Flex (FLEX) 10-Q 29 Jan 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Dec. 31, 2020	Jan. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	0-23354
Entity Registrant Name	FLEX LTD.
Entity Incorporation, State or Country Code	U0
Entity Address, Address Line One	2 Changi South Lane,
Entity Address, City or Town	Singapore
Entity Address, State or Province	SG
Entity Address, Postal Zip Code	486123
City Area Code	65
Local Phone Number	6876-9899
Title of 12(b) Security	Ordinary Shares, No Par Value
Trading Symbol	FLEX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		499,172,368
Entity Central Index Key	0000866374
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Current assets:
Cash and cash equivalents	$ 2,611,000	$ 1,923,000
Accounts receivable, net of allowance of $77 and $96, respectively	4,070,000	2,436,000
Contract assets	121,000	282,000
Inventories	3,699,000	3,785,000
Other current assets	610,000	660,000
Total current assets	11,111,000	9,086,000
Property and equipment, net	2,097,000	2,216,000
Operating lease right-of-use assets, net	609,000	605,000
Goodwill	1,109,000	1,065,000
Other intangible assets, net	233,000	262,000
Other assets	509,000	456,000
Total assets	15,668,000	13,690,000
Current liabilities:
Bank borrowings and current portion of long-term debt	72,000	149,000
Accounts payable	5,159,000	5,108,000
Accrued payroll	475,000	364,000
Other current liabilities	1,813,000	1,590,000
Total current liabilities	7,519,000	7,211,000
Long-term debt, net of current portion	3,740,000	2,689,000
Operating lease liabilities, non-current	544,000	529,000
Other liabilities	484,000	430,000
Shareholders’ equity
Ordinary shares, no par value; 549,211,158 and 547,665,632 issued, and 498,971,803 and 497,426,277 outstanding, respectively	6,360,000	6,336,000
Treasury stock, at cost; 50,239,355 shares as of December 31, 2020 and March 31, 2020	(388,000)	(388,000)
Accumulated deficit	(2,529,000)	(2,902,000)
Accumulated other comprehensive loss	(62,000)	(215,000)
Total shareholders’ equity	3,381,000	2,831,000
Total liabilities and shareholders’ equity	$ 15,668,000	$ 13,690,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 77,000	$ 96,000
Ordinary shares, par value (in dollars per share)	$ 0	$ 0
Ordinary shares, issued (shares)	549,211,158	547,665,632
Ordinary shares, outstanding (shares)	498,971,803	497,426,277
Treasury stock (shares)	50,239,355	50,239,355

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net sales	$ 6,720,000	$ 6,461,000	$ 17,858,000	$ 18,725,000
Cost of sales	6,212,000	6,017,000	16,618,000	17,578,000
Restructuring charges	29,000	14,000	63,000	175,000
Gross profit	479,000	430,000	1,177,000	972,000
Selling, general and administrative expenses	222,000	218,000	606,000	633,000
Intangible amortization	16,000	16,000	47,000	49,000
Restructuring charges	1,000	1,000	12,000	24,000
Interest and other, net	7,000	50,000	58,000	153,000
Income before income taxes	233,000	145,000	454,000	113,000
Provision for income taxes	25,000	34,000	81,000	74,000
Net income	$ 208,000	$ 111,000	$ 373,000	$ 39,000
Earnings per share:
Basic (in dollars per share)	$ 0.42	$ 0.22	$ 0.75	$ 0.08
Diluted (in dollars per share)	$ 0.41	$ 0.22	$ 0.74	$ 0.08
Weighted-average shares used in computing per share amounts:
Basic (in shares)	500,000	507,000	500,000	511,000
Diluted (in shares)	508,000	510,000	505,000	515,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 208,000	$ 111,000	$ 373,000	$ 39,000
Other comprehensive income:
Foreign currency translation adjustments, net of zero tax	42,000	10,000	87,000	(11,000)
Unrealized gain (loss) on derivative instruments and other, net of zero tax	29,000	14,000	66,000	(3,000)
Comprehensive income	$ 279,000	$ 135,000	$ 526,000	$ 25,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0
Unrealized loss on derivative instruments and other, tax	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Ordinary Shares	Ordinary SharesCumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	Unrealized Gain (Loss) on Derivative Instruments and Other	Foreign Currency Translation Adjustments	Total Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Mar. 31, 2019			517,000,000
Beginning balance at Mar. 31, 2019	$ 2,972,000	$ 21,000	$ 6,136,000	$ (1,000)	$ (3,012,000)	$ 22,000	$ (42,000)	$ (110,000)	$ (152,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Flex Ltd. ordinary shares at cost (in shares)			(16,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(173,000)		$ (173,000)
Exercise of stock options	1,000		$ 1,000
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)			3,000,000
Net income	39,000				39,000
Stock-based compensation	53,000		$ 53,000
Total other comprehensive income (loss)	(14,000)						(3,000)	(11,000)	(14,000)
Ending balance (in shares) at Dec. 31, 2019			504,000,000
Ending balance at Dec. 31, 2019	2,899,000		$ 6,016,000		(2,951,000)		(45,000)	(121,000)	(166,000)
Beginning balance (in shares) at Sep. 27, 2019			509,000,000
Beginning balance at Sep. 27, 2019	2,806,000		$ 6,058,000		(3,062,000)		(59,000)	(131,000)	(190,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Flex Ltd. ordinary shares at cost (in shares)			(5,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(61,000)		$ (61,000)
Net income	111,000				111,000
Stock-based compensation	19,000		$ 19,000
Total other comprehensive income (loss)	24,000						14,000	10,000	24,000
Ending balance (in shares) at Dec. 31, 2019			504,000,000
Ending balance at Dec. 31, 2019	$ 2,899,000		$ 6,016,000		(2,951,000)		(45,000)	(121,000)	(166,000)
Beginning balance (in shares) at Mar. 31, 2020	497,426,277		497,000,000
Beginning balance at Mar. 31, 2020	$ 2,831,000		$ 5,948,000		(2,902,000)		(82,000)	(133,000)	(215,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Flex Ltd. ordinary shares at cost (in shares)			(2,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(38,000)		$ (38,000)
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)			4,000,000
Net income	373,000				373,000
Stock-based compensation	62,000		$ 62,000
Total other comprehensive income (loss)	$ 153,000						66,000	87,000	153,000
Ending balance (in shares) at Dec. 31, 2020	498,971,803		499,000,000
Ending balance at Dec. 31, 2020	$ 3,381,000		$ 5,972,000		(2,529,000)		(16,000)	(46,000)	(62,000)
Beginning balance (in shares) at Sep. 25, 2020			501,000,000
Beginning balance at Sep. 25, 2020	3,115,000		$ 5,985,000		(2,737,000)		(45,000)	(88,000)	(133,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Flex Ltd. ordinary shares at cost (in shares)			(2,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(38,000)		$ (38,000)
Net income	208,000				208,000
Stock-based compensation	25,000		$ 25,000
Total other comprehensive income (loss)	$ 71,000						29,000	42,000	71,000
Ending balance (in shares) at Dec. 31, 2020	498,971,803		499,000,000
Ending balance at Dec. 31, 2020	$ 3,381,000		$ 5,972,000		$ (2,529,000)		$ (16,000)	$ (46,000)	$ (62,000)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 373,000	$ 39,000
Depreciation, amortization and other impairment charges	526,000	526,000
Changes in working capital and other, net	(916,000)	(2,264,000)
Net cash used in operating activities	(17,000)	(1,699,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(261,000)	(376,000)
Proceeds from the disposition of property and equipment	25,000	102,000
Cash collections of deferred purchase price	0	2,511,000
Other investing activities, net	10,000	24,000
Net cash provided by (used in) investing activities	(226,000)	2,261,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings and long-term debt	1,944,000	1,017,000
Repayments of bank borrowings and long-term debt	(1,012,000)	(1,308,000)
Payments for repurchases of ordinary shares	(38,000)	(173,000)
Other financing activities, net	(1,000)	2,000
Net cash provided by (used in) financing activities	893,000	(462,000)
Effect of exchange rates on cash and cash equivalents	38,000	(8,000)
Net increase in cash and cash equivalents	688,000	92,000
Cash and cash equivalents, beginning of period	1,923,000	1,697,000
Cash and cash equivalents, end of period	2,611,000	1,789,000
Non-cash investing activities:
Unpaid purchases of property and equipment	$ 73,000	$ 64,000

ORGANIZATION OF THE COMPANY AND

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION	9 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION	ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION Organization of the Company Flex Ltd. ("Flex" or the "Company") was incorporated in the Republic of Singapore in May 1990. The Company's operations have expanded over the years through a combination of organic growth and acquisitions. The Company is the manufacturing partner of choice that helps a diverse customer base design and build products that improve the world. Through the collective strength of a global workforce across approximately 30 countries and responsible, sustainable operations, the Company delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. In the first quarter of fiscal year 2021, the Company made certain changes in its organizational structure as part of its strategy to further drive growth and productivity with two focused delivery models. As a result, beginning in the first quarter of fiscal year 2021, the Company reports its financial performance based on two operating and reportable segments: • Flex Agility Solutions ("FAS"), which is comprised of the following end markets: ◦ Communications, Enterprise and Cloud ("CEC") , including data infrastructure, edge infrastructure and communication infrastructure; ◦ Lifestyle , including appliances, consumer packaging, floorcare, micro mobility and audio; and ◦ Consumer Devices , including mobile and high velocity consumer devices. • Flex Reliability Solutions ("FRS"), which is comprised of the following end markets: ◦ Automotive , including autonomous, connectivity, electrification, and smart technologies; ◦ Health Solutions , including medical devices, medical equipment and drug delivery; and ◦ Industrial , including capital equipment, industrial devices, renewable and grid edge, and power systems. The Company's service offerings include a comprehensive range of value-added design and engineering services that are tailored to the various markets and needs of its customers. Other focused service offerings relate to manufacturing (including enclosures, metals, plastic injection molding, precision plastics, machining, and mechanicals), system integration and assembly and test services, materials procurement, inventory management, logistics and after-sales services (including product repair, warranty services, re-manufacturing and maintenance), supply chain management software solutions, and component product offerings (including flexible printed circuit boards and power adapters and chargers). Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2020 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended December 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2021. Beginning in the second quarter of fiscal year 2021, the Company began reporting all dollar amounts in millions. In certain circumstances, this change in rounding resulted in line items being removed within prior year disclosures. Certain prior period amounts in the condensed consolidated financial statements, as well as in the Notes thereto, have been reclassified to conform to the current presentation. The first quarters for fiscal years 2021 and 2020 ended on June 26, 2020, which is comprised of 87 days in the period, and June 28, 2019, which is comprised of 89 days in the period, respectively. The second quarters for fiscal years 2021 and 2020 ended on September 25, 2020 and September 27, 2019, which are comprised of 91 days in both periods. The Company's third quarters for fiscal years 2021 and 2020 ended on December 31 of each year, which are comprised of 97 days and 95 days, respectively. The accompanying unaudited condensed consolidated financial statements include the accounts of Flex and its majority-owned subsidiaries, after elimination of intercompany accounts and transactions. The Company consolidates its majority-owned subsidiaries and investments in entities in which the Company has a controlling interest. For the consolidated majority-owned subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership of the noncontrolling owners. The associated noncontrolling owners' interest in the income or losses of these companies is not material to the Company's results of operations for all periods presented, and is classified as a component of interest and other, net, in the condensed consolidated statements of operations. The changes to the Company’s organizational structure noted above had no impact on the condensed consolidated financial statements. For comparability purposes, segment reporting for prior periods have been restated to conform to the current presentation. Refer to note 14, “Segment Reporting,” for additional information on the changes in operating and reportable segments. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, and intangible assets; valuation of goodwill; valuation of investments in privately-held companies; asset impairments; fair values of financial instruments, including highly liquid investments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rates in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations; and the fair values of stock options and restricted share unit awards granted under the Company's stock-based compensation plans. Due to the COVID-19 pandemic, there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to COVID-19. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur. Recently Adopted Accounting Pronouncement In March 2020, the FASB issued ASU 2020-04 "Facilitation of the Effects of Reference Rate Reform on Financial Reporting", which temporarily simplifies the accounting for contract modifications, including hedging relationships, due to the transition from LIBOR and other interbank offered rates to alternative reference interest rates. For example, entities can elect not to remeasure the contracts at the modification date or reassess a previous accounting determination if certain conditions are met. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. The Company adopted the guidance during the first quarter of fiscal year 2021 with an immaterial impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, and ASU 2019-11, which replace the existing incurred loss impairment model with an expected credit loss model and require a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The Company adopted the guidance during the first quarter of fiscal year 2021 with an immaterial impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In October 2020, the FASB issued ASU 2020-10 "Codification Improvements", which improves consistency by amending the Codification to include all disclosure guidance in the appropriate disclosure sections and clarifies application of various provisions in the Codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2022. In October 2020, the FASB issued ASU 2020-09 "Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762." which amends and supersedes SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Release No. 33-10762 related to financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affiliates whose securities are pledged as collateral for registered securities. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2021 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the fourth quarter of fiscal year 2021. In January 2020, the FASB issued ASU 2020-01 "Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 — a consensus of the FASB Emerging Issues Task Force," which makes improvements related to the following two topics: (1) accounting for certain equity securities when the equity method of accounting is applied or discontinued, and (2) scope considerations related to forward contracts and purchased options on certain securities. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2022. In December 2019, the FASB issued ASU 2019-12 "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2022.

