Flex (FLEX) 10-Q 28 Oct 22 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Sep. 30, 2022	Oct. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		452,783,958
Entity Central Index Key	0000866374
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,453	$ 2,964
Accounts receivable, net of allowance of $8 and $56, respectively	3,956	3,371
Contract assets	531	519
Inventories	7,726	6,580
Other current assets	964	903
Total current assets	15,630	14,337
Property and equipment, net	2,201	2,125
Operating lease right-of-use assets, net	596	637
Goodwill	1,325	1,342
Other intangible assets, net	328	411
Other assets	543	473
Total assets	20,623	19,325
Current liabilities:
Bank borrowings and current portion of long-term debt	916	949
Accounts payable	6,818	6,254
Accrued payroll	479	470
Deferred revenue and customer working capital advances	2,700	2,002
Other current liabilities	1,233	1,036
Total current liabilities	12,146	10,711
Long-term debt, net of current portion	3,081	3,248
Operating lease liabilities, non-current	495	551
Other liabilities	631	608
Total liabilities	16,353	15,118
Redeemable noncontrolling interest	90	78
Shareholders’ equity
Ordinary shares, no par value; 1,500,000,000 authorized, 503,876,758 and 510,799,667 issued, and 453,637,403 and 460,560,312 outstanding, respectively	5,852	6,052
Treasury stock, at cost; 50,239,355 shares as of September 30, 2022 and March 31, 2022	(388)	(388)
Accumulated deficit	(932)	(1,353)
Accumulated other comprehensive loss	(352)	(182)
Total shareholders’ equity	4,180	4,129
Total liabilities, redeemable noncontrolling interest, and shareholders' equity	$ 20,623	$ 19,325

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 8	$ 56
Ordinary shares, par value (in dollars per share)	$ 0	$ 0
Ordinary shares, authorized (in shares)	1,500,000,000	1,500,000,000
Ordinary shares, issued (in shares)	503,876,758	510,799,667
Ordinary shares, outstanding (in shares)	453,637,403	460,560,312
Treasury stock (in shares)	50,239,355	50,239,355

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Income Statement [Abstract]
Net sales	$ 7,766	$ 6,229	$ 15,113	$ 12,571
Cost of sales	7,175	5,755	13,987	11,625
Restructuring charges	0	9	0	9
Gross profit	591	465	1,126	937
Selling, general and administrative expenses	245	213	486	414
Intangible amortization	21	15	43	30
Operating income	325	237	597	493
Interest and other, net	53	(134)	93	(111)
Income before income taxes	272	371	504	604
Provision for income taxes	34	35	71	62
Net income	238	336	433	542
Net income attributable to redeemable noncontrolling interest	6	0	12	0
Net income attributable to Flex Ltd.	$ 232	$ 336	$ 421	$ 542
Earnings Per Share [Abstract]
Basic (in dollars per share)	$ 0.51	$ 0.70	$ 0.92	$ 1.11
Diluted (in dollars per share)	$ 0.50	$ 0.69	$ 0.91	$ 1.10
Weighted-average shares used in computing per share amounts:
Basic (in shares)	455	482	457	487
Diluted (in shares)	460	487	464	493

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 238	$ 336	$ 433	$ 542
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	(92)	(16)	(163)	(11)
Unrealized loss on derivative instruments and other, net of tax	(6)	(10)	(7)	(7)
Comprehensive income	140	310	263	524
Comprehensive income attributable to redeemable noncontrolling interest	6	0	12	0
Comprehensive income attributable to Flex Ltd.	$ 134	$ 310	$ 251	$ 524

