Table of a product or component. Although we generally allocate liability for these claims in our contracts with our customers, increasingly we are unsuccessful in allocating such liability, and even where we have allocated liability to our customers, our customers may not have the resources to satisfy claims for costs or liabilities arising from a defective product or component for which they have assumed responsibility.Contents

If we design, engineer or manufacture a product or component that is found to cause any personal injury or property damage or is otherwise found to be defective, we could spend a significant amount of money to resolve the claim. In addition, product liability and product recall insurance coverage are expensive and may not be available for some or all of our services offerings on acceptable terms, in sufficient amounts, or at all. A successful product liability or product warranty claim in excess of our insurance coverage or any material claim for which insurance coverage is denied, limited or is not available could have a material adverse effect on our business, results of operations and financial condition.

Our failure to comply with environmental, health and safety, product stewardship and producer responsibility laws or regulations could adversely affect our business.

We are subject to ~~various~~extensive and changing federal, state, local and ~~foreign~~international environmental, health and safety laws and regulations, ~~including regulations governing~~concerning, among other things, the health and safety of our employees, the generation, use, storage, transportation, discharge and disposal of certain materials (including chemicals and hazardous ~~substances~~substances) used in or derived from our manufacturing processes. We are also subject to laws and regulations governing the recyclability of products, the materials that may be included in products, and our obligations to dispose of these products after end users have finished with them. Additionally, we may be exposed to liability to our customers relating to the materials that may be included in the components that we procure for our customers' products. Any violation or alleged violation by us of ~~environmental~~these laws or regulations could subject us to significant costs, fines or other ~~penalties.~~penalties, the suspension of production, or prohibitions on sales of products we manufacture. In addition, such regulations could restrict our ability to expand our facilities or could require us to acquire costly equipment, or to incur other significant expenses, including expenses associated with the recall of any non-compliant product or with changes in our operational, procurement and inventory management activities.

We are also required to comply with an increasing number of global and local product environmental compliance regulations focused on the restriction of certain hazardous substances. We are subject to the EU directives, including the Restrictions ~~on RoHS,~~of Hazardous Substances in Electrical and Electrical Equipment ("RoHS"), the ~~WEEE~~Waste Electrical and Electronic Equipment Directive ("WEEE") as well as the EU's REACH regulation. In addition, new technical classifications of e-Waste ~~being discussed~~were recently adopted in June 2022 by the Basel Convention ~~technical working group could affect both our customers' abilities and obligations in~~regarding electronics repair and ~~refurbishment.~~refurbishment which become effective January 1, 2025. Also of note is China's Management Methods for Controlling Pollution Caused by ~~EIPs~~Electronic Information Products regulation, commonly referred to as "China RoHS", which restricts the importation into and production within China of electrical equipment containing certain hazardous materials. Similar legislation has been or may be enacted in other jurisdictions, including in the United States. RoHS and other similar legislation bans or restricts the use of lead, mercury and certain other specified substances in electronics products and WEEE requires EU importers and/or producers to assume responsibility for the collection, recycling and management of waste electronic products and components. We have developed rigorous risk mitigating compliance programs designed to meet the needs of our customers as well as applicable regulations. These programs may include collecting compliance data from our suppliers, full laboratory testing and public reporting of other environmental metrics such as carbon emissions, electronic waste and water, and we also require our supply chain to comply. Non-compliance could potentially result in our customers refusing to purchase our products, and significant costs, penalties, and/or ~~penalties.~~other sanctions, such as restrictions on our products entering certain jurisdictions. In the case of WEEE, the compliance responsibility rests primarily with the EU importers and/or producers rather than with EMS companies. However, ~~OEMs~~customers may turn to EMS companies for assistance in meeting their obligations under WEEE.

In addition, we are responsible for the cleanup of contamination at some of our current and former manufacturing facilities and at some third party sites. If more stringent compliance or cleanup standards under environmental laws or regulations are imposed, or the results of future testing and analyses at our current or former operating facilities indicate that we are responsible for the release of hazardous substances into the air, ground and/or water, we may be subject to additional liability. Additional environmental matters may arise in the future at sites where no problem is currently known or at sites that we may acquire in the future. Some environmental laws impose liability without fault, leading companies to be responsible for investigating, removing, or remediating possible hazardous substances released at properties it owns or operates, regardless of when such substances were released. Additionally, we could be required to alter our manufacturing and operations and incur substantial expense in order to comply with environmental regulations. Our failure to comply with environmental laws and regulations or adequately address contaminated sites could limit our ability to expand our facilities or could require us to incur significant expenses, which would harm ~~our business.~~

If we do not effectively manage changes in our operations, our business may be harmed; we have taken substantial restructuring charges in the past and we may need to take material restructuring charges in the future.

The expansion of our business, as well as business contractions and other changes in our customers' requirements, have in the past, and may in the future, require that we adjust our business and cost structures by incurring restructuring charges. Restructuring activities involve reductions in our workforce at some locations and closure of certain facilities. All of these changes have in the past placed, and may in the future place, considerable strain on our financial and management control

systems and resources, including decision support, accounting management, information systems and facilities. If we do not properly manage our financial and management controls, reporting systems and procedures to manage our employees, our business could be harmed.

In recent years, including during fiscal year 2014, we undertook initiatives to restructure our business operations through a series of restructuring activities, which were intended to realign our global capacity and infrastructure with demand by our OEM customers and thereby improve our operational efficiency. These activities included reducing excess workforce and capacity, transitioning manufacturing to lower-cost locations and eliminating redundant facilities, and consolidating and eliminating certain administrative facilities.

While we incur severance, asset impairment charges and other charges as a result of changes in our customer mix on an ongoing basis, such individual actions were not considered material and did not qualify as restructuring charges per accounting principles generally accepted in the United States to be separately disclosed as restructuring charges in fiscal year 2015, and are included in either cost of sales or selling, general and administrative expenses, as appropriate. Our restructuring activities undertaken during fiscal year 2014 have been disclosed separately on our statement of operations. We may be required to take additional charges in the future to align our operations and cost structures with global economic conditions, market demands, cost competitiveness, and our geographic footprint as it relates to our customers' production requirements. We may consolidate certain manufacturing facilities or transfer certain of our operations to lower cost geographies. If we are required to take additional restructuring charges in the future, our operating results, financial condition, and cash flows could be adversely impacted. Additionally, there are other potential risks associated with our restructurings that could adversely affect us, such as delays encountered with the finalization and implementation of the restructuring activities, work stoppages, and the failure to achieve targeted cost savings.

~~Fluctuations in foreign currency exchange rates could increase our operating costs.~~

We have manufacturing operations and industrial parks that are located in lower cost regions of the world, such as Asia, Eastern Europe and Mexico. A portion of our purchases and our sale transactions are denominated in currencies other than the United States dollar. As a result, we are exposed to fluctuations in these currencies impacting our fixed cost overhead or our supply base relative to the currencies in which we conduct transactions.

Currency exchange rates fluctuate on a daily basis as a result of a number of factors, including changes in a country's political and economic policies. Volatility in the functional and non-functional currencies of our entities and the United States dollar could seriously harm our business, operating results and financial condition. The primary impact of currency exchange fluctuations is on the cash, receivables, payables and expenses of our operating entities. As part of our currency hedging strategy, we use financial instruments, primarily forward exchange and swap contracts, to hedge our foreign currency exposure in order to reduce the short-term impact of foreign currency rate fluctuations on our operating results. If our hedging activities are not successful or if we change or reduce these hedging activities in the future, we may experience significant unexpected fluctuations in our operating results as a result of changes in exchange rates.

We are also exposed to risks related to the valuation of the Chinese currency relative to the U.S. dollar. The Chinese currency is the renminbi ("RMB"). A significant increase in the value of the RMB could adversely affect our financial results and cash flows by increasing both our manufacturing costs and the costs of our local supply base.

~~We depend on our executive officers and skilled management personnel.~~

Our success depends to a large extent upon the continued services of our executive officers and other key employees. Generally, our employees are not bound by employment or non-competition agreements, and we cannot assure you that we will retain our executive officers and other key employees. We could be seriously harmed by the loss of any of our executive officers or other key employees. We will need to recruit and retain skilled management personnel, and if we are not able to do so, our business could be harmed. In addition, in connection with expanding our design services offerings, we must attract and retain experienced design engineers. There is substantial competition in our industry for highly skilled employees. Our failure to recruit and retain experienced design engineers could limit the growth of our design services offerings, which could adversely affect our business.

Failure to comply with domestic or international employment and related laws could result in the payment of significant damages, which would reduce our net income.

We are subject to a variety of domestic and foreign employment laws, including those related to safety, wages and overtime, discrimination, whistle-blowing, classification of employees and severance payments. Enforcement activity relating to these laws, particularly outside of the United States, can increase as a result of increased media attention due to violations by other companies, changes in law, political and other factors. There can be no assurance that we won't be found to have violated such laws in the future, due to a more aggressive enforcement posture by governmental authorities or for any other reason. Any

such violations could lead to the assessment of fines against us by federal, state or foreign regulatory authorities or damages payable to employees, which fines could be substantial and which would reduce our net income.

~~We may encounter difficulties with acquisitions and divestures, which could harm our business.~~

We have completed numerous acquisitions of businesses and we may acquire additional businesses in the future. Any future acquisitions may require additional equity financing, which could be dilutive to our existing shareholders, or additional debt financing, which could increase our leverage and potentially affect our credit ratings. Any downgrades in our credit ratings associated with an acquisition could adversely affect our ability to borrow by resulting in more restrictive borrowing terms. As a result of the foregoing, we also may not be able to complete acquisitions or strategic customer transactions in the future to the same extent as in the past, or at all.

To integrate acquired businesses, we must implement our management information systems, operating systems and internal controls, and assimilate and manage the personnel of the acquired operations. The difficulties of this integration may be further complicated by geographic distances. The integration of acquired businesses may not be successful and could result in disruption to other parts of our business. In addition, the integration of acquired businesses may require that we incur significant restructuring charges.

~~In addition, acquisitions involve numerous risks and challenges, including:~~

~~diversion of management's attention from the normal operation of our business;~~

~~potential loss of key employees and customers of the acquired companies;~~

~~difficulties managing and integrating operations in geographically dispersed locations;~~

~~the potential for deficiencies in internal controls at acquired companies;~~

~~increases in our expenses and working capital requirements, which reduce our return on invested capital;~~

~~lack of experience operating in the geographic market or industry sector of the acquired business;~~

~~initial dependence on unfamiliar supply chain or relatively small supply chain partners; and~~

~~exposure to unanticipated liabilities of acquired companies.~~

In addition, divestitures involve significant risks, including without limitation, difficulty finding financially sufficient buyers or selling on acceptable terms in a timely manner, and the agreed-upon terms could be renegotiated due to changes in business or market conditions. Divestitures could adversely affect our profitability and, under certain circumstances, require us to record impairment charges or a loss as a result of the transaction. In addition, completing divestitures requires expenses and management attention and could leave us with certain continuing liabilities.

These and other factors have harmed, and in the future could harm, our ability to achieve anticipated levels of profitability at acquired operations or realize other anticipated benefits of an acquisition or divestiture, and could adversely affect our business and operating results.

~~Our strategic relationships with major customers create risks.~~

In the past, we have completed numerous strategic transactions with OEM customers. Under these arrangements, we generally acquire inventory, equipment and other assets from the OEM, and lease or acquire their manufacturing facilities, while simultaneously entering into multi-year manufacturing and supply agreements for the production of their products. We may pursue these OEM divestiture transactions in the future. These arrangements entered into with divesting OEMs typically involve many risks, including the following:

~~we may need to pay a purchase price to the divesting OEMs that exceeds the value we ultimately may realize from the future business of the OEM;~~

~~the integration of the acquired assets and facilities into our business may be time-consuming and costly, including the incurrence of restructuring charges;~~

~~we, rather than the divesting OEM, bear the risk of excess capacity at the facility;~~

~~we may not achieve anticipated cost reductions and efficiencies at the facility;~~

~~we may be unable to meet the expectations of the OEM as to volume, product quality, timeliness and cost reductions;~~

~~our supply agreements with the OEMs generally do not require any minimum volumes of purchase by the OEMs, and the actual volume of purchases may be less than anticipated; and~~

if demand for the OEMs' products declines, the OEM may reduce its volume of purchases, and we may not be able to sufficiently reduce the expenses of operating the facility or use the facility to provide services to other OEMs.

As a result of these and other risks, we have been, and in the future may be, unable to achieve anticipated levels of profitability under these arrangements. In addition, these strategic arrangements have not, and in the future may not, result in any material revenues or contribute positively to our earnings per share.

Our business could be impacted as a result of actions by activist shareholders or others.

We may be subject, from time to time, to legal and business challenges in the operation of our company due to actions instituted by activist shareholders or others. Responding to such actions could be costly and time-consuming, may not align

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with our business strategies and could divert the attention of our Board of Directors and senior management from the pursuit of our business strategies. Perceived uncertainties as to our future direction as a result of shareholder activism may lead to the perception of a change in the direction of the business or other instability and may make it more difficult to attract and retain qualified personnel and business partners and may affect our relationships with vendors, customers and other third parties.

~~Changes in financial accounting~~Failure to meet environmental, social and governance (ESG) expectations or standards, or to achieve our ESG goals, may have an adverse impact on our business, impose additional costs on us, and expose us to additional risks.

In recent years, there has been an increased focus from investors, customers, consumers, and other stakeholders, as well as by governmental and non-governmental organizations, on ESG matters, including greenhouse gas ("GHG") emissions and climate-related risks, environmental stewardship, responsible sourcing, social responsibility, human capital management, diversity, equity, and inclusion, workplace conduct, data privacy and cybersecurity and human rights. This increased focus on sustainability including ESG is present in our industry. This attention has resulted in a variety of required and voluntary reporting regimes that are not harmonized and continue to change. For example, governments around the world have enacted or are contemplating legislation and regulations that may impact how we conduct and/or report on our business by requiring the disclosure and tracking of certain GHG emissions and other climate and biodiversity information, and/or cyber security or human capital matters related to our business. A number of our customers have adopted, or may adopt, procurement policies that include social and environmental responsibility provisions that their suppliers should comply with, or they may seek to include such provisions in their procurement terms and conditions. In addition, an increasing number of investors have ~~affected, and in the future~~adopted, or may ~~affect, our reported financial condition or results of operations.~~adopt, ESG policies with which they expect their portfolio companies to comply.

We ~~prepare~~currently align our ~~financial statements in conformity~~sustainability program with ~~U.S. GAAP.~~the standards set forth by various voluntary sustainability initiatives and organizations, and we have joined the Science Based Targets Initiative and the U.N. Global Compact, voluntary initiatives for businesses to develop, implement and disclose sustainability policies and practices. These ~~principles~~ESG practices, policies, provisions and initiatives are subject to ~~interpretation by~~change, can be unpredictable, and may be difficult and expensive for us to comply with.

We have established sustainability and ESG programs aligned with sound ESG principles and have established and publicly announced certain goals, commitments, and targets, which we may refine in the ~~Financial Accounting Standards Board (FASB), the American Institute~~future. These programs, goals, commitments and targets reflect our current initiatives, plans and aspirations, and are not guarantees that we will be able to achieve them. Evolving stakeholder expectations, and our ability to successfully execute these initiatives and accurately report our progress and accomplish our goals present numerous operational, financial, legal, regulatory, reputational and other risks and uncertainties, many of ~~Certified Public Accountants (AICPA), the SEC~~which are outside our control, and various bodies formed to interpret and create accounting policies. For example, significant changes to revenue recognition rules have been enacted and will begin to apply to us in fiscal year 2019 as the FASB has proposed. Changes to accounting rules or challenges to our interpretation or applicationall of ~~the rules by regulators may~~which could have a material adverse ~~effect~~impact on our ~~reported financial results~~business. Additionally, the implementation of and reporting on these initiatives impose additional costs on us and a diversion of resources. If our ESG initiatives fail to satisfy investors, current or ~~on the way we conduct business.~~

~~Our~~potential customers, consumers and our other stakeholders, our reputation, our ability to manufacture and sell products and services, our ability to attract or retain employees, and our attractiveness as an investment, business ~~and operations~~partner or acquirer could be ~~adversely impacted by climate~~negatively impacted. Similarly, our failure or perceived failure to pursue or fulfill our goals, targets and objectives or to satisfy various reporting standards within the timelines we announce or otherwise as may be required, or at all, could also have similar negative impacts and expose us to government enforcement actions and private litigation.

Climate change, ~~initiatives.~~

~~Concern over climate change has led to international legislative~~and the legal and regulatory initiatives ~~directed at limiting carbon dioxide and other greenhouse gas emissions. Proposed and existing efforts~~related to ~~address~~ climate change, ~~by reducing greenhouse gas emissions~~ could ~~directly or indirectly affect our costs of energy, materials, manufacturing, distribution, packaging and other operating costs, which could impact our business and financial results.~~

~~Our operating results may fluctuate significantly due to seasonal demand.~~

Two of our significant end markets are the mobile devices market and the consumer devices market. These markets exhibit particular strength generally in the two quarters leading up to the end of the calendar year in connection with the holiday season. As a result, we have historically experienced stronger revenues in our second and third fiscal quarters as compared to our other fiscal quarters. Economic or other factors leading to diminished orders in the end of the calendar year could harm our business.

~~Our debt level may create limitations.~~

As of March 31, 2016, our total debt was approximately $2.8 billion. This level of indebtedness could limit our flexibility as a result of debt service requirements and restrictive covenants, and may limit our ability to access additional capital or execute our business strategy.

Changes in our credit rating may make it more expensive for us to raise additional capital or to borrow additional funds. We may also be exposed to interest rate fluctuations on our outstanding borrowings and investments.

Our credit is rated by credit rating agencies. Our 4.625% Notes, our 5.000% Notes, and our 4.750% Notes, are currently rated BBB- by Standard and Poor's ("S&P") which is considered to be “investment grade” by S&P, while rated Ba1 by Moody’s which is considered below “investment grade” by Moody's. Any further decline in our credit rating may make it more expensive for us to raise additional capital in the future on terms that are acceptable to us, if at all, negatively impact the price of our ordinary shares, increase our interest payments under some of our existing debt agreements, and have other negative implications on our business, many of which are beyond our control. In addition, the interest rate payable on some of our credit

facilities is subject to adjustment from time to time if our credit ratings change. Thus, any potential future negative change in our credit rating may increase the interest rate payable on these credit facilities.

In addition, we are exposed to interest rate risk under our variable rate terms loans, bilateral facilities and revolving credit facility for indebtedness we have incurred or may incur under such borrowings. The interest rates under these borrowings are based on either (i) a margin over LIBOR or (ii) the base rate (the greatest of the agent's prime rate, the federal funds rate plus 0.50% and LIBOR for a one-month interest period plus 1.00%) plus an applicable margin, in each case depending on our credit rating. Refer to the discussion in note 7, "Bank Borrowings and Long-Term Debt" to the consolidated financial statements for further details of our debt obligations. We are also exposed to interest rate risk on our invested cash balances, our securitization facilities and our factoring activities.

~~Weak global economic conditions and instability in financial markets may~~ adversely affect our business, results of operations and financial ~~condition,~~condition.

There continues to be increasing concern that a gradual increase in global average temperatures due to increased concentration of carbon dioxide and ~~access~~other GHGs in the atmosphere will cause significant changes in weather patterns around the globe and an increase in the frequency and severity of natural disasters. Changes in weather patterns and an increased frequency, intensity and duration of extreme weather conditions, such as hurricanes, earthquakes, wildfires, water or other natural resource shortages, droughts, or flooding, could, among other things, pose physical risks to ~~capital markets.~~

~~Our revenue~~ and ~~gross margin depend significantly on general economic conditions~~impair our production capabilities, disrupt the operations of our supply chain and ~~the~~infrastructure, and impact our customers and their demand for ~~products in~~our services. The geographic locations of our manufacturing facilities could intensify the ~~markets in which our customers compete. Adverse worldwide economic conditions may create challenging conditions in~~negative impacts resulting from any of these issues. As a result, the ~~electronics industry. These conditions may result in reduced consumer and business confidence and spending in many countries, a tightening in the credit markets, a reduced level~~effects of liquidity in many financial markets and high volatility in credit, fixed income and equity markets. In addition, longer term disruptions in the capital and credit markets could adversely affect our access to liquidity needed for our business. If financial institutions that have extended credit commitments to us are adversely affected by the conditions of the U.S. and international capital markets, they may become unable to fund borrowings under their credit commitments to us, whichclimate change could have ana long-term adverse impact on our business, results of operations and financial condition. In many of the countries in which we operate, governmental bodies are increasingly enacting legislation and regulations in response to the potential impacts of climate change. For example, some have enacted or are contemplating legislation and regulations that may impact how we conduct and/or report on our business by requiring the disclosure and tracking of certain GHG emissions. These laws and regulations have, and will continue to have, the potential to impact our operations directly or indirectly as a result of required compliance by us and our suppliers. In addition, we have committed to reduce our absolute scope 1 and scope 2 GHG emissions by fifty percent by 2030 and to reach net zero GHG emissions by 2040 as part of our long-term sustainability strategy and we may take additional voluntary steps to mitigate our impact on climate change. As a result, we may experience increases in energy, production, transportation and raw material costs, capital expenditures and insurance premiums and deductibles. Inconsistency of legislation and regulations among jurisdictions may also affect the costs of compliance with such laws and regulations. Any assessment of the potential impact of

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future climate change legislation, regulations or industry standards, as well as any international treaties and accords, is uncertain given the scope of potential regulatory change in the countries in which we operate. Given the political significance and uncertainty around the impact of climate change and how it should be addressed, we cannot predict how legislation and regulation will affect our financial condition, operating performance and ~~our~~ ability to ~~borrow additional funds, if needed, for working capital, capital expenditures, acquisitions, research~~compete. Furthermore, even without such regulation, increased awareness and ~~development and~~any adverse publicity in the global marketplace about potential impacts on climate change by us or other ~~corporate purposes.~~

~~Catastrophic events or geopolitical conditions~~companies in our industry could ~~have~~harm our reputation. Any of the foregoing could result in a material adverse effect on our ~~operations and financial results.~~

Our operations or systems could be disrupted by natural disasters, geopolitical conditions, terrorist activity, public health issues, cyber security incidents, interruptions of service from utilities, transportation or telecommunications providers, or other catastrophic events. Such events could make it difficult or impossible to manufacture or deliver products to our customers, receive production materials from our suppliers, or perform critical functions, which could adversely affect our revenue and require significant recovery time and expenditures to resume operations. While we maintain business, recovery plans that are intended to allow us to recover from natural disasters or other events that can be disruptive to our business, some of our systems are not fully redundant and we cannot be sure that our plans will fully protect us from all such disruptions.

We maintain a program of insurance coverage for a variety of property, casualty, and other risks. We place our insurance coverage with multiple carriers in numerous jurisdictions. However, one or more of our insurance providers may be unable or unwilling to pay a claim. The types and amounts of insurance we obtain vary depending on availability, cost, and decisions with respect to risk retention. The policies have deductibles and exclusions that result in us retaining a level of self-insurance. Losses not covered by insurance may be large, which could harm our results of operations and financial condition.

~~Our business could be adversely affected by any delays, or increased costs, resulting from issues that our common carriers are dealing with in transporting our materials, our products, or both.~~

We rely on a variety of common carriers to transport our materials from our suppliers to us, and to transport our products from us to our customers. Problems suffered by any of these common carriers, whether due to a natural disaster, labor problem, increased energy prices, criminal activity or some other issue, could result in shipping delays, increased costs, or other supply chain disruptions, and could therefore have a material adverse effect on our operations.

~~We are subject to risks associated with investments.~~

We invest in private funds and companies for strategic reasons and may not realize a return on our investments. We make investments in private funds and companies to further our strategic objectives, support key business initiatives and develop business relationships with related portfolio companies. Many of the instruments in which we invest are non-marketable at the time of our initial investment. If any of the funds or companies in which we invest fail, we could lose all or part of our investment. If we need to determine that an other-than-temporary decline in the fair value exists for an investment, we would need to write down the investment to its fair value and recognize a loss.

~~The market price of our ordinary shares is volatile.~~

The stock market in recent years has experienced significant price and volume fluctuations that have affected the market prices of companies, including technology companies. These fluctuations have often been unrelated to or disproportionately impacted by the operating performance of these companies. The market for our ordinary shares has been and may in the future

be subject to similar volatility. Factors such as fluctuations in our operating results, announcements of technological innovations or events affecting other companies in the electronics industry, currency fluctuations, general market fluctuations, and macro-economic conditions may cause the market price of our ordinary shares to decline.

~~Our goodwill and identifiable intangible assets could become impaired, which could reduce the value of our assets and reduce our net income in the year in which the write-off occurs.~~

Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. We also ascribe value to certain identifiable intangible assets, which consist primarily of customer relationships, developed technology and trade names, among others, as a result of acquisitions. We may incur impairment charges on goodwill or identifiable intangible assets if we determine that the fair values of goodwill or identifiable intangible assets are less than their current carrying values. We evaluate, on a regular basis, whether events or circumstances have occurred that indicate all, or a portion, of the carrying amount of goodwill may no longer be recoverable, in which case an impairment charge to earnings would become necessary.

Refer to notes 1 and 2 to the consolidated financial statements and 'critical accounting policies' in management's discussion and analysis of financial condition and results of operations for further discussion of the impairment testing of goodwill and identifiable intangible assets.

A decline in general economic conditions or global equity valuations could impact the judgments and assumptions about the fair value of our businesses and we could be required to record impairment charges on our goodwill or other identifiable intangible assets in the future, which could impact our consolidated balance sheet, as well as our consolidated statement of operations. If we are required to recognize an impairment charge in the future, the charge would not impact our consolidated cash flows, liquidity, capital resources, and covenants under our existing credit facilities, asset securitization program, and other outstanding borrowings.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

We own or lease facilities located primarily in the geographies listed below. Our facilities consist of a global network of industrial parks, regional manufacturing operations, and design, engineering and product introduction ~~centers, providing approximately 26.0 million~~centers. The majority of the square ~~feet of productive capacity~~footage is active manufacturing space used by the FRS and FAS operating segments, as of March 31, 2016. We own facilities with approximately 8.2 million square feet in Asia, 4.7 million square feet in the Americas and 2.7 million square feet in Europe. We lease facilities with approximately 5.5 million square feet in Asia, 3.5 million square feet in the Americas and 1.4 million square feet in Europe.

Our facilities include large industrial parks, ranging in size from 0.3 million to 4.5 million square feet in Brazil, China, Hungary, India, Israel, Malaysia, Mexico, Poland, Romania, and the Ukraine. We also have regional manufacturing operations, generally ranging in size from under 100,000 to approximately 2.7 million square feet in Austria, Brazil, Canada, China, Czech Republic, Denmark, Hong Kong, Hungary, India, Indonesia, Ireland, Italy, Japan, Malaysia, Mexico, Poland, Romania, Singapore, Sweden, Switzerland, the Ukraine and the United States. We also have smaller design and engineering centers and product introduction centers at a number of locations in the world's major consumer electronics and industrial markets.

both use these properties. Our facilities are well maintained and suitable for the operations conducted. The productive capacity of our plants is adequate for current needs.

As of March 31, 2023, the square footage of our facilities by region is as follows:


															Approximate Square Footage (In millions)
Asia															19.6
Americas															15.7
Europe															11.6
Total (1)															46.9

(1)Consists of 20.7 million square feet in facilities that we own with the remaining 26.2 million square feet in leased facilities.

ITEM 3. LEGAL PROCEEDINGS

For a description of our material legal proceedings, see note 1214 "Commitments and Contingencies" to the consolidated financial statements included under Item 8, which is incorporated herein by reference.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable

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PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

~~PRICE RANGE OF ORDINARY SHARES~~MARKET AND SHAREHOLDER INFORMATION

Our ordinary shares are quoted on the ~~NASDAQ~~Nasdaq Global Select Market under the symbol "FLEX." ~~The following table sets forth the high and low per share sales prices for our ordinary shares since the beginning of fiscal year 2015 as reported on the NASDAQ Global Select Market.~~

High Low
Fiscal Year Ended March 31, 2016

Fourth Quarter $ 12.06
$ 9.10
Third Quarter 11.79
10.27
Second Quarter 11.56
9.90
First Quarter 12.84
11.53
Fiscal Year Ended March 31, 2015

Fourth Quarter $ 12.68
$ 10.47
Third Quarter 11.35
8.75
Second Quarter 11.52
10.30
First Quarter 11.35
8.93

As of May ~~11, 2016~~12, 2023, there were ~~3,274~~2,847 holders of record of our ordinary ~~shares and the closing sales price of our ordinary shares as reported on the NASDAQ Global Select Market was $12.04 per share.~~shares. This does not include persons whose stock is in nominee or "street name" accounts through brokers.

DIVIDENDS

Since inception, we have not declared or paid any cash dividends on our ordinary shares. We currently do not have plans to pay any cash dividends in fiscal year ~~2017.~~2024.

CERTAIN TAXATION CONSIDERATIONS UNDER SINGAPORE LAW

Dividends. Singapore does not impose a withholding tax on dividends. All dividends on our ordinary shares are not taxable in Singapore to shareholders, provided that any dividends are paid to shareholders outside of Singapore for this purpose and such dividends are not received or deemed to be received in Singapore by shareholders and are not derived by shareholders pursuant to any trade or business carried on in Singapore. Certain tax exemptions are available for foreign-sourced dividends received by Singapore tax residents, subject to conditions. Since inception, we have not declared nor paid any cash dividends on our ordinary shares, and we currently do not have plans to pay any cash dividends.

Gains on Disposal. Under current Singapore tax law there is no tax on capital gains, and thus any profits from the disposal of shares are not taxable in Singapore unless the gains arising from the disposal of shares are income in nature and subject to tax, especially if they arise from activities which the Inland Revenue Authority of Singapore regards as the carrying on of a trade or business in Singapore (in which case, the profits on the sale would be taxable as trade or business profits rather than capital gains).