BALANCE SHEET ITEMS

BALANCE SHEET ITEMS	9 Months Ended
	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
BALANCE SHEET ITEMS	BALANCE SHEET ITEMS Inventories The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows: As of December 31, 2020 As of March 31, 2020 (In millions) Raw materials $ 2,625 $ 2,836 Work-in-progress 472 373 Finished goods 602 576 $ 3,699 $ 3,785 Goodwill and Other Intangible Assets In accordance with accounting guidance on goodwill and other intangible assets, the Company evaluates goodwill for impairment at the reporting unit level annually, and in certain circumstances such as a change in reporting units or whenever there are indications that goodwill might be impaired. As described in note 1, the Company made certain changes in its organizational structure during the first quarter of fiscal year 2021 as part of its strategy to further drive growth and productivity through two separate delivery models that represent reportable segments, FAS and FRS. With these changes, the Company also revised its reporting units. Accordingly, the Company completed an interim test as of April 1, 2020. Recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit's carrying amount, including goodwill, to the fair value of the reporting unit, which typically is measured based upon, among other factors, market multiples for comparable companies as well as a discounted cash flow analysis. These approaches use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy and require management to make various judgmental assumptions about sales, operating margins, growth rates and discount rates which consider the Company's budgets, business plans and economic projections, and are believed to reflect market participant views. Some of the inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates, market EBITDA comparables and credit ratings. While the Company believes it has made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If the actual results are not consistent with management's estimates and assumptions used to calculate fair value, it could result in material impairments of the Company's goodwill. Based on the latest assessment of its goodwill as of April 1, 2020, the Company determined that no impairment existed as of the date of the impairment test, because the fair value of each one of its reporting units exceeds its respective carrying value. In addition, goodwill was reallocated among each of the Company's six reporting units based on each reporting unit’s relative fair value as of April 1, 2020. The Company considered whether an interim impairment test should be performed as of December 31, 2020 and concluded that there were no events or changes in circumstances that indicated the carrying amount of goodwill may not be recoverable. It will perform its next annual impairment test with a valuation date of January 1, 2021 to be completed in the period ending March 31, 2021. The following table summarizes the goodwill allocation as of April 1, 2020 and the activity during the nine-month period ended December 31, 2020: FAS FRS Communications, Lifestyle Consumer Devices Automotive Health Solutions Industrial Total (In millions) Balance at April 1, 2020 $ 188 $ 131 $ 51 $ 174 $ 192 $ 329 $ 1,065 Foreign currency translation adjustments 1 — — 39 4 — 44 Balance at December 31, 2020 $ 189 $ 131 $ 51 $ 213 $ 196 $ 329 $ 1,109 The components of acquired intangible assets are as follows: As of December 31, 2020 As of March 31, 2020 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets: Customer-related intangibles $ 280 $ (149) $ 131 $ 275 $ (128) $ 147 Licenses and other intangibles 258 (156) 102 245 (130) 115 Total $ 538 $ (305) $ 233 $ 520 $ (258) $ 262 The gross carrying amounts of intangible assets are removed when fully amortized. The estimated future annual amortization expense for intangible assets is as follows: Fiscal Year Ending March 31, Amount (In millions) 2021 (1) $ 16 2022 55 2023 47 2024 45 2025 40 Thereafter 30 Total amortization expense $ 233 ____________________________________________________________ (1) Represents estimated amortization for the remaining fiscal three -month period ending March 31, 2021. Other Current Liabilities

REVENUE

REVENUE	9 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Revenue Recognition The Company provides a comprehensive suite of services for its customers that range from advanced product design to manufacturing and logistics to after-sales services. The first step in its process for revenue recognition is to identify a contract with a customer. A contract is defined as an agreement between two parties that creates enforceable rights and obligations and can be written, verbal, or implied. The Company generally enters into master supply agreements (“MSA”) with its customers that provide the framework under which business will be conducted. This includes matters such as warranty, indemnification, transfer of title and risk of loss, liability for excess and obsolete inventory, pricing formulas, payment terms, etc., and the level of business under those agreements may not be guaranteed. In those instances, the Company bids on a program-by-program basis and typically receives customer purchase orders for specific quantities and timing of products. As a result, the Company considers its contract with a customer to be the combination of the MSA and the purchase order, or any other similar documents such as a statement of work, product addendum, emails or other communications that embody the commitment by the customer. In determining the appropriate amount of revenue to recognize, the Company applies the following steps: (i) identifies the contracts with the customers; (ii) identifies performance obligations in the contracts; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations per the contracts; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation. Further, the Company assesses whether control of the product or services promised under the contract is transferred to the customer at a point in time (PIT) or over time (OT). The Company is first required to evaluate whether its contracts meet the criteria for OT recognition. The Company has determined that for a portion of its contracts the Company is manufacturing products for which there is no alternative use (due to the unique nature of the customer-specific product and IP restrictions) and the Company has an enforceable right to payment including a reasonable profit for work-in-progress inventory with respect to these contracts. As a result, revenue is recognized under these contracts OT based on the cost-to-cost method as it best depicts the transfer of control to the customer measured based on the ratio of costs incurred to date as compared to the total estimated costs at completion of the performance obligation. For all other contracts that do not meet these criteria, the Company recognizes revenue when it has transferred control of the related manufactured products which generally occurs upon delivery and passage of title to the customer. Customer Contracts and Related Obligations Certain of the Company’s customer agreements include potential price adjustments which may result in variable consideration. These price adjustments include, but are not limited to, sharing of cost savings, committed price reductions, material margins earned over the period that are contractually required to be paid to the customers, rebates, refunds tied to performance metrics such as on-time delivery, and other periodic pricing resets that may be refundable to customers. The Company estimates the variable consideration related to these price adjustments as part of the total transaction price and recognizes revenue in accordance with the pattern applicable to the performance obligation, subject to a constraint. The Company constrains the amount of revenues recognized for these contractual provisions based on its best estimate of the amount which will not result in a significant reversal of revenue in a future period. The Company determines the amounts to be recognized based on the amount of potential refunds required by the contract, historical experience and other surrounding facts and circumstances. Often these obligations are settled with the customer in a period after shipment through various methods which include reduction of prices for future purchases, issuance of a payment to the customer, or issuance of a credit note applied against the customer’s accounts receivable balance. In many instances, the agreement is silent on the settlement mechanism. Any difference between the amount accrued upon shipment for potential refunds and the actual amount agreed to with the customer is recorded as an increase or decrease in revenue. These potential price adjustments are included as part of other current liabilities on the consolidated balance sheet and disclosed as part of customer-related accruals in note 2. Performance Obligations The Company derives its revenues primarily from manufacturing services, and to a lesser extent, from innovative design, engineering, and supply chain services and solutions. A performance obligation is an implicitly or explicitly promised good or service that is material in the context of the contract and is both capable of being distinct (customer can benefit from the good or service on its own or together with other readily available resources) and distinct within the context of the contract (separately identifiable from other promises). The Company considers all activities typically included in its contracts, and identifies those activities representing a promise to transfer goods or services to a customer. These include, but are not limited to, design and engineering services, prototype products, tooling, etc. Each promised good or service with regards to these identified activities is accounted for as a separate performance obligation only if it is distinct - i.e., the customer can benefit from it on its own or together with other resources that are readily available to the customer. Certain activities on the other hand are determined not to constitute a promise to transfer goods or service, and therefore do not represent separate performance obligations for revenue recognition (e.g., procurement of materials and standard workmanship warranty). A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of the Company's contracts have a single performance obligation as the promise to transfer the individual good or service is not separately identifiable from other promises in the contract and is, therefore, not distinct. Promised goods or services that are immaterial in the context of the contract are not separately assessed as performance obligations. In the event that more than one performance obligation is identified in a contract, the Company is required to allocate the transaction price between the performance obligations. The allocation would generally be performed on the basis of a relative standalone price for each distinct good or service. This standalone price most often represents the price that the Company would sell similar goods or services separately. Contract Balances A contract asset is recognized when the Company has recognized revenue, but not issued an invoice for payment. Contract assets are classified separately on the condensed consolidated balance sheets and transferred to receivables when rights to payment become unconditional. A contract liability is recognized when the Company receives payments in advance of the satisfaction of performance and is included in other current liabilities on the condensed consolidated balance sheets. Contract liabilities, identified as deferred revenue, were $483.4 million and $361.5 million as of December 31, 2020 and March 31, 2020, respectively. Disaggregation of Revenue The following table presents the Company’s revenue disaggregated based on timing of transfer - point in time and over time - for the three and nine-month periods ended December 31, 2020 and December 31, 2019, respectively. Three-Month Periods Ended Nine-Month Periods Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Timing of Transfer (In millions) FAS Point in time $ 3,544 $ 3,104 $ 8,813 $ 9,060 Over time 290 527 1,250 2,062 Total 3,834 3,631 10,063 11,122 FRS Point in time 2,189 2,050 5,292 5,101 Over time 697 780 2,503 2,502 Total 2,886 2,830 7,795 7,603 Flex Point in time 5,733 5,154 14,105 14,161 Over time 987 1,307 3,753 4,564 Total $ 6,720 $ 6,461 $ 17,858 $ 18,725

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION The Company's primary plan used for granting equity compensation awards is the 2017 Equity Incentive Plan (the "2017 Plan"). The following table summarizes the Company’s share-based compensation expense: Three-Month Periods Ended Nine-Month Periods Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In millions) Cost of sales $ 6 $ 4 $ 16 $ 11 Selling, general and administrative expenses 19 15 46 42 Total share-based compensation expense $ 25 $ 19 $ 62 $ 53 Total unrecognized compensation expense related to share options under all plans as well as the number of options outstanding and exercisable were immaterial as of December 31, 2020. During the nine-month period ended December 31, 2020, the Company granted 11.0 million unvested restricted share unit ("RSU") awards. Of this amount, approximately 9.4 million are plain-vanilla unvested RSU awards that vest over a period of two shares contingent on market conditions that ultimately will vest will range from zero up to a maximum of 3.2 million based on a measurement of the percentile rank of the Company’s total shareholder return over a certain specified period against the Standard and Poor’s (“S&P”) 500 Composite Index, and will cliff vest after a period of three years, to the extent such market conditions have been met. As of December 31, 2020, approximately 20.4 million unvested RSU awards under all plans were outstanding, of which vesting for a targeted amount of 3.7 million awards is contingent primarily on meeting certain market conditions. The number of shares that will ultimately be issued can range from zero to 7.4 million based on the achievement levels of the respective conditions. During the nine-month period ended December 31, 2020, no shares vested in connection with the awards with market conditions granted in fiscal year 2018. As of December 31, 2020, total unrecognized compensation expense related to unvested RSU awards under all plans was approximately $153.6 million, and will be recognized over a weighted-average remaining vesting period of 2.1 years.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS PER SHARE The following table reflects basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share attributable to the shareholders of Flex: Three-Month Periods Ended Nine-Month Periods Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In millions, except per share amounts) Basic earnings per share: Net income $ 208 $ 111 $ 373 $ 39 Shares used in computation: Weighted-average ordinary shares outstanding 500 507 500 511 Basic earnings per share $ 0.42 $ 0.22 $ 0.75 $ 0.08 Diluted earnings per share: Net income $ 208 $ 111 $ 373 $ 39 Shares used in computation: Weighted-average ordinary shares outstanding 500 507 500 511 Weighted-average ordinary share equivalents from stock options and RSU awards (1) (2) 8 3 5 4 Weighted-average ordinary shares and ordinary share equivalents outstanding 508 510 505 515 Diluted earnings per share $ 0.41 $ 0.22 $ 0.74 $ 0.08 ____________________________________________________________ (1) An immaterial number of options to purchase ordinary shares were excluded from the computation of diluted earnings per share during the three and nine-month periods ended December 31, 2020 and December 31, 2019, respectively, due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (2) An immaterial number of RSU awards and 2.9 million RSU awards for the three and nine-month periods ended December 31, 2020, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. RSU awards of 3.7 million and 4.0 million for the three and nine-month periods ended December 31, 2019, respectively, were excluded from the computation of diluted earnings per share.

