Flex (FLEX) 10-Q 30 Jul 21 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jul. 02, 2021	Jul. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 2, 2021
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		488,225,731
Entity Central Index Key	0000866374
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 02, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,693	$ 2,637
Accounts receivable, net of allowance of $60 and $61, respectively	3,833	4,106
Contract assets	168	135
Inventories	4,444	3,895
Other current assets	591	590
Total current assets	11,729	11,363
Property and equipment, net	2,087	2,097
Operating lease right-of-use assets, net	630	642
Goodwill	1,094	1,090
Other intangible assets, net	199	213
Other assets	453	431
Total assets	16,192	15,836
Current liabilities:
Bank borrowings and current portion of long-term debt	274	268
Accounts payable	5,448	5,247
Accrued payroll	432	473
Other current liabilities	1,984	1,846
Total current liabilities	8,138	7,834
Long-term debt, net of current portion	3,505	3,515
Operating lease liabilities, non-current	550	562
Other liabilities	491	489
Shareholders’ equity
Ordinary shares, no par value; 539,348,399 and 542,807,200 issued, and 489,109,044 and 492,567,845 outstanding, respectively	6,090	6,232
Treasury stock, at cost; 50,239,355 shares as of July 2, 2021 and March 31, 2021	(388)	(388)
Accumulated deficit	(2,083)	(2,289)
Accumulated other comprehensive loss	(111)	(119)
Total shareholders’ equity	3,508	3,436
Total liabilities and shareholders’ equity	$ 16,192	$ 15,836

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jul. 02, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 60	$ 61
Ordinary shares, par value (in dollars per share)	$ 0	$ 0
Ordinary shares, issued (shares)	539,348,399	542,807,200
Ordinary shares, outstanding (shares)	489,109,044	492,567,845
Treasury stock (shares)	50,239,355	50,239,355

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Income Statement [Abstract]
Net sales	$ 6,342	$ 5,153
Cost of sales	5,871	4,849
Gross profit	471	304
Selling, general and administrative expenses	201	191
Intangible amortization	15	15
Interest and other, net	22	31
Income before income taxes	233	67
Provision for income taxes	27	15
Net income	$ 206	$ 52
Earnings per share:
Basic (in dollars per share)	$ 0.42	$ 0.10
Diluted (in dollars per share)	$ 0.41	$ 0.10
Weighted-average shares used in computing per share amounts:
Basic (in shares)	491	498
Diluted (in shares)	499	502

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 206	$ 52
Other comprehensive income:
Foreign currency translation adjustments, net of zero tax	5	14
Unrealized gain on derivative instruments and other, net of tax	3	30
Comprehensive income	$ 214	$ 96

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Ordinary Shares	Accumulated Deficit	Unrealized Gain (Loss) on Derivative Instruments and Other	Foreign Currency Translation Adjustments	Total Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Mar. 31, 2020		497,000,000
Beginning balance at Mar. 31, 2020	$ 2,831	$ 5,948	$ (2,902)	$ (82)	$ (133)	$ (215)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)		3,000,000
Net income	52		52
Stock-based compensation	13	$ 13
Total other comprehensive income (loss)	44			30	14	44
Ending balance (in shares) at Jun. 26, 2020		500,000,000
Ending balance at Jun. 26, 2020	$ 2,940	$ 5,961	(2,850)	(52)	(119)	(171)
Beginning balance (in shares) at Mar. 31, 2021	492,567,845	492,000,000
Beginning balance at Mar. 31, 2021	$ 3,436	$ 5,844	(2,289)	(42)	(77)	(119)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Flex Ltd. ordinary shares at cost (in shares)		(9,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(162)	$ (162)
Exercise of stock options (in shares)		1,000,000
Exercise of stock options	0
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)		5,000,000
Net income	206		206
Stock-based compensation	20	$ 20
Total other comprehensive income (loss)	$ 8			3	5	8
Ending balance (in shares) at Jul. 02, 2021	489,109,044	489,000,000
Ending balance at Jul. 02, 2021	$ 3,508	$ 5,702	$ (2,083)	$ (39)	$ (72)	$ (111)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 206	$ 52
Depreciation, amortization and other impairment charges	118	125
Changes in working capital and other, net	10	(806)
Net cash provided by (used in) operating activities	334	(629)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(118)	(110)
Proceeds from the disposition of property and equipment	3	8
Other investing activities, net	2	2
Net cash used in investing activities	(113)	(100)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings and long-term debt	0	1,248
Repayments of bank borrowings and long-term debt	(1)	(511)
Payments for repurchases of ordinary shares	(162)	0
Other financing activities, net	(3)	4
Net cash provided by (used in) financing activities	(166)	741
Effect of exchange rates on cash and cash equivalents	1	0
Net increase in cash and cash equivalents	56	12
Cash and cash equivalents, beginning of period	2,637	1,923
Cash and cash equivalents, end of period	2,693	1,935
Non-cash investing activities:
Unpaid purchases of property and equipment	88	35
Right-of-use assets obtained in exchange of operating lease liabilities	$ 12	$ 36

ORGANIZATION OF THE COMPANY AND

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION	3 Months Ended
	Jul. 02, 2021
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 order to drive efficiency and productivity the Company is organized around two focused and complementary delivery models, which also represent its 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 communications 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 including our Nextracker business, 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, 2021 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-month period ended July 2, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2022. 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 2022 and 2021 ended on July 2, 2021, which is comprised of 93 days in the period, and June 26, 2020, which is comprised of 87 days in the period, 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. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, and intangible assets; valuation of goodwill; valuation of investments in privately-held companies; asset impairments; fair values of financial instruments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rates in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations; and the fair values of stock options and restricted share unit awards granted under the Company's stock-based compensation plans. Due to 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 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 Company adopted the guidance during the first quarter of fiscal year 2022 with an immaterial impact on its consolidated financial statements. 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 Company adopted the guidance during the first quarter of fiscal year 2022 with an immaterial impact on its consolidated financial statements. 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 Company adopted the guidance during the first quarter of fiscal year 2022 with an immaterial impact on its consolidated financial statements.

