FLEX LTD., 10-Q filed on 10/31/2024
Quarterly Report
v3.24.3
COVER PAGE - shares
 6 Months Ended
Sep. 27, 2024
Oct. 25, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 27, 2024  
Document Transition Report false  
Entity File Number 0-23354  
Entity Registrant Name FLEX LTD.  
Entity Incorporation, State or Country Code U0  
Entity Tax Identification Number 98-1773351  
Entity Address, Address Line One 2 Changi South Lane,  
Entity Address, City or Town Singapore  
Entity Address, State or Province 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 Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   387,783,445
Entity Central Index Key 0000866374  
Amendment Flag false  
Current Fiscal Year End Date --03-31  
Document Fiscal Year Focus 2025  
Document fiscal Period Focus Q2  
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 27, 2024
Mar. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,601 $ 2,474
Accounts receivable, net of allowance of $10 and $12, respectively 3,502 3,033
Contract assets 595 249
Inventories 5,466 6,205
Other current assets 1,187 1,031
Total current assets 13,351 12,992
Property and equipment, net 2,254 2,269
Operating lease right-of-use assets, net 581 601
Goodwill 1,146 1,135
Other intangible assets, net 223 245
Other non-current assets 1,031 1,015
Total assets 18,586 18,257
Current liabilities:    
Bank borrowings and current portion of long-term debt 531 0
Accounts payable 5,144 4,468
Accrued payroll and benefits 473 488
Deferred revenue and customer working capital advances 2,134 2,615
Other current liabilities 1,024 968
Total current liabilities 9,306 8,539
Long-term debt, net of current portion 3,178 3,261
Operating lease liabilities, non-current 476 490
Other non-current liabilities 623 642
Total liabilities 13,583 12,932
Shareholders’ equity    
Ordinary shares, no par value; 1,500,000,000 authorized, 389,775,099 and 408,101,772 issued and outstanding, respectively 4,377 5,074
Accumulated earnings 799 446
Accumulated other comprehensive loss (173) (195)
Total shareholders’ equity 5,003 5,325
Total liabilities and shareholders' equity $ 18,586 $ 18,257
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Sep. 27, 2024
Mar. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, allowance $ 10 $ 12
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) 389,775,099 408,101,772
Ordinary shares, outstanding (in shares) 389,775,099 408,101,772
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
Sep. 29, 2023
Sep. 27, 2024
Sep. 29, 2023
Income Statement [Abstract]        
Net sales $ 6,545 $ 6,933 $ 12,859 $ 13,825
Cost of sales 5,998 6,411 11,825 12,810
Restructuring charges 16 3 32 20
Gross profit 531 519 1,002 995
Selling, general and administrative expenses 216 221 429 456
Restructuring charges 2 0 11 6
Intangible amortization 16 17 32 37
Operating income 297 281 530 496
Interest expense 53 49 109 105
Interest income 16 15 32 31
Other charges (income), net (4) 14 (3) 25
Income from continuing operations before income taxes 264 233 456 397
Provision for (benefit from) income taxes 50 32 103 49
Net income from continuing operations 214 201 353 348
Net income from discontinued operations, net of tax 0 205 0 269
Net income 214 406 353 617
Net income attributable to noncontrolling interest 0 178 0 203
Net income attributable to Flex Ltd. $ 214 $ 228 $ 353 $ 414
Earnings Per Share [Abstract]        
Basic earnings per share from continuing operations (in dollars per share) $ 0.54 $ 0.45 $ 0.89 $ 0.78
Basic earnings per share from discontinued operations (in dollars per share) 0 0.06 0 0.15
Basic earnings per share attributable to the shareholders of Flex Ltd (in dollars per share) 0.54 0.51 0.89 0.93
Earnings Per Share, Diluted [Abstract]        
Diluted earnings per share from continuing operations (in dollars per share) 0.54 0.45 0.87 0.77
Diluted earnings per share from discontinued operations (in dollars per share) 0 0.06 0 0.15
Diluted earnings per share attributable to the shareholders of Flex Ltd (in dollars per share) $ 0.54 $ 0.51 $ 0.87 $ 0.92
Weighted-average shares used in computing per share amounts:        
Basic (in shares) 394 443 398 445
Diluted (in shares) 400 448 405 452
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
Sep. 29, 2023
Sep. 27, 2024
Sep. 29, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 214 $ 406 $ 353 $ 617
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustments 55 (38) 39 (47)
Unrealized gain (loss) on derivative instruments and other 10 (33) (17) 1
Comprehensive income 279 335 375 571
Comprehensive income attributable to noncontrolling interest 0 178 0 203
Comprehensive income attributable to Flex Ltd. $ 279 $ 157 $ 375 $ 368
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Total Flex Ltd. Shareholders' Equity
Ordinary Shares
Accumulated Earnings (Deficit)
Unrealized Gain (Loss) on Derivative Instruments and Other
Foreign Currency Translation Adjustments
Total Accumulated Other Comprehensive Gain (Loss)
Noncontrolling Interest
Beginning balance (in shares) at Mar. 31, 2023     450,000,000          
Beginning balance at Mar. 31, 2023 $ 5,706 $ 5,351 $ 6,105 $ (560) $ (14) $ (180) $ (194) $ 355
Increase (Decrease) in Shareholders' Equity                
Repurchase of Flex Ltd. ordinary shares at cost (in shares)     (20,000,000)          
Repurchase of Flex Ltd. ordinary shares at cost (506) (506) $ (506)          
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)     8,000,000          
Nextracker follow on sales and related transactions 499 607 $ 607         (108)
Net income 617 414   414       203
Stock-based compensation 86 86 $ 86          
Total other comprehensive income (loss) (46) (46)     1 (47) (46)  
Ending balance (in shares) at Sep. 29, 2023     438,000,000          
Ending balance at Sep. 29, 2023 6,356 5,906 $ 6,292 (146) (13) (227) (240) 450
Beginning balance (in shares) at Jun. 30, 2023     449,000,000          
Beginning balance at Jun. 30, 2023 5,786 5,406 $ 5,949 (374) 20 (189) (169) 380
Increase (Decrease) in Shareholders' Equity                
Repurchase of Flex Ltd. ordinary shares at cost (in shares)     (11,000,000)          
Repurchase of Flex Ltd. ordinary shares at cost (309) (309) $ (309)          
Nextracker follow on sales and related transactions 499 607 607         (108)
Net income 406 228   228       178
Stock-based compensation 45 45 $ 45          
Total other comprehensive income (loss) (71) (71)     (33) (38) (71)  
Ending balance (in shares) at Sep. 29, 2023     438,000,000          
Ending balance at Sep. 29, 2023 $ 6,356 5,906 $ 6,292 (146) (13) (227) (240) 450
Beginning balance (in shares) at Mar. 31, 2024 408,101,772   408,000,000          
Beginning balance at Mar. 31, 2024 $ 5,325 5,325 $ 5,074 446 4 (199) (195) 0
Increase (Decrease) in Shareholders' Equity                
Repurchase of Flex Ltd. ordinary shares at cost (in shares)     (25,000,000)          
Repurchase of Flex Ltd. ordinary shares at cost (757) (757) $ (757)          
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)     7,000,000          
Net income 353 353   353        
Stock-based compensation 60 60 $ 60          
Total other comprehensive income (loss) $ 22 22     (17) 39 22  
Ending balance (in shares) at Sep. 27, 2024 389,775,099   390,000,000          
Ending balance at Sep. 27, 2024 $ 5,003 5,003 $ 4,377 799 (13) (160) (173) 0
Beginning balance (in shares) at Jun. 28, 2024     399,000,000          
Beginning balance at Jun. 28, 2024 4,996 4,996 $ 4,649 585 (23) (215) (238) 0
Increase (Decrease) in Shareholders' Equity                
Repurchase of Flex Ltd. ordinary shares at cost (in shares)     (10,000,000)          
Repurchase of Flex Ltd. ordinary shares at cost (300) (300) $ (300)          
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)     1,000,000          
Net income 214 214   214        
Stock-based compensation 28 28 $ 28          
Total other comprehensive income (loss) $ 65 65     10 55 65  
Ending balance (in shares) at Sep. 27, 2024 389,775,099   390,000,000          
Ending balance at Sep. 27, 2024 $ 5,003 $ 5,003 $ 4,377 $ 799 $ (13) $ (160) $ (173) $ 0
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Sep. 27, 2024
Sep. 29, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 353 $ 617
Depreciation, amortization and other impairment charges 257 260
Changes in working capital and other, net 49 (514)
Net cash provided by operating activities 659 363
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (214) (319)
Proceeds from the disposition of property and equipment 6 19
Acquisition of businesses, net of cash acquired (1) 0
Other investing activities, net 3 3
Net cash used in investing activities (206) (297)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from bank borrowings and long-term debt 499 2
Payments of bank borrowings, long-term debt and other financing liabilities (57) (398)
Payments for repurchases of ordinary shares (757) (506)
Proceeds from issuances of Nextracker shares 0 552
Payment for purchase of Nextracker LLC units from TPG 0 (57)
Other, net (6) (53)
Net cash used in financing activities (321) (460)
Effect of exchange rates on cash and cash equivalents (5) 0
Net change in cash and cash equivalents 127 (394)
Cash and cash equivalents, beginning of period 2,474 3,294
Cash and cash equivalents, end of period 2,601 2,900
Non-cash investing activities:    
Unpaid purchases of property and equipment 96 117
Right-of-use assets obtained in exchange of operating lease liabilities $ 37 $ 77
v3.24.3
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION
 6 Months Ended
Sep. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION
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 includes 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 September 27, 2024, Flex's two operating and reportable segments were 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).
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2024 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Operating results for the three and six-month periods ended September 27, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025. 
The first quarters for fiscal years 2025 and 2024 ended on June 28, 2024, which is comprised of 89 days in the period, and June 30, 2023, which is comprised of 91 days, respectively. The second quarters for fiscal years 2025 and 2024 ended on September 27, 2024 and September 29, 2023, respectively, which are comprised of 91 days in both periods.
