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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Equity securities which do not have a contractual maturity date are not included in the above table.
The following table summarizes, by major type, the fair value and amortized cost of the Company's investments as of June 28, 2013:
As of June 28, 2013, the Company's Restricted cash and investments consisted of $79 million in cash and investments held in trust for
payment of its non-qualified deferred compensation plan liabilities and $22 million in cash and investments held as collateral at banks for
various performance obligations.
As of June 28, 2013, the Company's available-for-sale securities include investments in auction rate securities. Beginning in fiscal year
2008, the Company's auction rate securities failed to settle at auction and continued to fail through June 28, 2013. Since the Company continued
to earn interest on its auction rate securities at the maximum contractual rate, there were no payment defaults with respect to such securities, and
they were all collateralized, the Company expected to recover the entire amortized cost basis of these auction rate securities. During fiscal year
2013, the Company did not intend to sell these securities and as of June 28, 2013, concluded it was not more likely than not that the Company
would have been required to sell the securities before the recovery of their amortized cost basis. As such, as of June 28, 2013, the Company
believed the impairments totaling $2 million were not other-than-temporary and therefore were recorded in Accumulated other comprehensive
loss. Given the uncertainty as to when the liquidity issues associated with these securities would improve, as of June 28, 2013, these securities
were classified within Other assets, net in the Company's Consolidated Balance Sheet.
As of June 28, 2013, with the exception of the Company's auction rate securities, the Company had no available-for-sale securities that had
been in a continuous unrealized loss position for a period greater than 12 months. The Company determined no available-for-
sale securities were
other-than-temporarily impaired as of June 28, 2013.
73
(Dollars in millions)
Amortized
Cost
Unrealized
Gain/(Loss)
Fair
Value
Available
-
for
-
sale securities:
Money market funds
$
804
$
—
$
804
Commercial paper
655
—
655
Corporate bonds
211
—
211
U.S. treasuries and agency bonds
96
—
96
Certificates of deposit
154
—
154
Auction rate securities
17
(2
)
15
Equity securities
—
Other debt securities
107
(1
)
106
1
1
1
1
1
1
1
1
2,048
(3
)
2,045
Trading securities
74
5
79
1
1
1
1
1
1
1
1
Total
$
2,122
$
2
$
2,124
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Included in Cash and cash equivalents
$
1,528
Included in Short
-
term investments
480
Included in Restricted cash and investments
101
Included in Other assets, net
15
1
1
1
1
1
1
1
1
Total
$
2,124
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1