Shareholders who apply, or who are required to apply, the Singapore Financial Reporting Standard ("FRS") 39, FRS 109 or Singapore Financial Reporting Standard (International) 9 (“SFRS(I) 9”) (as the case may be) for the purposes of Singapore income tax may be required to recognize gains or losses (not being gains or losses in the nature of capital) in accordance with the provisions of FRS 39, FRS 109 or SFRS(I) 9 (as the case may be) (as modified by the applicable provisions of Singapore income tax law) even though no sale or disposal of shares is made.

Stamp Duty. There is no stamp duty payable for holding shares, and no duty is payable on the issue of new shares. Singapore stamp duty is payable on a transfer of existing shares if there is an instrument of transfer executed in Singapore or if there is an instrument of transfer executed outside Singapore that is received in Singapore. In such situations, stamp duty is payable on the instrument of transfer of such shares at the rate of 0.2% of the consideration for, or market value of, such shares, whichever is higher. The stamp duty is borne by the purchaser unless there is an agreement to the contrary. If the instrument of transfer is executed outside of Singapore, the stamp duty must be paid only if the instrument of transfer is received in Singapore.

Estate Taxation. Singapore estate duty was abolished for deaths occurring on or after February 15, 2008.

Tax Treaties Regarding Withholding. There is no reciprocal income tax treaty between the U.S. and Singapore regarding withholding taxes on dividends and capital gains.

STOCK PRICE PERFORMANCE GRAPH

The following stock price performance graph and accompanying information is not deemed to be "soliciting material" or to be "filed" with the SEC or subject to Regulation 14A under the Securities Exchange Act of 1934 or to the liabilities of Section 18 of the Securities Exchange Act of 1934, and will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in any such filing.

The graph below compares the cumulative total shareholder return on our ordinary shares, the Standard & Poor's 500 Stock Index and a peer group comprised of Benchmark Electronics, Inc., Celestica Inc., Jabil ~~Circuit,~~ Inc., and ~~Sanmina-SCI~~Sanmina Corporation.

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The graph below assumes that $100 was invested in our ordinary shares, in the Standard & Poor's 500 Stock Index and in the peer group described above on March 31, ~~2011~~2018 and reflects the annual return through March 31, ~~2016,~~2023, assuming dividend reinvestment.

The comparisons in the graph below are based on historical data and are not indicative of, or intended to forecast, the possible future performances of our ordinary shares.

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN

Flex, the S&P 500 Index, and Peer Group


								3/18	3/19	3/20	3/21	3/22	3/23
	3/11	3/12	3/13	3/14	3/15	3/16
Flextronics International Ltd	100.00	96.65	90.50	123.69	169.75	161.45
Flex Ltd.							Flex Ltd.	100.00	61.24	51.29	112.12	113.59	140.89
S&P 500 Index	100.00	108.54	123.69	150.73	169.92	172.95	S&P 500 Index	100.00	109.50	101.86	159.25	184.17	169.94
Peer Group	100.00	108.61	90.13	105.44	130.08	117.99	Peer Group	100.00	94.41	79.94	154.03	174.45	240.74

Table of ~~customers and/or products between segments:~~

Contents

Fiscal Year Ended March 31,
2016 2015 2014
(In thousands)
Segment income & margin:
CEC $ 265,076
3.0 % $ 257,323
2.8 % $ 259,329
2.7 %
CTG 163,677
2.3 % 218,251
2.4 % 125,171
1.3 %
IEI 157,588
3.4 % 131,956
3.0 % 127,085
3.4 %
HRS 294,635
7.6 % 227,595
6.4 % 221,402
6.8 %
Corporate and Other (89,219 ) (83,988 ) (68,475 )
Total segment income 791,757
3.2 % 751,137
2.9 % 664,512
2.5 %
Reconciling items:
Intangible amortization 65,965
32,035
28,892

Stock-based compensation 77,580
50,270
40,439

Restructuring charges (2) —
—
75,311

Bad debt charge (1) 61,006
—
—

Other charges (income), net 47,738
(53,233 ) 57,512

Interest and other, net 84,793
51,410
61,904

Income before income taxes $ 454,675
$ 670,655
$ 400,454

~~(1)~~

On April 21, 2016, one of our customers, SunEdison, filed a petition for reorganization under bankruptcy law. During the fiscal year ended March 31, 2016, we recognized a bad debt reserve charge of $61.0 million associated with our outstanding SunEdison receivables. This charge is included in selling, general and administrative expenses in the consolidated statement of operations but is excluded from the measurement of the Company's operating segment's performance. Refer to note 2 to the consolidated financial statements for additional information regarding this charge.

~~(2)~~

During the fiscal year ended March 31, 2014, the Company recognized restructuring charges of approximately $75.3 million. The costs associated with these restructuring activities include employee severance, other personnel costs, non-cash impairment charges on equipment no longer in use and to be disposed of, and other exit related costs due to facility closures or rationalizations. Refer to note 14 to the consolidated financial statements for additional information regarding these charges.


	Fiscal Year Ended March 31,
	2023				2022
	(In millions)
Segment income:
Flex Agility Solutions	$	694	4.4	%	$	605	4.3	%
Flex Reliability Solutions	607		4.8	%	546		5.1	%
Nextracker	203		10.7	%	90		6.2	%

~~CEC~~

FAS segment margin increased 20 basis points, for fiscal year 2016, from 2.8% during fiscal year 2015. The improvements are driven by favorable product mix changes from new program offerings, higher utilization levels and strong operational execution across multiple customers and facilities, offset by incremental engineering spend as we continue to invest in expanding our capabilities. CEC segment marginmargin increased 10 basis points, to 4.4% for fiscal year ~~2015,~~2023, from ~~2.7%~~4.3% for fiscal year 2022. The margin increase during the period was driven by strong execution against new project ramps and product mix, partially offset by elevated costs due to component shortages and logistics constraints and the effect of certain inflation pass-through recoveries.

FRS segment margin decreased 30 basis points, to 4.8% for fiscal year 2023, from 5.1% for fiscal year 2022. The margin decrease in the FRS segment was primarily driven by component shortage-related production disruptions, inflationary cost pressures as well as program investments impacting our Automotive and Health Solutions businesses during fiscal year ~~2014, also as a result of favorable product mix changes during fiscal 2015.~~2023.

~~CTG~~Nextracker segment margin ~~slightly decreased 10~~increased 450 basis points, to 10.7% for fiscal year ~~2016,~~2023, from 2.4% during fiscal year 2015, due primarily to the soft macro economy, notably in Brazil, which impacted consumer business, partially offset by a portfolio shift within the CTG product mix focusing on higher margin consumer electronic products. CTG segment margin increased 110 basis points6.2% for fiscal year ~~2015, from 1.3% during fiscal year 2014,~~2022 driven primarily ~~attributable to a portfolio shift within the CTG product mix coupled~~by improved pricing and better cost controls and better cost absorption with ~~better execution on certain products some of which were going end of life.~~

~~IEI segment margin~~ increased 40 basis points to 3.4% for fiscal year 2016, from 3.0% during fiscal year 2015. This is primarily due to strong operational execution and higher utilization levels coupled with contribution from our NEXTracker acquisition that contributed higher margins for the second half of fiscal year 2016. Fiscal year 2015 also included underperformance of certain programs, delayed and inefficient ramps for new programs. IEI segment margin decreased 40 basis points to 3.0% for fiscal year 2015, from 3.4% during fiscal year 2014 due to operational challenges and underperformance of certain programs during fiscal year 2015 as mentioned above.

HRS segment margin increased 120 basis points to 7.6% for fiscal year 2016, from 6.4% during fiscal year 2015. The improvements are primarily due to additional flow through from the increase in revenue from new programs and contribution from our MCi acquisition starting in our second quarter of fiscal year 2016 in addition to greater value-added business engagements due to greater design and engineering solutions as part of our ~~sketch to scale~~^tm ~~offering. HRS segment margin~~

~~decreased 40 basis points to 6.4% for fiscal year 2015, from 6.8% for fiscal year 2014~~ ~~primarily as a result of comparatively higher ramp costs for new programs during fiscal 2015.~~
revenue.

Restructuring charges

~~In response~~We continued to ~~a challenging macroeconomic environment, we initiated~~identify certain ~~restructuring activities in~~structural changes to restructure the business throughout fiscal year 2014 to improve our operational efficiencies by reducing excess workforce and capacity. There were no material restructuring activities during fiscal years 2016 and 2015. The fiscal year 2014 restructuring activities were intended to realign our corporate cost structure, and rationalize our global manufacturing capacity and infrastructure which will further shift manufacturing capacity to locations with higher efficiencies.

2023. During fiscal year ~~2014,~~2023, we recognized ~~$75.3~~approximately $27 million of ~~pre-tax~~ restructuring charges, ~~comprised of $73.4 million of cash charges predominantly~~primarily related to employee ~~severance costs and $1.9~~severance. During fiscal year 2022, we recognized approximately $15 million of ~~non-cash~~restructuring charges, primarily related to asset impairment. The restructuring charges by geographic region amounted to $34.5 million in Asia, $24.9 million in the Americas and $15.9 million in Europe. We classified $58.6 million of the charges incurred in fiscal year 2014 as a component of cost of sales and $16.7 million as a component of selling, general and administrative expenses.

As of March 31, 2014 all plans had been completed. As of March 31, 2016, accrued costs relating to restructuring charges were $13.2 million of which $2.5 million was classified as a current obligation. As of March 31, 2015, accrued costs relating to restructuring charges were $15.1 million of which $3.5 million was classified as a current obligation.employee severance.

Refer to note 1416 to the consolidated financial statements in Item 8, "Financial Statements and Supplementary Data" for further discussion of our restructuring activities.

Selling, general and administrative expenses

Selling, general and administrative expenses ("SG&A") totaled ~~$954.9 million~~$1.0 billion, or ~~3.9%~~3.3% of net sales, during fiscal year ~~2016,~~2023, compared to $844.5 million, or 3.2% of net sales, during fiscal year 2015, increasing by $110.4 million or 13.1%. The increase in SG&A in dollars and as a percentage of net sales is primarily the result of an increase in costs associated with research, development and design activities, as we continued to deploy resources to meet the needs of our customers and explore new product innovations, increases in stock-based compensation expense, incremental costs associated with our acquisitions of MCi and NEXTracker both of which drive a higher proportional SG&A level, and a bad debt reserve charge associated with our outstanding SunEdison receivables of $61.0 million as a result of SunEdison's bankruptcy filing.

~~SG&A totaled $844.5 million or 3.2% of net sales, during fiscal year 2015, compared to $874.8 million,~~$0.9 billion, or 3.4% of net sales, during fiscal year ~~2014, decreasing~~2022, increasing by ~~$30.3~~$103 million or ~~3.5%. The decrease in~~12%, which reflects our enhanced cost control efforts to support higher revenue growth while keeping our SG&A in dollars and as a percentage of net sales is primarily the result of our cost reduction measures that we undertook in fiscal year 2015 and rationalization efforts carried out in fiscal year 2014, partially offset by an approximate $8.9 million increase in non-cash stock-based compensation.

We recognized research and development costs primarily related to our design and innovations businesses of $75.5 million, $35.2 million, and $30.0 million for the fiscal years ended March 31, 2016, 2015 and 2014, respectively.expenses relatively flat.

Intangible amortization

Amortization of intangible assets in fiscal ~~year 2016 increased by $33.9~~years 2023 and 2022 were $82 million ~~to $66.0~~and $68 million, ~~from $32.0~~respectively, representing an increase of $14 million, infrom fiscal year ~~2015,~~2022, primarily ~~as a result of incremental~~due to amortization expense ~~on intangibles~~related to new intangible assets ~~relating to our acquisitions~~from the Anord Mardix acquisition completed in December 2021, partially offset by certain intangible assets being fully amortized during ~~the~~ fiscal year ~~2016.~~2023.

~~Amortization of intangible assets in~~Interest, net

Interest, net was $201 million during fiscal year ~~2015 increased by $3.1~~2023, compared to $152 million ~~to $32.0 million from $28.9 million in~~during fiscal year ~~2014,~~2022, increasing $49 million primarily ~~as a result of customer-related intangibles in connection with our acquisitions and the purchase of certain technology rights~~due to higher variable interest expense during ~~the~~ fiscal year ~~2015.~~2023.

Other charges (income), net

During fiscal year ~~2016,~~2023, we ~~recognized~~recorded $5 million of other charges, ~~of $47.7~~net, compared to $164 million ~~primarily due to a $26.8 million loss on the disposition~~ of a non-strategic Western European manufacturing facility which included a non cash foreign currency translation loss of $25.3 million, and $21.8 million from the impairment of a non-core investment. These were offset by a non-cash foreign currency translation gain of $4.2 million, as further discussed in note 15 to the consolidated financial statements.

~~During fiscal year 2015, we recognized~~ other income, of $53.2 million principally as a result of the reversal of a contractual obligation with a certain customer recognized during the fiscal year 2014 in the amount of $55.0 million. We executed an amendment to the customer contract during fiscal year 2015 which relieved us of commitment performance as was defined in an existing customer manufacturing agreement. We also recognized an $11.0 million loss in connection with the

~~disposition of a manufacturing facility in Western Europe. Further, we recognized a~~ net, ~~gain for the sale of a certain investment, which primarily comprises the balance for other income~~ in fiscal year ~~2015 net of the above items.~~

~~During~~2022, which was primarily driven by a $150 million gain related to a Brazilian tax credit recognized in fiscal year ~~2014, we recognized other charges of $57.5~~2022 coupled with $25 million ~~primarily due~~reduction in foreign exchange transaction gains compared to the contractual obligation of $55.0 million discussed above. Additionally, we exercised warrants to purchase common shares of a supplier and sold the underlying shares for a loss of $7.1 million, offset by a gain of $4.6 million recognized in connection with the sales of certain investments.

~~Interest and other, net~~

~~Interest and other, net was $84.8 million during~~ fiscal year ~~2016 compared~~2022.

Refer to $51.4 million during fiscal year 2015. The increase in interest and other, net of $33.4 million was primarily due to a $23.5 million increase of interest expense from the 4.750% Notes issued during the current year as further discussed in note 717 to the consolidated financial statements ~~as well as $8.0~~in Item 8, "Financial Statements and Supplementary Data" for further discussion of our other charges (income), net.

Equity in earnings (losses) of unconsolidated affiliates

During fiscal year 2023, we recorded $4 million of ~~acquisition-related costs incurred~~equity in losses of unconsolidated affiliates, compared to $61 million of equity in earnings of unconsolidated affiliates during fiscal year ~~2016, primarily for our acquisition of MCi.~~

~~Interest and other, net was $51.4 million~~2022. The decrease during fiscal year ~~2015 compared to $61.9 million during fiscal year 2014. The decrease in interest and other, net~~2023 was primarily due to ~~a gain associated with minority interest from an~~lower investment ~~an increase in foreign currency~~fund gains ~~relating to the Chinese RMB, and a decrease in interest expense as a result of refinancing of certain debt facilities during the latter part of~~versus fiscal year ~~2014.~~2022, resulting from discrete market events such as initial public offerings and financing rounds completed by certain companies included in those funds.

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Income taxes

We work to ensure that we accrue and pay the appropriate amount of income taxes according to the laws and regulations of each jurisdiction in which we operate. Certain of our subsidiaries have, at various times, been granted tax relief in their respective countries, resulting in lower income taxes than would otherwise be the case under ordinary tax rates. The consolidated effective tax rates were ~~2.3%, 10.4%~~(6.1)% and ~~8.7%~~10.0% for the fiscal years ~~2016, 2015~~2023 and ~~2014,~~2022, respectively. The effective rate varies from the Singapore statutory rate of 17.0% in each year as a result of the following items:


	Fiscal Year Ended March 31,
	2023		2022
Income taxes based on domestic statutory rates	17.0	%	17.0	%
Effect of jurisdictional tax rate differential	0.5		(10.9)

Change in unrecognized tax benefit	(0.7)		1.1
Change in valuation allowance	(4.8)		1.1
Foreign exchange movement on prior year taxes recoverable	0.4		(0.9)

Tax impacts related to sale of Nextracker	1.6		1.2
APB 23 tax liability	—		0.1
Restructuring of Nextracker LLC interest	(20.0)		—
Other	(0.1)		1.3
Provision for (benefit from) income taxes	(6.1)	%	10.0	%

Fiscal Year Ended March 31,
2016 2015 2014
Income taxes based on domestic statutory rates 17.0 % 17.0 % 17.0 %
Effect of tax rate differential (16.1 ) (12.1 ) (17.1 )
Intangible amortization 2.4
0.8
1.2
Change in liability for uncertain tax positions (3.0 ) 4.4
(0.5 )
Change in valuation allowance 0.2
0.4
6.7
Other 1.8
(0.1 ) 1.4
Provision for income taxes 2.3 % 10.4 % 8.7 %

The variation in our effective tax rate each year is primarily a result of recognition of earnings in foreign jurisdictions which are taxed at rates lower than the Singapore statutory rate including the effect of tax holidays and tax incentives we received primarily for our subsidiaries in China, Malaysia, Costa Rica, Netherlands and Israel of ~~$6.6 million, $9.8~~$14 million and ~~$15.2~~$23 million in fiscal years ~~2016, 2015~~2023 and ~~2014,~~2022, respectively. The primary driver of the negative effective tax rate for fiscal year 2023 relates to the recording of a $195 million deferred tax asset, with an offsetting entry to income tax benefit fully attributable to noncontrolling interest in connection with the Nextracker IPO whereby Nextracker Inc. purchased Nextracker LLC units from a related Flex U.S. subsidiary. Additionally, our effective tax rate is impacted by changes in our liabilities for uncertain tax positions of ($~~13.7) million, $29.7~~7) million, and ~~($2.2)~~$12 million and changes in our valuation allowances on deferred tax assets of ~~$1.0 million, $2.5~~($47) million and ~~$26.8~~$12 million in fiscal years ~~2016, 2015~~2023 and ~~2014,~~2022, respectively. We generate most of our revenues and profits from operations outside of Singapore.

We are regularly subject to tax return audits and examinations by various taxing jurisdictions ~~and~~ around the world, and there can be no assurance that the final determination of any tax examinations will not be materially different than that which is reflected in our income tax provisions and accruals. Should additional taxes be assessed as a result of a current or future ~~examinations,~~examination, there could be a material adverse effect on our effective tax rate, tax position, operating results, financial position and cash flows.

We provide a valuation allowance against deferred tax assets that in our estimation are not more likely than not to be realized. During fiscal year ~~2016,~~2023, we released valuation allowances totaling ~~$20.3~~$12 million, which related primarily ~~related~~ to ~~our~~certain operations in ~~Malaysia~~Australia, and the Netherlands, as these amounts were deemed to be more likely than not to be realized due to the ~~increased~~sustained profitability ~~of the Malaysian subsidiary~~ during the past three fiscal years ~~following a period of losses~~ as well as continued forecasted profitability of ~~that subsidiary. In addition,~~those operations. During fiscal year 2023, we ~~had a $43.0~~also added $12 million ~~credit to~~in valuation allowances primarily for the deferred tax ~~expense~~assets related to ~~the partial release of~~operations in Hungary, Canada, and Switzerland. Various other valuation allowance ~~on our US operations~~positions were also reduced due to ~~the recording~~varying factors such as recognition of uncertain tax positions impacting deferred tax liabilities related to intangibles acquired during fiscal year 2016. However, these valuation allowance eliminations were offset by other current period valuation allowance movements primarily related to current period valuation allowance additions due toassets, one-time income recognition in loss entities, and foreign exchange impacts on deferred tax balances, and increased deferred tax assets ~~related to~~as a result of current period losses in legal entities with existing full valuation allowance ~~positions,~~positions.

Net income attributable to noncontrolling interest and redeemable noncontrolling interest

Net income attributable to ~~a lesser extent, current period changes in valuation~~

~~allowance positions~~noncontrolling interest and redeemable noncontrolling interest was $240 million during fiscal year 2023, compared to $4 million during fiscal year 2022, increasing $236 million primarily due to ~~increased negative evidence~~the Nextracker IPO during ~~the period in legal entities which did not previously have valuation allowance recorded.~~fiscal year 2023.

~~See note 13, "Income Taxes," to the consolidated financial statements included in Item 8, "Financial Statements and Supplementary Data" for further discussion.~~

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LIQUIDITY AND CAPITAL RESOURCES

In response to the recent challenging environment following the COVID-19 pandemic, we continuously evaluate our ability to meet our obligations over the next 12 months and have proactively reset our capital structure during these times to improve maturities and liquidity. As a result, we expect that our current financial condition, including our liquidity sources, are adequate to fund current and future commitments. As of March 31, ~~2016,~~2023, we had cash and cash equivalents of ~~$1.6~~approximately $3.3 billion and bank and other borrowings of ~~$2.8~~approximately $3.8 billion. We have a ~~$1.5~~$2.5 billion revolving credit facility that is due to mature in July 2027 (the "2027 Credit Facility"), under which we had no borrowings outstanding as of March 31, ~~2016.~~2023. In fiscal year 2023, we also entered into a $450 million delayed draw term loan credit agreement, under which $300 million was repaid during fiscal year 2023, and we had $150 million of borrowings outstanding as of March 31, 2023. During fiscal year 2023, we also issued $400 million of 6.000% Notes due January 2028. The proceeds obtained, together with cash on hand, were used for general corporate purposes, which included redeeming $500 million in aggregate principal amount of our 5.000% notes due 2023 on December 20, 2022 and for working capital requirements. We also borrowed €250 million, under a one-year term-loan agreement. The proceeds of the term loan were used to repay the outstanding €250 million Euro term loan due on December 9, 2022. During fiscal year 2023, the Company repaid all outstanding Euro term loans. Nextracker also entered into a new $500 million revolving credit facility agreement (the "Nextracker Revolver") and borrowed $150 million under a five-year term loan facility in fiscal year 2023 that is due to mature in February 2028. There were no borrowings outstanding under the $500 million Nextracker Revolver as of March 31, 2023. Refer to note 9 to the consolidated financial statement in Item 8, "Financial Statements and Supplementary Data" for additional details. As of March 31, 2023, we were in compliance with the covenants under all of our credit facilities and indentures, we also expect to remain in compliance with the covenants in the upcoming 12 months for our credit facilities and indentures.

As described in Note 1 to the consolidated financial statement in Item 8, "Financial Statements and Supplementary Data", our subsidiary Nextracker completed its IPO on February 13, 2023. We received $694 million in net proceeds from the offering, which includes the underwriters’ full exercise of their over-allotment option, after deducting approximately $40 million in underwriting discounts. We currently do not expect Nextracker to declare or pay any cash dividends for the foreseeable future, other than tax distributions and certain cash distributions related to the impact of taxes pursuant to the tax receivable agreement by and among Nextracker, Nextracker LLC, Yuma, Inc., a Delaware corporation and our indirect wholly-owned subsidiary (“Yuma”), Yuma Subsidiary, Inc., a Delaware corporation and a wholly-owned subsidiary of Yuma, TPG Rise Flash, L.P., ("TPG Rise"), an affiliate of the private equity firm TPG (“TPG”), and the following affiliates of TPG: TPG Rise Climate Flash Cl BDH, L.P., TPG Rise Climate BDH, L.P. and The Rise Fund II BDH, L.P. If Nextracker discontinues the payment of, or is unable to pay, such distributions to us, this will reduce our available liquidity. Furthermore, the terms of indebtedness incurred by Nextracker may, and the terms of the Nextracker Revolver will, limit the ability of Nextracker to pay dividends or make other distributions to us, or to amend the agreements between Nextracker and us and our other subsidiaries. In fiscal year 2023, the amount of dividends declared and paid by Nextracker to TPG Rise was $22 million.

Our cash balances are held in numerous locations throughout the world. As of March 31, ~~2016, over half~~2023, approximately 27% of our cash and cash equivalents were held by foreign subsidiaries outside of Singapore. Although substantially all of the amounts held outside of Singapore could be repatriated, under current laws, a significant amount could be subject to income tax withholdings. We provide for tax liabilities on these amounts for financial statement purposes, except for certain of our foreign earnings that are considered indefinitely reinvested outside of Singapore (approximately ~~$916.0 million~~$1.9 billion as of March 31, ~~2016)~~2023). Repatriation could result in an additional income tax payment; however, for the majority of our foreign entities, our intent is to permanently reinvest these funds outside of Singapore and our current plans do not demonstrate a need to repatriate them to fund our operations in jurisdictions outside of where they are held. Where local restrictions prevent an efficient intercompany transfer of funds, our intent is that cash balances would remain outside of Singapore and we would meet our liquidity needs through ongoing cash flows, external borrowings, or both.

The following is a discussion of our cash flows for the fiscal years ended March 31, 2023 and March 31, 2022. For a discussion of our cash flows for the fiscal years ended March 31, 2022 and March 31, 2021, please refer to Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2022.

Fiscal Year ~~2016~~2023

Cash provided by operating activities was $1.0 billion during fiscal year 2023. The total cash provided by operating activities resulted primarily from $1.0 billion of net income for the period plus $0.5 billion of non-cash charges such as depreciation, amortization, non-cash lease expense, restructuring and impairment charges, provision for doubtful accounts, deferred income taxes and stock-based compensation. Depreciation expense was $0.4 billion and relatively consistent with prior years. These additions were offset by a net change in our operating assets and liabilities of $0.6 billion primarily driven by changes in net working capital as discussed below.

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We believe net working capital is a key metric that measures our liquidity. Net working capital is calculated as current assets less current liabilities. Net working capital increased by $1.6 billion to $5.2 billion as of March 31, 2023, from $3.6 billion as of March 31, 2022. This increase was primarily driven by a $0.9 billion increase in inventories due to strong demand, coupled with increased buffer stock to address continued component shortages and logistics constraints, clear-to build constraints and logistics challenges and increases in inventory pricing, an $0.8 billion decrease in bank borrowings and current portion of long-term debt due to debt repayments, a $0.4 billion increase in accounts receivable, net and a $0.3 billion decrease in accounts payable, partially offset by a $1.1 billion increase in deferred revenue and customer working capital advances due to advances from customers to offset required investments in inventory.

Cash used in investing activities totaled $0.6 billion during fiscal year 2023. This was primarily driven by $0.6 billion of capital expenditures for property and equipment to continue expanding capabilities and capacity in support of our expanding CEC, Industrial, Health Solutions and Automotive businesses.

Cash provided by financing activities was $2 million during fiscal year 2023. This was primarily driven by $0.7 billion of net proceeds received from the sale of Nextracker Class A common stock through the IPO and $0.7 billion of proceeds from bank borrowings and long-term debt, partially offset by $1.0 billion net cash for repayments of bank borrowings and long-term debt, and $0.3 billion of cash paid for the repurchase of our ordinary shares. Refer to note 9 to the consolidated financial statement in Item 8, "Financial Statements and Supplementary Data" for additional details.

Fiscal Year 2022

Cash provided by operating activities was ~~$1.1~~$1.0 billion during fiscal year ~~2016. This~~2022. The total cash provided by operating activities resulted primarily from ~~$444.1 million~~$0.9 billion of net income for the period plus ~~$625.4 million~~$0.6 billion of non-cash charges such as depreciation, amortization, ~~other~~non-cash lease expense, restructuring and impairment charges, provision for doubtful accounts, deferred income taxes and stock-based ~~compensation expense that are included in the determination of net income.~~compensation. Depreciation expense ~~comprised $425.7 million of those non-cash charges, which~~ was $0.4 billion and relatively consistent with ~~our normal annual run rate of approximately $425.0 million. We generated $66.9 million in cash as~~prior years. These additions were offset by a ~~result of changes~~net change in our operating assets and liabilities of $0.5 billion primarily driven ~~primarily~~ by ~~a $423.6 million reduction~~changes in ~~accounts receivable due to improved collection efforts and lower business levels,~~net working capital, partially offset by ~~a $365.1 million reduction~~an increase in ~~accounts payable. Net working capital ("NWC"), defined as net accounts receivable, including deferred purchase price receivables, plus inventory less accounts payable decreased by $37.7 million~~cash from other current liabilities of $1.1 billion primarily ~~due~~attributed to ~~lower business levels during the fourth quarter of fiscal year 2016 as compared to the same quarter of fiscal year 2015, which resulted in slightly lower levels of investments in NWC.~~customer advances received.

Cash used in investing activities ~~was $1.4~~totaled $1.0 billion during fiscal year ~~2016.~~2022. This ~~resulted~~was primarily ~~from $916.5 million~~driven by approximately $0.5 billion of cash paid for the acquisition of ~~eleven businesses completed during fiscal year 2016, including approximately $555.2 million,~~Anord Mardix in December 2021, net of cash acquired, ~~related to the acquisition of MCi, $240.8 million, net of cash acquired, related to the acquisition of NEXTracker,~~ and approximately ~~$67.5 million to acquire an optical transport facility from Alcatel-Lucent. We also paid $510.6 million in gross~~$0.4 billion of capital expenditures for property and equipment to continue expanding capabilities and capacity in support ~~certain programs, offset by $13.7 million~~ of ~~proceeds from the sale of certain buildings~~our expanding Lifestyle, Automotive, and machinery and equipment. Other investing activities also includes $44.7 million paid for the purchase of certain investments, offset by $54.3 million of proceeds from the sale of certain assets that were purchased on behalf of a customer and financed by a third party banking institution, as further discussed in note 17 to the consolidated financial statements.Industrial businesses.

Cash provided by financing activities was ~~$249.6 million~~$0.3 billion during fiscal year ~~2016, which~~2022. This was primarily ~~the result~~driven by $0.7 billion of ~~net~~ proceeds ~~from bank borrowings and long-term debt of $694.5 million mainly resulting from our new debt issuance discussed further~~received in ~~note 7 to the consolidated financial statements, and $61.3 million from~~aggregate, after premiums, following the issuance of ~~our shares for option exercises. These cash inflows were~~the HUF 100 billion Bonds due December 2031 and the €350 million term loan due December 2022, and $0.5 billion of proceeds received from the sale of Nextracker redeemable preferred units, partially offset by ~~$420.3 million~~$0.7 billion of cash paid for the repurchase of our ordinary shares and $75.8 million of cash paid to a third party banking institution for certain assets that were financed by the third party banking institution on behalf of a customer, which is included in other financing activities.