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Ordinary Shares	Accumulated Deficit	Unrealized Loss on Derivative Instruments and Other	Foreign Currency Translation Adjustments	Total Accumulated Other Comprehensive Loss
Redeemable noncontrolling interests, beginning balance at Mar. 31, 2021	$ 0
Redeemable noncontrolling interests, ending balance at Oct. 01, 2021	0
Beginning balance (in shares) at Mar. 31, 2021		492,000,000
Beginning balance at Mar. 31, 2021	3,436	$ 5,844	$ (2,289)	$ (42)	$ (77)	$ (119)
Increase (Decrease) in Shareholders' Equity
Repurchase of Flex Ltd. ordinary shares at cost (in shares)		(27,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(490)	$ (490)
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)		5,000,000
Net income	542		542
Stock-based compensation	44	$ 44
Total other comprehensive loss	(18)			(7)	(11)	(18)
Exercise of stock options (in shares)		1,000,000
Ending balance (in shares) at Oct. 01, 2021		471,000,000
Ending balance at Oct. 01, 2021	3,514	$ 5,398	(1,747)	(49)	(88)	(137)
Redeemable noncontrolling interests, beginning balance at Jul. 02, 2021	0
Redeemable noncontrolling interests, ending balance at Oct. 01, 2021	0
Beginning balance (in shares) at Jul. 02, 2021		489,000,000
Beginning balance at Jul. 02, 2021	3,508	$ 5,702	(2,083)	(39)	(72)	(111)
Increase (Decrease) in Shareholders' Equity
Repurchase of Flex Ltd. ordinary shares at cost (in shares)		(18,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(328)	$ (328)
Net income	336		336
Stock-based compensation	24	$ 24
Total other comprehensive loss	(26)			(10)	(16)	(26)
Ending balance (in shares) at Oct. 01, 2021		471,000,000
Ending balance at Oct. 01, 2021	3,514	$ 5,398	(1,747)	(49)	(88)	(137)
Redeemable noncontrolling interests, beginning balance at Mar. 31, 2022	78
Increase (Decrease) in Temporary Equity
Net income	12
Redeemable noncontrolling interests, ending balance at Sep. 30, 2022	$ 90
Beginning balance (in shares) at Mar. 31, 2022	460,560,312	461,000,000
Beginning balance at Mar. 31, 2022	$ 4,129	$ 5,664	(1,353)	(66)	(116)	(182)
Increase (Decrease) in Shareholders' Equity
Repurchase of Flex Ltd. ordinary shares at cost (in shares)		(15,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(253)	$ (253)
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)		8,000,000
Net income	421		421
Stock-based compensation	53	$ 53
Total other comprehensive loss	$ (170)			(7)	(163)	(170)
Ending balance (in shares) at Sep. 30, 2022	453,637,403	454,000,000
Ending balance at Sep. 30, 2022	$ 4,180	$ 5,464	(932)	(73)	(279)	(352)
Redeemable noncontrolling interests, beginning balance at Jul. 01, 2022	84
Increase (Decrease) in Temporary Equity
Net income	6
Redeemable noncontrolling interests, ending balance at Sep. 30, 2022	90
Beginning balance (in shares) at Jul. 01, 2022		458,000,000
Beginning balance at Jul. 01, 2022	4,091	$ 5,509	(1,164)	(67)	(187)	(254)
Increase (Decrease) in Shareholders' Equity
Repurchase of Flex Ltd. ordinary shares at cost (in shares)		(4,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(72)	$ (72)
Net income	232		232
Stock-based compensation	27	$ 27
Total other comprehensive loss	$ (98)			(6)	(92)	(98)
Ending balance (in shares) at Sep. 30, 2022	453,637,403	454,000,000
Ending balance at Sep. 30, 2022	$ 4,180	$ 5,464	$ (932)	$ (73)	$ (279)	$ (352)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2022	Oct. 01, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 433	$ 542
Depreciation, amortization and other impairment charges	247	236
Changes in working capital and other, net	(539)	(264)
Net cash provided by operating activities	141	514
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(296)	(210)
Proceeds from the disposition of property and equipment	18	5
Acquisition of businesses, net of cash acquired	4	0
Other investing activities, net	3	2
Net cash used in investing activities	(271)	(203)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings and long-term debt	0	20
Repayments of bank borrowings and long-term debt	(39)	(9)
Payments for repurchases of ordinary shares	(253)	(490)
Other financing activities, net	(4)	(8)
Net cash used in financing activities	(296)	(487)
Effect of exchange rates on cash and cash equivalents	(85)	(3)
Net decrease in cash and cash equivalents	(511)	(179)
Cash and cash equivalents, beginning of period	2,964	2,637
Cash and cash equivalents, end of period	2,453	2,458
Non-cash investing activities:
Unpaid purchases of property and equipment	181	122
Right-of-use assets obtained in exchange of operating lease liabilities	$ 56	$ 28