The accompanying unaudited condensed consolidated financial statements include the accounts of Flex and its subsidiaries, after elimination of intercompany accounts and transactions. The Company consolidates subsidiaries and investments in entities in which the Company has a controlling interest. For the consolidated subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership of the noncontrolling owners.
On January 2, 2024, Flex completed its spin-off (the "Spin-off") of its remaining interest in Nextracker Inc. ("Nextracker"). After the Spin-off, Flex no longer consolidates the financial results of Nextracker within its financial results of continuing operations. For all the periods prior to the Spin-off, the financial results of Nextracker are presented as net earnings from
discontinued operations in the condensed consolidated statements of operations and unless otherwise indicated Flex's disclosures are presented on a continuing operations basis. The historical statements of comprehensive income and cash flows and the balances related to shareholders' equity have not been revised to reflect the Spin-off. See note 6 "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 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.
Supplier Finance Programs
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 due dates. 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 condensed consolidated balance sheets, with the associated payments reflected in the operating activities section of the condensed consolidated statement of cash flows. The Company's outstanding obligations confirmed as valid under its supplier finance programs as of September 27, 2024 and March 31, 2024 were $133 million and $123 million, respectively.
Recently Issued Accounting Pronouncements
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.
v3.24.3
BALANCE SHEET ITEMS
 6 Months Ended
Sep. 27, 2024
Balance Sheet Related Disclosures [Abstract]  
BALANCE SHEET ITEMS BALANCE SHEET ITEMS 
Inventories 
The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows: 
As of September 27, 2024As of March 31, 2024
 (In millions)
Raw materials$4,569 $5,045 
Work-in-progress460 623 
Finished goods437 537 
 $5,466 $6,205 
Goodwill and Other Intangible Assets
During the six-month period ended September 27, 2024, the activity in the Company's goodwill account included approximately $3 million of foreign currency translation and an approximately $8 million goodwill addition from an acquisition in the first quarter of fiscal year 2025.
The components of acquired intangible assets are as follows:
 As of September 27, 2024As of March 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
 (In millions)
Intangible assets:      
Customer-related intangibles$292 $(172)$120 $316 $(186)$130 
Licenses and other intangibles309 (206)103 298 (183)115 
Total$601 $(378)$223 $614 $(369)$245 
The gross carrying amounts of intangible assets are removed when fully amortized.
The estimated future annual amortization expense for intangible assets is as follows:
Fiscal Year Ending March 31,Amount
 (In millions)
2025 (1)$32 
202645 
202737 
202828 
202925 
Thereafter56 
Total amortization expense$223 
____________________________________________________________
(1)Represents estimated amortization for the remaining fiscal six-month period ending March 31, 2025. 
Customer Working Capital Advances
Customer working capital advances were $1.8 billion and $2.2 billion as of September 27, 2024 and March 31, 2024, 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 $657 million and $644 million as of September 27, 2024 and March 31, 2024, respectively.
Other Current Liabilities
Other current liabilities include customer-related accruals of $245 million and $277 million as of September 27, 2024 and March 31, 2024, respectively.
v3.24.3
REVENUE
 6 Months Ended
Sep. 27, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE 
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 condensed 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 $372 million and $490 million as of September 27, 2024 and March 31, 2024, respectively, of which $334 million and $449 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 or over time, for the three and six-month periods ended September 27, 2024 and September 29, 2023, respectively.
Three-Month Periods EndedSix-Month Periods Ended
September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Timing of Transfer(In millions)
FAS
Point in time$2,924 $3,280 $5,797 $6,716 
Over time682 338 1,174 503 
Total 3,606 3,618 6,971 7,219 
FRS
Point in time2,237 3,145 4,870 6,277 
Over time702 170 1,018 329 
Total 2,939 3,315 5,888 6,606 
Flex
Point in time5,161 6,425 10,667 12,993 
Over time1,384 508 2,192 832 
Total $6,545 $6,933 $12,859 $13,825 
v3.24.3
STOCK-BASED COMPENSATION
 6 Months Ended
Sep. 27, 2024
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Flex historically maintains stock-based compensation plans at a corporate level. The Company grants equity compensation awards under its 2017 Equity Incentive Plan (the "2017 Plan").
Stock-Based Compensation Expense
The following table summarizes the Company’s share-based compensation expense for the 2017 Plan:
 Three-Month Periods EndedSix-Month Periods Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
 (In millions)
Cost of sales$8 $7 $16 $14 
Selling, general and administrative expenses20 21 44 46 
Total share-based compensation expense$28 $28 $60 $60 
The 2017 Plan
During the six-month period ended September 27, 2024, the Company granted approximately 4.6 million restricted share unit ("RSU") awards. Of this amount, approximately 2.9 million are plain-vanilla unvested RSU awards that vest over a period
of three years, with no performance or market conditions, and with an average grant date price of $31.86 per award. In addition, approximately 0.7 million unvested shares represent the target amount of grants made to certain key employees whereby vesting is contingent on certain performance conditions, and with an average grant date price of $31.04 per award. These performance-based RSUs include awards tied to the Company's adjusted earnings per share growth and awards tied to operating profit goals. The number of shares that will ultimately vest will range from zero up to a maximum of approximately 1.2 million based on the level of achievement of these performance conditions. The awards will cliff vest after a period of one to three years, depending on the specific performance metrics, to the extent such performance conditions have been met. Further, approximately 0.3 million unvested shares represent the target amount of grants made to certain key employees whereby vesting is contingent on certain market conditions. The average grant date fair value of these awards contingent on certain market conditions was estimated to be $42.36 per award and was calculated using a Monte Carlo simulation. The number of shares contingent on market conditions that ultimately will vest will range from zero up to a maximum of approximately 0.6 million based on a measurement of the percentile rank of the Company’s total shareholder return over certain specified periods against the Company's peer companies, and will cliff vest after a period of three years, to the extent such market conditions have been met. Finally, the remaining balance of approximately 0.7 million represents the number of shares issued upon the vesting of RSU awards above target levels based on the achievement of certain market and performance conditions for awards granted in fiscal year 2022. These awards were issued and immediately vested in accordance with the terms and conditions of the underlying awards.
As of September 27, 2024, approximately 12.4 million unvested RSU awards under the 2017 Plan were outstanding, of which vesting for a targeted amount of approximately 1.2 million shares is contingent on meeting certain market conditions, and vesting for a targeted amount of approximately 1.6 million shares is contingent on meeting certain performance conditions. The number of shares tied to market conditions that will ultimately be issued can range from zero to approximately 2.4 million based on the achievement levels. The number of shares tied to performance conditions that will ultimately be issued can range from zero to approximately 3.0 million based on the achievement levels. During the six-month period ended September 27, 2024, approximately 1.6 million shares vested in connection with the awards with market and performance conditions granted in fiscal year 2022.
As of September 27, 2024, total unrecognized compensation expense related to unvested RSU awards under the 2017 Plan was approximately $221 million, and will be recognized over a weighted-average remaining vesting period of 2.0 years.
v3.24.3
EARNINGS PER SHARE
 6 Months Ended
Sep. 27, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE 
The following table reflects basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share attributable to the shareholders of Flex: 
 Three-Month Periods EndedSix-Month Periods Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
 (In millions, except per share amounts)
Numerator:
Net income from continuing operations$214 $201 $353 $348 
Net income from discontinued operations, net of tax— 205 — 269 
Less: Net income attributable to noncontrolling interest— 178 — 203 
Net income from discontinued operations attributable to Flex Ltd.— 27 — 66 
Total net income attributable to Flex Ltd.$214 $228 $353 $414 
Denominator:  
Weighted-average ordinary shares outstanding - basic394 443 398 445 
Weighted-average ordinary share equivalents from RSU awards (1)6 5 7 7 
Weighted-average ordinary shares and ordinary share equivalents outstanding - diluted400 448 405 452 
Earnings per share - basic
Continuing operations$0.54 $0.45 $0.89 $0.78 
Discontinued operations, net of tax— 0.06 — 0.15 
Total attributable to the shareholders of Flex Ltd.$0.54 $0.51 $0.89 $0.93 
Earnings per share - diluted
Continuing operations$0.54 $0.45 $0.87 $0.77 
Discontinued operations, net of tax— 0.06 — 0.15 
Total attributable to the shareholders of Flex Ltd.$0.54 $0.51 $0.87 $0.92 
____________________________________________________________
(1)An immaterial amount of RSU awards and 1.9 million RSU awards for the three and six-month periods ended September 27, 2024, respectively, and an immaterial amount of RSU awards and 2.1 million RSU awards for the three and six-month periods ended September 29, 2023, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents.
v3.24.3
DISCONTINUED OPERATIONS
 6 Months Ended
Sep. 27, 2024
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
On January 2, 2024, the Company completed the Spin-off of its remaining interests in Nextracker. For additional details on the Spin-off, refer to Part I, Item 1, “Business” and note 1, "Organization of The Company" and note 7, “Discontinued Operations” of the notes to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. Nextracker's financial results for periods prior to the Spin-off have been reflected in our condensed consolidated statement of operations, retrospectively, as discontinued operations.
The key components of net income from discontinued operations for the three and six-month periods ended September 29, 2023 were as follows:
Three-month period endedSix-month period ended
September 29, 2023September 29, 2023
(In millions)
Net sales (1)$538 $982 
Cost of sales (1)392 725 
  Gross Profit146 257 
Selling, general and administrative expenses51 86 
  Operating income95 171 
Interest and other, net3 4 
  Income before income taxes92 167 
Provision for income taxes(113)(102)
  Net income from discontinued operations205 269 
  Net income from discontinued operations attributable to noncontrolling interest (2)178 203 
  Net income from discontinued operations attributable to Flex Ltd.$27 $66 
(1)    Both net sales and cost of sales from discontinued operations includes the effect of intercompany transactions that were eliminated from Flex's condensed consolidated statements of operations of approximately $34 million and $70 million for the three and six-month periods ended September 29, 2023, respectively.
(2)    Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $40 million and $69 million and of income tax expense of $2 million and $6 million for the three and six-month periods ended September 29, 2023. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $52 million and $98 million for the same periods. In addition, during the three-month period ended September 29, 2023, a $140 million deferred tax asset was recorded, with an offsetting entry to income tax benefit fully attributable to noncontrolling interest in connection with Nextracker's follow-on public offering.