~~Fiscal Year 2015~~

Cash provided by operating activities was $794.0 million during fiscal year 2015. This resulted primarily from $600.8 million of net income for the period plus $510.9 million of non-cash charges such as depreciation, amortization, other impairment charges and stock-based compensation expense that are included in the determination of net income. Depreciation expense comprised $496.8 million of those non-cash charges, which was higher than our normal annual run rate of approximately $425.0 million due to accelerated depreciation recognized for fixed assets directly associated with certain product exits during the year. These were offset by $317.6 million from changes in our operating assets and liabilities, driven primarily by a $565.1 million reduction in customer deposits that were received in prior periods to support increased working capital requirements in those periods. NWC decreased by $212.5 million primarily due to lower business levels during the

~~fourth quarter of fiscal year 2015 as compared to the same quarter of fiscal year 2014, which resulted in lower levels of investments in NWC.~~

Cash used in investing activities amounted to $242.2 million during fiscal year 2015. This resulted primarily from $347.4 million in gross capital expenditures for property and equipment to support certain programs, offset by $107.7 million of proceeds from the sale of certain buildings and machinery and equipment. We also paid $52.7 million for the acquisition of four businesses completed during fiscal year 2015. Other investing activities also includes $79.7 million of proceeds from the sale of manufacturing equipment originally purchased on behalf of a customer and financed by a third party banking institution, as further discussed in note 17 to the consolidated financial statements, partially offset by $15.7 million paid for the purchase of certain technology rights as further discussed in note 2 to the consolidated financial statements.

~~Cash used in financing activities was $516.0 million during fiscal year 2015, which was primarily the result~~$0.2 billion of cash paid for the ~~repurchase of our ordinary shares in the amount of $415.9 million and net~~ repayment of ~~debt in~~ the amount of $24.6 million. Included in other financing activities is $88.8 million of cash paid to a third party banking institution for certain manufacturing equipment that was financed by the third party banking institution on behalf of a customer and $11.3 million of cash paid for contingent consideration related to our acquisition of Saturn Electronics and Engineering Inc. The aforementioned cash outflows were partially offset by proceeds from the issuance of our shares for option exercises amounting to $23.5 million.

~~Fiscal Year 2014~~

Cash provided by operating activities was $1.2 billion during fiscal year 2014, which resulted primarily from $365.6 million of net income for the period plus $450.0 million of non-cash charges such as depreciation, amortization, impairment charges and stock-based compensation expense that are included in the determination of net income. We generated $400.9 million in cash as a result of decreases in net operating assets. NWC increased by $233.7 million primarily to support the increase in our customers' forecasted business levels. The increases in accounts receivable and inventory are primarily as a result of the increase in sales in our CTG business, which generally carry higher volumes than our other complex segments. The cash outflows to support NWC were offset by $540.6 million of cash received from certain customers as advances during the period. In certain instances, the level of inventory reduction or consumption was lower than expected causing an increase to inventory and usage of cash. In response, we worked with these customers to fund the elevated inventory balances we held on their behalf. We have recorded these advances as other current liabilities in the consolidated balance sheet as of March 31, 2014 and expect these amounts to decrease as we produce or sell the associated inventory in the future.

Cash used in investing activities during fiscal year 2014 was $783.9 million. This resulted primarily from $515.0 million in capital expenditures for equipment, net of proceeds on sales. Our capital expenditures were related to investments to support innovation, expanding design capabilities, and improving our mechanicals and automation capabilities. Additionally, we paid $238.0 million for the acquisition of four businesses during the fiscal year, of which the majority relates to the acquisition of certain manufacturing operations from Google's Motorola Mobility LLC for $178.9 million and the acquisition of all outstanding shares of Riwisa AG for a total cash consideration of $44.0 million, net of cash acquired amounting to $9.4 million. Refer to note 17 to the consolidated financial statements included in Item 8, "Financial Statements and Supplementary Data".

Cash used in financing activities amounted to $410.8 million during fiscal year 2014, which was primarily attributable to the repurchase of approximately 60.7 million shares for an aggregate purchase value of approximately $475.3 million. Other financing cash inflows of $52.1 million includes $38.6 million received from certain third parties for the noncontrolling interest in one of our subsidiaries as further discussed in note 5 to the consolidated financial statements included in Item 8, "Financial Statements and Supplementary Data." Additionally, we entered into a $600.0 million term loan agreement due August 30, 2018 and used all of the proceeds to repay the outstanding balances of ourEuro term loan due ~~October 2014 and other term loans in full amounting to $170.3 million and $374.5 million, respectively, and part of the term loan due March 2019.~~January 2022.

~~Key Liquidity Metrics~~

Adjusted Free Cash ~~flow~~Flow

We believe adjusted free cash flow is an important liquidity metric because it measures, during a given period, the amount of cash generated that is available to repay debt obligations, make investments, fund acquisitions, repurchase company shares and for certain other activities. Our adjusted free cash flow ~~which~~ is ~~calculated~~defined as cash ~~provided by~~from operations, less net purchases of property and equipment to present adjusted cash flows on a consistent basis for investors. Our adjusted free cash flow was ~~$639.5 million, $554.3 million~~$0.3 billion and ~~$701.5 million~~$0.6 billion for fiscal years ~~2016, 2015~~2023 and ~~2014,~~2022, respectively.

~~Free~~ Adjusted free cash flow is not a measure of liquidity under ~~generally accepted accounting principles in the United States,~~U.S. GAAP, and may not be defined and calculated by other companies in the same manner. ~~Free~~Adjusted free cash flow should not be considered in isolation or as an alternative to net cash provided by operating activities. ~~Free~~Adjusted free cash flows reconcile to the most directly comparable GAAP financial measure of cash flows from operations as follows:


	Fiscal Year Ended March 31,
	2023		2022
	(In millions)
Net cash provided by operating activities	$	950	$	1,024


Purchases of property and equipment	(635)		(443)
Proceeds from the disposition of property and equipment	20		11
Adjusted free cash flow	$	335	$	593

Fiscal Year Ended March 31,
2016 2015 2014
(In thousands)
Net cash provided by operating activities $ 1,136,445
$ 794,034
$ 1,216,460
Purchases of property and equipment (510,634 ) (347,413 ) (609,643 )
Proceeds from the disposition of property and equipment 13,676
107,689
94,640
Free cash flow $ 639,487
$ 554,310
$ 701,457

~~Cash Conversion Cycle~~

Fiscal Year Ended March 31,
2016 2015 2014
Days in trade accounts receivable 45 days 46 days 42 days
Days in inventory 59 days 58 days 54 days
Days in accounts payable 77 days 77 days 70 days
Cash conversion cycle 27 days 27 days 26 days

Days in trade accounts receivable was calculated as average accounts receivable for the current and prior quarter, adding back the reduction in accounts receivable resulting from non-cash accounts receivable sales, divided by annualized sales for the current quarter by day. During the fiscal year ended March 31, 2016, days in trade accounts receivable decreased by 1 day to 45 days compared to the fiscal year ended March 31, 2015 primarily due to some improvements in collection efforts, and to a lesser extent, due to the decline in net sales. Non-cash accounts receivable sales or deferred purchase price receivables included for the purposesTable of the calculation were $501.1 million, $600.7 million and $470.9 million for the years ended March 31, 2016, 2015 and 2014, respectively. Deferred purchase price receivables were recorded in other current assets in the consolidated balance sheets.Contents

Days in inventory was calculated as average inventory for the current and prior quarter divided by annualized cost of sales for the current quarter by day. During the fiscal year ended March 31, 2016, days in inventory increased by 1 day to 59 days as compared to the fiscal year ended March 31, 2015. The increase was primarily due to timing of demand from certain customers which was pushed out thus resulting in prepositioned raw materials and higher levels of stalled finished goods.

Days in accounts payable was calculated as average accounts payable for the current and prior quarter divided by annualized cost of sales for the current quarter by day. During the fiscal year ended March 31, 2016, days in accounts payable remained consistent at 77 days compared to the fiscal year ended March 31, 2015.

Our cash ~~conversion cycle was calculated as days~~balances are generated and held in trade receivables plus days in inventory, minus days in accounts payable and is a measure of how efficient we are at managing our working capital. Our cash conversion cycle remained consistent at 27 days fornumerous locations throughout the ~~fiscal year ended March 31, 2016 compared to that of fiscal year 2015 due to the factors affecting each of the components in the calculation discussed above.~~

world. Liquidity is affected by many factors, some of which are based on normal ongoing operations of the business and some of which arise from fluctuations related to global economics and markets. ~~Cash balances are generated and held in many locations throughout the world.~~ Local government regulations may restrict our ability to move cash balances to meet cash needs under certain circumstances; however, any current restrictions are not material. We do not currently expect such regulations and restrictions to impact our ability to pay vendors and conduct operations throughout the global organization. We believe that our existing cash balances, together with anticipated cash flows from operations and borrowings available under our credit facilities, will be sufficient to fund our operations through at least the next twelve ~~months.~~months and beyond.

Future liquidity needs will depend on fluctuations in levels of inventory, accounts receivable and accounts payable, the timing of capital expenditures for new equipment, the extent to which we utilize operating leases for new facilities and equipment, and the levels of shipments and changes in the ~~volumes~~volume of customer orders.

We maintain global paying service agreements with several financial institutions. Under these agreements, the financial institutions act as our paying agents with respect to accounts payable due to our suppliers who elect to participate in the program. The agreements allow our suppliers to sell their receivables to one of the participating financial institutions at the discretion of both parties on terms that are negotiated between the supplier and the respective financial institution. Our obligations to our suppliers, including the amounts due and scheduled payment dates, are not impacted by our suppliers’ decisions to sell their receivables under this program. During fiscal years ended March 31, 2023 and 2022, the cumulative payments due to suppliers participating in the programs amounted to approximately $1.4 billion and $1.3 billion, respectively. Pursuant to their agreement with one of the financial institutions, certain suppliers may elect to be paid early at their discretion. We are not always notified when our suppliers sell receivables under these programs. The available capacity under these programs can vary based on the number of investors and/or financial institutions participating in these programs at any point in time.

In addition, we maintain various uncommitted short-term financing facilities including but not limited to a commercial paper program, and a revolving sale and repurchase of subordinated notes established under the securitization facility, under which there were no borrowings outstanding as of March 31, 2023.

Historically, we have funded operations from cash and cash equivalents generated from operations, proceeds from public offerings of ~~equity and~~ debt securities, bank debt and lease financings. We also have the ability to sell a designated pool of trade receivables under asset-backed securitization ~~("ABS"~~programs (the "ABS programs") ~~programs~~ and sell certain trade receivables, which are in addition to the trade receivables sold in connection with these securitization agreements. ~~During fiscal years 2016, 2015 and 2014 we received approximately $5.2 billion, $4.3 billion and $4.2 billion, respectively from sales of receivables under our ABS programs, and $2.3 billion, $4.2~~

billion and $3.4 billion, respectively from other sales of receivables. As of March 31, 2016 and 2015, the outstanding balance on receivables sold for cash was $1.2 billion, under all our accounts receivable sales programs, which are removed from accounts receivable balances in our consolidated balance sheets.

We ~~anticipate that we will~~may enter into debt and equity financings, sales of accounts receivable and lease transactions to fund acquisitions and anticipated ~~growth.~~growth as needed.

During fiscal year 2023, no accounts receivable had been sold under our ABS programs and we received approximately $3.5 billion from other sales of receivables under our factoring program. During fiscal year 2022, no accounts receivable had been sold under our ABS programs and we received approximately $1.6 billion from other sales of receivables under our factoring program. As of March 31, 2023 and 2022, the outstanding balance on receivables sold for cash was $0.8 billion and $0.6 billion, respectively, under our accounts receivable factoring programs, which were removed from accounts receivable balances in our consolidated balance sheets.

Historically we have been successful in refinancing and extending the maturity dates on our term loans and credit facilities. In July 2022, the Company entered into a new $2.5 billion credit agreement which matures in July 2027 and consists of a $2.5 billion revolving credit facility with a sub-limit of $360 million available for swing line loans, and a sub-limit of $175 million available for the issuance of letters of credit.

The sale or issuance of equity or convertible debt securities could result in dilution to current shareholders. Further, we may issue debt securities that have rights and privileges senior to those of holders of ordinary shares, and the terms of this debt could impose restrictions on operations and could increase debt service obligations. This increased indebtedness could limit our flexibility as a result of debt service requirements and restrictive covenants, potentially affect our credit ratings, and may limit our ability to access additional capital or execute our business strategy. Any downgrades in credit ratings could adversely affect our ability to borrow as a result of more restrictive borrowing terms. We continue to assess our capital structure and evaluate the merits of redeploying available cash to reduce existing debt or repurchase ordinary shares.

~~Historically we have been successful in refinancing and extending the maturity dates on our term loans and credit facilities. On June 8, 2015, we issued~~ ~~$600 million~~ of ~~4.750%~~ ~~Notes ("Notes") due June 15, 2025 in a private offering pursuant to Rule 144A and Regulation S under the Securities Act, at 99.213% of face value, and an effective yield of approximately~~ ~~4.850%. We received net proceeds of approximately~~ ~~$595.3 million~~ from the issuance which was used for general corporate purposes. During January 2016, we exchanged these notes for new notes with substantially similar terms and completed the registration of these notes with the Securities and Exchange Commission. Further on March 31, 2014, the maturity date of our former $2.0 billion credit facility ("Credit Facility") which was due to expire in October 2016, was extended to March 2019. We also extended the balance of our term loan associated to the Credit Facility as further described in our Contractual Obligations and Commitments section.

Under our current share repurchase program, our Board of Directors authorized repurchases of our outstanding ordinary shares for up to ~~$500 million~~$1 billion in accordance with the share ~~repurchase~~purchase mandate approved by our shareholders at the date of the most recent ~~Extraordinary~~Annual General Meeting which was held on August ~~20, 2015.~~25, 2022. During fiscal year ~~2016,~~2023, we paid ~~$420.3~~$337 million to repurchase shares ~~(under~~under the current and prior repurchase ~~plans)~~plans at an average price of ~~$11.09~~$17.06 per share. As of March 31, ~~2016,~~2023, shares in the aggregate amount of ~~$242.1~~$893 million were available to be repurchased under the current plan.

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CONTRACTUAL OBLIGATIONS AND COMMITMENTS

On September 30, 2015, we amended our former $2.0 billion credit facility ("Credit Facility") to increase the $500.0 million term loan maturing in March 2019 by $100.0 million. Quarterly repayments of principal under this term loan were amended to $7.5 million through March 31, 2016, and will be increased to $11.3 million thereafter with the remainder due upon maturity. As of March 31, 2016, the amended Credit Facility consists of a $1.5 billion revolving credit facility, for which there were no borrowings outstanding, and a $600.0 million term loan, which is due to expire in March 2019.

The credit facility requires that we maintain a maximum ratio of total indebtedness to earnings before interest expense, taxes, depreciation and amortization ("EBITDA"), and a minimum interest coverage ratio, as defined therein, during its term. As of March 31, 2016, we were in compliance with these covenants. Borrowings under this credit facility bear interest, at the Company's option, either at (i) LIBOR plus the applicable margin for LIBOR loans ranging between 1.125% and 2.125%, based on the Company's credit ratings or (ii) the base rate (the greatest of the agent's prime rate, the federal funds rate plus 0.50% and LIBOR for a one-month interest period plus 1.00%) plus an applicable margin ranging between 0.125% and 1.125%, based on the Company's credit rating. The Company is required to pay a quarterly commitment fee ranging between 0.15% and 0.40% per annum on the daily unused amount of the $1.5 billion Revolving Credit Facility based on the Company's credit rating.

~~In addition, on June 8, 2015, we issued~~ ~~$600 million~~ of ~~4.750%~~ ~~Notes (the "4.750% Notes") due June 15, 2025 in a private offering pursuant to Rule 144A and Regulation S under the Securities Act, at 99.213%, of face value, and an effective yield of approximately~~ ~~4.850%. We received net proceeds of approximately~~ ~~$595.3 million~~ from the issuance which has been used for general corporate purposes. During January 2016, we exchanged these 4.750% Notes for new notes with substantially similar terms and completed the registration of these 4.750% Notes with the Securities and Exchange Commission. These 4.750% Notes are governed by the same terms and covenants as for the $1.0 billion notes, consisting of a $500 million 4.625% note and an additional $500 million 5.000% note (the "Previously Issued Notes"), which are described below.

Further, we have a $600 million term loan agreement which matures in August 2018. This loan is repayable in quarterly installments of $3.75 million, which commenced in December 2014 through August 2018, with the remaining amount due at maturity. This term loan agreement also requires that we maintain a maximum ratio of total indebtedness to EBITDA, and a minimum interest coverage ratio, as defined therein, during its term. As of March 31, 2016, we were in compliance with the

covenants under this term loan agreement. Borrowings under this term loan bear interest, at the Company's option, either at (i) LIBOR plus the applicable margin for LIBOR loans ranging between 1.00% and 2.00%, based on the Company's credit ratings or (ii) the base rate (the greatest of the agent's prime rate, the federal funds rate plus 0.50% and LIBOR for a one-month interest period plus 1.00%) plus an applicable margin ranging between 0.00% and 1.00%, based on the Company's credit rating.

Further, during fiscal year 2013, we issued an aggregate amount of $1.0 billion in the Previously Issued Notes which are senior unsecured obligations, rank equally with all of our other existing and future senior and unsecured debt obligations, and are guaranteed, jointly and severally, fully and unconditionally on an unsecured basis, by each of our 100% owned subsidiaries that guarantees indebtedness under, or is a borrower under, our Credit Facility or our $600.0 million term loan facility due August 30, 2018. In July 2013, we exchanged these Previously Issued Notes for new notes with substantially similar terms and completed the registration of these notes with the Securities and Exchange Commission. As of March 31, 2016, we were in compliance with the covenants under these credit facilities. Interest on the these Previously Issued Notes is payable semi-annually, which commenced on August 15, 2013.

On October 1, 2015, we borrowed €50 million (approximately $56.6 million as of March 31, 2016), under a 5-year, unsecured, term-loan agreement due September 30, 2020. Borrowings under this term loan bear interest at EURIBOR plus the applicable margin ranging between 0.80% and 2.00%, based on our credit ratings. The loan is repayable beginning December 30, 2016 in quarterly payments of €312,500 through June 30, 2020 with the remainder due upon maturity. This term loan agreement is unsecured, and is guaranteed by the Company. This term contains customary restrictions on the Company's and its subsidiaries' ability to (i) incur certain debt, (ii) make certain investments, (iii) make certain acquisitions of other entities, (iv) incur liens, (v) dispose of assets, (vi) make non-cash distributions to shareholders, and (vii) engage in transactions with affiliates. This term loan agreement also requires that we maintain a maximum ratio of total indebtedness to EBITDA (earnings before interest expense, taxes, depreciation and amortization), and a minimum interest coverage ratio, as defined therein, during its term. As of March 31, 2016, we were in compliance with the covenants under this term loan agreement.

As of March 31, 2016, we and certain of our subsidiaries had various uncommitted revolving credit facilities, lines of credit and other loans in the amount of $166.0 million in the aggregate under which there were no borrowings outstanding as of that date.

Refer to the ~~discussion in~~ note ~~7, "Bank Borrowings and Long-Term Debt"~~9 to the consolidated financial statements in Item 8, "Financial Statements and Supplementary Data" for ~~further~~ details of our debt obligations.

~~We have purchase obligations that arise in the normal course of business, primarily consisting of binding purchase orders for inventory related items and capital expenditures. Additionally,~~In addition. we have leased certain of our property and equipment under ~~capital~~finance lease commitments, and certain of our facilities and equipment under operating lease commitments.

Future payments due under our ~~purchase obligations,~~ debt including ~~capital~~finance leases and related interest obligations and operating ~~lease:~~leases are as follows (amounts may not sum due to rounding):


	Total		Less Than 1 Year		1 - 3 Years		4 - 5 Years		Greater Than 5 Years			Total		Less Than 1 Year		1 - 3 Years		4 - 5 Years		Greater Than 5 Years
	(In thousands)											(In millions)
Contractual Obligations:											Contractual Obligations:
Purchase obligations	$	3,213,500	$	3,213,500	$	—	$	—	$	—
Long-term debt and capital lease obligations
Long-term debt	2,791,906		65,166		1,068,617		547,440		1,110,683
Capital lease	25,054		6,640		10,302		8,112		—

Bank borrowings, long-term debt and finance lease obligations:											Bank borrowings, long-term debt and finance lease obligations:
Bank borrowings and long-term debt											Bank borrowings and long-term debt	$	3,862	$	150	$	1,538	$	546	$	1,628
Finance leases											Finance leases	2		1		1		—		—
Interest on long-term debt obligations	673,622		101,460		207,519		191,982		172,661		Interest on long-term debt obligations	736		149		366		169		52
Operating leases, net of subleases	579,201		125,021		191,203		116,974		146,003		Operating leases, net of subleases	719		147		234		160		178
Restructuring costs	13,240		2,460		10,780		—		—		Restructuring costs	50		50		—		—		—
Total contractual obligations	$	7,296,523	$	3,514,247	$	1,488,421	$	864,508	$	1,429,347	Total contractual obligations	$	5,369	$	497	$	2,139	$	875	$	1,858

We have excluded ~~$212.3~~$268 million of liabilities for unrecognized tax benefits from the contractual obligations table as we cannot make a reasonably reliable estimate of the periodic settlements with the respective taxing authorities. See note ~~13,~~15, "Income Taxes" to the consolidated financial statements in Item 8, "Financial Statements and Supplementary Data" for further details.

We also have outstanding firm purchase orders with certain suppliers for the purchase of inventory, which are not included in the table above. The majority of the purchase obligations are generally short-term in nature. We generally do not enter into non-cancelable purchase orders for materials until we receive a corresponding production forecast from our customers. Our purchase obligations can fluctuate significantly from period to period and can materially impact our future operating asset and liability balances, and our future working capital requirements. We intend to use our existing cash balances, together with anticipated cash flows from operations to fund our existing and future contractual obligations.

~~OFF-BALANCE SHEET ARRANGEMENTS~~

We sell designated pools of trade receivables to unaffiliated financial institutions under our ABS programs, and in addition to cash, we receive a deferred purchase price receivable for each pool of the receivables sold. Each of these deferred purchase price receivables serves as additional credit support to the financial institutions and is recorded at its estimated fair value. As of March 31, 2016 and 2015, the fair value of our deferred purchase price receivable was approximately $501.1 million and $600.7 million, respectively. As of March 31, 2016 and 2015, the outstanding balance on receivables sold for cash was $1.2 billion, under all our accounts receivable sales programs, which were removed from accounts receivable balances in our consolidated balance sheets. For further information, see note 10 to the consolidated financial statements.

RECENT ACCOUNTING PRONOUNCEMENTS

Refer to note 2 to the consolidated financial statements in Item 8, "Financial Statements and Supplementary Data" for recent accounting pronouncements.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

INTEREST RATE RISK

A portion of our exposure to market risk for changes in interest rates relates to our ~~investment portfolio, which consists of~~ highly liquid ~~investments or bank deposits~~investment portfolio, with maturities of three months or less from original dates of purchase and are classified as cash equivalents on our consolidated balance sheet. We do not use derivative financial instruments in our highly liquid investment portfolio. We place cash and cash equivalents with various major financial institutions and highly rated money market accounts. Our investment policy has strict guidelines focusing on preservation of capital. The portfolio is comprised of various instruments including term deposits with banks, marketable securities and money market accounts. Our cash is principally invested in the U.S. dollar and China ~~RMB~~renminbi serving as a natural hedge of our ~~RMB~~renminbi denominated costs. As of March 31, ~~2016,~~2023, the outstanding amount in the highly liquid investment portfolio was ~~$1.1~~$2.3 billion, the largest components of which were ~~USD~~U.S. dollar, Indian rupee, Brazilian real and ~~RMB~~China renminbi denominated money market accounts with an average return of ~~1.22%~~6.0%. A hypothetical 10% change in interest rates would not be expected to have a material effect on our financial position, results of operations and cash flows over the next fiscal year.

We had variable rate debt outstanding of approximately ~~$1.1~~$0.6 billion as of March 31, ~~2016.~~2023. Variable rate debt obligations consisted of borrowings under our term loans. Interest on these obligations is discussed ~~above.~~in note 9 to the consolidated financial statements in Item 8, "Financial Statements and Supplementary Data".

Our variable rate debt instruments create exposures for us related to interest rate risk. ~~Primarily due to the current low interest rates a~~A hypothetical 10% change in interest rates would not be expected to have a material effect on our financial position, results of operations and cash flows over the next fiscal year.

As of March 31, ~~2016,~~2023, the approximate average fair value of our debt outstanding under our ~~term loan facilities that matures in March 2019 and August 2018, and~~ Notes due ~~February 2020, February 2023 and~~ June 2025, February 2026, January 2028, June 2029, and May 2030 was ~~101.0%~~97.1% of the face value of the debt obligations based on broker trading ~~prices.~~prices in active markets.

In July 2017, the U.K.'s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced the publication cessation dates for all U.S. Dollar and non-U.S. Dollar LIBOR settings. Most settings ceased at the end of December 2021 and the remaining U.S. Dollar settings (overnight and one-, three-, six- and twelve-month U.S. Dollar LIBOR) will cease at the end of June 2023. Although significant progress has been made by regulators, industry bodies, and market participants to introduce and implement the Secured Overnight Financing Rate (“SOFR”) as a replacement rate for U.S. dollar LIBOR, there is no assurance that an alternative reference rate such as SOFR will achieve sufficient market acceptance when the publication of the principal tenors of U.S. Dollar LIBOR is discontinued, or that market participants will otherwise implement effective transitional arrangements to address that discontinuation. Such failure to implement an alternative reference rate could result in widespread dislocation in the financial markets and volatility in the pricing of debt facilities negatively affecting our access to the borrowing of additional funds. Furthermore, while contractual arrangements in connection with certain of our debt facilities contemplate the transition from LIBOR to an alternative reference rate (including SOFR), the consequences of such transition cannot be entirely predicted and could result in an increase in the cost of our borrowings on our variable rate debt, which could adversely impact our interest expense, results of operations, and cash flows.

FOREIGN CURRENCY EXCHANGE RISK

We transact business in various foreign countries and are, therefore, subject to risk of foreign currency exchange rate fluctuations. We have established a foreign currency risk management policy to manage this risk. To the extent possible, we manage our foreign currency exposure by evaluating and using non-financial techniques, such as currency of invoice, leading and lagging payments and receivables management. In addition, we may borrow in various foreign currencies and enter into short-term and long-term foreign currency derivative contracts, including forward, swap, and option contracts to hedge only those currency exposures associated with certain assets and liabilities, mainly accounts receivable, ~~and~~ accounts payable, debt, and cash flows denominated in non-functional currencies.

We endeavor to maintain a partial or fully hedged position for certain transaction exposures. These exposures are primarily, but not limited to, revenues, customer and vendor payments and inter-company balances in currencies other than the functional currency ~~unit~~ of the operating entity. The credit risk of our foreign currency ~~forward and swap~~derivative contracts is minimized since all contracts are with large financial institutions and accordingly, fair value adjustments related to the credit risk of the counter-party financial ~~institution~~institutions were not material. The gains and losses on ~~forward and swap~~foreign currency derivative contracts generally offset the losses and gains on the assets, liabilities and transactions hedged. The fair value of currency ~~forward and swap~~derivative contracts is reported on the balance sheet. The aggregate notional amount of outstanding contracts as of March 31, ~~2016~~

2023 amounted to ~~$4.3~~$11.1 billion and the recorded fair values of the associated assets and liabilities were not ~~material.~~material to the Company's consolidated financial position. The majority of these foreign exchange contracts expire in less than three ~~months and all expire within one year.~~months. They will settle primarily in the Brazilian real, British pound, ~~Canadian dollar,~~ China renminbi, ~~Danish krone, the~~ Euro, ~~Hungarian forint, Israeli shekel, Japanese yen,~~Indian rupee, Malaysian ringgit, Mexican peso, ~~Singapore dollar, Indian rupee, Swiss franc~~ and ~~the~~ U.S. dollar.

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Based on our overall currency rate exposures as of March 31, ~~2016,~~2023, including the derivative financial instruments intended to hedge the nonfunctional currency-denominated monetary assets, liabilities and cash flows, and other factors, a ~~near-term~~ 10% appreciation or depreciation of the U.S. dollar from its cross-functional rates would not be expected, in the aggregate, to have a material effect on our financial position, results of operations and cash flows ~~over~~in the ~~next fiscal year.~~near-term.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and ~~Stockholders~~Shareholders of Flex Ltd., Singapore

~~Flextronics International Ltd.~~

~~Singapore~~Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of ~~Flextronics International~~Flex Ltd. and subsidiaries (the "Company") as of March 31, ~~2016~~2023 and ~~2015,~~2022, and the related consolidated statements of operations, comprehensive income, redeemable noncontrolling interest and shareholders' equity, and cash flows for each of the three years in the period ended March 31, ~~2016.~~ 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of March 31, 2023, based on the criteria established in Internal Control-Integrated Framework(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated May 19, 2023, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis of Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the US federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the ~~Public Company Accounting Oversight Board (United States).~~PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material ~~misstatement. An audit includes~~misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. ~~An audit~~Our audits also ~~includes~~included assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

InCritical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion ~~such consolidated~~on the financial statements, ~~present fairly, in all material respects,~~taken as a whole, and we are not, by communicating the critical audit matters below, providing a separate opinion on the critical audit matters or on the accounts or disclosures to which they relate.