BANK BORROWINGS AND LONG-TERM D

BANK BORROWINGS AND LONG-TERM DEBT	9 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
BANK BORROWINGS AND LONG-TERM DEBT	BANK BORROWINGS AND LONG-TERM DEBT Bank borrowings and long-term debt as of December 31, 2020 are as follows: As of December 31, 2020 As of March 31, 2020 (In millions) Term Loan, including current portion, due in installments through June 2022 $ — $ 433 5.000% Notes due February 2023 500 500 Term Loan due April 2024 - three-month Yen LIBOR plus 0.500% 324 310 4.750% Notes due June 2025 598 597 3.750% Notes due February 2026 695 — 4.875% Notes due June 2029 661 662 4.875% Notes due May 2030 696 — India Facilities 136 138 Other 225 211 Debt issuance costs (23) (13) 3,812 2,838 Current portion, net of debt issuance costs (72) (149) Non-current portion $ 3,740 $ 2,689 The weighted-average interest rate for the Company's long-term debt was 4.0% as of December 31, 2020 and March 31, 2020, respectively. Scheduled repayments of the Company's bank borrowings and long-term debt as of December 31, 2020 are as follows: Fiscal Year Ending March 31, Amount (In millions) 2021 (1) $ 56 2022 222 2023 531 2024 53 2025 324 Thereafter 2,649 Total $ 3,835 (1) Represents estimated repayments for the remaining fiscal three -month period ending March 31, 2021. Notes due February 2026 and May 2030 In May 2020, the Company issued $425 million aggregate principal amount of 3.750% Notes due February 2026 (the "Existing 2026 Notes"), at 99.617% of face value and $325 million aggregate principal amount of 4.875% Notes due May 2030 (the "Existing 2030 Notes" and, together with the Existing 2026 Notes, the "Existing Notes"), at 99.562% of face value. In August 2020, as a further issuance of the Existing Notes, the Company issued under the same terms (other than the initial interest accrual date and first interest payment date for the additional 2026 Notes, and the initial offering price and the issue date for the additional 2026 and 2030 Notes), an additional $250 million of 3.750% Notes due February 2026 (together with the Existing 2026 Notes, the "2026 Notes"), at 109.294% of face value, and $325 million of 4.875% Notes due May 2030 (together with the Existing 2030 Notes, the "2030 Notes"), at 114.863% of face value. Immediately after the issuance of the additional notes issued in August 2020, the Company has $675 million aggregate principal amount of 3.750% Notes due 2026 outstanding and $650 million aggregate principal amount of 4.875% Notes due 2030 outstanding. The Company received in aggregate, proceeds of approximately $1.4 billion, net of discounts and after premiums, from the issuances, which have been used for working capital and other general corporate purposes, in addition to repaying the term loan due June 2022. The Company incurred and capitalized as a direct reduction to the carrying amount of the Notes presented on the balance sheet approximately $12.8 million of costs in conjunction with the issuance of the Notes. Interest on the 2026 Notes and the 2030 Notes is payable semi-annually, commencing on August 1, 2020 and November 12, 2020, respectively, except that interest on the additional 2026 Notes is payable commencing February 1, 2021. The Notes are senior unsecured obligations of the Company and rank equally with all of the Company's other existing and future senior and unsecured debt obligations.

INTEREST AND OTHER, NET

INTEREST AND OTHER, NET	9 Months Ended
	Dec. 31, 2020
Other Income and Expenses [Abstract]
INTEREST AND OTHER, NET	INTEREST AND OTHER, NET Interest and other, net for the three and nine-month periods ended December 31, 2020 and December 31, 2019 are primarily composed of the following: Three-Month Periods Ended Nine-Month Periods Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In millions) Interest expenses on debt obligations (1) $ 40 $ 35 $ 111 $ 114 ABS and AR sales programs related expenses 2 11 9 35 Interest income (4) (5) (10) (15) Gain on foreign exchange transactions (3) (3) (8) (7) Equity in (earnings) losses (2) (49) (1) (64) 5 Investment impairment (3) 20 16 21 23 (1) Interest expense on debt obligations for the three and nine-month periods ended December 31, 2019 include debt extinguishment costs of $0.8 million and $7.2 million, respectively, related to the full repayments of the Notes due February 2020 and the Term Loan due November 2021. There were immaterial debt extinguishment costs incurred during fiscal year 2021 from the repayment of the term loan due June 2022. (2) Represents (gains) losses on strategic investments in privately held companies accounted under equity method. During the three and nine-month periods ended December 31, 2020, the Company recognized equity in earnings of $49.0 million and $63.6 million, respectively, driven by unrealized gains of $44.0 million and $55.2 million, respectively, from the value increase in certain investment funds. (3) During the three-month periods ended December 31, 2020, and December 31, 2019, the Company incurred impairment charges of $20.1 million and $15.8 million, respectively, related to a certain investment as a result of the Company’s ongoing assessment of its investment portfolio strategy and conclusion that the carrying amount of its investment was other than temporarily impaired.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedges, Assets [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS Foreign Currency Contracts The Company enters into short-term and long-term foreign currency derivatives contracts, including forward, swap, and options contracts to hedge only those currency exposures associated with certain assets and liabilities, primarily accounts receivable and accounts payable, and cash flows denominated in non-functional currencies. Gains and losses on the Company's derivative contracts are designed to offset losses and gains on the assets, liabilities and transactions hedged, and accordingly, generally do not subject the Company to risk of significant accounting losses. The Company hedges committed exposures and does not engage in speculative transactions. The credit risk of these derivative contracts is minimized since the contracts are with large financial institutions and accordingly, fair value adjustments related to the credit risk of the counterparty financial institution were not material. As of December 31, 2020, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $9.5 billion as summarized below: Foreign Currency Amount Notional Contract Value in USD Currency Buy Sell Buy Sell (In millions) Cash Flow Hedges CNY 2,751 — $ 421 $ — HUF 33,062 — 111 — JPY 33,525 — 300 — MXN 5,133 — 258 — MYR 389 44 96 11 Other N/A N/A 219 67 1,405 78 Other Foreign Currency Contracts BRL — 646 — 125 CAD 128 112 100 87 CNY 3,178 391 482 60 EUR 2,025 2,113 2,473 2,580 GBP 55 78 74 105 HUF 63,519 63,796 213 214 ILS 571 150 177 47 MXN 6,882 5,519 346 277 MYR 671 291 165 72 SEK 393 455 47 55 Other N/A N/A 219 143 4,296 3,765 Total Notional Contract Value in USD $ 5,701 $ 3,843 As of December 31, 2020, the fair value of the Company’s short-term foreign currency contracts was included in other current assets or other current liabilities, as applicable, in the condensed consolidated balance sheets. Certain of these contracts are designed to economically hedge the Company’s exposure to monetary assets and liabilities denominated in a non-functional currency and are not accounted for as hedges under the accounting standards. Accordingly, changes in the fair value of these instruments are recognized in earnings during the period of change as a component of interest and other, net in the condensed consolidated statements of operations. As of December 31, 2020 and March 31, 2020, the Company also has included net deferred gains and losses in accumulated other comprehensive loss, a component of shareholders’ equity in the condensed consolidated balance sheets, relating to changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. Deferred gains were $39.0 million as of December 31, 2020, and are expected to be recognized primarily as a component of cost of sales in the condensed consolidated statements of operations primarily over the next twelve-month period, except for the USD JPY cross currency swap, which is further discussed below. The Company entered into a USD JPY cross currency swap to hedge the foreign currency risk on the JPY term loan due April 2024, and the fair value of the cross currency swap was included in other assets as of December 31, 2020. The changes in fair value of the USD JPY cross currency swap are reported in accumulated other comprehensive loss, with the impact of the excluded component reported in interest and other, net. In addition, a corresponding amount is reclassified out of accumulated other comprehensive loss to interest and other, net to offset the remeasurement of the underlying JPY loan principal which also impacts the same line. The following table presents the fair value of the Company’s derivative instruments utilized for foreign currency risk management purposes: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet December 31, March 31, Balance Sheet December 31, March 31, (In millions) Derivatives designated as hedging instruments Foreign currency contracts Other current assets $ 53 $ 7 Other current liabilities $ 8 $ 47 Foreign currency contracts Other assets $ 23 $ 14 Other liabilities $ — $ — Derivatives not designated as hedging instruments Foreign currency contracts Other current assets $ 32 $ 83 Other current liabilities $ 31 $ 103

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Dec. 31, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in accumulated other comprehensive loss by component, net of tax, are as follows: Three-Month Periods Ended December 31, 2020 December 31, 2019 Unrealized Foreign currency Total Unrealized Foreign currency Total (In millions) Beginning balance $ (45) $ (88) $ (133) $ (59) $ (131) $ (190) Other comprehensive gain before reclassifications 43 42 85 1 11 12 Net (gains) losses reclassified from accumulated other comprehensive loss (14) — (14) 13 (1) 12 Net current-period other comprehensive gain 29 42 71 14 10 24 Ending balance $ (16) $ (46) $ (62) $ (45) $ (121) $ (166) Nine-Month Periods Ended December 31, 2020 December 31, 2019 Unrealized Foreign currency Total Unrealized Foreign currency Total (In millions) Beginning balance $ (82) $ (133) $ (215) $ (42) $ (110) $ (152) Other comprehensive gain (loss) before reclassifications 73 87 160 (8) (10) (18) Net (gains) losses reclassified from accumulated other comprehensive loss (7) — (7) 5 (1) 4 Net current-period other comprehensive gain (loss) 66 87 153 (3) (11) (14) Ending balance $ (16) $ (46) $ (62) $ (45) $ (121) $ (166)

TRADE RECEIVABLES SECURITIZATIO

TRADE RECEIVABLES SECURITIZATION	9 Months Ended
	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
TRADE RECEIVABLES SECURITIZATION	TRADE RECEIVABLES SECURITIZATION The Company sells trade receivables under two asset-backed securitization programs and an accounts receivable factoring program. Asset-Backed Securitization Programs The Company continuously sells designated pools of trade receivables under its Global Asset-Backed Securitization Agreement (the “Global Program”) and its North American Asset-Backed Securitization Agreement (the “North American Program,” and together with the Global Program, the “ABS Programs”) to affiliated special purpose entities, each of which in turn sells a fraction of the receivables to unaffiliated financial institutions, based on the Company's requirements. Under these programs, the entire purchase price of sold receivables are paid in cash. The ABS Programs contain guarantees of payment by the special purpose entities, in amounts equal to approximately the net cash proceeds under the programs, and are collateralized by certain receivables held by the special purpose entities. The fair value of the guarantee obligation was immaterial as of December 31, 2020 and March 31, 2020, respectively. The accounts receivable balances sold under the ABS Programs were removed from the condensed consolidated balance sheets and the cash proceeds received by the Company were included as cash provided by operating activities in the condensed consolidated statements of cash flows. Following the transfer of the receivables to the special purpose entities, the transferred receivables are legally isolated from the Company and its affiliates, and upon the sale of the receivables from the special purpose entities to the unaffiliated financial institutions, effective control of the transferred receivables is passed to the unaffiliated financial institutions, which have the right to pledge or sell the receivables. Although the special purpose entities are consolidated by the Company, they are separate corporate entities and their assets are available first to satisfy the claims of their creditors. The investment limits set by the financial institutions are $790 million for the Global Program, of which $615 million is committed and $175 million is uncommitted, and $285 million for the North American Program, of which $210 million is committed and $75 million is uncommitted. The Company services, administers and collects the receivables on behalf of the special purpose entities and receives a servicing fee of 0.1% to 0.5% of serviced receivables per annum. Servicing fees recognized during the three and nine-month periods ended December 31, 2020 and December 31, 2019 were not material and are included in interest and other, net within the condensed consolidated statements of operations. As the Company estimates the fee it receives in return for its obligation to service these receivables is at fair value, no servicing assets or liabilities are recognized. As of March 31, 2020, approximately $0.8 billion, of accounts receivable had been sold to the special purpose entities under the ABS Programs for which the Company had received net cash proceeds for the same amount. As of December 31, 2020 an immaterial amount of accounts receivables had been sold under the ABS programs. For the nine-month period ended December 31, 2020, collections from sales of receivables to the special purpose entities under the ABS Programs consisted of approximately $6.6 billion for transfers of receivables. Further, cash flows from sales of receivables from the special purpose entities to unaffiliated financial institutions, during the same period, consisted of approximately $0.6 billion for transfer of receivables. For the nine-month period ended December 31, 2019 cash flows from sales of receivables under the previous ABS Programs consisted of approximately $3.7 billion, for transfers of receivables and approximately $2.2 billion for collections on deferred purchase price receivables (effective November 2019, the Company no longer holds a deferred purchase price receivables balance). The Company's cash flows from transfers of receivables consist primarily of proceeds from collections reinvested in revolving-period transfers. Cash flows from new transfers were not significant for all periods presented. Trade Accounts Receivable Sale Programs