ORGANIZATION OF THE COMPANY AND

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION	6 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION	ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION Organization of the Company Flex Ltd. ("Flex" or the "Company") is the diversified manufacturing partner of choice that helps market-leading brands design, build and deliver innovative products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, Flex delivers advanced manufacturing solutions and operates one of the most trusted global supply chains, supporting the entire product lifecycle with fulfillment, after-market, and circular economy solutions for diverse industries including cloud, communications, enterprise, automotive, industrial, consumer devices, lifestyle, healthcare, and energy. Flex's three operating and reportable segments are: • Flex Agility Solutions ("FAS"), which is comprised of the following end markets: ◦ Communications, Enterprise and Cloud , including data infrastructure, edge infrastructure and communications infrastructure; ◦ Lifestyle , including appliances, consumer packaging, floorcare, micro mobility and audio; and ◦ Consumer Devices , including mobile and high velocity consumer devices. • Flex Reliability Solutions ("FRS"), which is comprised of the following end markets: ◦ Automotive , including next generation mobility, autonomous, connectivity, electrification, and smart technologies; ◦ Health Solutions , including medical devices, medical equipment and drug delivery; and ◦ Industrial , including capital equipment, industrial devices, and renewables and grid edge. • Nextracker, the leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects around the world. Nextracker's products enable solar panels to follow the sun’s movement across the sky and optimize plant performance. The 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, 2022 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Operating results for the three and six-month periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2023. 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 2023 and 2022 ended on July 1, 2022, which is comprised of 92 days in the period, and July 2, 2021, which is comprised of 93 days in the period, respectively. The second quarters for fiscal years 2023 and 2022 ended on September 30, 2022 and October 1, 2021, respectively, which are comprised of 91 days in both periods. 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. In all cases other than the redeemable noncontrolling interest in Nextracker, 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. Noncontrolling interest that is redeemable upon the occurrence of conditions outside of the control of the Company is reported as temporary equity in the consolidated balance sheets. The amount of consolidated net income attributable to Flex Ltd. and to the redeemable noncontrolling interest is presented 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 and geopolitical conflicts (including the Russian invasion of Ukraine), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the COVID-19 pandemic and the Russian invasion of Ukraine. 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 July 2021, the FASB issued ASU 2021-05 "Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments", which requires a lessor to classify a lease with variable lease payments that don’t depend on an index or a rate as an operating lease on the commencement date of the lease if specified criteria are met. The guidance is effective for the Company beginning in the first quarter of fiscal year 2023 with early adoption permitted. The Company adopted the guidance during the first quarter of fiscal year 2023 with an immaterial impact on its condensed consolidated financial statements. Recently Issued Accounting Pronouncement In September 2022, the FASB issued ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations", which requires a buyer in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance program. The guidance is effective for the Company beginning in the first quarter of fiscal year 2024, except for the amendment on rollforward information which is effective in fiscal year 2025, with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its condensed consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2024.

BALANCE SHEET ITEMS

BALANCE SHEET ITEMS	6 Months Ended
	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
BALANCE SHEET ITEMS	BALANCE SHEET ITEMS Inventories The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows: As of September 30, 2022 As of March 31, 2022 (In millions) Raw materials $ 6,196 $ 5,290 Work-in-progress 737 602 Finished goods 793 688 $ 7,726 $ 6,580 Goodwill and Other Intangible Assets During the six-month period ended September 30, 2022, there was no material activity in the Company's goodwill account for each of its reportable segments, other than foreign currency translation adjustments of $15 million, which primarily impacted its FRS segment. The components of acquired intangible assets are as follows: As of September 30, 2022 As of March 31, 2022 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets: Customer-related intangibles $ 349 $ (168) $ 181 $ 385 $ (157) $ 228 Licenses and other intangibles 270 (123) 147 319 (136) 183 Total $ 619 $ (291) $ 328 $ 704 $ (293) $ 411 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) 2023 (1) $ 38 2024 64 2025 58 2026 39 2027 33 Thereafter 96 Total amortization expense $ 328 ____________________________________________________________ (1) Represents estimated amortization for the remaining fiscal six-month period ending March 31, 2023. Customer Working Capital Advances Customer working capital advances were $2.0 billion and $1.4 billion, as of September 30, 2022 and March 31, 2022, respectively. The customer working capital advances are not interest-bearing, do not generally have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production. Other Current Liabilities Other current liabilities include customer-related accruals of $236 million and $227 million as of September 30, 2022 and March 31, 2022, respectively. Redeemable Noncontrolling Interest As a result of the sale by a subsidiary of the Company of redeemable preferred units (“Series A Preferred Units”), representing a 16.67% interest in the Company's subsidiary, Nextracker LLC ("Nextracker"), to TPG Rise Flash, L.P. ("TPG Rise") on February 1, 2022, the Company recognized approximately $6 million and $12 million of a payable-in-kind dividend due to TPG Rise during the three and six-month periods ended September 30, 2022, respectively, based on a dividend rate of 5% per annum. At TPG Rise’s election, the Company is required to purchase all of the outstanding Series A Preferred Units at their liquidation preference, which shall include all contributed but unreturned capital plus accrued but unpaid dividends, at the earlier of certain change in control events and February 1, 2028. Additionally, if Nextracker has not completed a qualified initial public offering (a "Qualified Public Offering") prior to February 1, 2027, then TPG Rise may cause the Company to purchase all of the outstanding Series A Preferred Units at their fair market value. The Company has determined that a Qualified Public Offering is likely and that the change in control is not probable as of September 30, 2022 and, as such, it is not probable that the noncontrolling interest will become redeemable.

