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Table of Contents
SEAGATE TECHNOLOGY PLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
payments and other settlements of $11 million related to these plans during fiscal year 2014. Restructuring activity relating to the Milpitas,
California facility was completed during the fiscal year ended June 28, 2013. Payment of these exit costs relating to the Pittsburgh, Pennsylvania
facility and other smaller restructuring plans are expected to continue through the end of fiscal year 2023.
The following table summarizes the Company's restructuring activities under all the Company's active restructuring plans for fiscal years
2014, 2013 and 2012:
Of the accrued restructuring balance of approximately $14 million at June 27, 2014, $7 million is included in Accrued expenses and
$7 million is included in Other non-current liabilities in the Company's Consolidated Balance Sheet. Of the accrued restructuring balance of
approximately $17 million at June 28, 2013, $6 million is included in Accrued expenses and $11 million is included in Other non-current
liabilities in the Company's Consolidated Balance Sheet.
6. Debt
Short-Term Borrowings
On January 18, 2011, the Company, and its subsidiary Seagate HDD Cayman entered into a Credit Agreement which provided for a
$350 million senior secured revolving credit facility (the "Revolving Credit Facility"). On April 30, 2013, the Company and Seagate HDD
Cayman entered into the Second Amendment to the Credit Agreement which increased the commitments available under the Revolving Credit
Facility from $350 million to $500 million. The loans made under the Credit Agreement will bear interest at a rate of LIBOR plus a variable
margin that will be determined based on the corporate credit rating of the Company. The Company and certain of its material subsidiaries fully
and unconditionally guarantee the Revolving Credit Facility. The Revolving Credit Facility matures in April 2018, and is available for cash
borrowings and for the issuance of letters of credit up to a sub-limit of $75 million. As of June 27, 2014, no borrowings have been drawn under
the Revolving Credit Facility, or were utilized for letters of credit.
83
(Dollars in millions)
Post
-
Employment
Benefits
Operating
Leases
Other
Exit
Costs
Total
All Restructuring Activities
Accrual balances at July 1, 2011
$
$
31
$
—
$
39
Restructuring charges
—
2
5
Cash payments
(8
)
(8
)
(2
)
(18
)
Adjustments
—
(
)
—
(
1
)
Accrual balances at June 29, 2012
22
—
25
Restructuring charges
1
3
Cash payments
(2
)
(7
)
(1
)
(10
)
Adjustments
—
(
)
—
(
1
)
1
1
1
1
1
1
1
1
1
1
Accrual balances at June 28, 2013
15
—
17
Restructuring charges
18
2
23
Cash payments
(20
)
(5
)
(2
)
(27
)
Adjustments
(1
)
—
1
1
1
1
1
1
1
1
1
1
1
Accrual balances at June 27, 2014
$
$
12
$
—
$
14
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1