Details of cash flows from discontinued operations for the six-month period ended September 29, 2023 were as follows:
Six-month period ended
September 29, 2023
(In millions)
Net cash provided by discontinued operations operating activities (1)$253 
Net cash used in discontinued operations investing activities(1)
(1)    Cash flows from discontinued operations operating activities includes an inflow from intercompany transactions that were eliminated from Flex's consolidated operations of $(4) million for the six-month period ended September 29, 2023.
v3.24.3
BANK BORROWINGS AND LONG-TERM DEBT
 6 Months Ended
Sep. 27, 2024
Debt Disclosure [Abstract]  
BANK BORROWINGS AND LONG-TERM DEBT BANK BORROWINGS AND LONG-TERM DEBT
Bank borrowings and long-term debt as of September 27, 2024 and March 31, 2024 are as follows:
 Maturity DateAs of September 27, 2024As of March 31, 2024
(In millions)
4.750% Notes (1)
June 2025$532 $584 
3.750% Notes (1)
February 2026680 682 
6.000% Notes (1)
January 2028397 397 
4.875% Notes (1)
June 2029656 657 
4.875% Notes (1)
May 2030678 681 
5.250% Notes (1)
January 2032499 — 
3.600% HUF Bonds (2)
December 2031283 274 
Other1 1 
Debt issuance costs(17)(15)
3,709 3,261 
Current portion, net of debt issuance costs(531)— 
Non-current portion$3,178 $3,261 
(1)The notes are carried at the principal amount of each note, less any unamortized discount or premium and unamortized debt issuance costs. The notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations.
(2)The bonds mature in December 2031 with annual payments equal to 10% of the original principal amount thereof on each of the seventh, eighth, and ninth anniversaries of the bonds, with the remaining 70% due upon maturity.
The weighted-average interest rate for the Company's long-term debt was 4.6% and 4.5% as of September 27, 2024 and March 31, 2024, respectively.
Scheduled repayments of the Company's bank borrowings and long-term debt as of September 27, 2024 are as follows:
Fiscal Year Ending March 31,Amount
(In millions)
2025 (1)$— 
20261,212 
2027— 
2028397 
202928 
Thereafter2,089 
Total$3,726 
(1)Represents estimated repayments for the remaining fiscal six-month period ending March 31, 2025.
Notes due January 2032
In August 2024, the Company issued $500 million of 5.250% Notes due 2032 (the “Notes”). The Company received proceeds of approximately $496 million, net of discount and certain issuance costs. The Company incurred and capitalized as a direct reduction to the carrying amount of the Notes presented on the balance sheet of approximately $5 million of costs incurred in conjunction with the Notes issuance. Interest on the Notes is payable on January 15 and July 15 of each year, beginning on January 15, 2025.
The indenture governing the Notes contains covenants that, among other things, restrict the ability of the Company and certain of the Company's subsidiaries to create liens; enter into sale-leaseback transactions; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's assets to, another person, or permit any other person to consolidate, merge, combine or amalgamate with or into the Company. These covenants are subject to a number of significant limitations and exceptions set forth in the indenture. The indenture also provides for customary events of default, including, but not limited to, cross defaults to certain specified other debt of the Company and its subsidiaries.
In the case of an event of default arising from specified events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without further action or notice. If any other event of default under the indenture occurs or is continuing, the trustee or holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare the entire principal of Notes, together with all accrued and unpaid interest, if any, to be due and payable immediately, but upon certain conditions such declaration and its consequences may be rescinded and annulled by the holders of a majority in principal amount of the Notes. As of September 27, 2024, the Company was in compliance with the covenants in the indenture governing the Notes.
v3.24.3
INTEREST EXPENSE AND INTEREST INCOME
 6 Months Ended
Sep. 27, 2024
Other Income and Expenses [Abstract]  
INTEREST EXPENSE AND INTEREST INCOME INTEREST EXPENSE AND INTEREST INCOME
Interest expense and interest income for the three and six-month periods ended September 27, 2024 and September 29, 2023 are composed of the following:
 Three-Month Periods EndedSix-Month Periods Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
 (In millions)
Interest expenses on debt obligations$46 $38 $89 $82 
AR sale program related expenses7 11 20 23 
Interest income(16)(15)(32)(31)
v3.24.3
FINANCIAL INSTRUMENTS
 6 Months Ended
Sep. 27, 2024
Derivative Instruments and Hedges, Assets [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
Foreign Currency Contracts
The Company enters into short-term and long-term foreign currency derivative contracts, including forward, swap, and options 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 institutions were not material.
As of September 27, 2024, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $8.1 billion as summarized below: 
 Notional Contract Value in USD
CurrencyBuySell
 (In millions)
Cash Flow Hedges
p
HUF$446 $— 
MXN487 — 
Other696 12 
 1,629 12 
Other Foreign Currency Contracts
CNY475 318 
EUR1,484 1,364 
JPY14 270 
MXN391 316 
MYR286 121 
Other690 769 
 3,340 3,158 
Total Notional Contract Value in USD$4,969 $3,170 
As of September 27, 2024, 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 condensed 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 condensed consolidated statements of operations. As of September 27, 2024 and March 31, 2024, the Company also has included net deferred gains and losses in accumulated other comprehensive loss, a component of shareholders’ equity in the condensed consolidated balance sheets, relating to changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. Deferred loss was immaterial as of September 27, 2024, and is expected to be recognized primarily as a component of cost of sales in the condensed consolidated statements of operations over the next twelve-month period, except for the USD HUF cross currency swaps.
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. The fair value of the cross currency swaps was included in other current liabilities and other non-current liabilities as of September 27, 2024, and in other current assets and other non-current liabilities as of March 31, 2024. 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:
 Fair Values of Derivative Instruments
 Asset DerivativesLiability Derivatives
  Fair Value Fair Value
 Balance Sheet
Location		September 27,
2024		March 31,
2024		Balance Sheet
Location		September 27,
2024		March 31,
2024
 (In millions)
Derivatives designated as hedging instruments      
Foreign currency contractsOther current assets$23 $45 Other current liabilities$(36)$(9)
Foreign currency contractsOther non-current assets$— $— Other liabilities$(19)$(33)
Derivatives not designated as hedging instruments      
Foreign currency contractsOther current assets$22 $14 Other current liabilities$(15)$(10)
The Company has financial instruments subject to master netting arrangements, which provide for the net settlement of all contracts with certain counterparties. The Company does not offset fair value amounts for assets and liabilities recognized for derivative instruments under these arrangements, as such, the asset and liability balances presented in the table above reflect the gross amounts of derivatives in the condensed consolidated balance sheets. The impact of netting derivative assets and liabilities is not material to the Company’s financial position for any of the periods presented.
v3.24.3
ACCUMULATED OTHER COMPREHENSIVE LOSS
 6 Months Ended
Sep. 27, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS ACCUMULATED OTHER COMPREHENSIVE LOSS 
The changes in accumulated other comprehensive loss by component, net of tax, are as follows: 
Three-Month Periods Ended
September 27, 2024September 29, 2023
 Unrealized gain
(loss) on derivative
instruments and
other		Foreign currency
translation
adjustments		TotalUnrealized gain
(loss) on derivative
instruments and
other		Foreign currency
translation
adjustments		Total
(In millions)
Beginning balance$(23)$(215)$(238)$20 $(189)$(169)
Other comprehensive gain (loss) before reclassifications8 55 63 (38)(38)(76)
Net (gain) loss reclassified from accumulated other comprehensive loss2 — 2 5 — 5 
Net current-period other comprehensive gain (loss)10 55 65 (33)(38)(71)
Ending balance$(13)$(160)$(173)$(13)$(227)$(240)
Six-Month Periods Ended
September 27, 2024September 29, 2023
Unrealized gain
(loss) on derivative
instruments and
other		Foreign currency
translation
adjustments		TotalUnrealized gain
(loss) on derivative
instruments and
other		Foreign currency
translation
adjustments		Total
(In millions)
Beginning balance$4 $(199)$(195)$(14)$(180)$(194)
Other comprehensive gain (loss) before reclassifications(22)39 17 63 (47)16 
Net (gain) loss reclassified from accumulated other comprehensive loss5 — 5 (62)— (62)
Net current-period other comprehensive gain (loss)(17)39 22 1 (47)(46)
Ending balance$(13)$(160)$(173)$(13)$(227)$(240)
Substantially all unrealized gains and losses relating to derivative instruments and other, reclassified from accumulated other comprehensive loss for the three and six-month periods ended September 27, 2024 were reclassified out of accumulated other comprehensive loss to other charges (income), net and cost of sales in the condensed consolidated statement of operations, which primarily relate to the Company’s foreign currency contracts accounted for as cash flow hedges. The tax impacts on the changes in accumulated other comprehensive loss for the three-month periods ended September 27, 2024 and September 29, 2023 were $2 million and $11 million, respectively. The tax impacts on the changes in accumulated other comprehensive loss for the six-month periods ended September 27, 2024 and September 29, 2023 were $11 million and $9 million, respectively.
v3.24.3
TRADE RECEIVABLES SALES PROGRAMS
 6 Months Ended
Sep. 27, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
TRADE RECEIVABLES SALES PROGRAMS TRADE RECEIVABLES SALES PROGRAMSThe 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 $0.7 billion and $0.8 billion as of September 27, 2024 and March 31, 2024, respectively. For the six-month periods ended September 27, 2024 and September 29, 2023, total accounts receivable sold to certain third-party banking institutions was approximately $2.1 billion and $1.7 billion, respectively. The receivables that were sold were removed from the condensed consolidated balance sheets and the cash received was included as cash provided by operating activities in the condensed consolidated statements of cash flows.
