FLEX LTD., 10-K filed on 5/17/2024
Annual Report
v3.24.1.1.u2
Cover - USD ($)
$ in Billions
 12 Months Ended
Mar. 31, 2024
May 10, 2024
Sep. 29, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Mar. 31, 2024    
Current Fiscal Year End Date --03-31    
Document Transition Report false    
Entity File Number 000-23354    
Entity Registrant Name FLEX LTD.    
Entity Incorporation, State or Country Code U0    
Entity Address, Address Line One 2 Changi South Lane,    
Entity Address, City or Town Singapore    
Entity Address, Country SG    
Entity Address, Postal Zip Code 486123    
City Area Code 65    
Local Phone Number 6876-9899    
Title of 12(b) Security Ordinary Shares, No Par Value    
Trading Symbol FLEX    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 11.8
Entity Common Stock, Shares Outstanding (in shares)   401,640,807  
Documents Incorporated by Reference
DocumentParts into Which Incorporated
Proxy Statement to be delivered to shareholders in connection with the Registrant's 2024 Annual General Meeting of Shareholders
Part III
    
Entity Central Index Key 0000866374    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Period Fiscal Period Focus FY    
v3.24.1.1.u2
Audit Information
 12 Months Ended
Mar. 31, 2024
Audit Information [Abstract]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location San Jose, California
Auditor Firm ID 34
v3.24.1.1.u2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Current assets:    
Cash and cash equivalents $ 2,474 $ 3,164
Accounts receivable, net of allowance for doubtful accounts 3,033 3,480
Contract assets 249 243
Inventories 6,205 7,388
Other current assets 1,031 875
Current assets of discontinued operations 0 883
Total current assets 12,992 16,033
Property and equipment, net 2,269 2,342
Operating lease right-of-use assets, net 601 605
Goodwill 1,135 1,139
Other intangible assets, net 245 315
Other non-current assets 1,015 490
Non-current assets of discontinued operations 0 483
Total assets 18,257 21,407
Current liabilities:    
Bank borrowings and current portion of long-term debt 0 150
Accounts payable 4,468 5,724
Accrued payroll and benefits 488 506
Deferred revenue and customer working capital advances 2,615 2,955
Other current liabilities 968 1,019
Current liabilities of discontinued operations 0 513
Total current liabilities 8,539 10,867
Long-term debt, net of current portion 3,261 3,544
Operating lease liabilities, non-current 490 504
Other non-current liabilities 642 554
Non-current liabilities of discontinued operations 0 232
Total liabilities 12,932 15,701
Commitments and contingencies (Note 14)
Shareholders' equity    
Ordinary shares, no par value; 1,500,000,000 authorized, 408,101,772 and 500,362,046 issued, and 408,101,772 and 450,122,691 outstanding as of March 31, 2024 and 2023, respectively 5,074 6,493
Treasury stock, at cost; zero and 50,239,355 shares as of March 31, 2024 and 2023, respectively 0 (388)
Accumulated earnings (deficit) 446 (560)
Accumulated other comprehensive loss (195) (194)
Total Flex Ltd. shareholders' equity 5,325 5,351
Noncontrolling interest 0 355
Total shareholders' equity 5,325 5,706
Total liabilities and shareholders' equity $ 18,257 $ 21,407
v3.24.1.1.u2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2024
Mar. 31, 2023
Statement of Financial Position [Abstract]    
Ordinary shares, par value (in dollars per share) $ 0 $ 0
Ordinary shares, authorized (in shares) 1,500,000,000 1,500,000,000
Ordinary shares, issued (in shares) 408,101,772 500,362,046
Ordinary shares, outstanding (in shares) 408,101,772 450,122,691
Treasury stock (in shares) 0 50,239,355
v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Income Statement [Abstract]      
Net sales $ 26,415 $ 28,502 $ 24,633
Cost of sales 24,395 26,503 22,838
Restructuring charges 155 23 15
Gross profit 1,865 1,976 1,780
Selling, general and administrative expenses 922 874 830
Intangible amortization 70 81 60
Restructuring charges 20 4 0
Operating income 853 1,017 890
Interest expense 207 230 166
Interest income 56 30 14
Other charges (income), net 44 6 (165)
Equity in earnings (losses) of unconsolidated affiliates 8 (4) 61
Income from continuing operations before income taxes 666 807 964
(Benefit from) provision for income taxes (206) 124 92
Net income from continuing operations 872 683 872
Net income from discontinued operations, net of tax 373 350 68
Net income 1,245 1,033 940
Net income attributable to noncontrolling interest and redeemable noncontrolling interest 239 240 4
Net income attributable to Flex Ltd. $ 1,006 $ 793 $ 936
Earnings per share - basic      
Basic earnings per share from continuing operations (in dollars per share) $ 2.00 $ 1.50 $ 1.83
Basic earnings per share from discontinued operations (in dollars per share) 0.31 0.25 0.14
Basic earnings per share attributable to the shareholders of Flex Ltd (in dollars per share) 2.31 1.75 1.97
Earnings per share - diluted      
Diluted earnings per share from continuing operations (in dollars per share) 1.98 1.48 1.81
Diluted earnings per share from discontinued operations (in dollars per share) 0.30 0.24 0.13
Diluted earnings per share attributable to the shareholders of Flex Ltd (in dollars per share) $ 2.28 $ 1.72 $ 1.94
Weighted-average shares used in computing per share amounts:      
Basic (in shares) 435 454 476
Diluted (in shares) 441 462 483
v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 1,245 $ 1,033 $ 940
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustments (19) (64) (39)
Unrealized gains (loss) on derivative instruments and other 18 52 (24)
Comprehensive income 1,244 1,021 877
Comprehensive income attributable to noncontrolling interest and redeemable noncontrolling interest 239 240 4
Comprehensive income attributable to Flex Ltd. $ 1,005 $ 781 $ 873
v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Total Flex Ltd. Shareholders' Equity
Ordinary Shares
Accumulated Earnings (Deficit)
Unrealized Gains (Loss) on Derivative Instruments And Other
Foreign Currency Translation Adjustments
Total Accumulated Other Comprehensive Loss
Noncontrolling Interest of Discontinued Operations
Redeemable noncontrolling interests, beginning balance at Mar. 31, 2021 $ 0              
Increase (Decrease) in Temporary Equity                
Sale of subsidiary's redeemable preferred units, net of transaction cost 74              
Net income 4              
Redeemable noncontrolling interests, ending balance at Mar. 31, 2022 78              
Beginning balance (in shares) at Mar. 31, 2021     492,000,000          
Beginning balance at Mar. 31, 2021 3,436 $ 3,436 $ 5,844 $ (2,289) $ (42) $ (77) $ (119) $ 0
Increase (Decrease) in Shareholders' Equity                
Sale of subsidiary's redeemable preferred units, net of transaction cost 414 414 $ 414          
Repurchase of Flex Ltd. ordinary shares at cost (in shares)     (38,000,000)          
Repurchase of Flex Ltd. ordinary shares at cost (686) (686) $ (686)          
Exercise of stock options (in shares)     1,000,000          
Exercise of stock options 1 1 $ 1          
Issuance of Flex Ltd. vested shares under share bonus awards (in shares)     6,000,000          
Net income 936 936   936        
Stock-based compensation 91 91 $ 91          
Total other comprehensive gains (loss) (63) (63)     (24) (39) (63)  
Ending balance (in shares) at Mar. 31, 2022     461,000,000          
Ending balance at Mar. 31, 2022 4,129 4,129 $ 5,664 (1,353) (66) (116) (182) 0
Increase (Decrease) in Temporary Equity                
Net income 43              
Issuance of Nextracker common stock and related transactions (99)              
Payment for pre-IPO dividend to redeemable noncontrolling interest (22)              
Redeemable noncontrolling interests, ending balance at Mar. 31, 2023 0              
Increase (Decrease) in Shareholders' Equity                
Issuance of Nextracker common stock and related transactions 802 644 $ 644         158
Repurchase of Flex Ltd. ordinary shares at cost (in shares)     (20,000,000)          
Repurchase of Flex Ltd. ordinary shares at cost (337) (337) $ (337)          
Issuance of Flex Ltd. vested shares under share bonus awards (in shares)     9,000,000          
Issuance of Flex Ltd. vested shares under restricted share unit awards 1 1 $ 1          
Net income 990 793   793       197
Stock-based compensation 133 133 $ 133          
Total other comprehensive gains (loss) $ (12) (12)     52 (64) (12)  
Ending balance (in shares) at Mar. 31, 2023 450,122,691   450,000,000          
Ending balance at Mar. 31, 2023 $ 5,706 5,351 $ 6,105 (560) (14) (180) (194) 355
Redeemable noncontrolling interests, ending balance at Mar. 31, 2024 0              
Increase (Decrease) in Shareholders' Equity                
Issuance of Nextracker common stock and related transactions 493 607 $ 607         (114)
Repurchase of Flex Ltd. ordinary shares at cost (in shares)     (51,000,000)          
Repurchase of Flex Ltd. ordinary shares at cost (1,298) (1,298) $ (1,298)          
Issuance of Flex Ltd. vested shares under share bonus awards (in shares)     9,000,000          
Spin-off of Nextracker (972) (492) $ (492)         (480)
Net income 1,245 1,006   1,006       239
Stock-based compensation 152 152 $ 152          
Total other comprehensive gains (loss) $ (1) (1)     18 (19) (1)  
Ending balance (in shares) at Mar. 31, 2024 408,101,772   408,000,000          
Ending balance at Mar. 31, 2024 $ 5,325 $ 5,325 $ 5,074 $ 446 $ 4 $ (199) $ (195) $ 0
v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:      
Net income $ 1,245 $ 1,033 $ 940
Net income 1,006 793 936
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 431 414 409
Amortization and other impairment charges    106 87 75
Provision for doubtful accounts 9 3 (3)
Other non-cash income (25) (44) (54)
Non-cash lease expense 139 131 130
Stock-based compensation 152 133 91
Deferred income taxes (480) (192) (44)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable 380 (388) 624
Contract assets (41) (27) (226)
Inventories 1,105 (974) (2,655)
Other current and noncurrent assets (297) (55) (295)
Accounts payable (986) (341) 969
Other current and noncurrent liabilities (412) 1,170 1,067
Net cash provided by operating activities 1,326 950 1,024
Cash flows from investing activities:      
Purchases of property and equipment (530) (635) (443)
Proceeds from the disposition of property and equipment           25 20 11
Acquisitions of businesses, net of cash acquired 0 2 (539)
Proceeds from divestiture of businesses, net of cash held in divested businesses 12 2 9
Other investing activities, net 1 7 11
Net cash used in investing activities (492) (604) (951)
Cash flows from financing activities:      
Proceeds from bank borrowings and long-term debt 2 718 759
Repayments of bank borrowings and long-term debt (409) (1,024) (284)
Payments for repurchases of ordinary shares (1,298) (337) (686)
Proceeds from issuances of Nextracker shares 552 694 0
Payment for pre-IPO dividend to redeemable noncontrolling interest 0 (22) 0
Payment for purchase of Nextracker LLC units from TPG (57) 0 0
Proceeds from sale of subsidiary's redeemable preferred units 0 0 488
Capital reduction from Nextracker spin off (368) 0 0
Other financing activities, net (78) (27) 3
Net cash (used in) provided by financing activities (1,656) 2 280
Effect of exchange rates on cash 2 (18) (26)
Net (decrease) increase in cash and cash equivalents (820) 330 327
Cash and cash equivalents, beginning of year 3,294 2,964 2,637
Cash and cash equivalents, end of year $ 2,474 $ 3,294 $ 2,964
v3.24.1.1.u2
ORGANIZATION OF THE COMPANY
 12 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION OF THE COMPANY ORGANIZATION OF THE COMPANY
Flex Ltd. ("Flex" or the "Company") is the advanced, end-to-end manufacturing partner of choice that helps market-leading brands design, build, deliver and manage innovative products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, Flex supports our customers' entire product lifecycle with a broad array of services in every major region. The Company's full suite of specialized capabilities include design and engineering, supply chain, manufacturing, post-production and post-sale services. Flex partners with customers across a diverse set of industries including cloud, communications, enterprise, automotive, industrial, consumer devices, lifestyle, healthcare, and energy. As of March 31, 2024, as a result of the Spin-off (defined below) of Nextracker Inc. ("Nextracker"), formerly Flex's subsidiary and Nextracker segment, in the fourth quarter of fiscal year 2024, Flex now reports its financial performance based on two operating and reportable segments as follows:
•Flex Agility Solutions ("FAS"), which is comprised of the following end markets:
◦Communications, Enterprise and Cloud, including data infrastructure, edge infrastructure and communications infrastructure
◦Lifestyle, including appliances, consumer packaging, floorcare, micro mobility and audio
◦Consumer Devices, including mobile and high velocity consumer devices.
•Flex Reliability Solutions ("FRS"), which is comprised of the following end markets:
◦Automotive, including next generation mobility, autonomous, connectivity, electrification, and smart technologies
◦Health Solutions, including medical devices, medical equipment, and drug delivery
◦Industrial, including capital equipment, industrial devices, embedded and critical power offerings, and renewables and grid edge.
The Company's service offerings include a comprehensive range of value-added design and engineering services that are tailored to the various markets and needs of its customers. Other focused service offerings relate to manufacturing (including enclosures, metals, plastic injection molding, precision plastics, machining, and mechanicals), system integration and assembly and test services, materials procurement, inventory management, logistics and after-sales services (including product repair, warranty services, re-manufacturing and maintenance), supply chain management software solutions and component product offerings (including flexible printed circuit boards and power adapters and chargers).
Nextracker Follow-on Offering and Spin-off
On February 13, 2023, Nextracker completed an initial public offering (the “IPO”) of its Class A common stock. Prior to the IPO, the Company maintained an 82.6% indirect ownership in Nextracker and consolidated Nextracker. On July 3, 2023, Nextracker completed a follow-on offering to its IPO and issued 15,631,562 shares of Class A common stock and received net proceeds of $552 million. The entire net proceeds were used by Nextracker to acquire 14,025,000 Nextracker LLC common units from Yuma, Inc., the Company’s indirect wholly-owned subsidiary, and 1,606,562 Nextracker LLC common units from TPG Rise Flash, L.P., an affiliate of the global alternative asset management firm TPG. As a result of the repurchase of Nextracker LLC common units by Nextracker, 15,631,562 shares of Nextracker Class B common stock were cancelled. The Company received approximately $495 million from the follow-on offering, after distribution of net proceeds to TPG and expenses. After the follow-on transaction, Flex held approximately 51.5% of Nextracker's common stock.
In connection with the IPO, Nextracker entered into a Tax Receivable Agreement ("TRA") with Flex and TPG wherein 85% of the tax benefits realized in relation to the IPO would be paid to those parties. Flex has not recorded an asset in relation to amounts potentially due to Flex under the TRA as the amounts are contingent upon Nextracker realizing the IPO related tax benefits. As such, amounts will be recognized in income, if and when they are received. Amounts that could be received by Flex, over a 20 year period, range from zero to approximately $300 million.
On January 2, 2024, the Company completed its previously announced spin-off of its remaining interest in Nextracker (the "Spin-off") to Flex shareholders on a pro-rata basis based on the number of ordinary shares of Flex held by each shareholder of Flex (the “Distribution”) as of December 29, 2023, which was the record date of the Distribution, pursuant to the Agreement
and Plan of Merger, dated as of February 7, 2023. Under the terms of the Spin-off, Flex shareholders received approximately 0.17 shares of Nextracker Class A common stock for each Flex ordinary share held as of the record date of the Distribution. Flex shareholders received cash in lieu of any fractional shares. The Spin-off qualifies as a tax-free transaction for U.S. federal income tax purposes.
As a result of the completion of the Spin-off, Nextracker became a fully independent public company, Flex no longer directly or indirectly holds any shares of Nextracker common stock or any securities convertible into or exchangeable for shares of Nextracker common stock and Flex no longer consolidates Nextracker into its financial results. All noncontrolling interest related to Nextracker have been eliminated through additional paid-in capital. Prior to or in connection with the Spin-off, Flex entered into various agreements to effect the Spin-off and provide a framework for the relationship between Flex and Nextracker following the Spin-off, including a Separation Agreement, a Tax Matters Agreement, a Transition Services Agreement, as well as agreements governing future trading relationships.
Subsequent to the Spin-off, Flex will present Nextracker’s historical operations as discontinued operations and, as such, Nextracker’s historical results have been excluded from continuing operations and unless otherwise indicated Flex’s disclosures are presented on a continuing operations basis.
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES
 12 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
SUMMARY OF ACCOUNTING POLICIES SUMMARY OF ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Flex and its majority-owned subsidiaries, after elimination of intercompany accounts and transactions. Amounts included in these consolidated financial statements are expressed in U.S. dollars unless otherwise designated. The Company consolidates its majority-owned subsidiaries and investments in entities in which the Company has a controlling interest. For the consolidated majority-owned subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership of the noncontrolling owners.
As a result of the Spin-off in the fourth quarter of fiscal year 2024, the historical financial results and financial position of Nextracker are presented as discontinued operations in the consolidated statements of operations and balance sheets for all periods presented. The historical statements of comprehensive income and cash flows and the balances related to stockholders’ equity have not been revised to reflect the effect of the Spin-off. See note 7 "Discontinued Operations" for additional information.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, and intangible assets; valuation of goodwill; valuation of investments in privately held companies; asset impairments; fair values of financial instruments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rates in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations; and the fair values of stock options and restricted share unit awards granted under the Company's stock-based compensation plans. Due to geopolitical conflicts (including the Russian invasion of Ukraine, the Israel-Hamas war, and other geopolitical conflicts), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the Russian invasion of Ukraine and the Israel-Hamas war. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.
Translation of Foreign Currencies
The financial position and results of operations for certain of the Company's subsidiaries are measured using a currency other than the U.S. dollar as their functional currency. Accordingly, all assets and liabilities for these subsidiaries are translated into U.S. dollars at the current exchange rates as of the respective balance sheet dates. Revenue and expense items are translated at the average exchange rates prevailing during the period. Cumulative gains and losses from the translation of these
subsidiaries' financial statements are reported as other comprehensive income (loss), a component of shareholders' equity. Foreign exchange gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved, and re-measurement adjustments for foreign operations where the U.S. dollar is the functional currency, are included in the Company's consolidated results of operations. Non-functional currency transaction gains and losses, and re-measurement adjustments were not material to the Company's consolidated results of operations for all periods presented, and have been classified as a component of other charges (income), net in the consolidated statements of operations.
Revenue Recognition
In determining the appropriate amount of revenue to recognize, the Company applies the following steps: (i) identifies the contracts with the customers; (ii) identifies performance obligations in the contracts; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations per the contracts; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation. Further, the Company assesses whether control of the products or services promised under the contract is transferred to the customer at a point in time (PIT) or over time (OT). The Company is first required to evaluate whether its contracts meet the criteria for OT recognition. The Company has determined that for a portion of its contracts, the Company is manufacturing products for which there is no alternative use (due to the unique nature of the customer-specific product and intellectual property restrictions) and the Company has an enforceable right to payment including a reasonable profit for work-in-progress inventory with respect to these contracts. For certain other contracts, the Company’s performance creates and enhances an asset that the customer controls as the Company performs under the contract. As a result, revenue is recognized under these contracts OT based on the cost-to-cost method as it best depicts the transfer of control to the customer measured based on the ratio of costs incurred to date as compared to the total estimated costs at completion of the performance obligation. For all other contracts that do not meet these criteria, the Company recognizes revenue when it has transferred control of the related manufactured products which generally occurs upon delivery and passage of title to the customer. Certain of the Company’s customer agreements include potential price adjustments which may result in variable consideration. These price adjustments include, but are not limited to, sharing of cost savings, committed price reductions, material margins earned over the period that are contractually required to be paid to the customers, rebates, refunds tied to performance metrics such as on-time delivery, and other periodic pricing resets that may be refundable to customers. The Company recognizes estimates of this variable consideration that are not expected to result in a significant revenue reversal in the future, primarily based on the amount of potential refunds required by the contract, historical experience and other surrounding facts and circumstances. Refer to note 4 "Revenue" for further details.
Government Incentives and Grants
The Company receives incentives from federal, state and local governments in different regions of the world that primarily encourage the Company to establish, maintain, or increase investment, employment, or production in the regions. The Company accounts for government incentives as a reduction in the cost of the capital investment or a reduction of expense, based on the substance of the incentives received. Benefits are generally recorded when all conditions attached to the incentive have been met and there is reasonable assurance of receipt. The Company records capital-related incentives as a reduction to Property and equipment, net on the consolidated balance sheets and recognizes a reduction to depreciation and amortization expense over the useful life of the corresponding acquired asset. The Company records operating grants as a reduction to expense in the same line item on the consolidated statements of operations as the expenditure for which the grant is intended to compensate. Government incentives and grants transactions are not material to the Company's financial position, results of operations or cash flows.
Concentration of Credit Risk
Financial instruments which potentially subject the Company to concentrations of credit risk are primarily accounts receivable, derivative instruments, and cash and cash equivalents.
Customer Credit Risk
The Company has an established customer credit policy, through which it manages customer credit exposures through credit evaluations, credit limit setting, monitoring, and enforcement of credit limits for new and existing customers. The Company performs ongoing credit evaluations of its customers' financial condition and makes provisions for doubtful accounts based on the outcome of those credit evaluations. The Company evaluates the collectability of its accounts receivable based on specific customer circumstances, current economic trends, historical experience with collections and the age of past due receivables. To the extent the Company identifies exposures as a result of credit or customer evaluations, the Company also reviews other customer related exposures, including but not limited to inventory and related contractual obligations.
The following table summarizes the activity in the Company's allowance for doubtful accounts during fiscal years 2024, 2023 and 2022:
Balance at
Beginning
of Year		Charges (Recoveries) to Costs and Expenses(1)Deductions/
Write-Offs (2)		Balance at
End of
Year
(In millions)
Allowance for doubtful accounts:
Year ended March 31, 2022$57 $(3)$(2)$52 
Year ended March 31, 202352 4 (50)6 
Year ended March 31, 20246 9 (3)12 

(1)Charges and recoveries incurred during fiscal years 2024, 2023 and 2022 are primarily for costs and expenses or bad debt recoveries related to various distressed customers.
(2)Deductions and write-offs during fiscal year 2023 is primarily as a result of a settlement reached with a certain former customer.
No customer accounted for greater than 10% of the Company's net sales in fiscal years 2024, 2023 or 2022. No customer accounted for greater than 10% of the Company's total balance of accounts receivable, net as of the fiscal year ended March 31, 2024, March 31, 2023 or March 31, 2022.
The Company's ten largest customers accounted for approximately 37%, 37% and 36%, of its net sales in fiscal years 2024, 2023 and 2022, respectively.
Derivative Instruments
The amount subject to credit risk related to derivative instruments is generally limited to the amount, if any, by which a counterparty's obligations exceed the obligations of the Company with that counterparty. To manage counterparty risk, the Company limits its derivative transactions to those with recognized financial institutions. See additional discussion of derivatives in note 10.
Cash and Cash Equivalents
The Company maintains cash and cash equivalents with various financial institutions that management believes to be of high credit quality. These financial institutions are located in many different locations throughout the world. The Company's investment portfolio, which consists of short-term bank deposits and money market accounts, is classified as cash equivalents on the consolidated balance sheets.
All highly liquid investments with maturities of three months or less from original dates of purchase are carried at cost, which approximates fair market value, and are considered to be cash equivalents. Cash and cash equivalents consist of cash deposited in checking accounts, money market funds and time deposits.
Cash and cash equivalents consisted of the following:
As of March 31,
20242023
(In millions)
Cash and bank balances$1,715 $840 
Money market funds and time deposits759 2,324 
$2,474 $3,164 
Inventories
Inventories are stated at the lower of cost (on a first-in, first-out basis) or net realizable value. The stated cost is comprised of direct materials, labor and overhead. The components of inventories, net of applicable lower of cost or net realizable value write-downs, were as follows:
As of March 31,
20242023
(In millions)
Raw materials$5,045 $6,111 
Work-in-progress623 705 
Finished goods537 572 
$6,205 $7,388 
Property and Equipment, Net
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are recognized on a straight-line basis over the estimated useful lives of the related assets, with the exception of building leasehold improvements, which are depreciated over the term of the lease, if shorter. Repairs and maintenance costs are expensed as incurred. Property and equipment is comprised of the following:
Depreciable
Life
(In Years)		As of March 31,
20242023
(In millions)
Machinery and equipment
2 - 10
$3,960 $3,728 
Buildings301,212 1,162 
Leasehold improvementsShorter of lease term or useful life of the improvement651 586 
Furniture, fixtures, computer equipment and software, and other
3 - 7
549 543 
Land—123 124 
Construction-in-progress—214 399 
6,709 6,542 
Accumulated depreciation and amortization(4,440)(4,200)
Property and equipment, net$2,269 $2,342 
Total depreciation expense associated with property and equipment was approximately $428 million, $411 million and $406 million in fiscal years 2024, 2023 and 2022, respectively.
The Company reviews property and equipment for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of property and equipment is determined by comparing its carrying amount to the lowest level of identifiable projected undiscounted cash flows the property and equipment are expected to generate. An impairment loss is recognized when the carrying amount of property and equipment exceeds its fair value.
Deferred Income Taxes
The Company provides for income taxes in accordance with the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences between the carrying amount and the tax basis of existing assets and liabilities by applying the applicable statutory tax rate to such differences. Additionally, the Company assesses whether each income tax position is "more likely than not" of being sustained on audit, including resolution of related appeals or litigation, if any. For each income tax position that meets the "more likely than not" recognition threshold, the Company would then assess the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with the tax authority.
Accounting for Business and Asset Acquisitions
The Company has strategically pursued business and asset acquisitions. For business combinations, the fair value of the net assets acquired and the results of the acquired businesses are included in the Company's consolidated financial statements from the acquisition dates forward. The Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the reporting period. Estimates are used in accounting for, among other things, the fair value of acquired net operating assets, property and equipment, intangible assets and related deferred tax liabilities, useful lives of plant and equipment and amortizable lives for acquired intangible assets. Any excess of the purchase consideration over the fair value of the identified assets and liabilities acquired is recognized as goodwill.
The Company estimates the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on information available at that time. Contingent consideration is recorded at fair value as of the date of the acquisition with subsequent adjustments recorded in earnings. Changes to valuation allowances on acquired deferred tax assets are recognized in the provision for, or benefit from, income taxes. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further management review and may change materially between the preliminary allocation and end of the purchase price allocation period. Any changes in these estimates may have a material effect on the Company's consolidated operating results or financial position.
Goodwill
The Company evaluates goodwill for impairment at the reporting unit level annually, and in certain circumstances such as a change in reporting units or whenever there are indications that goodwill might be impaired. The Company performed its annual goodwill impairment assessment on January 1, 2024 and as a result of the quantitative assessment of its goodwill, the Company determined that no impairment existed as of the date of the impairment test because the fair value of each one of its six reporting units exceeded its respective carrying value.
Recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit's carrying amount, including goodwill, to the fair value of the reporting unit, which typically is measured based upon, among other factors, market valuations, market multiples for comparable companies as well as a discounted cash flow analysis. Certain of these approaches use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy and require management to make various judgmental assumptions about sales, operating margins, growth rates and discount rates which consider the Company's budgets, business plans and economic projections, and are believed to reflect market participant views. Some of the inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates, market EBITDA comparables and credit ratings. While the Company believes it has made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If the actual results are not consistent with management's estimates and assumptions used to calculate fair value, it could result in material impairments of the Company's goodwill.
If the recorded value of the assets, including goodwill, and liabilities ("net book value") of any reporting unit exceeds its fair value, an impairment loss may be required to be recognized.
The following table summarizes the activity in the Company's goodwill during fiscal years 2024 and 2023:
FASFRSTotal
(In millions)
Balance at March 31, 2022$371 $767 $1,138 
Acquisitions (1)— (2)(2)
Foreign currency translation adjustments— 3 3 
Balance at March 31, 2023371 768 1,139 
Divestitures (2)— (1)(1)
Foreign currency translation adjustments— (3)(3)
Balance at March 31, 2024$371 $764 $1,135 
(1)Represents purchase price adjustment for the acquisition of Anord Mardix in fiscal year 2023.
(2)A reduction of approximately $1 million as a result of the divestiture of a non-strategic immaterial business within the FRS segment in fiscal year 2024.
