Seagate 2009 Annual Report Download - page 111

Table of Contents
SEAGATE TECHNOLOGY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Other Fair Value Disclosures
The Company's debt is carried at amortized cost. The fair value is derived from quoted prices in active markets in the following table in
order of priority:
9. Shareholders' Equity
Share Capital
See Note 18, Subsequent Events, for a description of events related to the change in jurisdiction of the Company's incorporation on July 3,
2010, and the impact on the Company's share capital.
The Company's authorized share capital was $13,500 at July 2, 2010, and consisted of 1,250,000,000 common shares, par value $0.00001,
of which 470,240,793 shares were outstanding as of July 2, 2010 and 100,000,000 preferred shares, par value $0.00001, of which none were
issued or outstanding as of July 2, 2010.
Common shares —Holders of common 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 common shares. Holders of
shares are entitled to one vote per share on all matters upon which the common shares are entitled to vote, including the election of directors.
Preferred shares —The Company is authorized to issue up to a total of 100,000,000 preferred shares in one or more series, 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
104
July 2, 2010
July 3, 2009
(Dollars in millions)
Carrying
Amount
Estimated
Fair Value
Carrying
Amount
(1)
Estimated
Fair Value
LIBOR Based Credit Facility
$
—
$
—
$
350
$
350
Capital Leases
2
2
—
—
10.0% Senior Secured Second
-
Priority Notes due
May 2014
413
490
410
445
Floating Rate Senior Notes due October 2009
—
—
300
299
6.8% Convertible Senior Notes due April 2010
—
—
116
116
6.375% Senior Notes due October 2011
559
577
599
581
5.75% Subordinated Debentures due March 2012
31
33
37
35
2.375% Convertible Senior Notes due August 2012
(1)
298
329
286
283
6.8% Senior Notes due October 2016
599
587
599
550
6.875% Senior Notes due May 2020
600
574
—
—
2,502
2,592
2,697
2,659
Less short
-
term borrowings and current portion of
long
-
term debt
(329
)
(362
)
(771
)
(769
)
Long
-
term debt, less current portion
$
2,173
$
2,230
$
1,926
$
1,890
(1) As adjusted due to a required change in the accounting for convertible debt instruments implemented in the first quarter of
fiscal year 2010, applied on a retrospective basis.