FAIR VALUE MEASUREMENT OF ASSET

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES	9 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES	FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. The Company has deferred compensation plans for its officers and certain other employees. Amounts deferred under the plans are invested in hypothetical investments selected by the participant or the participant’s investment manager. The Company’s deferred compensation plan assets are included in other noncurrent assets on the condensed consolidated balance sheets and include investments in equity securities that are valued using active market prices. There were no investments classified as level 1 in the fair value hierarchy as of December 31, 2020 and March 31, 2020. Level 2 - Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets) such as cash and cash equivalents and money market funds; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. The Company values foreign exchange forward contracts using level 2 observable inputs which primarily consist of an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. The Company’s cash equivalents are comprised of bank time deposits and money market funds, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value. The Company’s deferred compensation plan assets also include money market funds, mutual funds, corporate and government bonds and certain convertible securities that are valued using prices obtained from various pricing sources. These sources price these investments using certain market indices and the performance of these investments in relation to these indices. As a result, the Company has classified these investments as level 2 in the fair value hierarchy. Level 3 - Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company has accrued for contingent consideration in connection with its business acquisitions as applicable, which is measured at fair value based on certain internal models and unobservable inputs. There were no contingent consideration liabilities outstanding as of December 31, 2020 and March 31, 2020. There were no transfers between levels in the fair value hierarchy during the nine-month periods ended December 31, 2020 and December 31, 2019. Financial Instruments Measured at Fair Value on a Recurring Basis The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and March 31, 2020: Fair Value Measurements as of December 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Assets: Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) $ — $ 1,755 $ — $ 1,755 Foreign currency contracts (Note 8) — 108 — 108 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 50 — 50 Liabilities: Foreign currency contracts (Note 8) $ — $ (39) $ — $ (39) Fair Value Measurements as of March 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Assets: Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) $ — $ 404 $ — $ 404 Foreign currency contracts (Note 8) — 104 — 104 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 49 — 49 Liabilities: 0 Foreign currency contracts (Note 8) $ — $ (149) $ — $ (149) Other financial instruments The following table presents the Company’s major debts not carried at fair value: As of December 31, 2020 As of March 31, 2020 Carrying Fair Carrying Fair Fair Value (In millions) Term Loan, including current portion, due in installments through June 2022 $ — $ — $ 433 $ 414 Level 1 5.000% Notes due February 2023 500 541 500 500 Level 1 Term Loan due April 2024 - three-month Yen LIBOR plus 0.500% 324 324 310 310 Level 2 4.750% Notes due June 2025 598 680 597 613 Level 1 3.750% Notes due February 2026 695 771 — — Level 1 4.875% Notes due June 2029 661 786 662 628 Level 1 4.875% Notes due May 2030 696 826 — — Level 1 Euro Term Loans 175 175 208 208 Level 2 India Facilities 136 136 138 138 Level 2 The Term Loan due June 2022, and the Notes due February 2023, June 2025, February 2026, June 2029 and May 2030 are valued based on broker trading prices in active markets. The Company values its Term Loan due April 2024, India Facilities, and Euro Term Loans due March 2021 and January 2022 based on the current market rate, and as of December 31, 2020, the carrying amounts approximate fair values.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation and other legal matters In connection with the matters described below, the Company has accrued for loss contingencies where it believes that losses are probable and estimable. The amounts accrued for any individual matter are not material. 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 adverse 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 its favor. Additionally, 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 IP 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. In March 2018, the Company received an inquiry from a licensor referencing its patent license agreement with the Company, and requesting information relating to royalties for products that the Company assembles for a customer in China. The Company and licensor agreed to an immaterial settlement. On May 8, 2018, a putative class action was filed in the Northern District of California against the Company and certain officers alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5, promulgated thereunder, alleging misstatements and/or omissions in certain of the Company’s financial results, press releases and SEC filings made during the putative class period of January 26, 2017 through April 26, 2018. On October 1, 2018, the Court appointed lead plaintiff and lead plaintiff’s counsel in the case. On November 28, 2018, lead plaintiff filed an amended complaint alleging misstatements and/or omissions in certain of the Company’s SEC filings, press releases, earnings calls, and analyst and investor conferences and expanding the putative class period through October 25, 2018. On April 3, 2019, the Court vacated its prior order appointing lead plaintiff and lead plaintiff’s counsel and reopened the lead plaintiff appointment process. On September 26, 2019, the Court appointed a new lead plaintiff and lead plaintiff’s counsel in the case. On November 8, 2019, lead plaintiff filed a further amended complaint. On December 4, 2019, defendants filed a motion to dismiss the amended complaint. On May 29, 2020, the Court granted defendants’ motion to dismiss without prejudice and gave lead plaintiff 30 days to amend. On June 29, 2020, lead plaintiff filed a further amended complaint. On July 27, 2020, defendants filed a motion to dismiss the amended complaint. On December 10, 2020, the Court granted defendants’ motion to dismiss with prejudice and entered judgment in favor of defendants. On January 7, 2021, lead plaintiff filed a notice of appeal to the Ninth Circuit Court of Appeals. Lead plaintiff’s opening appeal brief is due April 19, 2021, and defendants’ answering brief is due May 19, 2021. The Company believes that the claims are without merit and intends to vigorously defend this case. On April 21, 2016, SunEdison, Inc. (together with certain of its subsidiaries, "SunEdison") filed for protection under Chapter 11 of the U.S. Bankruptcy Code. During the fiscal year ended March 31, 2016, the Company recognized a bad debt reserve charge of $61.0 million associated with its outstanding SunEdison receivables and accepted return of previously shipped inventory of approximately $90.0 million. SunEdison stated in schedules filed with the Bankruptcy Court that, within the 90 days preceding SunEdison's bankruptcy filing, the Company received approximately $98.6 million of inventory and cash transfers of $69.2 million, which in aggregate represents the Company's estimate of the maximum reasonably possible contingent loss. On April 15, 2018, a subsidiary of the Company together with its subsidiaries and affiliates, entered into a tolling agreement with the trustee of the SunEdison Litigation Trust to toll any applicable statute of limitations or other time-related defense that might exist in regards to any potential claims that either party might be able to assert against the other for a period that will end at the earlier to occur of: (a) 60 days after a party provides written notice of termination; (b) six years from the effective date of April 15, 2018; or (c) such other date as the parties may agree in writing. No preference claims have been asserted against the Company and consideration has been given to the related contingencies based on the facts currently known. The Company has a number of affirmative and direct defenses to any potential claims for recovery and intends to vigorously defend any such claim, if asserted. One of the Company's Brazilian subsidiaries has received assessments for certain sales and import taxes. There were originally six tax assessments totaling 373.7 million Brazilian reals (approximately USD $72.0 million based on the exchange rate as of December 31, 2020). Four of the assessments are in various stages of the review process at the administrative level; the Company successfully defeated one of the six assessments in September 2019 (totaling approximately 60.5 million Brazilian reals or USD $11.7 million); that assessment remains subject to appeal and no tax proceeding has been finalized yet. The Company was unsuccessful at the administrative level for one of the assessments and filed an annulment action in federal court in Sao Paolo, Brazil on March 23, 2020; the value of that assessment is 33.9 million Brazilian reals (approximately USD $6.5 million). The Company believes there is no legal basis for any of these assessments and that it has meritorious defenses. The Company will continue to vigorously oppose all of these assessments, as well as any future assessments. The Company does not expect final judicial determination on any of these claims for several years. 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. 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 $162.5 million in taxes owed for multiple Flex legal entities within its jurisdiction for various fiscal years ranging from fiscal year 2010 through fiscal year 2018. The assessed amounts related to the denial of certain deductible intercompany payments. The Company disagrees with the Tax Authority’s assessments and is actively contesting the assessments through the administrative and judicial processes. A different foreign Tax Authority has issued a letter against one of the Company’s legal entities asserting that the entity did not meet the qualification criteria for tax holiday status for the periods fiscal year 2006 through fiscal year 2013. The asserted additional tax and penalty is approximately $80.0 million. The Company disagrees with the Tax Authority’s assertion and is actively contesting through administrative processes and will defend through judicial processes if necessary. As the final resolutions of the above tax items remain 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 consolidated balance sheets, would not be material to the financial statements as a whole.

SHARE REPURCHASES

SHARE REPURCHASES	9 Months Ended
	Dec. 31, 2020
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
SHARE REPURCHASES	SHARE REPURCHASES During the three-month and nine-month periods ended December 31, 2020, the Company repurchased 2.4 million shares at an aggregate purchase price of $37.7 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 $500.0 million in accordance with the share repurchase mandate approved by the Company’s shareholders at the date of Annual General Meeting held on August 7, 2020. As of December 31, 2020, shares in the aggregate amount of $462.3 million were available to be repurchased under the current plan.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING In March 2020, the Company announced a change in organizational structure as part of its strategy to further drive efficiency and productivity with two focused delivery models. The Company’s chief operating decision maker ("CODM") changed from the CEO and certain direct staff who oversee operations of the business, to the CEO herself. As a result, beginning in fiscal year 2021, the Company now reports its financial performance based on two operating and reportable segments, Flex Agility Solutions (“FAS”) and Flex Reliability Solutions (“FRS”) and analyzes operating income as the measure of segment profitability. The FAS segment is optimized for speed to market at any volume based on a highly flexible supply and manufacturing system. The Company realigned the majority of the customers under the former Communications & Enterprise Compute ("CEC") and Consumer Technologies Group ("CTG") segments under the new FAS segment. Certain customers that were in the former Industrial and Emerging Industries ("IEI") segment that meet the above delivery model were also consolidated into the FAS segment. FAS is now comprised of the following end markets that represent reportable units: • Communications, Enterprise and Cloud ("CEC") , including data infrastructure, edge infrastructure and communication infrastructure; • Lifestyle , including appliances, consumer packaging, floorcare, micro mobility and audio; and • Consumer Devices , including mobile and high velocity consumer devices. The FRS segment is optimized for longer product lifecycles requiring complex ramps at any volume with specialized production models and critical environments. The Company consolidated the majority of its customers under the former High Reliability Solutions ("HRS") and IEI segments into the new FRS segment. FRS is now comprised of the following end markets that represent reportable units: • Automotive , including autonomous, connectivity, electrification, and smart technologies; • Health Solutions , including medical devices, medical equipment and drug delivery; and • Industrial , including capital equipment, industrial devices, renewable and grid edge, and power systems. The determination of the FAS and FRS segments is based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics. An operating segment's performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include amortization of intangibles, stock-based compensation, customer related asset impairment charges, restructuring charges, legal and other, and interest and other, net. A portion of depreciation is allocated to the respective segment, together with other general corporate research and development and administrative expenses. Selected financial information by segment is in the table below. Fiscal year 2020 historical information has been recast to reflect the new operating and reportable segments, in the table below and in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations." Three-Month Periods Ended Nine-Month Periods Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In millions) Net sales: Flex Agility Solutions $ 3,834 $ 3,631 $ 10,063 $ 11,122 Flex Reliability Solutions 2,886 2,830 7,795 7,603 $ 6,720 $ 6,461 $ 17,858 $ 18,725 Segment income and reconciliation of income before tax: Flex Agility Solutions $ 153 $ 98 $ 313 $ 301 Flex Reliability Solutions 178 186 472 475 Corporate and Other (20) (28) (64) (85) Total segment income 311 256 721 691 Reconciling items: Intangible amortization 16 16 47 49 Stock-based compensation 25 19 62 53 Customer related asset impairments (recoveries) (1) — 4 (3) 95 Restructuring charges (Note 15) 30 15 75 199 Legal and other (2) — 7 28 29 Interest and other, net 7 50 58 153 Income before income taxes $ 233 $ 145 $ 454 $ 113 (1) Customer related asset impairments for the three-month and nine-month periods ended December 31, 2020 were not material and for the three-month and nine-month periods ended December 31, 2019 primarily relate to additional provision for doubtful accounts receivable, and reserves for excess and obsolete inventory for certain customers experiencing financial difficulties and/or related to inventory that will not be recovered due to significant reductions in future customer demand. (2) Legal and other 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. During the first quarter of fiscal year 2021, the Company accrued for certain loss contingencies where losses are considered probable and estimable. Legal and other during the three-month and nine-month periods ended December 31, 2019 primarily consists of direct and incremental costs associated with certain wind-down activities related to the disengagement of a certain customer primarily in China and India. Corporate and other primarily includes corporate services 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 on the operating campuses and are compatible across segments and highly interchangeable throughout the platform. Given the highly interchangeable nature of the assets, they are not separately identified by segments nor reported by segment to the Company's CODM.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	9 Months Ended
	Dec. 31, 2020
Restructuring Charges [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGESIn order to support the Company’s strategy and build a sustainable organization, and after considering that the economic recovery from the pandemic will be slower than anticipated, the Company has identified and is engaging in certain structural changes. These restructuring actions will eliminate non-core activities primarily within the Company’s corporate function, align the Company’s cost structure with its reorganizing and optimizing of its operations model along its two reporting segments, and further sharpen its focus to winning business in end markets where it has competitive advantages and deep domain expertise. During the three-month and nine-month periods ended December 31, 2020, the Company recognized approximately $30.0 million and $75.0 million of restructuring charges, respectively, most of which related to employee severance. During the first half of fiscal year 2020 in connection with geopolitical developments and uncertainties at the time, primarily impacting one customer in China, the Company experienced a reduction in demand for products assembled for that customer. As a result, the Company accelerated its strategic decision to reduce its exposure to certain high-volatility products in both China and India. The Company also initiated targeted activities to restructure its business to further reduce and streamline its cost structure. During the three-month and nine-month periods ended December 31, 2019, the Company recognized $14.6 million and $199.1 million of restructuring charges, respectively. The Company incurred cash charges of approximately $14.9 million and $142.7 million, respectively, that were predominantly for employee severance, and non-cash charges of an immaterial amount and $56.4 million, respectively, primarily related to asset impairments during the three and nine-month periods ended December 31, 2019. The following table summarizes the provisions, respective payments, and remaining accrued balance as of December 31, 2020 for charges incurred during the nine-month period ended December 31, 2020: Severance Long-Lived Other Total (In millions) Balance as of March 31, 2020 $ 20 $ — $ 4 $ 24 Provision for charges incurred during the nine-month period ended December 31, 2020 68 3 4 75 Cash payments for charges incurred in the fiscal year 2020 and prior (13) — (1) (14) Cash payments for charges incurred during the nine-month period ended December 31, 2020 (35) — (1) (36) Non-cash charges incurred during the nine-month period ended December 31, 2020 — (3) 1 (2) Balance as of December 31, 2020 40 — 7 47 Less: Current portion (classified as other current liabilities) 39 — 7 46 Accrued restructuring costs, net of current portion (classified as other liabilities) $ 1 $ — $ — $ 1