BALANCE SHEET ITEMS

BALANCE SHEET ITEMS	3 Months Ended
	Jul. 02, 2021
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 July 2, 2021 As of March 31, 2021 (In millions) Raw materials $ 3,344 $ 2,831 Work-in-progress 454 459 Finished goods 646 605 $ 4,444 $ 3,895 Goodwill and Other Intangible Assets During the three-month period ended July 2, 2021, there was no activity in the Company's goodwill account for each of its reporting units, other than foreign currency translation adjustments of $3.0 million and $1.0 million, which impacted its Automotive and Health Solutions reporting units, respectively. The components of acquired intangible assets are as follows: As of July 2, 2021 As of March 31, 2021 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets: Customer-related intangibles $ 278 $ (163) $ 115 $ 276 $ (154) $ 122 Licenses and other intangibles 250 (166) 84 250 (159) 91 Total $ 528 $ (329) $ 199 $ 526 $ (313) $ 213 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) 2022 (1) $ 39 2023 46 2024 45 2025 40 2026 18 Thereafter 11 Total amortization expense $ 199 ____________________________________________________________ (1) Represents estimated amortization for the remaining fiscal nine -month period ending March 31, 2022. Other Current Liabilities

REVENUE

REVENUE	3 Months Ended
	Jul. 02, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Revenue Recognition The Company provides a comprehensive suite of services for its customers that range from advanced product design to manufacturing and logistics to after-sales services. The first step in its process for revenue recognition is to identify a contract with a customer. A contract is defined as an agreement between two parties that creates enforceable rights and obligations and can be written, verbal, or implied. The Company generally enters into master supply agreements (“MSAs”) with its customers that provide the framework under which business will be conducted. This includes matters such as warranty, indemnification, transfer of title and risk of loss, liability for excess and obsolete inventory, pricing formulas, payment terms, etc., and the level of business under those agreements may not be guaranteed. In those instances, the Company bids on a program-by-program basis and typically receives customer purchase orders for specific quantities and timing of products. As a result, the Company considers its contract with a customer to be the combination of the MSA and the purchase order, or any other similar documents such as a statement of work, product addendum, emails or other communications that embody the commitment by the customer. In determining the appropriate amount of revenue to recognize, the Company applies the following steps: (i) identifies the contracts with the customers; (ii) identifies performance obligations in the contracts; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations per the contracts; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation. Further, the Company assesses whether control of the products or services promised under the contract is transferred to the customer at a point in time (PIT) or over time (OT). The Company is first required to evaluate whether its contracts meet the criteria for OT recognition. The Company has determined that for a portion of its contracts the Company is manufacturing products for which there is no alternative use (due to the unique nature of the customer-specific product and intellectual property restrictions) and the Company has an enforceable right to payment including a reasonable profit for work-in-progress inventory with respect to these contracts. For certain other contracts, the Company’s performance creates and enhances an asset that the customer controls as the Company performs under the contract. As a result, revenue is recognized under these contracts OT based on the cost-to-cost method as it best depicts the transfer of control to the customer measured based on the ratio of costs incurred to date as compared to the total estimated costs at completion of the performance obligation. For all other contracts that do not meet these criteria, the Company recognizes revenue when it has transferred control of the related manufactured products which generally occurs upon delivery and passage of title to the customer. 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 $489.9 million and $435.4 million as of July 2, 2021 and March 31, 2021, respectively, of which $425.2 million and $376.5 million, respectively, is included in other current liabilities. Disaggregation of Revenue The following table presents the Company’s revenue disaggregated based on timing of transfer - point in time and over time - for the three-month periods ended July 2, 2021 and June 26, 2020, respectively. Three-Month Periods Ended July 2, 2021 June 26, 2020 Timing of Transfer (In millions) FAS Point in time $ 3,248 $ 2,446 Over time 184 466 Total 3,432 2,912 FRS Point in time 2,403 1,323 Over time 507 918 Total 2,910 2,241 Flex Point in time 5,651 3,769 Over time 691 1,384 Total $ 6,342 $ 5,153

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Jul. 02, 2021
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 July 2, 2021 June 26, 2020 (In millions) Cost of sales $ 5 $ 4 Selling, general and administrative expenses 15 9 Total share-based compensation expense $ 20 $ 13 Total number of options outstanding and exercisable were immaterial as of July 2, 2021. All options have been fully expensed as of July2, 2021. During the three-month period ended July 2, 2021, the Company granted 5.2 million unvested restricted share unit ("RSU") awards. Of this amount, approximately 4.4 million are plain-vanilla unvested RSU awards that vest over a period of three years, with no performance or market conditions, and with an average grant date price of $18.26 per award. In addition, approximately 0.4 million unvested shares represent the target amount of grants made to certain key employees whereby vesting is contingent on certain performance conditions, and with an average grant date price of $18.24 per award. The number of shares contingent on performance conditions that ultimately will vest will range from zero up to a maximum of 0.8 million based on a measurement of the Company's earnings per shares growth over a certain specified period, and will cliff vest after a period of three years, to the extent such performance conditions have been met. Further, approximately 0.4 million unvested shares represent the target amount of grants made to certain key employees whereby vesting is contingent on certain market conditions. The average grant date fair value of these awards contingent on certain market conditions was estimated to be $25.86 per award and was calculated using a Monte Carlo simulation. The number of shares contingent on market conditions that ultimately will vest will range from zero up to a maximum of 0.8 million based on a measurement of the percentile rank of the Company’s total shareholder return over a certain specified period against the Company's peer companies, and will cliff vest after a period of three years, to the extent such market conditions have been met. As of July 2, 2021, approximately 16.4 million unvested RSU awards under all plans were outstanding, of which vesting for a targeted amount of 3.1 million shares is contingent on meeting certain market conditions and of which vesting for a targeted amount of 0.4 million shares is contingent on meeting certain performance conditions. The number of shares tied to market condition that will ultimately be issued can range from zero to 6.2 million based on the achievement levels. The number of shares tied to performance conditions that will ultimately be issued can range from zero to 0.8 million based on the achievement levels. During the three-month period ended July 2, 2021, no shares vested in connection with the awards with market conditions granted in fiscal year 2019. As of July 2, 2021, total unrecognized compensation expense related to unvested RSU awards under all plans was approximately $199.4 million, and will be recognized over a weighted-average remaining vesting period of 2.2 years.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jul. 02, 2021
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 July 2, 2021 June 26, 2020 (In millions, except per share amounts) Basic earnings per share: Net income $ 206 $ 52 Shares used in computation: Weighted-average ordinary shares outstanding 491 498 Basic earnings per share $ 0.42 $ 0.10 Diluted earnings per share: Net income $ 206 $ 52 Shares used in computation: Weighted-average ordinary shares outstanding 491 498 Weighted-average ordinary share equivalents from RSU awards (1) 8 4 Weighted-average ordinary shares and ordinary share equivalents outstanding 499 502 Diluted earnings per share $ 0.41 $ 0.10 ____________________________________________________________ (1) 1.1 million and 3.2 million RSU awards for the three-month periods ended July 2, 2021 and June 26, 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.

