditional purchase commitment	$ 3,100
2023	677
2024	595
2025	666
2026	745
Thereafter	393
Order Cancellation Fees	$ 108

Subsequent event (Details)

Subsequent event (Details) - $ / shares		3 Months Ended		6 Months Ended
	Jan. 25, 2023	Dec. 30, 2022	Dec. 31, 2021	Dec. 30, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Cash dividends declared per ordinary share (in dollars per share)		$ 0.70	$ 0.70	$ 1.40	$ 1.37
Common Stock | Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per ordinary share (in dollars per share)	$ 0.70
Dividends payable date	Apr. 06, 2023
Dividends payable, date of record	Mar. 22, 2023