ORGANIZATION OF THE COMPANY A_2

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization of the Company and Basis of Presentation	Organization of the Company Flex Ltd. ("Flex" or the "Company") was incorporated in the Republic of Singapore in May 1990. The Company's operations have expanded over the years through a combination of organic growth and acquisitions. The Company is the manufacturing partner of choice that helps a diverse customer base design and build products that improve the world. Through the collective strength of a global workforce across approximately 30 countries and responsible, sustainable operations, the Company delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. In the first quarter of fiscal year 2021, the Company made certain changes in its organizational structure as part of its strategy to further drive growth and productivity with two focused delivery models. As a result, beginning in the first quarter of fiscal year 2021, the Company reports its financial performance based on two operating and reportable segments: • Flex Agility Solutions ("FAS"), which is comprised of the following end markets: ◦ Communications, Enterprise and Cloud ("CEC") , including data infrastructure, edge infrastructure and communication infrastructure; ◦ Lifestyle , including appliances, consumer packaging, floorcare, micro mobility and audio; and ◦ Consumer Devices , including mobile and high velocity consumer devices. • Flex Reliability Solutions ("FRS"), which is comprised of the following end markets: ◦ Automotive , including autonomous, connectivity, electrification, and smart technologies; ◦ Health Solutions , including medical devices, medical equipment and drug delivery; and ◦ Industrial , including capital equipment, industrial devices, renewable and grid edge, and power systems. The Company's service offerings include a comprehensive range of value-added design and engineering services that are tailored to the various markets and needs of its customers. Other focused service offerings relate to manufacturing (including enclosures, metals, plastic injection molding, precision plastics, machining, and mechanicals), system integration and assembly and test services, materials procurement, inventory management, logistics and after-sales services (including product repair, warranty services, re-manufacturing and maintenance), supply chain management software solutions, and component product offerings (including flexible printed circuit boards and power adapters and chargers). Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2020 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended December 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2021. Beginning in the second quarter of fiscal year 2021, the Company began reporting all dollar amounts in millions. In certain circumstances, this change in rounding resulted in line items being removed within prior year disclosures. Certain prior period amounts in the condensed consolidated financial statements, as well as in the Notes thereto, have been reclassified to conform to the current presentation. The first quarters for fiscal years 2021 and 2020 ended on June 26, 2020, which is comprised of 87 days in the period, and June 28, 2019, which is comprised of 89 days in the period, respectively. The second quarters for fiscal years 2021 and 2020 ended on September 25, 2020 and September 27, 2019, which are comprised of 91 days in both periods. The Company's third quarters for fiscal years 2021 and 2020 ended on December 31 of each year, which are comprised of 97 days and 95 days, respectively. The accompanying unaudited condensed consolidated financial statements include the accounts of Flex and its majority-owned subsidiaries, after elimination of intercompany accounts and transactions. The Company consolidates its majority-owned subsidiaries and investments in entities in which the Company has a controlling interest. For the consolidated majority-owned subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership of the noncontrolling owners. The associated noncontrolling owners' interest in the income or losses of these companies is not material to the Company's results of operations for all periods presented, and is classified as a component of interest and other, net, in the condensed consolidated statements of operations. The changes to the Company’s organizational structure noted above had no impact on the condensed consolidated financial statements. For comparability purposes, segment reporting for prior periods have been restated to conform to the current presentation. Refer to note 14, “Segment Reporting,” for additional information on the changes in operating and reportable segments.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, and intangible assets; valuation of goodwill; valuation of investments in privately-held companies; asset impairments; fair values of financial instruments, including highly liquid investments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rates in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations; and the fair values of stock options and restricted share unit awards granted under the Company's stock-based compensation plans. Due to the COVID-19 pandemic, there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to COVID-19. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncement In March 2020, the FASB issued ASU 2020-04 "Facilitation of the Effects of Reference Rate Reform on Financial Reporting", which temporarily simplifies the accounting for contract modifications, including hedging relationships, due to the transition from LIBOR and other interbank offered rates to alternative reference interest rates. For example, entities can elect not to remeasure the contracts at the modification date or reassess a previous accounting determination if certain conditions are met. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. The Company adopted the guidance during the first quarter of fiscal year 2021 with an immaterial impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, and ASU 2019-11, which replace the existing incurred loss impairment model with an expected credit loss model and require a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The Company adopted the guidance during the first quarter of fiscal year 2021 with an immaterial impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In October 2020, the FASB issued ASU 2020-10 "Codification Improvements", which improves consistency by amending the Codification to include all disclosure guidance in the appropriate disclosure sections and clarifies application of various provisions in the Codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2022. In October 2020, the FASB issued ASU 2020-09 "Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762." which amends and supersedes SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Release No. 33-10762 related to financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affiliates whose securities are pledged as collateral for registered securities. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2021 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the fourth quarter of fiscal year 2021. In January 2020, the FASB issued ASU 2020-01 "Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 — a consensus of the FASB Emerging Issues Task Force," which makes improvements related to the following two topics: (1) accounting for certain equity securities when the equity method of accounting is applied or discontinued, and (2) scope considerations related to forward contracts and purchased options on certain securities. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2022. In December 2019, the FASB issued ASU 2019-12 "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2022.

BALANCE SHEET ITEMS (Tables)

BALANCE SHEET ITEMS (Tables)	9 Months Ended
	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Schedule of components of inventories	The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows: As of December 31, 2020 As of March 31, 2020 (In millions) Raw materials $ 2,625 $ 2,836 Work-in-progress 472 373 Finished goods 602 576 $ 3,699 $ 3,785
Schedule of goodwill	The following table summarizes the goodwill allocation as of April 1, 2020 and the activity during the nine-month period ended December 31, 2020: FAS FRS Communications, Lifestyle Consumer Devices Automotive Health Solutions Industrial Total (In millions) Balance at April 1, 2020 $ 188 $ 131 $ 51 $ 174 $ 192 $ 329 $ 1,065 Foreign currency translation adjustments 1 — — 39 4 — 44 Balance at December 31, 2020 $ 189 $ 131 $ 51 $ 213 $ 196 $ 329 $ 1,109
Schedule of components of acquired intangible assets	The components of acquired intangible assets are as follows: As of December 31, 2020 As of March 31, 2020 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets: Customer-related intangibles $ 280 $ (149) $ 131 $ 275 $ (128) $ 147 Licenses and other intangibles 258 (156) 102 245 (130) 115 Total $ 538 $ (305) $ 233 $ 520 $ (258) $ 262
Schedule of estimated future annual amortization expense for intangible assets	The estimated future annual amortization expense for intangible assets is as follows: Fiscal Year Ending March 31, Amount (In millions) 2021 (1) $ 16 2022 55 2023 47 2024 45 2025 40 Thereafter 30 Total amortization expense $ 233 ____________________________________________________________ (1) Represents estimated amortization for the remaining fiscal three -month period ending March 31, 2021.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents the Company’s revenue disaggregated based on timing of transfer - point in time and over time - for the three and nine-month periods ended December 31, 2020 and December 31, 2019, respectively. Three-Month Periods Ended Nine-Month Periods Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Timing of Transfer (In millions) FAS Point in time $ 3,544 $ 3,104 $ 8,813 $ 9,060 Over time 290 527 1,250 2,062 Total 3,834 3,631 10,063 11,122 FRS Point in time 2,189 2,050 5,292 5,101 Over time 697 780 2,503 2,502 Total 2,886 2,830 7,795 7,603 Flex Point in time 5,733 5,154 14,105 14,161 Over time 987 1,307 3,753 4,564 Total $ 6,720 $ 6,461 $ 17,858 $ 18,725

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract]
Schedule of share-based compensation expense	The following table summarizes the Company’s share-based compensation expense: Three-Month Periods Ended Nine-Month Periods Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In millions) Cost of sales $ 6 $ 4 $ 16 $ 11 Selling, general and administrative expenses 19 15 46 42 Total share-based compensation expense $ 25 $ 19 $ 62 $ 53

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share	The following table reflects basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share attributable to the shareholders of Flex: Three-Month Periods Ended Nine-Month Periods Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In millions, except per share amounts) Basic earnings per share: Net income $ 208 $ 111 $ 373 $ 39 Shares used in computation: Weighted-average ordinary shares outstanding 500 507 500 511 Basic earnings per share $ 0.42 $ 0.22 $ 0.75 $ 0.08 Diluted earnings per share: Net income $ 208 $ 111 $ 373 $ 39 Shares used in computation: Weighted-average ordinary shares outstanding 500 507 500 511 Weighted-average ordinary share equivalents from stock options and RSU awards (1) (2) 8 3 5 4 Weighted-average ordinary shares and ordinary share equivalents outstanding 508 510 505 515 Diluted earnings per share $ 0.41 $ 0.22 $ 0.74 $ 0.08 ____________________________________________________________ (1) An immaterial number of options to purchase ordinary shares were excluded from the computation of diluted earnings per share during the three and nine-month periods ended December 31, 2020 and December 31, 2019, respectively, due to their anti-dilutive impact on the weighted-average ordinary share equivalents. (2) An immaterial number of RSU awards and 2.9 million RSU awards for the three and nine-month periods ended December 31, 2020, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents. RSU awards of 3.7 million and 4.0 million for the three and nine-month periods ended December 31, 2019, respectively, were excluded from the computation of diluted earnings per share.

BANK BORROWINGS AND LONG-TERM_2

BANK BORROWINGS AND LONG-TERM DEBT (Tables)	9 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of bank borrowings and long-term debt	Bank borrowings and long-term debt as of December 31, 2020 are as follows: As of December 31, 2020 As of March 31, 2020 (In millions) Term Loan, including current portion, due in installments through June 2022 $ — $ 433 5.000% Notes due February 2023 500 500 Term Loan due April 2024 - three-month Yen LIBOR plus 0.500% 324 310 4.750% Notes due June 2025 598 597 3.750% Notes due February 2026 695 — 4.875% Notes due June 2029 661 662 4.875% Notes due May 2030 696 — India Facilities 136 138 Other 225 211 Debt issuance costs (23) (13) 3,812 2,838 Current portion, net of debt issuance costs (72) (149) Non-current portion $ 3,740 $ 2,689
Schedule of the Company's repayments of long-term debt	Scheduled repayments of the Company's bank borrowings and long-term debt as of December 31, 2020 are as follows: Fiscal Year Ending March 31, Amount (In millions) 2021 (1) $ 56 2022 222 2023 531 2024 53 2025 324 Thereafter 2,649 Total $ 3,835 (1) Represents estimated repayments for the remaining fiscal three -month period ending March 31, 2021.