Goodwill of $204 million was derecognized as part of the Spin-off in the fiscal year ended March 31, 2024. Following the Spin-off, all assets and liabilities of Nextracker are presented separately and so the $204 million of goodwill is presented in non-current assets of discontinued operations in the consolidated balance sheet as of March 31, 2023 in these financial statements.
Other Intangible Assets
The Company's acquired intangible assets are subject to amortization over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. An impairment loss is recognized when the carrying amount of an intangible asset exceeds its fair value. The Company reviewed the carrying value of its intangible assets as of March 31, 2024 and concluded that such amounts continued to be recoverable.
Intangible assets are comprised of customer-related intangible assets that include contractual agreements and customer relationships, and licenses and other intangible assets that are primarily comprised of licenses, patents and trademarks, and developed technologies. Generally, both customer-related intangible assets and licenses and other intangible assets are amortized on a straight-line basis, over a period of up to ten years. No residual value is estimated for any intangible assets. The fair value of the Company's intangible assets purchased through business combinations is determined based on management's estimates of cash flow and recoverability.
The components of acquired intangible assets are as follows:
As of March 31, 2024As of March 31, 2023
Weighted-Average Remaining Useful life
(in Years)		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
(In millions)
Intangible assets:
Customer-related intangibles6.2$316 $(186)$130 $373 $(204)$169 
Licenses and other intangibles5.5298 (183)115 297 (151)146 
Total$614 $(369)$245 $670 $(355)$315 
Total intangible asset amortization expense recognized in operations during fiscal years 2024, 2023 and 2022 was $70 million, $81 million and $60 million, respectively. The gross carrying amounts of intangible assets are removed when fully amortized. During fiscal year 2024, the gross carrying amounts of fully amortized intangible assets totaled $50 million. The estimated future annual amortization expense for acquired intangible assets is as follows:
Fiscal Year Ending March 31,Amount
(In millions)
2025$63 
202643 
202735 
202827 
202924 
Thereafter53 
Total amortization expense$245 
The Company owns or licenses various United States and foreign patents relating to a variety of technologies. For certain of the Company's proprietary processes, inventions, and works of authorship, the Company relies on trade secret or copyright protection. The Company also maintains trademark rights (including registrations) for the Company's corporate name and several other trademarks and service marks that the Company uses in the Company's business in the United States and other countries throughout the world. The Company has policies and procedures (including both technological means and training programs for the Company's employees) to identify and protect the Company's intellectual property, as well as that of the Company's customers and suppliers. As of March 31, 2024 and 2023, the carrying value of the Company's intellectual property was not material.
Derivative Instruments and Hedging Activities
All derivative instruments are recognized on the consolidated balance sheets at fair value. If the derivative instrument is designated as a cash flow hedge, effectiveness is tested monthly using a regression analysis of the change in spot currency rates and the change in present value of the spot currency rates. The spot currency rates are discounted to present value using functional currency Inter-bank Offering Rates over the maximum length of the hedge period. The effective portion of changes in the fair value of the derivative instrument (excluding time value) is recognized in shareholders' equity as a separate component of accumulated other comprehensive income (loss), and recognized in the consolidated statements of operations when the hedged item affects earnings. Ineffective and excluded portions of changes in the fair value of cash flow hedges are recognized in earnings immediately. If the derivative instrument is designated as a fair value hedge, the changes in the fair value of the derivative instrument and of the hedged item attributable to the hedged risk are recognized in earnings in the current period. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the consolidated statements of cash flows. Additional information is included in note 10.
Investments
The Company has an investment portfolio that consists of strategic investments in privately held companies, and certain venture capital funds which are included within other non-current assets. These privately held companies range from startups to more mature companies with established revenue streams and business models. As of March 31, 2024, and March 31, 2023, the Company's investments in non-consolidated companies totaled $123 million and $115 million, respectively.
The Company recognized $8 million of net equity in earnings and $4 million of equity in losses, associated with its equity method investments, in equity in earnings of unconsolidated affiliates on the consolidated statement of operations during fiscal years 2024 and 2023, respectively.
Non-consolidated investments in entities are accounted for using the equity method when the Company has an investment in common stock or in-substance common stock, and either (a) has the ability to significantly influence the operating decisions of the issuer, or (b) if the Company has a voting percentage generally equal to or greater than 20% but less than 50%, and for non-majority-owned investments in partnerships when generally greater than 5%. Cost method is used for investments where the Company does not have the ability to significantly influence the operating decisions of the investee, or if the Company’s investment is in securities other than common stock or in-substance common stock.
The Company monitors these investments for impairment indicators and makes appropriate reductions in carrying values as required whenever events or changes in circumstances indicate that the assets may be impaired. The factors the Company considers in its evaluation of potential impairment of its investments include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee, or factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operation or working capital deficiencies. Fair values of these investments, when required, are estimated using unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy, and require management to make various judgmental assumptions primarily about comparable company multiples and discounted cash flow projections. Some of the inherent estimates and assumptions used in determining the fair value of the investments are outside the control of management. While the Company believes it has made reasonable estimates and assumptions to calculate the fair value of the investments, it is possible a material change could occur. If the actual results are not consistent with management's estimates and assumptions used to calculate fair value, it could result in material impairments of investments.
For investments accounted for under the cost method that do not have readily determinable fair values, the Company measures them at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
Customer Working Capital Advances
Customer working capital advances were $2.2 billion and $2.3 billion, as of March 31, 2024 and 2023, respectively. The customer working capital advances are not interest-bearing, do not generally have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production or the customer working capital advance agreement is terminated.
Other non-current assets
Other non-current assets include deferred tax assets of $644 million and $153 million as of March 31, 2024 and 2023, respectively.
Other Current Liabilities
Other current liabilities include customer-related accruals of $277 million and $301 million as of March 31, 2024 and 2023, respectively.
Leases
The Company is a lessee with several non-cancellable operating leases, primarily for warehouses, buildings, and other assets such as vehicles and equipment. The Company determines if an arrangement is a lease at contract inception. A contract is a lease or contains a lease when (1) there is an identified asset, and (2) the Company has the right to control the use of the identified asset. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date for the Company's operating leases. For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. The Company has elected the short-term lease recognition and measurement exemption for all classes of assets, which allows the Company to not recognize ROU assets and lease liabilities for leases with a lease term of 12 months or less and with no purchase option the Company is reasonably certain of exercising. The Company has also elected the practical expedient to account for the lease and non-lease components as a single lease component, for all classes of underlying assets. Therefore, the lease payments used to measure the lease liability include all of the fixed considerations in the contract. Lease payments included in the measurement of the lease liability comprise the following: fixed payments (including in-substance fixed payments), and variable payments that depend on an index or rate (initially measured using the index or rate at the lease commencement date). As the Company cannot determine the interest rate implicit in the lease for the Company's leases, the Company uses the Company's estimate of the incremental borrowing rate as of the commencement date in determining the present value of lease payments. The Company's estimated incremental borrowing rate is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for all of the Company's leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.
As of March 31, 2024 and 2023, current operating lease liabilities were $136 million and $124 million, respectively, which are included in other current liabilities on the consolidated balance sheets.
Restructuring Charges
The Company recognizes restructuring charges related to its plans to close or consolidate excess manufacturing facilities and reduce excess workforce capacity. In connection with these activities, the Company records restructuring charges for employee termination costs, long-lived asset impairment and other exit-related costs.
The recognition of restructuring charges requires the Company to make certain judgments and estimates regarding the nature, timing and amount of costs associated with the planned exit activity. To the extent the Company's actual results differ from its estimates and assumptions, the Company may be required to revise the estimates of future liabilities, requiring the recognition of additional restructuring charges or the reduction of liabilities already recognized. Such changes to previously estimated amounts may be material to the consolidated financial statements. At the end of each reporting period, the Company evaluates the remaining accrued balances to ensure that no excess accruals are retained, and the utilization of the provisions are for their intended purpose in accordance with developed restructuring plans. See note 16 for additional information regarding restructuring charges.
Recently Issued Accounting Pronouncements
In March 2024, the FASB issued ASU 2024-02 "Codification Improvements—Amendments to Remove References to the Concepts Statements", which removes various references to concepts statements from the FASB Accounting Standards Codification. This ASU is effective for the Company beginning in the first quarter of fiscal year 2026, with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2026.
In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2026. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance prospectively when it becomes effective in the fourth quarter of fiscal year 2026.
In November 2023, the FASB issued ASU 2023-07 "Segment Reporting - Improvements to Reportable Segment Disclosures", which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2025, with early adoption permitted. The Company is currently assessing the impact of ASU 2023-07 on its consolidated financial statements, and intends to adopt the guidance retrospectively when it becomes effective in the fourth quarter of fiscal year 2025.
In October 2023, the FASB issued ASU 2023-06 "Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative", which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standard Codification (the "Codification"). This ASU will become effective on the date the SEC removes the applicable disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not be become effective for any entity. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective.
Recently Adopted Accounting Pronouncements
In September 2022, the FASB issued ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations", which requires a buyer in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The guidance is effective for the Company beginning in the first quarter of fiscal year 2024, except for the amendment on roll-forward information which is effective in fiscal year 2025, with early adoption permitted. The Company adopted the guidance retrospectively during the first quarter of fiscal year 2024, including a roll-forward of changes in those obligations, with immaterial impacts on its consolidated financial statements.
The Company has four supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the Company. The Company established these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they choose to sell their receivables to the financial institutions in advance of the receivables' due date. Our suppliers’ participation in the programs is voluntary, the Company is not involved in negotiations of the suppliers’ arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers’ decisions to sell amounts under these programs. Under these supplier finance programs, the Company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. No guarantees are provided by the Company under the supplier finance programs and the Company incurs no costs related to the programs. We have no economic interest in a supplier’s decision to participate in the supplier finance programs.
Obligations under these programs are classified within accounts payable on the consolidated balance sheets, with the associated payments reflected in the operating activities section of the consolidated statement of cash flows. The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance programs for the fiscal year ended March 31, 2024 is as follows.
Fiscal Year Ended
March 31, 2024
(In millions)
Confirmed obligations outstanding at the beginning of the year$157 
Invoices confirmed during the year604 
Confirmed invoices paid during the year(643)
Foreign currency exchange impact5 
Confirmed obligations outstanding at the end of the year$123 
v3.24.1.1.u2
LEASES
 12 Months Ended
Mar. 31, 2024
Leases [Abstract]  
LEASES LEASES
The Company has several commitments under operating leases for warehouses, buildings, and equipment. The Company also has a minimal number of finance leases with an immaterial impact on its consolidated financial statements. Leases have remaining lease terms ranging from approximately 1 year to 20 years.
The components of lease cost recognized were as follow (in millions): 
Lease costFiscal Year Ended
March 31, 2024March 31, 2023
Operating lease cost$167 $149 

Amounts reported in the consolidated balance sheet as of the fiscal years ended March 31, 2024 and 2023 were (in millions, except weighted average lease term and discount rate):
As of March 31, 2024As of March 31, 2023
Operating Leases:
   Operating lease right of use assets$601$605
   Operating lease liabilities626628
Weighted-average remaining lease term (In years)
   Operating leases6.36.6
Weighted-average discount rate
   Operating leases4.4 %4.3 %
Other information related to leases was as follow (in millions):
Fiscal Year Ended
March 31, 2024March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities: 
   Operating cash flows from operating leases$160 $149 
Right‑of‑use assets obtained in exchange for lease liabilities
   Operating Lease$134 $119 
Future lease payments under non-cancellable leases as of March 31, 2024 were as follows (in millions):
Fiscal Year Ended March 31,Operating Leases
2025$160 
2026135 
2027104 
202888 
202969 
Thereafter157 
Total undiscounted lease payments713 
Less: imputed interest87 
Total lease liabilities$626 
Total rent expense amounted to $188 million, $182 million, and $178 million in fiscal years 2024, 2023 and 2022, respectively.
v3.24.1.1.u2
REVENUE
 12 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Revenue Recognition
The Company provides a comprehensive suite of services for its customers that range from advanced product design to manufacturing and logistics to after-sales services. The first step in its process for revenue recognition is to identify a contract with a customer. A contract is defined as an agreement between two parties that creates enforceable rights and obligations and can be written, verbal, or implied. The Company generally enters into master supply agreements (“MSAs”) with its customers that provide the framework under which business will be conducted. This includes matters such as warranty, indemnification, transfer of title and risk of loss, liability for excess and obsolete inventory, pricing formulas, payment terms, etc., and the level of business under those agreements may not be guaranteed. In those instances, the Company bids on a program-by-program basis and typically receives customer purchase orders for specific quantities and timing of products. As a result, the Company considers its contract with a customer to be the combination of the MSA and the purchase order, or any other similar documents such as a statement of work, product addendum, forecast commitments, emails or other communications that embody the commitment by the customer.
In determining the appropriate amount of revenue to recognize, the Company applies the following steps: (i) identifies the contracts with the customers; (ii) identifies performance obligations in the contracts; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations per the contracts; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation. Further, the Company assesses whether control of the products or services promised under the contract are transferred to the customer at a point in time (PIT) or over time (OT). The Company is first required to evaluate whether its contracts meet the criteria for OT recognition. The Company has determined that for a portion of its contracts the Company is manufacturing products for which there is no alternative use (due to the unique nature of the customer-specific product and intellectual property restrictions) and the Company has an enforceable right to payment including a reasonable profit for work-in-progress inventory with respect to these contracts. For certain other contracts, the Company’s performance creates and enhances an asset that the customer controls as the Company performs under the contract. As a result, revenue is recognized under these contracts OT based on the cost-to-cost method as it best depicts the transfer of control to the customer measured based on the ratio of costs incurred to date as compared to the total estimated costs at completion of the performance obligation. For all other contracts that do not meet these criteria, the Company recognizes revenue when it has
transferred control of the related manufactured products which generally occurs upon delivery and passage of title to the customer.
Customer Contracts and Related Obligations
Certain of the Company’s customer agreements include potential price adjustments which may result in variable consideration. These price adjustments include, but are not limited to, sharing of cost savings, committed price reductions, material margins earned over the period that are contractually required to be paid to the customers, rebates, refunds tied to performance metrics such as on-time delivery, and other periodic pricing resets that may be refundable to customers. The Company estimates the variable consideration related to these price adjustments as part of the total transaction price and recognizes revenue in accordance with the pattern applicable to the performance obligation, subject to a constraint. The Company constrains the amount of revenues recognized for these contractual provisions based on its best estimate of the amount which will not result in a significant reversal of revenue in a future period. The Company determines the amounts to be recognized based on the amount of potential refunds required by the contract, historical experience and other surrounding facts and circumstances. Often these obligations are settled with the customer in a period after shipment through various methods which include reduction of prices for future purchases, issuance of a payment to the customer, or issuance of a credit note applied against the customer’s accounts receivable balance. In many instances, the agreement is silent on the settlement mechanism. Any difference between the amount accrued for potential refunds and the actual amount agreed to with the customer is recorded as an increase or decrease in revenue. These potential price adjustments are included as part of other current liabilities on the consolidated balance sheet and disclosed as part of customer-related accruals in note 2.
Performance Obligations
The Company derives its revenues primarily from manufacturing services, and to a lesser extent, from innovative design, engineering, and supply chain services and solutions.
A performance obligation is an implicitly or explicitly promised good or service that is material in the context of the contract and is both capable of being distinct (customer can benefit from the good or service on its own or together with other readily available resources) and distinct within the context of the contract (separately identifiable from other promises). The Company considers all activities typically included in its contracts, and identifies those activities representing a promise to transfer goods or services to a customer. These include, but are not limited to, design and engineering services, prototype products, tooling, etc. Each promised good or service with regards to these identified activities is accounted for as a separate performance obligation only if it is distinct - i.e., the customer can benefit from it on its own or together with other resources that are readily available to the customer. Certain activities on the other hand are determined not to constitute a promise to transfer goods or service, and therefore do not represent separate performance obligations for revenue recognition (e.g., procurement of materials and standard workmanship warranty).
A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of the Company's contracts have a single performance obligation as the promise to transfer the individual good or service is not separately identifiable from other promises in the contract and is, therefore, not distinct. Promised goods or services that are immaterial in the context of the contract are not separately assessed as performance obligations. In the event that more than one performance obligation is identified in a contract, the Company is required to allocate the transaction price between the performance obligations. The allocation would generally be performed on the basis of a relative standalone price for each distinct good or service. This standalone price most often represents the price that the Company would sell similar goods or services separately.
Contract Balances
A contract asset is recognized when the Company has recognized revenue, but not issued an invoice for payment. Contract assets are classified separately on the consolidated balance sheets and transferred to receivables when rights to payment become unconditional and invoiced.
A contract liability is recognized when the Company receives payments in advance of the satisfaction of performance. Contract liabilities, identified as deferred revenue, were $490 million and $662 million as of March 31, 2024 and 2023, respectively, of which $449 million and $607 million, respectively, is included in deferred revenue and customer working capital advances under current liabilities.
Disaggregation of Revenue
The following table presents the Company’s revenue disaggregated based on timing of transfer - point in time and over time for the fiscal years ended March 31, 2024, 2023 and 2022:
Fiscal Year Ended March 31,
202420232022
Timing of Transfer(In millions)
FAS
Point in time$12,811 $14,942 $13,288 
Over time1,112 827 739 
Total13,923 15,769 14,027 
FRS
Point in time11,706 12,004 9,904 
Over time786 729 702 
Total12,492 12,733 10,606 
Flex
Point in time24,517 26,946 23,192 
Over time1,898 1,556 1,441 
Total$26,415 $28,502 $24,633 
v3.24.1.1.u2
SHARE-BASED COMPENSATION
 12 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Equity Compensation Plan
Flex historically maintains stock-based compensation plans at a corporate level. The Company granted equity compensation awards under its 2017 Equity Incentive Plan (the "2017 Plan").
Share-Based Compensation Expense
The following table summarizes the Company's share-based compensation expense for the 2017 Plan:
 Fiscal Year Ended March 31,
 202420232022
 (In millions)
Cost of sales$28 $24 $23 
Selling, general and administrative expenses85 77 65 
Total share-based compensation expense$113 $101 $88 
Cash flows resulting from excess tax benefits (tax benefits related to the excess of proceeds from employee exercises of share options over the share-based compensation cost recognized for those options) are classified as operating cash flows. During fiscal years 2024, 2023 and 2022, the Company did not recognize any excess tax benefits as an operating cash inflow.
The 2017 Plan
As of March 31, 2024, the Company had approximately 23.0 million shares available for grant under the 2017 Plan. The Company grants restricted share unit ("RSU") awards under its 2017 Plan. RSU awards are rights to acquire a specified number of ordinary shares for no cash consideration in exchange for continued service with the Company. RSU awards generally vest in installments over a two to three-year period and unvested RSU awards are generally forfeited upon termination of employment.
Vesting for certain RSU awards is contingent upon both service and market conditions or both service and performance conditions.
As of March 31, 2024, the total unrecognized compensation cost related to unvested RSU awards under the 2017 Plan was approximately $173 million. These costs will be amortized generally on a straight-line basis over a weighted-average period of approximately 2.0 years. Approximately $14 million of the total unrecognized compensation cost is related to RSU awards
granted to certain key employees whereby vesting is contingent on meeting certain market conditions. Approximately $10 million of the total unrecognized compensation cost is related to RSU awards granted to certain key employees whereby vesting is contingent on meeting certain performance conditions.
Determining Fair Value - RSU awards
Valuation and Amortization Method—The fair market value of RSU awards granted, other than those awards with a market condition, is the closing price of the Company's ordinary shares on the date of grant and is generally recognized as compensation expense on a straight-line basis over the respective vesting period.
Determining Fair Value - RSU awards with service and market conditions
Valuation and Amortization Method—The Company estimates the fair value of RSU awards granted under the 2017 Plan whereby vesting is contingent on meeting certain market conditions using Monte Carlo simulation. This fair value is then amortized on a straight-line basis over the vesting period, which is the service period.
Expected volatility of Flex—Volatility used in a Monte Carlo simulation is derived from the historical volatility of Flex's stock price over a period equal to the service period of the RSU awards granted. The service period is three years for those RSU awards granted in fiscal years 2024, 2023, and 2022.
Average peer volatility—Volatility used in a Monte Carlo simulation is derived from the historical volatilities of Flex's peer companies for the RSU awards granted in fiscal years 2024, 2023, and 2022.
Average Peer Correlation—Correlation coefficients were used to model the movement of Flex's stock price relative to Flex's peer companies for the RSU awards granted in fiscal years 2024, 2023, and 2022.
Expected Dividend —The Company has never paid dividends on its ordinary shares and accordingly the dividend yield percentage is zero for all periods.
Risk-Free Interest Rate assumptions—The Company bases the risk-free interest rate used in the Monte Carlo simulation on the implied yield currently available on U.S. Treasury constant maturities issued with a term equivalent to the expected term of the RSU awards.
The fair value of the Company's RSU awards under the 2017 Plan, whereby vesting is contingent on meeting certain market conditions, for fiscal years 2024, 2023, and 2022 was estimated using the following weighted-average assumptions:
 Fiscal Year Ended March 31,
 202420232022
Expected volatility36.9 %49.0 %54.6 %
Average peer volatility35.2 %41.4 %39.8 %
Average peer correlation0.4 0.4 0.4 
Expected dividends— %— %— %
Risk-free interest rate4.3 %3.0 %0.3 %
Share-Based Awards Activity
The following table summarizes the Company's RSU award activity under the 2017 Plan ("Price" reflects the weighted-average grant-date fair value):
Fiscal Year Ended March 31,
202420232022
SharesPrice SharesPriceSharesPrice
Unvested RSU awards outstanding, beginning of fiscal year15,348,615 $16.79 17,019,559 $14.13 17,308,625 $11.14 
Granted (1)6,162,067 27.86 8,416,650 18.22 7,276,643 18.48 
Vested (1)(8,529,857)14.34 (9,229,198)12.51 (5,933,605)10.87 
Forfeited (2)(994,150)19.76 (858,396)15.31 (1,632,104)12.42 
Adjustment due to the Spin-off (3) 3,380,381 — — 
Unvested RSU awards outstanding, end of fiscal year (4)15,367,056 $17.73 15,348,615 $16.79 17,019,559 $14.13 
(1)Included in both the fiscal years 2024 and 2023 amounts are 1.2 million of share bonus awards representing the number of awards achieved above target levels based on the achievement of certain market conditions for awards granted in the fiscal years 2021 and 2020, respectively. These awards were issued and immediately vested in accordance with the terms and conditions of the underlying awards.
(2)Includes immaterial RSU awards previously granted to Nextracker employees under the 2017 Plan canceled due to the Spin-off.
(3)Represents an adjustment to the outstanding RSU awards under the terms of the 2017 Plan using a conversion ratio of approximately 1.29 as a result of the Spin-off.
(4)The weighted-average grant date fair value of the RSUs included in the line item “Adjustment due to the Spin-off” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.29. The weighted-average grant date fair value of the unvested RSUs as of March 31, 2024 reflects the adjustment.
Of the 6.2 million unvested RSU awards granted in fiscal year 2024, approximately 4.3 million are plain-vanilla unvested RSU awards with no performance or market conditions with an average grant date price of $27.29 per share. Further, approximately 0.4 million of these unvested RSU awards granted in fiscal year 2024 represents the target amount of grants made to certain key employees whereby vesting is contingent on certain market conditions, with an average grant date fair value estimated to be $35.55 per award calculated using a Monte Carlo simulation. Vesting information for these shares is further detailed in the table below.
Of the 15.4 million unvested RSU awards outstanding under the 2017 Plan as of the fiscal year ended March 31, 2024, approximately 1.5 million unvested RSU awards represents the target amount of grants made to certain key employees whereby vesting is contingent on meeting certain market conditions summarized as follows:
Target
number of
awards as of
March 31, 2024
(in shares) (1)		Range of shares
that may be issued (2)
Average
grant date
fair value
(per share)
Assessment dates
Year of grantMinimumMaximum
Fiscal 2024443,253 $35.55 — 886,506 June 2026
Fiscal 2023628,720 $23.45 — 1,257,440 June 2025
Fiscal 2022436,006 $25.86 — 872,012 June 2024
Totals1,507,979  3,015,958  
(1)    Includes an adjustment to the outstanding RSU awards under the terms of the 2017 Plan using a conversion ratio of approximately 1.29 as a result of the Spin-off.
(2)    Vesting ranges from zero to 200% based on measurement of Flex's total shareholder return against Flex's peer companies for RSU awards granted in fiscal years 2024, 2023 and 2022.
The Company will continue to recognize share-based compensation expense for awards with market conditions regardless of whether such awards will ultimately vest. During fiscal year 2024, 2.3 million shares vested in connection with the awards with market conditions granted in fiscal year 2021.
Approximately 0.4 million of these unvested RSU awards granted in fiscal year 2024 represents the target amount of grants made to certain key employees whereby vesting is contingent on certain performance conditions, with an average grant date price of $26.67 per share. Vesting information for these shares is further detailed in the table below.
Of the 15.4 million unvested RSU awards outstanding under the 2017 Plan as of the fiscal year ended March 31, 2024, approximately 1.5 million unvested RSU awards represents the target amount of grants made to certain key employees whereby vesting is contingent on meeting certain performance conditions summarized as follows:
Target
number of
awards as of
March 31, 2024
(in shares) (1)		Range of shares
that may be issued (2)
Average
grant date
fair value
(per share)
Assessment date
Year of grantMinimumMaximum
Fiscal 2024443,253 $26.67 — 886,506 Mar 2027
Fiscal 2023628,720 $16.52 — 1,257,440 Mar 2026
Fiscal 2022436,003 $18.24 — 872,006 Mar 2025
Totals1,507,976 3,015,952 
(1)    Includes an adjustment to the outstanding RSU awards under the terms of the 2017 Plan using a conversion ratio of approximately 1.29 as a result of the Spin-off.
(2)    Vesting ranges from zero to 200% based on performance of Flex's average earnings per share growth.
The total intrinsic value of RSU awards vested under the Company's 2017 Plan was $227 million, $148 million and $108 million during fiscal years 2024, 2023 and 2022, respectively, based on the closing price of the Company's ordinary shares on the date vested.
Impact from Nextracker Spin-off on Equity Awards
Starting from fiscal year 2023, Nextracker granted equity compensation awards to Nextracker employees under the First Amended and Restated 2022 Nextracker LLC Equity Incentive Plan (the "2022 Nextracker Plan"), which was administered by Nextracker, a majority owned subsidiary of the Company prior to the Spin-off. Subsequent to the Spin-off, no stock-based compensation expense for the Nextracker awards granted under the 2022 Nextracker Plan will be included in Flex's consolidated financial statements.
In connection with the Spin-off, the Company was required to make certain adjustments to the number of share-based compensation awards under the 2017 Plan using a conversion ratio designed to preserve the intrinsic value of the awards to the holders immediately prior to the Spin-off. Adjustments to the outstanding share-based compensation awards did not result in material additional compensation expense. All outstanding RSU awards under the 2017 Plan for employees transferred to Nextracker were canceled in connection with the Spin-off. The Company did not recognize any compensation cost related to awards held by Nextracker employees post the Spin-off. Approximately $39 million of stock-based compensation expense was recognized in respect of Nextracker employees for fiscal year 2024 (prior to the Spin-off) and is included in net income from discontinued operations, net of tax.
v3.24.1.1.u2
EARNINGS PER SHARE
 12 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share excludes dilution and is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the applicable periods.
Diluted earnings per share reflects the potential dilution from share-based compensation awards. The potential dilution from restricted share unit awards was computed using the treasury stock method based on the average fair market value of the Company's ordinary shares for the period.