v3.24.3
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES
 6 Months Ended
Sep. 27, 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 September 27, 2024 and 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 the six-month periods ended September 27, 2024 and September 29, 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 September 27, 2024 and March 31, 2024: 
 Fair Value Measurements as of September 27, 2024
 Level 1Level 2Level 3Total
 (In millions)
Assets:    
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)$— $1,640 $— $1,640 
Foreign currency contracts (Note 9)— 45 — 45 
Deferred compensation plan assets:   0
Mutual funds, money market accounts and equity securities— 44 — 44 
Liabilities:   
Foreign currency contracts (Note 9)$— $(70)$— $(70)
 Fair Value Measurements as of March 31, 2024
 Level 1Level 2Level 3Total
 (In millions)
Assets:    
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)$— $759 $— $759 
Foreign currency contracts (Note 9)— 59 — 59 
Deferred compensation plan assets:   0
Mutual funds, money market accounts and equity securities— 41 — 41 
Liabilities:   0
Foreign currency contracts (Note 9)$— $(52)$— $(52)
Other financial instruments 
The following table presents the Company’s major debts not carried at fair value: 
 As of September 27, 2024As of March 31, 2024
 Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value		Fair Value
Hierarchy
 (In millions)
4.750% Notes due June 2025
$532 $531 $584 $578 Level 1
3.750% Notes due February 2026
680 673 682 662 Level 1
6.000% Notes due January 2028
397 411 397 404 Level 1
4.875% Notes due June 2029
656 658 657 643 Level 1
4.875% Notes due May 2030
678 679 681 662 Level 1
5.250% Notes due January 2032
499 503 — — Level 1
3.600% HUF Bonds due December 2031
283 226 274 219 Level 2
The Notes due June 2025, February 2026, January 2028, June 2029, May 2030 and January 2032 are valued based on broker trading prices in active markets. HUF Bonds are valued based on the broker trading prices in an inactive market.
v3.24.3
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Sep. 27, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES 
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 assessed the potential outcomes of this dispute, considered available information, and consulted with legal counsel and as a result of this assessment recognized $50 million in Selling, general and administrative expenses in the fourth quarter of the fiscal year 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 received six assessments for certain sales and import taxes. Four of the assessments have been successfully definitively defeated. Two remain, where the Company was unsuccessful at the administrative level and filed annulment actions in federal court in Brasilia, Brazil. The first annulment action was filed on March 23, 2020; the updated value of that assessment inclusive of interest and penalties is 36 million Brazilian reals (approximately USD $7 million). The second annulment action was filed on September 19, 2023; the updated value of that assessment inclusive of interest and penalties is 59 million Brazilian reals (approximately USD $11 million). The Company believes that it has meritorious defenses to these assessments and will continue to vigorously oppose them, as well as any future assessments. The Company does not expect final judicial determination on any of these claims in the near future.
A foreign Tax Authority (“Tax Authority”) had assessed a cumulative total of approximately $285 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. Subsequent to the quarter ended September 27, 2024, approximately $118 million of the approximate $285 million assessment was abated by the Tax Authority, leaving approximately $167 million remaining. The Company disagrees with the Tax Authority’s remaining 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.
v3.24.3
SHARE REPURCHASES
 6 Months Ended
Sep. 27, 2024
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]  
SHARE REPURCHASES SHARE REPURCHASES 
During the three and six-month periods ended September 27, 2024, the Company repurchased 9.8 million and 25.1 million shares at an aggregate purchase price of $300 million and $757 million, respectively, and retired all of these shares.
Under the Company’s current share repurchase program, the Board of Directors authorized repurchases of its outstanding ordinary shares for up to $1.7 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 8, 2024. As of September 27, 2024, shares in the aggregate amount of $1.5 billion were available to be repurchased under the current plan.
v3.24.3
SEGMENT REPORTING
 6 Months Ended
Sep. 27, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company reports its financial performance based on two operating and reportable segments, Flex Agility Solutions and Flex Reliability Solutions, and analyzes operating income as the measure of segment profitability. The determination of these 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
intangible amortization, stock-based compensation, restructuring charges, legal and other, and interest, net and other charges, net. 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.
 Three-Month Periods EndedSix-Month Periods Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
 (In millions)
Net sales:
Flex Agility Solutions$3,606 $3,618 $6,971 $7,219 
Flex Reliability Solutions2,939 3,315 5,888 6,606 
$6,545 $6,933 $12,859 $13,825 
Segment income and reconciliation of income from continuing operations before income taxes:
Flex Agility Solutions$218 $167 $397 $313 
Flex Reliability Solutions159 171 306 336 
Corporate and Other(19)(11)(39)(29)
   Total segment income 358 327 664 620 
Reconciling items:
Intangible amortization16 17 32 37 
Stock-based compensation28 28 60 60 
Restructuring charges17 1 42 24 
Legal and other (1)— — — 3 
Interest expense53 49 109 105 
Interest income16 15 32 31 
Other charges (income), net(4)14 (3)25 
     Income from continuing operations before income taxes$264 $233 $456 $397 
(1)Legal and other consists of costs not directly related to core business results and 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 the first half of fiscal year 2024, the Company accrued for certain loss contingencies where losses are considered probable and estimable.
Corporate and other primarily includes corporate service costs that are not included in the chief operating decision maker's ("CODM") assessment of the performance of each of the identified reportable 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.
v3.24.3
RESTRUCTURING CHARGES
 6 Months Ended
Sep. 27, 2024
Restructuring Charges [Abstract]  
RESTRUCTURING CHARGES RESTRUCTURING CHARGES
During the three and six-month periods ended September 27, 2024, the Company recognized approximately $18 million and $43 million of restructuring charges, respectively, most of which related to employee severance.
The following table summarizes the provisions, respective payments, and remaining accrued balance as of September 27, 2024 for charges incurred during the six-month period ended September 27, 2024:
SeveranceLong-Lived
Asset
Impairment		Other
Exit Costs		Total
(In millions)
Balance as of March 31, 2024
$77 $— $3 $80 
Provision for charges incurred during the six-month period ended September 27, 2024
42 1 — 43 
Cash payments during the six-month period ended September 27, 2024
(34)— — (34)
Non-cash reductions during the six-month period ended September 27, 2024
— (1)— (1)
Other adjustments(2)— — (2)
Balance as of September 27, 2024
83 — 3 86 
Less: Current portion (classified as other current liabilities)83 — 3 86 
Accrued restructuring costs, net of current portion (classified as other liabilities)$— $— $— $— 
v3.24.3
SUBSEQUENT EVENTS
 6 Months Ended
Sep. 27, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On October 16, 2024, the Company entered into a definitive agreement to acquire 100% ownership of Crown Technical Systems (“Crown”), a U.S. leader in critical power solutions for $325 million in an all-cash transaction. The acquisition will add to the Company' portfolio of power products and expand its offering in the utility and data center markets and is expected to close in the third quarter of fiscal year 2025, subject to customary closing conditions, including regulatory approval. For reporting purposes, Crown will be included in the Industrial reporting unit within the FRS segment.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
Sep. 29, 2023
Sep. 27, 2024
Sep. 29, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 214 $ 228 $ 353 $ 414
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 27, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Policies)
 6 Months Ended
Sep. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2024 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Operating results for the three and six-month periods ended September 27, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025.
Fiscal Period
The first quarters for fiscal years 2025 and 2024 ended on June 28, 2024, which is comprised of 89 days in the period, and June 30, 2023, which is comprised of 91 days, respectively. The second quarters for fiscal years 2025 and 2024 ended on September 27, 2024 and September 29, 2023, respectively, which are comprised of 91 days in both periods.
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Flex and its subsidiaries, after elimination of intercompany accounts and transactions. The Company consolidates subsidiaries and investments in entities in which the Company has a controlling interest. For the consolidated subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership of the noncontrolling owners.
On January 2, 2024, Flex completed its spin-off (the "Spin-off") of its remaining interest in Nextracker Inc. ("Nextracker"). After the Spin-off, Flex no longer consolidates the financial results of Nextracker within its financial results of continuing operations. For all the periods prior to the Spin-off, the financial results of Nextracker are presented as net earnings from
discontinued operations in the condensed consolidated statements of operations and unless otherwise indicated Flex's disclosures are presented on a continuing operations basis. The historical statements of comprehensive income and cash flows and the balances related to shareholders' equity have not been revised to reflect 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 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.
Supplier Finance Programs
Supplier Finance Programs
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 due dates. 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.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
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.
Fair Value Measurement
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 September 27, 2024 and 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.
v3.24.3
BALANCE SHEET ITEMS (Tables)
 6 Months Ended
Sep. 27, 2024
Balance Sheet Related Disclosures [Abstract]  
Schedule of Components of Inventories
The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows: 
As of September 27, 2024As of March 31, 2024
 (In millions)
Raw materials$4,569 $5,045 
Work-in-progress460 623 
Finished goods437 537 
 $5,466 $6,205 
Schedule of Components of Acquired Intangible Assets
The components of acquired intangible assets are as follows:
 As of September 27, 2024As of March 31, 2024
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
 (In millions)
Intangible assets:      
Customer-related intangibles$292 $(172)$120 $316 $(186)$130 
Licenses and other intangibles309 (206)103 298 (183)115 
Total$601 $(378)$223 $614 $(369)$245 
Schedule of Estimated Future Annual Amortization Expense For Intangible Assets
The estimated future annual amortization expense for intangible assets is as follows:
Fiscal Year Ending March 31,Amount
 (In millions)
2025 (1)$32 
202645 
202737 
202828 
202925 
Thereafter56 
Total amortization expense$223 
____________________________________________________________
(1)Represents estimated amortization for the remaining fiscal six-month period ending March 31, 2025.
v3.24.3
REVENUE (Tables)
 6 Months Ended
Sep. 27, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents the Company’s revenue disaggregated based on timing of transfer, point in time or over time, for the three and six-month periods ended September 27, 2024 and September 29, 2023, respectively.