INTEREST AND OTHER, NET (Tables

INTEREST AND OTHER, NET (Tables)	9 Months Ended
	Dec. 31, 2020
Other Income and Expenses [Abstract]
Interest and other, net	Interest and other, net for the three and nine-month periods ended December 31, 2020 and December 31, 2019 are primarily composed of the following: Three-Month Periods Ended Nine-Month Periods Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In millions) Interest expenses on debt obligations (1) $ 40 $ 35 $ 111 $ 114 ABS and AR sales programs related expenses 2 11 9 35 Interest income (4) (5) (10) (15) Gain on foreign exchange transactions (3) (3) (8) (7) Equity in (earnings) losses (2) (49) (1) (64) 5 Investment impairment (3) 20 16 21 23 (1) Interest expense on debt obligations for the three and nine-month periods ended December 31, 2019 include debt extinguishment costs of $0.8 million and $7.2 million, respectively, related to the full repayments of the Notes due February 2020 and the Term Loan due November 2021. There were immaterial debt extinguishment costs incurred during fiscal year 2021 from the repayment of the term loan due June 2022. (2) Represents (gains) losses on strategic investments in privately held companies accounted under equity method. During the three and nine-month periods ended December 31, 2020, the Company recognized equity in earnings of $49.0 million and $63.6 million, respectively, driven by unrealized gains of $44.0 million and $55.2 million, respectively, from the value increase in certain investment funds. (3) During the three-month periods ended December 31, 2020, and December 31, 2019, the Company incurred impairment charges of $20.1 million and $15.8 million, respectively, related to a certain investment as a result of the Company’s ongoing assessment of its investment portfolio strategy and conclusion that the carrying amount of its investment was other than temporarily impaired.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedges, Assets [Abstract]
Summary of aggregate notional amount of the Company's outstanding foreign currency forward and swap contracts	As of December 31, 2020, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $9.5 billion as summarized below: Foreign Currency Amount Notional Contract Value in USD Currency Buy Sell Buy Sell (In millions) Cash Flow Hedges CNY 2,751 — $ 421 $ — HUF 33,062 — 111 — JPY 33,525 — 300 — MXN 5,133 — 258 — MYR 389 44 96 11 Other N/A N/A 219 67 1,405 78 Other Foreign Currency Contracts BRL — 646 — 125 CAD 128 112 100 87 CNY 3,178 391 482 60 EUR 2,025 2,113 2,473 2,580 GBP 55 78 74 105 HUF 63,519 63,796 213 214 ILS 571 150 177 47 MXN 6,882 5,519 346 277 MYR 671 291 165 72 SEK 393 455 47 55 Other N/A N/A 219 143 4,296 3,765 Total Notional Contract Value in USD $ 5,701 $ 3,843
Schedule of fair value of the derivative instruments utilized for foreign currency risk management purposes	The following table presents the fair value of the Company’s derivative instruments utilized for foreign currency risk management purposes: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet December 31, March 31, Balance Sheet December 31, March 31, (In millions) Derivatives designated as hedging instruments Foreign currency contracts Other current assets $ 53 $ 7 Other current liabilities $ 8 $ 47 Foreign currency contracts Other assets $ 23 $ 14 Other liabilities $ — $ — Derivatives not designated as hedging instruments Foreign currency contracts Other current assets $ 32 $ 83 Other current liabilities $ 31 $ 103

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Dec. 31, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of changes in accumulated other comprehensive loss by component, net of tax	The changes in accumulated other comprehensive loss by component, net of tax, are as follows: Three-Month Periods Ended December 31, 2020 December 31, 2019 Unrealized Foreign currency Total Unrealized Foreign currency Total (In millions) Beginning balance $ (45) $ (88) $ (133) $ (59) $ (131) $ (190) Other comprehensive gain before reclassifications 43 42 85 1 11 12 Net (gains) losses reclassified from accumulated other comprehensive loss (14) — (14) 13 (1) 12 Net current-period other comprehensive gain 29 42 71 14 10 24 Ending balance $ (16) $ (46) $ (62) $ (45) $ (121) $ (166) Nine-Month Periods Ended December 31, 2020 December 31, 2019 Unrealized Foreign currency Total Unrealized Foreign currency Total (In millions) Beginning balance $ (82) $ (133) $ (215) $ (42) $ (110) $ (152) Other comprehensive gain (loss) before reclassifications 73 87 160 (8) (10) (18) Net (gains) losses reclassified from accumulated other comprehensive loss (7) — (7) 5 (1) 4 Net current-period other comprehensive gain (loss) 66 87 153 (3) (11) (14) Ending balance $ (16) $ (46) $ (62) $ (45) $ (121) $ (166)

FAIR VALUE MEASUREMENT OF ASS_2

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)	9 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and March 31, 2020: Fair Value Measurements as of December 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Assets: Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) $ — $ 1,755 $ — $ 1,755 Foreign currency contracts (Note 8) — 108 — 108 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 50 — 50 Liabilities: Foreign currency contracts (Note 8) $ — $ (39) $ — $ (39) Fair Value Measurements as of March 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Assets: Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) $ — $ 404 $ — $ 404 Foreign currency contracts (Note 8) — 104 — 104 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 49 — 49 Liabilities: 0 Foreign currency contracts (Note 8) $ — $ (149) $ — $ (149)
Schedule of debt not carried at fair value	The following table presents the Company’s major debts not carried at fair value: As of December 31, 2020 As of March 31, 2020 Carrying Fair Carrying Fair Fair Value (In millions) Term Loan, including current portion, due in installments through June 2022 $ — $ — $ 433 $ 414 Level 1 5.000% Notes due February 2023 500 541 500 500 Level 1 Term Loan due April 2024 - three-month Yen LIBOR plus 0.500% 324 324 310 310 Level 2 4.750% Notes due June 2025 598 680 597 613 Level 1 3.750% Notes due February 2026 695 771 — — Level 1 4.875% Notes due June 2029 661 786 662 628 Level 1 4.875% Notes due May 2030 696 826 — — Level 1 Euro Term Loans 175 175 208 208 Level 2 India Facilities 136 136 138 138 Level 2

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of segment reporting information by operating segment	Selected financial information by segment is in the table below. Fiscal year 2020 historical information has been recast to reflect the new operating and reportable segments, in the table below and in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations." Three-Month Periods Ended Nine-Month Periods Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (In millions) Net sales: Flex Agility Solutions $ 3,834 $ 3,631 $ 10,063 $ 11,122 Flex Reliability Solutions 2,886 2,830 7,795 7,603 $ 6,720 $ 6,461 $ 17,858 $ 18,725 Segment income and reconciliation of income before tax: Flex Agility Solutions $ 153 $ 98 $ 313 $ 301 Flex Reliability Solutions 178 186 472 475 Corporate and Other (20) (28) (64) (85) Total segment income 311 256 721 691 Reconciling items: Intangible amortization 16 16 47 49 Stock-based compensation 25 19 62 53 Customer related asset impairments (recoveries) (1) — 4 (3) 95 Restructuring charges (Note 15) 30 15 75 199 Legal and other (2) — 7 28 29 Interest and other, net 7 50 58 153 Income before income taxes $ 233 $ 145 $ 454 $ 113 (1) Customer related asset impairments for the three-month and nine-month periods ended December 31, 2020 were not material and for the three-month and nine-month periods ended December 31, 2019 primarily relate to additional provision for doubtful accounts receivable, and reserves for excess and obsolete inventory for certain customers experiencing financial difficulties and/or related to inventory that will not be recovered due to significant reductions in future customer demand. (2) Legal and other 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. During the first quarter of fiscal year 2021, the Company accrued for certain loss contingencies where losses are considered probable and estimable. Legal and other during the three-month and nine-month periods ended December 31, 2019 primarily consists of direct and incremental costs associated with certain wind-down activities related to the disengagement of a certain customer primarily in China and India.

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	9 Months Ended
	Dec. 31, 2020
Restructuring Charges [Abstract]
Schedule of components of the restructuring charges by geographic region	The following table summarizes the provisions, respective payments, and remaining accrued balance as of December 31, 2020 for charges incurred during the nine-month period ended December 31, 2020: Severance Long-Lived Other Total (In millions) Balance as of March 31, 2020 $ 20 $ — $ 4 $ 24 Provision for charges incurred during the nine-month period ended December 31, 2020 68 3 4 75 Cash payments for charges incurred in the fiscal year 2020 and prior (13) — (1) (14) Cash payments for charges incurred during the nine-month period ended December 31, 2020 (35) — (1) (36) Non-cash charges incurred during the nine-month period ended December 31, 2020 — (3) 1 (2) Balance as of December 31, 2020 40 — 7 47 Less: Current portion (classified as other current liabilities) 39 — 7 46 Accrued restructuring costs, net of current portion (classified as other liabilities) $ 1 $ — $ — $ 1

ORGANIZATION OF THE COMPANY A_3

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Details)	9 Months Ended
	Dec. 31, 2020operatingUnitreportingUnits	Dec. 31, 2020operatingUnitreportingUnit
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity operates	30	30
Number of operating segments	2	2
Number of reporting segments	2	2

BALANCE SHEET ITEMS - Inventori

BALANCE SHEET ITEMS - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Inventories
Raw materials	$ 2,625,000	$ 2,836,000
Work-in-progress	472,000	373,000
Finished goods	602,000	576,000
Inventories, total	$ 3,699,000	$ 3,785,000

BALANCE SHEET ITEMS - Additiona

BALANCE SHEET ITEMS - Additional Information (Details) $ in Millions	9 Months Ended
	Dec. 31, 2020USD ($)reportingUnit	Mar. 31, 2020USD ($)
Components of acquired intangible assets
Number of reporting units | reportingUnit	6
Contract liabilities	$ 483.4	$ 361.5
Current operating lease liabilities	125.2	114.1
Working capital advances
Components of acquired intangible assets
Contract liabilities	371.3	264.2
Customer-related accruals
Components of acquired intangible assets
Contract liabilities	$ 242.7	$ 195.1

BALANCE SHEET ITEMS - Goodwill

BALANCE SHEET ITEMS - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Activity in goodwill account
Balance at April 1, 2020	$ 1,065,000
Foreign currency translation adjustments	44,000
Balance at December 31, 2020	1,109,000
Gross Carrying Amount	538,000	$ 520,000
Accumulated Amortization	(305,000)	(258,000)
Total amortization expense	233,000	262,000
Customer-related intangibles
Activity in goodwill account
Gross Carrying Amount	280,000	275,000
Accumulated Amortization	(149,000)	(128,000)
Total amortization expense	131,000	147,000
Licenses and other intangibles
Activity in goodwill account
Gross Carrying Amount	258,000	245,000
Accumulated Amortization	(156,000)	(130,000)
Total amortization expense	102,000	$ 115,000
FAS | Communications, Enterprise and Cloud
Activity in goodwill account
Balance at April 1, 2020	188,000
Foreign currency translation adjustments	1,000
Balance at December 31, 2020	189,000
FAS | Lifestyle
Activity in goodwill account
Balance at April 1, 2020	131,000
Foreign currency translation adjustments	0
Balance at December 31, 2020	131,000
FAS | Consumer Devices
Activity in goodwill account
Balance at April 1, 2020	51,000
Foreign currency translation adjustments	0
Balance at December 31, 2020	51,000
FRS | Automotive
Activity in goodwill account
Balance at April 1, 2020	174,000
Foreign currency translation adjustments	39,000
Balance at December 31, 2020	213,000
FRS | Health Solutions
Activity in goodwill account
Balance at April 1, 2020	192,000
Foreign currency translation adjustments	4,000
Balance at December 31, 2020	196,000
FRS | Industrial
Activity in goodwill account
Balance at April 1, 2020	329,000
Foreign currency translation adjustments	0
Balance at December 31, 2020	$ 329,000

BALANCE SHEET ITEMS - Future Am

BALANCE SHEET ITEMS - Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Estimated future annual amortization expense for acquired intangible assets
2021	$ 16,000
2022	55,000
2023	47,000
2024	45,000
2025	40,000
Thereafter	30,000
Total amortization expense	$ 233,000	$ 262,000

REVENUE - Additional Informatio

REVENUE - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 483.4	$ 361.5

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 6,720,000	$ 6,461,000	$ 17,858,000	$ 18,725,000
Point in time
Disaggregation of Revenue [Line Items]
Net sales	5,733,000	5,154,000	14,105,000	14,161,000
Over time
Disaggregation of Revenue [Line Items]
Net sales	987,000	1,307,000	3,753,000	4,564,000
FAS
Disaggregation of Revenue [Line Items]
Net sales	3,834,000	3,631,000	10,063,000	11,122,000
FAS | Point in time
Disaggregation of Revenue [Line Items]
Net sales	3,544,000	3,104,000	8,813,000	9,060,000
FAS | Over time
Disaggregation of Revenue [Line Items]
Net sales	290,000	527,000	1,250,000	2,062,000
FRS
Disaggregation of Revenue [Line Items]
Net sales	2,886,000	2,830,000	7,795,000	7,603,000
FRS | Point in time
Disaggregation of Revenue [Line Items]
Net sales	2,189,000	2,050,000	5,292,000	5,101,000
FRS | Over time
Disaggregation of Revenue [Line Items]
Net sales	$ 697,000	$ 780,000	$ 2,503,000	$ 2,502,000

SHARE-BASED COMPENSATION - Loca

SHARE-BASED COMPENSATION - Location of Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Share-based compensation
Share-based compensation expense	$ 25,000	$ 19,000	$ 62,000	$ 53,000
Cost of sales
Share-based compensation
Share-based compensation expense	6,000	4,000	16,000	11,000
Selling, general and administrative expenses
Share-based compensation
Share-based compensation expense	$ 19,000	$ 15,000	$ 46,000	$ 42,000