Revenue - Customer Contracts and Related Obligations - Refer to Notes 2 and 4 to the financial ~~position~~statements

Critical Audit Matter Description

Certain of ~~Flextronics International Ltd.~~the Company’s customer agreements include potential price adjustments which are accounted for as variable consideration under the relevant accounting literature. For arrangements that include potential price adjustments the Company limits the amount of revenue recognized to that amount which is not probable of significant reversal, considering potential refunds required by the contract, historical experience and ~~subsidiaries~~other surrounding facts and circumstances. The amount of variable consideration that is deferred is recorded in ‘customer-related accruals’ on the consolidated balance sheets, which totaled $313 million as of March 31, ~~2016~~2023.

Auditing the Company’s estimates of variable consideration required extensive audit effort and ~~2015,~~a high degree of auditor judgment. For these reasons we identified the measurement of variable consideration and the ~~results~~associated customer-related accruals as a critical audit matter.

How the Critical Audit Matter Was Addressed in the Audit

Table of ~~their operations~~Contents

Our audit procedures related to variable consideration and ~~their cash flows~~associated customer related accruals included the following, among others:

•We tested the effectiveness of controls the Company has in place relating to reviewing customer contracts to identify price adjustment clauses, estimating variable consideration and assessing the reasonableness of customer related accrual balances.

•We evaluated the Company’s accounting policy with respect to variable consideration, as well as its process for ~~each~~identifying contracts that include potential price adjustment clauses.

•We selected a sample of contracts with customers that included potential price adjustment clauses and performed the following:

•We read the customer contracts to develop an understanding of clauses that could give rise to variable consideration and evaluated whether the Company’s accounting conclusions with respect to those clauses were reasonable.

•We obtained and tested the mathematical accuracy of the ~~three years~~Company’s calculations of customer related accruals and evaluated the Company’s judgments regarding the amount of variable consideration that should be deferred. In making this evaluation we considered both the terms included in the ~~period ended March 31, 2016,~~customer contract and the Company’s historical experience in ~~conformity~~settling amounts with the customer.

Nextracker Initial Public Offering and Noncontrolling Interest — Refer to Notes 1, 2, 7 and 17 to the financial statements

Critical Audit Matter Description

In February 2023, Nextracker Inc. (“Nextracker”) completed an initial public offering (IPO) for a minority interest in the Company’s solar energy equipment supply business utilizing a structure that allows the Company to continue to realize tax benefits associated with the entity following the IPO (commonly known as an “Up-C structure”). Several related transactions were contemporaneously executed with Nextracker, including: 1) the sale of LLC interests in Nextracker LLC to Nextracker; 2) an amended and restated Nextracker LLC Operating Agreement, which among other matters, named Nextracker Inc. the managing member of Nextracker LLC; and 3) a tax receivable agreement between the Company and Nextracker. These aforementioned transactions and agreements are collectively referred to as “the Nextracker Reorganization transactions.” As a result of the Nextracker Reorganization transactions, the Company has 1) determined that Nextracker is a variable interest entity and the Company is the primary beneficiary of Nextracker, and therefore consolidates Nextracker, 2) will measure and classify its non-controlling interest held in Nextracker within permanent equity, and 3) will recognize a deferred tax asset on its investment in Nextracker as a result of the Nextracker Reorganization transactions, with an offsetting entry to income tax benefit, fully attributable to non-controlling interest. We identified the Company’s conclusions related to the Nextracker Reorganization transactions as a critical audit matter because of the complex judgments involved in applying the appropriate accounting guidance in the recording of such transactions. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve professionals having expertise in consolidation accounting, when performing audit procedures to evaluate management’s judgments and conclusions.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the Company’s conclusions related to the Nextracker Reorganization transactions included the following, among others:

•We tested the effectiveness of controls the Company has in place relating to applying the appropriate technical accounting guidance in recording the financial statement impacts of the Nextracker Reorganization transactions.

•We read the executed agreements and other supporting documents relevant to the Nextracker Reorganization transactions and evaluated key terms.

•With the assistance of professionals having expertise in consolidation and tax accounting, we evaluated management’s conclusions regarding the accounting for the Nextracker Reorganization transactions through consideration of possible alternatives under accounting principles generally accepted in the United States of America.

•We ~~have also audited, in accordance with~~evaluated the ~~standards~~Company’s financial statement disclosures related to the impacts of the ~~Public Company Accounting Oversight Board (United States),~~Nextracker Reorganization transactions for compliance with disclosure requirements in accounting principles generally accepted in the ~~Company's internal control over financial reporting as~~United States of ~~March 31, 2016, based on the criteria established in~~ ~~Internal Control-Integrated Framework(2013)~~ issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated May 20, 2016 expressed an unqualified opinion on the Company's internal control over financial reporting.America.

/s/ DELOITTE & TOUCHE LLP

San Jose, California

May ~~20, 2016~~19, 2023

We have served as the Company’s auditors since 2002.

~~FLEXTRONICS INTERNATIONAL~~

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FLEX LTD.

CONSOLIDATED BALANCE SHEETS


	As of March 31,							As of March 31,
	2016			2015				2023		2022
	(In thousands, except share amounts)							(In millions, except share amounts)
ASSETS							ASSETS
Current assets:							Current assets:
Cash and cash equivalents	$	1,607,570		$	1,628,408		Cash and cash equivalents	$	3,294	$	2,964
Accounts receivable, net of allowance for doubtful accounts (Note 2)	2,044,757			2,337,515
Accounts receivable, net of allowance for doubtful accounts							Accounts receivable, net of allowance for doubtful accounts	3,739		3,371
Contract assets							Contract assets	541		519
Inventories	3,491,656			3,488,752			Inventories	7,530		6,580
Other current assets	1,171,143			1,286,225			Other current assets	917		903
Total current assets	8,315,126			8,740,900			Total current assets	16,021		14,337
Property and equipment, net	2,257,633			2,092,167			Property and equipment, net	2,349		2,125
Goodwill and other intangible assets, net	1,345,820			415,175
Operating lease right-of-use assets, net							Operating lease right-of-use assets, net	608		637
Goodwill							Goodwill	1,343		1,342
Other intangible assets, net							Other intangible assets, net	316		411
Other assets	466,402			404,649			Other assets	758		473
Total assets	$	12,384,981		$	11,652,891		Total assets	$	21,395	$	19,325
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY							LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY
Current liabilities:							Current liabilities:
Bank borrowings and current portion of long-term debt	$	65,166		$	45,030		Bank borrowings and current portion of long-term debt	$	150	$	949
Accounts payable	4,248,292			4,561,194			Accounts payable	5,930		6,254
Accrued payroll	353,547			339,739			Accrued payroll	522		470
Deferred revenue and customer working capital advances							Deferred revenue and customer working capital advances	3,143		2,002
Other current liabilities	1,905,200			1,809,128			Other current liabilities	1,110		1,036
Total current liabilities	6,572,205			6,755,091			Total current liabilities	10,855		10,711
Long-term debt, net of current portion	2,709,389			2,025,970			Long-term debt, net of current portion	3,691		3,248
Operating lease liabilities, non-current							Operating lease liabilities, non-current	506		551
Other liabilities	497,857			475,580			Other liabilities	637		608
Commitments and contingencies (Note 12)
Total liabilities							Total liabilities	15,689		15,118
Commitments and contingencies (Note 14)							Commitments and contingencies (Note 14)
Redeemable noncontrolling interest							Redeemable noncontrolling interest	—		78
Shareholders' equity							Shareholders' equity
Flextronics International Ltd. Shareholders' equity
Ordinary shares, no par value; 595,062,966 and 613,562,761 issued, and 544,823,611 and 563,323,406 outstanding as of March 31, 2016 and 2015, respectively	6,987,214			7,265,827
Treasury stock, at cost; 50,239,355 shares as of March 31, 2016 and 2015, respectively	(388,215		)	(388,215		)
Flex Ltd. shareholders' equity							Flex Ltd. shareholders' equity
Ordinary shares, no par value; 1,500,000,000 authorized, 500,362,046 and 510,799,667 issued, and 450,122,691 and 460,560,312 outstanding as of March 31, 2023 and 2022, respectively							Ordinary shares, no par value; 1,500,000,000 authorized, 500,362,046 and 510,799,667 issued, and 450,122,691 and 460,560,312 outstanding as of March 31, 2023 and 2022, respectively	6,493		6,052
Treasury stock, at cost; 50,239,355 shares as of March 31, 2023 and 2022, respectively							Treasury stock, at cost; 50,239,355 shares as of March 31, 2023 and 2022, respectively	(388)		(388)
Accumulated deficit	(3,892,212		)	(4,336,293		)	Accumulated deficit	(560)		(1,353)
Accumulated other comprehensive loss	(135,915		)	(180,505		)	Accumulated other comprehensive loss	(194)		(182)
Total Flextronics International Ltd. shareholders' equity	2,570,872			2,360,814
Noncontrolling interests	34,658			35,436
Total Flex Ltd. shareholders' equity							Total Flex Ltd. shareholders' equity	5,351		4,129
Noncontrolling interest							Noncontrolling interest	355		—
Total shareholders' equity	2,605,530			2,396,250			Total shareholders' equity	5,706		4,129
Total liabilities and shareholders' equity	$	12,384,981		$	11,652,891
Total liabilities, redeemable noncontrolling interest and shareholders' equity							Total liabilities, redeemable noncontrolling interest and shareholders' equity	$	21,395	$	19,325

The accompanying notes are an integral part of these consolidated financial statements.

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~~FLEXTRONICS INTERNATIONAL~~FLEX LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS


	Fiscal Year Ended March 31,								Fiscal Year Ended March 31,
	2016		2015			2014			2023		2022		2021
	(In thousands, except per share amounts)								(In millions, except per share amounts)
Net sales	$	24,418,885	$	26,147,916		$	26,108,607	Net sales	$	30,346	$	26,041	$	24,124
Cost of sales	22,810,824		24,602,576			24,609,738		Cost of sales	28,058		24,094		22,349
Restructuring charges	—		—			58,648		Restructuring charges	23		15		88
Gross profit	1,608,061		1,545,340			1,440,221		Gross profit	2,265		1,932		1,687
Selling, general and administrative expenses	954,890		844,473			874,796		Selling, general and administrative expenses	995		892		817
Intangible amortization	65,965		32,035			28,892		Intangible amortization	82		68		62
Restructuring charges	—		—			16,663		Restructuring charges	4		—		13
Operating income								Operating income	1,184		972		795
Interest, net								Interest, net	201		152		148
Other charges (income), net	47,738		(53,233		)	57,512		Other charges (income), net	5		(164)		16
Interest and other, net	84,793		51,410			61,904
Equity in earnings (losses) of unconsolidated affiliates								Equity in earnings (losses) of unconsolidated affiliates	(4)		61		83
Income before income taxes	454,675		670,655			400,454		Income before income taxes	974		1,045		714
Provision for income taxes	10,594		69,854			34,860
Provision for (benefit from) income taxes								Provision for (benefit from) income taxes	(59)		105		101

Net income	$	444,081	$	600,801		$	365,594	Net income	1,033		940		613
Net income attributable to noncontrolling interest and redeemable noncontrolling interest								Net income attributable to noncontrolling interest and redeemable noncontrolling interest	240		4		—
Net income attributable to Flex Ltd.								Net income attributable to Flex Ltd.	$	793	$	936	$	613

Earnings per share:

Earnings per share attributable to the shareholders of Flex Ltd.:								Earnings per share attributable to the shareholders of Flex Ltd.:
Basic	$	0.80	$	1.04		$	0.60	Basic	$	1.75	$	1.97	$	1.23
Diluted	$	0.79	$	1.02		$	0.59	Diluted	$	1.72	$	1.94	$	1.21
Weighted-average shares used in computing per share amounts:								Weighted-average shares used in computing per share amounts:
Basic	557,667		579,981			610,497		Basic	454		476		499
Diluted	564,869		591,556			623,479		Diluted	462		483		506

Fair Value Measurements as of March 31, 2016
Level 1 Level 2 Level 3 Total
(In thousands)
Assets:

Money market funds and time deposits (Note 2) $ —
$ 1,074,132
$ —
$ 1,074,132
Deferred purchase price receivable (Note 10) —
—
501,097
501,097
Foreign exchange forward contracts (Note 8) —
22,648
—
22,648
Deferred compensation plan assets:
Mutual funds, money market accounts and equity securities 9,228
40,556
—
49,784
Liabilities:
Foreign exchange forward contracts (Note 8) $ —
$ (21,091 ) $ —
$ (21,091 )
Contingent consideration in connection with acquisitions —
—
(73,423 ) (73,423 )

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~~FLEXTRONICS INTERNATIONAL~~FLEX LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

~~11. FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Continued)~~

Fair Value Measurements as of March 31, 2015
Level 1 Level 2 Level 3 Total
(In thousands)
Assets:
Money market funds and time deposits (Note 2) $ —
$ 674,859
$ —
$ 674,859
Deferred purchase price receivable (Note 10) —
—
600,672
600,672
Foreign exchange forward contracts (Note 8) —
25,829
—
25,829
Deferred compensation plan assets:
Mutual funds, money market accounts and equity securities 9,068
37,041
—
46,109
Liabilities:
Foreign exchange forward contracts (Note 8) $ —
$ (31,057 ) $ —
$ (31,057 )
Contingent consideration in connection with acquisitions —
—
(4,500 ) (4,500 )

~~Assets Measured at Fair Value on a Nonrecurring Basis~~

~~The Company has certain long-lived assets that are measured at fair value on a nonrecurring basis, and are as follows:~~

Fair Value Measurements as of March 31, 2016
Level 1 Level 2 Level 3 Total
(In thousands)
Assets:
Assets held for sale $ —
$ 5,576
$ —
$ 5,576

~~Assets held for sale~~

Assets held for sale are recorded at the lesser of the carrying value or fair value, which is based on comparable sales from prevailing market data (level 2 inputs). During fiscal year 2016, the Company transferred $5.6 million of assets to assets held for sale, relating to a building and land which has been identified to be sold.

Disposals of assets held for sale totaled $0.3 million and $41.5 million during fiscal year 2016 and 2015, respectively, which resulted in an immaterial loss in fiscal year 2016, and a gain of $12.1 million in fiscal year 2015 that was included as a component of cost of sales in the consolidated statement of operations. No impairment charges were recorded for assets held for sale during fiscal years 2016 and 2015. Assets held for sale as of the fiscal years 2016 and 2015 were not significant.

~~There were no material fair value adjustments or other transfers between levels in the fair value hierarchy for these long-lived assets during the fiscal years 2016 and 2015.~~

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~11. FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Continued)~~

Other financial instruments

The following table presents the Company's ~~liabilities~~major debts not carried at fair value as atof March 31, ~~2016~~2023 and ~~2015:~~2022:

As of March 31, 2016 As of March 31, 2015
Carrying
Amount Fair
Value Carrying
Amount Fair
Value Fair Value
Hierarchy
(In thousands) (In thousands)
Term Loan, including current portion, due in installments through August 2018 $ 577,500
$ 573,533
$ 592,500
$ 582,131
Level 1
Term Loan, including current portion, due in installments through March 2019 547,500
542,709
475,000
465,500
Level 1
4.625% Notes due February 2020 500,000
524,735
500,000
523,750
Level 1
5.000% Notes due February 2023 500,000
507,500
500,000
543,150
Level 1
4.750% Notes due June 2025 595,589
604,926
—
—
Level 1
Total $ 2,720,589
$ 2,753,403
$ 2,067,500
$ 2,114,531


	As of March 31, 2023				As of March 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
	(In millions)				(In millions)

5.000% Notes due February 2023	$	—	$	—	$	500	$	511	Level 1
JPY Term Loan due April 2024 - three-month TIBOR plus 0.430%	253		253		273		273		Level 2
4.750% Notes due June 2025	599		590		598		615		Level 1
3.750% Notes due February 2026	686		657		690		690		Level 1
6.000% Notes due January 2028	396		399		—		—		Level 1
4.875% Notes due June 2029	658		631		659		687		Level 1
4.875% Notes due May 2030	685		661		690		713		Level 1
Euro Term Loans	—		—		389		389		Level 2
Delayed Draw Term Loan	150		150		—		—		Level 2
Nextracker Term Loan	150		150		—		—		Level 2
3.600% HUF Bonds due December 2031	284		196		301		301		Level 2
India Facilities	—		—		84		84		Level 2

The ~~term loans and~~ Notes due ~~February 2020, February 2023 and~~ June 2025, February 2026, January 2028, June 2029 and May 2030 are valued based on broker trading prices in active markets. HUF Bonds are valued based on the broker trading prices in an inactive market.

The ~~Company values its €50 million (approximately $56.6 million~~JPY Term Loan due April 2024, Delayed Draw Term Loan, and Nextracker Term Loan bear interest at floating interest rates, and therefore, as of March 31, ~~2016), 5-year, unsecured, term-loan due September 30, 2020 based on the current market rate, and as of March 31, 2016,~~2023, the carrying ~~amount approximates~~amounts approximate fair ~~value.~~values.

~~12.~~14. COMMITMENTS AND CONTINGENCIES

Commitments

Capital lease obligations of $25.0 million and $5.3 million, consisting of short-term obligations of $6.6 million and $2.8 million and long term obligations of $18.4 million and $2.5 million are included in current and non-current liabilities on the Company's balance sheets as of March 31, 2016 and 2015, respectively.

As of March 31, ~~2016~~2023 and ~~2015,~~2022, the gross carrying amount and associated accumulated depreciation of the Company's property and equipment financed under ~~capital~~finance leases, and the related obligations was not material. The Company also leases certain of its facilities and equipment under non-cancelable operating leases. These operating leases expire in various years through ~~2035 and require~~2040. Refer to note 3 for additional details on the ~~following~~ minimum lease ~~payments:~~payments.

Litigation and other legal matters

In connection with the matters described below, the Company has accrued for loss contingencies where it believes that losses are probable and estimable. Although it is reasonably possible that actual losses could be in excess of the Company’s accrual, the Company is unable to estimate a reasonably possible loss or range of loss in excess of its accrual, due to various reasons, including, among others, that: (i) the proceedings are in early stages or no claims have been asserted, (ii) specific damages have not been sought in all of these matters, (iii) damages, if asserted, are considered unsupported and/or exaggerated, (iv) there is uncertainty as to the outcome of pending appeals, motions, or settlements, (v) there are significant factual issues to be resolved, and/or (vi) there are novel legal issues or unsettled legal theories presented. Any such excess loss could have a material effect on the Company’s results of operations or cash flows for a particular period or on the Company’s financial condition.

In addition, the Company provides design and engineering services to its customers and also designs and makes its own products. As a consequence of these activities, its customers are requiring the Company to take responsibility for intellectual property to a greater extent than in its manufacturing and assembly businesses. Although the Company believes that its intellectual property assets and licenses are sufficient for the operation of its business as it currently conducts it, from time to time third parties do assert patent infringement claims against the Company or its customers. If and when third parties make assertions regarding the ownership or right to use intellectual property, the Company could be required to either enter into licensing arrangements or to resolve the issue through litigation. Such license rights might not be available to the Company on commercially acceptable terms, if at all, and any such litigation might not be resolved in the Company's favor. Additionally,

Fiscal Year Ending March 31, Operating Lease
(In thousands)
2017 $ 125,021
2018 106,287
2019 84,916
2020 69,194
2021 47,780
Thereafter 146,003
Total minimum lease payments $ 579,201

~~Total rent expense amounted to $124.2 million, $133.1 million and $150.1 million in fiscal years 2016, 2015 and 2014, respectively.~~

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~~FLEXTRONICS INTERNATIONAL~~FLEX LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

~~12. COMMITMENTS AND CONTINGENCIES (Continued)~~

litigation could be lengthy and costly and could materially harm the Company's financial condition regardless of the outcome. The Company also could be required to incur substantial costs to redesign a product or re-perform design services.

From time to time, the Company enters into intellectual property licenses (e.g., patent licenses and software licenses) with third parties which obligate the Company to report covered behavior to the licensor and pay license fees to the licensor for certain activities or products, or that enable the Company's use of third-party technologies. The Company may also decline to enter into licenses for intellectual property that it does not think is useful for or used in its operations, or for which its customers or suppliers have licenses or have assumed responsibility. Given the diverse and varied nature of its business and the location of its business around the world, certain activities the Company performs, such as providing assembly services in China and India, may fall outside the scope of those licenses or may not be subject to the applicable intellectual property rights. The Company's licensors may disagree and claim royalties are owed for such activities. In addition, the basis (e.g., base price) for any royalty amounts owed are audited by licensors and may be challenged. Some of these disagreements may lead to claims and litigation that might not be resolved in the Company's favor. Additionally, litigation could be lengthy and costly and could materially harm the Company's financial condition regardless of the outcome.

~~Litigation and other legal matters~~

~~During the fourth quarter of fiscal 2014, one~~One of the Company's Brazilian subsidiaries has received ~~an assessment~~assessments for certain sales and import taxes. ~~The~~There were originally six tax ~~assessment notice is for nine months~~assessments totaling the updated amount inclusive of ~~calendar year 2010 for an alleged amount~~interest and penalties of 50419 million Brazilian reals (approximately ~~$13.8~~USD $81 million based on the exchange rate as of March 31, ~~2016) plus interest. This~~2023). The Company successfully defeated one of the six assessments in September 2019 (totaling approximately 61 million Brazilian reals or USD $12 million). The Company successfully defeated another three of the assessments in September 2022 (totaling the updated amount inclusive of interest and penalties of approximately 261 million Brazilian reals or USD $51 million), each of which remains subject to appeal. The Company was unsuccessful at the administrative level for one of the assessments and filed an annulment action in federal court in Brasilia, Brazil on March 23, 2020; the updated value of that assessment inclusive of interest and penalties is in41 million Brazilian reals (approximately USD $8 million). One of the ~~second stage of~~assessments remains in the review process at the administrative ~~level,~~level. The Company believes there is no legal basis for any of these assessments and ~~the~~that it has meritorious defenses. The Company ~~plans to~~will continue to vigorously oppose itall of these assessments, as well as any future assessments. The Company is, however, unable to determine the likelihood of an unfavorable outcome of these assessments against our Brazilian subsidiary. While we believe there is no legal basis for the alleged liabilities, due to the complexities and uncertainty surrounding the administrative-review and judicial processes in Brazil and the nature of the claims, it is unable to reasonably estimate a range of loss for this assessment or any future assessments that are reasonably possible. The Company does not expect final judicial determination on any of these claims in the near future.

On February 14, 2019, the Company submitted an initial notification of voluntary disclosure to the U.S. Department of the Treasury, Office of Foreign Assets Control ("OFAC") regarding possible noncompliance with U.S. economic sanctions requirements among certain non-U.S. Flex-affiliated operations. On September 28, 2020, the Company made a submission to OFAC that completed the Company’s voluntary disclosure based on the results of an internal investigation regarding the matter. On June 11, 2021, the Company notified OFAC that it had identified possible additional relevant transactions at one non-U.S. Flex-affiliated operation. The Company submitted an update to OFAC on November 16, 2021 reporting on the results of its review of those transactions. The Company intends to continue to cooperate fully with OFAC in this matter going forward. Nonetheless, it is reasonably possible that the Company could be subject to penalties that could have a material adverse effect on the Company’s financial position, results of operations or cash flows.

A foreign Tax Authority (“Tax Authority”) has assessed a cumulative total of approximately $167 million in taxes owed for ~~several years.~~

~~During~~multiple Flex legal entities within its jurisdiction for various fiscal years ranging from fiscal year ~~2015, one of the Company's non-operating Brazilian subsidiaries received an assessment of approximately $100 million~~2010 through fiscal year 2019. The assessed amounts related to ~~income and social contribution taxes, interest and penalties.~~the denial of certain deductible intercompany payments. The Company ~~believes there~~disagrees with the Tax Authority’s assessments and is ~~no legal basis for~~actively contesting the ~~assessment and expects that any losses are remote. The Company plans to vigorously defend itself~~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 adverse 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~~Company’s consolidated balance sheets, would not be material to the financial statements as a whole.

~~13.~~

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FLEX LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

15. INCOME TAXES

The domestic (Singapore) and foreign components of income before income taxes were comprised of the following:


	Fiscal Year Ended March 31,
	2023		2022		2021
	(In millions)
Domestic	$	99	$	352	$	242
Foreign	875		693		472
Total	$	974	$	1,045	$	714

Fiscal Year Ended March 31,
2016 2015 2014
(In thousands)
Domestic $ 199,283
$ 67,482
$ 314,639
Foreign 255,392
603,173
85,815
Total $ 454,675
$ 670,655
$ 400,454

The provision for income taxes consisted of the following:


	Fiscal Year Ended March 31,
	2023		2022		2021
	(In millions)
Current:
Domestic	$	6	$	3	$	1
Foreign	136		146		105
	142		149		106
Deferred:
Domestic	1		—		1
Foreign	(202)		(44)		(6)
	(201)		(44)		(5)
Provision for (benefit from) income taxes	$	(59)	$	105	$	101

Fiscal Year Ended March 31,
2016 2015 2014
(In thousands)
Current:
Domestic $ 56
$ 87
$ (681 )
Foreign 74,706
129,863
73,992
74,762
129,950
73,311
Deferred:
Domestic 3,779
(4,734 ) 9
Foreign (67,947 ) (55,362 ) (38,460 )
(64,168 ) (60,096 ) (38,451 )
Provision for income taxes $ 10,594
$ 69,854
$ 34,860

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~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~13. INCOME TAXES (Continued)~~

The domestic statutory income tax rate was approximately 17.0% in fiscal years ~~2016, 2015~~2023, 2022 and ~~2014.~~2021. The reconciliation of the income tax expense expected based on domestic statutory income tax rates to the expense for income taxes included in the consolidated statements of operations is as follows:


	Fiscal Year Ended March 31,
	2023		2022		2021
	(In millions)
Income taxes based on domestic statutory rates	$	166	$	178	$	121
Effect of jurisdictional tax rate differential	5		(114)		(82)
Change in unrecognized tax benefit	(7)		12		11
Change in valuation allowance	(47)		12		35
Foreign exchange movement on prior year taxes recoverable	4		(9)		5
Tax impacts related to sale of Nextracker	16		13		—
APB23 tax liability	—		1		1
Restructuring of Nextracker LLC interest	(195)		—		—
Other	(1)		12		10
Provision for (benefit from) income taxes	$	(59)	$	105	$	101

Fiscal Year Ended March 31,
2016 2015 2014
(In thousands)
Income taxes based on domestic statutory rates $ 77,295
$ 114,011
$ 68,077
Effect of tax rate differential (73,286 ) (80,842 ) (68,654 )
Intangible amortization 11,214
5,143
4,750
Change in liability for uncertain tax positions (13,724 ) 29,729
(2,178 )
Change in valuation allowance 1,049
2,495
26,838
Other 8,046
(682 ) 6,027
Provision for income taxes $ 10,594
$ 69,854
$ 34,860

A number of countries in which the Company is located allow for tax holidays or provide other tax incentives to attract and retain business. In general, these holidays were secured based on the nature, size and location of the Company’s operations. The aggregate dollar effect on the Company’s income resulting from tax holidays and tax incentives to attract and retain business for the fiscal years ended March 31, ~~2016, 2015~~2023, 2022 and ~~2014~~2021 was ~~$6.6~~$14 million, ~~$9.8~~$23 million and ~~$15.2~~$21 million, respectively. For the fiscal year ended March 31, ~~2016,~~2023, the effect on basic and diluted earnings per share was ~~$0.01~~$0.03 and ~~$0.01,~~$0.03, respectively, and the ~~effect~~effects on basic and diluted earnings per share during fiscal years ~~2015~~2022 and ~~2014,~~2021 were ~~$0.02~~$0.05 and ~~$0.02~~$0.05, and ~~$0.02~~$0.04 and ~~$0.02,~~$0.04, respectively. Unless extended or otherwise renegotiated, the Company's existing holidays will expire in various years

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FLEX LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

through the end of fiscal year ~~ending March 31, 2017 through~~2028. The primary driver of the negative effective tax rate for fiscal year ~~2022.~~2023 relates to the recording of a $195 million deferred tax asset, with an offset entry to income tax benefit fully attributable to noncontrolling interest in connection with the Nextracker IPO whereby Nextracker Inc. purchased Nextracker LLC units from a related Flex U.S. subsidiary.

~~For~~The Company provides a valuation allowance against deferred tax assets that in the Company's estimation are not more likely than not to be realized. During fiscal ~~years ended March 31, 2016, 2015~~year 2023, 2022 and ~~2014,~~2021, the Company released valuation allowances totaling ~~$63.3~~$12 million, ~~$55.0~~$26 million and ~~$37.4~~$25 million, respectively. ~~These~~For fiscal year 2023, $12 million valuation allowance ~~releases were primarily~~release was mainly related to ~~our~~certain operations ~~that~~in Australia, and the Netherlands as these amounts were deemed to be more likely than not to ~~realize the respective deferred tax assets~~be realized due to the ~~increased~~sustained profitability during the ~~prior~~past three fiscal years as well as continued forecasted profitability of ~~that subsidiary.~~those operations. During fiscal year ~~ended March 31, 2016, $43.0~~2023, the Company also added $12 million ~~of the~~in valuation allowance ~~release was~~primarily for the deferred tax assets related to ~~the recording~~operations in Hungary, Canada, and Switzerland. Various other valuation allowance positions were also reduced due to varying factors such as recognition of uncertain tax positions impacting deferred tax ~~liabilities~~assets, one-time income recognition in the US related to intangibles acquired during fiscal year 2016. However, these valuation allowance eliminations were offset by other current period valuation allowance movements primarily related to current period valuation allowance additions due toloss entities, and foreign exchange impacts on deferred tax balances, and increased deferred tax assets ~~related to~~as a result of current period losses in legal entities with existing full valuation allowance positions, and to a lesser extent, current period changes in valuation allowance positions due to increased negative evidence during the period in legal entities which did not previously have valuation allowance recorded.positions. For fiscal years ended March 31, ~~2016, 2015~~2023, 2022 and ~~2014,~~2021, the offsetting amounts totaled ~~$64.3~~$(48) million, ~~$57.5~~$39 million and ~~$64.2~~$60 million, respectively.