INTEREST AND OTHER, NET

INTEREST AND OTHER, NET	3 Months Ended
	Jul. 02, 2021
Other Income and Expenses [Abstract]
INTEREST AND OTHER, NET	INTEREST AND OTHER, NET Interest and other, net for the three-month periods ended July 2, 2021 and June 26, 2020 are primarily composed of the following: Three-Month Periods Ended July 2, 2021 June 26, 2020 (In millions) Interest expenses on debt obligations $ 39 $ 33 Interest income (4) (3)

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Jul. 02, 2021
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 July 2, 2021, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $9.1 billion as summarized below: Foreign Currency Amount Notional Contract Value in USD Currency Buy Sell Buy Sell (In millions) Cash Flow Hedges CNY 3,886 — $ 601 $ — EUR 34 60 41 71 HUF 36,601 — 124 — JPY 33,525 — 300 — MXN 6,191 — 311 — MYR 428 102 103 24 Other N/A N/A 176 37 1,656 132 Other Foreign Currency Contracts BRL 16 496 3 99 CAD 110 65 89 52 CNY 4,236 706 655 109 EUR 1,675 1,812 1,989 2,158 GBP 55 77 76 106 HUF 59,137 54,761 200 185 ILS 473 — 145 — MXN 6,470 5,032 325 253 MYR 738 277 177 66 SEK 497 584 59 68 SGD 91 49 68 37 Other N/A N/A 233 111 4,019 3,244 Total Notional Contract Value in USD $ 5,675 $ 3,376 As of July 2, 2021, 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 July 2, 2021 and March 31, 2021, 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 immaterial as of July 2, 2021, 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 July 2, 2021. 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 July 2, March 31, Balance Sheet July 2, March 31, (In millions) Derivatives designated as hedging instruments Foreign currency contracts Other current assets $ 23 $ 23 Other current liabilities $ 12 $ 16 Foreign currency contracts Other assets $ 1 $ 5 Other liabilities $ — $ — Derivatives not designated as hedging instruments Foreign currency contracts Other current assets $ 28 $ 31 Other current liabilities $ 30 $ 32

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Jul. 02, 2021
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 July 2, 2021 June 26, 2020 Unrealized Foreign currency Total Unrealized Foreign currency Total (In millions) Beginning balance $ (42) $ (77) $ (119) $ (82) $ (133) $ (215) Other comprehensive gain before reclassifications 12 6 18 18 14 32 Net (gains) losses reclassified from accumulated other comprehensive loss (9) (1) (10) 12 — 12 Net current-period other comprehensive gain 3 5 8 30 14 44 Ending balance $ (39) $ (72) $ (111) $ (52) $ (119) $ (171)