The computation of earnings per share and weighted average shares outstanding of the Company’s common stock for the following periods is presented below:
Fiscal Year Ended March 31,
2024 20232022
(In millions, except per share amounts)
Numerator:
Net income from continuing operations$872 $683 $872 
Net income from discontinued operations, net of tax (Note 7)373 350 68 
Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interest (Note 7)239 240 4 
Net income from discontinued operations attributable to Flex Ltd. (Note 7)134 110 64 
Total net income attributable to Flex Ltd.$1,006 $793 $936 
Denominator:
Weighted-average ordinary shares outstanding - basic435 454 476 
Weighted-average ordinary share equivalents from RSU awards (1)6 8 7 
Weighted-average ordinary shares and ordinary share equivalents outstanding - diluted441 462 483 
Earnings per share - basic
Continuing operations$2.00 $1.50 $1.83 
Discontinued operations, net of tax (Note 7)0.31 0.25 0.14 
Total attributable to the shareholders of Flex Ltd.$2.31 $1.75 $1.97 
Earnings per share - diluted
Continuing operations $1.98 $1.48 $1.81 
Discontinued operations, net of tax (Note 7)0.30 0.24 0.13 
Total attributable to the shareholders of Flex Ltd.$2.28 $1.72 $1.94 
_________________________________________________________________________
(1)An immaterial amount of RSU awards during fiscal years 2024, 2023, and 2022, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted average ordinary shares equivalents.
v3.24.1.1.u2
DISCONTINUED OPERATIONS
 12 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
On January 2, 2024, Flex completed the Spin-off of our remaining interests in Nextracker to Flex shareholders on a pro-rata basis based on the number ordinary shares of Flex held by each shareholder of Flex as of December 29, 2023, which was the record date of the Distribution.
Nextracker's financial results for periods prior to the Spin-off have been reflected in our consolidated statement of operations, retrospectively, as discontinued operations. Details of net income from discontinued operations included in our consolidated statements of operations are as follows:
Fiscal Year Ended March 31,
2024 (1)20232022
(In millions)
Net sales (2)$1,664 $1,844 $1,408 
Cost of sales (2)1,198 1,555 1,256 
Gross profit466 289 152 
Selling, general and administrative expenses145 121 62 
Intangible amortization— 1 8 
Operating income321 167 82 
Interest, net1 1 — 
Other charges (income), net(2)(1)1 
Income before income taxes322 167 81 
(Benefit from) provision for income taxes(51)(183)13 
Net income from discontinued operations373 350 68 
Net income from discontinued operations attributable to noncontrolling interest and redeemable noncontrolling interest (3)239 240 4 
Net income from discontinued operations attributable to Flex Ltd.$134 $110 $64 
(1)Represents the financial results for the nine-month period prior to the Spin-off. The financial results for the period from January 1, 2024 to the Spin-off date were immaterial.
(2)Both net sales and cost of sales from discontinued operations includes the effect of intercompany transactions that were eliminated from Flex's consolidated operations of approximately $99 million, $59 million, and $50 million for fiscal years ended March 31, 2024, 2023, and 2022, respectively.
(3)Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $145 million, zero, and zero and of income tax benefits of $94 million, $197 million, and zero and distributions to redeemable noncontrolling interest of zero, $43 million, and $4 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $177 million, $167 million and $81 million for the same periods.
Details of cash flows from discontinued operations are as follows:
Fiscal Year Ended March 31,
2024 (1)20232022
(In millions)
Net cash provided by (used in) discontinued operations operating activities (2)$317 $108 $(147)
Net cash used in discontinued operations investing activities(4)(3)(6)
(1)Represents the financial results for the nine-month period prior to the Spin-off.
(2)Cash flows from discontinued operations operating activities includes the effect of intercompany transactions that were eliminated from Flex's consolidated operations of $54 million, ($23) million, and $11 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively.
The following table summarizes the major classes of assets and liabilities of discontinued operations that were included in the Company's consolidated balance sheet as of March 31, 2023. There were no assets and liabilities of discontinued operations as of March 31, 2024.
As of March 31,
2023
 (In millions)
Cash and cash equivalents$130 
Accounts receivable, net271 
Contract assets298 
Inventories142 
Other current assets42 
Current assets of discontinued operations$883 
Property and equipment, net$7 
Operating lease right-of-use assets, net3 
Goodwill204 
Other intangible assets, net1 
Other non-current assets268 
Non-current assets of discontinued operations$483 
Accounts payable$206 
Accrued payroll and benefits16 
Deferred revenue and customer working capital advances188 
Other current liabilities103 
Current liabilities of discontinued operations$513 
Long-term debt$147 
Operating lease liabilities, non-current2 
Other non-current liabilities83 
Non-current liabilities of discontinued operations$232 
v3.24.1.1.u2
SUPPLEMENTAL CASH FLOW DISCLOSURES
 12 Months Ended
Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]  
SUPPLEMENTAL CASH FLOW DISCLOSURES SUPPLEMENTAL CASH FLOW DISCLOSURES
The following table represents supplemental cash flow disclosures and non-cash investing and financing activities:
Fiscal Year Ended March 31,
202420232022
(In millions)
Net cash paid for:
Interest$226 $227 $169 
Income taxes243 124 122 
Non-cash investing and financing activity:
Unpaid purchases of property and equipment$97 $184 $126 
Pre-IPO paid-in-kind dividend to redeemable noncontrolling interest— 21 4 
v3.24.1.1.u2
BANK BORROWINGS AND LONG-TERM DEBT
 12 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
BANK BORROWINGS AND LONG-TERM DEBT BANK BORROWINGS AND LONG-TERM DEBT
Bank borrowings and long-term debt are as follows:
Maturity DateAs of March 31,
20242023
(In millions)
4.750% Notes ("2025 Notes") (1)(2)
June 2025584 599 
3.750% Notes ("2026 Notes") (1)(2)
February 2026682 686 
6.000% Notes ("2028 Notes") (1)(2)
January 2028397 396 
4.875% Notes ("2029 Notes") (1)(2)
June 2029657 658 
4.875% Notes ("2030 Notes") (1)(2)
May 2030681 685 
JPY Term Loan (3)April 2024— 253 
Delayed Draw Term Loan (4)November 2023— 150 
3.600% HUF Bonds (5)
December 2031274 284 
Other1 1 
Debt issuance costs(15)(18)
3,261 3,694 
Current portion, net of debt issuance costs— (150)
Non-current portion$3,261 $3,544 
(1)The notes are carried at the principal amount of each note, less any unamortized discount or premium and unamortized debt issuance costs.
(2)The notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations.
(3)In April 2019, the Company entered into a JPY 33.5 billion term loan agreement at three-month TIBOR plus 0.430%, which was then swapped to U.S. dollars. The term loan, which is subject to quarterly interest payments, was used to fund general operations and refinance certain other outstanding debt. During fiscal year 2024, the Company repaid the outstanding balance.
(4)In September 2022, the Company entered into a $450 million delayed draw term loan credit agreement, under which $300 million was repaid during fiscal year 2023. Borrowings under the delayed draw term loan may be used for working capital, capital expenditures, refinancing of current debt, and other general corporate purposes. Interest is based on either (a) a Term SOFR-based formula plus a margin of 100.0 basis points to 162.5 basis points, depending on the Company's credit ratings, or (b) a Base Rate (the greatest of the agent's prime rate, the federal funds rate plus 0.50%, and the Term SOFR plus 1.00%) formula plus a margin of 0.0 basis point to 62.5 basis points, depending on the Company's credit ratings. During fiscal year 2024, the Company repaid the remaining $150 million outstanding balance.
(5)In December 2021, the Company issued HUF 100 billion (approximately $274 million as of March 31, 2024) in aggregate principal amount of bonds under the National Bank of Hungary’s Bond Funding for Growth Scheme. The bonds are unsecured and unsubordinated obligations of the Company and rank equally with all of the Company’s other existing and future unsecured and unsubordinated obligations. The outstanding principal amount of the bonds bear interest at 3.60% per annum. The proceeds of the bonds were used for general corporate purposes.
Revolving Credit Facilities:
In July 2022, the Company entered into a $2.5 billion credit agreement which matures in July 2027 (the "2027 Credit Facility") and consists of a $2.5 billion revolving credit facility with a sub-limit of $360 million available for swing line loans, and a sub-limit of $175 million available for the issuance of letters of credit. The 2027 Credit Facility replaced the previous $2.0 billion revolving credit facility, which was due to mature in January 2026. As of March 31, 2024 and 2023, no borrowings were outstanding.
Borrowings under the 2027 Credit Facility bear interest, at the Company’s option, either at (i) the Base Rate (as defined in the 2027 Credit Facility), plus 1.0% and an applicable margin ranging from 0.125% to 0.750% per annum based on credit ratings or (ii) Term SOFR (or an Alternative Currency Term Rate based on the applicable currency at issue or Alternative Currency Daily Rate based on Sterling Overnight Index Average) plus the applicable margin ranging between 1.125% and 1.750% per annum based on credit ratings, plus an adjustment for Term SOFR loans of 0.10% per annum and an adjustment for Sterling Overnight Index Average loans of 0.0326% per annum. Interest on the outstanding borrowings is payable, (i) in the
case of borrowings at the Base Rate, on the last business day of March, June, September and December of each calendar year and the maturity date, (ii) in the case of borrowings at the Term SOFR rate (or Alternative Currency Term Rate), on the last day of the applicable interest period selected by the Company, which date shall be no later than the last day of every third month and the maturity date and (iii) in the case of borrowings at the Alternative Currency Daily Rate, on the last day of each calendar month and the maturity date. The Company is required to pay a quarterly commitment fee on the unutilized portion of the revolving credit commitments under the 2027 Credit Facility ranging from 0.125% to 0.275% per annum, based on credit ratings. The Company is also required to pay letter of credit usage fees ranging from 1.125% to 1.750% per annum (based on the credit ratings) on the amount of the daily average outstanding letters of credit and a fronting fee of 0.125% per annum on the undrawn and unexpired amount of each letter of credit.
Under the 2027 Credit Facility, the interest rate margins, commitment fee and letter of credit usage fee are subject to upward or downward adjustments if the Company achieves, or fails to achieve, certain specified sustainability targets with respect to workplace safety and greenhouse gas emissions. Such upward or downward sustainability adjustments may be up to 0.05% per annum in the case of the interest rate margins and letter of credit usage fee and up to 0.01% per annum in the case of the commitment fee.
As of March 31, 2024, the Company and certain of its subsidiaries had various uncommitted revolving credit facilities, lines of credit and other credit facilities in the amount of $318 million in the aggregate. There were no borrowings outstanding under these facilities as of March 31, 2024 and 2023. These unsecured credit facilities, and lines of credit and other credit facilities bear annual interest at the respective country's inter-bank offering rate, plus an applicable margin.
Debt Covenants:
Borrowings under the Company’s debt agreements are subject to various covenants that limit the Company’s ability to incur additional indebtedness, sell assets, effect mergers and certain transactions, and effect certain transactions with subsidiaries and affiliates. In addition, the 2027 Credit Facility also requires that the Company maintain a maximum ratio of total indebtedness to EBITDA (earnings before interest expense, taxes, depreciation and amortization), and a minimum interest coverage ratio. The Company is also subject to certain covenants requiring the Company to offer to repurchase the 2025 Notes, 2026 Notes, 2028 Notes, 2029 Notes, and 2030 Notes upon a change of control. As of March 31, 2024 and 2023, the Company was in compliance with its debt covenants.
The weighted-average interest rates for the Company's long-term debt were 4.5% and 4.6% as of March 31, 2024 and 2023, respectively.
Scheduled repayments of the Company's bank borrowings and long-term debt are as follows:
Fiscal Year Ending March 31,Amount
(In millions)
2025$— 
20261,266 
2027— 
2028397 
202927 
Thereafter1,586 
Total$3,276 
v3.24.1.1.u2
FINANCIAL INSTRUMENTS
 12 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedges, Assets [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
Foreign Currency Contracts
The Company transacts business in various foreign countries and is therefore exposed to foreign currency exchange rate risk inherent in forecasted sales, cost of sales, and monetary assets and liabilities denominated in non-functional currencies. The Company has established risk management programs to protect against volatility in the value of non-functional currency denominated monetary assets and liabilities, and of future cash flows caused by changes in foreign currency exchange rates. The Company tries to maintain a partial or fully hedged position for certain transaction exposures, which are primarily, but not limited to, forecasted sales and cost of sales, and monetary assets and liabilities in currencies other than the functional currency of the operating entity. The Company enters into short-term and long-term foreign currency derivative contracts, including forward, swap, and option contracts, to hedge only those currency exposures associated with certain assets and liabilities,
primarily accounts receivable, accounts payable, debt, and cash flows denominated in non-functional currencies. Gains and losses on the Company's derivative contracts are designed to offset losses and gains on the assets, liabilities and transactions hedged, and accordingly, generally do not subject the Company to risk of significant accounting losses. The Company hedges committed exposures and does not engage in speculative transactions. The credit risk of these derivative contracts is minimized since the contracts are with large financial institutions and, accordingly, fair value adjustments related to the credit risk of the counterparty financial institution were not material.
As of March 31, 2024, the aggregate notional amount of the Company's outstanding foreign currency derivative contracts was $8.6 billion as summarized below:
Notional Contract
Value in USD
CurrencyBuySell
(In millions)
Cash Flow Hedges
HUF$443 $— 
MXN609 — 
Other550 20 
1,602 20 
Other Foreign Currency Contracts
BRL— 361 
CNY321 84 
EUR1,883 1,815 
MXN532 448 
MYR264 120 
Other707 458 
3,707 3,286 
Total Notional Contract Value in USD$5,309 $3,306 
As of March 31, 2024 and 2023, the fair value of the Company's short-term foreign currency contracts was included in other current assets or other current liabilities, as applicable, in the consolidated balance sheets. Certain of these contracts are designed to economically hedge the Company's exposure to monetary assets and liabilities denominated in a non-functional currency and are not accounted for as hedges under the accounting standards. Accordingly, changes in the fair value of these instruments are recognized in earnings during the period of change as a component of other charges (income), net in the consolidated statements of operations. The Company also has included net deferred gains and losses in accumulated other comprehensive loss, a component of shareholders' equity in the consolidated balance sheets, relating to changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. Deferred gains were $19 million as of March 31, 2024, and are expected to be recognized primarily as a component of cost of sales in the consolidated statement of operations primarily over the next twelve-month period, except for gain attributable to changes in fair value of the USD HUF cross currency swaps, which are discussed below.
The Company entered into USD HUF cross currency swaps in December 2021 to hedge the foreign currency risk on the HUF bonds due December 2031, and the fair value of the cross currency swaps was included in other current assets and other non-current liabilities as of March 31, 2024 and March 31, 2023, respectively. The changes in fair value of the USD HUF cross currency swaps are reported in accumulated other comprehensive loss. In addition, corresponding amounts are reclassified out of accumulated other comprehensive loss to other charges (income), net to offset the remeasurement of the underlying HUF bond principal, which also impacts the same line.
The following table presents the fair value of the Company's derivative instruments utilized for foreign currency risk management purposes at March 31, 2024 and 2023:
Fair Values of Derivative Instruments
Asset DerivativesLiability Derivatives
Fair ValueFair Value
Balance Sheet
Location		March 31,
2024		March 31,
2023		Balance Sheet
Location		March 31,
2024		March 31,
2023
(In millions)
Derivatives designated as hedging instruments
Foreign currency contractsOther current assets$45 $46 Other current liabilities$(9)$22 
Foreign currency contractsOther non-current assets— — Other non-current liabilities(33)88 
Derivatives not designated as hedging instruments
Foreign currency contractsOther current assets$14 $26 Other current liabilities$(10)$19 

The Company has financial instruments subject to master netting arrangements, which provide for the net settlement of all contracts with certain counterparties. The Company does not offset fair value amounts for assets and liabilities recognized for derivative instruments under these arrangements, as such, the asset and liability balances presented in the table above reflect the gross amounts of derivatives in the consolidated balance sheets. The impact of netting derivative assets and liabilities is not material to the Company's financial position for any of the periods presented.
v3.24.1.1.u2
ACCUMULATED OTHER COMPREHENSIVE LOSS
 12 Months Ended
Mar. 31, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS
The changes in accumulated other comprehensive loss by component, net of tax, during fiscal years ended March 31, 2024, 2023 and 2022 are as follows:
Unrealized gains (loss) on
derivative
instruments and
other		Foreign currency
translation
adjustments		Total
(In millions)
Ending balance on March 31, 2021$(42)$(77)$(119)
Other comprehensive loss before reclassifications(49)(44)(93)
Net loss reclassified from accumulated other comprehensive loss25 5 30 
Net current-period other comprehensive loss(24)(39)(63)
Ending balance on March 31, 2022$(66)$(116)$(182)
Other comprehensive loss before reclassifications(25)(67)(92)
Net loss reclassified from accumulated other comprehensive loss77 3 80 
Net current-period other comprehensive gains (loss)52 (64)(12)
Ending balance on March 31, 2023$(14)$(180)$(194)
Other comprehensive gains (loss) before reclassifications95 (19)76 
Net (gains) loss reclassified from accumulated other comprehensive loss(77)— (77)
Net current-period other comprehensive gains (loss)18 (19)(1)
Ending balance on March 31, 2024$4 $(199)$(195)
Substantially all unrealized gains and losses relating to derivative instruments and other, reclassified from accumulated other comprehensive loss for the fiscal year 2024 were reclassified out of accumulated other comprehensive loss to other charges (income), net and cost of sales in the consolidated statement of operations, which primarily relate to the Company's foreign currency contracts accounted for as cash flow hedges.
The tax impact to other comprehensive loss was immaterial for all periods presented.
v3.24.1.1.u2
TRADE RECEIVABLES SALES PROGRAM
 12 Months Ended
Mar. 31, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
TRADE RECEIVABLES SALES PROGRAM TRADE RECEIVABLES SALES PROGRAMS
The Company sells accounts receivables to certain third-party banking institutions under factoring programs. The outstanding balance of receivables sold and not yet collected on accounts where the Company has continuing involvement was approximately $0.8 billion and $0.8 billion as of March 31, 2024 and 2023, respectively. For the fiscal years ended March 31, 2024, 2023 and 2022, total accounts receivable sold to certain third party banking institutions was approximately $3.6 billion, $3.5 billion and $1.6 billion, respectively. The receivables that were sold were removed from the consolidated balance sheets and the cash received was included as cash provided by operating activities in the consolidated statements of cash flows.
v3.24.1.1.u2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
 12 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:
Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. There were no balances classified as level 1 in the fair value hierarchy as of March 31, 2024.
Level 2 - Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets) such as cash and cash equivalents and money market funds; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
The Company values foreign exchange forward contracts using level 2 observable inputs which primarily consist of an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount.
The Company's cash equivalents include bank time deposits and money market funds, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value.
The Company has deferred compensation plans for its officers and certain other employees. Amounts deferred under the plans are invested in hypothetical investments selected by the participant or the participant's investment manager. The Company's deferred compensation plan assets are included in other non-current assets on the consolidated balance sheets and include money market funds, mutual funds, corporate and government bonds and certain convertible securities that are valued using prices obtained from various pricing sources. These sources price these investments using certain market indices and the performance of these investments in relation to these indices. As a result, the Company has classified these investments as level 2 in the fair value hierarchy.
Level 3 - Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
There were no transfers between levels in the fair value hierarchy during fiscal years 2024 and 2023.
Financial Instruments Measured at Fair Value on a Recurring Basis
The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and 2023:
Fair Value Measurements as of March 31, 2024
Level 1Level 2Level 3Total
(In millions)
Assets:    
Money market funds and time deposits (Note 2)$— $759 $— $759 
Foreign currency contracts (Note 10)— 59 — 59 
Deferred compensation plan assets:
Mutual funds, money market accounts and equity securities— 41 — 41 
Liabilities:
Foreign currency contracts (Note 10)$— $(52)$— $(52)
Fair Value Measurements as of March 31, 2023
Level 1Level 2Level 3Total
(In millions)
Assets:
Money market funds and time deposits (Note 2)$— $2,324 $— $2,324 
Foreign currency contracts (Note 10)— 72 — 72 
Deferred compensation plan assets:
Mutual funds, money market accounts and equity securities— 35 — 35 
Liabilities:
Foreign currency contracts (Note 10)$— $(129)$— $(129)
Other financial instruments
The following table presents the Company's major debts not carried at fair value as of March 31, 2024 and 2023:
As of March 31, 2024As of March 31, 2023
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value		Fair Value
Hierarchy
(In millions)(In millions)
JPY Term Loan due April 2024
— — 253 253 Level 2
4.750% Notes due June 2025
584 578 599 590 Level 1
3.750% Notes due February 2026
682 662 686 657 Level 1
6.000% Notes due January 2028
397 404 396 399 Level 1
4.875% Notes due June 2029
657 643 658 631 Level 1
4.875% Notes due May 2030
681 662 685 661 Level 1
Delayed Draw Term Loan— — 150 150 Level 2
3.600% HUF Bonds due December 2031
274 219 284 196 Level 2
The Notes due June 2025, February 2026, January 2028, June 2029 and May 2030 are valued based on broker trading prices in active markets. HUF Bonds are valued based on the broker trading prices in an inactive market.
v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Commitments
As of March 31, 2024 and 2023, the gross carrying amount and associated accumulated depreciation of the Company's property and equipment financed under finance leases, and the related obligations was not material. The Company also leases
certain of its facilities and equipment under non-cancelable operating leases. These operating leases expire in various years through 2044. Refer to note 3 for additional details on the minimum lease payments.
Litigation and other legal matters
In connection with the matters described below, the Company has accrued for loss contingencies where it believes that losses are probable and estimable. Although it is reasonably possible that actual losses could be in excess of the Company’s accrual, the Company is unable to estimate a reasonably possible loss or range of loss in excess of its accrual, due to various reasons, including, among others, that: (i) the proceedings are in early stages or no claims have been asserted, (ii) specific damages have not been sought in all of these matters, (iii) damages, if asserted, are considered unsupported and/or exaggerated, (iv) there is uncertainty as to the outcome of pending appeals, motions, or settlements, (v) there are significant factual issues to be resolved, and/or (vi) there are novel legal issues or unsettled legal theories presented. Any such excess loss could have a material effect on the Company’s results of operations or cash flows for a particular period or on the Company’s financial condition.
The Company is currently involved in a commercial dispute related to a construction matter with related production objectives. Management has assessed the potential outcomes of this dispute, considered available information, and consulted with legal counsel and as a result of this assessment has recognized $50 million in Selling, general and administrative expenses in the fiscal quarter ended March 31, 2024 as an accrual. The ultimate resolution of this dispute is uncertain, and the actual outcome may differ from the estimates made by management. Changes in circumstances or additional information may impact the Company’s assessment of its loss and could result in adjustments to the $50 million accrual, however, management currently believes that the resolution of this dispute will not have a material effect on the Company’s financial position, results of operations or cash flows. The Company will continue to monitor developments related to this matter and will adjust its accrual and disclosures accordingly in future reporting periods as additional information becomes available.
One of the Company's Brazilian subsidiaries has received assessments for certain sales and import taxes. There were originally six tax assessments totaling the updated amount inclusive of interest and penalties of 419 million Brazilian reals (approximately USD $84 million based on the exchange rate as of March 31, 2024). The Company successfully defeated one of the six assessments in September 2019 (totaling approximately 61 million Brazilian reals or USD $12 million) and the government lost its appeal on February 21, 2024. The Company successfully defeated another three of the assessments in September 2022 (totaling the updated amount inclusive of interest and penalties of approximately 261 million Brazilian reals or USD $52 million). These three assessments are pending appeal by the government. The Company was unsuccessful at the administrative level for the remaining two assessments and filed annulment actions in federal court in Brasilia, Brazil on March 23, 2020 and September 19, 2023, respectively; the updated amount of those assessments inclusive of interest and penalties is approximately 94 million Brazilian reals (approximately USD $19 million). The Company believes that it has meritorious defenses to each of these assessments and will continue to vigorously oppose all of them, as well as any future assessments. The Company does not expect final judicial determination on any of these claims in the near future.
On February 14, 2019, the Company submitted an initial notification of voluntary disclosure to the U.S. Department of the Treasury, Office of Foreign Assets Control ("OFAC") regarding possible noncompliance with U.S. economic sanctions requirements among certain non-U.S. Flex-affiliated operations. On September 28, 2020, the Company made a submission to OFAC that completed the Company’s voluntary disclosure based on the results of an internal investigation regarding the matter. On June 11, 2021, the Company notified OFAC that it had identified possible additional relevant transactions at one non-U.S. Flex-affiliated operation. The Company submitted an update to OFAC on November 16, 2021 reporting on the results of its review of those transactions. The Company received a No Action Letter dated February 22, 2024 from OFAC, stating that OFAC had closed its investigation without taking further action.
A foreign Tax Authority (“Tax Authority”) has assessed a cumulative total of approximately $221 million in taxes owed for multiple Flex legal entities within its jurisdiction for various fiscal years ranging from fiscal year 2010 through fiscal year 2020. The assessed amounts related to the denial of certain deductible intercompany payments and taxability of income earned outside such jurisdiction. The Company disagrees with the Tax Authority’s assessments and is actively contesting the assessments through the administrative and judicial processes. 
As the final resolution of the above outstanding tax item remains uncertain, the Company continues to provide for the uncertain tax positions based on the more likely than not standard. While the resolution of the issues may result in tax liabilities, interest and penalties, which may be significantly higher than the amounts accrued for these matters, management currently believes that the resolution will not have a material effect on the Company’s financial position, results of operations or cash flows.
In addition to the matters discussed above, from time to time, the Company is subject to legal proceedings, claims, and litigation arising in the ordinary course of business. The Company defends itself vigorously against any such claims. Although the outcome of these matters is currently not determinable, management expects that any losses that are probable or reasonably possible of being incurred as a result of these matters, which are in excess of amounts already accrued in the Company’s consolidated balance sheets, would not be material to the financial statements as a whole.
v3.24.1.1.u2
INCOME TAXES
 12 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The domestic (Singapore) and foreign components of income from continuing operations before income taxes were comprised of the following:
Fiscal Year Ended March 31,
202420232022
(In millions)
Domestic$(165)$99 $352 
Foreign831 708 612 
Total$666 $807 $964 

The (benefit from) provision for income taxes from continuing operations consisted of the following:
Fiscal Year Ended March 31,
202420232022
(In millions)
Current:
Domestic$3 $6 $3 
Foreign161 117 133 
164 123 136 
Deferred:
Domestic(1)1 — 
Foreign(369)— (44)
(370)1 (44)
(Benefit from) provision for income taxes$(206)$124 $92 
The domestic statutory income tax rate was approximately 17.0% in fiscal years 2024, 2023 and 2022. The reconciliation of the income tax expense (benefit) from continuing operations expected based on domestic statutory income tax rates to the expense (benefit) for income taxes included in the consolidated statements of operations is as follows:
Fiscal Year Ended March 31,
202420232022
(In millions)
Income taxes based on domestic statutory rates$113 $137 $164 
Effect of jurisdictional tax rate differential68 52 (97)
Change in unrecognized tax benefit(10)(7)12 
Change in valuation allowance(685)(290)(135)
Foreign exchange movement on prior year taxes recoverable(1)4 (9)
Liability for undistributed earnings135 — — 
Global intangible low-taxed income (GILTI) / Subpart F income13 18 30 
Nextracker related transactions gains115 158 110 
Earnings from partnership47 39 — 
U.S. state taxes10 2 5 
Excess compensation (Section 162(m))15 9 4 
Other(26)2 8 
(Benefit from) provision for income taxes$(206)$124 $92 
A number of countries in which the Company is located allow for tax holidays or provide other tax incentives to attract and retain business. In general, these holidays were secured based on the nature, size and location of the Company’s operations. The aggregate dollar effect on the Company’s income resulting from tax holidays and tax incentives to attract and retain business for the fiscal years ended March 31, 2024, 2023 and 2022 was $20 million, $14 million and $23 million, respectively. For the fiscal year ended March 31, 2024, the effect on basic and diluted earnings per share was $0.05, and the effects on basic and diluted earnings per share during fiscal years 2023 and 2022 were $0.03, and $0.05, respectively. Unless extended or otherwise renegotiated, the Company's existing holidays will expire in various years through the end of fiscal year 2032.
The Company provides a valuation allowance against deferred tax assets that in the Company's estimation are not more likely than not to be realized. During fiscal years 2024, 2023 and 2022, the Company released net valuation allowances totaling $447 million, $6 million and $26 million, respectively. For fiscal year 2024, included in the $447 million net release was a $461 million valuation allowance release related to the Company’s U.S. operations as these amounts were deemed to be more likely than not to be realized. As of each reporting date, the Company considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. The net deferred tax asset before valuation allowance of the Company’s U.S. group totaled $509 million and $701 million as of March 31, 2024 and 2023, respectively, $358 million and $541 million of which relate to tax loss carryforwards generated in prior years. The Company has, until the current year, carried a valuation allowance ($692 million as of March 31, 2023) against the net deferred tax assets of the U.S. group due to a long-term trend of historical losses as well as unpredictability of U.S. taxable income, particularly with regard to its Nextracker subsidiary. This trend represented negative evidence that outweighed positive evidence of taxable income in the U.S. in fiscal years ended March 31, 2023 and 2022. During fiscal year ended March 31, 2024, the Company has experienced a further year of taxable income in the U.S. and successfully divested its Nextracker business in the fourth quarter, providing greater stability in its U.S. profits and giving visibility to continued taxable income in the U.S. This three-year trend of objective and verifiable taxable income, forecasts showing continued taxable income and removal of uncertainty about Flex’s ownership of Nextracker and the contribution of that business to U.S. taxable income, represent, in the three months and fiscal year ended March 31, 2024, positive evidence that outweighed the negative evidence of historical losses and volatility. This positive evidence enabled the Company to conclude that it is more likely than not that additional deferred taxes of $461 million are realizable. It therefore reduced the valuation allowance accordingly.