Under its territorial tax system, Singapore generally does not tax foreign sourced income until repatriated to Singapore. The Company has included the effects of Singapore's territorial tax system in the rate differential line above. The tax effect of foreign income not repatriated to Singapore for the fiscal years ~~2016, 2015~~ended March 31, 2023, 2022 and ~~2014~~2021 were ~~$36.6~~$31 million, ~~$0.0~~$105 million and ~~$51.5~~$57 million, respectively.

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~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~13. INCOME TAXES (Continued)~~

The components of deferred income taxes are as follows:


	As of March 31,
	2023		2022
	(In millions)
Deferred tax liabilities:
Fixed assets	$	(63)	$	(49)
Intangible assets	(71)		(89)
Others	(38)		(14)
Total deferred tax liabilities	(172)		(152)
Deferred tax assets:
Fixed assets	77		72
Intangible assets	5		6
Deferred compensation	27		22
Inventory valuation	24		26
Provision for doubtful accounts	3		5
Net operating loss and other carryforwards	1,359		1,542
Investment in Nextracker LLC	249		—
Others	136		201
Total deferred tax assets	1,880		1,874
Valuation allowances	(1,373)		(1,631)
Total deferred tax assets, net of valuation allowances	507		243
Net deferred tax asset	$	335	$	91
The net deferred tax asset is classified as follows:

Long-term asset	$	412	$	177
Long-term liability	(77)		(86)
Total	$	335	$	91

As of March 31,
2016 2015
(In thousands)
Deferred tax liabilities:
Fixed assets $ (74,316 ) $ (73,327 )
Intangible assets (88,760 ) —
Others (29,472 ) (44,603 )
Total deferred tax liabilities (192,548 ) (117,930 )
Deferred tax assets:
Fixed assets 65,004
80,370
Intangible assets 3,795
28,954
Deferred compensation 15,892
13,618
Inventory valuation 10,124
11,864
Provision for doubtful accounts 1,300
3,149
Net operating loss and other carryforwards 2,332,894
2,394,456
Others 271,272
264,781
2,700,281
2,797,192
Valuation allowances (2,385,489 ) (2,521,763 )
Net deferred tax assets 314,792
275,429
Net deferred tax asset $ 122,244
$ 157,499
The net deferred tax asset is classified as follows:
Current asset (classified as other current assets) $ —
$ 63,910
Long-term asset 222,772
211,519
Long-term liability (100,528 ) (117,930 )
Total $ 122,244
$ 157,499

Utilization of the Company's deferred tax assets is limited by the future earnings of the Company in the tax jurisdictions in which such deferred assets arose. As a result, management is uncertain as to when or whether these operations will generate

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FLEX LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

sufficient profit to realize any benefit from the deferred tax assets. The valuation allowance provides a reserve against deferred tax assets that are not more likely than not to be realized by the Company. However, management has determined that it is more likely than not that the Company will realize certain of these benefits and, accordingly, has recognized a deferred tax asset from these benefits. The change in valuation allowance is net of certain increases and decreases to prior year losses and other carryforwards that have no current impact on the tax provision. Approximately $34.0 million of the valuation allowance relates to income tax benefits arising from the exercise of stock options, which if realized will be credited directly to shareholders’ equity and will not be available to benefit the income tax provision in any future period.

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~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~13. INCOME TAXES (Continued)~~

The Company has recorded deferred tax assets of approximately ~~$2.4~~$1.5 billion related to tax losses and other carryforwards against which the Company has recorded a valuation allowance for all but ~~$79.3~~$62 million of the deferred tax assets. These tax losses and other carryforwards will expire at various dates as follows:


Expiration dates of deferred tax assets related to operating losses and other carryforwards
Fiscal year	(In millions)
2024 - 2029	$	415
2030 - 2035	232
2036 and post	78
Indefinite	743
	$	1,468

Expiration dates of deferred tax assets related to operating losses and other carryforwards
(In thousands)
2017 - 2022 $ 558,108
2023 - 2028 742,981
2029 and post 622,339
Indefinite 436,092
$ 2,359,520

The amount of deferred tax assets considered realizable, however, could be reduced or increased in the near-term if facts, including the amount of taxable income or the mix of taxable income between subsidiaries, differ from management’s estimates.

The Company does not provide for income taxes on approximately ~~$916.0 million~~$1.9 billion of undistributed earnings of its subsidiaries which are considered to be indefinitely reinvested outside of Singapore as management has plans for the use of such earnings to fund certain activities outside of Singapore. ~~Determination of the~~The estimated amount of the unrecognized deferred tax liability on these undistributed earnings is not practicable. During the fiscal year 2015, we changed our intent with regard to the indefinite reinvestment of foreign earnings from certain of our Chinese subsidiaries which are scheduled to be de-registrated or liquidated in the near future.approximately $169 million. As a result, as of March 31, ~~2016, we have provided~~2023, the Company has concluded for ~~applicable~~all earnings in foreign ~~withholding taxes on $106.7 million of undistributed foreign earnings,~~subsidiaries are considered to be indefinitely reinvested and ~~recorded a~~therefore zero deferred tax ~~liability of approximately $11.2 million.~~liabilities were recorded.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Fiscal Year Ended March 31,
	2023		2022
	(In millions)
Balance, beginning of fiscal year	$	282	$	266
Additions based on tax position related to the current year	15		27
Additions for tax positions of prior years	8		15
Reductions for tax positions of prior years	(5)		(7)
Reductions related to lapse of applicable statute of limitations	(13)		(16)
Settlements	(7)		—
Impact from foreign exchange rates fluctuation	(12)		(3)
Balance, end of fiscal year	$	268	$	282

Fiscal Year Ended
March 31,
2016 2015
(In thousands)
Balance, beginning of fiscal year $ 222,373
$ 243,864
Additions based on tax position related to the current year 21,273
27,048
Additions for tax positions of prior years 20,453
24,354
Reductions for tax positions of prior years (9,578 ) (16,388 )
Reductions related to lapse of applicable statute of limitations (22,312 ) (11,891 )
Settlements (12,797 ) (24,049 )
Impact from foreign exchange rates fluctuation (7,086 ) (20,565 )
Balance, end of fiscal year $ 212,326
$ 222,373

The Company’s unrecognized tax benefits are subject to change over the next twelve months primarily as a result of the expiration of certain statutes of limitations and as audits are settled. The Company believes it is reasonably possible that the total amount of unrecognized tax benefits could decrease by an ~~estimated range of an~~ additional ~~$13.0 million to $41.0~~approximate $84 million within the next twelve months primarily due to potential settlements of various audits and the expiration of certain statutes of limitations.

The Company and its subsidiaries file federal, state, and local income tax returns in multiple jurisdictions around the world. With few exceptions, the Company is no longer subject to income tax examinations by tax authorities for years before ~~2006.~~2008.

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FLEX LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Of the ~~$212.3~~$268 million of unrecognized tax benefits at March 31, ~~2016, $185.7~~2023, $185 million will affect the annual effective tax rate ~~("ETR")~~(ETR) if the benefits are eventually recognized. The amount that doesn’t impact the ETR relates to positions that would be settled with a tax loss carryforward previously subject to a valuation allowance.

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~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~13. INCOME TAXES (Continued)~~

The Company recognizes interest and penalties accrued related to unrecognized tax benefits within the ~~Company's~~Company’s tax expense. During the fiscal years ended March 31, ~~2016, 2015~~2023, 2022 and ~~2014,~~2021, the Company recognized interest and penalties of approximately ($~~2.4)~~1) million, $2 million and ~~$2.5 million and $8.4~~$2 million, respectively. The Company had approximately ~~$14.6~~$15 million, ~~$17.0~~$16 million and ~~$15.6~~$14 million accrued for the payment of interest and penalties as of the fiscal years ended March 31, ~~2016, 2015~~2023, 2022 and ~~2014,~~2021, respectively.

~~14.~~16. RESTRUCTURING CHARGES

Fiscal Year 2023

The Company ~~initiated~~continued to identify certain ~~restructuring activities during~~structural changes to restructure its business throughout fiscal year ~~2014 intended~~2023. During fiscal year 2023, the Company recognized approximately $27 million of restructuring charges, most of which related to improve its operational efficiencies by reducing excess workforce and capacity and realign the corporate cost structure. There were no material restructuring activities during fiscal years 2016 and 2015.employee severance. Restructuring charges are ~~recorded based upon employee termination dates, site closure and consolidation plans generally~~not included in ~~conjunction with an overall corporate initiative to drive cost reduction and realign the Company's global footprint.~~segment income, as disclosed further in note 21.

Fiscal Year ~~2014~~2022

The Company identified certain structural changes to restructure its business throughout fiscal year 2022. During fiscal year 2022, the Company recognized approximately $15 million of restructuring charges, most of which related to employee severance. Restructuring charges are not included in segment income.

Fiscal Year 2021

In order to support the Company’s strategy and build a sustainable organization, and after considering that the economic recovery from the COVID-19 pandemic would be slower than anticipated, the Company identified certain structural changes to restructure its business. These restructuring actions eliminated non-core activities primarily within the Company’s corporate function, aligned the Company’s cost structure with its reorganizing and optimizing of its operations model along its reporting segments, and further sharpened its focus to winning business in end markets where it has competitive advantages and deep domain expertise. During fiscal year 2021, the Company recognized approximately $101 million of restructuring charges, most of which related to employee severance.

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FLEX LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


	Severance		Long-Lived Asset Impairment		Other Exit Costs		Total
	(In millions)
Balance as of March 31, 2020	$	19	$	—	$	4	$	23
Provision for charges incurred in fiscal year 2021	89		8		4		101
Cash payments for charges incurred in fiscal year 2020 and prior	(14)		—		—		(14)
Cash payments for charges incurred in fiscal year 2021	(49)		—		(1)		(50)
Non-cash charges incurred in fiscal year 2021	—		(8)		1		(7)
Balance as of March 31, 2021	45		—		8		53
Provision for charges incurred in fiscal year 2022	11		1		3		15
Cash payments for charges incurred in fiscal year 2021 and prior	(15)		—		—		(15)
Cash payments for charges incurred in fiscal year 2022	(6)		—		—		(6)
Non-cash charges incurred in fiscal year 2022	—		(1)		(3)		(4)
Balance as of March 31, 2022	35		—		8		43
Provision for charges incurred in fiscal year 2023	27		—		—		27
Cash payments for charges incurred in fiscal year 2022 and prior	(7)		—		—		(7)
Cash payments for charges incurred in fiscal year 2023	(11)		—		—		(11)
Non-cash charges incurred in fiscal year 2023	—		—		(2)		(2)
Balance as of March 31, 2023	44		—		6		50
Less: Current portion (classified as other current liabilities)	44		—		6		50
Accrued restructuring costs, net of current portion (classified as other liabilities)	$	—	$	—	$	—	$	—

17. OTHER CHARGES (INCOME), NET

Other charges (income), net for the fiscal years ended March 31, 2023, 2022 and 2021 are primarily comprised of the following:


	Fiscal Year Ended March 31
	2023		2022		2021
	(In millions)

Gain on foreign exchange transactions	$	(7)	$	(32)	$	(21)
Investment impairments (1)	—		3		37
Brazil tax credit (2)	—		(150)		—

(1)During fiscal years 2022 and 2021, and in connection with the Company’s ongoing assessment of recoverability of its investment portfolio, the Company concluded that the carrying amounts of certain non-core investments were other than temporarily impaired and recognized $3 million and $37 million of total impairment charges, respectively (See note 2 for additional information).

(2)The Company recognized a $150 million gain related to a certain tax credit upon approval of a "Credit Habilitation" request by the relevant Brazil tax authorities for fiscal year 2022.

18. INTEREST, NET

Interest, net for the fiscal years ended March 31, 2023, 2022 and 2021 are primarily comprised of the following:


	Fiscal Year Ended March 31
	2023		2022		2021
	(In millions)
Interest expenses on debt obligations	$	187	$	153	$	150
Interest income	(30)		(14)		(14)
ABS and AR sales programs related expenses	39		5		11

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FLEX LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

19. BUSINESS AND ASSET ACQUISITIONS & DIVESTITURES

Fiscal 2023 Divestitures

During the fiscal year ended March 31, ~~2014,~~2023, the Company recognized restructuring charges of approximately $75.3 million. The costs associated with these restructuring activities include employee severance, other personnel costs, non-cash impairment charges on equipment no longer in use and to be disposed of ~~and other exit related costs due to facility closures or rationalizations. Pre-tax restructuring charges comprised $73.4~~a non-strategic business within the FRS segment. The Company received approximately $4 million of cash charges predominantly related to employee severance and $1.9 million of non-cash charges related to impairment of long-lived assets. Employee severance costs were associated with the terminations of 6,758 identified employees.proceeds. The ~~identified employee terminations by reportable geographic region amounted to approximately 5,073, 1,482 and 203 for Asia, the Americas and Europe, respectively.~~

~~The components of the restructuring charges by geographic region incurred in fiscal year 2014 are as follows:~~

First
Quarter

Fourth
Quarter
Total
(In thousands)
Americas:
Severance $ 11,331
$ 11,290
$ 22,621
Other exit costs 2,248
—
2,248
Total restructuring charges 13,579
11,290
24,869
Asia:
Severance 16,205
13,214
29,419
Long-lived asset impairment 1,900
—
1,900
Other exit costs 3,157
—
3,157
Total restructuring charges 21,262
13,214
34,476
Europe:
Severance 4,631
10,047
14,678
Other exit costs 1,288
—
1,288
Total restructuring charges 5,919
10,047
15,966
Total
Severance 32,167
34,551
66,718
Long-lived asset impairment 1,900
—
1,900
Other exit costs 6,693
—
6,693
Total restructuring charges $ 40,760
$ 34,551
$ 75,311

During the fiscal year ended March 31, 2014, the Company recognized approximately $66.7 million of severance costs related to employee terminations of which approximately $50.2 million was recognized in cost of sales.

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~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~14. RESTRUCTURING CHARGES (Continued)~~

~~During the fiscal year ended March 31, 2014, the Company recognized approximately $1.9 million for the write-down of~~ property and equipment and various other assets sold, and liabilities transferred were not material to the Company's consolidated financial results. The net gain on dispositions was ~~classified as a component of cost of sales. The property~~not material to the Company’s consolidated financial results, and ~~equipment were sold as of March 31, 2014.~~

During the fiscal year ended March 31, 2014, the Company recognized approximately $6.7 million of other exit costs, which primarily were comprised of $3.8 million related to personnel costs and $2.9 million of contractual obligations that resulted from facility closures. The majority of these costs were classified as a component of cost of sales.

~~The following table summarizes the provisions, respective payments, and remaining accrued balance as of March 31, 2016 for charges incurred~~was included in ~~fiscal years 2016, 2015 and 2014 and prior periods:~~

Severance Long-Lived
Asset
Impairment Other
Exit Costs Total
(In thousands)
Balance as of March 31, 2013 $ 83,689
$ —
$ 14,211
$ 97,900
Provision for charges incurred in fiscal year 2014 66,718
1,900
6,693
75,311
Cash payments for charges incurred in fiscal year 2014 (40,273 ) —
(4,296 ) (44,569 )
Cash payments for charges incurred in fiscal year 2013 (71,470 ) —
(8,755 ) (80,225 )
Cash payments for charges incurred in fiscal year 2010 and prior (2,171 ) —
(1,950 ) (4,121 )
Non-cash charges incurred in fiscal year 2014 —
(1,900 ) —
(1,900 )
Balance as of March 31, 2014 36,493
—
5,903
42,396
Cash payments for charges incurred in fiscal year 2014 (18,558 ) —
(2,212 ) (20,770 )
Cash payments for charges incurred in fiscal year 2013 (4,560 ) —
(1,685 ) (6,245 )
Cash payments for charges incurred in fiscal year 2010 and prior (12 ) —
(312 ) (324 )
Balance as of March 31, 2015 13,363
—
1,694
15,057
Cash payments for charges incurred in fiscal year 2014 (290 ) —
—
(290 )
Cash payments for charges incurred in fiscal year 2013 (1,168 ) —
(185 ) (1,353 )
Cash payments for charges incurred in fiscal year 2010 and prior —
—
(174 ) (174 )
Balance as of March 31, 2016 11,905
—
1,335
13,240
Less: Current portion (classified as other current liabilities) 2,212
—
248
2,460
Accrued restructuring costs, net of current portion (classified as other liabilities) $ 9,693
$ —
$ 1,087
$ 10,780

~~15. OTHER CHARGES (INCOME), NET~~

During fiscal year 2016, the Company incurred net losses of $47.7 million primarily due to $26.8 million loss on disposition of a non-strategic Western European manufacturing facility which included a non-cash foreign currency translation loss of $25.3 million, and $21.8 million from the impairment of a non-core investment. These were offset by currency translation gains of $4.2 million.

During fiscal year 2015, an amendment to a customer contract to reimburse a customer for certain performance provisions was executed which included the removal of a $55.0 million contractual obligation recognized during fiscal year 2014. Accordingly, the Company reversed this charge with a corresponding credit to other charges (income), net in the consolidated ~~statement~~statements of ~~operations. Additionally, during~~operations for the fiscal year 2015, the Company recognized a loss of $11.0 million in connection with the disposition of a manufacturing facility in Western Europe. The Company received $11.5 million in cash for the sale of $27.2 million in net assets of the facility. The loss also includes $4.6 million of estimated transaction costs, partially offset by a gain of $9.3 million for the release of cumulative foreign currency translation gains triggered by the disposition.

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~15. OTHER CHARGES (INCOME), NET (Continued)~~

During fiscal year 2014, the Company recognized $55.0 million of other charges for the contractual obligation to reimburse a customer for certain performance provisions as described above. Additionally, the Company exercised warrants to purchase common shares of a certain supplier and sold the underlying shares for total proceeds of $67.3 million resulting in a loss of $7.1 million. Further, the Company recognized a gain of $4.6 million on the sale of certain investments.

~~16. INTEREST AND OTHER, NET~~

~~For the fiscal years ended March 31, 2016, 2015 and 2014, the Company recognized interest income of $12.3 million, $18.7 million and $17.6 million.~~

For the fiscal years ended March 31, 2016, 2015 and 2014, the Company recognized interest expense of $98.0 million, $76.4 million and $79.9 million, respectively, on its debt obligations outstanding during the period.

~~For the fiscal years ended March 31, 2016, 2015 and 2014, the Company recognized gains on foreign exchange transactions of $24.4 million, $19.7 million and $11.8 million, respectively.~~

~~For the fiscal years ended March 31, 2016, 2015 and 2014, the Company recognized $11.0 million, $9.9 million and $9.5 million of expense related to its ABS and AR Sales Programs.~~

~~For the fiscal years ended March 31, 2016, the Company incurred $8.0 million of acquisition-related costs.~~

~~17. BUSINESS AND ASSET ACQUISITIONS~~

~~Business Acquisitions~~

The business and asset acquisitions described below were accounted for using the purchase method of accounting, and accordingly, the fair value of the net assets acquired and the results of the acquired businesses were included in the Company's consolidated financial statements from the acquisition dates forward. The Company has not finalized the allocation of the consideration for certain of its recently completed acquisitions and completes these allocations in less than one year of the respective acquisition dates.2023.

Fiscal ~~year 2016 business acquisitions~~

~~Acquisition of Mirror Controls International~~2022 Business acquisition

On ~~June 29, 2015,~~December 1, 2021, the Company completed ~~its~~the business acquisition of ~~100%~~Anord Mardix, a global leader in critical power solutions for an initial purchase consideration of ~~the outstanding share capital of MCi, and paid approximately $555.2~~$523 million, net of ~~$27.7~~$25 million cash acquired, with an additional $17 million deferred purchase price paid out in the fourth quarter of ~~cash acquired. This~~fiscal year 2022, for a total purchase consideration of $539 million. The acquisition ~~expanded~~added to the Company's ~~capabilities~~portfolio of Power products and expanded its offering in the ~~automotive market, and~~data center market. For reporting purposes, Anord Mardix was included in the ~~HRS~~Industrial reporting unit within the FRS segment. The allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their estimated fair values as of the date of acquisition. The excess of the purchase price over the tangible and identifiable intangible assets acquired and liabilities assumed has been allocated to goodwill.

~~The following represents the Company's allocation of the total purchase price to the acquired assets and liabilities of MCi (in thousands):~~

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~17. BUSINESS AND ASSET ACQUISITIONS (Continued)~~

Current assets:
Accounts receivable $ 41,559
Inventories 19,897
Other current assets 2,856
           Total current assets 64,312
Property and equipment, net 38,832
Other assets 2,463
Intangibles 236,800
Goodwill 323,357
        Total assets $ 665,764

Current liabilities:
Accounts payable $ 28,002
Accrued liabilities & other current liabilities 21,113
        Total current liabilities 49,115
Other liabilities 61,492
          Total aggregate purchase price $ 555,157

The intangible assets of $236.8 million is comprised of customer relationships of $75.5 million and licenses and other intangible assets of $161.3 million. Customer relationships and licenses and other intangibles are each amortized over a weighted-average estimated useful life of 10 years. In addition to net working capital, the Company acquired $38.8 million of machinery and equipment and assumed $61.5 million of other liabilities primarily comprised of deferred tax liabilities. The Company incurred $6.6 million in acquisition-related costs related to the acquisition of MCi during fiscal year 2016.

~~Acquisition of a facility from Alcatel-Lucent~~

On July 1, 2015, the Company acquired an optical transport facility from Alcatel-Lucent for approximately $67.5 million, which expanded its capabilities in the telecom market and was included in the CEC segment. The Company acquired primarily $55.1 million of inventory, $10.0 million of property and equipment primarily comprised of a building and land, and recorded goodwill and intangible assets for a customer relationship of $3.6 million and $2.1 million, respectively, and assumed $3.3 million in other net liabilities in connection with this acquisition. The customer relationship intangible will amortize over a weighted-average estimated useful life of 5 years.

~~Acquisition of Nextracker~~

On September 28, 2015, the Company acquired 100% of the outstanding share capital of NEXTracker, a provider of smart solar tracking solutions. The initial cash consideration was approximately $240.8 million, net of $13.2 million of cash acquired, with an additional $81.0 million of estimated potential contingent consideration, for a total purchase consideration of $321.8 million. At the date of the acquisition, the maximum possible consideration under the agreement was $97.2 million upon achievement of future revenue performance targets. Subsequent to the acquisition date, the Company adjusted its estimate of the contingent consideration by $3.7 million, as described further in note 11, which was recorded as an expense in the consolidated statement of operations. The Company also acquired NEXTracker’s equity incentive plan. The financial results of NEXTracker were included in the IEI segment. The allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their estimated fair values as of the date of acquisition. The excess of the purchase price over the tangible and identifiable intangible assets acquired and liabilities assumed has been allocated to goodwill.

~~The following represents the Company's preliminary allocation of the total purchase price to the acquired assets and liabilities of NEXTracker (in thousands):~~

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~17. BUSINESS AND ASSET ACQUISITIONS (Continued)~~

Current assets:
Accounts receivable $ 60,298
Inventories 3,235
Other current assets 19,272
           Total current assets 82,805
Property and equipment, net 1,382
Other assets 70
Intangibles 108,700
Goodwill 255,601
        Total assets $ 448,558

Current liabilities:
Accounts payable $ 17,226
Other current liabilities 63,870
        Total current liabilities 81,096
Other liabilities 45,712
          Total aggregate purchase price $ 321,750

The intangible assets of $108.7 million is comprised of customer-related intangibles of $47.3 million and licenses and other intangible assets of $61.4 million. Customer-related intangibles are amortized over a weighted-average estimated useful life of 4 years while licenses and other intangibles are amortized over a weighted-average estimated useful life of 6 ~~years.~~

~~Other business acquisitions~~

Additionally, during fiscal year 2016, the Company completed eight acquisitions that were not individually, nor in the aggregate, significant to the consolidated financial position, results of operations and cash flows of the Company. Four of the acquired businesses expanded the Company’s capabilities in the medical devices market, particularly precision plastics and molding within the HRS segment, two of them strengthened capabilities in the consumer electronics market within the CTG segment, one strengthened the capabilities in the communications market within the CEC segment, and the last one strengthened capabilities in the household industrial and lifestyle market within the IEI segment. The Company paid $53.3 million, net of $3.7 million of cash held by the targets. The Company acquired $14.4 million of property and equipment, assumed liabilities of $17.7 million and recorded goodwill and intangibles of $57.4 million. These intangibles will amortize over a weighted-average estimated useful life of 4 years.

The results of operations ~~for all~~ of the ~~acquisitions completed in fiscal year 2016~~acquisition were included in the Company’s consolidated financial results beginning on the date of ~~each acquisition. The~~acquisition, and the total amount of net income ~~for all of the acquisitions completed in fiscal year 2016, collectively, was $41.4 million. The total amount of~~and revenue ~~of these acquisitions, collectively, was not material to the Company’s consolidated financial results for the fiscal year 2016.~~

On a pro-forma basis, and assuming the acquisitions occurred on the first day of the prior comparative period, or April 1, 2014, net income would have been estimated to be $410.1 million, and $586.4 million for fiscal years 2016 and 2015, respectively. The estimated pro-forma net income for all periods presented does not include the $43.0 million tax benefit for the release of the valuation allowance on deferred tax assets relating to the NEXTracker acquisition, recognized in fiscal year 2016 as discussed further in note 13, to promote comparability. Pro-forma revenue for the acquisitions in fiscal year 2016 and 2015 have not been presented because the effect, collectively, was not material to the Company’s consolidated revenues for all periods presented.

~~Fiscal year 2015 business acquisitions~~

During the fiscal year 2015, the Company completed four acquisitions that were not individually, nor in the aggregate, significant to the consolidated financial position, results of operations and cash flows of the Company. All of the acquired

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~17. BUSINESS AND ASSET ACQUISITIONS (Continued)~~

businesses expanded the Company's capabilities in the medical devices market, particularly precision plastics, within the HRS segment. The Company paid $52.7 million net of $5.9 million of cash held by the acquired businesses, and recorded an accrual of $4.5 million for contingent consideration relating to one of the acquisitions. The Company primarily acquired $29.4 million of current assets, $9.0 million of property and equipment, recorded goodwill of $35.8 million and intangibles of $16.1 million, and assumed certain liabilities relating to payables and debt in connection with these acquisitions. The results of operations were included in the Company's consolidated financial results beginning on the date of these acquisitions. Pro-forma results of operations for these acquisitions have not been presented because the effects of the acquisitions were immaterial to the Company's consolidated financial results for all periods presented. The Company also paid $7.5 million as a deposit to acquire a certain business that closed in fiscal year 2016 and that strengthened capabilities in the household industrial market within the IEI segment. This deposit was included in other assets during fiscal year 2015.

~~Fiscal year 2014 business acquisitions~~

~~Acquisition of Motorola Mobility LLC from Google~~

On April 16, 2013, the Company completed the acquisition of certain manufacturing operations from Google's Motorola Mobility LLC. The Company also entered into a manufacturing and services agreement with Motorola Mobility for mobile devices in conjunction with this acquisition. This acquisition expanded the Company's relationship with Google's Motorola Mobility and the Company's capabilities in the mobile devices market, within the CTG segment.

The cash consideration for this acquisition amounted to $178.9 million. The allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their estimated fair values as of the date of acquisition. The excess of the purchase price over the tangible and identifiable intangible assets acquired and liabilities assumed has been allocated to goodwill.

~~The following represents the Company's allocation of the total purchase price to the acquired assets and liabilities assumed of Google's Motorola Mobility LLC (in thousands):~~

Current assets:
Inventories $ 97,740
Other current assets 24,280
Total current assets 122,020
Property and equipment 45,198
Goodwill 2,844
Other intangible assets (useful life—6 years) 2,948
Other assets 7,414
Total assets $ 180,424
Current liabilities:
Other current liabilities $ 317
Total current liabilities 317
Other liabilities 1,202
Total aggregate purchase price $ 178,905

~~Acquisition of Riwisa AG~~

On November 4, 2013, the Company acquired all of the outstanding shares of Riwisa AG, a company registered in Switzerland for total cash consideration of $44.0 million, net of cash acquired of $9.4 million. This acquisition expanded the Company's capabilities in the medical devices market, particularly precision plastics within the HRS segment. The Company primarily acquired inventory, property and equipment and assumed certain liabilities relating to payables and debt. The results of operations were included in the Company's consolidated financial results beginning on the date of acquisition. Proforma results of operations for this acquisition have not been presented because the effects of the acquisition were not material to the Company's consolidated financial ~~results.~~

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~17. BUSINESS AND ASSET ACQUISITIONS (Continued)~~

results for fiscal year 2022.

The ~~initial allocation of the purchase price to the tangible and identifiable~~ intangible assets ~~acquired and liabilities assumed was based on their estimated fair values as~~ of the date of acquisition. The excess of the purchase price over the tangible and identifiable intangible assets acquired and liabilities assumed has been allocated to goodwill. During fiscal year 2014 the Company recorded $22.7$273 million as intangible assets and $18.5 million as goodwill based on a preliminary assessment of fair value of assets acquired and liabilities assumed. During fiscal year 2015, the Company further adjusted the purchase allocation for the acquisition resulting in a $2.6 million increase in the total cash consideration from $44.0 million to $46.6 million, and an $8.7 million fair value adjustment for assets acquired, increasing total goodwill to $27.2 million. Intangible assets are comprised of ~~customer-relationships~~customer related intangible assets of ~~$15.8~~$147 million and licenses and other intangible assets such as trade names and developed technology of $126 million. Customer related assets are amortized over a ~~period~~weighted-average estimated useful life of 108.7 years while licensed and ~~developed technology and trade names of $6.9 million~~other intangibles are amortized over a ~~period~~weighted-average estimated useful life of 78.9 years.