TRADE RECEIVABLES SECURITIZATIO

TRADE RECEIVABLES SECURITIZATION	3 Months Ended
	Jul. 02, 2021
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 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 July 2, 2021 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 uncommitted and amount to $500 million for the Global Program and $250 million for the North American Program. 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-month periods ended July 2, 2021 and June 26, 2020 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 July 2, 2021 and March 31, 2021, no accounts receivable had been sold under the ABS programs. For the three-month period ended June 26, 2020, cash flows from sales of receivables from the special purpose entities to unaffiliated financial institutions, consisted of approximately $0.5 billion for transfer of receivables. The Company's cash flows from transfers of receivables in fiscal year 2021 consisted 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	3 Months Ended
	Jul. 02, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES	FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. There were no balances classified as level 1 in the fair value hierarchy as of July 2, 2021 and March 31, 2021. 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 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 consolidated balance sheets and include money market funds, mutual funds, corporate and government bonds and certain convertible securities that are valued using prices obtained from various pricing sources. These sources price these investments using certain market indices and the performance of these investments in relation to these indices. As a result, the Company has classified these investments as level 2 in the fair value hierarchy. Level 3 - Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. 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 July 2, 2021 and March 31, 2021. There were no transfers between levels in the fair value hierarchy during the three-month periods ended July 2, 2021 and June 26, 2020. 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 July 2, 2021 and March 31, 2021: Fair Value Measurements as of July 2, 2021 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) $ — $ 1,759 $ — $ 1,759 Foreign currency contracts (Note 7) — 52 — 52 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 48 — 48 Liabilities: Foreign currency contracts (Note 7) $ — $ (42) $ — $ (42) Fair Value Measurements as of March 31, 2021 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) $ — $ 1,507 $ — $ 1,507 Foreign currency contracts (Note 7) — 59 — 59 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 48 — 48 Liabilities: 0 Foreign currency contracts (Note 7) $ — $ (48) $ — $ (48) Other financial instruments The following table presents the Company’s major debts not carried at fair value: As of July 2, 2021 As of March 31, 2021 Carrying Fair Carrying Fair Fair Value (In millions) 5.000% Notes due February 2023 $ 500 $ 534 $ 500 $ 537 Level 1 Term Loan due April 2024 - three-month Yen LIBOR plus 0.500% 302 302 305 305 Level 2 4.750% Notes due June 2025 598 669 598 670 Level 1 3.750% Notes due February 2026 693 758 694 756 Level 1 4.875% Notes due June 2029 660 764 661 756 Level 1 4.875% Notes due May 2030 693 806 694 800 Level 1 Euro Term Loans 170 170 168 168 Level 2 India Facilities 133 133 133 133 Level 2 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 based on the current market rate, and as of July 2, 2021, the carrying amounts approximate fair values.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jul. 02, 2021
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. 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. On May 19, 2021, lead plaintiff filed its opening appeal brief, and on July 19, 2021, defendants filed their answering brief. Lead plaintiff’s reply brief is due September 8, 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 the updated amount of 387.5 million Brazilian reals (approximately USD $77.2 million based on the exchange rate as of July 2, 2021). Five 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 the updated amount of 61.7 million Brazilian reals or USD $12.3 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 Brasilia, Brazil on March 23, 2020; the updated value of that assessment is 37.6 million Brazilian reals (approximately USD $7.5 million). The Company believes there is no legal basis for any of these assessments and that is 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 in the next four 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. On June 11, 2021, the Company notified OFAC that it had identified possible additional relevant transactions at one non-U.S. Flex-affiliated operation. The Company is currently reviewing those transactions and expects to submit an update to its submission to OFAC once that review is complete. 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 $163.9 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 had 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 fiscal year 2006 through fiscal year 2013. The asserted additional tax and penalty is approximately $80.0 million. The Company disagreed with the Tax Authority’s assertion but agreed with the Tax Authority to settle the issue for an immaterial amount. This immaterial amount was accrued for during the fourth quarter of fiscal year 2021 and is expected to be paid during the first half of fiscal year 2022. 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 November 2019, the Company received a favorable ruling from the Brazilian Supreme Court in a case against the Brazilian tax authorities regarding the right to exclude the value of a state tax referred to as ICMS from the calculation of a federal operational tax basis referred to as PIS/COFINS. The ruling allowed the Company the right to recover amounts unduly paid from February 2003 to December 2019. As a result, the Company recorded an immaterial gain in fiscal year 2020 for the recovery of taxes. The Receita Federal, a tax authority in Brazil, filed a Motion of Clarification on a leading case with the Brazilian Supreme Court previously in 2017 and in May 2021, the Brazilian Supreme Court ruled in favor of the taxpayers and specifically clarified that the ICMS taxes to be excluded from the PIS/COFINS tax basis are to be based on the amount stated on the sales invoice irrespective of any further discounts received from the state. As a result of this ruling, which further reinforced the favorable ruling received in November 2019, the Company initiated the request for Credit Habilitation with the tax authorities in June 2021 to request additional PIS/COFINS credit recovery in the amount of 776.7 million Brazilian reals (approximately USD $154.8 million based on the exchange rate as of July 2, 2021). However, the nature of our credits requested for Habilitation were not specifically addressed by the May 2021 ruling, and accordingly there remains uncertainty regarding the Company’s ability to recover these credits. The Company considers the recovery of these credits to be a contingent gain in accordance with ASC 450, Contingencies, and has not recorded a gain for the recovery in the three-month period ended July 2, 2021 as it has not resolved all contingencies to conclude a realized or realizable amount. The amount and timing of recognition of the gain recovery is dependent upon the decision from the relevant tax authorities in regards to our application for Credit Habilitation and may have a material impact to our consolidated financial statements. We expect that this contingency could be resolved as early as the second quarter of fiscal year 2022. Additional taxes may also result from the credit recovery we receive subsequently. 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	3 Months Ended
	Jul. 02, 2021
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
SHARE REPURCHASES	SHARE REPURCHASES During the three-month period ended July 2, 2021, the Company repurchased 9.0 million shares at an aggregate purchase price of $162.2 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 July 2, 2021, shares in the aggregate amount of $154.3 million were available to be repurchased under the current plan.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Jul. 02, 2021
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company 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 determination of these segments is based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics. An operating segment's performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include amortization of intangibles, stock-based compensation, customer related asset impairment (recoveries), 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. Three-Month Periods Ended July 2, 2021 June 26, 2020 (In millions) Net sales: Flex Agility Solutions $ 3,432 $ 2,912 Flex Reliability Solutions 2,910 2,241 $ 6,342 $ 5,153 Segment income and reconciliation of income before tax: Flex Agility Solutions $ 137 $ 72 Flex Reliability Solutions 170 115 Corporate and Other (17) (24) Total segment income 290 163 Reconciling items: Intangible amortization 15 15 Stock-based compensation 20 13 Restructuring charges — 10 Legal and other (1) — 27 Interest and other, net 22 31 Income before income taxes $ 233 $ 67 (1) 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 as well as customer related asset recoveries . During the first quarter of fiscal year 2021, the Company accrued for certain loss contingencies where losses are considered probable and estimable. 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 in the operating campuses and are compatible to operate across segments and highly interchangeable throughout the platform. Given the highly interchangeable nature of the assets, they are not separately identified by segment nor reported by segment to the Company's CODM.

ORGANIZATION OF THE COMPANY A_2

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Jul. 02, 2021
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 order to drive efficiency and productivity the Company is organized around two focused and complementary delivery models, which also represent its 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 communications 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 including our Nextracker business, 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, 2021 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-month period ended July 2, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2022. 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 2022 and 2021 ended on July 2, 2021, which is comprised of 93 days in the period, and June 26, 2020, which is comprised of 87 days in the period, 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, and intangible assets; valuation of goodwill; valuation of investments in privately-held companies; asset impairments; fair values of financial instruments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rates in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations; and the fair values of stock options and restricted share unit awards granted under the Company's stock-based compensation plans. Due to 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 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 Company adopted the guidance during the first quarter of fiscal year 2022 with an immaterial impact on its consolidated financial statements. 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 Company adopted the guidance during the first quarter of fiscal year 2022 with an immaterial impact on its consolidated financial statements. 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 Company adopted the guidance during the first quarter of fiscal year 2022 with an immaterial impact on its consolidated financial statements.

BALANCE SHEET ITEMS (Tables)

BALANCE SHEET ITEMS (Tables)	3 Months Ended
	Jul. 02, 2021
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 July 2, 2021 As of March 31, 2021 (In millions) Raw materials $ 3,344 $ 2,831 Work-in-progress 454 459 Finished goods 646 605 $ 4,444 $ 3,895
Schedule of components of acquired intangible assets	The components of acquired intangible assets are as follows: As of July 2, 2021 As of March 31, 2021 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets: Customer-related intangibles $ 278 $ (163) $ 115 $ 276 $ (154) $ 122 Licenses and other intangibles 250 (166) 84 250 (159) 91 Total $ 528 $ (329) $ 199 $ 526 $ (313) $ 213
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) 2022 (1) $ 39 2023 46 2024 45 2025 40 2026 18 Thereafter 11 Total amortization expense $ 199 ____________________________________________________________ (1) Represents estimated amortization for the remaining fiscal nine -month period ending March 31, 2022.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Jul. 02, 2021
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-month periods ended July 2, 2021 and June 26, 2020, respectively. Three-Month Periods Ended July 2, 2021 June 26, 2020 Timing of Transfer (In millions) FAS Point in time $ 3,248 $ 2,446 Over time 184 466 Total 3,432 2,912 FRS Point in time 2,403 1,323 Over time 507 918 Total 2,910 2,241 Flex Point in time 5,651 3,769 Over time 691 1,384 Total $ 6,342 $ 5,153

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Jul. 02, 2021
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 July 2, 2021 June 26, 2020 (In millions) Cost of sales $ 5 $ 4 Selling, general and administrative expenses 15 9 Total share-based compensation expense $ 20 $ 13

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jul. 02, 2021
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 July 2, 2021 June 26, 2020 (In millions, except per share amounts) Basic earnings per share: Net income $ 206 $ 52 Shares used in computation: Weighted-average ordinary shares outstanding 491 498 Basic earnings per share $ 0.42 $ 0.10 Diluted earnings per share: Net income $ 206 $ 52 Shares used in computation: Weighted-average ordinary shares outstanding 491 498 Weighted-average ordinary share equivalents from RSU awards (1) 8 4 Weighted-average ordinary shares and ordinary share equivalents outstanding 499 502 Diluted earnings per share $ 0.41 $ 0.10 ____________________________________________________________ (1) 1.1 million and 3.2 million RSU awards for the three-month periods ended July 2, 2021 and June 26, 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.

