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SEAGATE TECHNOLOGY PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

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 table presents the Company's assets and liabilities that are measured at fair value on a recurring basis, excluding accrued

interest components, as of June 27, 2014:

94

Fair Value Measurements at Reporting Date Using

(Dollars in millions)

Quoted

Prices in

Active

Markets for

Identical

Instruments

(Level 1)

Significant

Other

Observable

Inputs

(Level 2)

Significant

Unobservable

Inputs

(Level 3)

Total

Balance

Assets:

Money market funds

$

793

$

—

$

—

$

793

Commercial paper

—

1,261

—

1,261

U.S. treasuries and agency bonds

—

—

—

—

Certificates of deposit

—

269

—

269

Corporate bonds

—

6

—

6

Other debt securities

—

—

—

—

Equity securities

—

—

—

—

1

1

1

1

1

1

1

1

1

1

Total cash equivalents and short-term

investments

793

1,536

—

2,329

1

1

1

1

1

1

1

1

1

1

Restricted cash and investments:

Mutual Funds

—

—

—

—

Other debt securities

—

4

—

4

Auction rate securities

—

—

—

—

Derivative assets

—

5

—

5

1

1

1

1

1

1

1

1

1

1

Total assets

$

793

$

1,545

$

—

$

2,338

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

Liabilities:

Derivative liabilities

$

—

$

—

$

—

$

—

Total return swap

—

—

—

—

1

1

1

1

1

1

1

1

1

1

Total liabilities

$

—

$

—

$

—

$

—

1

1

1

1

1

1

1

1

1

1