~~Other business acquisitions~~

Further, during fiscal year 2014, the Company completed two other acquisitions for total cash consideration of $15.1 million. Neither of these acquisitions were significant to the Company's consolidated financial position, results of operations and cash flows. These businesses expanded the Company's capabilities primarily in manufacturing operations for precision plastics, components and molds. The Company acquired primarily property and equipment and inventory and recorded goodwill amounting to $5.0 million in connection with these acquisitions. The results of operations were included in the Company's consolidated financial results beginning on the dates of these acquisitions. Proforma results of operations for these acquisitions have not been presented because the effects of the acquisitions were immaterial to the Company's consolidated financial results. Additionally, transaction costs related to all acquisitions completed during the periods presented were immaterial to the Company's financial results.

The Company continues to evaluate certain assets and liabilities related to business combinations completed during recent periods. Additional information, which existed as of the acquisition date, may become known to the Company during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Changes to amounts recorded as assets or liabilities, as a result of such additional information, may result in a corresponding adjustment to goodwill.

The goodwill generated from the Company's business combinations completed during the fiscal year ended March 31, 2014 is primarily related to value placed on the employee workforce, service offerings and capabilities, and expected synergies and is not deductible for income tax purposes.

In connection with one businesses acquired during fiscal year 2013, the Company entered into an agreement with an existing customer and a third party banking institution to procure certain manufacturing equipment that was financed by the third party banking institution, acting as an agent of the customer. The manufacturing equipment was used exclusively for the benefit of this customer. The Company cannot be required to pay cash by either the customer or the third party banking institution. During fiscal year 2015, the Company ceased manufacturing of the product related to the financed equipment. As a result, pursuant an agreement with the customer, the Company as an agent on behalf of the customer dispositioned the equipment via sales to third parties and used the proceeds to reduce the obligation to the third party banking institution. Accordingly, the residual value due from the customer related to the equipment financed by the third party banking institution decreased to $83.6 million from $169.2 million as of March 31, 2016 and 2015, respectively, and has been included in other current assets. The outstanding balance due to the third party banking institution related to the financed equipment correspondingly decreased to $122.0 million from $197.7 million as of March 31, 2016 and 2015, respectively, and has been included in other current liabilities. The cash inflows from the sale of the manufacturing equipment originally purchased on behalf of the customer and financed by the third party banking institution amounting to $54.3 million and $79.7 million have been included in other investing cash flows for the fiscal years ended March 31, 2016 and 2015, respectively. The cash outflows relating to the purchase of the manufacturing equipment by the Company on behalf of the customer of $37.3 million have also been included in other investing cash flows for the fiscal year ended March 31, 2014. The cash outflows to repay the third party banking institution on behalf of the customer upon cessation of manufacturing operations of $75.8 million and $88.8 million have been included in cash flows from other financing activities during the fiscal years ended March 31, 2016 and 2015, respectively. Net cash inflows amounting to $13.5 million relating to the funding of these assets by the financial institution on behalf of the customer have been included in cash flows from other financing activities during the fiscal year ended March 31, 2014.

~~18.~~20. SHARE REPURCHASE PLAN

During fiscal year ~~2016,~~2023, the Company repurchased approximately ~~37.3~~19.8 million shares for an aggregate purchase ~~value~~price of approximately ~~$412.8 million under two separate repurchase plans as further discussed below.~~

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~18. SHARE REPURCHASE PLAN (Continued)~~

During the second quarter of fiscal year 2016, the Company repurchased the entire remaining amount under a prior share repurchase plan that was approved by the Company's Board of Directors on August 28, 2014 and the Company's shareholders at the 2014 Extraordinary General Meeting held on August 28, 2014, or approximately 13.2 million shares for an aggregate purchase value of approximately $154.9$337 million 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 ~~$500 million~~$1.0 billion in accordance with the share repurchase mandate approved by the Company’s shareholders at the date of the most recent ~~Extraordinary~~Annual General Meeting held on August 20, 2015. During fiscal year 2016, the Company repurchased approximately 24.1 million shares for an aggregate purchase value of approximately $257.9 million under this plan, including amounts accrued but not paid, and retired all of these shares.25, 2022. As of March 31, ~~2016~~,2023, shares in the aggregate amount of ~~$242.1~~$893 million were available to be repurchased under the current plan.

~~19.~~21. SEGMENT REPORTING

~~Operating segments are defined as components of an enterprise for which separate financial information~~The Company's Chief Executive Officer is ~~available that is evaluated regularly by the~~our Chief Operating Decision Maker ("CODM")~~, or a decision making group, in deciding~~ who evaluates how towe allocate resources, assesses performance and ~~in assessing performance. Resource allocation decisions~~make strategic and operational decisions. Based on such evaluation, the ~~Company's performance are assessed by its Chief Executive Officer ("CEO"), with support from his direct staff who oversee certain operations~~Company determined as of and for the period ended March 31, 2023, that Flex has three operating and reportable segments.

The FAS segment is optimized for speed to market based on a highly flexible supply and manufacturing system. FAS is comprised of the ~~business, collectively identified as the CODM or the decision making group.~~following end markets that represent reporting units:

~~During the fourth quarter of fiscal year 2015, the Company concluded it has four reportable operating segments: HRS, CTG, IEI,~~•Communications, Enterprise and ~~CEC.~~ Cloud, including data infrastructure, edge infrastructure and communications infrastructure

•Lifestyle, including appliances, consumer packaging, floorcare, micro mobility and audio

•Consumer Devices, including mobile and high velocity consumer devices.

The ~~Company assessed that there was no change to its operating segments in fiscal year 2016. These segments represent components~~FRS segment is optimized for longer product lifecycles requiring complex ramps with specialized production models and critical environments. FRS is comprised of the ~~Company~~following end markets that represent reporting units:

•Automotive, including next generation mobility, autonomous, connectivity, electrification, and smart technologies

•Health Solutions, including medical devices, medical equipment, and drug delivery

•Industrial, including capital equipment, industrial devices, and renewables and grid edge.

Table of Contents

FLEX LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Nextracker segment provides solar tracker technologies that optimize and increase energy production while reducing costs for ~~which~~significant plant return on investment:

•Nextracker, the leading provider of intelligent, integrated solar tracker and software solutions that are used in utility-scale and ground-mounted distributed generation solar projects around the world. Nextracker's products enable solar panels to follow the sun’s movement across the sky and optimize plant performance.

The determination of the separate ~~financial information~~operating and reporting segments is ~~available that is utilized on a regular basis by the CODM. These segments are determined~~ based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics. ~~Refer to note 1 to the financial statements for a description of the various product categories manufactured under each of these segments.~~

An operating segment's performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include amortization of intangibles, stock-based compensation, customer related asset recoveries, restructuring charges, ~~certain bad debt charges,~~legal and other, interest, net, other charges (income), net, and ~~interest~~equity in earnings of unconsolidated affiliates. A portion of depreciation is allocated to the respective segments, together with other general corporate, research and development and administrative expenses.

Selected financial information by segment is in the table below.


	Fiscal Year Ended March 31,
	2023		2022		2021
	(In millions)
Net sales:
Flex Agility Solutions	$	15,769	$	14,027	$	13,493
Flex Reliability Solutions	12,733		10,603		9,495
Nextracker	1,903		1,458		1,195
Intersegment eliminations	(59)		(47)		(59)
	$	30,346	$	26,041	$	24,124
Segment income and reconciliation of income before income taxes:
Flex Agility Solutions	$	694	$	605	$	449
Flex Reliability Solutions	607		546		484
Nextracker	203		90		178
Corporate and Other	(62)		(72)		(80)
Total segment income	1,442		1,169		1,031
Reconciling items:
Intangible amortization	82		68		62
Stock-based compensation	133		91		79
Customer related asset recoveries	—		—		(7)
Restructuring charges (Note 16)	27		15		101

Legal and other (1)	16		23		1
Interest, net	201		152		148
Other charges (income), net	5		(164)		16
Equity in earnings (losses) of unconsolidated affiliates	(4)		61		83
Income before income taxes	$	974	$	1,045	$	714

(1)Legal and other ~~net.~~consists of costs not directly related to core business results and may include 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 fiscal year 2023, the Company accrued for certain loss contingencies where losses are considered probable and estimable.

During the fiscal year 2022, the Company accrued for certain loss contingencies where losses are considered probable and estimable offset by a gain upon successful settlement of certain supplier claims.

Table of Contents

~~FLEXTRONICS INTERNATIONAL~~FLEX LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

~~19. SEGMENT REPORTING (Continued)~~

~~Selected financial information~~Legal and other during fiscal year 2021 primarily consists of costs accrued for certain loss contingencies where losses are considered probable and estimable, offset by ~~segment is~~a gain on the sale of real estate in the fourth quarter of fiscal year 2021 exited as ~~follows:~~a result of the disengagement of a certain customer in fiscal year 2020.

Fiscal Year Ended March 31,
2016 2015 2014
(In thousands)
Net sales:
Communications & Enterprise Compute $ 8,841,642
$ 9,191,211
$ 9,688,023
Consumer Technologies Group 6,997,526
8,940,043
9,357,635
Industrial & Emerging Industries 4,680,718
4,459,351
3,787,838
High Reliability Solutions 3,898,999
3,557,311
3,275,111
$ 24,418,885
$ 26,147,916
$ 26,108,607
Segment income and reconciliation of income before tax:
Communications & Enterprise Compute $ 265,076
$ 257,323
$ 259,329
Consumer Technologies Group 163,677
218,251
125,171
Industrial & Emerging Industries 157,588
131,956
127,085
High Reliability Solutions 294,635
227,595
221,402
Corporate and Other (89,219 ) (83,988 ) (68,475 )
Total income 791,757
751,137
664,512
Reconciling items:
Intangible amortization 65,965
32,035
28,892
Stock-based compensation 77,580
50,270
40,439
Restructuring charges (2) —
—
75,311
Bad debt charge (1) 61,006
—
—
Other charges (income), net 47,738
(53,233 ) 57,512
Interest and other, net 84,793
51,410
61,904
Income before income taxes $ 454,675
$ 670,655
$ 400,454


~~(1)~~	During fiscal year 2016, the Company incurred a charge of $61.0 million related to SunEdison which had declared bankruptcy. This charge is included in selling, general and administrative expenses in the consolidated statement of operations but is excluded from the measurement of the Company's operating segment's performance. Refer to note 2 for additional information regarding this charge.

~~(2)~~

Corporate and ~~other~~Other primarily includes corporate ~~services~~service costs that are not included in the CODM's assessment of the performance of each of the identified reporting segments.

The Company provides an overall platform of assets and services, which the segments utilize for the benefit of their various customers. The shared assets and services are contained within the Company's global manufacturing and design operations and include manufacturing and design facilities. Most of the underlying manufacturing and design assets are co-mingled in the operating campuses and are compatible to operate across segments and highly interchangeable throughout the platform. Given the highly interchangeable nature of the assets, they are not separately identified by segment nor reported by segment to the Company's CODM.

Property and equipment on a segment basis ~~is not disclosed as it~~ is not separately identified and is not internally reported by segment to the Company's ~~CODM.~~CODM as described above. During fiscal ~~year 2016, 2015~~years 2023, 2022 and ~~2014,~~2021, depreciation expense included in the ~~segment's~~segments' measure of operating performance above is as ~~follows:~~follows.

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~19. SEGMENT REPORTING (Continued)~~

Fiscal Year Ended March 31,
2016 2015 2014
(In thousands)
Depreciation expense
Communications & Enterprise Compute $ 117,710
$ 130,311
$ 131,807
Consumer Technologies Group 123,139
203,808
160,684
Industrial & Emerging Industries 72,415
64,541
55,692
High Reliability Solutions 80,935
62,831
50,296
Corporate and Other 31,530
35,334
26,359
Total depreciation expense $ 425,729
$ 496,825
$ 424,838


	Fiscal Year Ended March 31,
	2023		2022		2021
	(In millions)
Depreciation expense:
Flex Agility Solutions	$	177	$	184	$	185
Flex Reliability Solutions	217		204		210
Nextracker	4		3		2
Corporate and Other	16		18		25
Total depreciation expense	$	414	$	409	$	422

Geographic information of net sales is as follows:


	Fiscal Year Ended March 31,
	2023				2022				2021
	(In millions)
Net sales by region:
Americas	$	13,773	45	%	$	10,839	42	%	$	9,672	40	%
Asia	10,361		34	%	9,601		37	%	9,326		39	%
Europe	6,212		21	%	5,601		21	%	5,126		21	%
	$	30,346			$	26,041			$	24,124

Fiscal Year Ended March 31,
2016 2015 2014
(In thousands)
Net sales:
Asia $ 11,788,992
48 % $ 12,953,004
50 % $ 13,714,187
53 %
Americas 8,347,514
34 % 8,897,868
34 % 8,189,414
31 %
Europe 4,282,379
18 % 4,297,044
16 % 4,205,006
16 %
$ 24,418,885
$ 26,147,916
$ 26,108,607

Revenues are attributable to the country in which the product is manufactured or service is provided.

During fiscal years ~~2016, 2015~~2023, 2022 and ~~2014,~~2021, net sales generated from Singapore, the ~~principal~~ country of domicile, were approximately ~~$519.1~~$552 million, ~~$553.4~~$519 million and ~~$504.6~~$507 million, respectively.

~~During fiscal year 2016, China, Mexico, and~~The following table summarizes the ~~United States~~countries that accounted for ~~approximately 35%, 15%, and 11%~~more than 10% of ~~consolidated~~ net sales ~~respectively.~~ in fiscal years 2023, 2022, and 2021:


	Fiscal Year Ended March 31,
	2023				2022				2021
	(In millions)
Net sales by country:
Mexico	$	6,589	22	%	$	5,059	19	%	$	4,413	18	%
China	6,539		22	%	6,146		24	%	6,147		25	%
U.S.	5,020		17	%	3,690		14	%	3,648		15	%

Table of Contents

FLEX LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

No other country accounted for more than 10% of net sales for the fiscal periods presented in ~~fiscal year 2016.~~the table above.

~~During fiscal year 2015, China, Mexico,~~Geographic information of property and ~~the United States accounted for approximately 37%, 13%, and 11% of consolidated~~equipment, net ~~sales, respectively. No other country accounted for more than 10% of net sales in fiscal year 2015.~~is as follows:

During fiscal year 2014, China, Mexico, and the United States accounted for approximately 40%, 14% and 11% of consolidated net sales, respectively. No other country accounted for more than 10% of net sales in fiscal year 2014.


	As of March 31,
	2023				2022
	(In millions)
Property and equipment, net:
Americas	$	1,221	52	%	$	1,075	51	%
Asia	618		26	%	561		26	%
Europe	510		22	%	489		23	%
	$	2,349			$	2,125

As of March 31,
2016 2015
(In thousands)
Property and equipment, net:
Asia $ 1,013,317
45 % $ 997,806
48 %
Americas 886,305
39 % 782,839
37 %
Europe 358,011
16 % 311,522
15 %
$ 2,257,633
$ 2,092,167

As of March 31, ~~2016~~2023 and ~~2015,~~2022, property and equipment, net held in Singapore ~~were~~was approximately ~~$13.4~~$5 million and ~~$19.3~~$5 million, respectively.

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~19. SEGMENT REPORTING (Continued)~~

~~As of March 31, 2016, China, Mexico and~~The following table summarizes the ~~United States~~countries that accounted for ~~approximately 35%, 19% and 15%, respectively,~~more than 10% of property and equipment, ~~net.~~ net in fiscal year 2023 and 2022:


	Fiscal Year Ended March 31,
	2023				2022
	(In millions)
Property and equipment, net:
Mexico	$	763	32	%	$	626	29	%
U.S.	365		16	%	354		17	%
China	338		14	%	299		14	%

No other country accounted for more than 10% of property and equipment, net ~~as of March 31, 2016.~~

~~As of March 31, 2015, China, Mexico and~~for the United States accounted for approximately 37%, 17% and 15%, respectively, of consolidated property and equipment, net. No other country accounted for more than 10% of property and equipment, net as of March 31, 2015.

~~20. SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONSOLIDATED FINANCIAL STATEMENTS~~

Flextronics International Ltd. ("Parent") has three tranches of Notes of $500 million, $500 million and $600 million, respectively, each outstanding, which mature on February 15, 2020, February 15, 2023 and June 15, 2025, respectively. These notes are senior unsecured obligations, and are guaranteed, fully and unconditionally, jointly and severally, on an unsecured basis, by certain of the Company's 100% owned subsidiaries (the "guarantor subsidiaries"). These subsidiary guarantees will terminate upon 1) a sale or other disposition of the guarantor or the sale or disposition of all or substantially all the assets of the guarantor (other than to the Parent or a subsidiary); 2) such guarantor ceasing to be a guarantor or a borrower under the Company's Term Loan Agreement and the Revolving Line of Credit; 3) defeasance or discharge of the Notes, as providedfiscal periods presented in the ~~Notes indenture; or 4) if at any time the notes are rated investment grade.~~

In lieu of providing separate financial statements for the guarantor subsidiaries, the Company has included the accompanying condensed consolidating financial statements, which are presented using the equity method of accounting. The principal elimination entries relate to investment in subsidiaries and intercompany balances and transactions, including transactions with the Company's non-guarantor subsidiaries.

During the year ended March 31, 2016, and in conjunction with the new $600 million Notes, a new entity was added as a guarantor subsidiary for all three tranches of the Notes. Accordingly, the Company recast the condensed consolidating financial statements presented below to reflect this change.

table above.

Table of Contents

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~20. SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~Condensed Consolidating Balance Sheets as of March 31, 2016~~

Parent Guarantor
Subsidiaries Non-Guarantor
Subsidiaries Eliminations Consolidated
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 734,869
$ 148,201
$ 724,500
$ —
$ 1,607,570
Accounts receivable —
729,331
1,315,426
—
2,044,757
Inventories —
1,482,410
2,009,246
—
3,491,656
Inter company receivable 9,105,728
5,568,392
12,404,722
(27,078,842 ) —
Other current assets 2,951
180,842
987,350
—
1,171,143
Total current assets 9,843,548
8,109,176
17,441,244
(27,078,842 ) 8,315,126
Property and equipment, net —
553,072
1,704,561
—
2,257,633
Goodwill and other intangible assets, net 175
60,895
1,284,750
—
1,345,820
Other assets 2,249,145
267,034
2,004,437
(4,054,214 ) 466,402
Investment in subsidiaries 2,815,426
3,014,634
18,175,348
(24,005,408 ) —
Total assets $ 14,908,294
$ 12,004,811
$ 40,610,340
$ (55,138,464 ) $ 12,384,981
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank borrowings and current portion of long-term debt $ 58,836
$ 946
$ 5,384
$ —
$ 65,166
Accounts payable —
1,401,835
2,846,457
—
4,248,292
Accrued payroll —
114,509
239,038
—
353,547
Inter company payable 9,562,405
7,999,335
9,517,102
(27,078,842 ) —
Other current liabilities 33,008
869,470
1,002,722
—
1,905,200
Total current liabilities 9,654,249
10,386,095
13,610,703
(27,078,842 ) 6,572,205
Long term liabilities 2,683,173
2,063,988
2,514,299
(4,054,214 ) 3,207,246
Flextronics International Ltd. shareholders' equity 2,570,872
(445,272 ) 24,450,680
(24,005,408 ) 2,570,872
Noncontrolling interests —
—
34,658
—
34,658
Total shareholders' equity 2,570,872
(445,272 ) 24,485,338
(24,005,408 ) 2,605,530
Total liabilities and shareholders' equity $ 14,908,294
$ 12,004,811
$ 40,610,340
$ (55,138,464 ) $ 12,384,981

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~20. SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~Condensed Consolidating Balance Sheets as of March 31, 2015~~

Parent Guarantor
Subsidiaries Non-Guarantor
Subsidiaries Eliminations Consolidated
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 608,971
$ 168,272
$ 851,165
$ —
$ 1,628,408
Accounts receivable —
1,208,632
1,128,883
—
2,337,515
Inventories —
1,729,593
1,759,159
—
3,488,752
Inter company receivable 6,417,410
4,759,062
10,099,057
(21,275,529 ) —
Other current assets 8,143
202,161
1,075,921
—
1,286,225
Total current assets 7,034,524
8,067,720
14,914,185
(21,275,529 ) 8,740,900
Property and equipment, net —
471,052
1,621,115
—
2,092,167
Goodwill and other intangible assets, net 475
64,830
349,870
—
415,175
Other assets 2,210,669
155,172
2,131,523
(4,092,715 ) 404,649
Investment in subsidiaries 1,799,956
1,654,226
16,640,427
(20,094,609 ) —
Total assets $ 11,045,624
$ 10,413,000
$ 35,657,120
$ (45,462,853 ) $ 11,652,891
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank borrowings and current portion of long-term debt $ 38,868
$ 917
$ 5,245
$ —
$ 45,030
Accounts payable —
1,758,305
2,802,889
—
4,561,194
Accrued payroll —
112,692
227,047
—
339,739
Inter company payable 6,559,569
7,250,235
7,465,725
(21,275,529 ) —
Other current liabilities 30,553
845,156
933,419
—
1,809,128
Total current liabilities 6,628,990
9,967,305
11,434,325
(21,275,529 ) 6,755,091
Long term liabilities 2,055,820
2,102,483
2,435,962
(4,092,715 ) 2,501,550
Flextronics International Ltd. shareholders' equity 2,360,814
(1,656,788 ) 21,751,397
(20,094,609 ) 2,360,814
Noncontrolling interests —
—
35,436
—
35,436
Total shareholders' equity 2,360,814
(1,656,788 ) 21,786,833
(20,094,609 ) 2,396,250
Total liabilities and shareholders' equity $ 11,045,624
$ 10,413,000
$ 35,657,120
$ (45,462,853 ) $ 11,652,891

~~Condensed Consolidating Statements of Operations for Fiscal Year Ended March 31, 2016~~

Parent Guarantor
Subsidiaries Non-Guarantor
Subsidiaries Eliminations Consolidated
(in thousands)
Net sales $ —
$ 16,841,405
$ 19,286,221
$ (11,708,741 ) $ 24,418,885
Cost of sales —
15,278,265
19,241,300
(11,708,741 ) 22,810,824
Gross profit —
1,563,140
44,921
—
1,608,061
Selling, general and administrative expenses —
330,194
624,696
—
954,890
Intangible amortization 300
3,598
62,067
—
65,965
Interest and other, net (191,859 ) 1,016,302
(691,912 ) —
132,531
Income (loss) before income taxes 191,559
213,046
50,070
—
454,675
Provision for income taxes 26
(41,584 ) 52,152
—
10,594
Equity in earnings in subsidiaries 252,548
(168,886 ) 397,831
(481,493 ) —
Net income $ 444,081
$ 85,744
$ 395,749
$ (481,493 ) $ 444,081

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~20. SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~Condensed Consolidating Statements of Operations for Fiscal Year Ended March 31, 2015~~

Parent Guarantor
Subsidiaries Non-Guarantor
Subsidiaries Eliminations Consolidated
(in thousands)
Net sales $ —
$ 19,016,750
$ 19,543,163
$ (12,411,997 ) $ 26,147,916
Cost of sales —
17,502,863
19,511,710
(12,411,997 ) 24,602,576
Gross profit —
1,513,887
31,453
—
1,545,340
Selling, general and administrative expenses —
258,212
586,261
—
844,473
Intangible amortization 300
3,808
27,927
—
32,035
Interest and other, net 10,086
901,059
(912,968 ) —
(1,823 )
Income (loss) before income taxes (10,386 ) 350,808
330,233
—
670,655
Provision for income taxes —
14,143
55,711
—
69,854
Equity in earnings in subsidiaries 611,187
(141,074 ) 471,575
(941,688 ) —
Net income $ 600,801
$ 195,591
$ 746,097
$ (941,688 ) $ 600,801

~~Condensed Consolidating Statements of Operations for Fiscal Year Ended March 31, 2014~~

Parent Guarantor
Subsidiaries Non-Guarantor
Subsidiaries Eliminations Consolidated
(in thousands)
Net sales $ —
$ 18,393,436
$ 21,569,406
$ (13,854,235 ) $ 26,108,607
Cost of sales —
16,961,211
21,502,762
(13,854,235 ) 24,609,738
Restructuring charges —
9,609
49,039
—
58,648
Gross profit —
1,422,616
17,605
—
1,440,221
Selling, general and administrative expenses —
250,909
623,887
—
874,796
Intangible amortization 300
4,659
23,933
—
28,892
Restructuring charges 800
(271 ) 16,134
—
16,663
Interest and other, net (502,028 ) 875,119
(253,675 ) —
119,416
Income (loss) before income taxes 500,928
292,200
(392,674 ) —
400,454
Provision for income taxes 52
42,950
(8,142 ) —
34,860
Equity in earnings in subsidiaries (135,282 ) (262,871 ) 368,268
29,885
—
Net income (loss) $ 365,594
$ (13,621 ) $ (16,264 ) $ 29,885
$ 365,594

~~Condensed Consolidating Statements of Comprehensive Income for Fiscal Year Ended March 31, 2016~~

Parent Guarantor
Subsidiaries Non-Guarantor
Subsidiaries Eliminations Consolidated
(in thousands)
Net income $ 444,081
$ 85,744
$ 395,749
$ (481,493 ) $ 444,081
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax 17,846
(16,979 ) (15,735 ) 32,714
17,846
Unrealized loss on derivative instruments and other, net of zero tax 26,744
15,195
26,744
(41,939 ) 26,744
Comprehensive income $ 488,671
$ 83,960
$ 406,758
$ (490,718 ) $ 488,671

~~100~~

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~20. SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~Condensed Consolidating Statements of Comprehensive Income for Fiscal Year Ended March 31, 2015~~

Parent Guarantor
Subsidiaries Non-Guarantor
Subsidiaries Eliminations Consolidated
(in thousands)
Net income $ 600,801
$ 195,591
$ 746,097
$ (941,688 ) $ 600,801
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax (18,932 ) 256,652
221,418
(478,070 ) (18,932 )
Unrealized loss on derivative instruments and other, net of zero tax (35,417 ) (33,769 ) (35,417 ) 69,186
(35,417 )
Comprehensive income $ 546,452
$ 418,474
$ 932,098
$ (1,350,572 ) $ 546,452

~~Condensed Consolidating Statements of Comprehensive Income for Fiscal Year Ended March 31, 2014~~

Parent Guarantor
Subsidiaries Non-Guarantor
Subsidiaries Eliminations Consolidated
(in thousands)
Net income (loss) $ 365,594
$ (13,621 ) $ (16,264 ) $ 29,885
$ 365,594
Other comprehensive loss:
Foreign currency translation adjustments, net of zero tax (34,683 ) (89,282 ) (89,635 ) 178,917
(34,683 )
Unrealized loss on derivative instruments and other, net of zero tax (13,992 ) (5,221 ) (13,993 ) 19,214
(13,992 )
Comprehensive income (loss) $ 316,919
$ (108,124 ) $ (119,892 ) $ 228,016
$ 316,919

~~101~~

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~20. SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~Condensed Consolidating Statements of Cash Flows for Fiscal Year Ended March 31, 2016~~

Parent Guarantor
Subsidiaries Non-Guarantor
Subsidiaries Eliminations Consolidated
(In thousands)
Net cash provided by operating activities $ 162,275
$ 427,259
$ 546,911
$ —
$ 1,136,445
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal —
(151,383 ) (345,584 ) 9
(496,958 )
Acquisition and divestiture of businesses, net of cash acquired and cash held in divested business
—
(809,272 ) (101,515 ) —
(910,787 )
Investing cash flows to affiliates (1,596,210 ) (1,609,342 ) (1,408,610 ) 4,614,162
—
Other investing activities, net (500 ) (31,011 ) 42,880
—
11,369
Net cash used in investing activities (1,596,710 ) (2,601,008 ) (1,812,829 ) 4,614,171
(1,396,376 )
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt 824,618
—
60,084
—
884,702
Repayments of bank borrowings and long-term debt and capital lease obligations (179,920 ) (3,059 ) (7,242 )

(190,221 )
Payments for repurchases of ordinary shares (420,317 ) —
—
—
(420,317 )
Proceeds from exercise of stock options 61,278
—
—
—
61,278
Financing cash flows from affiliates 1,240,145
2,162,840
1,211,186
(4,614,171 ) —
Other financing activities, net —
(8,800 ) (77,000 ) —
(85,800 )
Net cash provided by financing activities 1,525,804
2,150,981
1,187,028
(4,614,171 ) 249,642
Effect of exchange rates on cash and cash equivalents 34,529
2,697
(47,775 ) —
(10,549 )
Net increase (decrease) in cash and cash equivalents 125,898
(20,071 ) (126,665 ) —
(20,838 )
Cash and cash equivalents, beginning of period 608,971
168,272
851,165
—
1,628,408
Cash and cash equivalents, end of period $ 734,869
$ 148,201
$ 724,500
$ —
$ 1,607,570

~~102~~

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~20. SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~Condensed Consolidating Statements of Cash Flows for Fiscal Year Ended March 31, 2015~~

Parent Guarantor
Subsidiaries Non-Guarantor
Subsidiaries Eliminations Consolidated
(In thousands)
Net cash provided by (used in) operating activities $ (73,356 ) $ 75,775
$ 791,615
$ —
794,034
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal —
(85,876 ) (153,833 ) (15 ) (239,724 )
Acquisition and divestiture of businesses, net of cash acquired and cash held in divested business
—
(20,589 ) (46,265 ) —
(66,854 )
Investing cash flows from (to) affiliates (1,703,983 ) (1,900,810 ) 796,493
2,808,300
—
Other investing activities, net (1,500 ) (13,821 ) 79,683
—
64,362
Net cash provided by (used in) investing activities (1,705,483 ) (2,021,096 ) 676,078
2,808,285
(242,216 )
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt 303,000
4,737
11,805
—
319,542
Repayments of bank borrowings and long-term debt and capital lease obligations (335,500 ) (3,127 ) (5,529 ) —
(344,156 )
Payments for early repurchase of long-term debt —
—
—
—
—
Payments for repurchases of ordinary shares (415,945 ) —
—
—
(415,945 )
Proceeds from exercise of stock options 23,497
—
11
—
23,508
Financing cash flows from (to) affiliates 2,420,952
1,904,164
(1,516,831 ) (2,808,285 ) —
Other financing activities, net —
—
(98,966 ) —
(98,966 )
Net cash provided by (used in) financing activities 1,996,004
1,905,774
(1,609,510 ) (2,808,285 ) (516,017 )
Effect of exchange rates on cash and cash equivalents (246,908 ) (2,643 ) 248,430
—
(1,121 )
Net increase (decrease) in cash and cash equivalents (29,743 ) (42,190 ) 106,613
—
34,680
Cash and cash equivalents, beginning of period 638,714
210,462
744,552
—
1,593,728
Cash and cash equivalents, end of period $ 608,971
$ 168,272
$ 851,165
$ —
$ 1,628,408

~~103~~

~~Table of Contents~~

~~FLEXTRONICS INTERNATIONAL LTD.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~20. SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONSOLIDATED FINANCIAL STATEMENTS (Continued)~~

~~Condensed Consolidating Statements of Cash Flows for Fiscal Year Ended March 31, 2014~~

Parent Guarantor
Subsidiaries Non-Guarantor
Subsidiaries Eliminations Consolidated
(In thousands)
Net cash provided by (used in) operating activities $ 459,748
$ (126,813 ) $ 882,974
$ 551
1,216,460
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal —
(222,197 ) (292,221 ) (585 ) (515,003 )
Acquisition and divestiture of businesses, net of cash acquired and cash held in divested business —
(61,587 ) (171,845 ) —
(233,432 )
Investing cash flows from (to) affiliates 35,262
(1,237,006 ) (1,075,938 ) 2,277,682
—
Other investing activities, net —
(10,842 ) (24,655 ) —
(35,497 )
Net cash provided by (used in) investing activities 35,262
(1,531,632 ) (1,564,659 ) 2,277,097
(783,932 )
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt 1,066,359
277
17
—
1,066,653
Repayments of bank borrowings and long-term debt and capital lease obligations (492,034 ) (525 ) (45,021 ) —
(537,580 )
Payments for early repurchase of long-term debt (503,423 ) (41,417 ) —
—
(544,840 )
Payments for repurchases of ordinary shares (475,314 ) —
—
—
(475,314 )
Proceeds from exercise of stock options 28,140
—
—
—
28,140
Financing cash flows from (to) affiliates (277,594 ) 1,681,559
873,683
(2,277,648 ) —
Other financing activities, net —
—
52,149
—
52,149
Net cash provided by (used in) financing activities (653,866 ) 1,639,894
880,828
(2,277,648 ) (410,792 )
Effect of exchange rates on cash and cash equivalents 57,055
2,641
(74,791 ) —
(15,095 )
Net increase (decrease) in cash and cash equivalents (101,801 ) (15,910 ) 124,352
—
6,641
Cash and cash equivalents, beginning of period 740,515
226,372
620,200
—
1,587,087
Cash and cash equivalents, end of period $ 638,714
$ 210,462
$ 744,552
$ —
$ 1,593,728

~~21. QUARTERLY FINANCIAL DATA (UNAUDITED)~~

~~The following table contains unaudited quarterly financial data for fiscal years 2016 and 2015.~~

Fiscal Year Ended March 31, 2016 Fiscal Year Ended March 31, 2015
First Second Third Fourth First Second Third Fourth

Net sales $ 5,566,248
$ 6,316,762
$ 6,763,177
$ 5,772,698
$ 6,642,745
$ 6,528,517
$ 7,025,054
$ 5,951,600
Gross profit 352,341
396,916
452,467
406,337
380,785
377,081
408,657
378,817
Net income 110,850
122,977
148,910
61,344
173,887
138,903
152,899
135,112
Earnings per share (1):
Net income:
Basic $ 0.20
$ 0.22
$ 0.27
$ 0.11
$ 0.30
$ 0.24
$ 0.26
$ 0.24
Diluted $ 0.19
$ 0.22
$ 0.27
$ 0.11
$ 0.29
$ 0.23
$ 0.26
$ 0.23


~~(1)~~	~~Earnings per share are computed independently for each quarter presented; therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year.~~

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not applicable.