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Restricted Stock Units, Share Bonus Awards with Market Conditions, and Share Bonus Awards With Free Cash Flow Targets
Share-based compensation
Unvested share bonus awards granted (in shares)	11,000,000
Number of shares outstanding (in shares)	20,400,000
Unrecognized compensation expense | $	$ 153.6
Share weighted-average remaining vesting period	2 years 1 month 6 days
Restricted Stock Units
Share-based compensation
Unvested share bonus awards granted (in shares)	9,400,000
Average grant date price of unvested share bonus awards (in usd per share) | $ / shares	$ 10.34
Restricted Stock Units | Minimum
Share-based compensation
Vesting period	2 years
Restricted Stock Units | Maximum
Share-based compensation
Vesting period	4 years
Share Bonus Awards with Market Conditions
Share-based compensation
Average grant date price of unvested share bonus awards (in usd per share) | $ / shares	$ 15.03
Number of shares outstanding (in shares)	3,700,000
Share Bonus Awards with Market Conditions | Key employees
Share-based compensation
Unvested share bonus awards granted (in shares)	1,600,000
Vesting period	3 years
Share Bonus Awards with Market Conditions | Minimum
Share-based compensation
Number of shares that may be issued (in shares)	0
Share Bonus Awards with Market Conditions | Minimum | Key employees
Share-based compensation
Unvested share bonus awards granted (in shares)	0
Share Bonus Awards with Market Conditions | Maximum
Share-based compensation
Number of shares that may be issued (in shares)	7,400,000
Share Bonus Awards with Market Conditions | Maximum | Key employees
Share-based compensation
Unvested share bonus awards granted (in shares)	3,200,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Basic earnings per share:
Net income	$ 208,000	$ 111,000	$ 373,000	$ 39,000
Shares used in computation:
Weighted-average ordinary shares outstanding (in shares)	500,000	507,000	500,000	511,000
Basic earnings (losses) per share (in dollars per share)	$ 0.42	$ 0.22	$ 0.75	$ 0.08
Diluted earnings per share:
Net income	$ 208,000	$ 111,000	$ 373,000	$ 39,000
Shares used in computation:
Weighted-average ordinary shares outstanding (in shares)	500,000	507,000	500,000	511,000
Weighted-average ordinary share equivalents from stock options and RSU awards (in shares)	8,000	3,000	5,000	4,000
Weighted-average ordinary shares and ordinary share equivalents outstanding (in shares)	508,000	510,000	505,000	515,000
Diluted earnings (losses) per share (in dollars per share)	$ 0.41	$ 0.22	$ 0.74	$ 0.08
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Restricted share unit awards excluded from computation of diluted earnings per share due to their anti-dilutive impact (in shares)		3,700	2,900	4,000

BANK BORROWINGS AND LONG-TERM_3

BANK BORROWINGS AND LONG-TERM DEBT - Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 3,835,000
Debt issuance costs	(23,000)		$ (13,000)
Total	3,812,000		2,838,000
Current portion, net of debt issuance costs	(72,000)		(149,000)
Non-current portion	3,740,000		2,689,000
Term Loan, including current portion, due in installments through June 2022
Debt Instrument [Line Items]
Long-term debt	$ 0		433,000
5.000% Notes due February 2023
Debt Instrument [Line Items]
Debt interest rate	5.00%
Long-term debt	$ 500,000		500,000
Term Loan due April 2024 - three-month Yen LIBOR plus 0.500%
Debt Instrument [Line Items]
Long-term debt	$ 324,000		310,000
Term Loan due April 2024 - three-month Yen LIBOR plus 0.500% | Three-month Yen LIBOR
Debt Instrument [Line Items]
Debt interest rate	0.50%
4.750% Notes due June 2025
Debt Instrument [Line Items]
Debt interest rate	4.75%
Long-term debt	$ 598,000		597,000
3.750% Notes due February 2026
Debt Instrument [Line Items]
Debt interest rate	3.75%	3.75%
Long-term debt	$ 695,000		0
4.875% Notes due June 2029
Debt Instrument [Line Items]
Debt interest rate	4.875%
Long-term debt	$ 661,000		662,000
4.875% Notes due May 2030
Debt Instrument [Line Items]
Debt interest rate	4.875%
Long-term debt	$ 696,000		0
India Facilities
Debt Instrument [Line Items]
Long-term debt	136,000		138,000
Other
Debt Instrument [Line Items]
Long-term debt	$ 225,000		$ 211,000

BANK BORROWINGS AND LONG-TERM_4

BANK BORROWINGS AND LONG-TERM DEBT - Additional Information (Details) - USD ($)	1 Months Ended
	Aug. 31, 2020	May 31, 2020	Dec. 31, 2020	Mar. 31, 2020
Debt Disclosure [Abstract]
Weighted-average interest rate				4.00%
Debt Instrument [Line Items]
Long-term debt			$ 3,835,000,000
3.750% Notes due February 2026
Debt Instrument [Line Items]
Debt instrument	$ 675,000,000	$ 425,000,000
Debt interest rate	3.75%		3.75%
Redemption price percentage		99.617%
Long-term debt			$ 695,000,000	$ 0
4.875% Notes due May 2020
Debt Instrument [Line Items]
Debt instrument		$ 325,000,000
Debt interest rate	4.875%
Redemption price percentage		99.562%
Long-term debt	$ 1,400,000,000
Debt issuance cost	12,800,000
4.875% Notes due May 2020 | Minimum
Debt Instrument [Line Items]
Percentage of principal amount of the then outstanding Notes due and payable		25.00%
3.750% Notes due February 2021
Debt Instrument [Line Items]
Debt instrument	$ 250,000,000
Debt interest rate	3.75%
Redemption price percentage	109.294%
4.875% Notes due May 2030
Debt Instrument [Line Items]
Debt instrument	$ 325,000,000
Debt interest rate			4.875%
Redemption price percentage	114.863%
Long-term debt			$ 696,000,000	$ 0
3.750% Notes due 2030
Debt Instrument [Line Items]
Debt instrument	$ 650,000,000
Debt interest rate	4.875%

BANK BORROWINGS AND LONG-TERM_5

BANK BORROWINGS AND LONG-TERM DEBT - Repayment of Long-term Debt (Details) $ in Thousands	Dec. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 56,000
2022	222,000
2023	531,000
2024	53,000
2025	324,000
Thereafter	2,649,000
Total	$ 3,835,000

INTEREST AND OTHER, NET - Table

INTEREST AND OTHER, NET - Table (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expenses [Abstract]
Interest expenses on debt obligations	$ 40,000	$ 35,000	$ 111,000	$ 114,000
ABS and AR sales programs related expenses	2,000	11,000	9,000	35,000
Interest income	(4,000)	(5,000)	(10,000)	(15,000)
Gain on foreign exchange transactions	(3,000)	(3,000)	(8,000)	(7,000)
Gain (Loss) on Investments	(49,000)	(1,000)	(63,600)	5,000
Impairment charge related to investment	20,100	15,800	21,000	23,000
Interest expense		$ 800		$ 7,200
Unrealized gain on investment	$ 44,000		$ 55,200

INTEREST AND OTHER, NET - Footn

INTEREST AND OTHER, NET - Footnotes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Other Income and Expenses [Abstract]
Interest expense		$ 0.8		$ 7.2
Equity in earnings	$ 49	1	$ 63.6	(5)
Unrealized gain on investment	44		55.2
Impairment charge related to investment	$ 20.1	$ 15.8	$ 21	$ 23

FINANCIAL INSTRUMENTS - Notiona

FINANCIAL INSTRUMENTS - Notional Amount (Details) - 9 months ended Dec. 31, 2020 € in Thousands, ₪ in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, kr in Thousands, RM in Thousands, R$ in Thousands, Ft in Thousands, $ in Thousands, $ in Thousands, $ in Thousands

USD ($)

CNY (¥)

HUF (Ft)

JPY (¥)

MXN ($)

MYR (RM)

BRL (R$)

CAD ($)

EUR (€)

GBP (£)

ILS (₪)

SEK (kr)

Derivative Instruments and Hedges, Assets [Abstract]

Deferred gains

$ 39,000

Forward and Swap Contracts

Notional amount

Derivative, notional amount

9,500,000

Buy | Forward and Swap Contracts

Notional amount

Derivative, notional amount

5,701,000

Buy | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges

Notional amount

Derivative, notional amount

1,405,000

Buy | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | CNY

Notional amount

Derivative, notional amount

421,000

¥ 2,751,000

Buy | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | HUF

Notional amount

Derivative, notional amount

111,000

Ft 33,062,000

Buy | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | JPY

Notional amount

Derivative, notional amount

300,000

¥ 33,525,000

Buy | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | MXN

Notional amount

Derivative, notional amount

258,000

$ 5,133,000

Buy | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | MYR

Notional amount

Derivative, notional amount

96,000

RM 389,000

Buy | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Other

Notional amount

Derivative, notional amount

219,000

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments

Notional amount

Derivative, notional amount

4,296,000

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments | CNY

Notional amount

Derivative, notional amount

482,000

3,178,000

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments | HUF

Notional amount

Derivative, notional amount

213,000

63,519,000

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments | MXN

Notional amount

Derivative, notional amount

346,000

6,882,000

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments | MYR

Notional amount

Derivative, notional amount

165,000

671,000

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments | Other

Notional amount

Derivative, notional amount

219,000

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments | BRL

Notional amount

Derivative, notional amount

0

R$ 0

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments | CAD

Notional amount

Derivative, notional amount

100,000

$ 128,000

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments | EUR

Notional amount

Derivative, notional amount

2,473,000

€ 2,025,000

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments | GBP

Notional amount

Derivative, notional amount

74,000

£ 55,000

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments | ILS

Notional amount

Derivative, notional amount

177,000

₪ 571,000

Buy | Forward and Swap Contracts | Derivatives not designated as hedging instruments | SEK

Notional amount

Derivative, notional amount

47,000

kr 393,000

Sell | Forward and Swap Contracts

Notional amount

Derivative, notional amount

3,843,000

Sell | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges

Notional amount

Derivative, notional amount

78,000

Sell | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | CNY

Notional amount

Derivative, notional amount

0

0

Sell | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | HUF

Notional amount

Derivative, notional amount

0

0

Sell | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | JPY

Notional amount

Derivative, notional amount

0

¥ 0

Sell | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | MXN

Notional amount

Derivative, notional amount

0

0

Sell | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | MYR

Notional amount

Derivative, notional amount

11,000

44,000

Sell | Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Other

Notional amount

Derivative, notional amount

67,000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments

Notional amount

Derivative, notional amount

3,765,000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments | CNY

Notional amount

Derivative, notional amount

60,000

¥ 391,000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments | HUF

Notional amount

Derivative, notional amount

214,000

Ft 63,796,000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments | MXN

Notional amount

Derivative, notional amount

277,000

$ 5,519,000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments | MYR

Notional amount

Derivative, notional amount

72,000

RM 291,000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments | Other

Notional amount

Derivative, notional amount

143,000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments | BRL

Notional amount

Derivative, notional amount

125,000

R$ 646000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments | CAD

Notional amount

Derivative, notional amount

87,000

$ 112,000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments | EUR

Notional amount

Derivative, notional amount

2,580,000

€ 2,113,000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments | GBP

Notional amount

Derivative, notional amount

105,000

£ 78,000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments | ILS

Notional amount

Derivative, notional amount

47,000

₪ 150,000

Sell | Forward and Swap Contracts | Derivatives not designated as hedging instruments | SEK

Notional amount

Derivative, notional amount

$ 55,000

kr 455,000

FINANCIAL INSTRUMENTS - Foreign

FINANCIAL INSTRUMENTS - Foreign Currency Risk Management (Details) - Foreign currency contracts - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Other current assets | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	$ 53,000	$ 7,000
Other current assets | Derivatives not designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	32,000	83,000
Other assets | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	23,000	14,000
Other current liabilities | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	8,000	47,000
Other current liabilities | Derivatives not designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	31,000	103,000
Other liabilities | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 3,115,000	$ 2,806,000	$ 2,831,000	$ 2,972,000
Other comprehensive gain before reclassifications	85,000	12,000	160,000	(18,000)
Net (gains) losses reclassified from accumulated other comprehensive loss	(14,000)	12,000	(7,000)	4,000
Net current-period other comprehensive gain	71,000	24,000	153,000	(14,000)
Ending balance	3,381,000	2,899,000	3,381,000	2,899,000
Unrealized  loss on derivative instruments and other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(45,000)	(59,000)	(82,000)	(42,000)
Other comprehensive gain before reclassifications	43,000	1,000	73,000	(8,000)
Net (gains) losses reclassified from accumulated other comprehensive loss	(14,000)	13,000	(7,000)	5,000
Net current-period other comprehensive gain	29,000	14,000	66,000	(3,000)
Ending balance	(16,000)	(45,000)	(16,000)	(45,000)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(88,000)	(131,000)	(133,000)	(110,000)
Other comprehensive gain before reclassifications	42,000	11,000	87,000	(10,000)
Net (gains) losses reclassified from accumulated other comprehensive loss	0	(1,000)	0	(1,000)
Net current-period other comprehensive gain	42,000	10,000	87,000	(11,000)
Ending balance	(46,000)	(121,000)	(46,000)	(121,000)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(133,000)	(190,000)	(215,000)	(152,000)
Ending balance	$ (62,000)	$ (166,000)	$ (62,000)	$ (166,000)