INTEREST AND OTHER, NET (Tables

INTEREST AND OTHER, NET (Tables)	3 Months Ended
	Jul. 02, 2021
Other Income and Expenses [Abstract]
Interest and other, net	Interest and other, net for the three-month periods ended July 2, 2021 and June 26, 2020 are primarily composed of the following: Three-Month Periods Ended July 2, 2021 June 26, 2020 (In millions) Interest expenses on debt obligations $ 39 $ 33 Interest income (4) (3)

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jul. 02, 2021
Derivative Instruments and Hedges, Assets [Abstract]
Summary of aggregate notional amount of the Company's outstanding foreign currency forward and swap contracts	As of July 2, 2021, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $9.1 billion as summarized below: Foreign Currency Amount Notional Contract Value in USD Currency Buy Sell Buy Sell (In millions) Cash Flow Hedges CNY 3,886 — $ 601 $ — EUR 34 60 41 71 HUF 36,601 — 124 — JPY 33,525 — 300 — MXN 6,191 — 311 — MYR 428 102 103 24 Other N/A N/A 176 37 1,656 132 Other Foreign Currency Contracts BRL 16 496 3 99 CAD 110 65 89 52 CNY 4,236 706 655 109 EUR 1,675 1,812 1,989 2,158 GBP 55 77 76 106 HUF 59,137 54,761 200 185 ILS 473 — 145 — MXN 6,470 5,032 325 253 MYR 738 277 177 66 SEK 497 584 59 68 SGD 91 49 68 37 Other N/A N/A 233 111 4,019 3,244 Total Notional Contract Value in USD $ 5,675 $ 3,376
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 July 2, March 31, Balance Sheet July 2, March 31, (In millions) Derivatives designated as hedging instruments Foreign currency contracts Other current assets $ 23 $ 23 Other current liabilities $ 12 $ 16 Foreign currency contracts Other assets $ 1 $ 5 Other liabilities $ — $ — Derivatives not designated as hedging instruments Foreign currency contracts Other current assets $ 28 $ 31 Other current liabilities $ 30 $ 32

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Jul. 02, 2021
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 July 2, 2021 June 26, 2020 Unrealized Foreign currency Total Unrealized Foreign currency Total (In millions) Beginning balance $ (42) $ (77) $ (119) $ (82) $ (133) $ (215) Other comprehensive gain before reclassifications 12 6 18 18 14 32 Net (gains) losses reclassified from accumulated other comprehensive loss (9) (1) (10) 12 — 12 Net current-period other comprehensive gain 3 5 8 30 14 44 Ending balance $ (39) $ (72) $ (111) $ (52) $ (119) $ (171)

FAIR VALUE MEASUREMENT OF ASS_2

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Jul. 02, 2021
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 July 2, 2021 and March 31, 2021: Fair Value Measurements as of July 2, 2021 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) $ — $ 1,759 $ — $ 1,759 Foreign currency contracts (Note 7) — 52 — 52 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 48 — 48 Liabilities: Foreign currency contracts (Note 7) $ — $ (42) $ — $ (42) Fair Value Measurements as of March 31, 2021 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) $ — $ 1,507 $ — $ 1,507 Foreign currency contracts (Note 7) — 59 — 59 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 48 — 48 Liabilities: 0 Foreign currency contracts (Note 7) $ — $ (48) $ — $ (48)
Schedule of debt not carried at fair value	The following table presents the Company’s major debts not carried at fair value: As of July 2, 2021 As of March 31, 2021 Carrying Fair Carrying Fair Fair Value (In millions) 5.000% Notes due February 2023 $ 500 $ 534 $ 500 $ 537 Level 1 Term Loan due April 2024 - three-month Yen LIBOR plus 0.500% 302 302 305 305 Level 2 4.750% Notes due June 2025 598 669 598 670 Level 1 3.750% Notes due February 2026 693 758 694 756 Level 1 4.875% Notes due June 2029 660 764 661 756 Level 1 4.875% Notes due May 2030 693 806 694 800 Level 1 Euro Term Loans 170 170 168 168 Level 2 India Facilities 133 133 133 133 Level 2

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Jul. 02, 2021
Segment Reporting [Abstract]
Schedule of segment reporting information by operating segment	Selected financial information by segment is in the table below. Three-Month Periods Ended July 2, 2021 June 26, 2020 (In millions) Net sales: Flex Agility Solutions $ 3,432 $ 2,912 Flex Reliability Solutions 2,910 2,241 $ 6,342 $ 5,153 Segment income and reconciliation of income before tax: Flex Agility Solutions $ 137 $ 72 Flex Reliability Solutions 170 115 Corporate and Other (17) (24) Total segment income 290 163 Reconciling items: Intangible amortization 15 15 Stock-based compensation 20 13 Restructuring charges — 10 Legal and other (1) — 27 Interest and other, net 22 31 Income before income taxes $ 233 $ 67 (1) 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 as well as customer related asset recoveries . During the first quarter of fiscal year 2021, the Company accrued for certain loss contingencies where losses are considered probable and estimable.