Three-Month Periods EndedSix-Month Periods Ended
September 27, 2024September 29, 2023September 27, 2024September 29, 2023
Timing of Transfer(In millions)
FAS
Point in time$2,924 $3,280 $5,797 $6,716 
Over time682 338 1,174 503 
Total 3,606 3,618 6,971 7,219 
FRS
Point in time2,237 3,145 4,870 6,277 
Over time702 170 1,018 329 
Total 2,939 3,315 5,888 6,606 
Flex
Point in time5,161 6,425 10,667 12,993 
Over time1,384 508 2,192 832 
Total $6,545 $6,933 $12,859 $13,825 
v3.24.3
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Sep. 27, 2024
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Schedule of Stock-based Compensation Expense
The following table summarizes the Company’s share-based compensation expense for the 2017 Plan:
 Three-Month Periods EndedSix-Month Periods Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
 (In millions)
Cost of sales$8 $7 $16 $14 
Selling, general and administrative expenses20 21 44 46 
Total share-based compensation expense$28 $28 $60 $60 
v3.24.3
EARNINGS PER SHARE (Tables)
 6 Months Ended
Sep. 27, 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 following table reflects basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share attributable to the shareholders of Flex: 
 Three-Month Periods EndedSix-Month Periods Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
 (In millions, except per share amounts)
Numerator:
Net income from continuing operations$214 $201 $353 $348 
Net income from discontinued operations, net of tax— 205 — 269 
Less: Net income attributable to noncontrolling interest— 178 — 203 
Net income from discontinued operations attributable to Flex Ltd.— 27 — 66 
Total net income attributable to Flex Ltd.$214 $228 $353 $414 
Denominator:  
Weighted-average ordinary shares outstanding - basic394 443 398 445 
Weighted-average ordinary share equivalents from RSU awards (1)6 5 7 7 
Weighted-average ordinary shares and ordinary share equivalents outstanding - diluted400 448 405 452 
Earnings per share - basic
Continuing operations$0.54 $0.45 $0.89 $0.78 
Discontinued operations, net of tax— 0.06 — 0.15 
Total attributable to the shareholders of Flex Ltd.$0.54 $0.51 $0.89 $0.93 
Earnings per share - diluted
Continuing operations$0.54 $0.45 $0.87 $0.77 
Discontinued operations, net of tax— 0.06 — 0.15 
Total attributable to the shareholders of Flex Ltd.$0.54 $0.51 $0.87 $0.92 
____________________________________________________________
(1)An immaterial amount of RSU awards and 1.9 million RSU awards for the three and six-month periods ended September 27, 2024, respectively, and an immaterial amount of RSU awards and 2.1 million RSU awards for the three and six-month periods ended September 29, 2023, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents.
v3.24.3
DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Sep. 27, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Results From Discontinued Operations
The key components of net income from discontinued operations for the three and six-month periods ended September 29, 2023 were as follows:
Three-month period endedSix-month period ended
September 29, 2023September 29, 2023
(In millions)
Net sales (1)$538 $982 
Cost of sales (1)392 725 
  Gross Profit146 257 
Selling, general and administrative expenses51 86 
  Operating income95 171 
Interest and other, net3 4 
  Income before income taxes92 167 
Provision for income taxes(113)(102)
  Net income from discontinued operations205 269 
  Net income from discontinued operations attributable to noncontrolling interest (2)178 203 
  Net income from discontinued operations attributable to Flex Ltd.$27 $66 
(1)    Both net sales and cost of sales from discontinued operations includes the effect of intercompany transactions that were eliminated from Flex's condensed consolidated statements of operations of approximately $34 million and $70 million for the three and six-month periods ended September 29, 2023, respectively.
(2)    Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $40 million and $69 million and of income tax expense of $2 million and $6 million for the three and six-month periods ended September 29, 2023. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $52 million and $98 million for the same periods. In addition, during the three-month period ended September 29, 2023, a $140 million deferred tax asset was recorded, with an offsetting entry to income tax benefit fully attributable to noncontrolling interest in connection with Nextracker's follow-on public offering.
Details of cash flows from discontinued operations for the six-month period ended September 29, 2023 were as follows:
Six-month period ended
September 29, 2023
(In millions)
Net cash provided by discontinued operations operating activities (1)$253 
Net cash used in discontinued operations investing activities(1)
(1)    Cash flows from discontinued operations operating activities includes an inflow from intercompany transactions that were eliminated from Flex's consolidated operations of $(4) million for the six-month period ended September 29, 2023.
v3.24.3
BANK BORROWINGS AND LONG-TERM DEBT (Tables)
 6 Months Ended
Sep. 27, 2024
Debt Disclosure [Abstract]  
Schedule of Bank Borrowings and Long-term Debt
Bank borrowings and long-term debt as of September 27, 2024 and March 31, 2024 are as follows:
 Maturity DateAs of September 27, 2024As of March 31, 2024
(In millions)
4.750% Notes (1)
June 2025$532 $584 
3.750% Notes (1)
February 2026680 682 
6.000% Notes (1)
January 2028397 397 
4.875% Notes (1)
June 2029656 657 
4.875% Notes (1)
May 2030678 681 
5.250% Notes (1)
January 2032499 — 
3.600% HUF Bonds (2)
December 2031283 274 
Other1 1 
Debt issuance costs(17)(15)
3,709 3,261 
Current portion, net of debt issuance costs(531)— 
Non-current portion$3,178 $3,261 
(1)The notes are carried at the principal amount of each note, less any unamortized discount or premium and unamortized debt issuance costs. The notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations.
(2)The bonds mature in December 2031 with annual payments equal to 10% of the original principal amount thereof on each of the seventh, eighth, and ninth anniversaries of the bonds, with the remaining 70% due upon maturity.
Schedule of the Company's Repayments of Long-term Debt
Scheduled repayments of the Company's bank borrowings and long-term debt as of September 27, 2024 are as follows:
Fiscal Year Ending March 31,Amount
(In millions)
2025 (1)$— 
20261,212 
2027— 
2028397 
202928 
Thereafter2,089 
Total$3,726 
(1)Represents estimated repayments for the remaining fiscal six-month period ending March 31, 2025.
v3.24.3
INTEREST EXPENSE AND INTEREST INCOME (Tables)
 6 Months Ended
Sep. 27, 2024
Other Income and Expenses [Abstract]  
Schedule of Interest Expense and Interest Income
Interest expense and interest income for the three and six-month periods ended September 27, 2024 and September 29, 2023 are composed of the following:
 Three-Month Periods EndedSix-Month Periods Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
 (In millions)
Interest expenses on debt obligations$46 $38 $89 $82 
AR sale program related expenses7 11 20 23 
Interest income(16)(15)(32)(31)
v3.24.3
FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Sep. 27, 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 September 27, 2024, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $8.1 billion as summarized below: 
 Notional Contract Value in USD
CurrencyBuySell
 (In millions)
Cash Flow Hedges
p
HUF$446 $— 
MXN487 — 
Other696 12 
 1,629 12 
Other Foreign Currency Contracts
CNY475 318 
EUR1,484 1,364 
JPY14 270 
MXN391 316 
MYR286 121 
Other690 769 
 3,340 3,158 
Total Notional Contract Value in USD$4,969 $3,170 
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:
 Fair Values of Derivative Instruments
 Asset DerivativesLiability Derivatives
  Fair Value Fair Value
 Balance Sheet
Location		September 27,
2024		March 31,
2024		Balance Sheet
Location		September 27,
2024		March 31,
2024
 (In millions)
Derivatives designated as hedging instruments      
Foreign currency contractsOther current assets$23 $45 Other current liabilities$(36)$(9)
Foreign currency contractsOther non-current assets$— $— Other liabilities$(19)$(33)
Derivatives not designated as hedging instruments      
Foreign currency contractsOther current assets$22 $14 Other current liabilities$(15)$(10)
v3.24.3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 6 Months Ended
Sep. 27, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax
The changes in accumulated other comprehensive loss by component, net of tax, are as follows: 
Three-Month Periods Ended
September 27, 2024September 29, 2023
 Unrealized gain
(loss) on derivative
instruments and
other		Foreign currency
translation
adjustments		TotalUnrealized gain
(loss) on derivative
instruments and
other		Foreign currency
translation
adjustments		Total
(In millions)
Beginning balance$(23)$(215)$(238)$20 $(189)$(169)
Other comprehensive gain (loss) before reclassifications8 55 63 (38)(38)(76)
Net (gain) loss reclassified from accumulated other comprehensive loss2 — 2 5 — 5 
Net current-period other comprehensive gain (loss)10 55 65 (33)(38)(71)
Ending balance$(13)$(160)$(173)$(13)$(227)$(240)
Six-Month Periods Ended
September 27, 2024September 29, 2023
Unrealized gain
(loss) on derivative
instruments and
other		Foreign currency
translation
adjustments		TotalUnrealized gain
(loss) on derivative
instruments and
other		Foreign currency
translation
adjustments		Total
(In millions)
Beginning balance$4 $(199)$(195)$(14)$(180)$(194)
Other comprehensive gain (loss) before reclassifications(22)39 17 63 (47)16 
Net (gain) loss reclassified from accumulated other comprehensive loss5 — 5 (62)— (62)
Net current-period other comprehensive gain (loss)(17)39 22 1 (47)(46)
Ending balance$(13)$(160)$(173)$(13)$(227)$(240)
v3.24.3
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Sep. 27, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 27, 2024 and March 31, 2024: 
 Fair Value Measurements as of September 27, 2024
 Level 1Level 2Level 3Total
 (In millions)
Assets:    
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)$— $1,640 $— $1,640 
Foreign currency contracts (Note 9)— 45 — 45 
Deferred compensation plan assets:   0
Mutual funds, money market accounts and equity securities— 44 — 44 
Liabilities:   
Foreign currency contracts (Note 9)$— $(70)$— $(70)
 Fair Value Measurements as of March 31, 2024
 Level 1Level 2Level 3Total
 (In millions)
Assets:    
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)$— $759 $— $759 
Foreign currency contracts (Note 9)— 59 — 59 
Deferred compensation plan assets:   0
Mutual funds, money market accounts and equity securities— 41 — 41 
Liabilities:   0
Foreign currency contracts (Note 9)$— $(52)$— $(52)
Schedule of Debt Not Carried at Fair Value
The following table presents the Company’s major debts not carried at fair value: 
 As of September 27, 2024As of March 31, 2024
 Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value		Fair Value
Hierarchy
 (In millions)
4.750% Notes due June 2025
$532 $531 $584 $578 Level 1
3.750% Notes due February 2026
680 673 682 662 Level 1
6.000% Notes due January 2028
397 411 397 404 Level 1
4.875% Notes due June 2029
656 658 657 643 Level 1
4.875% Notes due May 2030
678 679 681 662 Level 1
5.250% Notes due January 2032
499 503 — — Level 1
3.600% HUF Bonds due December 2031
283 226 274 219 Level 2
v3.24.3
SEGMENT REPORTING (Tables)
 6 Months Ended
Sep. 27, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information by Operating Segment
Selected financial information by segment is in the table below.