TRADE RECEIVABLES SECURITIZAT_2

TRADE RECEIVABLES SECURITIZATION (Details)	9 Months Ended
	Dec. 31, 2020USD ($)program	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)
Trade Receivables Securitization disclosures
Servicing assets	$ 0
Cash collections of deferred purchase price	$ 0	$ 2,511,000,000
Asset-Backed Securitization Programs
Trade Receivables Securitization disclosures
Number of asset-backed securitization programs | program	2
Company's accounts receivables sold to third-party			$ 800,000,000
Asset-Backed Securitization Programs | Minimum
Trade Receivables Securitization disclosures
Service fee received, percent	0.10%
Asset-Backed Securitization Programs | Maximum
Trade Receivables Securitization disclosures
Service fee received, percent	0.50%
Asset-Backed Securitization Programs | Old ABS Program
Trade Receivables Securitization disclosures
Cash proceeds from sale of accounts receivable	$ 6,600,000,000	3,700,000,000
Cash collections of deferred purchase price		2,200,000,000
Global Program
Trade Receivables Securitization disclosures
Investment limits with financial institution	790,000,000
Global Program | Committed
Trade Receivables Securitization disclosures
Investment limits with financial institution	615,000,000
Global Program | Uncommitted
Trade Receivables Securitization disclosures
Investment limits with financial institution	175,000,000
North American Program
Trade Receivables Securitization disclosures
Investment limits with financial institution	285,000,000
North American Program | Committed
Trade Receivables Securitization disclosures
Investment limits with financial institution	210,000,000
North American Program | Uncommitted
Trade Receivables Securitization disclosures
Investment limits with financial institution	75,000,000
Sales of Receivables to Third Party Banks
Trade Receivables Securitization disclosures
Company's accounts receivables sold to third-party	600,000,000	1,200,000,000
Receivables sold but not yet collected from banking institutions	$ 100,000,000		$ 400,000,000
Sales Of Receivables From Special Purpose Entities | Old ABS Program
Trade Receivables Securitization disclosures
Cash proceeds from sale of accounts receivable		$ 600,000,000

FAIR VALUE MEASUREMENT OF ASS_3

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Assets and Liabilities Measured at Fair Value (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 31, 2020
Money market funds and time deposits
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	$ 1,755,000	$ 404,000
Foreign currency contracts
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	108,000	104,000
Total liabilities	(39,000)	(149,000)
Mutual funds, money market accounts and equity securities
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	50,000	49,000
Level 1 | Money market funds and time deposits
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	0	0
Level 1 | Foreign currency contracts
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	0	0
Total liabilities	0	0
Level 1 | Mutual funds, money market accounts and equity securities
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	0	0
Level 2 | Money market funds and time deposits
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	1,755,000	404,000
Level 2 | Foreign currency contracts
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	108,000	104,000
Total liabilities	(39,000)	(149,000)
Level 2 | Mutual funds, money market accounts and equity securities
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	50,000	49,000
Level 3 | Money market funds and time deposits
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	0	0
Level 3 | Foreign currency contracts
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	0	0
Total liabilities	0	0
Level 3 | Mutual funds, money market accounts and equity securities
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	$ 0	$ 0

FAIR VALUE MEASUREMENT OF ASS_4

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Debt Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Aug. 31, 2020	Mar. 31, 2020
5.000% Notes due February 2023
Other financial instruments
Debt interest rate	5.00%
4.750% Notes due June 2025
Other financial instruments
Debt interest rate	4.75%
3.750% Notes due February 2026
Other financial instruments
Debt interest rate	3.75%	3.75%
4.875% Notes due June 2029
Other financial instruments
Debt interest rate	4.875%
4.875% Notes due May 2030
Other financial instruments
Debt interest rate	4.875%
Three-month Yen LIBOR | Term Loan due April 2024 - three-month Yen LIBOR plus 0.500%
Other financial instruments
Debt interest rate	0.50%
Carrying Amount | Level 1 | Term Loan, including current portion, due in installments through June 2022
Other financial instruments
Debt instrument	$ 0		$ 433,000
Carrying Amount | Level 1 | 5.000% Notes due February 2023
Other financial instruments
Debt instrument	500,000		500,000
Carrying Amount | Level 1 | 4.750% Notes due June 2025
Other financial instruments
Debt instrument	598,000		597,000
Carrying Amount | Level 1 | 3.750% Notes due February 2026
Other financial instruments
Debt instrument	695,000		0
Carrying Amount | Level 1 | 4.875% Notes due June 2029
Other financial instruments
Debt instrument	661,000		662,000
Carrying Amount | Level 1 | 4.875% Notes due May 2030
Other financial instruments
Debt instrument	696,000		0
Carrying Amount | Level 1 | Euro Term Loans
Other financial instruments
Debt instrument	175,000		208,000
Carrying Amount | Level 2 | Term Loan due April 2024 - three-month Yen LIBOR plus 0.500%
Other financial instruments
Debt instrument	324,000		310,000
Carrying Amount | Level 2 | India Facilities
Other financial instruments
Debt instrument	136,000		138,000
Fair Value | Level 1 | Term Loan, including current portion, due in installments through June 2022
Other financial instruments
Debt instrument	0		414,000
Fair Value | Level 1 | 5.000% Notes due February 2023
Other financial instruments
Debt instrument	541,000		500,000
Fair Value | Level 1 | 4.750% Notes due June 2025
Other financial instruments
Debt instrument	680,000		613,000
Fair Value | Level 1 | 3.750% Notes due February 2026
Other financial instruments
Debt instrument	771,000		0
Fair Value | Level 1 | 4.875% Notes due June 2029
Other financial instruments
Debt instrument	786,000		628,000
Fair Value | Level 1 | 4.875% Notes due May 2030
Other financial instruments
Debt instrument	826,000		0
Fair Value | Level 1 | Euro Term Loans
Other financial instruments
Debt instrument	175,000		208,000
Fair Value | Level 2 | Term Loan due April 2024 - three-month Yen LIBOR plus 0.500%
Other financial instruments
Debt instrument	324,000		310,000
Fair Value | Level 2 | India Facilities
Other financial instruments
Debt instrument	$ 136,000		$ 138,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) R$ in Millions, $ in Millions	Mar. 23, 2020USD ($)	Mar. 23, 2020BRL (R$)	Jul. 01, 2016USD ($)	Dec. 31, 2020USD ($)tax_assessment	Dec. 31, 2020BRL (R$)tax_assessment	Mar. 31, 2016USD ($)
Assessment of Sales and Import Taxes | BRAZIL | Foreign Tax Authority
Loss Contingencies [Line Items]
Sales and import taxes, number of tax assessments | tax_assessment				6	6
Sales and import taxes, estimate of possible loss				$ 72	R$ 373.7
Intercompany Payment Deductibility | Foreign Tax Authority
Loss Contingencies [Line Items]
Sales and import taxes, estimate of possible loss				162.5
Intercompany Payment Deductibility | MALAYSIA | Foreign Tax Authority
Loss Contingencies [Line Items]
Sales and import taxes, estimate of possible loss				80
Pending Litigation | Assessment of Sales and Import Taxes | BRAZIL | Foreign Tax Authority
Loss Contingencies [Line Items]
Sales and import taxes, estimate of possible loss				$ 11.7	R$ 60.5
Sales and import taxes estimate of possible loss unsuccessful	$ 6.5	R$ 33.9
Pending Litigation | SunEdison filed Chapter 11 | Collectibility of Receivables
Loss Contingencies [Line Items]
Inventory value allegedly received by the Company			$ 98.6
Cash allegedly received by the Company			69.2
SunEdison, Inc
Loss Contingencies [Line Items]
Loss in period from bad debt write off						$ 61
Decrease in receivable due from return of previously shipped inventory			$ 90

SHARE REPURCHASES (Details)

SHARE REPURCHASES (Details)	3 Months Ended	9 Months Ended
	Dec. 31, 2020USD ($)shares	Dec. 31, 2020USD ($)shares
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Aggregate shares repurchased and retired (in shares) | shares	2,400,000	2,400,000
Aggregate purchase price of shares repurchased and retired	$ 37,700,000	$ 37,700,000
Authorized amount of stock repurchase program	500,000,000	500,000,000
Amount remaining to be repurchased under the plans	$ 462,300,000	$ 462,300,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2020reportingUnit	Dec. 31, 2020reportingUnits	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of operating segments				2	2
Net sales	$ 6,720,000	$ 6,461,000	$ 17,858,000			$ 18,725,000
Income before income taxes	233,000	145,000	454,000			113,000
Intangible amortization	16,000	16,000	47,000			49,000
Stock-based compensation	25,000	19,000	62,000			53,000
Restructuring charges	30,000	14,600	75,000			199,100
Interest and other, net	7,000	50,000	58,000			153,000
Flex Agility Solutions
Segment Reporting Information [Line Items]
Net sales	3,834,000	3,631,000	10,063,000			11,122,000
Flex Reliability Solutions
Segment Reporting Information [Line Items]
Net sales	2,886,000	2,830,000	7,795,000			7,603,000
Operating Segments
Segment Reporting Information [Line Items]
Net sales	6,720,000	6,461,000	17,858,000			18,725,000
Income before income taxes	311,000	256,000	721,000			691,000
Operating Segments | Flex Agility Solutions
Segment Reporting Information [Line Items]
Net sales	3,834,000	3,631,000	10,063,000			11,122,000
Income before income taxes	153,000	98,000	313,000			301,000
Operating Segments | Flex Reliability Solutions
Segment Reporting Information [Line Items]
Net sales	2,886,000	2,830,000	7,795,000			7,603,000
Income before income taxes	178,000	186,000	472,000			475,000
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Income before income taxes	(20,000)	(28,000)	(64,000)			(85,000)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Intangible amortization	16,000	16,000	47,000			49,000
Stock-based compensation	25,000	19,000	62,000			53,000
Customer related asset impairments (recoveries)	0	4,000	(3,000)			95,000
Restructuring charges	30,000	15,000	75,000			199,000
Legal and other	0	7,000	28,000			29,000
Interest and other, net	$ 7,000	$ 50,000	$ 58,000			$ 153,000

RESTRUCTURING CHARGES - Additio

RESTRUCTURING CHARGES - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020reportingUnits	Dec. 31, 2020USD ($)	Dec. 31, 2020reportingUnit	Dec. 31, 2019USD ($)
RESTRUCTURING CHARGES
Number of reporting segments			2		2
Restructuring charges	$ 30	$ 14.6		$ 75		$ 199.1
Employee Severance
RESTRUCTURING CHARGES
Restructuring charges		$ 14.9				142.7
Non-Cash Charges
RESTRUCTURING CHARGES
Restructuring charges						$ 56.4

RESTRUCTURING CHARGES - Summary

RESTRUCTURING CHARGES - Summary of Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve [Roll Forward]
Balance as of March 31, 2020			$ 24
Provision for charges incurred during the nine-month period ended December 31, 2020	$ 30	$ 14.6	75	$ 199.1
Balance as of December 31, 2020	47		47
Less: Current portion (classified as other current liabilities)	46		46
Accrued restructuring costs, net of current portion (classified as other liabilities)	1		1
Cash Charges
Restructuring Reserve [Roll Forward]
Payments for charges incurred			(36)
Non-Cash Charges
Restructuring Reserve [Roll Forward]
Non-cash charges incurred during the nine-month period ended December 31, 2020			(2)
Cash payments for charges incurred in the fiscal year 2020 and prior | Cash Charges
Restructuring Reserve [Roll Forward]
Payments for charges incurred			(14)
Severance
Restructuring Reserve [Roll Forward]
Balance as of March 31, 2020			20
Provision for charges incurred during the nine-month period ended December 31, 2020			68
Balance as of December 31, 2020	40		40
Less: Current portion (classified as other current liabilities)	39		39
Accrued restructuring costs, net of current portion (classified as other liabilities)	1		1
Severance | Cash Charges
Restructuring Reserve [Roll Forward]
Payments for charges incurred			(35)
Severance | Non-Cash Charges
Restructuring Reserve [Roll Forward]
Non-cash charges incurred during the nine-month period ended December 31, 2020			0
Severance | Cash payments for charges incurred in the fiscal year 2020 and prior | Cash Charges
Restructuring Reserve [Roll Forward]
Payments for charges incurred			(13)
Long-Lived Asset Impairment
Restructuring Reserve [Roll Forward]
Balance as of March 31, 2020			0
Provision for charges incurred during the nine-month period ended December 31, 2020			3
Balance as of December 31, 2020	0		0
Less: Current portion (classified as other current liabilities)	0		0
Accrued restructuring costs, net of current portion (classified as other liabilities)	0		0
Long-Lived Asset Impairment | Cash Charges
Restructuring Reserve [Roll Forward]
Payments for charges incurred			0
Long-Lived Asset Impairment | Non-Cash Charges
Restructuring Reserve [Roll Forward]
Non-cash charges incurred during the nine-month period ended December 31, 2020			(3)
Long-Lived Asset Impairment | Cash payments for charges incurred in the fiscal year 2020 and prior | Cash Charges
Restructuring Reserve [Roll Forward]
Payments for charges incurred			0
Other Exit Costs
Restructuring Reserve [Roll Forward]
Balance as of March 31, 2020			4
Provision for charges incurred during the nine-month period ended December 31, 2020			4
Balance as of December 31, 2020	7		7
Less: Current portion (classified as other current liabilities)	7		7
Accrued restructuring costs, net of current portion (classified as other liabilities)	$ 0		0
Other Exit Costs | Cash Charges
Restructuring Reserve [Roll Forward]
Payments for charges incurred			(1)
Other Exit Costs | Non-Cash Charges
Restructuring Reserve [Roll Forward]
Non-cash charges incurred during the nine-month period ended December 31, 2020			1
Other Exit Costs | Cash payments for charges incurred in the fiscal year 2020 and prior | Cash Charges
Restructuring Reserve [Roll Forward]
Payments for charges incurred			$ (1)