In addition, various other valuation allowance positions in other jurisdictions were increased or decreased to offset movement in deferred tax positions due to varying factors such as one-time income recognition in loss entities with existing valuation allowances, liquidation of entities with existing valuation allowances, recognition of uncertain tax positions impacting deferred tax assets with existing valuation allowances, foreign exchange impacts on deferred tax balances with existing valuation allowances, and current period losses in legal entities with existing valuation allowance positions. These offsetting
changes in the valuation allowance included an increase of $43 million in the fiscal year ended March 31, 2024 and decreases of $254 million and $69 million in the fiscal years ended March 31, 2023 and 2022, respectively.
Under its territorial tax system, Singapore generally does not tax foreign sourced income until repatriated to Singapore. The Company has included the effects of Singapore's territorial tax system in the rate differential line above. The tax effect of foreign income not repatriated to Singapore for the fiscal years ended March 31, 2024, 2023 and 2022 were zero, $31 million and $105 million, respectively.
The components of deferred income taxes are as follows:
As of March 31,
20242023
(In millions)
Deferred tax liabilities:
Fixed assets$(59)$(63)
Intangible assets(56)(71)
Others(149)(23)
Total deferred tax liabilities(264)(157)
Deferred tax assets:
Fixed assets82 77 
Intangible assets4 5 
Deferred compensation25 27 
Inventory valuation26 24 
Provision for doubtful accounts2 3 
Net operating loss and other carryforwards1,168 1,354 
Tax receivable agreement77 — 
Others184 131 
Total deferred tax assets1,568 1,621 
Valuation allowances(838)(1,371)
Total deferred tax assets, net of valuation allowances730 250 
Net deferred tax asset$466 $93 
The net deferred tax asset is classified as follows:
Long-term asset $644 $164 
Long-term liability(178)(71)
Total$466 $93 
Utilization of the Company's deferred tax assets is limited by the future earnings of the Company in the tax jurisdictions in which such deferred assets arose. As a result, management is uncertain as to when or whether these operations will generate sufficient profit to realize any benefit from the deferred tax assets. The valuation allowance provides a reserve against deferred tax assets that are not more likely than not to be realized by the Company. However, management has determined that it is more likely than not that the Company will realize certain of these benefits and, accordingly, has recognized a deferred tax asset from these benefits. The change in valuation allowance is net of certain increases and decreases to prior year losses and other carryforwards that have no current impact on the tax provision.
The Company has recorded deferred tax assets of approximately $1.2 billion related to tax losses and other carryforwards against which the Company has recorded a valuation allowance for all but $436 million of the deferred tax assets. These tax losses and other carryforwards will expire at various dates as follows:
Expiration dates of deferred tax assets related to operating losses and other carryforwards
Fiscal year(In millions)
2025 - 2030$244 
2031 - 2036157 
2037 and post57 
Indefinite741 
$1,199 
The amount of deferred tax assets considered realizable, however, could be reduced or increased in the near-term if facts, including the amount of taxable income or the mix of taxable income between subsidiaries, differ from management’s estimates.
The Company does not provide for income taxes on approximately $659 million of undistributed earnings of its subsidiaries which are considered to be indefinitely reinvested outside of Singapore as management has plans for the use of such earnings to fund certain activities outside of Singapore. The estimated amount of the unrecognized deferred tax liability on these undistributed earnings is approximately $77 million. During fiscal year 2024, the Company, as part of its regular process, assessed its cash position in overseas territories relative to the levels needed to manage operations and fund future investment in those territories. Following a sustained improvement in the working capital position in China and a trend of customers near shoring their manufacturing operations, management noted that the current and forecasted cash position in China was in excess of levels required to fund the Company’s business in the country. As a result, in the fourth quarter, management declared a dividend of the equivalent of $100 million to be paid from China. This dividend was subject to withholding tax of $10 million and the distribution from China represented a change in intention to indefinitely reinvest earnings in the country. As a result, a deferred tax liability of $135 million was recorded on the remaining distributable earnings from China of approximately $1.4 billion.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Fiscal Year Ended
March 31,
20242023
(In millions)
Balance, beginning of fiscal year$268 $282 
Additions based on tax position related to the current year10 15 
Additions for tax positions of prior years22 8 
Reductions for tax positions of prior years(82)(5)
Reductions related to lapse of applicable statute of limitations(17)(13)
Settlements— (7)
Impact from foreign exchange rates fluctuation(4)(12)
Balance, end of fiscal year$197 $268 
The Company’s unrecognized tax benefits are subject to change over the next twelve months primarily as a result of the expiration of certain statutes of limitations and as audits are settled. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits could decrease by an additional approximate $24 million within the next twelve months primarily due to potential settlements of various audits and the expiration of certain statutes of limitations.
The Company and its subsidiaries file federal, state, and local income tax returns in multiple jurisdictions around the world. With few exceptions, the Company is no longer subject to income tax examinations by tax authorities for years before 2008.
Of the $197 million of unrecognized tax benefits at March 31, 2024, $170 million will affect the annual effective tax rate (“ETR”) if the benefits are eventually recognized. The amount that doesn’t impact the ETR relates to positions that would be settled with a tax loss carryforward previously subject to a valuation allowance.
The Company recognizes interest and penalties accrued related to unrecognized tax benefits within the Company’s tax expense. During the fiscal years ended March 31, 2024, 2023 and 2022, the Company recognized interest and penalties of approximately ($2) million, ($1) million and $2 million, respectively. The Company had approximately $13 million, $15 million and $16 million accrued for the payment of interest and penalties as of the fiscal years ended March 31, 2024, 2023, and 2022, respectively.
v3.24.1.1.u2
RESTRUCTURING CHARGES
 12 Months Ended
Mar. 31, 2024
Restructuring Charges [Abstract]  
RESTRUCTURING CHARGES RESTRUCTURING CHARGES
Fiscal Year 2024
During fiscal year 2024, the Company committed to targeted restructuring activities to improve operational efficiency by reducing excess workforce capacity. As a result, the Company recognized approximately $175 million of restructuring charges, most of which related to employee severance. Restructuring charges are not included in segment income, as disclosed further in note 21.
Fiscal Year 2023
The Company identified certain structural changes to restructure its business throughout fiscal year 2023. During fiscal year 2023, the Company recognized approximately $27 million of restructuring charges, most of which related to employee severance. Restructuring charges are not included in segment income.
Fiscal Year 2022
The Company identified certain structural changes to restructure its business throughout fiscal year 2022. During fiscal year 2022, the Company recognized approximately $15 million of restructuring charges, most of which related to employee severance. Restructuring charges are not included in segment income.
The following table summarizes the provisions for charges incurred, respective payments for the fiscal years ended March 31, 2024, 2023, and 2022, respectively, and remaining accrued balances as of the same periods:
SeveranceLong-Lived
Asset
Impairment		Other
Exit Costs		Total
(In millions)
Balance as of March 31, 2021$45 $— $8 $53 
Provision for charges incurred in fiscal year 202211 1 3 15 
Cash payments for charges incurred in fiscal year 2021 and prior(15)— — (15)
Cash payments for charges incurred in fiscal year 2022(6)— — (6)
Non-cash reductions incurred in fiscal year 2022— (1)(3)(4)
Balance as of March 31, 202235 — 8 43 
Provision for charges incurred in fiscal year 202327 — — 27 
Cash payments for charges incurred in fiscal year 2022 and prior(7)— — (7)
Cash payments for charges incurred in fiscal year 2023(11)— — (11)
Non-cash reductions incurred in fiscal year 2023— — (2)(2)
Balance as of March 31, 202344 — 6 50 
Provision for charges incurred in fiscal year 2024161 14 — 175 
Cash payments for charges incurred in fiscal year 2023 and prior(13)— — (13)
Cash payments for charges incurred in fiscal year 2024(115)— — (115)
Non-cash reductions incurred in fiscal year 2024— (14)(3)(17)
Balance as of March 31, 202477 — 3 80 
Less: Current portion (classified as other current liabilities)76 — 3 79 
Accrued restructuring costs, net of current portion (classified as other non-current liabilities)$1 $— $— $1 
v3.24.1.1.u2
OTHER CHARGES (INCOME), NET
 12 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
OTHER CHARGES (INCOME), NET OTHER CHARGES (INCOME), NET
Other charges (income), net for the fiscal years ended March 31, 2024, 2023 and 2022 are comprised of the following:
Fiscal Year Ended March 31
202420232022
(In millions)
(Gain)/Loss on foreign exchange transactions$24 $(7)$(33)
Brazil tax credit (1)— — (150)
Others 201318
(1)The Company recognized a $150 million gain related to a certain tax credit upon approval of a "Credit Habilitation" request by the relevant Brazil tax authorities for fiscal year 2022.
v3.24.1.1.u2
INTEREST EXPENSE AND INTEREST INCOME
 12 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
INTEREST EXPENSE AND INTEREST INCOME INTEREST EXPENSE AND INTEREST INCOME
Interest expense and interest income for the fiscal years ended March 31, 2024, 2023 and 2022 are primarily comprised of the following:
Fiscal Year Ended March 31
202420232022
(In millions)
Interest expenses on debt obligations $161 $191 $160 
AR sales programs related expenses46 39 6 
Interest income(56)(30)(14)
v3.24.1.1.u2
BUSINESS AND ASSET ACQUISITIONS & DIVESTITURES
 12 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
BUSINESS AND ASSET ACQUISITIONS & DIVESTITURES BUSINESS AND ASSET ACQUISITIONS & DIVESTITURES
Fiscal 2024 Divestitures
During the fiscal year ended March 31, 2024, the Company completed the spin-off of Nextracker. See "Note 7 - Discontinued Operations" for additional information.
In addition, the Company disposed of a non-strategic business within the FRS segment and received proceeds of approximately $14 million. The property and equipment and various other assets sold and liabilities transferred were not material to the Company's consolidated financial results. The net loss on dispositions was not material to the Company’s consolidated financial results, and was included in other charges (income), net in the consolidated statements of operations for fiscal year 2024.
Fiscal 2023 Divestitures
During the fiscal year ended March 31, 2023, the Company disposed of a non-strategic business within the FRS segment and received approximately $4 million of proceeds. The property and equipment and various other assets sold and liabilities transferred were not material to the Company's consolidated financial results. The net gain on dispositions was not material to the Company’s consolidated financial results, and was included in other charges (income), net in the consolidated statements of operations for the fiscal year 2023.
Fiscal 2022 Business acquisition
On December 1, 2021, the Company completed the business acquisition of Anord Mardix, a global leader in critical power solutions for an initial purchase consideration of $523 million, net of $25 million cash acquired, with an additional $17 million deferred purchase price paid out in the fourth quarter of fiscal year 2022, for a total purchase consideration of $539 million. The acquisition added to the Company's portfolio of Power products and expanded its offering in the data center market. For reporting purposes, Anord Mardix was included in the Industrial reporting unit within the FRS segment. The allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their estimated fair values as of the date of acquisition. The excess of the purchase price over the tangible and identifiable intangible assets acquired and liabilities assumed has been allocated to goodwill. The results of operations of the acquisition were included in the Company’s consolidated financial results beginning on the date of acquisition, and the total amount of net income and revenue were not material to the Company's consolidated financial results for fiscal year 2022.
The intangible assets of $273 million are comprised of customer related intangible assets of $147 million and licenses and other intangible assets such as trade names and developed technology of $126 million. Customer related assets are amortized over a weighted-average estimated useful life of 8.7 years while licensed and other intangibles are amortized over a weighted-average estimated useful life of 8.9 years.
v3.24.1.1.u2
SHARE REPURCHASE PLAN
 12 Months Ended
Mar. 31, 2024
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]  
SHARE REPURCHASE PLAN SHARE REPURCHASE PLAN
During fiscal year 2024, the Company repurchased approximately 50.6 million shares for an aggregate purchase price of approximately $1.3 billion and retired all of these shares. During fiscal year 2024, the Company also retired an additional 50.2 million shares of treasury stock which were repurchased in prior periods, at an aggregate purchase price of $388 million.
Under the Company’s current share repurchase program, the Board of Directors authorized repurchases of its outstanding ordinary shares for up to $2.0 billion in accordance with the share repurchase mandate approved by the Company’s shareholders at the date of the most recent Annual General Meeting held on August 2, 2023. As of March 31, 2024, shares in the aggregate amount of $1.0 billion were available to be repurchased under the current plan.
v3.24.1.1.u2
SEGMENT REPORTING
 12 Months Ended
Mar. 31, 2024
Segment Reporting, Measurement Disclosures [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company's Chief Executive Officer is our Chief Operating Decision Maker ("CODM") who evaluates how we allocate resources, assess performance and make strategic and operational decisions. Based on such evaluation, the Company determined as of and for the period ended March 31, 2024, that Flex has two operating and reportable segments. During the fourth quarter of fiscal year 2024, following the Spin-off, the Company has classified the results of Nextracker, formerly our Nextracker segment, as discontinued operations in our consolidated statement of income for all periods presented. See note 7 "Discontinued Operations" for additional information.
The FAS segment is optimized for speed to market based on a highly flexible supply and manufacturing system. FAS is comprised of the following end markets that represent reporting units:
•Communications, Enterprise and Cloud, including data infrastructure, edge infrastructure and communications infrastructure
•Lifestyle, including appliances, consumer packaging, floorcare, micro mobility and audio
•Consumer Devices, including mobile and high velocity consumer devices.
The FRS segment is optimized for longer product lifecycles requiring complex ramps with specialized production models and critical environments. FRS is comprised of the following end markets that represent reporting units:
•Automotive, including next generation mobility, autonomous, connectivity, electrification, and smart technologies
•Health Solutions, including medical devices, medical equipment, and drug delivery
•Industrial, including capital equipment, industrial devices, embedded and critical power offerings, and renewables and grid edge.
The determination of the separate operating and reporting segments is based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics.
An operating segment's performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include amortization of intangibles, stock-based compensation, restructuring charges, customer related asset impairment, legal and other, interest expense, interest income, other charges (income), net, and equity in earnings of unconsolidated affiliates. A portion of depreciation is allocated to the respective segments, together with other general corporate, research and development and administrative expenses.
Selected financial information by segment is in the table below.
Fiscal Year Ended March 31,
202420232022
(In millions)
Net sales:
Flex Agility Solutions$13,923 $15,769 $14,027 
Flex Reliability Solutions12,492 12,733 10,606 
$26,415 $28,502 $24,633 
Segment income and reconciliation of income from continuing operations before income taxes:
Flex Agility Solutions$669 $694 $605 
Flex Reliability Solutions666 607 546 
Corporate and Other(68)(69)(81)
Total segment income1,267 1,232 1,070 
Reconciling items:
Intangible amortization70 81 60 
Stock-based compensation113 101 88 
Restructuring charges 172 27 15 
Customer related asset impairment14 — — 
Legal and other (1)45 6 17 
Interest expenses207 230 166 
Interest income56 30 14 
Other charges (income), net 44 6 (165)
Equity in earnings (losses) of unconsolidated affiliates8 (4)61 
Income from continuing operations before income taxes$666 $807 $964 
(1)Legal and other consists of costs not directly related to core business results including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition related costs and customer related asset recoveries. During fiscal year 2024, the Company recognized a $50 million loss contingency for a commercial dispute related to a construction matter with related production objectives.
During fiscal years 2023 and 2022, the Company accrued for certain loss contingencies where losses are considered probable and estimable offset by a gain upon successful settlement of certain supplier claims.
Corporate and Other primarily includes corporate service costs that are not included in the CODM's assessment of the performance of each of the identified reporting segments.
The Company provides an overall platform of assets and services, which the segments utilize for the benefit of their various customers. The shared assets and services are contained within the Company's global manufacturing and design operations and include manufacturing and design facilities. Most of the underlying manufacturing and design assets are co-mingled in the operating campuses and are compatible to operate across segments and highly interchangeable throughout the platform. Given the highly interchangeable nature of the assets, they are not separately identified by segment nor reported by segment to the Company's CODM.
Property and equipment on a segment basis is not separately identified and is not internally reported by segment to the Company's CODM as described above. During fiscal years 2024, 2023 and 2022, depreciation expense included in the segments' measure of operating performance above is as follows.
Fiscal Year Ended March 31,
202420232022
(In millions)
Depreciation expense:
Flex Agility Solutions$171 $177 $184 
Flex Reliability Solutions241 217 204 
Total depreciation expense$412 $394 $388 
Geographic information of net sales is as follows:
Fiscal Year Ended March 31,
202420232022
(In millions)
Net sales by region:
Americas$12,232 46 %$11,906 42 %$9,414 38 %
Asia8,540 32 %10,384 36 %9,615 39 %
Europe5,643 22 %6,212 22 %5,604 23 %
$26,415 $28,502 $24,633 

Revenues are attributable to the country in which the product is manufactured or service is provided.
During fiscal years 2024, 2023 and 2022, net sales generated from Singapore, the country of domicile, were approximately $660 million, $552 million and $519 million, respectively.
The following table summarizes the countries that accounted for more than 10% of net sales in fiscal years 2024, 2023, and 2022:
 Fiscal Year Ended March 31,
202420232022
 (In millions)
Net sales by country:
Mexico$6,935 26 %$6,626 23 %$5,092 21 %
China5,117 19 %6,562 23 %6,160 25 %
U.S.3,598 14 %3,394 12 %2,414 10 %
No other country accounted for more than 10% of net sales for the fiscal periods presented in the table above.
Geographic information of property and equipment, net is as follows:
As of March 31,
20242023
(In millions)
Property and equipment, net:
Americas$1,220 54 %$1,214 52 %
Asia565 25 %618 26 %
Europe484 21 %510 22 %
$2,269 $2,342 
As of March 31, 2024 and 2023, property and equipment, net held in Singapore was approximately $5 million and $5 million, respectively.
The following table summarizes the countries that accounted for more than 10% of property and equipment, net in fiscal years 2024 and 2023:
Fiscal Year Ended March 31,
20242023
(In millions)
Property and equipment, net:
Mexico$793 35 %$763 33 %
U.S.334 15 %358 15 %
China307 14 %338 14 %
No other country accounted for more than 10% of property and equipment, net for the fiscal periods presented in the table above.
v3.24.1.1.u2
NONCONTROLLING INTEREST
 12 Months Ended
Mar. 31, 2024
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTEREST NONCONTROLLING INTEREST
On January 2, 2024, the Company completed its previously announced Spin-off of its remaining interests in Nextracker to Flex shareholders on a pro-rata basis based on the number of ordinary shares of Flex held by each shareholder of Flex as of December 29, 2023, which was the record date of the Distribution, pursuant to the Agreement and Plan of Merger, dated as of February 7, 2023.
Flex's noncontrolling and redeemable noncontrolling interest related solely to Nextracker. As of March 31, 2024 and 2023, noncontrolling interest was zero and $355 million, respectively. Net income attributable to noncontrolling interest was $239 million, $197 million and zero in fiscal years 2024, 2023, and 2022, respectively. Net income attributable to redeemable noncontrolling interest was zero, $43 million and $4 million in fiscal years 2024, 2023 and 2022, respectively.
v3.24.1.1.u2
QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Mar. 31, 2024
Quarterly Financial Data [Abstract]  
QUARTERLY FINANCIAL DATA (UNAUDITED) QUARTERLY FINANCIAL DATA (UNAUDITED)
The Company's third fiscal quarter ends on December 31, and the fourth fiscal quarter and fiscal year ends on March 31 of each year. The first fiscal quarters of 2024 and 2023 ended on June 30, 2023 and July 1, 2022, respectively, and the second fiscal quarters of 2024 and 2023, ended on September 29, 2023 and September 30, 2022, respectively.
The Company completed the Spin-off in the fourth quarter of fiscal year 2024, which resulted in material retrospective changes to our consolidated statements of operations. See note 7 "Discontinued Operations" for further information. The following tables contain unaudited quarterly financial data for fiscal year 2024 and 2023:
Fiscal Year 2024
Three Months Ended
June 30, 2023September 29, 2023December 31, 2023March 31, 2024
(In millions, except per share amounts)
Net sales$6,892 $6,933 $6,421 $6,169 
Gross profit476 519 433 437 
Operating income215 281 198 159 
Net income from continuing operations147 201 129 395 
Net income from discontinued operations, net of tax64 205 104 — 
Net income211 406 233 395 
Net income attributable to noncontrolling interest and redeemable noncontrolling interest25 178 36 — 
Net income attributable to Flex Ltd.$186 $228 $197 $395 
Weighted-average ordinary shares outstanding - basic447443431417
Weighted-average ordinary shares outstanding - diluted455448436425
Earnings per share - basic (1)
Continuing operations$0.33 $0.45 $0.30 $0.95 
Discontinued operations, net of tax0.09 0.06 0.16 — 
Total attributable to the shareholders of Flex Ltd.$0.42 $0.51 $0.46 $0.95 
Earnings per share - diluted (1)
Continuing operations$0.32 $0.45 $0.30 $0.93 
Discontinued operations, net of tax0.09 0.06 0.15 — 
Total attributable to the shareholders of Flex Ltd.$0.41 $0.51 $0.45 $0.93 
(1)    Earnings per share are computed independently for each quarter presented; therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year.
Fiscal Year 2023
Three Months Ended
July 1, 2022September 30, 2022December 31, 2022March 31, 2023
(In millions, except per share amounts)
Net sales$6,961 $7,303 $7,254 $6,984 
Gross profit487 525 499 465 
Operating income253 282 259 223 
Net income from continuing operations176 195 173 139 
Net income from discontinued operations, net of tax19 43 64 224 
Net income195 238 237 363 
Net income attributable to noncontrolling interest and redeemable noncontrolling interest6 6 7 221 
Net income attributable to Flex Ltd.$189 $232 $230 $142 
Weighted-average ordinary shares outstanding - basic458455452451
Weighted-average ordinary shares outstanding - diluted468460459459
Earnings per share - basic (1)
Continuing operations$0.38 $0.43 $0.38 $0.30 
Discontinued operations, net of tax0.03 0.08 0.13 0.01 
Total attributable to the shareholders of Flex Ltd.$0.41 $0.51 $0.51 $0.31 
Earnings per share - diluted (1)
Continuing operations$0.38 $0.42 $0.38 $0.30 
Discontinued operations, net of tax0.02 0.08 0.12 0.01 
Total attributable to the shareholders of Flex Ltd.$0.40 $0.50 $0.50 $0.31 
(1)    Earnings per share are computed independently for each quarter presented; therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year.
v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 29, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jul. 01, 2022
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Pay vs Performance Disclosure                      
Net income $ 395 $ 197 $ 228 $ 186 $ 142 $ 230 $ 232 $ 189 $ 1,006 $ 793 $ 936
v3.24.1.1.u2
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Mar. 31, 2024
shares
Mar. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Paul R. Lundstrom [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On March 5, 2024, Paul R. Lundstrom, Chief Financial Officer, adopted a trading plan that provides for the sale of up to 200,000 ordinary shares of the Company. The plan will terminate on June 13, 2024, subject to early termination for certain specified events set forth in the plan.
Name Paul R. Lundstrom  
Title Chief Financial Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date March 5, 2024  
Arrangement Duration 100 days  
Aggregate Available 200,000 200,000
v3.24.1.1.u2
Insider Trading Policies and Procedures
 12 Months Ended
Mar. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES (Policies)
 12 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements include the accounts of Flex and its majority-owned subsidiaries, after elimination of intercompany accounts and transactions. Amounts included in these consolidated financial statements are expressed in U.S. dollars unless otherwise designated. The Company consolidates its majority-owned subsidiaries and investments in entities in which the Company has a controlling interest. For the consolidated majority-owned subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership of the noncontrolling owners.
Reclassification As a result of the Spin-off in the fourth quarter of fiscal year 2024, the historical financial results and financial position of Nextracker are presented as discontinued operations in the consolidated statements of operations and balance sheets for all periods presented. The historical statements of comprehensive income and cash flows and the balances related to stockholders’ equity have not been revised to reflect the effect of the Spin-off.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, and intangible assets; valuation of goodwill; valuation of investments in privately held companies; asset impairments; fair values of financial instruments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rates in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations; and the fair values of stock options and restricted share unit awards granted under the Company's stock-based compensation plans. Due to geopolitical conflicts (including the Russian invasion of Ukraine, the Israel-Hamas war, and other geopolitical conflicts), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the Russian invasion of Ukraine and the Israel-Hamas war. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.
Translation of Foreign Currencies
Translation of Foreign Currencies
The financial position and results of operations for certain of the Company's subsidiaries are measured using a currency other than the U.S. dollar as their functional currency. Accordingly, all assets and liabilities for these subsidiaries are translated into U.S. dollars at the current exchange rates as of the respective balance sheet dates. Revenue and expense items are translated at the average exchange rates prevailing during the period. Cumulative gains and losses from the translation of these
subsidiaries' financial statements are reported as other comprehensive income (loss), a component of shareholders' equity. Foreign exchange gains and losses arising from transactions denominated in a currency other than the functional currency of the entity involved, and re-measurement adjustments for foreign operations where the U.S. dollar is the functional currency, are included in the Company's consolidated results of operations. Non-functional currency transaction gains and losses, and re-measurement adjustments were not material to the Company's consolidated results of operations for all periods presented, and have been classified as a component of other charges (income), net in the consolidated statements of operations.
Revenue Recognition
Revenue Recognition
In determining the appropriate amount of revenue to recognize, the Company applies the following steps: (i) identifies the contracts with the customers; (ii) identifies performance obligations in the contracts; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations per the contracts; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation. Further, the Company assesses whether control of the products or services promised under the contract is transferred to the customer at a point in time (PIT) or over time (OT). The Company is first required to evaluate whether its contracts meet the criteria for OT recognition. The Company has determined that for a portion of its contracts, the Company is manufacturing products for which there is no alternative use (due to the unique nature of the customer-specific product and intellectual property restrictions) and the Company has an enforceable right to payment including a reasonable profit for work-in-progress inventory with respect to these contracts. For certain other contracts, the Company’s performance creates and enhances an asset that the customer controls as the Company performs under the contract. As a result, revenue is recognized under these contracts OT based on the cost-to-cost method as it best depicts the transfer of control to the customer measured based on the ratio of costs incurred to date as compared to the total estimated costs at completion of the performance obligation. For all other contracts that do not meet these criteria, the Company recognizes revenue when it has transferred control of the related manufactured products which generally occurs upon delivery and passage of title to the customer. Certain of the Company’s customer agreements include potential price adjustments which may result in variable consideration. These price adjustments include, but are not limited to, sharing of cost savings, committed price reductions, material margins earned over the period that are contractually required to be paid to the customers, rebates, refunds tied to performance metrics such as on-time delivery, and other periodic pricing resets that may be refundable to customers. The Company recognizes estimates of this variable consideration that are not expected to result in a significant revenue reversal in the future, primarily based on the amount of potential refunds required by the contract, historical experience and other surrounding facts and circumstances.
Concentration of Credit Risk and Customer Credit Risk
Concentration of Credit Risk
Financial instruments which potentially subject the Company to concentrations of credit risk are primarily accounts receivable, derivative instruments, and cash and cash equivalents.
Customer Credit Risk
The Company has an established customer credit policy, through which it manages customer credit exposures through credit evaluations, credit limit setting, monitoring, and enforcement of credit limits for new and existing customers. The Company performs ongoing credit evaluations of its customers' financial condition and makes provisions for doubtful accounts based on the outcome of those credit evaluations. The Company evaluates the collectability of its accounts receivable based on specific customer circumstances, current economic trends, historical experience with collections and the age of past due receivables. To the extent the Company identifies exposures as a result of credit or customer evaluations, the Company also reviews other customer related exposures, including but not limited to inventory and related contractual obligations.
