Public Country by Country Report (on income tax information)
Introduction
Seagate Technology Holdings PLC’s 27 June 2025 pCbCR supplemental information.
The European Commission adopted public Country-by-Country Reporting (pCbCR) directives that are first applicable to taxpayer years beginning on or after 24 June 2024.
Seagate Technology Holdings Public Limited Company prepared this pCbCR for its fiscal year beginning 29 June 2024 and ending 27 June 2025 using aggregated financial data in line with the pCbCR framework as adopted by the Republic of Ireland.
Seagate Technology Holdings Public Limited Company prepared this pCbCR using U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) data and U.S. dollars as the reporting currency. The main data source is the consolidated Group’s enterprise resource planning (“ERP”) system.
CbCR data definitions
As Seagate Technology Holdings PLC is registered and incorporated in the Republic of Ireland, Seagate Technology Holdings PLC is required to follow the EU pCbCR legislation adopted by Ireland when identifying and aggregating the data to be reported in the EU pCbCR Common Template in Ireland. Seagate prepared this report applying the following definitions that align with the respective definitions in the EU CbCR Directive:
Revenues: Revenues are an aggregation of both its revenues from third-parties and those from related-parties. Third-party revenues include sales of products, provision of services, interest income, dividend income and other income. Related-party revenues include transactions between consolidated Group entities with the exclusion of intercompany dividend income. Within one country or location, many of these related-party transactions may occur, as Seagate entities buy and sell goods, or provide and receive services, to or from each other. Seagate includes all these transactions in its aggregated pCbCR revenue data. In this case, each of these revenues between different entities would be counted as related-party revenues. These can represent large amounts.
Profit (Loss) before income tax: Profit or loss before tax is reported as Income before taxation in Seagate's Consolidated Statement of Income. This is the profit or loss calculated using U.S. GAAP. Local statutory accounts may need to comply with local accounting standards which may be different. The local statutory accounting profit or loss is the basis for the calculation of taxable profits in individual jurisdictions. Local tax laws are then applied to the profit or loss. Profit before tax shows the Group accounting result rather than the profits subject to tax after compliance with local tax laws.
Income tax paid - on cash basis: This comprises corporate income tax paid in Seagate’s fiscal year ended 27 June 2025, as recorded in Seagate's Consolidated Statement of Cash Flows, with the exclusion of withholding taxes paid on intercompany dividends paid between Seagate’s related parties in alignment with CbCR regulations. In some cases, this may include refunds received in relation to previous years or payments for previous or future years as tax payments are often made in arrears or in advance.
Income tax accrued – current year: This is the amount of corporate income tax for the fiscal year ended 27 June 2025 recorded as current-year tax in Seagate’s Consolidated Statement of Income. This also excludes withholding taxes accrued on intercompany dividend settlements between Seagate’s related parties in alignment with CbCR regulations. It does not include prior-year adjustments, deferred tax or provisions for uncertain tax liabilities.
Accumulated earnings: This is the amount of profit or loss accumulated within the respective jurisdiction as of the end of the fiscal year ended 27 June 2025. The accumulated earnings of branch operations are only reported within the accumulated earnings of the head office of that respective legal entity.
Number of employees: The number of employees reported for the year is number of full-time equivalent employees that are eligible for Seagate's standard terms and conditions of employment as of the end of Seagate’s fiscal year ended 27 June 2025.