Seagate 2015 Annual Report Download - page 60

TableofContents
Fromtimetotimewemayrepurchaseanyofouroutstandingordinarysharesthroughprivate,openmarket,tenderoffers,brokerassistedpurchasesorother
means.Duringfiscalyear2016,werepurchasedapproximately24millionofourordinaryshares.See"Item5.MarketforRegistrant'sCommonEquity,Related
StockholderMattersandIssuerPurchasesofEquitySecurities-RepurchasesofOurEquitySecurities."AsofJuly1,2016,$1.8billionremainedavailablefor
repurchaseunderourexistingrepurchaseauthorizationlimit.AllrepurchasesareeffectedasredemptionsinaccordancewiththeCompany'sArticlesof
Association.
Forfiscalyear2017,weexpectcapitalexpenditurestobebelowourlong-termtargetedrangeof6%to8%ofrevenue.Werequiresubstantialamountsofcash
tofundscheduledpaymentsofprincipalandinterestonourindebtedness,futurecapitalexpendituresandanyincreasedworkingcapitalrequirements.Wewill
continuetoevaluateandmanagetheretirementandreplacementofexistingdebtandassociatedobligations,includingevaluatingtheissuanceofnewdebt
securities,exchangingexistingdebtsecuritiesforotherdebtsecuritiesandretiringdebtpursuanttoprivatelynegotiatedtransactions,openmarketpurchases,tender
offersorothermeansorotherwise.Inaddition,wemayselectivelypursuestrategicalliances,acquisitionsandinvestments,whichmayrequireadditionalcapital.
ContractualObligationsandCommitments
OurcontractualcashobligationsandcommitmentsasofJuly1,2016,havebeensummarizedinthetablebelow:
AsofJuly1,2016,wehadaliabilityforunrecognizedtaxbenefitsandanaccrualforthepaymentofrelatedinteresttotaling$13million,noneofwhichis
expectedtobesettledwithinoneyear.Outsideofoneyear,weareunabletomakeareasonablyreliableestimateofwhencashsettlementwithataxingauthority
willoccur.
Off-BalanceSheetArrangements
AsofJuly1,2016,wedidnothaveanymaterialoff-balancesheetarrangements(asdefinedinItem303(a)(4)(ii)ofRegulationS-K).
57
   FiscalYear(s) 
(Dollarsinmillions)  Total 2017 
2018-
2019 
2020-
2021 Thereafter 
ContractualCashObligations:           
Long-termdebt  $ 4,133 $ — $ 800 $ — $ 3,333
Interestpaymentsondebt   1,761  198  381  334  848
Purchaseobligations(2)   713  713  —  —  —
Operatingleases(1)   168  27  38  21  82
Capitalexpenditures   110  110  —  —  —
Otherfundingrequirements(3)   44  12  24  8  —
Subtotal   6,929  1,060  1,243  363  4,263
Commitments:           
Lettersofcreditorbankguarantees   108  108  —  —  —
Total  $ 7,037 $ 1,168 $ 1,243 $ 363 $ 4,263
(1) Includestotalfutureminimumrentexpenseundernon-cancelableleasesforbothoccupiedandvacatedfacilities(rentexpenseisshownnet
ofsubleaseincome).
(2) Purchaseobligationsaredefinedascontractualobligationsforthepurchaseofgoodsorservices,whichareenforceableandlegallybinding
onus,andthatspecifyallsignificantterms.
(3) Consistsoffundingrequirementsrelatedtostrategiccommitments.