Derivative Instruments and Hedging Activities
Derivative Instruments
The amount subject to credit risk related to derivative instruments is generally limited to the amount, if any, by which a counterparty's obligations exceed the obligations of the Company with that counterparty. To manage counterparty risk, the Company limits its derivative transactions to those with recognized financial institutions.
Derivative Instruments and Hedging Activities
All derivative instruments are recognized on the consolidated balance sheets at fair value. If the derivative instrument is designated as a cash flow hedge, effectiveness is tested monthly using a regression analysis of the change in spot currency rates and the change in present value of the spot currency rates. The spot currency rates are discounted to present value using functional currency Inter-bank Offering Rates over the maximum length of the hedge period. The effective portion of changes in the fair value of the derivative instrument (excluding time value) is recognized in shareholders' equity as a separate component of accumulated other comprehensive income (loss), and recognized in the consolidated statements of operations when the hedged item affects earnings. Ineffective and excluded portions of changes in the fair value of cash flow hedges are recognized in earnings immediately. If the derivative instrument is designated as a fair value hedge, the changes in the fair value of the derivative instrument and of the hedged item attributable to the hedged risk are recognized in earnings in the current period. Cash receipts and cash payments related to derivative instruments are recorded in the same category as the cash flows from the items being hedged on the consolidated statements of cash flows.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company maintains cash and cash equivalents with various financial institutions that management believes to be of high credit quality. These financial institutions are located in many different locations throughout the world. The Company's investment portfolio, which consists of short-term bank deposits and money market accounts, is classified as cash equivalents on the consolidated balance sheets.
All highly liquid investments with maturities of three months or less from original dates of purchase are carried at cost, which approximates fair market value, and are considered to be cash equivalents. Cash and cash equivalents consist of cash deposited in checking accounts, money market funds and time deposits.
Inventories
Inventories
Inventories are stated at the lower of cost (on a first-in, first-out basis) or net realizable value. The stated cost is comprised of direct materials, labor and overhead.
Property and Equipment, Net Property and Equipment, Net
Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are recognized on a straight-line basis over the estimated useful lives of the related assets, with the exception of building leasehold improvements, which are depreciated over the term of the lease, if shorter. Repairs and maintenance costs are expensed as incurred. Property and equipment is comprised of the following:
Depreciable
Life
(In Years)		As of March 31,
20242023
(In millions)
Machinery and equipment
2 - 10
$3,960 $3,728 
Buildings301,212 1,162 
Leasehold improvementsShorter of lease term or useful life of the improvement651 586 
Furniture, fixtures, computer equipment and software, and other
3 - 7
549 543 
Land—123 124 
Construction-in-progress—214 399 
6,709 6,542 
Accumulated depreciation and amortization(4,440)(4,200)
Property and equipment, net$2,269 $2,342 
Total depreciation expense associated with property and equipment was approximately $428 million, $411 million and $406 million in fiscal years 2024, 2023 and 2022, respectively.
The Company reviews property and equipment for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of property and equipment is determined by comparing its carrying amount to the lowest level of identifiable projected undiscounted cash flows the property and equipment are expected to generate. An impairment loss is recognized when the carrying amount of property and equipment exceeds its fair value.
Deferred Income Taxes
Deferred Income Taxes
The Company provides for income taxes in accordance with the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences between the carrying amount and the tax basis of existing assets and liabilities by applying the applicable statutory tax rate to such differences. Additionally, the Company assesses whether each income tax position is "more likely than not" of being sustained on audit, including resolution of related appeals or litigation, if any. For each income tax position that meets the "more likely than not" recognition threshold, the Company would then assess the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with the tax authority.
Accounting for Business and Asset Acquisitions
Accounting for Business and Asset Acquisitions
The Company has strategically pursued business and asset acquisitions. For business combinations, the fair value of the net assets acquired and the results of the acquired businesses are included in the Company's consolidated financial statements from the acquisition dates forward. The Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and results of operations during the reporting period. Estimates are used in accounting for, among other things, the fair value of acquired net operating assets, property and equipment, intangible assets and related deferred tax liabilities, useful lives of plant and equipment and amortizable lives for acquired intangible assets. Any excess of the purchase consideration over the fair value of the identified assets and liabilities acquired is recognized as goodwill.
The Company estimates the preliminary fair value of acquired assets and liabilities as of the date of acquisition based on information available at that time. Contingent consideration is recorded at fair value as of the date of the acquisition with subsequent adjustments recorded in earnings. Changes to valuation allowances on acquired deferred tax assets are recognized in the provision for, or benefit from, income taxes. The valuation of these tangible and identifiable intangible assets and liabilities is subject to further management review and may change materially between the preliminary allocation and end of the purchase price allocation period. Any changes in these estimates may have a material effect on the Company's consolidated operating results or financial position.
Goodwill
Goodwill
The Company evaluates goodwill for impairment at the reporting unit level annually, and in certain circumstances such as a change in reporting units or whenever there are indications that goodwill might be impaired. The Company performed its annual goodwill impairment assessment on January 1, 2024 and as a result of the quantitative assessment of its goodwill, the Company determined that no impairment existed as of the date of the impairment test because the fair value of each one of its six reporting units exceeded its respective carrying value.
Recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit's carrying amount, including goodwill, to the fair value of the reporting unit, which typically is measured based upon, among other factors, market valuations, market multiples for comparable companies as well as a discounted cash flow analysis. Certain of these approaches use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy and require management to make various judgmental assumptions about sales, operating margins, growth rates and discount rates which consider the Company's budgets, business plans and economic projections, and are believed to reflect market participant views. Some of the inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates, market EBITDA comparables and credit ratings. While the Company believes it has made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If the actual results are not consistent with management's estimates and assumptions used to calculate fair value, it could result in material impairments of the Company's goodwill.
If the recorded value of the assets, including goodwill, and liabilities ("net book value") of any reporting unit exceeds its fair value, an impairment loss may be required to be recognized.
Other Intangible Assets
Other Intangible Assets
The Company's acquired intangible assets are subject to amortization over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. An impairment loss is recognized when the carrying amount of an intangible asset exceeds its fair value. The Company reviewed the carrying value of its intangible assets as of March 31, 2024 and concluded that such amounts continued to be recoverable.
Intangible assets are comprised of customer-related intangible assets that include contractual agreements and customer relationships, and licenses and other intangible assets that are primarily comprised of licenses, patents and trademarks, and developed technologies. Generally, both customer-related intangible assets and licenses and other intangible assets are amortized on a straight-line basis, over a period of up to ten years. No residual value is estimated for any intangible assets. The fair value of the Company's intangible assets purchased through business combinations is determined based on management's estimates of cash flow and recoverability.
Investments
Investments
The Company has an investment portfolio that consists of strategic investments in privately held companies, and certain venture capital funds which are included within other non-current assets. These privately held companies range from startups to more mature companies with established revenue streams and business models. As of March 31, 2024, and March 31, 2023, the Company's investments in non-consolidated companies totaled $123 million and $115 million, respectively.
The Company recognized $8 million of net equity in earnings and $4 million of equity in losses, associated with its equity method investments, in equity in earnings of unconsolidated affiliates on the consolidated statement of operations during fiscal years 2024 and 2023, respectively.
Non-consolidated investments in entities are accounted for using the equity method when the Company has an investment in common stock or in-substance common stock, and either (a) has the ability to significantly influence the operating decisions of the issuer, or (b) if the Company has a voting percentage generally equal to or greater than 20% but less than 50%, and for non-majority-owned investments in partnerships when generally greater than 5%. Cost method is used for investments where the Company does not have the ability to significantly influence the operating decisions of the investee, or if the Company’s investment is in securities other than common stock or in-substance common stock.
The Company monitors these investments for impairment indicators and makes appropriate reductions in carrying values as required whenever events or changes in circumstances indicate that the assets may be impaired. The factors the Company considers in its evaluation of potential impairment of its investments include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee, or factors that raise significant concerns about the investee’s ability to continue as a going concern, such as negative cash flows from operation or working capital deficiencies. Fair values of these investments, when required, are estimated using unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy, and require management to make various judgmental assumptions primarily about comparable company multiples and discounted cash flow projections. Some of the inherent estimates and assumptions used in determining the fair value of the investments are outside the control of management. While the Company believes it has made reasonable estimates and assumptions to calculate the fair value of the investments, it is possible a material change could occur. If the actual results are not consistent with management's estimates and assumptions used to calculate fair value, it could result in material impairments of investments.
For investments accounted for under the cost method that do not have readily determinable fair values, the Company measures them at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
Leases
Leases
The Company is a lessee with several non-cancellable operating leases, primarily for warehouses, buildings, and other assets such as vehicles and equipment. The Company determines if an arrangement is a lease at contract inception. A contract is a lease or contains a lease when (1) there is an identified asset, and (2) the Company has the right to control the use of the identified asset. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date for the Company's operating leases. For operating leases, the lease liability is initially measured at the present value of the unpaid lease payments at the lease commencement date. The Company has elected the short-term lease recognition and measurement exemption for all classes of assets, which allows the Company to not recognize ROU assets and lease liabilities for leases with a lease term of 12 months or less and with no purchase option the Company is reasonably certain of exercising. The Company has also elected the practical expedient to account for the lease and non-lease components as a single lease component, for all classes of underlying assets. Therefore, the lease payments used to measure the lease liability include all of the fixed considerations in the contract. Lease payments included in the measurement of the lease liability comprise the following: fixed payments (including in-substance fixed payments), and variable payments that depend on an index or rate (initially measured using the index or rate at the lease commencement date). As the Company cannot determine the interest rate implicit in the lease for the Company's leases, the Company uses the Company's estimate of the incremental borrowing rate as of the commencement date in determining the present value of lease payments. The Company's estimated incremental borrowing rate is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for all of the Company's leases includes the non-cancellable period of the lease plus any additional periods covered by either an option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor.
Restructuring Charges
Restructuring Charges
The Company recognizes restructuring charges related to its plans to close or consolidate excess manufacturing facilities and reduce excess workforce capacity. In connection with these activities, the Company records restructuring charges for employee termination costs, long-lived asset impairment and other exit-related costs.
The recognition of restructuring charges requires the Company to make certain judgments and estimates regarding the nature, timing and amount of costs associated with the planned exit activity. To the extent the Company's actual results differ from its estimates and assumptions, the Company may be required to revise the estimates of future liabilities, requiring the recognition of additional restructuring charges or the reduction of liabilities already recognized. Such changes to previously estimated amounts may be material to the consolidated financial statements. At the end of each reporting period, the Company evaluates the remaining accrued balances to ensure that no excess accruals are retained, and the utilization of the provisions are for their intended purpose in accordance with developed restructuring plans. See note 16 for additional information regarding restructuring charges.
Recently Adopted and Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
In March 2024, the FASB issued ASU 2024-02 "Codification Improvements—Amendments to Remove References to the Concepts Statements", which removes various references to concepts statements from the FASB Accounting Standards Codification. This ASU is effective for the Company beginning in the first quarter of fiscal year 2026, with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2026.
In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2026. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance prospectively when it becomes effective in the fourth quarter of fiscal year 2026.
In November 2023, the FASB issued ASU 2023-07 "Segment Reporting - Improvements to Reportable Segment Disclosures", which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2025, with early adoption permitted. The Company is currently assessing the impact of ASU 2023-07 on its consolidated financial statements, and intends to adopt the guidance retrospectively when it becomes effective in the fourth quarter of fiscal year 2025.
In October 2023, the FASB issued ASU 2023-06 "Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative", which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standard Codification (the "Codification"). This ASU will become effective on the date the SEC removes the applicable disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not be become effective for any entity. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective.
Recently Adopted Accounting Pronouncements
In September 2022, the FASB issued ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations", which requires a buyer in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The guidance is effective for the Company beginning in the first quarter of fiscal year 2024, except for the amendment on roll-forward information which is effective in fiscal year 2025, with early adoption permitted. The Company adopted the guidance retrospectively during the first quarter of fiscal year 2024, including a roll-forward of changes in those obligations, with immaterial impacts on its consolidated financial statements.
The Company has four supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the Company. The Company established these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they choose to sell their receivables to the financial institutions in advance of the receivables' due date. Our suppliers’ participation in the programs is voluntary, the Company is not involved in negotiations of the suppliers’ arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers’ decisions to sell amounts under these programs. Under these supplier finance programs, the Company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. No guarantees are provided by the Company under the supplier finance programs and the Company incurs no costs related to the programs. We have no economic interest in a supplier’s decision to participate in the supplier finance programs.
Obligations under these programs are classified within accounts payable on the consolidated balance sheets, with the associated payments reflected in the operating activities section of the consolidated statement of cash flows. The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance programs for the fiscal year ended March 31, 2024 is as follows.
Fiscal Year Ended
March 31, 2024
(In millions)
Confirmed obligations outstanding at the beginning of the year$157 
Invoices confirmed during the year604 
Confirmed invoices paid during the year(643)
Foreign currency exchange impact5 
Confirmed obligations outstanding at the end of the year$123 
Fair Value Measurement of Assets and Liabilities
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:
Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. There were no balances classified as level 1 in the fair value hierarchy as of March 31, 2024.
Level 2 - Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets) such as cash and cash equivalents and money market funds; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
The Company values foreign exchange forward contracts using level 2 observable inputs which primarily consist of an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount.
The Company's cash equivalents include bank time deposits and money market funds, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value.
The Company has deferred compensation plans for its officers and certain other employees. Amounts deferred under the plans are invested in hypothetical investments selected by the participant or the participant's investment manager. The Company's deferred compensation plan assets are included in other non-current assets on the consolidated balance sheets and include money market funds, mutual funds, corporate and government bonds and certain convertible securities that are valued using prices obtained from various pricing sources. These sources price these investments using certain market indices and the performance of these investments in relation to these indices. As a result, the Company has classified these investments as level 2 in the fair value hierarchy.
Level 3 - Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES (Tables)
 12 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Summary of the activity in the Company's allowance for doubtful accounts
The following table summarizes the activity in the Company's allowance for doubtful accounts during fiscal years 2024, 2023 and 2022:
Balance at
Beginning
of Year		Charges (Recoveries) to Costs and Expenses(1)Deductions/
Write-Offs (2)		Balance at
End of
Year
(In millions)
Allowance for doubtful accounts:
Year ended March 31, 2022$57 $(3)$(2)$52 
Year ended March 31, 202352 4 (50)6 
Year ended March 31, 20246 9 (3)12 

(1)Charges and recoveries incurred during fiscal years 2024, 2023 and 2022 are primarily for costs and expenses or bad debt recoveries related to various distressed customers.
(2)Deductions and write-offs during fiscal year 2023 is primarily as a result of a settlement reached with a certain former customer.
Schedule of cash and cash equivalents
Cash and cash equivalents consisted of the following:
As of March 31,
20242023
(In millions)
Cash and bank balances$1,715 $840 
Money market funds and time deposits759 2,324 
$2,474 $3,164 
Schedule of components of inventories The components of inventories, net of applicable lower of cost or net realizable value write-downs, were as follows:
As of March 31,
20242023
(In millions)
Raw materials$5,045 $6,111 
Work-in-progress623 705 
Finished goods537 572 
$6,205 $7,388 
Schedule of property and equipment, net Property and equipment is comprised of the following:
Depreciable
Life
(In Years)		As of March 31,
20242023
(In millions)
Machinery and equipment
2 - 10
$3,960 $3,728 
Buildings301,212 1,162 
Leasehold improvementsShorter of lease term or useful life of the improvement651 586 
Furniture, fixtures, computer equipment and software, and other
3 - 7
549 543 
Land—123 124 
Construction-in-progress—214 399 
6,709 6,542 
Accumulated depreciation and amortization(4,440)(4,200)
Property and equipment, net$2,269 $2,342 
Schedule of goodwill
The following table summarizes the activity in the Company's goodwill during fiscal years 2024 and 2023:
FASFRSTotal
(In millions)
Balance at March 31, 2022$371 $767 $1,138 
Acquisitions (1)— (2)(2)
Foreign currency translation adjustments— 3 3 
Balance at March 31, 2023371 768 1,139 
Divestitures (2)— (1)(1)
Foreign currency translation adjustments— (3)(3)
Balance at March 31, 2024$371 $764 $1,135 
(1)Represents purchase price adjustment for the acquisition of Anord Mardix in fiscal year 2023.
(2)A reduction of approximately $1 million as a result of the divestiture of a non-strategic immaterial business within the FRS segment in fiscal year 2024.
Schedule of components of acquired intangible assets
The components of acquired intangible assets are as follows:
As of March 31, 2024As of March 31, 2023
Weighted-Average Remaining Useful life
(in Years)		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
(In millions)
Intangible assets:
Customer-related intangibles6.2$316 $(186)$130 $373 $(204)$169 
Licenses and other intangibles5.5298 (183)115 297 (151)146 
Total$614 $(369)$245 $670 $(355)$315 
Schedule of estimated future annual amortization expense for intangible assets The estimated future annual amortization expense for acquired intangible assets is as follows:
Fiscal Year Ending March 31,Amount
(In millions)
2025$63 
202643 
202735 
202827 
202924 
Thereafter53 
Total amortization expense$245 
Schedule of Supplier Finance Program The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance programs for the fiscal year ended March 31, 2024 is as follows.
Fiscal Year Ended
March 31, 2024
(In millions)
Confirmed obligations outstanding at the beginning of the year$157 
Invoices confirmed during the year604 
Confirmed invoices paid during the year(643)
Foreign currency exchange impact5 
Confirmed obligations outstanding at the end of the year$123 
v3.24.1.1.u2
LEASES (Tables)
 12 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Schedule of components of lease cost
The components of lease cost recognized were as follow (in millions): 
Lease costFiscal Year Ended
March 31, 2024March 31, 2023
Operating lease cost$167 $149 
Other information related to leases was as follow (in millions):
Fiscal Year Ended
March 31, 2024March 31, 2023
Cash paid for amounts included in the measurement of lease liabilities: 
   Operating cash flows from operating leases$160 $149 
Right‑of‑use assets obtained in exchange for lease liabilities
   Operating Lease$134 $119 
Schedule of balance sheet amounts Amounts reported in the consolidated balance sheet as of the fiscal years ended March 31, 2024 and 2023 were (in millions, except weighted average lease term and discount rate):
As of March 31, 2024As of March 31, 2023
Operating Leases:
   Operating lease right of use assets$601$605
   Operating lease liabilities626628
Weighted-average remaining lease term (In years)
   Operating leases6.36.6
Weighted-average discount rate
   Operating leases4.4 %4.3 %
Schedule of future minimum lease payments
Future lease payments under non-cancellable leases as of March 31, 2024 were as follows (in millions):
Fiscal Year Ended March 31,Operating Leases
2025$160 
2026135 
2027104 
202888 
202969 
Thereafter157 
Total undiscounted lease payments713 
Less: imputed interest87 
Total lease liabilities$626 
v3.24.1.1.u2
REVENUE (Tables)
 12 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of revenue
The following table presents the Company’s revenue disaggregated based on timing of transfer - point in time and over time for the fiscal years ended March 31, 2024, 2023 and 2022:
Fiscal Year Ended March 31,
202420232022
Timing of Transfer(In millions)
FAS
Point in time$12,811 $14,942 $13,288 
Over time1,112 827 739 
Total13,923 15,769 14,027 
FRS
Point in time11,706 12,004 9,904 
Over time786 729 702 
Total12,492 12,733 10,606 
Flex
Point in time24,517 26,946 23,192 
Over time1,898 1,556 1,441 
Total$26,415 $28,502 $24,633 
v3.24.1.1.u2
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Schedule of share-based compensation expense
The following table summarizes the Company's share-based compensation expense for the 2017 Plan:
 Fiscal Year Ended March 31,
 202420232022
 (In millions)
Cost of sales$28 $24 $23 
Selling, general and administrative expenses85 77 65 
Total share-based compensation expense$113 $101 $88 
Schedule of Restricted Stock Units Valuation Assumptions
The fair value of the Company's RSU awards under the 2017 Plan, whereby vesting is contingent on meeting certain market conditions, for fiscal years 2024, 2023, and 2022 was estimated using the following weighted-average assumptions:
 Fiscal Year Ended March 31,
 202420232022
Expected volatility36.9 %49.0 %54.6 %
Average peer volatility35.2 %41.4 %39.8 %
Average peer correlation0.4 0.4 0.4 
Expected dividends— %— %— %
Risk-free interest rate4.3 %3.0 %0.3 %
Schedule of RSU Activity
The following table summarizes the Company's RSU award activity under the 2017 Plan ("Price" reflects the weighted-average grant-date fair value):
Fiscal Year Ended March 31,
202420232022
SharesPrice SharesPriceSharesPrice
Unvested RSU awards outstanding, beginning of fiscal year15,348,615 $16.79 17,019,559 $14.13 17,308,625 $11.14 
Granted (1)6,162,067 27.86 8,416,650 18.22 7,276,643 18.48 
Vested (1)(8,529,857)14.34 (9,229,198)12.51 (5,933,605)10.87 
Forfeited (2)(994,150)19.76 (858,396)15.31 (1,632,104)12.42 
Adjustment due to the Spin-off (3) 3,380,381 — — 
Unvested RSU awards outstanding, end of fiscal year (4)15,367,056 $17.73 15,348,615 $16.79 17,019,559 $14.13 
(1)Included in both the fiscal years 2024 and 2023 amounts are 1.2 million of share bonus awards representing the number of awards achieved above target levels based on the achievement of certain market conditions for awards granted in the fiscal years 2021 and 2020, respectively. These awards were issued and immediately vested in accordance with the terms and conditions of the underlying awards.
(2)Includes immaterial RSU awards previously granted to Nextracker employees under the 2017 Plan canceled due to the Spin-off.
(3)Represents an adjustment to the outstanding RSU awards under the terms of the 2017 Plan using a conversion ratio of approximately 1.29 as a result of the Spin-off.
(4)The weighted-average grant date fair value of the RSUs included in the line item “Adjustment due to the Spin-off” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.29. The weighted-average grant date fair value of the unvested RSUs as of March 31, 2024 reflects the adjustment.
Schedule of Nonvested Share Activity
Of the 15.4 million unvested RSU awards outstanding under the 2017 Plan as of the fiscal year ended March 31, 2024, approximately 1.5 million unvested RSU awards represents the target amount of grants made to certain key employees whereby vesting is contingent on meeting certain market conditions summarized as follows:
Target
number of
awards as of
March 31, 2024
(in shares) (1)		Range of shares
that may be issued (2)
Average
grant date
fair value
(per share)
Assessment dates
Year of grantMinimumMaximum
Fiscal 2024443,253 $35.55 — 886,506 June 2026
Fiscal 2023628,720 $23.45 — 1,257,440 June 2025
Fiscal 2022436,006 $25.86 — 872,012 June 2024
Totals1,507,979  3,015,958  
(1)    Includes an adjustment to the outstanding RSU awards under the terms of the 2017 Plan using a conversion ratio of approximately 1.29 as a result of the Spin-off.
(2)    Vesting ranges from zero to 200% based on measurement of Flex's total shareholder return against Flex's peer companies for RSU awards granted in fiscal years 2024, 2023 and 2022.
Of the 15.4 million unvested RSU awards outstanding under the 2017 Plan as of the fiscal year ended March 31, 2024, approximately 1.5 million unvested RSU awards represents the target amount of grants made to certain key employees whereby vesting is contingent on meeting certain performance conditions summarized as follows:
Target
number of
awards as of
March 31, 2024
(in shares) (1)		Range of shares
that may be issued (2)
Average
grant date
fair value
(per share)
Assessment date
Year of grantMinimumMaximum
Fiscal 2024443,253 $26.67 — 886,506 Mar 2027
Fiscal 2023628,720 $16.52 — 1,257,440 Mar 2026
Fiscal 2022436,003 $18.24 — 872,006 Mar 2025
Totals1,507,976 3,015,952 
(1)    Includes an adjustment to the outstanding RSU awards under the terms of the 2017 Plan using a conversion ratio of approximately 1.29 as a result of the Spin-off.
(2)    Vesting ranges from zero to 200% based on performance of Flex's average earnings per share growth.
v3.24.1.1.u2
EARNINGS PER SHARE (Tables)
 12 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share
The computation of earnings per share and weighted average shares outstanding of the Company’s common stock for the following periods is presented below:
Fiscal Year Ended March 31,
2024 20232022
(In millions, except per share amounts)
Numerator:
Net income from continuing operations$872 $683 $872 
Net income from discontinued operations, net of tax (Note 7)373 350 68 
Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interest (Note 7)239 240 4 
Net income from discontinued operations attributable to Flex Ltd. (Note 7)134 110 64 
Total net income attributable to Flex Ltd.$1,006 $793 $936 
Denominator:
Weighted-average ordinary shares outstanding - basic435 454 476 
Weighted-average ordinary share equivalents from RSU awards (1)6 8 7 
Weighted-average ordinary shares and ordinary share equivalents outstanding - diluted441 462 483 
Earnings per share - basic
Continuing operations$2.00 $1.50 $1.83 
Discontinued operations, net of tax (Note 7)0.31 0.25 0.14 
Total attributable to the shareholders of Flex Ltd.$2.31 $1.75 $1.97 
Earnings per share - diluted
Continuing operations $1.98 $1.48 $1.81 
Discontinued operations, net of tax (Note 7)0.30 0.24 0.13 
Total attributable to the shareholders of Flex Ltd.$2.28 $1.72 $1.94 
_________________________________________________________________________
(1)An immaterial amount of RSU awards during fiscal years 2024, 2023, and 2022, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted average ordinary shares equivalents.
v3.24.1.1.u2
DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of results from discontinued operations
Nextracker's financial results for periods prior to the Spin-off have been reflected in our consolidated statement of operations, retrospectively, as discontinued operations. Details of net income from discontinued operations included in our consolidated statements of operations are as follows:
Fiscal Year Ended March 31,
2024 (1)20232022
(In millions)
Net sales (2)$1,664 $1,844 $1,408 
Cost of sales (2)1,198 1,555 1,256 
Gross profit466 289 152 
Selling, general and administrative expenses145 121 62 
Intangible amortization— 1 8 
Operating income321 167 82 
Interest, net1 1 — 
Other charges (income), net(2)(1)1 
Income before income taxes322 167 81 
(Benefit from) provision for income taxes(51)(183)13 
Net income from discontinued operations373 350 68 
Net income from discontinued operations attributable to noncontrolling interest and redeemable noncontrolling interest (3)239 240 4 
Net income from discontinued operations attributable to Flex Ltd.$134 $110 $64 
(1)Represents the financial results for the nine-month period prior to the Spin-off. The financial results for the period from January 1, 2024 to the Spin-off date were immaterial.
(2)Both net sales and cost of sales from discontinued operations includes the effect of intercompany transactions that were eliminated from Flex's consolidated operations of approximately $99 million, $59 million, and $50 million for fiscal years ended March 31, 2024, 2023, and 2022, respectively.
(3)Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $145 million, zero, and zero and of income tax benefits of $94 million, $197 million, and zero and distributions to redeemable noncontrolling interest of zero, $43 million, and $4 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $177 million, $167 million and $81 million for the same periods.
Details of cash flows from discontinued operations are as follows:
Fiscal Year Ended March 31,
2024 (1)20232022
(In millions)
Net cash provided by (used in) discontinued operations operating activities (2)$317 $108 $(147)
Net cash used in discontinued operations investing activities(4)(3)(6)
(1)Represents the financial results for the nine-month period prior to the Spin-off.
(2)Cash flows from discontinued operations operating activities includes the effect of intercompany transactions that were eliminated from Flex's consolidated operations of $54 million, ($23) million, and $11 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively.
The following table summarizes the major classes of assets and liabilities of discontinued operations that were included in the Company's consolidated balance sheet as of March 31, 2023. There were no assets and liabilities of discontinued operations as of March 31, 2024.