 Three-Month Periods EndedSix-Month Periods Ended
 September 27, 2024September 29, 2023September 27, 2024September 29, 2023
 (In millions)
Net sales:
Flex Agility Solutions$3,606 $3,618 $6,971 $7,219 
Flex Reliability Solutions2,939 3,315 5,888 6,606 
$6,545 $6,933 $12,859 $13,825 
Segment income and reconciliation of income from continuing operations before income taxes:
Flex Agility Solutions$218 $167 $397 $313 
Flex Reliability Solutions159 171 306 336 
Corporate and Other(19)(11)(39)(29)
   Total segment income 358 327 664 620 
Reconciling items:
Intangible amortization16 17 32 37 
Stock-based compensation28 28 60 60 
Restructuring charges17 1 42 24 
Legal and other (1)— — — 3 
Interest expense53 49 109 105 
Interest income16 15 32 31 
Other charges (income), net(4)14 (3)25 
     Income from continuing operations before income taxes$264 $233 $456 $397 
(1)Legal and other consists of costs not directly related to core business results and 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 the first half of fiscal year 2024, the Company accrued for certain loss contingencies where losses are considered probable and estimable.
v3.24.3
RESTRUCTURING CHARGES (Tables)
 6 Months Ended
Sep. 27, 2024
Restructuring Charges [Abstract]  
Schedule of Provisions, Respective Payments, And Remaining Accrued Balance
The following table summarizes the provisions, respective payments, and remaining accrued balance as of September 27, 2024 for charges incurred during the six-month period ended September 27, 2024:
SeveranceLong-Lived
Asset
Impairment		Other
Exit Costs		Total
(In millions)
Balance as of March 31, 2024
$77 $— $3 $80 
Provision for charges incurred during the six-month period ended September 27, 2024
42 1 — 43 
Cash payments during the six-month period ended September 27, 2024
(34)— — (34)
Non-cash reductions during the six-month period ended September 27, 2024
— (1)— (1)
Other adjustments(2)— — (2)
Balance as of September 27, 2024
83 — 3 86 
Less: Current portion (classified as other current liabilities)83 — 3 86 
Accrued restructuring costs, net of current portion (classified as other liabilities)$— $— $— $— 
v3.24.3
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION - Additional Information (Details)
$ in Millions
 6 Months Ended
Sep. 27, 2024
USD ($)
segment
program
country
Mar. 31, 2024
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Number of countries in which entity operates | country 30  
Number of operating segments 2  
Number of reporting segments 2  
Number of supplier finance program | program 4  
Outstanding obligations | $ $ 133 $ 123
v3.24.3
BALANCE SHEET ITEMS - Schedule of Inventories (Details) - USD ($)
$ in Millions
Sep. 27, 2024
Mar. 31, 2024
Inventories    
Raw materials $ 4,569 $ 5,045
Work-in-progress 460 623
Finished goods 437 537
Inventories $ 5,466 $ 6,205
v3.24.3
BALANCE SHEET ITEMS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Sep. 27, 2024
Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]      
Foreign currency translation gain (loss)   $ 3  
Goodwill acquired $ 8    
Customer working capital advances   1,800 $ 2,200
Deferred tax asset   657 644
Other accrued liabilities current   $ 245 $ 277
v3.24.3
BALANCE SHEET ITEMS - Schedule of Components of Acquired Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 27, 2024
Mar. 31, 2024
Goodwill [Line Items]    
Gross Carrying Amount $ 601 $ 614
Accumulated Amortization (378) (369)
Total amortization expense 223 245
Customer-related intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 292 316
Accumulated Amortization (172) (186)
Total amortization expense 120 130
Licenses and other intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 309 298
Accumulated Amortization (206) (183)
Total amortization expense $ 103 $ 115
v3.24.3
BALANCE SHEET ITEMS - Schedule of Future Amortization (Details) - USD ($)
$ in Millions
Sep. 27, 2024
Mar. 31, 2024
Amount    
2025 $ 32  
2026 45  
2027 37  
2028 28  
2029 25  
Thereafter 56  
Total amortization expense $ 223 $ 245
v3.24.3
REVENUE - Additional Information (Details) - USD ($)
$ in Millions
Sep. 27, 2024
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Contract with customer, liability $ 372 $ 490
Deferred Revenue and Customer Working Capital Advances Under Current Liabilities    
Disaggregation of Revenue [Line Items]    
Deferred revenue $ 334 $ 449
v3.24.3
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
Sep. 29, 2023
Sep. 27, 2024
Sep. 29, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 6,545 $ 6,933 $ 12,859 $ 13,825
Point in time        
Disaggregation of Revenue [Line Items]        
Net sales 5,161 6,425 10,667 12,993
Over time        
Disaggregation of Revenue [Line Items]        
Net sales 1,384 508 2,192 832
Operating Segments        
Disaggregation of Revenue [Line Items]        
Net sales 6,545 6,933 12,859 13,825
FAS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Net sales 3,606 3,618 6,971 7,219
FAS | Operating Segments | Point in time        
Disaggregation of Revenue [Line Items]        
Net sales 2,924 3,280 5,797 6,716
FAS | Operating Segments | Over time        
Disaggregation of Revenue [Line Items]        
Net sales 682 338 1,174 503
FRS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Net sales 2,939 3,315 5,888 6,606
FRS | Operating Segments | Point in time        
Disaggregation of Revenue [Line Items]        
Net sales 2,237 3,145 4,870 6,277
FRS | Operating Segments | Over time        
Disaggregation of Revenue [Line Items]        
Net sales $ 702 $ 170 $ 1,018 $ 329
v3.24.3
STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
Sep. 29, 2023
Sep. 27, 2024
Sep. 29, 2023
Share-based compensation        
Total share-based compensation expense $ 28 $ 28 $ 60 $ 60
Cost of sales        
Share-based compensation        
Total share-based compensation expense 8 7 16 14
Selling, general and administrative expenses        
Share-based compensation        
Total share-based compensation expense $ 20 $ 21 $ 44 $ 46
v3.24.3
STOCK-BASED COMPENSATION - Additional Information (Details) - 2017 Plan
$ / shares in Units, $ in Millions
 6 Months Ended
Sep. 27, 2024
USD ($)
$ / shares
shares
Restricted Stock Units  
Share-based compensation  
Awards granted (in shares) 4,600,000
Number of shares outstanding (in shares) 12,400,000
Unrecognized compensation expense | $ $ 221
Share weighted-average remaining vesting period 2 years
RSU with No Performance Or Market Conditions  
Share-based compensation  
Awards granted (in shares) 2,900,000
Average grant date price of unvested share bonus awards (in usd per share) | $ / shares $ 31.86
RSU with No Performance Or Market Conditions | Maximum  
Share-based compensation  
Vesting period 3 years
RSU with Performance Conditions  
Share-based compensation  
Number of shares outstanding (in shares) 1,600,000
RSU with Performance Conditions | Key employees  
Share-based compensation  
Awards granted (in shares) 700,000
Average grant date price of unvested share bonus awards (in usd per share) | $ / shares $ 31.04
RSU with Performance Conditions | Minimum  
Share-based compensation  
Number of shares that may be issued (in shares) 0
RSU with Performance Conditions | Minimum | Key employees  
Share-based compensation  
Awards granted (in shares) 0
Vesting period 1 year
RSU with Performance Conditions | Maximum  
Share-based compensation  
Number of shares that may be issued (in shares) 3,000,000
RSU with Performance Conditions | Maximum | Key employees  
Share-based compensation  
Awards granted (in shares) 1,200,000
Vesting period 3 years
RSU with Market Conditions  
Share-based compensation  
Number of shares outstanding (in shares) 1,200,000
Vested in period (in shares) 1,600,000
RSU with Market Conditions | Key employees  
Share-based compensation  
Awards granted (in shares) 300,000
Vesting period 3 years
Average grant date price of unvested share bonus awards (in usd per share) | $ / shares $ 42.36
RSU with Market Conditions | Minimum  
Share-based compensation  
Number of shares that may be issued (in shares) 0
RSU with Market Conditions | Minimum | Key employees  
Share-based compensation  
Awards granted (in shares) 0
RSU with Market Conditions | Maximum  
Share-based compensation  
Number of shares that may be issued (in shares) 2,400,000
RSU with Market Conditions | Maximum | Key employees  
Share-based compensation  
Awards granted (in shares) 600,000
Restricted Stock Units With Market And Performance Conditions  
Share-based compensation  
Awards granted (in shares) 700,000
v3.24.3
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
Sep. 29, 2023
Sep. 27, 2024
Sep. 29, 2023
Numerator:        
Net income from continuing operations $ 214 $ 201 $ 353 $ 348
Net income from discontinued operations, net of tax 0 205 0 269
Net income attributable to noncontrolling interest 0 178 0 203
Net income from discontinued operations attributable to Flex Ltd. 0 27 0 66
Net income attributable to Flex Ltd. $ 214 $ 228 $ 353 $ 414
Denominator:        
Weighted-average ordinary shares outstanding - basic (in shares) 394.0 443.0 398.0 445.0
Weighted-average ordinary share equivalents from RSU awards (in shares) 6.0 5.0 7.0 7.0
Weighted-average ordinary shares and ordinary share equivalents outstanding - diluted (in shares) 400.0 448.0 405.0 452.0
Earnings per share - basic        
Basic earnings per share from continuing operations (in dollars per share) $ 0.54 $ 0.45 $ 0.89 $ 0.78
Basic earnings per share from discontinued operations (in dollars per share) 0 0.06 0 0.15
Basic earnings per share (in dollars per share) 0.54 0.51 0.89 0.93
Earnings per share - diluted        
Diluted earnings per share from continuing operations (in dollars per share) 0.54 0.45 0.87 0.77