ORGANIZATION OF THE COMPANY A_3

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Jul. 02, 2021segmentoperatingUnit
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity operates | operatingUnit	30
Number of operating segments	2
Number of reporting segments	2

BALANCE SHEET ITEMS - Inventori

BALANCE SHEET ITEMS - Inventories (Details) - USD ($) $ in Millions	Jul. 02, 2021	Mar. 31, 2021
Inventories
Raw materials	$ 3,344	$ 2,831
Work-in-progress	454	459
Finished goods	646	605
Inventories, total	$ 4,444	$ 3,895

BALANCE SHEET ITEMS - Goodwill

BALANCE SHEET ITEMS - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	Jul. 02, 2021	Mar. 31, 2021
Goodwill [Line Items]
Gross Carrying Amount	$ 528	$ 526
Accumulated Amortization	(329)	(313)
Total amortization expense	199	213
Customer-related intangibles
Goodwill [Line Items]
Gross Carrying Amount	278	276
Accumulated Amortization	(163)	(154)
Total amortization expense	115	122
Licenses and other intangibles
Goodwill [Line Items]
Gross Carrying Amount	250	250
Accumulated Amortization	(166)	(159)
Total amortization expense	$ 84	$ 91

BALANCE SHEET ITEMS - Future Am

BALANCE SHEET ITEMS - Future Amortization (Details) - USD ($) $ in Millions	Jul. 02, 2021	Mar. 31, 2021
Estimated future annual amortization expense for acquired intangible assets
2022	$ 39
2023	46
2024	45
2025	40
2026	18
Thereafter	11
Total amortization expense	$ 199	$ 213

BALANCE SHEET ITEMS - Additiona

BALANCE SHEET ITEMS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 02, 2021	Mar. 31, 2021
Components of acquired intangible assets
Contract liabilities	$ 425.2	$ 376.5
Current operating lease liabilities	129.6	127.6
Automotive
Components of acquired intangible assets
Foreign currency translation adjustments	3
Health Solutions
Components of acquired intangible assets
Foreign currency translation adjustments	1
Working capital advances
Components of acquired intangible assets
Contract liabilities	564.9	471.5
Customer-related accruals
Components of acquired intangible assets
Contract liabilities	$ 245.4	$ 242

REVENUE - Additional Informatio

REVENUE - Additional Information (Details) - USD ($) $ in Millions	Jul. 02, 2021	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 489.9	$ 435.4
Contract liability, current	$ 425.2	$ 376.5

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 6,342	$ 5,153
FAS
Disaggregation of Revenue [Line Items]
Net sales	3,432	2,912
FRS
Disaggregation of Revenue [Line Items]
Net sales	2,910	2,241
Point in time
Disaggregation of Revenue [Line Items]
Net sales	5,651	3,769
Point in time | FAS
Disaggregation of Revenue [Line Items]
Net sales	3,248	2,446
Point in time | FRS
Disaggregation of Revenue [Line Items]
Net sales	2,403	1,323
Over time
Disaggregation of Revenue [Line Items]
Net sales	691	1,384
Over time | FAS
Disaggregation of Revenue [Line Items]
Net sales	184	466
Over time | FRS
Disaggregation of Revenue [Line Items]
Net sales	$ 507	$ 918

SHARE-BASED COMPENSATION - Loca

SHARE-BASED COMPENSATION - Location of Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Share-based compensation
Share-based compensation expense	$ 20	$ 13
Cost of sales
Share-based compensation
Share-based compensation expense	5	4
Selling, general and administrative expenses
Share-based compensation
Share-based compensation expense	$ 15	$ 9

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Jul. 02, 2021USD ($)$ / sharesshares
Restricted Stock Units
Share-based compensation
Unvested share bonus awards granted (in shares)	5,200,000
Number of shares outstanding (in shares)	16,400,000
Unrecognized compensation expense | $	$ 199.4
Share weighted-average remaining vesting period	2 years 2 months 12 days
Restricted Stock Units RSU, With No Performance Or Market Conditions
Share-based compensation
Unvested share bonus awards granted (in shares)	4,400,000
Average grant date price of unvested share bonus awards (in usd per share) | $ / shares	$ 18.26
Restricted Stock Units RSU, With No Performance Or Market Conditions | Maximum
Share-based compensation
Vesting period	3 years
Share Bonus Awards with Performance Conditions
Share-based compensation
Average grant date price of unvested share bonus awards (in usd per share) | $ / shares	$ 18.24
Share Bonus Awards with Performance Conditions | Key employees
Share-based compensation
Unvested share bonus awards granted (in shares)	400,000
Share Bonus Awards with Performance Conditions | Minimum
Share-based compensation
Number of shares outstanding (in shares)	400,000
Number of shares that may be issued (in shares)	0
Share Bonus Awards with Performance Conditions | Minimum | Key employees
Share-based compensation
Unvested share bonus awards granted (in shares)	0
Share Bonus Awards with Performance Conditions | Maximum
Share-based compensation
Number of shares that may be issued (in shares)	800,000
Share Bonus Awards with Performance Conditions | Maximum | Key employees
Share-based compensation
Unvested share bonus awards granted (in shares)	800,000
Share Bonus Awards with Market Conditions
Share-based compensation
Average grant date price of unvested share bonus awards (in usd per share) | $ / shares	$ 25.86
Vested in period (in shares)	0
Share Bonus Awards with Market Conditions | Key employees
Share-based compensation
Unvested share bonus awards granted (in shares)	400,000
Vesting period	3 years
Share Bonus Awards with Market Conditions | Minimum
Share-based compensation
Number of shares outstanding (in shares)	3,100,000
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)	6,200,000
Share Bonus Awards with Market Conditions | Maximum | Key employees
Share-based compensation
Unvested share bonus awards granted (in shares)	800,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Basic earnings per share:
Net income	$ 206	$ 52
Shares used in computation:
Weighted-average ordinary shares outstanding (in shares)	491	498
Basic earnings (losses) per share (in dollars per share)	$ 0.42	$ 0.10
Diluted earnings per share:
Net income	$ 206	$ 52
Shares used in computation:
Weighted-average ordinary shares outstanding (in shares)	491	498
Weighted-average ordinary share equivalents from RSU awards (in shares)	8	4
Weighted-average ordinary shares and ordinary share equivalents outstanding (in shares)	499	502
Diluted earnings (losses) per share (in dollars per share)	$ 0.41	$ 0.10
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)	1.1	3.2

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
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)	1.1	3.2

INTEREST AND OTHER, NET - Table

INTEREST AND OTHER, NET - Table (Details) - USD ($) $ in Millions	3 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Other Income and Expenses [Abstract]
Interest expenses on debt obligations	$ 39	$ 33
Interest income	$ (4)	$ (3)

FINANCIAL INSTRUMENTS - Notiona

FINANCIAL INSTRUMENTS - Notional Amount (Details) - Jul. 02, 2021 - Forward and Swap Contracts € in Thousands, $ in Thousands, $ in Thousands, ₪ in Millions, ¥ in Millions, ¥ in Millions, £ in Millions, kr in Millions, RM in Millions, R$ in Millions, Ft in Millions, $ in Millions, $ in Millions