As of March 31,
2023
 (In millions)
Cash and cash equivalents$130 
Accounts receivable, net271 
Contract assets298 
Inventories142 
Other current assets42 
Current assets of discontinued operations$883 
Property and equipment, net$7 
Operating lease right-of-use assets, net3 
Goodwill204 
Other intangible assets, net1 
Other non-current assets268 
Non-current assets of discontinued operations$483 
Accounts payable$206 
Accrued payroll and benefits16 
Deferred revenue and customer working capital advances188 
Other current liabilities103 
Current liabilities of discontinued operations$513 
Long-term debt$147 
Operating lease liabilities, non-current2 
Other non-current liabilities83 
Non-current liabilities of discontinued operations$232 
v3.24.1.1.u2
SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)
 12 Months Ended
Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]  
Schedule of supplemental cash flow disclosures and non-cash investing and financing activities
The following table represents supplemental cash flow disclosures and non-cash investing and financing activities:
Fiscal Year Ended March 31,
202420232022
(In millions)
Net cash paid for:
Interest$226 $227 $169 
Income taxes243 124 122 
Non-cash investing and financing activity:
Unpaid purchases of property and equipment$97 $184 $126 
Pre-IPO paid-in-kind dividend to redeemable noncontrolling interest— 21 4 
v3.24.1.1.u2
BANK BORROWINGS AND LONG-TERM DEBT (Tables)
 12 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of bank borrowings and long-term debt
Bank borrowings and long-term debt are as follows:
Maturity DateAs of March 31,
20242023
(In millions)
4.750% Notes ("2025 Notes") (1)(2)
June 2025584 599 
3.750% Notes ("2026 Notes") (1)(2)
February 2026682 686 
6.000% Notes ("2028 Notes") (1)(2)
January 2028397 396 
4.875% Notes ("2029 Notes") (1)(2)
June 2029657 658 
4.875% Notes ("2030 Notes") (1)(2)
May 2030681 685 
JPY Term Loan (3)April 2024— 253 
Delayed Draw Term Loan (4)November 2023— 150 
3.600% HUF Bonds (5)
December 2031274 284 
Other1 1 
Debt issuance costs(15)(18)
3,261 3,694 
Current portion, net of debt issuance costs— (150)
Non-current portion$3,261 $3,544 
(1)The notes are carried at the principal amount of each note, less any unamortized discount or premium and unamortized debt issuance costs.
(2)The notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations.
(3)In April 2019, the Company entered into a JPY 33.5 billion term loan agreement at three-month TIBOR plus 0.430%, which was then swapped to U.S. dollars. The term loan, which is subject to quarterly interest payments, was used to fund general operations and refinance certain other outstanding debt. During fiscal year 2024, the Company repaid the outstanding balance.
(4)In September 2022, the Company entered into a $450 million delayed draw term loan credit agreement, under which $300 million was repaid during fiscal year 2023. Borrowings under the delayed draw term loan may be used for working capital, capital expenditures, refinancing of current debt, and other general corporate purposes. Interest is based on either (a) a Term SOFR-based formula plus a margin of 100.0 basis points to 162.5 basis points, depending on the Company's credit ratings, or (b) a Base Rate (the greatest of the agent's prime rate, the federal funds rate plus 0.50%, and the Term SOFR plus 1.00%) formula plus a margin of 0.0 basis point to 62.5 basis points, depending on the Company's credit ratings. During fiscal year 2024, the Company repaid the remaining $150 million outstanding balance.
(5)In December 2021, the Company issued HUF 100 billion (approximately $274 million as of March 31, 2024) in aggregate principal amount of bonds under the National Bank of Hungary’s Bond Funding for Growth Scheme. The bonds are unsecured and unsubordinated obligations of the Company and rank equally with all of the Company’s other existing and future unsecured and unsubordinated obligations. The outstanding principal amount of the bonds bear interest at 3.60% per annum. The proceeds of the bonds were used for general corporate purposes.
Schedule of the company's repayments of long-term debt
Scheduled repayments of the Company's bank borrowings and long-term debt are as follows:
Fiscal Year Ending March 31,Amount
(In millions)
2025$— 
20261,266 
2027— 
2028397 
202927 
Thereafter1,586 
Total$3,276 
v3.24.1.1.u2
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedges, Assets [Abstract]  
Schedule of aggregate notional amount of the Company's outstanding foreign currency forward and swap contracts
As of March 31, 2024, the aggregate notional amount of the Company's outstanding foreign currency derivative contracts was $8.6 billion as summarized below:
Notional Contract
Value in USD
CurrencyBuySell
(In millions)
Cash Flow Hedges
HUF$443 $— 
MXN609 — 
Other550 20 
1,602 20 
Other Foreign Currency Contracts
BRL— 361 
CNY321 84 
EUR1,883 1,815 
MXN532 448 
MYR264 120 
Other707 458 
3,707 3,286 
Total Notional Contract Value in USD$5,309 $3,306 
Schedule of fair value of the derivative instruments utilized for foreign currency risk management purposes
The following table presents the fair value of the Company's derivative instruments utilized for foreign currency risk management purposes at March 31, 2024 and 2023:
Fair Values of Derivative Instruments
Asset DerivativesLiability Derivatives
Fair ValueFair Value
Balance Sheet
Location		March 31,
2024		March 31,
2023		Balance Sheet
Location		March 31,
2024		March 31,
2023
(In millions)
Derivatives designated as hedging instruments
Foreign currency contractsOther current assets$45 $46 Other current liabilities$(9)$22 
Foreign currency contractsOther non-current assets— — Other non-current liabilities(33)88 
Derivatives not designated as hedging instruments
Foreign currency contractsOther current assets$14 $26 Other current liabilities$(10)$19 
v3.24.1.1.u2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 12 Months Ended
Mar. 31, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Schedule of changes in accumulated other comprehensive loss by component, net of tax
The changes in accumulated other comprehensive loss by component, net of tax, during fiscal years ended March 31, 2024, 2023 and 2022 are as follows:
Unrealized gains (loss) on
derivative
instruments and
other		Foreign currency
translation
adjustments		Total
(In millions)
Ending balance on March 31, 2021$(42)$(77)$(119)
Other comprehensive loss before reclassifications(49)(44)(93)
Net loss reclassified from accumulated other comprehensive loss25 5 30 
Net current-period other comprehensive loss(24)(39)(63)
Ending balance on March 31, 2022$(66)$(116)$(182)
Other comprehensive loss before reclassifications(25)(67)(92)
Net loss reclassified from accumulated other comprehensive loss77 3 80 
Net current-period other comprehensive gains (loss)52 (64)(12)
Ending balance on March 31, 2023$(14)$(180)$(194)
Other comprehensive gains (loss) before reclassifications95 (19)76 
Net (gains) loss reclassified from accumulated other comprehensive loss(77)— (77)
Net current-period other comprehensive gains (loss)18 (19)(1)
Ending balance on March 31, 2024$4 $(199)$(195)
v3.24.1.1.u2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of financial assets and liabilities measured at fair value on a recurring basis
The following table presents the Company's assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and 2023:
Fair Value Measurements as of March 31, 2024
Level 1Level 2Level 3Total
(In millions)
Assets:    
Money market funds and time deposits (Note 2)$— $759 $— $759 
Foreign currency contracts (Note 10)— 59 — 59 
Deferred compensation plan assets:
Mutual funds, money market accounts and equity securities— 41 — 41 
Liabilities:
Foreign currency contracts (Note 10)$— $(52)$— $(52)
Fair Value Measurements as of March 31, 2023
Level 1Level 2Level 3Total
(In millions)
Assets:
Money market funds and time deposits (Note 2)$— $2,324 $— $2,324 
Foreign currency contracts (Note 10)— 72 — 72 
Deferred compensation plan assets:
Mutual funds, money market accounts and equity securities— 35 — 35 
Liabilities:
Foreign currency contracts (Note 10)$— $(129)$— $(129)
Schedule of liabilities not carried at fair value
The following table presents the Company's major debts not carried at fair value as of March 31, 2024 and 2023:
As of March 31, 2024As of March 31, 2023
Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value		Fair Value
Hierarchy
(In millions)(In millions)
JPY Term Loan due April 2024
— — 253 253 Level 2
4.750% Notes due June 2025
584 578 599 590 Level 1
3.750% Notes due February 2026
682 662 686 657 Level 1
6.000% Notes due January 2028
397 404 396 399 Level 1
4.875% Notes due June 2029
657 643 658 631 Level 1
4.875% Notes due May 2030
681 662 685 661 Level 1
Delayed Draw Term Loan— — 150 150 Level 2
3.600% HUF Bonds due December 2031
274 219 284 196 Level 2
v3.24.1.1.u2
INCOME TAXES (Tables)
 12 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of components of income from continuing operations before income taxes
The domestic (Singapore) and foreign components of income from continuing operations before income taxes were comprised of the following:
Fiscal Year Ended March 31,
202420232022
(In millions)
Domestic$(165)$99 $352 
Foreign831 708 612 
Total$666 $807 $964 
Schedule of provision (benefit from) income taxes
The (benefit from) provision for income taxes from continuing operations consisted of the following:
Fiscal Year Ended March 31,
202420232022
(In millions)
Current:
Domestic$3 $6 $3 
Foreign161 117 133 
164 123 136 
Deferred:
Domestic(1)1 — 
Foreign(369)— (44)
(370)1 (44)
(Benefit from) provision for income taxes$(206)$124 $92 
Schedule of reconciliation of the income tax expense from continuing operations expected based on domestic statutory income tax rates to the expense (benefit) for income taxes The reconciliation of the income tax expense (benefit) from continuing operations expected based on domestic statutory income tax rates to the expense (benefit) for income taxes included in the consolidated statements of operations is as follows:
Fiscal Year Ended March 31,
202420232022
(In millions)
Income taxes based on domestic statutory rates$113 $137 $164 
Effect of jurisdictional tax rate differential68 52 (97)
Change in unrecognized tax benefit(10)(7)12 
Change in valuation allowance(685)(290)(135)
Foreign exchange movement on prior year taxes recoverable(1)4 (9)
Liability for undistributed earnings135 — — 
Global intangible low-taxed income (GILTI) / Subpart F income13 18 30 
Nextracker related transactions gains115 158 110 
Earnings from partnership47 39 — 
U.S. state taxes10 2 5 
Excess compensation (Section 162(m))15 9 4 
Other(26)2 8 
(Benefit from) provision for income taxes$(206)$124 $92 
Schedule of Components of deferred income taxes
The components of deferred income taxes are as follows:
As of March 31,
20242023
(In millions)
Deferred tax liabilities:
Fixed assets$(59)$(63)
Intangible assets(56)(71)
Others(149)(23)
Total deferred tax liabilities(264)(157)
Deferred tax assets:
Fixed assets82 77 
Intangible assets4 5 
Deferred compensation25 27 
Inventory valuation26 24 
Provision for doubtful accounts2 3 
Net operating loss and other carryforwards1,168 1,354 
Tax receivable agreement77 — 
Others184 131 
Total deferred tax assets1,568 1,621 
Valuation allowances(838)(1,371)
Total deferred tax assets, net of valuation allowances730 250 
Net deferred tax asset$466 $93 
The net deferred tax asset is classified as follows:
Long-term asset $644 $164 
Long-term liability(178)(71)
Total$466 $93 
Schedule of tax losses and other carryforwards on a tax return basis, which will expire at various dates These tax losses and other carryforwards will expire at various dates as follows:
Expiration dates of deferred tax assets related to operating losses and other carryforwards
Fiscal year(In millions)
2025 - 2030$244 
2031 - 2036157 
2037 and post57 
Indefinite741 
$1,199 
Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Fiscal Year Ended
March 31,
20242023
(In millions)
Balance, beginning of fiscal year$268 $282 
Additions based on tax position related to the current year10 15 
Additions for tax positions of prior years22 8 
Reductions for tax positions of prior years(82)(5)
Reductions related to lapse of applicable statute of limitations(17)(13)
Settlements— (7)
Impact from foreign exchange rates fluctuation(4)(12)
Balance, end of fiscal year$197 $268 
v3.24.1.1.u2
RESTRUCTURING CHARGES (Tables)
 12 Months Ended
Mar. 31, 2024
Restructuring Charges [Abstract]  
Schedule of provisions, respective payments, and remaining accrued balance
The following table summarizes the provisions for charges incurred, respective payments for the fiscal years ended March 31, 2024, 2023, and 2022, respectively, and remaining accrued balances as of the same periods:
SeveranceLong-Lived
Asset
Impairment		Other
Exit Costs		Total
(In millions)
Balance as of March 31, 2021$45 $— $8 $53 
Provision for charges incurred in fiscal year 202211 1 3 15 
Cash payments for charges incurred in fiscal year 2021 and prior(15)— — (15)
Cash payments for charges incurred in fiscal year 2022(6)— — (6)
Non-cash reductions incurred in fiscal year 2022— (1)(3)(4)
Balance as of March 31, 202235 — 8 43 
Provision for charges incurred in fiscal year 202327 — — 27 
Cash payments for charges incurred in fiscal year 2022 and prior(7)— — (7)
Cash payments for charges incurred in fiscal year 2023(11)— — (11)
Non-cash reductions incurred in fiscal year 2023— — (2)(2)
Balance as of March 31, 202344 — 6 50 
Provision for charges incurred in fiscal year 2024161 14 — 175 
Cash payments for charges incurred in fiscal year 2023 and prior(13)— — (13)
Cash payments for charges incurred in fiscal year 2024(115)— — (115)
Non-cash reductions incurred in fiscal year 2024— (14)(3)(17)
Balance as of March 31, 202477 — 3 80 
Less: Current portion (classified as other current liabilities)76 — 3 79 
Accrued restructuring costs, net of current portion (classified as other non-current liabilities)$1 $— $— $1 
v3.24.1.1.u2
OTHER CHARGES (INCOME), NET (Tables)
 12 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of other charges (income)
Other charges (income), net for the fiscal years ended March 31, 2024, 2023 and 2022 are comprised of the following:
Fiscal Year Ended March 31
202420232022
(In millions)
(Gain)/Loss on foreign exchange transactions$24 $(7)$(33)
Brazil tax credit (1)— — (150)
Others 201318
(1)The Company recognized a $150 million gain related to a certain tax credit upon approval of a "Credit Habilitation" request by the relevant Brazil tax authorities for fiscal year 2022.
v3.24.1.1.u2
INTEREST EXPENSE AND INTEREST INCOME (Tables)
 12 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
Interest, net
Interest expense and interest income for the fiscal years ended March 31, 2024, 2023 and 2022 are primarily comprised of the following:
Fiscal Year Ended March 31
202420232022
(In millions)
Interest expenses on debt obligations $161 $191 $160 
AR sales programs related expenses46 39 6 
Interest income(56)(30)(14)
v3.24.1.1.u2
SEGMENT REPORTING (Tables)
 12 Months Ended
Mar. 31, 2024
Segment Reporting, Measurement Disclosures [Abstract]  
Schedule of segment reporting information by operating segment
Selected financial information by segment is in the table below.
Fiscal Year Ended March 31,
202420232022
(In millions)
Net sales:
Flex Agility Solutions$13,923 $15,769 $14,027 
Flex Reliability Solutions12,492 12,733 10,606 
$26,415 $28,502 $24,633 
Segment income and reconciliation of income from continuing operations before income taxes:
Flex Agility Solutions$669 $694 $605 
Flex Reliability Solutions666 607 546 
Corporate and Other(68)(69)(81)
Total segment income1,267 1,232 1,070 
Reconciling items:
Intangible amortization70 81 60 
Stock-based compensation113 101 88 
Restructuring charges 172 27 15 
Customer related asset impairment14 — — 
Legal and other (1)45 6 17 
Interest expenses207 230 166 
Interest income56 30 14 
Other charges (income), net 44 6 (165)
Equity in earnings (losses) of unconsolidated affiliates8 (4)61 
Income from continuing operations before income taxes$666 $807 $964 
(1)Legal and other consists of costs not directly related to core business results including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition related costs and customer related asset recoveries. During fiscal year 2024, the Company recognized a $50 million loss contingency for a commercial dispute related to a construction matter with related production objectives.
During fiscal years 2023 and 2022, the Company accrued for certain loss contingencies where losses are considered probable and estimable offset by a gain upon successful settlement of certain supplier claims.
During fiscal years 2024, 2023 and 2022, depreciation expense included in the segments' measure of operating performance above is as follows.
Fiscal Year Ended March 31,
202420232022
(In millions)
Depreciation expense:
Flex Agility Solutions$171 $177 $184 
Flex Reliability Solutions241 217 204 
Total depreciation expense$412 $394 $388 
Schedule of geographic information by segment net sales
Geographic information of net sales is as follows:
Fiscal Year Ended March 31,
202420232022
(In millions)
Net sales by region:
Americas$12,232 46 %$11,906 42 %$9,414 38 %
Asia8,540 32 %10,384 36 %9,615 39 %
Europe5,643 22 %6,212 22 %5,604 23 %
$26,415 $28,502 $24,633 
The following table summarizes the countries that accounted for more than 10% of net sales in fiscal years 2024, 2023, and 2022:
 Fiscal Year Ended March 31,
202420232022
 (In millions)
Net sales by country:
Mexico$6,935 26 %$6,626 23 %$5,092 21 %
China5,117 19 %6,562 23 %6,160 25 %
U.S.3,598 14 %3,394 12 %2,414 10 %
Schedule of geographic information by segment long-lived assets
Geographic information of property and equipment, net is as follows:
As of March 31,
20242023
(In millions)
Property and equipment, net:
Americas$1,220 54 %$1,214 52 %
Asia565 25 %618 26 %
Europe484 21 %510 22 %
$2,269 $2,342 
The following table summarizes the countries that accounted for more than 10% of property and equipment, net in fiscal years 2024 and 2023:
Fiscal Year Ended March 31,
20242023
(In millions)
Property and equipment, net:
Mexico$793 35 %$763 33 %
U.S.334 15 %358 15 %
China307 14 %338 14 %
v3.24.1.1.u2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)
 12 Months Ended
Mar. 31, 2024
Quarterly Financial Data [Abstract]  
Schedule of quarterly financial data The following tables contain unaudited quarterly financial data for fiscal year 2024 and 2023:
Fiscal Year 2024
Three Months Ended
June 30, 2023September 29, 2023December 31, 2023March 31, 2024
(In millions, except per share amounts)
Net sales$6,892 $6,933 $6,421 $6,169 
Gross profit476 519 433 437 
Operating income215 281 198 159 
Net income from continuing operations147 201 129 395 
Net income from discontinued operations, net of tax64 205 104 — 
Net income211 406 233 395 
Net income attributable to noncontrolling interest and redeemable noncontrolling interest25 178 36 — 
Net income attributable to Flex Ltd.$186 $228 $197 $395 
Weighted-average ordinary shares outstanding - basic447443431417
Weighted-average ordinary shares outstanding - diluted455448436425
Earnings per share - basic (1)
Continuing operations$0.33 $0.45 $0.30 $0.95 
Discontinued operations, net of tax0.09 0.06 0.16 — 
Total attributable to the shareholders of Flex Ltd.$0.42 $0.51 $0.46 $0.95 
Earnings per share - diluted (1)
Continuing operations$0.32 $0.45 $0.30 $0.93 
Discontinued operations, net of tax0.09 0.06 0.15 — 
Total attributable to the shareholders of Flex Ltd.$0.41 $0.51 $0.45 $0.93 
(1)    Earnings per share are computed independently for each quarter presented; therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year.
Fiscal Year 2023
Three Months Ended
July 1, 2022September 30, 2022December 31, 2022March 31, 2023
(In millions, except per share amounts)
Net sales$6,961 $7,303 $7,254 $6,984 
Gross profit487 525 499 465 
Operating income253 282 259 223 
Net income from continuing operations176 195 173 139 
Net income from discontinued operations, net of tax19 43 64 224 
Net income195 238 237 363 
Net income attributable to noncontrolling interest and redeemable noncontrolling interest6 6 7 221 
Net income attributable to Flex Ltd.$189 $232 $230 $142 
Weighted-average ordinary shares outstanding - basic458455452451
Weighted-average ordinary shares outstanding - diluted468460459459
Earnings per share - basic (1)
Continuing operations$0.38 $0.43 $0.38 $0.30 
Discontinued operations, net of tax0.03 0.08 0.13 0.01 
Total attributable to the shareholders of Flex Ltd.$0.41 $0.51 $0.51 $0.31 
Earnings per share - diluted (1)
Continuing operations$0.38 $0.42 $0.38 $0.30 
Discontinued operations, net of tax0.02 0.08 0.12 0.01 
Total attributable to the shareholders of Flex Ltd.$0.40 $0.50 $0.50 $0.31 
(1)    Earnings per share are computed independently for each quarter presented; therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year.
v3.24.1.1.u2
ORGANIZATION OF THE COMPANY (Details)
 12 Months Ended
Jul. 03, 2023
USD ($)
shares
Mar. 31, 2024
segment
country
Feb. 13, 2023
Feb. 12, 2023
Subsidiary, Sale of Stock [Line Items]        
Number of countries in which entity operates | country   30    
Number of operating segments | segment   2    
Number of reportable segments | segment   2    
Nextracker        
Subsidiary, Sale of Stock [Line Items]        
Tax receivable agreement, tax benefits percentage 85.00%      
Common Class B        
Subsidiary, Sale of Stock [Line Items]        
Sale of stock, number of shares cancelled (in shares) 15,631,562      
Yuma, Inc.        