ITEM 9A. CONTROLS AND PROCEDURES

(a)Evaluation of Disclosure Controls and Procedures


~~(a)~~	~~Evaluation of Disclosure Controls and Procedures~~

~~Under the supervision and~~The Company's management, with the participation of the ~~Company's management, including the Company's~~ Chief Executive Officer and Chief Financial Officer, ~~the Company~~ has evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange ~~Act)~~Act of 1934, as amended (the “Exchange Act”)) as of March 31, ~~2016.~~2023. Based on that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, ~~2016, such~~2023, the Company's disclosure controls and procedures were effective in ensuring that information required to be disclosed by the Company in reports that it files or submits under the ~~Securities~~ Exchange Act, ~~of 1934, as amended,~~ is (i) recorded, processed, summarized and reported within the time periods specified in the ~~Securities and Exchange Commission's~~SEC's rules and forms and (ii) accumulated and communicated to our management, including our ~~principal executive~~Chief Executive officer and ~~principal financial officer,~~Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.


~~(b)~~	~~Management's Annual Report on Internal Control over Financial Reporting~~

(b)Management's Annual Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule ~~13a- 15(f)~~13a-15(f) under the ~~Securities~~ Exchange Act of 1934, as amended. As of March 31, 2016, under the supervision and with the participation of management, including the Company's Chief Executive Officer and Chief Financial Officer, an evaluation was conducted of the effectiveness of the Company's internalAct. Internal control over financial reporting ~~based~~consists of policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) are designed and operated to provide reasonable assurance regarding the reliability of the Company's financial reporting and the Company's process for the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the ~~framework in~~ ~~Internal Control—Integrated Framework (2013)~~ ~~issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on that evaluation, management concluded that the Company's internal control over~~ financial ~~reporting was effective as of March 31, 2016.~~

statements. Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements or prevent or detect instances of fraud. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls may be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

~~Management's annual assessment~~As of March 31, 2023, under the supervision and with the participation of management, including the Company's Chief Executive Officer and Chief Financial Officer, an evaluation was conducted of the effectiveness of ~~our~~the Company's internal control over financial reporting asbased on the framework in Internal Control—Integrated Framework (2013) issued by the Committee of ~~March 31, 2016 excluded~~Sponsoring Organizations of the Treadway Commission ("COSO"). Based on that evaluation, management concluded that the Company's internal control over financial reporting was effective as of ~~eight of our acquisitions that were completed during the year ended~~ March 31, ~~2016, which constitute, in the aggregate, 5% of total assets and 3% of net sales~~2023.

(c)Attestation Report of the ~~consolidated financial statements amount as of, and for the fiscal year ended March 31, 2016.~~Registered Public Accounting Firm


~~(c)~~	~~Attestation Report of the Registered Public Accounting Firm~~

The effectiveness of the Company's internal control over financial reporting as of March 31, ~~2016~~2023 has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which appears in this Item under the heading "Report of Independent Registered Public Accounting Firm."


~~(d)~~	~~Changes in Internal Control Over Financial Reporting~~

(d)Changes in Internal Control Over Financial Reporting

There were no changes in ~~the Company's~~our internal ~~controls~~control over financial reporting that occurred during the ~~year~~fourth quarter ended March 31, ~~2016~~2023 that ~~have~~ materially affected, or are reasonably likely to materially affect, ~~its~~our internal ~~controls~~control over financial reporting.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and ~~Stockholders~~the Shareholders of

~~Flextronics International~~ Flex Ltd.

, Singapore

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of ~~Flextronics International~~Flex Ltd. and subsidiaries (the "Company") as of March 31, ~~2016,~~2023, based on criteria established in Internal Control - —Integrated Framework (2013)issued by the Committee of Sponsoring Organizations of the Treadway ~~Commission. As described~~Commission (COSO). In our opinion, the Company maintained, in ~~Management’s Annual Report on Internal Control over Financial Reporting, management excluded from its assessment the~~all material respects, effective internal control over financial reporting as of ~~eight acquisitions that were completed during~~March 31, 2023, based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended March 31, ~~2016, which constitute, in aggregate, 5% of total assets and 3% of net sales~~2023 of the ~~consolidated~~Company and our report dated May 19, 2023, expressed an unqualified opinion on those financial ~~statement amounts as of and~~statements.

Basis for ~~the fiscal year ended March 31, 2016. Accordingly, our audit did not include the internal control over financial reporting of eight acquisitions.~~ Opinion

The ~~Company's~~Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the ~~Company's~~Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the ~~Public Company Accounting Oversight Board (United States).~~PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A ~~company's~~company’s internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A ~~company's~~company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the ~~company's~~company’s assets that could have a material effect on the financial statements.

Because of ~~the~~its inherent limitations, of internal control over financial reporting, ~~including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud~~ may not ~~be prevented~~prevent or ~~detected on a timely basis.~~detect misstatements. Also, projections of any evaluation of ~~the~~ effectiveness ~~of the internal control over financial reporting~~ to future periods are subject to the risk that ~~the~~ controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

~~In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2016, based on the criteria established in~~ ~~Internal Control - Integrated Framework(2013)~~ ~~issued by the Committee of Sponsoring Organizations of the Treadway Commission.~~

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements as of and for the year ended March 31, 2016, of the Company and our report dated May 20, 2016 expressed an unqualified opinion on those financial statements.

/s/ DELOITTE & TOUCHE LLP

San Jose, California

May ~~20, 2016~~19, 2023

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ITEM 9B. OTHER INFORMATION

Not applicable.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Information with respect to this item may be found in ~~our~~the Company's definitive proxy statement to be delivered to shareholders in connection with ~~our 2016~~the Company's 2023 Annual General Meeting of Shareholders. Such information is incorporated by reference.

ITEM 11. EXECUTIVE COMPENSATION

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES (Deloitte & Touche LLP, PCAOB ID: 34)

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)Documents filed as part of this annual report on Form 10-K:


~~(a)~~	~~Documents filed as part of this annual report on Form 10-K:~~

1. Financial Statements. See Item 8, "Financial Statements and Supplementary Data."

2. Financial Statement Schedules. "Schedule II—Valuation and Qualifying Accounts" is included in the financial statements, see Concentration of Credit Risk in Note 2, "Summary of Accounting Policies" of the Notes to Consolidated Financial Statements in Item 8, "Financial Statements and Supplementary Data."

3. Exhibits. Reference is made to Item 15(b) below.

(b) Exhibits. The ~~following exhibits are filed with~~Exhibit Index, which immediately precedes the signature page to this annual report on Form ~~10-K:~~10-K, is incorporated by reference into this annual report on Form 10-K.

ITEM 16. FORM 10-K SUMMARY

None

EXHIBIT INDEX


			Incorporated by Reference
Exhibit No.	Exhibit	Form	File No.	Filing Date	Exhibit No.	Filed Herewith
3.01	Constitution of the Registrant (incorporating all amendments as at August 20, 2019)	10-Q	000-23354	10/30/2019	3.01
4.01	Indenture, dated as of June 8, 2015, by and between the Registrant, the Guarantors party thereto and U.S. Bank National Association, as Trustee	8-K	000-23354	6/8/2015	4.1
4.02	Form of 4.750% Note due 2025 (included in Exhibit 4.01)	8-K	000-23354	6/8/2015	4.1
4.03	First Supplemental Indenture, dated as of September 11, 2015, among the Registrant, the Guarantor party thereto and U.S. Bank National Association, as Trustee, related to the Registrant’s 4.750% Notes due 2025	S-4	333-207067	9/22/2015	4.04
4.04	Indenture, dated as of June 6, 2019, by and between the Company and U.S. Bank National Association, as trustee	8-K	000-23354	6/6/2019	4.1
4.05	First Supplemental Indenture, dated as of June 6, 2019, by and between the Company and U.S. Bank National Association, as trustee	8-K	000-23354	6/6/2019	4.2
4.06	Form of 4.875% Global Note due 2029 (included in Exhibit 4.05)	8-K	000-23354	6/6/2019	4.3
4.07	Second Supplemental Indenture, dated as of November 7, 2019, by and between the Company and U.S. Bank National Association, as trustee	8-K	000-23354	11/7/2019	4.3
4.08	Form of 4.875% Global Note due 2029 (included in Exhibit 4.07)	8-K	000-23354	11/7/2019	4.4
4.09	Third Supplemental Indenture dated as of May 12, 2020, by and between the Company and U.S. Bank National Association, as trustee	8-K	000-23354	5/12/2020	4.2
4.10	Form of 3.750% Global Note due 2026 (included in Exhibit 4.09)	8-K	000-23354	5/12/2020	4.3
4.11	Form of 4.875% Global Note due 2030 (included in Exhibit 4.09)	8-K	000-23354	5/12/2020	4.4

100

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			Incorporated by Reference
Exhibit No.	Exhibit	Form	File No.	Filing Date	Exhibit No.	Filed Herewith
4.12	Fourth Supplemental Indenture, dated as of August 17, 2020, by and between the Company and U.S. Bank National Association, as trustee	8-K	000-23354	8/17/2020	4.3
4.13	Form of 3.750% Global Note due 2026 (included in Exhibit 4.12)	8-K	000-23354	8/17/2020	4.4
4.14	Form of 4.875% Global Note due 2030 (included in Exhibit 4.12)	8-K	000-23354	8/17/2020	4.5
4.15	Fifth Supplemental Indenture, dated as of December 7, 2022, by and between the Company and U.S. Bank Trust Company, National Association, as trustee	8-K	000-23354	12/7/2022	4.2
4.16	Form of 6.000% Global Note due 2028 (included in Exhibit 4.15)	8-K	000-23354	12/7/2022	4.3
4.17	Description of Registrant's Securities	10-K	000-23354	5/28/2020	4.14
10.01	Credit Agreement, dated as of July 19, 2022, among Flex Ltd. and certain of its subsidiaries, from time to time party thereto, as borrowers, Bank of America, N.A., as Administrative Agent, an L/C Issuer and a Swing Line Lender, and the other L/C Issuers, Swing Line Lenders and Lenders party thereto	8-K	000-23354	7/22/2022	10.01
10.02	Form of Indemnification Agreement between the Registrant and its Directors and certain officers†	10-K	000-23354	5/20/2009	10.01
10.03	Form of Indemnification Agreement between Flextronics Corporation and Directors and certain officers of the Registrant†	10-K	000-23354	5/20/2009	10.02
10.04	Nextracker Inc. 2014 Equity Incentive Plan†	S-8	333-207325	10/7/2015	99.01
10.05	Flex Ltd. Amended and Restated 2017 Equity Incentive Plan†	DEF 14A	000-23354	6/26/2020	Annex A
10.06	Form of Restricted Share Unit Award Agreement under the 2017 Equity Incentive Plan for time-based vesting awards†	10-Q	000-23354	10/30/2017	10.05
10.07	Form of Restricted Share Unit Award Agreement under the 2017 Equity Incentive Plan for time-based vesting awards (FY21)†	10-Q	000-23354	8/5/2020	10.02
10.08	Form of Restricted Share Unit Award Agreement under the 2017 Equity Incentive Plan for performance-based vesting awards (20-day trading average) (FY21)†	10-Q	000-23354	8/5/2020	10.03
10.09	Form of Restricted Share Unit Award Agreement under the Amended and Restated 2017 Equity Incentive Plan for performance-based vesting awards (FY22)†	10-Q	000.23354	7/30/2021	10.02
10.10	Form of Restricted Share Unit Award Agreement under the Amended and Restated Flex Ltd. 2017 Equity Incentive Plan for performance-based vesting awards (FY23)†	10-Q	000-23354	7/29/2022	10.03
10.11	Form of Restricted Share Unit Award Agreement under the Flex Ltd. Amended and Restated 2017 Equity Incentive Plan for Non-Employee Directors†	10-Q	000-23354	10/31/2022	10.02
10.12	2010 Flextronics International USA, Inc. Deferred Compensation Plan†	10-Q	000-23354	11/3/2010	10.04
10.13	First Amendment to Flex 2010 Deferred Compensation Plan, dated December 17, 2018†	10-Q	000-23354	10/29/2021	10.01
10.14	Second Amendment to Flex 2010 Deferred Compensation Plan, dated August 16, 2019†	10-Q	000-23354	10/29/2021	10.02

101

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Incorporated by Reference
Exhibit No. Exhibit Form File No. Filing Date Exhibit No. Filed Herewith
4.09 Registration Rights Agreement, dated as of June 8, 2015, by and between the Company, the Guarantors named therein, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and Citigroup Global Markets Inc., as representatives of the initial purchasers named therein 8-K 000-23354 6/8/2015 4.3
4.10 First Supplemental Indenture, dated as of September 11, 2015, among the Company, the Guarantor party thereto and U.S. Bank National Association, as Trustee, related to the Company’s 4.750% Notes due 2025 S-4 333-207067 9/22/2015 4.04
4.11 Term Loan Agreement, dated as of August 30, 2013, among Flextronics International Ltd., as Borrower, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Administrative Agent, Lead Arranger and Bookrunner, and the other Lenders party thereto 8-K 000-23354 9/4/2013 10.01
4.12 Amendment No. 1, dated May 21, 2014 to Term Loan Agreement dated as of August 30, 2013, among Flextronics International Ltd., as Borrower, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Administrative Agent, Lead Arranger and Bookrunner, and the other Lenders party thereto 8-K 000-23354 7/28/2014 4.01
4.13 Credit Agreement, dated as of March 31, 2014, among Flextronics International Ltd. and certain of its subsidiaries, as borrowers, Bank of America, N.A., as Administrative Agent and Swing Line Lender, and the other Lenders party thereto 8-K 000-23354 4/1/2014 10.01
4.14 Amendment No. 1, dated as of September 30, 2015, to Credit Agreement, dated as of March 31, 2014, among Flextronics International Ltd. and certain of its subsidiaries, as borrowers, Bank of America, N.A., as Administrative Agent and Swing Line Lender, and the other Lenders party thereto 10-Q 000-23354 2/1/2016 4.01
10.01 Form of Indemnification Agreement between the Registrant and its Directors and certain officers.† 10-K 000-23354 5/20/2009 10.10
10.02 Form of Indemnification Agreement between Flextronics Corporation and Directors and certain officers of the Registrant.† 10-K 000-23354 5/20/2009 10.20
10.03 Flextronics International Ltd. 2001 Equity Incentive Plan, as amended.† 10-Q 000-23354 11/3/2009 10.01
10.04 Registrant's 2002 Interim Incentive Plan, as amended.† 8-K 000-23354 7/14/2009 10.02
10.05 Registrant's 2004 Award Plan for New Employees, as amended.† 8-K 000-23354 7/14/2009 10.09
10.06 Flextronics International Ltd. 2010 Equity Incentive Plan.† 8-K 000-23354 7/28/2010 10.01
10.07 Form of Share Option Award Agreement under 2010 Equity Incentive Plan† 10-Q 000-23354 8/5/2010 10.02
10.08 Form of Restricted Share Unit Award Agreement under 2010 Equity Incentive Plan† 10-Q 000-23354 8/5/2010 10.03
10.09 Flextronics International USA, Inc. Third Amended and Restated 2005 Senior Management Deferred Compensation Plan† 10-Q 000-23354 2/5/2009 10.02


			Incorporated by Reference
Exhibit No.	Exhibit	Form	File No.	Filing Date	Exhibit No.	Filed Herewith
10.15	Third Amendment to Flex 2010 Deferred Compensation Plan, dated June 3, 2020†	10-Q	000-23354	10/29/2021	10.03
10.16	Form of Award Agreement under 2010 Deferred Compensation Plan†	10-Q	000-23354	7/30/2012	10.01
10.17	Form of 2010 Deferred Compensation Plan Award Agreement (performance targets, cliff vesting)†	10-Q	000-23354	8/2/2013	10.02
10.18	Form of 2010 Deferred Compensation Plan Award Agreement (non-performance, periodic vesting, continuing Participant)†	10-Q	000-23354	8/2/2013	10.03
10.19	Award Agreement under the 2010 Deferred Compensation Plan†	10-Q	000-23354	7/28/2014	10.01
10.20	Form of Addendum Award Agreement under the 2010 Deferred Compensation Plan (FY21)†	10-Q	000-23354	1/29/2021	10.02
10.21	Summary of Directors' Compensation†	10-Q	000-23354	10/30/2017	10.02
10.22	Summary of Compensation Arrangements of Certain Executive Officers of Flex Ltd.†	10-Q	000-23354	7/29/2022	10.02
10.23	Executive Incentive Compensation Recoupment Policy†	10-Q	000-23354	8/5/2010	10.06
10.24	Flex Ltd. Executive Severance Plan†	10-K	000-23354	5/21/2019	10.27
10.25	Revathi Advaithi Offer Letter, dated February 7, 2019†	10-K	000-23354	5/21/2019	10.29
10.26	Scott Offer Amended Offer Letter, dated as of January 27, 2019†	10-K	000-23354	5/28/2020	10.29
10.27	Paul R. Lundstrom Offer Letter, dated August 5, 2020†	10-Q	000-23354	11/2/2020	10.02
10.28	Description of Annual Incentive Bonus Plan for Fiscal Year 2023†	10-Q	000-23354	7/29/2022	10.01
10.29	Second Amended and Restated 2022 Nextracker Inc. Equity Incentive Plan†	S-1	333-269238	1/13/2023	10.10
10.30	Agreement and Plan of Merger, by and among Flex Ltd., Yuma, Inc., Nextracker Inc. and Yuma Acquisition Corp, dated as of February 7, 2023	8-K	000-23354	2/13/2023	10.1
10.31	Registration Rights Agreement, by and among Nextracker Inc., Yuma, Inc., Yuma Subsidiary, Inc., TPG Rise Flash, L.P. and the Holders party thereto, dated as of February 13, 2023	8-K	000-23354	2/13/2023	10.2
21.01	Subsidiaries of Registrant					X
23.01	Consent of Deloitte & Touche LLP					X
24.01	Power of Attorney (included on the signature page to this Form 10-K)					X
31.01	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act					X
31.02	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act					X
32.01	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350*					X
101.INS	Inline XBRL Instance Document					X
101.SCH	Inline XBRL Taxonomy Extension Scheme Document					X
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document					X
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document					X

102

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Incorporated by Reference
Exhibit No. Exhibit Form File No. Filing Date Exhibit No. Filed Herewith
10.10 Flextronics International USA, Inc. Third Amended and Restated Senior Executive Deferred Compensation Plan† 10-Q 000-23354 2/5/2009 10.01
10.11 Summary of Directors' Compensation† 10-K 000-23354 5/21/2015 10.16
10.12 Solectron Corporation 2002 Stock Plan, as amended.† 10-Q 000-23354 11/3/2009 10.02
10.13 Executive Incentive Compensation Recoupment Policy† 10-Q 000-23354 8/5/2010 10.06
10.14 Francois Barbier Offer Letter, dated as of July 1, 2010† 8-K 000-23354 9/3/2010 10.01
10.15 Francois Barbier Relocation Expenses Addendum, dated as of March 5, 2013† 10-K 000-23354 5/28/2013 10.27
10.16 Francois Barbier Confirmation Date Letter, dated as of August 30, 2010† 8-K 000-23354 9/3/2010 10.03
10.17 2010 Flextronics International USA, Inc. Deferred Compensation Plan† 10-Q 000-23354 11/3/2010 10.04
10.18 Form of Restricted Stock Unit Award Under 2010 Equity Incentive Plan† 10-Q 000-23354 8/9/2011 10.01
10.19 Form of Amendment to certain senior executive Restricted Share Unit Agreements under the 2010 Equity Incentive Plan† 10-Q 000-23354 2/4/2013 10.02
10.20 Form of Restricted Share Unit Award Agreement under the 2010 Equity Incentive Plan for certain performance based awards† 10-Q 000-23354 2/4/2013 10.03
10.21 Form of Award Agreement under 2010 Deferred Compensation Plan† 10-Q 000-23354 7/30/2012 10.01
10.22 Compensation Arrangements of Certain Executive Officers of Flextronics International Ltd.† 10-K 000-23354 5/21/2015 10.29
10.23 Form of Restricted Share Unit Award Agreement under the 2010 Equity Incentive Plan for time-based vesting awards† 10-Q 000-23354 11/1/2013 10.02
10.24 Form of Performance-Based Restricted Stock Unit Award (S&P500/Extended EMS Group)† 10-Q 000-23354 8/2/2013 10.01
10.25 Form of 2010 Deferred Compensation Plan Award Agreement (performance targets, cliff vesting)† 10-Q 000-23354 8/2/2013 10.02
10.26 Form of 2010 Deferred Compensation Plan Award Agreement (non-performance, periodic vesting, continuing Participant)† 10-Q 000-23354 8/2/2013 10.03
10.27 Award Agreement under the 2010 Deferred Compensation Plan† 10-Q 000-23354 7/28/2014 10.01
10.28 Form of Restricted Share Unit Award Agreement under the 2010 Equity Incentive Plan for certain executive fiscal year 2015 performance-based awards† 10-Q 000-23354 10/30/2014 10.01
10.29 Form of Restricted Share Unit Award Agreement under the 2010 Equity Incentive Plan for CEO FY15 performance-based award† 10-Q 000-23354 10/30/2014 10.01
10.30 Description of Annual Bonus Incentive Plan for Fiscal 2016† 10-Q 000-23354 7/27/2015 10.01
10.31 Description of Performance Long Term Incentive Plan for Fiscal 2016† 10-Q 000-23354 7/27/2015 10.02
10.32 Nextracker Inc. 2014 Equity Incentive Plan† S-8 333-207325 10/7/2015 99.01

Incorporated by Reference
Exhibit No. Exhibit Form File No. Filing Date Exhibit No. Filed Herewith
10.33 Form of Elementum Holding Ltd. Restricted Share Purchase Agreement† 10-Q 000-23354 10/26/2015 10.02
21.01 Subsidiaries of Registrant. X
23.01 Consent of Deloitte & Touche LLP. X
24.01 Power of Attorney (included on the signature page to this Form 10-K) X
31.01 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act X
31.02 Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act X
32.01 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350* X
101.INS XBRL Instance Document X
101.SCH XBRL Taxonomy Extension Scheme Document X
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document X
101.DEF XBRL Taxonomy Extension Definition Linkbase Document X
101.LAB XBRL Taxonomy Extension Label Linkbase Document X
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document X

~~This exhibit is furnished with this Annual Report on Form 10-K, is not deemed filed with the Securities and Exchange Commission, and is not incorporated~~

Incorporated by reference into any filing of Flextronics International Ltd. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing.Reference

†Exhibit No.

~~Management contract, compensatory plan or arrangement.~~

Exhibit

Form

File No.

Filing Date

Exhibit No.

Filed Herewith

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)

*This exhibit is furnished with this Annual Report on Form 10-K, is not deemed filed with the Securities and Exchange Commission, and is not incorporated by reference into any filing of Flex Ltd. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing.

†Management contract, compensatory plan or arrangement.

103

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SIGNATURES

Pursuant to the requirement of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.



	~~Flextronics International~~Flex Ltd.
Date: May 19, 2023	By:	/s/ ~~MICHAEL M. MCNAMARA~~REVATHI ADVAITHI
		~~Michael M. McNamara~~Revathi Advaithi Chief Executive Officer

104

~~Date: May 20, 2016~~

Table of Contents

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints jointly and severally, ~~Michael M. McNamara~~Revathi Advaithi and ~~Christopher Collier~~Paul R. Lundstrom and each one of them, her or his attorneys-in-fact, each with the power of substitution, for her or him in any and all capacities, to sign any and all amendments to this Report, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said ~~attorneys- in-fact,~~attorneys-in-fact, or her or his substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.