USD ($)

CNY (¥)

EUR (€)

HUF (Ft)

JPY (¥)

MXN ($)

MYR (RM)

BRL (R$)

CAD ($)

GBP (£)

ILS (₪)

SEK (kr)

SGD ($)

Notional amount

Derivative, notional amount

$ 9,100,000

Buy

Notional amount

Derivative, notional amount

5,675,000

Buy | Derivatives designated as hedging instruments | Cash Flow Hedges

Notional amount

Derivative, notional amount

1,656,000

Buy | Derivatives designated as hedging instruments | Cash Flow Hedges | CNY

Notional amount

Derivative, notional amount

601,000

¥ 3,886

Buy | Derivatives designated as hedging instruments | Cash Flow Hedges | EUR

Notional amount

Derivative, notional amount

41,000

€ 34,000

Buy | Derivatives designated as hedging instruments | Cash Flow Hedges | HUF

Notional amount

Derivative, notional amount

124,000

Ft 36,601

Buy | Derivatives designated as hedging instruments | Cash Flow Hedges | JPY

Notional amount

Derivative, notional amount

300,000

¥ 33,525

Buy | Derivatives designated as hedging instruments | Cash Flow Hedges | MXN

Notional amount

Derivative, notional amount

311,000

$ 6,191

Buy | Derivatives designated as hedging instruments | Cash Flow Hedges | MYR

Notional amount

Derivative, notional amount

103,000

RM 428

Buy | Derivatives designated as hedging instruments | Cash Flow Hedges | Other

Notional amount

Derivative, notional amount

176,000

Buy | Derivatives not designated as hedging instruments

Notional amount

Derivative, notional amount

4,019,000

Buy | Derivatives not designated as hedging instruments | CNY

Notional amount

Derivative, notional amount

655,000

4,236

Buy | Derivatives not designated as hedging instruments | EUR

Notional amount

Derivative, notional amount

1,989,000

1,675,000

Buy | Derivatives not designated as hedging instruments | HUF

Notional amount

Derivative, notional amount

200,000

59,137

Buy | Derivatives not designated as hedging instruments | MXN

Notional amount

Derivative, notional amount

325,000

6,470

Buy | Derivatives not designated as hedging instruments | MYR

Notional amount

Derivative, notional amount

177,000

738

Buy | Derivatives not designated as hedging instruments | Other

Notional amount

Derivative, notional amount

233,000

Buy | Derivatives not designated as hedging instruments | BRL

Notional amount

Derivative, notional amount

3,000

R$ 16

Buy | Derivatives not designated as hedging instruments | CAD

Notional amount

Derivative, notional amount

89,000

$ 110

Buy | Derivatives not designated as hedging instruments | GBP

Notional amount

Derivative, notional amount

76,000

£ 55

Buy | Derivatives not designated as hedging instruments | ILS

Notional amount

Derivative, notional amount

145,000

₪ 473

Buy | Derivatives not designated as hedging instruments | SEK

Notional amount

Derivative, notional amount

59,000

kr 497

Buy | Derivatives not designated as hedging instruments | SGD

Notional amount

Derivative, notional amount

68,000

$ 91,000

Sell

Notional amount

Derivative, notional amount

3,376,000

Sell | Derivatives designated as hedging instruments | Cash Flow Hedges

Notional amount

Derivative, notional amount

132,000

Sell | Derivatives designated as hedging instruments | Cash Flow Hedges | CNY

Notional amount

Derivative, notional amount

0

0

Sell | Derivatives designated as hedging instruments | Cash Flow Hedges | EUR

Notional amount

Derivative, notional amount

71,000

60,000

Sell | Derivatives designated as hedging instruments | Cash Flow Hedges | HUF

Notional amount

Derivative, notional amount

0

0

Sell | Derivatives designated as hedging instruments | Cash Flow Hedges | JPY

Notional amount

Derivative, notional amount

0

¥ 0

Sell | Derivatives designated as hedging instruments | Cash Flow Hedges | MXN

Notional amount

Derivative, notional amount

0

0

Sell | Derivatives designated as hedging instruments | Cash Flow Hedges | MYR

Notional amount

Derivative, notional amount

24,000

102

Sell | Derivatives designated as hedging instruments | Cash Flow Hedges | Other

Notional amount

Derivative, notional amount

37,000

Sell | Derivatives not designated as hedging instruments

Notional amount

Derivative, notional amount

3,244,000

Sell | Derivatives not designated as hedging instruments | CNY

Notional amount

Derivative, notional amount

109,000

¥ 706

Sell | Derivatives not designated as hedging instruments | EUR

Notional amount

Derivative, notional amount

2,158,000

€ 1,812,000

Sell | Derivatives not designated as hedging instruments | HUF

Notional amount

Derivative, notional amount

185,000

Ft 54,761

Sell | Derivatives not designated as hedging instruments | MXN

Notional amount

Derivative, notional amount

253,000

$ 5,032

Sell | Derivatives not designated as hedging instruments | MYR

Notional amount

Derivative, notional amount

66,000

RM 277

Sell | Derivatives not designated as hedging instruments | Other

Notional amount

Derivative, notional amount

111,000

Sell | Derivatives not designated as hedging instruments | BRL

Notional amount

Derivative, notional amount

99,000

R$ 496

Sell | Derivatives not designated as hedging instruments | CAD

Notional amount

Derivative, notional amount

52,000

$ 65

Sell | Derivatives not designated as hedging instruments | GBP

Notional amount

Derivative, notional amount

106,000

£ 77

Sell | Derivatives not designated as hedging instruments | ILS

Notional amount

Derivative, notional amount

0

₪ 0

Sell | Derivatives not designated as hedging instruments | SEK

Notional amount

Derivative, notional amount

68,000

kr 584

Sell | Derivatives not designated as hedging instruments | SGD

Notional amount

Derivative, notional amount

$ 37,000

$ 49,000

FINANCIAL INSTRUMENTS - Foreign

FINANCIAL INSTRUMENTS - Foreign Currency Risk Management (Details) - Foreign currency contracts - USD ($) $ in Millions	Jul. 02, 2021	Mar. 31, 2021
Other current assets | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	$ 23	$ 23
Other current assets | Derivatives not designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	28	31
Other assets | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	1	5
Other current liabilities | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	12	16
Other current liabilities | Derivatives not designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	30	32
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 Millions	3 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 3,436	$ 2,831
Other comprehensive gain before reclassifications	18	32
Net (gains) losses reclassified from accumulated other comprehensive loss	(10)	12
Net current-period other comprehensive gain	8	44
Ending balance	3,508	2,940
Unrealized  loss on derivative instruments and other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(42)	(82)
Other comprehensive gain before reclassifications	12	18
Net (gains) losses reclassified from accumulated other comprehensive loss	(9)	12
Net current-period other comprehensive gain	3	30
Ending balance	(39)	(52)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(77)	(133)
Other comprehensive gain before reclassifications	6	14
Net (gains) losses reclassified from accumulated other comprehensive loss	(1)	0
Net current-period other comprehensive gain	5	14
Ending balance	(72)	(119)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(119)	(215)
Ending balance	$ (111)	$ (171)