Subsidiary, Sale of Stock [Line Items]        
Number of shares acquired from subsidiary (in shares) 14,025,000      
TPG Rise Flash, L.P        
Subsidiary, Sale of Stock [Line Items]        
Number of shares acquired from subsidiary (in shares) 1,606,562      
Follow-On Offering To IPO        
Subsidiary, Sale of Stock [Line Items]        
Shares sold in offering (in shares) 15,631,562      
Aggregate net proceeds from stock offering | $ $ 552,000,000      
Net proceeds from sale of stock, amount retained | $ $ 495,000,000      
TRA        
Subsidiary, Sale of Stock [Line Items]        
Period for consideration received on transaction 20 years      
TRA | Minimum        
Subsidiary, Sale of Stock [Line Items]        
Aggregate net proceeds from stock offering | $ $ 0      
TRA | Maximum        
Subsidiary, Sale of Stock [Line Items]        
Aggregate net proceeds from stock offering | $ $ 300,000,000      
Spin-off        
Subsidiary, Sale of Stock [Line Items]        
Number of shares received for every share held by noncontrolling interest holders (in shares) 0.17      
Nextracker        
Subsidiary, Sale of Stock [Line Items]        
Ownership percentage     51.50% 82.60%
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Allowance for doubtful accounts      
Charges (Recoveries) to Costs and Expenses $ 9 $ 3 $ (3)
Continuing Operations      
Allowance for doubtful accounts      
Balance at Beginning of Year 6 52 57
Charges (Recoveries) to Costs and Expenses 9 4 (3)
Deductions/Write-Offs (3) (50) (2)
Balance at End of Year $ 12 $ 6 $ 52
Ten largest customers | Net sales | Customer Concentration Risk      
Allowance for doubtful accounts      
Concentration risk percentage 37.00% 37.00% 36.00%
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES - Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Accounting Policies [Abstract]    
Cash and bank balances $ 1,715 $ 840
Money market funds and time deposits 759 2,324
Cash and cash equivalents $ 2,474 $ 3,164
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES - Inventories (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Accounting Policies [Abstract]    
Raw materials $ 5,045 $ 6,111
Work-in-progress 623 705
Finished goods 537 572
Inventories $ 6,205 $ 7,388
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES - Property and Equipment, Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Property, Plant and Equipment      
Property and equipment, gross $ 6,709 $ 6,542  
Accumulated depreciation and amortization (4,440) (4,200)  
Property and equipment, net 2,269 2,342  
Depreciation 431 414 $ 409
Continuing Operations      
Property, Plant and Equipment      
Depreciation 428 411 $ 406
Machinery and equipment      
Property, Plant and Equipment      
Property and equipment, gross $ 3,960 3,728  
Machinery and equipment | Minimum      
Property, Plant and Equipment      
Depreciable Life (In Years) 2 years    
Machinery and equipment | Maximum      
Property, Plant and Equipment      
Depreciable Life (In Years) 10 years    
Buildings      
Property, Plant and Equipment      
Property and equipment, gross $ 1,212 1,162  
Depreciable Life (In Years) 30 years    
Leasehold improvements      
Property, Plant and Equipment      
Property and equipment, gross $ 651 586  
Furniture, fixtures, computer equipment and software, and other      
Property, Plant and Equipment      
Property and equipment, gross $ 549 543  
Furniture, fixtures, computer equipment and software, and other | Minimum      
Property, Plant and Equipment      
Depreciable Life (In Years) 3 years    
Furniture, fixtures, computer equipment and software, and other | Maximum      
Property, Plant and Equipment      
Depreciable Life (In Years) 7 years    
Land      
Property, Plant and Equipment      
Property and equipment, gross $ 123 124  
Construction-in-progress      
Property, Plant and Equipment      
Property and equipment, gross $ 214 $ 399  
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES - Goodwill (Details)
$ in Millions
 12 Months Ended
Mar. 31, 2024
USD ($)
reporting_unit
Mar. 31, 2023
USD ($)
Goodwill [Roll Forward]    
Balance, beginning of the period $ 1,139 $ 1,138
Acquisitions   (2)
Divestitures (1)  
Foreign currency translation adjustments (3) 3
Balance, end of the period $ 1,135 1,139
Number of reporting units | reporting_unit 6  
Nextracker | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff    
Goodwill [Roll Forward]    
Goodwill $ 204 204
FAS    
Goodwill [Roll Forward]    
Balance, beginning of the period 371 371
Acquisitions   0
Divestitures 0  
Foreign currency translation adjustments 0 0
Balance, end of the period 371 371
FRS    
Goodwill [Roll Forward]    
Balance, beginning of the period 768 767
Acquisitions   (2)
Divestitures (1)  
Foreign currency translation adjustments (3) 3
Balance, end of the period $ 764 $ 768
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES - Intangible Assets (Details) - USD ($)
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Components of acquired intangible assets      
Intangible assets residual value $ 0    
Gross carrying amount 614,000,000 $ 670,000,000  
Accumulated Amortization (369,000,000) (355,000,000)  
Total amortization expense 245,000,000 315,000,000  
Intangible amortization 70,000,000 81,000,000 $ 60,000,000
Intangible assets fully amortized and removed 50,000,000    
Estimated future annual amortization expense for acquired intangible assets      
2025 63,000,000    
2026 43,000,000    
2027 35,000,000    
2028 27,000,000    
2029 24,000,000    
Thereafter 53,000,000    
Total amortization expense $ 245,000,000 315,000,000  
Customer-related intangibles      
Components of acquired intangible assets      
Intangible assets, weighted average useful life 6 years 2 months 12 days    
Gross carrying amount $ 316,000,000 373,000,000  
Accumulated Amortization (186,000,000) (204,000,000)  
Total amortization expense 130,000,000 169,000,000  
Estimated future annual amortization expense for acquired intangible assets      
Total amortization expense $ 130,000,000 169,000,000  
Customer-related intangibles | Maximum      
Components of acquired intangible assets      
Useful life 10 years    
Licenses and other intangibles      
Components of acquired intangible assets      
Intangible assets, weighted average useful life 5 years 6 months    
Gross carrying amount $ 298,000,000 297,000,000  
Accumulated Amortization (183,000,000) (151,000,000)  
Total amortization expense 115,000,000 146,000,000  
Estimated future annual amortization expense for acquired intangible assets      
Total amortization expense $ 115,000,000 $ 146,000,000  
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES - Investments (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Accounting Policies [Abstract]      
Equity securities, FV-NI $ 123 $ 115  
Equity in earnings (losses) of unconsolidated affiliates $ 8 $ (4) $ 61
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES - Customer Working Capital Advances and Other Current Assets/Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Accounting Policies [Abstract]    
Customer working capital advances $ 2,200 $ 2,300
Deferred tax asset 644 153
Other liabilities, customer-related accruals, current $ 277 $ 301
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES - Leases (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Accounting Policies [Abstract]    
Current operating lease liabilities $ 136 $ 124
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
v3.24.1.1.u2
SUMMARY OF ACCOUNTING POLICIES - Supplier Finance Program (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Supplier Finance Program, Obligation [Roll Forward]    
Confirmed obligations outstanding at the beginning of the year $ 157  
Invoices confirmed during the year 604  
Confirmed invoices paid during the year (643)  
Foreign currency exchange impact 5  
Confirmed obligations outstanding at the end of the year $ 123  
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable
v3.24.1.1.u2
LEASES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Lessee, Lease, Description [Line Items]      
Operating lease, expense $ 188 $ 182 $ 178
Minimum      
Lessee, Lease, Description [Line Items]      
Lease terms 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Lease terms 20 years    
v3.24.1.1.u2
LEASES - Lease Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Leases [Abstract]    
Operating lease cost $ 167 $ 149
v3.24.1.1.u2
LEASES - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Operating Leases:    
Operating lease right of use assets $ 601 $ 605
Operating lease liabilities $ 626 $ 628
Weighted-average remaining lease term (In years)    
Operating leases 6 years 3 months 18 days 6 years 7 months 6 days
Weighted-average discount rate    
Operating leases 4.40% 4.30%
v3.24.1.1.u2
LEASES - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 160 $ 149
Right‑of‑use assets obtained in exchange for lease liabilities    
Operating Lease $ 134 $ 119
v3.24.1.1.u2
LEASES - Future Minimum Lease Payments Under Noncancellable Leases (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]    
2025 $ 160  
2026 135  
2027 104  
2028 88  
2029 69  
Thereafter 157  
Total undiscounted lease payments 713  
Less: imputed interest 87  
Operating lease liabilities $ 626 $ 628
v3.24.1.1.u2
REVENUE - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Deferred revenue $ 490 $ 662
Deferred Revenue and Customer Working Capital Advances Under Current Liabilities    
Disaggregation of Revenue [Line Items]    
Contract liability, current $ 449 $ 607
v3.24.1.1.u2
REVENUE - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 29, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jul. 01, 2022
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]                      
Net sales $ 6,169 $ 6,421 $ 6,933 $ 6,892 $ 6,984 $ 7,254 $ 7,303 $ 6,961 $ 26,415 $ 28,502 $ 24,633
Point in time                      
Disaggregation of Revenue [Line Items]                      
Net sales                 24,517 26,946 23,192
Over time                      
Disaggregation of Revenue [Line Items]                      
Net sales                 1,898 1,556 1,441
Operating segments                      
Disaggregation of Revenue [Line Items]                      
Net sales                 26,415 28,502 24,633
FAS | Operating segments                      
Disaggregation of Revenue [Line Items]                      
Net sales                 13,923 15,769 14,027
FAS | Operating segments | Point in time                      
Disaggregation of Revenue [Line Items]                      
Net sales                 12,811 14,942 13,288
FAS | Operating segments | Over time                      
Disaggregation of Revenue [Line Items]                      
Net sales                 1,112 827 739
FRS | Operating segments                      
Disaggregation of Revenue [Line Items]                      
Net sales                 12,492 12,733 10,606
FRS | Operating segments | Point in time                      
Disaggregation of Revenue [Line Items]                      
Net sales                 11,706 12,004 9,904
FRS | Operating segments | Over time                      
Disaggregation of Revenue [Line Items]                      
Net sales                 $ 786 $ 729 $ 702
v3.24.1.1.u2
SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2024
Jan. 02, 2024
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Share-based compensation            
Share-based compensation expense     $ 113,000,000 $ 101,000,000 $ 88,000,000  
RSU            
Share-based compensation            
Granted (in shares)     6,162,067 8,416,650 7,276,643  
Unvested RSU awards outstanding, weighted average grant date fair value (in dollars per share) $ 17.73   $ 17.73 $ 16.79 $ 14.13 $ 11.14
Awards vesting contingent on meeting certain performance conditions (in shares) 15,367,056   15,367,056 15,348,615 17,019,559 17,308,625
RSU With Market Conditions            
Share-based compensation            
Granted (in shares)     400,000      
Unvested RSU awards outstanding, weighted average grant date fair value (in dollars per share) $ 35.55   $ 35.55      
Awards vesting contingent on meeting certain performance conditions (in shares) 1,507,979   1,507,979      
RSU With Market Conditions | Grants In Fiscal Year 2021            
Share-based compensation            
Number of shares vested (in shares)     2,300,000      
RSU With Market Conditions | Grants In Fiscal Year 2024            
Share-based compensation            
Awards vesting contingent on meeting certain performance conditions (in shares) 443,253   443,253      
RSU With Performance Conditions            
Share-based compensation            
Awards vesting contingent on meeting certain performance conditions (in shares) 1,507,976   1,507,976      
RSU With Performance Conditions | Grants In Fiscal Year 2024            
Share-based compensation            
Granted (in shares)     400,000      
Unvested RSU awards outstanding, weighted average grant date fair value (in dollars per share) $ 26.67   $ 26.67      
Awards vesting contingent on meeting certain performance conditions (in shares) 443,253   443,253      
RSU with no performance or market conditions            
Share-based compensation            
Granted (in shares)     4,300,000      
Unvested RSU awards outstanding, weighted average grant date fair value (in dollars per share) $ 27.29   $ 27.29      
2022 Nextracker Equity Incentive Plan            
Share-based compensation            
Share-based compensation expense $ 0 $ 39,000,000        
2017 Equity Incentive Plan            
Share-based compensation            
Shares available for grants (in shares) 23,000,000   23,000,000      
2017 Equity Incentive Plan | RSU            
Share-based compensation            
Cash consideration to acquire a specified number of ordinary shares in exchange for continued service     $ 0      
Unrecognized compensation expense $ 173,000,000   $ 173,000,000      
Share weighted-average remaining vesting period     2 years      
Requisite service period     3 years 3 years 3 years  
Equity instruments other than options, aggregate intrinsic value of instruments vested     $ 227,000,000 $ 148,000,000 $ 108,000,000  
2017 Equity Incentive Plan | RSU | Minimum            
Share-based compensation            
Vesting period     2 years      
2017 Equity Incentive Plan | RSU | Maximum            
Share-based compensation            
Vesting period     3 years      
2017 Equity Incentive Plan | RSU With Market Conditions            
Share-based compensation            
Unrecognized compensation expense 14,000,000   $ 14,000,000      
2017 Equity Incentive Plan | RSU With Performance Conditions            
Share-based compensation            
Unrecognized compensation expense $ 10,000,000   $ 10,000,000      
v3.24.1.1.u2
SHARE-BASED COMPENSATION - Allocated Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Share-based compensation      
Share-based compensation expense $ 113 $ 101 $ 88
Cost of sales      
Share-based compensation      
Share-based compensation expense 28 24 23
Selling, general and administrative expenses      
Share-based compensation      
Share-based compensation expense $ 85 $ 77 $ 65
v3.24.1.1.u2
SHARE-BASED COMPENSATION - Fair Value Assumptions (Details) - RSU With Market Conditions - 2017 Equity Incentive Plan
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Weighted-average assumptions      
Expected volatility 36.90% 49.00% 54.60%
Average peer volatility 35.20% 41.40% 39.80%
Average peer correlation 0.4 0.4 0.4
Expected dividends 0.00% 0.00% 0.00%
Risk-free interest rate 4.30% 3.00% 0.30%
v3.24.1.1.u2
SHARE-BASED COMPENSATION - Summary of Company's Award Activity (Details)
 12 Months Ended
Mar. 31, 2024
$ / shares
shares
Mar. 31, 2023
$ / shares
shares
Mar. 31, 2022
$ / shares
shares
Non-options Activity, Weighted Average Exercise Price      
Share-based compensation arrangement split conversion ratio 1.29    
RSU      
Non-options Activity      
Unvested RSU awards outstanding, beginning of fiscal year (in shares) 15,348,615 17,019,559 17,308,625
Granted (in shares) 6,162,067 8,416,650 7,276,643
Vested (in shares) (8,529,857) (9,229,198) (5,933,605)
Forfeited (in shares) (994,150) (858,396) (1,632,104)
Adjustment due to the Spin-off (in shares) 3,380,381 0 0
Unvested RSU awards outstanding, end of fiscal year (in shares) 15,367,056 15,348,615 17,019,559
Non-options Activity, Weighted Average Exercise Price      
Unvested RSU awards outstanding, weighted average grant-date fair value, beginning of period (in dollars per share) | $ / shares $ 16.79 $ 14.13 $ 11.14
Average grant date fair value (in dollars per share) | $ / shares 27.86 18.22 18.48
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares 14.34 12.51 10.87
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares 19.76 15.31 12.42
Adjustment due to the Spin-off (in dollars per share) | $ / shares
Unvested RSU awards outstanding, weighted average grant-date fair value, end of period (in dollars per share) | $ / shares $ 17.73 $ 16.79 $ 14.13
RSU With Market Conditions      
Non-options Activity      
Granted (in shares) 400,000    
Unvested RSU awards outstanding, end of fiscal year (in shares) 1,507,979    
Non-options Activity, Weighted Average Exercise Price      
Unvested RSU awards outstanding, weighted average grant-date fair value, end of period (in dollars per share) | $ / shares $ 35.55    
RSU With Market Conditions | Grant In Fiscal Year 2020      
Non-options Activity      
Granted (in shares)   1,200,000  
RSU With Market Conditions | Grant In Fiscal Year 2021      
Non-options Activity      
Granted (in shares) 1,200,000    
v3.24.1.1.u2
SHARE-BASED COMPENSATION - Equity Awards with Market Conditions or Performance Conditions (Details)
 12 Months Ended
Mar. 31, 2024
$ / shares
shares
RSU With Market Conditions  
Share-based compensation  
Target number of awards 1,507,979
RSU With Market Conditions | Minimum  
Share-based compensation  
Vesting range on measurement of share-based compensation 0.00%
RSU With Market Conditions | Maximum  
Share-based compensation  
Range of shares that may be issued (in shares) 3,015,958
Vesting range on measurement of share-based compensation 200.00%
RSU With Performance Conditions  
Share-based compensation  
Target number of awards 1,507,976
RSU With Performance Conditions | Minimum  
Share-based compensation  
Vesting range on measurement of share-based compensation 0.00%
RSU With Performance Conditions | Maximum  
Share-based compensation  
Range of shares that may be issued (in shares) 3,015,952
Vesting range on measurement of share-based compensation 200.00%
Fiscal 2024 | RSU With Market Conditions  
Share-based compensation  
Target number of awards 443,253
Average grant date fair value (in dollars per share) | $ / shares $ 35.55
Fiscal 2024 | RSU With Market Conditions | Minimum  
Share-based compensation  
Range of shares that may be issued (in shares) 0
Fiscal 2024 | RSU With Market Conditions | Maximum  
Share-based compensation  
Range of shares that may be issued (in shares) 886,506
Fiscal 2024 | RSU With Performance Conditions  
Share-based compensation  
Target number of awards 443,253
Average grant date fair value (in dollars per share) | $ / shares $ 26.67
Fiscal 2024 | RSU With Performance Conditions | Minimum  
Share-based compensation  
Range of shares that may be issued (in shares) 0
Fiscal 2024 | RSU With Performance Conditions | Maximum  
Share-based compensation  
Range of shares that may be issued (in shares) 886,506
Fiscal 2023 | RSU With Market Conditions  
Share-based compensation  
Target number of awards 628,720
Average grant date fair value (in dollars per share) | $ / shares $ 23.45
Fiscal 2023 | RSU With Market Conditions | Minimum  
Share-based compensation  
Range of shares that may be issued (in shares) 0
Fiscal 2023 | RSU With Market Conditions | Maximum  
Share-based compensation  
Range of shares that may be issued (in shares) 1,257,440
Fiscal 2023 | RSU With Performance Conditions  
Share-based compensation  
Target number of awards 628,720
Average grant date fair value (in dollars per share) | $ / shares $ 16.52
Fiscal 2023 | RSU With Performance Conditions | Minimum  
Share-based compensation  
Range of shares that may be issued (in shares) 0
Fiscal 2023 | RSU With Performance Conditions | Maximum  
Share-based compensation  
Range of shares that may be issued (in shares) 1,257,440
Fiscal 2022 | RSU With Market Conditions  
Share-based compensation  
Target number of awards 436,006
Average grant date fair value (in dollars per share) | $ / shares $ 25.86
Fiscal 2022 | RSU With Market Conditions | Minimum  
Share-based compensation  
Range of shares that may be issued (in shares) 0
Fiscal 2022 | RSU With Market Conditions | Maximum  
Share-based compensation  
Range of shares that may be issued (in shares) 872,012
Fiscal 2022 | RSU With Performance Conditions  
Share-based compensation  
Target number of awards 436,003
Average grant date fair value (in dollars per share) | $ / shares $ 18.24
Fiscal 2022 | RSU With Performance Conditions | Minimum  
Share-based compensation  
Range of shares that may be issued (in shares) 0
Fiscal 2022 | RSU With Performance Conditions | Maximum  
Share-based compensation  
Range of shares that may be issued (in shares) 872,006
v3.24.1.1.u2
EARNINGS PER SHARE - Weighted Average Shares used to Calculate EPS (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 29, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jul. 01, 2022
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Numerator:                      
Net income from continuing operations $ 395 $ 129 $ 201 $ 147 $ 139 $ 173 $ 195 $ 176 $ 872 $ 683 $ 872
Net income from discontinued operations, net of tax 0 104 205 64 224 64 43 19 373 350 68
Net income attributable to noncontrolling interest and redeemable noncontrolling interest 0 36 178 25 221 7 6 6 239 240 4
Net income from discontinued operations attributable to Flex Ltd. (Note 7)                 134 110 64
Net income attributable to Flex Ltd. $ 395 $ 197 $ 228 $ 186 $ 142 $ 230 $ 232 $ 189 $ 1,006 $ 793 $ 936
Denominator:                      
Weighted-average ordinary shares outstanding (in shares) 417 431 443 447 451 452 455 458 435 454 476
Weighted-average ordinary share equivalents from RSU awards (in shares)                 6 8 7
Weighted-average ordinary shares and ordinary share equivalents outstanding (in shares) 425 436 448 455 459 459 460 468 441 462 483
Earnings per share - basic                      
Continuing operations (in dollars per share) $ 0.95 $ 0.30 $ 0.45 $ 0.33 $ 0.30 $ 0.38 $ 0.43 $ 0.38 $ 2.00 $ 1.50 $ 1.83
Discontinuing operations (in dollars per share) 0 0.16 0.06 0.09 0.01 0.13 0.08 0.03 0.31 0.25 0.14
Basic earnings per share attributable to the shareholders of Flex Ltd (in dollars per share) 0.95 0.46 0.51 0.42 0.31 0.51 0.51 0.41 2.31 1.75 1.97
Earnings per share - diluted                      
Continuing operations (in dollars per share) 0.93 0.30 0.45 0.32 0.30 0.38 0.42 0.38 1.98 1.48 1.81
Discontinuing operations (in dollars per share) 0 0.15 0.06 0.09 0.01 0.12 0.08 0.02 0.30 0.24 0.13
Diluted earnings per share attributable to the shareholders of Flex Ltd (in dollars per share) $ 0.93 $ 0.45 $ 0.51 $ 0.41 $ 0.31 $ 0.50 $ 0.50 $ 0.40 $ 2.28 $ 1.72 $ 1.94
v3.24.1.1.u2
DISCONTINUED OPERATIONS - Additional Information (Details) - Nextracker - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Effect of intercompany transactions eliminated $ 99 $ 59 $ 50
Pre-tax income from discontinued operations attributable to noncontrolling interest 145 0 0
Provision for income taxes attributable to noncontrolling interest 94 197 0
Distributions to redeemable noncontrolling interest 0 43 4
Pre-tax income attributable to Flex Ltd from discontinued operations 177 167 81
Discontinued operation, intracompany transactions eliminated, cash flows from operating activities $ 54 $ (23) $ 11
v3.24.1.1.u2
DISCONTINUED OPERATIONS - Income Statement Disclosures (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 29, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jul. 01, 2022
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Net income from discontinued operations, net of tax $ 0 $ 104 $ 205 $ 64 $ 224 $ 64 $ 43 $ 19 $ 373 $ 350 $ 68
Net income from discontinued operations attributable to Flex Ltd.                 134 110 64
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | Nextracker                      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                      
Net sales                 1,664 1,844 1,408
Cost of sales                 1,198 1,555 1,256
Gross profit                 466 289 152
Selling, general and administrative expenses                 145 121 62
Intangible amortization                 0 1 8
Operating income                 321 167 82
Interest, net                 1 1 0
Other charges (income), net                 (2) (1) 1
Income before income taxes                 322 167 81
(Benefit from) provision for income taxes                 (51) (183) 13
Net income from discontinued operations, net of tax                 373 350 68
Net income from discontinued operations attributable to noncontrolling interest and redeemable noncontrolling interest                 239 240 4
Net income from discontinued operations attributable to Flex Ltd.                 $ 134 $ 110 $ 64
v3.24.1.1.u2
DISCONTINUED OPERATIONS - Cash Flow Statement Disclosures (Details) - Nextracker - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net cash provided by (used in) from discontinued operations operating activities $ 317 $ 108 $ (147)
Net cash used in discontinued operations investing activities $ (4) $ (3) $ (6)
v3.24.1.1.u2
DISCONTINUED OPERATIONS - Balance Sheet Disclosures (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract]    
Current assets of discontinued operations $ 0 $ 883
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract]    
Non-current assets of discontinued operations 0 483
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]    
Current liabilities of discontinued operations 0 513
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract]    
Non-current liabilities of discontinued operations 0 232
Nextracker | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff    
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract]    
Cash and cash equivalents   130
Accounts receivable, net   271
Contract assets   298
Inventories   142
Other current assets   42
Current assets of discontinued operations   883
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract]    
Property and equipment, net   7
Operating lease right-of-use assets, net   3
Goodwill $ 204 204
Other intangible assets, net   1
Other non-current assets   268
Non-current assets of discontinued operations   483
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract]    
Accounts payable   206
Accrued payroll and benefits   16
Deferred revenue and customer working capital advances   188
Other current liabilities   103
Current liabilities of discontinued operations   513
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract]    
Long-term debt   147
Operating lease liabilities, non-current   2
Other non-current liabilities   83
Non-current liabilities of discontinued operations   $ 232
v3.24.1.1.u2
SUPPLEMENTAL CASH FLOW DISCLOSURES (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Net cash paid for:      
Interest $ 226 $ 227 $ 169
Income taxes 243 124 122
Non-cash investing and financing activity:      
Unpaid purchases of property and equipment 97 184 126
Pre-IPO paid-in-kind dividend to redeemable noncontrolling interest $ 0 $ 21 $ 4
v3.24.1.1.u2
BANK BORROWINGS AND LONG-TERM DEBT - Borrowings Outstanding (Details)
 1 Months Ended 12 Months Ended
Sep. 30, 2022
USD ($)
Apr. 30, 2019
JPY (¥)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2021
HUF (Ft)
Bank borrowings and long-term debt          
Long-term debt, gross     $ 3,276,000,000    
Debt issuance costs     (15,000,000) $ (18,000,000)  
Long-term debt     3,261,000,000 3,694,000,000  
Current portion, net of debt issuance costs     0 (150,000,000)  
Non-current portion     $ 3,261,000,000 3,544,000,000  
4.750% Notes ("2025 Notes")          
Bank borrowings and long-term debt          
Debt interest rate     4.75%    
Long-term debt, gross     $ 584,000,000 599,000,000  
3.750% Notes due February 2026          
Bank borrowings and long-term debt          
Debt interest rate     3.75%    
Long-term debt, gross     $ 682,000,000 686,000,000  
6.000% Notes due January 2028          
Bank borrowings and long-term debt          
Debt interest rate     6.00%    
Long-term debt, gross     $ 397,000,000 396,000,000  
4.875% Notes due June 2029          
Bank borrowings and long-term debt          
Debt interest rate     4.875%    
Long-term debt, gross     $ 657,000,000 658,000,000  
4.875% Notes due May 2030          
Bank borrowings and long-term debt          
Debt interest rate     4.875%    
Long-term debt, gross     $ 681,000,000 685,000,000  
JPY Term Loan due April 2024          
Bank borrowings and long-term debt          
Long-term debt, gross     0 253,000,000  
JPY Term Loan due April 2024 | Term Loan          
Bank borrowings and long-term debt          
Debt, face amount | ¥   ¥ 33,500,000,000      
JPY Term Loan due April 2024 | Term Loan | Three-month Yen TIBOR          
Bank borrowings and long-term debt          
Debt instrument, basis spread on variable rate (as a percent)   0.43%      
Delayed Draw Term Loan          
Bank borrowings and long-term debt          
Long-term debt, gross     0 150,000,000  
Delayed Draw Term Loan | Term Loan          
Bank borrowings and long-term debt          
Debt, face amount $ 450,000,000        
Repayments of debt     $ 150,000,000 300,000,000  
Delayed Draw Term Loan | Term Loan | Minimum          
Bank borrowings and long-term debt          
Debt instrument, interest rate, margin 0.00%        
Delayed Draw Term Loan | Term Loan | Maximum          
Bank borrowings and long-term debt          
Debt instrument, interest rate, margin 0.625%        
Delayed Draw Term Loan | Term Loan | Secured Overnight Financing Rate (SOFR)          
Bank borrowings and long-term debt          
Debt instrument, basis spread on variable rate (as a percent) 1.00%        
Delayed Draw Term Loan | Term Loan | Secured Overnight Financing Rate (SOFR) | Minimum          
Bank borrowings and long-term debt          
Debt instrument, basis spread on variable rate (as a percent) 1.00%        
Delayed Draw Term Loan | Term Loan | Secured Overnight Financing Rate (SOFR) | Maximum          
Bank borrowings and long-term debt          
Debt instrument, basis spread on variable rate (as a percent) 1.625%        
Delayed Draw Term Loan | Term Loan | Fed Funds Effective Rate          
Bank borrowings and long-term debt          
Debt instrument, basis spread on variable rate (as a percent) 0.50%        
3.600% HUF Bonds due December 2031          
Bank borrowings and long-term debt          
Debt interest rate     3.60%    
Long-term debt, gross     $ 274,000,000 284,000,000  
3.600% HUF Bonds due December 2031 | Unsecured Debt          
Bank borrowings and long-term debt          
Debt interest rate         3.60%
Debt, face amount     274,000,000   Ft 100,000,000,000
Other          
Bank borrowings and long-term debt          
Long-term debt, gross     $ 1,000,000 $ 1,000,000  
v3.24.1.1.u2
BANK BORROWINGS AND LONG-TERM DEBT - Additional Information (Details) - USD ($)
 1 Months Ended
Jul. 31, 2022
Mar. 31, 2024
Mar. 31, 2023
Jun. 30, 2022
Bank borrowings and long-term debt        
Borrowings outstanding   $ 0 $ 0  
Credit facility, remaining borrowing capacity   $ 318,000,000    
Weighted-average interest rate   4.50% 4.60%  
2027 Credit Facility | Line of Credit        
Bank borrowings and long-term debt        
Credit facility, maximum borrowing capacity $ 2,500,000,000      
Borrowings outstanding   $ 0 $ 0  
2027 Credit Facility | Line of Credit | Revolving Credit Facility        
Bank borrowings and long-term debt        
Credit facility, maximum borrowing capacity $ 2,500,000,000      
2027 Credit Facility | Line of Credit | Revolving Credit Facility | Minimum        
Bank borrowings and long-term debt        
Line of credit facility, commitment fee percentage 0.125%      
2027 Credit Facility | Line of Credit | Revolving Credit Facility | Maximum        
Bank borrowings and long-term debt        
Line of credit facility, commitment fee percentage 0.275%      
2027 Credit Facility | Line of Credit | Revolving Credit Facility | Credit Facility Interest Rate Option One | Minimum        
Bank borrowings and long-term debt        
Debt instrument, interest rate applicable margin per annum 0.125%      
2027 Credit Facility | Line of Credit | Revolving Credit Facility | Credit Facility Interest Rate Option One | Maximum        
Bank borrowings and long-term debt        
Debt instrument, interest rate applicable margin per annum 0.75%      
2027 Credit Facility | Line of Credit | Revolving Credit Facility | Credit Facility Interest Rate Option Two | Minimum        
Bank borrowings and long-term debt        
Debt instrument, interest rate applicable margin per annum 1.125%      
2027 Credit Facility | Line of Credit | Revolving Credit Facility | Credit Facility Interest Rate Option Two | Maximum        
Bank borrowings and long-term debt        
Debt instrument, interest rate applicable margin per annum 1.75%      
2027 Credit Facility | Line of Credit | Revolving Credit Facility | Base Rate        
Bank borrowings and long-term debt        
Debt instrument, basis spread on variable rate (as a percent) 1.00%      
2027 Credit Facility | Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)        
Bank borrowings and long-term debt        
Debt instrument, interest rate applicable margin adjustment percentage 0.10%      
2027 Credit Facility | Line of Credit | Revolving Credit Facility | Sterling Overnight Index Average Loans Rate        
Bank borrowings and long-term debt        
Debt instrument, interest rate applicable margin adjustment percentage 0.0326%      
2027 Credit Facility | Line of Credit | Swing Line Loans        