~~Signature~~	~~Title~~	~~Date~~

~~/s/ MICHAEL M. MCNAMARA~~	~~Chief Executive Officer and Director (Principal Executive Officer)~~	~~May 20, 2016~~
~~Michael M. McNamara~~

~~/s/ CHRISTOPHER COLLIER~~	~~Chief Financial Officer (Principal Financial Officer)~~	~~May 20, 2016~~
~~Christopher Collier~~

~~/s/ DAVID BENNETT~~	~~Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)~~	~~May 20, 2016~~
~~David Bennett~~

~~/s/ H. RAYMOND BINGHAM~~	~~Chairman of the Board~~	~~May 20, 2016~~
~~H. Raymond Bingham~~

~~/s/ MICHAEL D. CAPELLAS~~	~~Director~~	~~May 20, 2016~~
~~Michael D. Capellas~~

~~/s/ MARC A. ONETTO~~	~~Director~~	~~May 20, 2016~~
~~Marc A. Onetto~~

~~/s/ DANIEL H. SCHULMAN~~	~~Director~~	~~May 20, 2016~~
~~Daniel H. Schulman~~

~~/s/ WILLY SHIH, PH.D.~~	~~Director~~	~~May 20, 2016~~
~~Willy Shih, Ph.D.~~

~~/s/ LAY KOON TAN~~	~~Director~~	~~May 20, 2016~~
~~Lay Koon Tan~~

~~/s/ WILLIAM D. WATKINS~~	~~Director~~	~~May 20, 2016~~
~~William D. Watkins~~

~~/s/ LAWRENCE A. ZIMMERMAN~~	~~Director~~	~~May 20, 2016~~
~~Lawrence A. Zimmerman~~

~~EXHIBIT INDEX~~

Incorporated by Reference
Exhibit No. Exhibit Form File No. Filing Date Exhibit No. Filed Herewith
3.01 Memorandum of Association, as amended 10-K 000-23354 5/29/2007 3.01
3.02 Amended and Restated Articles of Association of Flextronics International Ltd. 8-K 000-23354 10/11/2006 3.01
4.01 Indenture, dated as of February 20, 2013, by and between the Company, the Guarantors party thereto and U.S. Bank National Association, as Trustee. 8-K 000-23354 2/22/2013 4.01
4.02 Form of 4.625% Note due 2020 8-K 000-23354 2/22/2013 4.02
4.03 Form of 5.000% Note due 2023 8-K 000-23354 2/22/2013 4.03
4.04 First Supplemental Indenture, dated as of March 28, 2013, among the Company, the Guarantor party thereto and U.S. Bank National Association, as Trustee, to the Indenture, dated as of February 20, 2013, by and between the Company, the Guarantors party thereto and U.S. Bank National Association, as Trustee, related to the Company's 4.625% Notes due 2020 and 5.000% Notes due 2023 10-K 000-23354 5/28/2013 4.11
4.05 Second Supplemental Indenture, dated as of August 25, 2014, among the Company, the Guarantor party thereto and U.S. Bank National Association, as Trustee, to the Indenture, dated as of February 20, 2013, by and between the Company, the Guarantors party thereto and U.S. Bank National Association, as Trustee, related to the Company's 4.625% Notes due 2020 and 5.000% Notes due 2023 10-Q 000-23354 10/30/2014 4.01
4.06 Third Supplemental Indenture, dated as of September 11, 2015, among the Company, the Guarantor party thereto and U.S. Bank National Association, as Trustee, related to the Company’s 4.625% Notes due 2020 and 5.000% Notes due 2023 S-4 333-207067 9/22/2015 4.11
4.07 Indenture, dated as of June 8, 2015, by and between the Company, the Guarantors party thereto and U.S. Bank National Association, as Trustee 8-K 000-23354 6/8/2015 4.1
4.08 Form of 4.750% Note due 2025 8-K 000-23354 6/8/2015 4.2
4.09 Registration Rights Agreement, dated as of June 8, 2015, by and between the Company, the Guarantors named therein, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and Citigroup Global Markets Inc., as representatives of the initial purchasers named therein 8-K 000-23354 6/8/2015 4.3
4.10 First Supplemental Indenture, dated as of September 11, 2015, among the Company, the Guarantor party thereto and U.S. Bank National Association, as Trustee, related to the Company’s 4.750% Notes due 2025 S-4 333-207067 9/22/2015 4.04
4.11 Term Loan Agreement, dated as of August 30, 2013, among Flextronics International Ltd., as Borrower, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Administrative Agent, Lead Arranger and Bookrunner, and the other Lenders party thereto 8-K 000-23354 9/4/2013 10.01

Incorporated by Reference
Exhibit No. Exhibit Form File No. Filing Date Exhibit No. Filed Herewith
4.12 Amendment No. 1, dated May 21, 2014 to Term Loan Agreement dated as of August 30, 2013, among Flextronics International Ltd., as Borrower, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Administrative Agent, Lead Arranger and Bookrunner, and the other Lenders party thereto 8-K 000-23354 7/28/2014 4.01
4.13 Credit Agreement, dated as of March 31, 2014, among Flextronics International Ltd. and certain of its subsidiaries, as borrowers, Bank of America, N.A., as Administrative Agent and Swing Line Lender, and the other Lenders party thereto 8-K 000-23354 4/1/2014 10.01
4.14 Amendment No. 1, dated as of September 30, 2015, to Credit Agreement, dated as of March 31, 2014, among Flextronics International Ltd. and certain of its subsidiaries, as borrowers, Bank of America, N.A., as Administrative Agent and Swing Line Lender, and the other Lenders party thereto 10-Q 000-23354 2/1/2016 4.01
10.01 Form of Indemnification Agreement between the Registrant and its Directors and certain officers.† 10-K 000-23354 5/20/2009 10.10
10.02 Form of Indemnification Agreement between Flextronics Corporation and Directors and certain officers of the Registrant.† 10-K 000-23354 5/20/2009 10.20
10.03 Flextronics International Ltd. 2001 Equity Incentive Plan, as amended.† 10-Q 000-23354 11/3/2009 10.01
10.04 Registrant's 2002 Interim Incentive Plan, as amended.† 8-K 000-23354 7/14/2009 10.02
10.05 Registrant's 2004 Award Plan for New Employees, as amended.† 8-K 000-23354 7/14/2009 10.09
10.06 Flextronics International Ltd. 2010 Equity Incentive Plan.† 8-K 000-23354 7/28/2010 10.01
10.07 Form of Share Option Award Agreement under 2010 Equity Incentive Plan† 10-Q 000-23354 8/5/2010 10.02
10.08 Form of Restricted Share Unit Award Agreement under 2010 Equity Incentive Plan† 10-Q 000-23354 8/5/2010 10.03
10.09 Flextronics International USA, Inc. Third Amended and Restated 2005 Senior Management Deferred Compensation Plan† 10-Q 000-23354 2/5/2009 10.02
10.10 Flextronics International USA, Inc. Third Amended and Restated Senior Executive Deferred Compensation Plan† 10-Q 000-23354 2/5/2009 10.01
10.11 Summary of Directors' Compensation† 10-K 000-23354 5/21/2015 10.16
10.12 Solectron Corporation 2002 Stock Plan, as amended.† 10-Q 000-23354 11/3/2009 10.02
10.13 Executive Incentive Compensation Recoupment Policy† 10-Q 000-23354 8/5/2010 10.06
10.14 Francois Barbier Offer Letter, dated as of July 1, 2010† 8-K 000-23354 9/3/2010 10.01
10.15 Francois Barbier Relocation Expenses Addendum, dated as of March 5, 2013† 10-K 000-23354 5/28/2013 10.27
10.16 Francois Barbier Confirmation Date Letter, dated as of August 30, 2010† 8-K 000-23354 9/3/2010 10.03
10.17 2010 Flextronics International USA, Inc. Deferred Compensation Plan† 10-Q 000-23354 11/3/2010 10.04

Incorporated by Reference
Exhibit No. Exhibit Form File No. Filing Date Exhibit No. Filed Herewith
10.18 Form of Restricted Stock Unit Award Under 2010 Equity Incentive Plan† 10-Q 000-23354 8/9/2011 10.01
10.19 Form of Amendment to certain senior executive Restricted Share Unit Agreements under the 2010 Equity Incentive Plan† 10-Q 000-23354 2/4/2013 10.02
10.20 Form of Restricted Share Unit Award Agreement under the 2010 Equity Incentive Plan for certain performance based awards† 10-Q 000-23354 2/4/2013 10.03
10.21 Form of Award Agreement under 2010 Deferred Compensation Plan† 10-Q 000-23354 7/30/2012 10.01
10.22 Compensation Arrangements of Certain Executive Officers of Flextronics International Ltd.† 10-K 000-23354 5/21/2015 10.29
10.23 Form of Restricted Share Unit Award Agreement under the 2010 Equity Incentive Plan for time-based vesting awards† 10-Q 000-23354 11/1/2013 10.02
10.24 Form of Performance-Based Restricted Stock Unit Award (S&P500/Extended EMS Group)† 10-Q 000-23354 8/2/2013 10.01
10.25 Form of 2010 Deferred Compensation Plan Award Agreement (performance targets, cliff vesting)† 10-Q 000-23354 8/2/2013 10.02
10.26 Form of 2010 Deferred Compensation Plan Award Agreement (non-performance, periodic vesting, continuing Participant)† 10-Q 000-23354 8/2/2013 10.03
10.27 Award Agreement under the 2010 Deferred Compensation Plan† 10-Q 000-23354 7/28/2014 10.01
10.28 Form of Restricted Share Unit Award Agreement under the 2010 Equity Incentive Plan for certain executive fiscal year 2015 performance-based awards† 10-Q 000-23354 10/30/2014 10.01
10.29 Form of Restricted Share Unit Award Agreement under the 2010 Equity Incentive Plan for CEO FY15 performance-based award† 10-Q 000-23354 10/30/2014 10.01
10.30 Description of Annual Bonus Incentive Plan for Fiscal 2016† 10-Q 000-23354 7/27/2015 10.01
10.31 Description of Performance Long Term Incentive Plan for Fiscal 2016† 10-Q 000-23354 7/27/2015 10.02
10.32 Nextracker Inc. 2014 Equity Incentive Plan† S-8 333-207325 10/7/2015 99.01
10.33 Form of Elementum Holding Ltd. Restricted Share Purchase Agreement† 10-Q 000-23354 10/26/2015 10.02
21.01 Subsidiaries of Registrant. X
23.01 Consent of Deloitte & Touche LLP. X
24.01 Power of Attorney (included on the signature page to this Form 10-K) X
31.01 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act X
31.02 Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act X
32.01 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350* X
101.INS XBRL Instance Document X
101.SCH XBRL Taxonomy Extension Scheme Document X

Signature

Title

~~Incorporated by Reference~~

Date

~~Exhibit No.~~

~~Exhibit~~

~~Form~~

~~File No.~~

~~Filing Date~~

~~Exhibit No.~~

~~Filed Herewith~~

~~101.CAL~~

~~XBRL Taxonomy Extension Calculation Linkbase Document~~

~~101.DEF~~

~~XBRL Taxonomy Extension Definition Linkbase Document~~

~~101.LAB~~

~~XBRL Taxonomy Extension Label Linkbase Document~~

~~101.PRE~~

~~XBRL Taxonomy Extension Presentation Linkbase Document~~

*/s/ REVATHI ADVAITHI

~~This exhibit is furnished with this Annual Report on Form 10-K, is not deemed filed with the Securities~~

Chief Executive Officer (Principal Executive Officer) and Exchange Commission, and is not incorporated by reference into any filing of Flextronics International Ltd. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing.Director

May 19, 2023

Revathi Advaithi

†

~~Management contract, compensatory plan or arrangement.~~

/s/ PAUL R. LUNDSTROM

Chief Financial Officer (Principal Financial Officer)

May 19, 2023

Paul R. Lundstrom

/s/ DANIEL J. WENDLER

Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)

May 19, 2023

Daniel J. Wendler

/s/ MICHAEL D. CAPELLAS

Chairman of the Board

May 19, 2023

Michael D. Capellas

/s/ JOHN D. HARRIS II

Director

May 19, 2023

John D. Harris II

/s/ MICHAEL E. HURLSTON

Director

May 19, 2023

Michael E. Hurlston

/s/ ERIN L. MCSWEENEY

Director

May 19, 2023

Erin L. McSweeney

/s/ MARC A. ONETTO

Director

May 19, 2023

Marc A. Onetto

/s/ CHARLES K. STEVENS, III

Director

May 19, 2023

Charles K. Stevens, III

/s/ MARYROSE T. SYLVESTER

Director

May 19, 2023

Maryrose T. Sylvester

/s/ LAY KOON TAN

Director

May 19, 2023

Lay Koon Tan

/s/ PATRICK J. WARD

Director

May 19, 2023

Patrick J. Ward

/s/ WILLIAM D. WATKINS

Director

May 19, 2023

William D. Watkins

~~117~~

105


~~For the fiscal year ended March 31, 2016~~Or
Or
o☐				TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



Singapore						Not Applicable
(State or other jurisdiction of incorporation or organization)						~~Not Applicable~~ (I.R.S. Employer Identification No.)
2 Changi South Lane,
Singapore						486123
(Address of registrant's principal executive offices)						~~486123~~ (Zip Code)



Class						Outstanding at May ~~11, 2016~~12, 2023
Ordinary Shares, No Par Value						~~542,802,845~~444,493,546



Document						Parts into Which Incorporated
Proxy Statement to be delivered to shareholders in connection with the Registrant's ~~2016~~2023 Annual General Meeting of Shareholders						Part III


		Page
PART I
	Forward-Looking Statements	3
Item 1.	Business	3
Item 1A.	Risk Factors	1312
Item 1B.	Unresolved Staff Comments	2531
Item 2.	Properties	2531
Item 3.	Legal Proceedings	2531
Item 4.	Mine Safety Disclosures	2531
PART II
Item 5.	Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	2632
Item 6.	~~Selected Financial Data~~Reserved	2935
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	3035
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	4649
Item 8.	Financial Statements and Supplementary Data	4851
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~104~~97
Item 9A.	Controls and Procedures	~~105~~97
Item 9B.	Other Information	~~107~~99
~~PART III~~Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	99
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	~~107~~99
Item 11.	Executive Compensation	~~107~~99
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	~~107~~99
Item 13.	Certain Relationships and Related Transactions, and Director Independence	~~107~~99
Item 14.	Principal Accountant Fees and Services	~~107~~99
PART IV
Item 15.	Exhibits and Financial Statement Schedules	~~108~~100
~~Signatures~~Item 16.	~~112~~Form 10-K Summary	100
Exhibit Index		100
Signatures		104



(Mark One)
ý☒						ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


•	~~Scope:~~ ~~Our end-to-end services,~~ ~~from sketch to scale~~^tm, include design and innovation services, engineering, logistics, and supply chain management. Our deep industry knowledge and multi-domain expertise accelerates the entire process of producing increasingly complex products for increasingly interconnected industries.


Region:			Number of Employees
Americas			69,755
Asia			68,454
Europe			33,899
Total			172,108



~~Customer~~		~~End Products~~
~~Apple~~		~~Desktop computing, power chargers, and after-market~~director-level and above, providing access to mental health and well-being services ~~for notebooks, tablets, and smart-phones~~
~~Cisco~~		~~Core routers and switches, data center, wireless and enterprise telecommunications infrastructure equipment~~
~~Ericsson~~		~~Radio base stations for Long Term Evolution and GSM infrastructure, and optical communications equipment~~
~~Fitbit Inc~~		~~Wearable electronics, digital health devices~~
~~Ford Motor Company~~		~~In-car connectivity, Lighting Products, Solenoids and Motion Control Electronics~~
~~Hewlett-Packard~~		~~Printers, storage devices, and services for computing devices~~
~~Huawei Technologies~~		~~Wireless and enterprise telecommunications infrastructure, smartphones, and optical communications equipment~~
Lenovo/Motorola*		~~Mobile communication devices, wearables and connected living devices~~
~~Microsoft~~		~~Gaming, computer peripherals, and other consumer electronics devices~~
Nokia/Alcatel-Lucent**		~~Business telecommunications systems, core routers and switches, and optical communications equipment~~


*	~~Lenovo/Motorola includes net sales from its former parent, Google, up to the point in time when Motorola Mobility was acquired by Lenovo and including net sales from Lenovo thereafter.~~


**	~~Nokia/Alcatel-Lucent includes net sales from its parent Nokia beginning with the fourth quarter of fiscal year 2016, as Nokia's acquisition of Alcatel-Lucent was closed during January 2016.~~



	High		Low
Fiscal Year Ended March 31, 2016
Fourth Quarter	$	12.06	$	9.10
Third Quarter	11.79		10.27
Second Quarter	11.56		9.90
First Quarter	12.84		11.53
Fiscal Year Ended March 31, 2015
Fourth Quarter	$	12.68	$	10.47
Third Quarter	11.35		8.75
Second Quarter	11.52		10.30
First Quarter	11.35		8.93


Period (2)	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 - February 3, 2023	770,845	$	23.33	770,845	$	919,054,492
February 4 - March 3, 2023	—	—		—	$	919,054,492
March 4 - March 31, 2023	1,222,841	$	21.25	1,222,841	$	893,066,204
Total	1,993,686			1,993,686


~~(1)~~	During the period from January 1, 2016 through March 31, 2016 all purchases were made pursuant to the program discussed below in open market transactions. All purchases were made in accordance with Rule 10b-18 under the Securities Exchange Act of 1934.


~~(1)~~	~~For fiscal years 2016, 2015 and 2014, refer to note 15 to the consolidated financial statements for further discussion.~~


~~(3)~~	~~Working capital is defined as current assets less current liabilities.~~



	Fiscal Year Ended March 31,
Segments:	2016				2015				2014
	(In thousands)
Communications & Enterprise Compute	$	8,841,642	36	%	$	9,191,211	35	%	$	9,688,023	37	%
Consumer Technologies Group	6,997,526		29	%	8,940,043		34	%	9,357,635		36	%
Industrial & Emerging Industries	4,680,718		19	%	4,459,351		17	%	3,787,838		15	%
High Reliability Solutions	3,898,999		16	%	3,557,311		14	%	3,275,111		13	%
	$	24,418,885			$	26,147,916			$	26,108,607



									Accumulated Other Comprehensive Loss
	Ordinary Shares																							Total
	Shares Outstanding		Amount			Accumulated deficit			Unrealized loss on derivative instruments and other			Foreign currency translation adjustments			Total accumulated other comprehensive loss			Total Flextronics International Ltd. Shareholders' Equity			Noncontrolling Interests			Shareholders' Equity
	(In thousands)
BALANCE AT MARCH 31, 2013	638,920		$	7,626,927		$	(5,302,688	)	$	(18,857	)	$	(58,624	)	$	(77,481	)	$	2,246,758		$	—		$	2,246,758
Repurchase of Flextronics International Ltd. ordinary shares at cost	(59,546	)	(468,847		)	—			—			—			—			(468,847		)	—			(468,847		)
Exercise of stock options	6,572		28,140			—			—			—			—			28,140			—			28,140
Issuance of Flextronics International Ltd. vested shares under share bonus awards	5,481		—			—			—			—			—			—			—			—
Issuance of subsidiary shares	—		—			—			—			—			—			—			38,650			38,650
Net income	—		—			365,594			—			—			—			365,594			(380		)	365,214
Stock-based compensation, net of tax	—		40,080			—			—			—			—			40,080			359			40,439
Total other comprehensive loss	—		—			—			(13,992		)	(34,683		)	(48,675		)	(48,675		)	—			(48,675		)
BALANCE AT MARCH 31, 2014	591,427		7,226,300			(4,937,094		)	(32,849		)	(93,307		)	(126,156		)	2,163,050			38,629			2,201,679
Repurchase of Flextronics International Ltd. ordinary shares at cost	(38,951	)	(421,687		)	—			—			—			—			(421,687		)	—			(421,687		)
Exercise of stock options	3,601		23,497			—			—			—			—			23,497			11			23,508
Issuance of Flextronics International Ltd. vested shares under share bonus awards	7,246		—			—			—			—			—			—			—			—
Issuance of subsidiary shares	—		—			—			—			—			—			—			300			300
Net income	—		—			600,801			—			—			—			600,801			(4,272		)	596,529
Stock-based compensation, net of tax	—		49,502			—			—			—			—			49,502			768			50,270
Total other comprehensive loss	—		—			—			(35,417		)	(18,932		)	(54,349		)	(54,349		)	—			(54,349		)
BALANCE AT MARCH 31, 2015	563,323		6,877,612			(4,336,293		)	(68,266		)	(112,239		)	(180,505		)	2,360,814			35,436			2,396,250
Repurchase of Flextronics International Ltd. ordinary shares at cost	(37,314	)	(412,819		)	—			—			—			—			(412,819		)	—			(412,819		)
Exercise of stock options	10,244		61,278			—			—			—			—			61,278			486			61,764
Issuance of Flextronics International Ltd. vested shares under share bonus awards	8,570		—			—			—			—			—			—			—			—
Premium on acquired equity plan	—		799			—			—			—			—			799			—			799
Net income	—		—			444,081			—			—			—			444,081			(6,715		)	437,366
Stock-based compensation, net of tax	—		72,129			—			—			—			—			72,129			5,451			77,580
Total other comprehensive income	—		—			—			26,744			17,846			44,590			44,590			—			44,590
BALANCE AT MARCH 31, 2016	544,823		$	6,598,999		$	(3,892,212	)	$	(41,522	)	$	(94,393	)	$	(135,915	)	$	2,570,872		$	34,658		$	2,605,530


	Redeemable Noncontrolling Interest		Ordinary Shares					Accumulated Other Comprehensive Loss										Total
	Amount		Shares Outstanding	Amount		Accumulated Deficit		Unrealized Gain (Loss) on Derivative Instruments And Other		Foreign Currency Translation Adjustments		Total Accumulated Other Comprehensive Loss		Total Flex Ltd. Shareholders' Equity		Noncontrolling Interest		Shareholders' Equity
			(In millions)
BALANCE AT MARCH 31, 2020	$	—	497	$	5,948	$	(2,902)	$	(82)	$	(133)	$	(215)	$	2,831	$	—	$	2,831
Repurchase of Flex Ltd. ordinary shares at cost	—		(10)	(183)		—		—		—		—		(183)		—		(183)
Issuance of Flex Ltd. vested shares under restricted share unit awards	—		5	—		—		—		—		—		—		—		—
Net income	—		—	—		613		—		—		—		613		—		613
Stock-based compensation	—		—	79		—		—		—		—		79		—		79
Total other comprehensive income	—		—	—		—		40		56		96		96		—		96
BALANCE AT MARCH 31, 2021	—		492	5,844		(2,289)		(42)		(77)		(119)		3,436		—		3,436
Sale of subsidiary's redeemable preferred units, net of transaction cost	74		—	414		—		—		—		—		414		—		414
Repurchase of Flex Ltd. ordinary shares at cost	—		(38)	(686)		—		—		—		—		(686)		—		(686)
Exercise of stock options	—		1	1		—		—		—		—		1		—		1
Issuance of Flex Ltd. vested shares under restricted share unit awards	—		6	—		—		—		—		—		—		—		—
Net income	4		—	—		936		—		—		—		936		—		936
Stock-based compensation	—		—	91		—		—		—		—		91		—		91

Total other comprehensive loss	—		—	—		—		(24)		(39)		(63)		(63)		—		(63)
BALANCE AT MARCH 31, 2022	78		461	5,664		(1,353)		(66)		(116)		(182)		4,129		—		4,129

Issuance of Nextracker common stock and related transactions	(99)		—	644		—		—		—		—		644		158		802
Payment for pre-IPO dividend to redeemable noncontrolling interest	(22)		—	—		—		—		—		—		—		—		—
Repurchase of Flex Ltd. ordinary shares at cost	—		(20)	(337)		—		—		—		—		(337)		—		(337)

Issuance of Flex Ltd. vested shares under restricted share unit awards	—		9	1		—		—		—		—		1		—		1
Net income	43		—	—		793		—		—		—		793		197		990
Stock-based compensation	—			133		—		—		—		—		133		—		133
Total other comprehensive loss	—		—	—		—		52		(64)		(12)		(12)		—		(12)
BALANCE AT MARCH 31, 2023	$	—	450	$	6,105	$	(560)	$	(14)	$	(180)	$	(194)	$	5,351	$	355	$	5,706


	Fiscal Year Ended March 31, 2023
	(In millions)
Assets
Current assets:
Cash	$	130
Accounts receivable, net	271
Contract assets	298
Inventories	138
Other current assets	35
Total current assets	872
Property and equipment, net	7
Goodwill	265
Other intangible assets, net	1
Other assets	275
Total assets	$	1,420

Liabilities
Current liabilities:
Accounts payable	$	211
Accrued expenses	60
Deferred revenue	176

Other current liabilities	49
Total current liabilities	496
Long-term debt	147
Other liabilities	280
Total liabilities	$	923


	Balance at Beginning of Year		Charges (Recoveries) to Costs and Expenses(1)		Deductions/ Write-Offs (2)		Balance at End of Year
	(In millions)
Allowance for doubtful accounts:
Year ended March 31, 2021	$	96	$	5	$	(40)	$	61
Year ended March 31, 2022	61		(3)		(2)		56
Year ended March 31, 2023	56		3		(51)		8



	Balance at Beginning of Year		Charged to Costs and Expenses		Deductions/ Write-Offs			Balance at End of Year
	(In thousands)
Allowance for doubtful accounts:
Year ended March 31, 2014	$	10,877	$	2,029	$	(7,377	)	$	5,529
Year ended March 31, 2015	$	5,529	$	650	$	(1,645	)	$	4,534
Year ended March 31, 2016	$	4,534	$	72,295	$	(12,221	)	$	64,608


	Depreciable Life (In Years)	As of March 31,							Depreciable Life (In Years)		As of March 31,
		2016			2015					2023			2022
		(In thousands)											(In millions)
Machinery and equipment	3 - 10	$	3,187,590		$	2,928,903		Machinery and equipment	2 - 10		$	3,737		$	3,540
Buildings	30	1,144,798			1,067,837			Buildings	30		1,162			1,123
Leasehold improvements	up to 30	397,340			459,926			Leasehold improvements	Shorter of lease term or useful life of the improvement		590			564
Furniture, fixtures, computer equipment and software	3 - 7	477,203			440,878
Furniture, fixtures, computer equipment and software, and other								Furniture, fixtures, computer equipment and software, and other	3 - 7		553			503
Land	—	127,927			123,633			Land	—		124			113
Construction-in-progress	—	178,851			140,786			Construction-in-progress	—		400			261
		5,513,709			5,161,963						6,566			6,104
Accumulated depreciation and amortization		(3,256,076		)	(3,069,796		)	Accumulated depreciation and amortization			(4,217)			(3,979)
Property and equipment, net		$	2,257,633		$	2,092,167		Property and equipment, net			$	2,349		$	2,125



	HRS			CTG		IEI		CEC		Total
Balance, as of March 31, 2014	$	—		$	—	$	—	$	—	$	292,758
Additions (1)	—			—		—		—		36,467
Purchase accounting adjustments (2)	—			—		—		—		8,651
Foreign currency translation adjustments	—			—		—		—		(3,393		)
Balance, as of December 31, 2014 (3)	93,990			68,234		64,221		108,038		334,483
Purchase accounting adjustments (2)	(656		)	—		—		—		(656		)
Foreign currency translation adjustments	(196		)	—		—		—		(196		)
Balance, as of March 31, 2015	93,138			68,234		64,221		108,038		333,631
Additions (1)	340,610			—		258,582		3,655		602,847
Purchase accounting adjustments (2)	125			—		—		—		125
Foreign currency translation adjustments	5,463			—		—		—		5,463
Balance, as of March 31, 2016	$	439,336		$	68,234	$	322,803	$	111,693	$	942,066


~~(2)~~	Includes adjustments based on management's estimates resulting from their review and finalization of the valuation of assets and liabilities acquired through certain business combinations completed in a period subsequent to the respective acquisition. These adjustments were not individually, nor in the aggregate, significant to the Company.


~~(3)~~	~~Goodwill is allocated to each of the reporting units based on the relative fair values assessed in conjunction with the goodwill impairment testing conducted as of January 1, 2015.~~


	As of March 31, 2023							As of March 31, 2022
	Weighted-Average Remaining Useful life (in Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
		(In millions)
Intangible assets:
Customer-related intangibles	6.5	$	373	$	(204)	$	169	$	385	$	(157)	$	228
Licenses and other intangibles	6.1	299		(152)		147		319		(136)		183
Total		$	672	$	(356)	$	316	$	704	$	(293)	$	411



	As of March 31, 2016							As of March 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Intangible assets:
Customer-related intangibles	$	223,046	$	(66,473	)	$	156,573	$	133,853	$	(80,506	)	$	53,347
Licenses and other intangibles	285,053		(37,872		)	247,181		39,985		(11,788		)	28,197
Total	$	508,099	$	(104,345	)	$	403,754	$	173,838	$	(92,294	)	$	81,544


Fiscal Year Ending March 31,	Amount
	(In millions)
2024	$	70
2025	63
2026	43
2027	36
2028	27
Thereafter	77
Total amortization expense	$	316


Lease cost	Fiscal Year Ended
	March 31, 2023		March 31, 2022



Operating lease cost	$	151	$	156


	As of March 31, 2023			As of March 31, 2022
Operating Leases:
Operating lease right of use assets	$	608		$	637

Operating lease liabilities	632			683










Weighted-average remaining lease term (In years)
Operating leases	6.6			7.1


Weighted-average discount rate
Operating leases	4.2		%	3.6		%



	~~Fiscal Year Ended~~ ~~March 31,~~
	~~2015~~
~~Expected term~~	~~6.3 years~~
~~Expected volatility~~	~~46.9%~~
~~Expected dividends~~	~~0.0%~~
~~Risk-free interest rate~~	~~2.3%~~
~~Weighted-average fair value~~	~~$4.85~~



	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number of Shares Outstanding	Weighted Average Remaining Contractual Life (In Years)	Weighted Average Exercise Price		Number of Shares Exercisable	Weighted Average Remaining Contractual Life (In Years)	Weighted Average Exercise Price
$1.94 - $5.75	1,148,421	0.40	$	5.55	1,148,421	0.40	$	5.55
$5.87 - $7.07	40,002	1.55	6.55		37,521	1.41	6.54
$7.08 - $10.59	323,646	1.76	8.25		323,646	1.76	8.25
$10.67 - $11.41	549,067	0.34	11.23		541,439	0.27	11.23
$11.53 - $13.98	273,500	0.50	13.37		273,500	0.50	13.37
$14.34 - $23.02	35,000	0.42	15.95		35,000	0.42	15.95
$1.94 - $23.02	2,369,636	0.60	$	8.31	2,359,527	0.59	$	8.30
Options vested and expected to vest	2,368,361	0.60	$	8.31


	Targeted number of awards as of March 31, 2023 (in shares)				Range of shares that may be issued (1)
		Average grant date fair value (per share)
				Assessment dates
Year of grant					Minimum	Maximum
Fiscal 2023	533,946	$	23.45		—	1,067,892	June 2025
Fiscal 2022	378,588	25.86			—	757,176	June 2024
Fiscal 2021	1,168,426	15.03			—	2,336,852	June 2023
Totals	2,080,960					4,161,920



	Targeted number of awards as of March 31, 2016 (in shares)				Range of shares that may be issued
		Average grant date fair value (per share)
							Assessment dates
Year of grant				Market condition	Minimum	Maximum	Assessment dates
Fiscal 2016	726,995	$	14.96	Vesting ranges from zero to 200% based on measurement of Flextronics' total shareholder return against both the Standard and Poor's ("S&P") 500 Composite Index and an Extended Electronics Manufacturing Services ("EMS") Group Index.	—	1,453,990	May 2018
Fiscal 2015	706,747	$	14.77	Vesting ranges from zero to 200% based on measurement of Flextronics' total shareholder return against both the S&P 500 Composite Index and an EMS Group Index.	—	1,413,494	May 2017
Fiscal 2014	1,810,000	$	9.36	Vesting ranges from zero to 200% based on measurement of Flextronics' total shareholder return against both the S&P 500 Composite Index and an EMS Group Index.	—	3,620,000	May 2016
Totals	3,243,742					6,487,484