Diluted earnings per share from discontinued operations (in dollars per share) 0 0.06 0 0.15
Diluted earnings per share (in dollars per share) $ 0.54 $ 0.51 $ 0.87 $ 0.92
Restricted Stock Units        
Earnings per share - diluted        
Restricted share unit awards excluded from computation of diluted earnings per share due to their anti-dilutive impact (in shares) 0.0 0.0 1.9 2.1
v3.24.3
DISCONTINUED OPERATIONS - Schedule of Income Statement Disclosures (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
Sep. 29, 2023
Sep. 27, 2024
Sep. 29, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Net income from discontinued operations $ 0 $ 205 $ 0 $ 269
Net income from discontinued operations attributable to Flex Ltd. $ 0 27 $ 0 66
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   538   982
Costs of sales   392   725
Gross Profit   146   257
Selling, general and administrative expenses   51   86
Operating income   95   171
Interest and other, net   3   4
Income before income taxes   92   167
Provision for income taxes   (113)   (102)
Net income from discontinued operations   205   269
Net income from discontinued operations attributable to noncontrolling interest   178   203
Net income from discontinued operations attributable to Flex Ltd.   27   66
Effect of intercompany transactions eliminated   34   70
Pre-tax income from discontinued operations attributable to noncontrolling interest   40   69
Provision for income taxes attributable to noncontrolling interest   2   6
Pre-tax income attributable to Flex Ltd from discontinued operations   52   98
Discontinued operation, deferred tax assets   $ 140   $ 140
v3.24.3
DISCONTINUED OPERATIONS - Schedule of Cash Flow Statement Disclosures (Details) - Nextracker - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
$ in Millions
 6 Months Ended
Sep. 29, 2023
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Net cash provided by discontinued operations operating activities $ 253
Net cash used in discontinued operations investing activities (1)
Discontinued operation, intracompany transactions eliminated, cash flows from operating activities $ (4)
v3.24.3
BANK BORROWINGS AND LONG-TERM DEBT - Schedule of Bank Borrowings and Long-term Debt (Details) - USD ($)
$ in Millions
Sep. 27, 2024
Mar. 31, 2024
Debt Instrument [Line Items]    
Long-term debt, gross $ 3,726  
Debt issuance costs (17) $ (15)
Total 3,709 3,261
Current portion, net of debt issuance costs (531) 0
Non-current portion $ 3,178 3,261
4.750% Notes due June 2025    
Debt Instrument [Line Items]    
Debt interest rate 4.75%  
Long-term debt, gross $ 532 584
3.750% Notes due February 2026    
Debt Instrument [Line Items]    
Debt interest rate 3.75%  
Long-term debt, gross $ 680 682
6.000% Notes Due January 2028    
Debt Instrument [Line Items]    
Debt interest rate 6.00%  
Long-term debt, gross $ 397 397
4.875% Notes due June 2029    
Debt Instrument [Line Items]    
Debt interest rate 4.875%  
Long-term debt, gross $ 656 657
4.875% Notes due May 2030    
Debt Instrument [Line Items]    
Debt interest rate 4.875%  
Long-term debt, gross $ 678 681
5.250% Notes due January 2032    
Debt Instrument [Line Items]    
Debt interest rate 5.25%  
Long-term debt, gross $ 499 0
3.600% HUF Bonds due December 2031    
Debt Instrument [Line Items]    
Debt interest rate 3.60%  
Long-term debt, gross $ 283 274
3.600% HUF Bonds due December 2031 | Term Loan    
Debt Instrument [Line Items]    
Percentage of initial debt payment due 10.00%  
Percentage of remainder debt payment due 70.00%  
Other    
Debt Instrument [Line Items]    
Long-term debt, gross $ 1 $ 1
v3.24.3
BANK BORROWINGS AND LONG-TERM DEBT - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended
Aug. 31, 2024
Sep. 27, 2024
Sep. 29, 2023
Mar. 31, 2024
Debt Instrument [Line Items]        
Weighted-average interest rate   4.60%   4.50%
Proceeds from bank borrowings and long-term debt $ 496 $ 499 $ 2  
5.250% Notes due January 2032        
Debt Instrument [Line Items]        
Debt interest rate   5.25%    
5.250% Notes due January 2032 | Medium-Term Note        
Debt Instrument [Line Items]        
Debt instrument, face amount $ 500      
Debt interest rate 5.25%      
Debt issuance costs, net $ 5      
Debt instrument, basis spread on variable rate (as a percent)   25.00%    
v3.24.3
BANK BORROWINGS AND LONG-TERM DEBT - Schedule of Repayment of Long-term Debt (Details)
$ in Millions
Sep. 27, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 0
2026 1,212
2027 0
2028 397
2029 28
Thereafter 2,089
Total $ 3,726
v3.24.3
INTEREST EXPENSE AND INTEREST INCOME (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
Sep. 29, 2023
Sep. 27, 2024
Sep. 29, 2023
Other Income and Expenses [Abstract]        
Interest expenses on debt obligations $ 46 $ 38 $ 89 $ 82
AR sale program related expenses 7 11 20 23
Interest income $ (16) $ (15) $ (32) $ (31)
v3.24.3
FINANCIAL INSTRUMENTS - Notional Amount (Details) - Forward and Swap Contracts
$ in Millions
Sep. 27, 2024
USD ($)
Notional amount  
Derivative, notional amount $ 8,100
Buy  
Notional amount  
Derivative, notional amount 4,969
Buy | Designated as Hedging Instrument | Cash Flow Hedges  
Notional amount  
Derivative, notional amount 1,629
Buy | Designated as Hedging Instrument | Cash Flow Hedges | HUF  
Notional amount  
Derivative, notional amount 446
Buy | Designated as Hedging Instrument | Cash Flow Hedges | MXN  
Notional amount  
Derivative, notional amount 487
Buy | Designated as Hedging Instrument | Cash Flow Hedges | Other  
Notional amount  
Derivative, notional amount 696
Buy | Not Designated as Hedging Instrument  
Notional amount  
Derivative, notional amount 3,340
Buy | Not Designated as Hedging Instrument | MXN  
Notional amount  
Derivative, notional amount 391
Buy | Not Designated as Hedging Instrument | Other  
Notional amount  
Derivative, notional amount 690
Buy | Not Designated as Hedging Instrument | CNY  
Notional amount  
Derivative, notional amount 475
Buy | Not Designated as Hedging Instrument | EUR  
Notional amount  
Derivative, notional amount 1,484
Buy | Not Designated as Hedging Instrument | JPY  
Notional amount  
Derivative, notional amount 14
Buy | Not Designated as Hedging Instrument | MYR  
Notional amount  
Derivative, notional amount 286
Sell  
Notional amount  
Derivative, notional amount 3,170
Sell | Designated as Hedging Instrument | Cash Flow Hedges  
Notional amount  
Derivative, notional amount 12
Sell | Designated as Hedging Instrument | Cash Flow Hedges | HUF  
Notional amount  
Derivative, notional amount 0
Sell | Designated as Hedging Instrument | Cash Flow Hedges | MXN  
Notional amount  
Derivative, notional amount 0
Sell | Designated as Hedging Instrument | Cash Flow Hedges | Other  
Notional amount  
Derivative, notional amount 12
Sell | Not Designated as Hedging Instrument  
Notional amount  
Derivative, notional amount 3,158
Sell | Not Designated as Hedging Instrument | MXN  
Notional amount  
Derivative, notional amount 316
Sell | Not Designated as Hedging Instrument | Other  
Notional amount  
Derivative, notional amount 769
Sell | Not Designated as Hedging Instrument | CNY  
Notional amount  
Derivative, notional amount 318
Sell | Not Designated as Hedging Instrument | EUR  
Notional amount  
Derivative, notional amount 1,364
Sell | Not Designated as Hedging Instrument | JPY  
Notional amount  
Derivative, notional amount 270
Sell | Not Designated as Hedging Instrument | MYR  
Notional amount  
Derivative, notional amount $ 121
v3.24.3
FINANCIAL INSTRUMENTS - Foreign Currency Risk Management (Details) - Foreign currency contracts - USD ($)
$ in Millions
Sep. 27, 2024
Mar. 31, 2024
Other current assets | Derivatives designated as hedging instruments    
Fair Values of Derivative Instruments    
Asset Derivatives $ 23 $ 45
Other current assets | Derivatives not designated as hedging instruments    
Fair Values of Derivative Instruments    
Asset Derivatives 22 14
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 (36) (9)
Other current liabilities | Derivatives not designated as hedging instruments    
Fair Values of Derivative Instruments    
Liability Derivatives (15) (10)
Other liabilities | Derivatives designated as hedging instruments    
Fair Values of Derivative Instruments    
Liability Derivatives $ (19) $ (33)
v3.24.3
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
Sep. 29, 2023
Sep. 27, 2024
Sep. 29, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 4,996 $ 5,786 $ 5,325 $ 5,706
Other comprehensive gain (loss) before reclassifications 63 (76) 17 16
Net (gain) loss reclassified from accumulated other comprehensive loss 2 5 5 (62)
Net current-period other comprehensive gain (loss) 65 (71) 22 (46)
Ending balance 5,003 6,356 5,003 6,356
Tax impact on changes in accumulated other comprehensive loss 2 11 11 9
Unrealized gain (loss) on derivative instruments and other        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (23) 20 4 (14)
Other comprehensive gain (loss) before reclassifications 8 (38) (22) 63
Net (gain) loss reclassified from accumulated other comprehensive loss 2 5 5 (62)
Net current-period other comprehensive gain (loss) 10 (33) (17) 1
Ending balance (13) (13) (13) (13)
Foreign currency translation adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (215) (189) (199) (180)
Other comprehensive gain (loss) before reclassifications 55 (38) 39 (47)
Net (gain) loss reclassified from accumulated other comprehensive loss 0 0 0 0
Net current-period other comprehensive gain (loss) 55 (38) 39 (47)
Ending balance (160) (227) (160) (227)
Total        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (238) (169) (195) (194)
Net current-period other comprehensive gain (loss) 65 (71) 22 (46)
Ending balance $ (173) $ (240) $ (173) $ (240)
v3.24.3