Bank borrowings and long-term debt        
Credit facility, maximum borrowing capacity $ 360,000,000      
2027 Credit Facility | Line of Credit | Letter of Credit        
Bank borrowings and long-term debt        
Credit facility, maximum borrowing capacity $ 175,000,000      
Line of credit facility, unused capacity, commitment fee percentage 0.125%      
Line of credit facility, usage fee upward or downward sustainability adjustments, percentage 0.05%      
Line of credit facility, interest rate margins upward or downward sustainability adjustments, percentage 0.05%      
Line of credit facility, commitment fee upward or downward sustainability adjustments, percentage 0.01%      
2027 Credit Facility | Line of Credit | Letter of Credit | Minimum        
Bank borrowings and long-term debt        
Line of credit facility, commitment fee percentage 1.125%      
2027 Credit Facility | Line of Credit | Letter of Credit | Maximum        
Bank borrowings and long-term debt        
Line of credit facility, commitment fee percentage 1.75%      
Credit Agreement which Matures in January 2026 | Line of Credit | Revolving Credit Facility        
Bank borrowings and long-term debt        
Credit facility, maximum borrowing capacity       $ 2,000,000,000
v3.24.1.1.u2
BANK BORROWINGS AND LONG-TERM DEBT - Repayments of Debt (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Repayments of long-term debt  
2025 $ 0
2026 1,266
2027 0
2028 397
2029 27
Thereafter 1,586
Total $ 3,276
v3.24.1.1.u2
FINANCIAL INSTRUMENTS - Notional Amount (Details) - Other Foreign Currency Contracts
$ in Millions
Mar. 31, 2024
USD ($)
Notional amount  
Derivative, notional amount $ 8,600
Buy  
Notional amount  
Derivative, notional amount 5,309
Buy | Derivatives not designated as hedging instruments  
Notional amount  
Derivative, notional amount 3,707
Buy | Derivatives not designated as hedging instruments | MXN  
Notional amount  
Derivative, notional amount 532
Buy | Derivatives not designated as hedging instruments | BRL  
Notional amount  
Derivative, notional amount 0
Buy | Derivatives not designated as hedging instruments | CNY  
Notional amount  
Derivative, notional amount 321
Buy | Derivatives not designated as hedging instruments | EUR  
Notional amount  
Derivative, notional amount 1,883
Buy | Derivatives not designated as hedging instruments | MYR  
Notional amount  
Derivative, notional amount 264
Buy | Derivatives not designated as hedging instruments | Other  
Notional amount  
Derivative, notional amount 707
Buy | Cash Flow Hedges | Derivatives designated as hedging instruments  
Notional amount  
Derivative, notional amount 1,602
Buy | Cash Flow Hedges | Derivatives designated as hedging instruments | HUF  
Notional amount  
Derivative, notional amount 443
Buy | Cash Flow Hedges | Derivatives designated as hedging instruments | MXN  
Notional amount  
Derivative, notional amount 609
Buy | Cash Flow Hedges | Derivatives designated as hedging instruments | Other  
Notional amount  
Derivative, notional amount 550
Sell  
Notional amount  
Derivative, notional amount 3,306
Sell | Derivatives not designated as hedging instruments  
Notional amount  
Derivative, notional amount 3,286
Sell | Derivatives not designated as hedging instruments | MXN  
Notional amount  
Derivative, notional amount 448
Sell | Derivatives not designated as hedging instruments | BRL  
Notional amount  
Derivative, notional amount 361
Sell | Derivatives not designated as hedging instruments | CNY  
Notional amount  
Derivative, notional amount 84
Sell | Derivatives not designated as hedging instruments | EUR  
Notional amount  
Derivative, notional amount 1,815
Sell | Derivatives not designated as hedging instruments | MYR  
Notional amount  
Derivative, notional amount 120
Sell | Derivatives not designated as hedging instruments | Other  
Notional amount  
Derivative, notional amount 458
Sell | Cash Flow Hedges | Derivatives designated as hedging instruments  
Notional amount  
Derivative, notional amount 20
Sell | Cash Flow Hedges | Derivatives designated as hedging instruments | HUF  
Notional amount  
Derivative, notional amount 0
Sell | Cash Flow Hedges | Derivatives designated as hedging instruments | MXN  
Notional amount  
Derivative, notional amount 0
Sell | Cash Flow Hedges | Derivatives designated as hedging instruments | Other  
Notional amount  
Derivative, notional amount $ 20
v3.24.1.1.u2
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments and Hedges, Assets [Abstract]    
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other current assets Other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Deferred gain $ 19  
v3.24.1.1.u2
FINANCIAL INSTRUMENTS - Fair Value of Derivative Instruments (Details) - Other Foreign Currency Contracts - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Other current assets | Derivatives designated as hedging instruments    
Fair Values of Derivative Instruments    
Asset Derivatives $ 45 $ 46
Other current assets | Derivatives not designated as hedging instruments    
Fair Values of Derivative Instruments    
Asset Derivatives 14 26
Other non-current assets | Derivatives designated as hedging instruments    
Fair Values of Derivative Instruments    
Asset Derivatives 0 0
Other current liabilities | Derivatives designated as hedging instruments    
Fair Values of Derivative Instruments    
Liability Derivatives (9) 22
Other current liabilities | Derivatives not designated as hedging instruments    
Fair Values of Derivative Instruments    
Liability Derivatives (10) 19
Other non-current liabilities | Derivatives designated as hedging instruments    
Fair Values of Derivative Instruments    
Liability Derivatives $ (33) $ 88
v3.24.1.1.u2
ACCUMULATED OTHER COMPREHENSIVE LOSS - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 5,706 $ 4,129 $ 3,436
Other comprehensive gains (loss) before reclassifications 76 (92) (93)
Net loss reclassified from accumulated other comprehensive loss (77) 80 30
Net current-period other comprehensive gains (loss) (1) (12) (63)
Ending balance 5,325 5,706 4,129
Unrealized gains (loss) on derivative instruments and other      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (14) (66) (42)
Other comprehensive gains (loss) before reclassifications 95 (25) (49)
Net loss reclassified from accumulated other comprehensive loss (77) 77 25
Net current-period other comprehensive gains (loss) 18 52 (24)
Ending balance 4 (14) (66)
Foreign currency translation adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (180) (116) (77)
Other comprehensive gains (loss) before reclassifications (19) (67) (44)
Net loss reclassified from accumulated other comprehensive loss 0 3 5
Net current-period other comprehensive gains (loss) (19) (64) (39)
Ending balance (199) (180) (116)
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (194) (182) (119)
Net current-period other comprehensive gains (loss) (1) (12) (63)
Ending balance $ (195) $ (194) $ (182)
v3.24.1.1.u2
TRADE RECEIVABLES SALES PROGRAM (Details) - Sales of Receivables to Third Party Banks - USD ($)
$ in Billions
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Trade Receivables Securitization disclosures      
Receivables sold but not yet collected from banking institutions $ 0.8 $ 0.8  
Company's accounts receivables sold to third-party $ 3.6 $ 3.5 $ 1.6
v3.24.1.1.u2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Assets and Liabilities Measured at Fair Value (Details) - Recurring Basis - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Assets:    
Money market funds and time deposits (Note 2) $ 759 $ 2,324
Foreign currency contracts (Note 10) 59 72
Deferred compensation plan assets 41 35
Liabilities:    
Foreign currency contracts (Note 10) (52) (129)
Level 1    
Assets:    
Money market funds and time deposits (Note 2) 0 0
Foreign currency contracts (Note 10) 0 0
Deferred compensation plan assets 0 0
Liabilities:    
Foreign currency contracts (Note 10) 0 0
Level 2    
Assets:    
Money market funds and time deposits (Note 2) 759 2,324
Foreign currency contracts (Note 10) 59 72
Deferred compensation plan assets 41 35
Liabilities:    
Foreign currency contracts (Note 10) (52) (129)
Level 3    
Assets:    
Money market funds and time deposits (Note 2) 0 0
Foreign currency contracts (Note 10) 0 0
Deferred compensation plan assets 0 0
Liabilities:    
Foreign currency contracts (Note 10) $ 0 $ 0
v3.24.1.1.u2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Debt Not Carried at Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
4.750% Notes due June 2025    
Other financial instruments    
Debt interest rate 4.75%  
3.750% Notes due February 2026    
Other financial instruments    
Debt interest rate 3.75%  
6.000% Notes due January 2028    
Other financial instruments    
Debt interest rate 6.00%  
4.875% Notes due June 2029    
Other financial instruments    
Debt interest rate 4.875%  
4.875% Notes due May 2030    
Other financial instruments    
Debt interest rate 4.875%  
3.600% HUF Bonds due December 2031    
Other financial instruments    
Debt interest rate 3.60%  
Carrying Amount | Level 1 | 4.750% Notes due June 2025    
Other financial instruments    
Debt instrument $ 584 $ 599
Carrying Amount | Level 1 | 3.750% Notes due February 2026    
Other financial instruments    
Debt instrument 682 686
Carrying Amount | Level 1 | 6.000% Notes due January 2028    
Other financial instruments    
Debt instrument 397 396
Carrying Amount | Level 1 | 4.875% Notes due June 2029    
Other financial instruments    
Debt instrument 657 658
Carrying Amount | Level 1 | 4.875% Notes due May 2030    
Other financial instruments    
Debt instrument 681 685
Carrying Amount | Level 2 | JPY Term Loan due April 2024    
Other financial instruments    
Debt instrument 0 253
Carrying Amount | Level 2 | Delayed Draw Term Loan    
Other financial instruments    
Debt instrument 0 150
Carrying Amount | Level 2 | 3.600% HUF Bonds due December 2031    
Other financial instruments    
Debt instrument 274 284
Fair Value | Level 1 | 4.750% Notes due June 2025    
Other financial instruments    
Debt instrument 578 590
Fair Value | Level 1 | 3.750% Notes due February 2026    
Other financial instruments    
Debt instrument 662 657
Fair Value | Level 1 | 6.000% Notes due January 2028    
Other financial instruments    
Debt instrument 404 399
Fair Value | Level 1 | 4.875% Notes due June 2029    
Other financial instruments    
Debt instrument 643 631
Fair Value | Level 1 | 4.875% Notes due May 2030    
Other financial instruments    
Debt instrument 662 661
Fair Value | Level 2 | JPY Term Loan due April 2024    
Other financial instruments    
Debt instrument 0 253
Fair Value | Level 2 | Delayed Draw Term Loan    
Other financial instruments    
Debt instrument 0 150
Fair Value | Level 2 | 3.600% HUF Bonds due December 2031    
Other financial instruments    
Debt instrument $ 219 $ 196
v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES (Details)
R$ in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Mar. 23, 2020
USD ($)
Mar. 23, 2020
BRL (R$)
Sep. 30, 2022
USD ($)
tax_assessment
Sep. 30, 2022
BRL (R$)
tax_assessment
Sep. 30, 2019
USD ($)
tax_assessment
Sep. 30, 2019
BRL (R$)
tax_assessment
Mar. 31, 2024
USD ($)
tax_assessment
Mar. 31, 2024
BRL (R$)
tax_assessment
Loss Contingencies [Line Items]                
Loss contingency accrual recognized             $ 50  
Commercial Dispute                
Loss Contingencies [Line Items]                
Loss contingency accrual recognized             50  
Increase of loss contingency accrual             $ 50  
Assessment of Sales and Import Taxes | BRAZIL | Foreign Tax Authority                
Loss Contingencies [Line Items]                
Sales and import taxes, number of tax assessments | tax_assessment             6 6
Sales and import taxes, estimate of possible loss     $ 52 R$ 261 $ 12 R$ 61 $ 84 R$ 419
Sales and import taxes, number of tax assessments defeated | tax_assessment     3 3 1 1    
Sales and import taxes, number of tax assessments remaining | tax_assessment             2  
Sales and import taxes, estimate of possible loss unsuccessful $ 19 R$ 94            
Intercompany Payment Deductibility | Foreign Tax Authority                
Loss Contingencies [Line Items]                
Loss contingency, estimate of possible loss             $ 221  
v3.24.1.1.u2
INCOME TAXES - Components of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Income Tax Disclosure [Abstract]      
Domestic $ (165) $ 99 $ 352
Foreign 831 708 612
Income from continuing operations before income taxes $ 666 $ 807 $ 964
v3.24.1.1.u2
INCOME TAXES - Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Current:      
Domestic $ 3 $ 6 $ 3
Foreign 161 117 133
Total current 164 123 136
Deferred:      
Domestic (1) 1 0
Foreign (369) 0 (44)
Total deferred (370) 1 (44)
(Benefit from) provision for income taxes $ (206) $ 124 $ 92
v3.24.1.1.u2
INCOME TAXES - Reconciliation of Income Tax Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Income Tax Disclosure [Abstract]      
Income taxes based on domestic statutory rates $ 113 $ 137 $ 164
Effect of jurisdictional tax rate differential 68 52 (97)
Change in unrecognized tax benefit (10) (7) 12
Change in valuation allowance (685) (290) (135)
Foreign exchange movement on prior year taxes recoverable (1) 4 (9)
Liability for undistributed earnings 135 0 0
Global intangible low-taxed income (GILTI) / Subpart F income 13 18 30
Earnings from partnership 47 39 0
U.S. state taxes 10 2 5
Excess compensation (Section 162(m)) 15 9 4
Nextracker related transactions gains 115 158 110
Other (26) 2 8
(Benefit from) provision for income taxes $ (206) $ 124 $ 92
v3.24.1.1.u2
INCOME TAXES - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Operating Loss Carryforwards [Line Items]        
Income resulting from tax holidays and tax incentives   $ 20 $ 14 $ 23
Effect on basic earnings per share due to income resulting from tax holidays and tax incentives (in dollars per share)   $ 0.05 $ 0.03 $ 0.05
Effect on diluted earnings per share due to income resulting from tax holidays and tax incentives (in dollars per share)   $ 0.05 $ 0.03 $ 0.05
Nextracker related transactions gains   $ 115 $ 158 $ 110
Decrease of valuation allowance   447 6 26
Valuation allowance $ (838) (838) (1,371)  
Deferred tax asset 1,568 1,568 1,621  
Deferred tax asset operating loss carryforwards, domestic 358 358 541  
Other offsetting increase (decrease) in valuation allowance   43 (254) (69)
Tax losses and other carryforwards 1,199 1,199    
Deferred tax assets related to operating losses and other carryforwards, without valuation allowance amount 436 436    
Decrease in unrecognized tax benefit is reasonably possible 24 24    
Unrecognized tax benefits 197 197 268 282
Unrecognized tax benefits affect annual effective tax rate if benefits eventually recognized 170 170    
Interest and penalties expense (credit) recognized   (2) (1) 2
Amount accrued for the payment of interest 13 13 15 16
U.S.        
Operating Loss Carryforwards [Line Items]        
Decrease of valuation allowance   461    
Valuation allowance     (692)  
Deferred tax asset 509 509 701  
Singapore        
Operating Loss Carryforwards [Line Items]        
Tax effect of foreign income not repatriated to Singapore   0 $ 31 $ 105
Undistributed earnings of subsidiaries 659 659    
Deferred tax liability not recognized undistributed earnings of its subsidiaries 77 77    
China        
Operating Loss Carryforwards [Line Items]        
Dividends 100      
Dividends subject to withholding tax   10    
Deferred tax liability on undistributed foreign earnings 135 135    
Remaining distributable earnings of foreign subsidiaries $ 1,400 $ 1,400    
v3.24.1.1.u2
INCOME TAXES - Components of Deferred Income Taxes (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Mar. 31, 2023
Deferred tax liabilities:    
Fixed assets $ (59) $ (63)
Intangible assets (56) (71)
Others (149) (23)
Total deferred tax liabilities (264) (157)
Deferred tax assets:    
Fixed assets 82 77
Intangible assets 4 5
Deferred compensation 25 27
Inventory valuation 26 24
Provision for doubtful accounts 2 3
Net operating loss and other carryforwards 1,168 1,354
Tax receivable agreement 77 0
Others 184 131
Total deferred tax assets 1,568 1,621
Valuation allowances (838) (1,371)
Total deferred tax assets, net of valuation allowances 730 250
Net deferred tax asset 466 93
The net deferred tax asset is classified as follows:    
Long-term asset 644 164
Long-term liability $ (178) $ (71)
v3.24.1.1.u2
INCOME TAXES - Tax Losses and Carryforward (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Tax losses and other carryforwards  
Tax losses and other carryforwards $ 1,199
2025 - 2030  
Tax losses and other carryforwards  
Tax losses and other carryforwards 244
2031 - 2036  
Tax losses and other carryforwards  
Tax losses and other carryforwards 157
2037 and post  
Tax losses and other carryforwards  
Tax losses and other carryforwards 57
Indefinite  
Tax losses and other carryforwards  
Tax losses and other carryforwards $ 741
v3.24.1.1.u2
INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Reconciliation of Unrecognized Tax Benefits    
Balance, beginning of fiscal year $ 268 $ 282
Additions based on tax position related to the current year 10 15
Additions for tax positions of prior years 22 8
Reductions for tax positions of prior years (82) (5)
Reductions related to lapse of applicable statute of limitations (17) (13)
Settlements 0 (7)
Impact from foreign exchange rates fluctuation (4) (12)
Balance, end of fiscal year $ 197 $ 268
v3.24.1.1.u2
RESTRUCTURING CHARGES - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
RESTRUCTURING CHARGES      
Restructuring charges $ 175 $ 27 $ 15
Employee Severance      
RESTRUCTURING CHARGES      
Restructuring charges $ 175 $ 27 $ 15
v3.24.1.1.u2
RESTRUCTURING CHARGES - Provisions, Respective Payments and Remaining Accrued Balance (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Restructuring Reserve [Roll Forward]      
Balance at the beginning of the period $ 50 $ 43 $ 53
Provision for charges incurred 175 27 15
Non-cash charges incurred (17) (2) (4)
Balance at the end of the period 80 50 43
Less: Current portion (classified as other current liabilities) 79    
Accrued restructuring costs, net of current portion (classified as other non-current liabilities) 1    
Prior Years      
Restructuring Reserve [Roll Forward]      
Cash payments for charges incurred (13) (7) (15)
Current Year      
Restructuring Reserve [Roll Forward]      
Cash payments for charges incurred (115) (11) (6)
Severance      
Restructuring Reserve [Roll Forward]      
Balance at the beginning of the period 44 35 45
Provision for charges incurred 161 27 11
Non-cash charges incurred 0 0 0
Balance at the end of the period 77 44 35
Less: Current portion (classified as other current liabilities) 76    
Accrued restructuring costs, net of current portion (classified as other non-current liabilities) 1    
Severance | Prior Years      
Restructuring Reserve [Roll Forward]      
Cash payments for charges incurred (13) (7) (15)
Severance | Current Year      
Restructuring Reserve [Roll Forward]      
Cash payments for charges incurred (115) (11) (6)
Long-Lived Asset Impairment      
Restructuring Reserve [Roll Forward]      
Balance at the beginning of the period 0 0 0
Provision for charges incurred 14 0 1
Non-cash charges incurred (14) 0 (1)
Balance at the end of the period 0 0 0
Less: Current portion (classified as other current liabilities) 0    
Accrued restructuring costs, net of current portion (classified as other non-current liabilities) 0    
Long-Lived Asset Impairment | Prior Years      
Restructuring Reserve [Roll Forward]      
Cash payments for charges incurred 0 0 0
Long-Lived Asset Impairment | Current Year      
Restructuring Reserve [Roll Forward]      
Cash payments for charges incurred 0 0 0
Other Exit Costs      
Restructuring Reserve [Roll Forward]      
Balance at the beginning of the period 6 8 8
Provision for charges incurred 0 0 3
Non-cash charges incurred (3) (2) (3)
Balance at the end of the period 3 6 8
Less: Current portion (classified as other current liabilities) 3    
Accrued restructuring costs, net of current portion (classified as other non-current liabilities) 0    
Other Exit Costs | Prior Years      
Restructuring Reserve [Roll Forward]      
Cash payments for charges incurred 0 0 0
Other Exit Costs | Current Year      
Restructuring Reserve [Roll Forward]      
Cash payments for charges incurred $ 0 $ 0 $ 0
v3.24.1.1.u2
OTHER CHARGES (INCOME), NET Other Charges (Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Other Income and Expenses [Abstract]      
(Gain)/Loss on foreign exchange transactions $ 24 $ (7) $ (33)
Brazil tax credit 0 0 (150)
Others $ 20 $ 13 $ 18
v3.24.1.1.u2
INTEREST EXPENSE AND INTEREST INCOME - Interest (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Other Income and Expenses [Abstract]      
Interest expenses on debt obligations $ 161 $ 191 $ 160
AR sales programs related expenses 46 39 6
Interest income $ (56) $ (30) $ (14)
v3.24.1.1.u2
BUSINESS AND ASSET ACQUISITIONS & DIVESTITURES (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 01, 2021
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Business Acquisitions        
Proceeds from divestiture of businesses   $ 14 $ 4  
Cash acquired   $ 0 $ (2) $ 539
Customer-related intangibles        
Business Acquisitions        
Intangible assets, weighted average useful life   6 years 2 months 12 days    
Licenses and other intangibles        
Business Acquisitions        
Intangible assets, weighted average useful life   5 years 6 months    
Anord Mardix        
Business Acquisitions        
Cash transaction $ 523      
Cash acquired 25      
Deferred purchase price 17      
Purchase consideration 539      
Finite-lived intangible assets 273      
Anord Mardix | Customer-related intangibles        
Business Acquisitions        
Finite-lived intangible assets $ 147      
Intangible assets, weighted average useful life 8 years 8 months 12 days      
Anord Mardix | Licenses and other intangibles        
Business Acquisitions        
Finite-lived intangible assets $ 126      
Intangible assets, weighted average useful life 8 years 10 months 24 days      
v3.24.1.1.u2
SHARE REPURCHASE PLAN (Details) - USD ($)
shares in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Mar. 31, 2024
Aug. 02, 2023
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]      
Aggregate shares repurchased (in shares)   50.6  
Aggregate purchase price of shares repurchased and retired   $ 1,300,000,000  
Treasury stock, shares, retired (in shares) 50.2    
Treasury stock, retired, aggregate purchase price $ 388,000,000    
Authorized amount of stock repurchase program     $ 2,000,000,000
Amount remaining to be repurchased under the plans   $ 1,000,000,000  
v3.24.1.1.u2
SEGMENT REPORTING - Narratives (Details)
 12 Months Ended
Mar. 31, 2024
segment
Segment Reporting, Measurement Disclosures [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.24.1.1.u2
SEGMENT REPORTING - Comparative Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 29, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jul. 01, 2022
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Segment reporting information                      
Net sales $ 6,169 $ 6,421 $ 6,933 $ 6,892 $ 6,984 $ 7,254 $ 7,303 $ 6,961 $ 26,415 $ 28,502 $ 24,633
Operating income $ 159 $ 198 $ 281 $ 215 $ 223 $ 259 $ 282 $ 253 853 1,017 890
Intangible amortization                 70 81 60
Stock-based compensation                 113 101 88
Restructuring charges                 175 27 15
Interest expense                 207 230 166
Interest income                 56 30 14
Other charges (income), net                 44 6 (165)
Equity in earnings (losses) of unconsolidated affiliates                 8 (4) 61
Income from continuing operations before income taxes                 666 807 964
Loss contingency accrual recognized                 50    
Operating segments                      
Segment reporting information                      
Net sales                 26,415 28,502 24,633
Operating income                 1,267 1,232 1,070
Corporate and Other                      
Segment reporting information                      
Operating income                 (68) (69) (81)
Segment Reconciling Items                      
Segment reporting information                      
Intangible amortization                 70 81 60
Stock-based compensation                 113 101 88
Restructuring charges                 172 27 15
Customer related asset impairment                 14 0 0
Legal and other                 45 6 17
Equity in earnings (losses) of unconsolidated affiliates                 8 (4) 61
Flex Agility Solutions | Operating segments                      
Segment reporting information                      
Net sales                 13,923 15,769 14,027
Operating income                 669 694 605
Flex Reliability Solutions | Operating segments                      
Segment reporting information                      
Net sales                 12,492 12,733 10,606
Operating income                 $ 666 $ 607 $ 546
v3.24.1.1.u2
SEGMENT REPORTING - Depreciation Expense Included in Operating Performance (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Segment reporting information      
Total depreciation expense $ 431 $ 414 $ 409
Operating segments      
Segment reporting information      
Total depreciation expense 412 394 388
Operating segments | Flex Agility Solutions      
Segment reporting information      
Total depreciation expense 171 177 184
Operating segments | Flex Reliability Solutions      
Segment reporting information      
Total depreciation expense $ 241 $ 217 $ 204
v3.24.1.1.u2
SEGMENT REPORTING - Geographic Information of Net Sales (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 29, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jul. 01, 2022
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Segment reporting information                      
Net sales $ 6,169 $ 6,421 $ 6,933 $ 6,892 $ 6,984 $ 7,254 $ 7,303 $ 6,961 $ 26,415 $ 28,502 $ 24,633
Singapore                      
Segment reporting information                      
Net sales                 660 552 519
Operating segments                      
Segment reporting information                      
Net sales                 26,415 28,502 24,633
Operating segments | Americas                      
Segment reporting information                      
Net sales                 $ 12,232 $ 11,906 $ 9,414
Operating segments | Americas | Net sales | Geographic Concentration Risk                      
Segment reporting information                      
Concentration risk percentage (less than 10% for sales of services as a % of total sales)                 46.00% 42.00% 38.00%
Operating segments | Asia                      
Segment reporting information                      
Net sales                 $ 8,540 $ 10,384 $ 9,615
Operating segments | Asia | Net sales | Geographic Concentration Risk                      
Segment reporting information                      
Concentration risk percentage (less than 10% for sales of services as a % of total sales)                 32.00% 36.00% 39.00%
Operating segments | Europe                      
Segment reporting information                      
Net sales                 $ 5,643 $ 6,212 $ 5,604
Operating segments | Europe | Net sales | Geographic Concentration Risk                      
Segment reporting information                      
Concentration risk percentage (less than 10% for sales of services as a % of total sales)                 22.00% 22.00% 23.00%
v3.24.1.1.u2
SEGMENT REPORTING - Geographic Information of Net Sales (Countries Accounting for More Than 10% of Net Sales) (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 29, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jul. 01, 2022
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Segment reporting information                      
Net sales $ 6,169 $ 6,421 $ 6,933 $ 6,892 $ 6,984 $ 7,254 $ 7,303 $ 6,961 $ 26,415 $ 28,502 $ 24,633
Operating segments                      
Segment reporting information                      
Net sales                 26,415 28,502 24,633
Operating segments | Mexico                      
Segment reporting information                      
Net sales                 $ 6,935 $ 6,626 $ 5,092
Operating segments | Mexico | Net sales | Geographic Concentration Risk                      
Segment reporting information                      
Concentration risk percentage                 26.00% 23.00% 21.00%
Operating segments | China                      
Segment reporting information                      
Net sales                 $ 5,117 $ 6,562 $ 6,160
Operating segments | China | Net sales | Geographic Concentration Risk                      
Segment reporting information                      
Concentration risk percentage                 19.00% 23.00% 25.00%
Operating segments | U.S.                      
Segment reporting information                      
Net sales                 $ 3,598 $ 3,394 $ 2,414
Operating segments | U.S. | Net sales | Geographic Concentration Risk                      
Segment reporting information                      
Concentration risk percentage                 14.00% 12.00% 10.00%
v3.24.1.1.u2
SEGMENT REPORTING - Geographic Information of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment reporting information    
Property and equipment, net $ 2,269 $ 2,342
Americas    
Segment reporting information    
Property and equipment, net $ 1,220 $ 1,214
Americas | Long Lived Assets | Geographic Concentration Risk    
Segment reporting information    
Concentration risk percentage 54.00% 52.00%
Asia    
Segment reporting information    
Property and equipment, net $ 565 $ 618
Asia | Long Lived Assets | Geographic Concentration Risk    
Segment reporting information    
Concentration risk percentage 25.00% 26.00%
Europe    
Segment reporting information    
Property and equipment, net $ 484 $ 510
Europe | Long Lived Assets | Geographic Concentration Risk    
Segment reporting information    
Concentration risk percentage 21.00% 22.00%
Singapore    
Segment reporting information    
Property and equipment, net $ 5 $ 5
v3.24.1.1.u2
SEGMENT REPORTING - Geographic Information of Property, Plant and Equipment (Countries Accounting for More Than 10% of Net Property, Plant and Equipment) (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment reporting information    
Property and equipment, net $ 2,269 $ 2,342
Mexico    
Segment reporting information    
Property and equipment, net $ 793 $ 763
Mexico | Long Lived Assets | Geographic Concentration Risk    
Segment reporting information    
Concentration risk percentage 35.00% 33.00%
U.S.    
Segment reporting information    
Property and equipment, net $ 334 $ 358
U.S. | Long Lived Assets | Geographic Concentration Risk    
Segment reporting information    
Concentration risk percentage 15.00% 15.00%
China    
Segment reporting information    
Property and equipment, net $ 307 $ 338
China | Long Lived Assets | Geographic Concentration Risk    
Segment reporting information    
Concentration risk percentage 14.00% 14.00%
v3.24.1.1.u2
NONCONTROLLING INTEREST (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 29, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jul. 01, 2022
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Redeemable Noncontrolling Interest [Line Items]                      
Noncontrolling interest $ 0       $ 355       $ 0 $ 355  
Net income attributable to noncontrolling interest and redeemable noncontrolling interest 0 $ 36 $ 178 $ 25 221 $ 7 $ 6 $ 6 239 240 $ 4
Nextracker                      
Redeemable Noncontrolling Interest [Line Items]                      
Noncontrolling interest $ 0       $ 355       0 355  
Net income attributable to noncontrolling interest and redeemable noncontrolling interest                 239 197 0
Net Income attributable to redeemable noncontrolling interest                 $ 0 $ 43 $ 4
v3.24.1.1.u2
QUARTERLY FINANCIAL DATA (UNAUDITED) Unaudited Quarterly Financial Data (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 29, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jul. 01, 2022
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Quarterly Financial Data [Abstract]                      
Net sales $ 6,169 $ 6,421 $ 6,933 $ 6,892 $ 6,984 $ 7,254 $ 7,303 $ 6,961 $ 26,415 $ 28,502 $ 24,633
Gross profit 437 433 519 476 465 499 525 487 1,865 1,976 1,780
Operating income 159 198 281 215 223 259 282 253 853 1,017 890
Net income from continuing operations 395 129 201 147 139 173 195 176 872 683 872
Net income from discontinued operations, net of tax 0 104 205 64 224 64 43 19 373 350 68
Net income 395 233 406 211 363 237 238 195 1,245 1,033 940
Net income attributable to noncontrolling interest and redeemable noncontrolling interest 0 36 178 25 221 7 6 6 239 240 4
Net income attributable to Flex Ltd. $ 395 $ 197 $ 228 $ 186 $ 142 $ 230 $ 232 $ 189 $ 1,006 $ 793 $ 936
Weighted-average ordinary shares outstanding (in shares) 417 431 443 447 451 452 455 458 435 454 476
Weighted-average ordinary shares and ordinary share equivalents outstanding (in shares) 425 436 448 455 459 459 460 468 441 462 483
Earnings per share - basic                      
Continuing operations (in dollars per share) $ 0.95 $ 0.30 $ 0.45 $ 0.33 $ 0.30 $ 0.38 $ 0.43 $ 0.38 $ 2.00 $ 1.50 $ 1.83
Discontinuing operations , net of tax (in dollars per share) 0 0.16 0.06 0.09 0.01 0.13 0.08 0.03 0.31 0.25 0.14
Basic earnings per share attributable to the shareholders of Flex Ltd (in dollars per share) 0.95 0.46 0.51 0.42 0.31 0.51 0.51 0.41 2.31 1.75 1.97
Earnings Per Share [Abstract]                      
Continuing operations (in dollars per share) 0.93 0.30 0.45 0.32 0.30 0.38 0.42 0.38 1.98 1.48 1.81
Discontinuing operations, net of tax (in dollars per share) 0 0.15 0.06 0.09 0.01 0.12 0.08 0.02 0.30 0.24 0.13
Diluted earnings per share attributable to the shareholders of Flex Ltd (in dollars per share) $ 0.93 $ 0.45 $ 0.51 $ 0.41 $ 0.31 $ 0.50 $ 0.50 $ 0.40 $ 2.28 $ 1.72 $ 1.94