TRADE RECEIVABLES SECURITIZAT_2

TRADE RECEIVABLES SECURITIZATION (Details)	3 Months Ended
	Jul. 02, 2021USD ($)program	Jun. 26, 2020USD ($)	Mar. 31, 2021USD ($)
Trade Receivables Securitization disclosures
Servicing assets	$ 0
Asset-Backed Securitization Programs
Trade Receivables Securitization disclosures
Number of asset-backed securitization programs | program	2
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%
Global Program
Trade Receivables Securitization disclosures
Investment limits with financial institution	$ 500,000,000
North American Program
Trade Receivables Securitization disclosures
Investment limits with financial institution	250,000,000
Sales Of Receivables From Special Purpose Entities | Old ABS Program
Trade Receivables Securitization disclosures
Cash proceeds from sale of accounts receivable		$ 500,000,000
Sales of Receivables to Third Party Banks
Trade Receivables Securitization disclosures
Receivables sold but not yet collected from banking institutions	200,000,000		$ 200,000,000
Company's accounts receivables sold to third-party	$ 200,000,000	$ 300,000,000

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 Millions	Jul. 02, 2021	Mar. 31, 2021
Money market funds and time deposits
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	$ 1,759	$ 1,507
Foreign currency contracts
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	52	59
Total liabilities	(42)	(48)
Mutual funds, money market accounts and equity securities
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	48	48
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	1,759	1,507
Level 2 | Foreign currency contracts
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	52	59
Total liabilities	(42)	(48)
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	48	48
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 Millions	Jul. 02, 2021	Mar. 31, 2021
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%
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 | 5.000% Notes due February 2023
Other financial instruments
Debt instrument	$ 500	$ 500
Carrying Amount | Level 1 | 4.750% Notes due June 2025
Other financial instruments
Debt instrument	598	598
Carrying Amount | Level 1 | 3.750% Notes due February 2026
Other financial instruments
Debt instrument	693	694
Carrying Amount | Level 1 | 4.875% Notes due June 2029
Other financial instruments
Debt instrument	660	661
Carrying Amount | Level 1 | 4.875% Notes due May 2030
Other financial instruments
Debt instrument	693	694
Carrying Amount | Level 2 | Term Loan due April 2024 - three-month Yen LIBOR plus 0.500%
Other financial instruments
Debt instrument	302	305
Carrying Amount | Level 2 | Euro Term Loans
Other financial instruments
Debt instrument	170	168
Carrying Amount | Level 2 | India Facilities
Other financial instruments
Debt instrument	133	133
Fair Value | Level 1 | 5.000% Notes due February 2023
Other financial instruments
Debt instrument	534	537
Fair Value | Level 1 | 4.750% Notes due June 2025
Other financial instruments
Debt instrument	669	670
Fair Value | Level 1 | 3.750% Notes due February 2026
Other financial instruments
Debt instrument	758	756
Fair Value | Level 1 | 4.875% Notes due June 2029
Other financial instruments
Debt instrument	764	756
Fair Value | Level 1 | 4.875% Notes due May 2030
Other financial instruments
Debt instrument	806	800
Fair Value | Level 2 | Term Loan due April 2024 - three-month Yen LIBOR plus 0.500%
Other financial instruments
Debt instrument	302	305
Fair Value | Level 2 | Euro Term Loans
Other financial instruments
Debt instrument	170	168
Fair Value | Level 2 | India Facilities
Other financial instruments
Debt instrument	$ 133	$ 133

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) R$ in Millions, $ in Millions	Mar. 23, 2020USD ($)	Mar. 23, 2020BRL (R$)	Apr. 21, 2016USD ($)	Jul. 02, 2021USD ($)tax_assessment	Jul. 02, 2021BRL (R$)tax_assessment	Jun. 30, 2021USD ($)	Jun. 30, 2021BRL (R$)
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				$ 77.2	R$ 387.5
Refund adjustment from settlement with taxing authority						$ 154.8
Intercompany Payment Deductibility | Foreign Tax Authority
Loss Contingencies [Line Items]
Sales and import taxes, estimate of possible loss				163.9
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				$ 12.3	R$ 61.7
Sales and import taxes estimate of possible loss unsuccessful	$ 7.5	R$ 37.6
Refund adjustment from settlement with taxing authority | R$							R$ 776.7
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
	Jul. 02, 2021USD ($)shares
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Aggregate shares repurchased and retired (in shares) | shares	9,000,000
Aggregate purchase price of shares repurchased and retired	$ 162,200,000
Authorized amount of stock repurchase program	500,000,000
Amount remaining to be repurchased under the plans	$ 154,300,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Millions	3 Months Ended
	Jul. 02, 2021USD ($)segment	Jun. 26, 2020USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	2
Number of reporting segments | segment	2
Net sales	$ 6,342	$ 5,153
Income before income taxes	233	67
Intangible amortization	15	15
Stock-based compensation	20	13
Interest and other, net	22	31
Flex Agility Solutions
Segment Reporting Information [Line Items]
Net sales	3,432	2,912
Flex Reliability Solutions
Segment Reporting Information [Line Items]
Net sales	2,910	2,241
Operating Segments
Segment Reporting Information [Line Items]
Net sales	6,342	5,153
Income before income taxes	290	163
Operating Segments | Flex Agility Solutions
Segment Reporting Information [Line Items]
Net sales	3,432	2,912
Income before income taxes	137	72
Operating Segments | Flex Reliability Solutions
Segment Reporting Information [Line Items]
Net sales	2,910	2,241
Income before income taxes	170	115
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Income before income taxes	(17)	(24)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Intangible amortization	15	15
Stock-based compensation	20	13
Restructuring charges	0	10
Legal and other	0	27
Interest and other, net	$ 22	$ 31