TRADE RECEIVABLES SALES PROGRAMS (Details) - Sales of Receivables to Third Party Banks - USD ($)
$ in Billions
Sep. 27, 2024
Mar. 31, 2024
Sep. 29, 2023
Trade Receivables Securitization disclosures      
Receivables sold but not yet collected from banking institutions $ 0.7 $ 0.8  
Company's accounts receivables sold to third-party $ 2.1   $ 1.7
v3.24.3
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Schedule of Assets and Liabilities Measured at Fair Value (Details) - Recurring basis - USD ($)
$ in Millions
Sep. 27, 2024
Mar. 31, 2024
Assets:    
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) $ 1,640 $ 759
Foreign currency contracts (Note 9) 45 59
Mutual funds, money market accounts and equity securities 44 41
Liabilities:    
Foreign currency contracts (Note 9) (70) (52)
Level 1    
Assets:    
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) 0 0
Foreign currency contracts (Note 9) 0 0
Mutual funds, money market accounts and equity securities 0 0
Liabilities:    
Foreign currency contracts (Note 9) 0 0
Level 2    
Assets:    
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) 1,640 759
Foreign currency contracts (Note 9) 45 59
Mutual funds, money market accounts and equity securities 44 41
Liabilities:    
Foreign currency contracts (Note 9) (70) (52)
Level 3    
Assets:    
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) 0 0
Foreign currency contracts (Note 9) 0 0
Mutual funds, money market accounts and equity securities 0 0
Liabilities:    
Foreign currency contracts (Note 9) $ 0 $ 0
v3.24.3
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Schedule of Debt Not Carried at Fair Value (Details) - USD ($)
$ in Millions
Sep. 27, 2024
Mar. 31, 2024
4.750% Notes due June 2025    
Other financial instruments    
Debt interest rate 4.75%  
4.750% Notes due June 2025 | Carrying Amount    
Other financial instruments    
Debt instrument $ 532 $ 584
3.750% Notes due February 2026    
Other financial instruments    
Debt interest rate 3.75%  
3.750% Notes due February 2026 | Carrying Amount    
Other financial instruments    
Debt instrument $ 680 682
6.000% Notes due January 2028    
Other financial instruments    
Debt interest rate 6.00%  
6.000% Notes due January 2028 | Carrying Amount    
Other financial instruments    
Debt instrument $ 397 397
4.875% Notes due June 2029    
Other financial instruments    
Debt interest rate 4.875%  
4.875% Notes due June 2029 | Carrying Amount    
Other financial instruments    
Debt instrument $ 656 657
4.875% Notes due May 2030    
Other financial instruments    
Debt interest rate 4.875%  
4.875% Notes due May 2030 | Carrying Amount    
Other financial instruments    
Debt instrument $ 678 681
5.250% Notes due January 2032    
Other financial instruments    
Debt interest rate 5.25%  
5.250% Notes due January 2032 | Carrying Amount    
Other financial instruments    
Debt instrument $ 499 0
3.600% HUF Bonds due December 2031    
Other financial instruments    
Debt interest rate 3.60%  
3.600% HUF Bonds due December 2031 | Carrying Amount    
Other financial instruments    
Debt instrument $ 283 274
Level 1 | 4.750% Notes due June 2025 | Fair Value    
Other financial instruments    
Debt instrument 531 578
Level 1 | 3.750% Notes due February 2026 | Fair Value    
Other financial instruments    
Debt instrument 673 662
Level 1 | 6.000% Notes due January 2028 | Fair Value    
Other financial instruments    
Debt instrument 411 404
Level 1 | 4.875% Notes due June 2029 | Fair Value    
Other financial instruments    
Debt instrument 658 643
Level 1 | 4.875% Notes due May 2030 | Fair Value    
Other financial instruments    
Debt instrument 679 662
Level 1 | 5.250% Notes due January 2032 | Fair Value    
Other financial instruments    
Debt instrument 503 0
Level 2 | 3.600% HUF Bonds due December 2031 | Fair Value    
Other financial instruments    
Debt instrument $ 226 $ 219
v3.24.3
COMMITMENTS AND CONTINGENCIES (Details)
R$ in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Sep. 19, 2023
USD ($)
Sep. 19, 2023
BRL (R$)
Mar. 23, 2020
USD ($)
Mar. 23, 2020
BRL (R$)
Mar. 31, 2024
USD ($)
Sep. 27, 2024
USD ($)
tax_assessment
Oct. 31, 2024
USD ($)
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 Jurisdiction              
Loss Contingencies [Line Items]              
Sales and import taxes, number of tax assessments | tax_assessment           6  
Sales and import taxes, number of tax assessments defeated | tax_assessment           4  
Sales and import taxes, number of tax assessments remaining | tax_assessment           2  
Sales and import taxes, estimate of possible loss $ 11 R$ 59 $ 7 R$ 36      
Intercompany Payment Deductibility | Foreign Tax Jurisdiction              
Loss Contingencies [Line Items]              
Estimate of possible loss           $ 285  
Intercompany Payment Deductibility | Foreign Tax Jurisdiction | Subsequent Event              
Loss Contingencies [Line Items]              
Reduction in estimate of possible loss             $ 118
Remaining of estimate of possible loss             $ 167
v3.24.3
SHARE REPURCHASES (Details) - USD ($)
shares in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
Sep. 27, 2024
Aug. 08, 2024
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]      
Aggregate shares repurchased and retired (in shares) 9.8 25.1  
Aggregate purchase price of shares repurchased and retired $ 300,000,000 $ 757,000,000  
Authorized amount of stock repurchase program     $ 1,700,000,000
Amount remaining to be repurchased under the plans $ 1,500,000,000 $ 1,500,000,000  
v3.24.3
SEGMENT REPORTING (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
USD ($)
Sep. 29, 2023
USD ($)
Sep. 27, 2024
USD ($)
segment
Sep. 29, 2023
USD ($)
Segment Reporting Information [Line Items]        
Number of operating segments | segment     2  
Number of reporting segments | segment     2  
Net sales $ 6,545 $ 6,933 $ 12,859 $ 13,825
Operating income 297 281 530 496
Intangible amortization 16 17 32 37
Stock-based compensation 28 28 60 60
Restructuring charges 18   43  
Interest expense 53 49 109 105
Interest income 16 15 32 31
Other charges (income), net (4) 14 (3) 25
Income from continuing operations before income taxes 264 233 456 397
Operating Segments        
Segment Reporting Information [Line Items]        
Net sales 6,545 6,933 12,859 13,825
Operating income 358 327 664 620
Operating Segments | Flex Agility Solutions        
Segment Reporting Information [Line Items]        
Net sales 3,606 3,618 6,971 7,219
Operating income 218 167 397 313
Operating Segments | Flex Reliability Solutions        
Segment Reporting Information [Line Items]        
Net sales 2,939 3,315 5,888 6,606
Operating income 159 171 306 336
Corporate and Other        
Segment Reporting Information [Line Items]        
Operating income (19) (11) (39) (29)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment        
Segment Reporting Information [Line Items]        
Intangible amortization 16 17 32 37
Stock-based compensation 28 28 60 60
Restructuring charges 17 1 42 24
Legal and other 0 0 0 3
Interest expense 53 49 109 105
Interest income 16 15 32 31
Other charges (income), net $ (4) $ 14 $ (3) $ 25
v3.24.3
RESTRUCTURING CHARGES - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
Sep. 27, 2024
Restructuring Charges [Abstract]    
Restructuring charges $ 18 $ 43
v3.24.3
RESTRUCTURING CHARGES - Schedule of Provisions, Respective Payments, And Remaining Accrued Balance (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2024
USD ($)
Sep. 27, 2024
USD ($)
Restructuring Reserve [Roll Forward]    
Beginning balance   $ 80
Restructuring charges $ 18 43
Other adjustments   (2)
Ending balance 86 86
Less: Current portion (classified as other current liabilities) 86 86
Accrued restructuring costs, net of current portion (classified as other liabilities) 0 0
Cash Charges    
Restructuring Reserve [Roll Forward]    
Cash payments   (34)
Non-Cash Charges    
Restructuring Reserve [Roll Forward]    
Non-cash reductions   (1)
Severance    
Restructuring Reserve [Roll Forward]    
Beginning balance   77
Restructuring charges   42
Other adjustments   (2)
Ending balance 83 83
Less: Current portion (classified as other current liabilities) 83 83
Accrued restructuring costs, net of current portion (classified as other liabilities) 0 0
Severance | Cash Charges    
Restructuring Reserve [Roll Forward]    
Cash payments   (34)
Severance | Non-Cash Charges    
Restructuring Reserve [Roll Forward]    
Non-cash reductions   0
Long-Lived Asset Impairment    
Restructuring Reserve [Roll Forward]    
Beginning balance   0
Restructuring charges   1
Other adjustments   0
Ending balance 0 0
Less: Current portion (classified as other current liabilities) 0 0
Accrued restructuring costs, net of current portion (classified as other liabilities) 0 0
Long-Lived Asset Impairment | Cash Charges    
Restructuring Reserve [Roll Forward]    
Cash payments   0
Long-Lived Asset Impairment | Non-Cash Charges    
Restructuring Reserve [Roll Forward]    
Non-cash reductions   (1)
Other Exit Costs    
Restructuring Reserve [Roll Forward]    
Beginning balance   3
Restructuring charges   0
Other adjustments   0
Ending balance 3 3
Less: Current portion (classified as other current liabilities) 3 3
Accrued restructuring costs, net of current portion (classified as other liabilities) $ 0 0
Other Exit Costs | Cash Charges    
Restructuring Reserve [Roll Forward]    
Cash payments   0
Other Exit Costs | Non-Cash Charges    
Restructuring Reserve [Roll Forward]    
Non-cash reductions   $ 0
v3.24.3
SUBSEQUENT EVENTS (Details) - Crown - Forecast
$ in Millions
 3 Months Ended
Dec. 31, 2024
USD ($)
Subsequent Event [Line Items]  
Definitive agreement to acquire 100.00%
Purchase consideration $ 325