REVENUE

REVENUE	6 Months Ended
	Sep. 30, 2022
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 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 condensed 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. Contract liabilities, identified as deferred revenue, were $792 million and $704 million as of September 30, 2022 and March 31, 2022, respectively, of which $731 million and $615 million, respectively, is included in deferred revenue and customer working capital advances under current liabilities. Disaggregation of Revenue The following table presents the Company’s revenue disaggregated based on timing of transfer, point in time or over time, for the three and six-month periods ended September 30, 2022 and October 1, 2021, respectively. Historical information for the first and second quarters of the fiscal year ended March 31, 2022 have been recast to reflect the new operating and reportable segments in the table below. Three-Month Periods Ended Six-Month Periods Ended September 30, 2022 October 1, 2021 September 30, 2022 October 1, 2021 Timing of Transfer (In millions) FAS Point in time $ 3,787 $ 3,250 $ 7,566 $ 6,498 Over time 217 187 429 371 Total 4,004 3,437 7,995 6,869 FRS Point in time 3,110 2,308 5,900 4,715 Over time 189 157 368 332 Total 3,299 2,465 6,268 5,047 Nextracker Point in time 10 12 33 21 Over time 463 327 835 659 Total 473 339 868 680 Intersegment eliminations Point in time (10) (12) (18) (25) Over time — — — — Total (10) (12) (18) (25) Flex Point in time 6,897 5,558 13,481 11,209 Over time 869 671 1,632 1,362 Total $ 7,766 $ 6,229 $ 15,113 $ 12,571

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Recognized 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 Six-Month Periods Ended September 30, 2022 October 1, 2021 September 30, 2022 October 1, 2021 (In millions) Cost of sales $ 7 $ 6 $ 14 $ 11 Selling, general and administrative expenses 20 18 39 33 Total share-based compensation expense $ 27 $ 24 $ 53 $ 44 Total number of options outstanding and exercisable were immaterial as of September 30, 2022. All options have been fully expensed as of September 30, 2022. During the six-month period ended September 30, 2022, the Company granted 5.7 million unvested restricted share unit ("RSU") awards. Of this amount, approximately 4.7 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 $16.50 per award. In addition, approximately 0.5 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 $16.68 per award. The number of shares contingent on performance conditions that ultimately will vest will range from zero up to a maximum of approximately 1.0 million based on a measurement of the Company's adjusted earnings per share growth over certain specified periods, and will cliff vest after a period of three years, to the extent such performance conditions have been met. Further, approximately 0.5 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 $23.45 per award and was calculated using a Monte Carlo simulation. The number of shares contingent on market conditions that ultimately will vest will range from zero up to a maximum of approximately 1.0 million based on a measurement of the percentile rank of the Company’s total shareholder return over certain specified periods against the Company's peer companies, and will cliff vest after a period of three years, to the extent such market conditions have been met. As of September 30, 2022, approximately 14.8 million unvested RSU awards under all plans were outstanding, of which vesting for a targeted amount of 2.1 million shares is contingent on meeting certain market conditions, and vesting for a targeted amount of 0.9 million shares is contingent on meeting certain performance conditions. The number of shares tied to market conditions that will ultimately be issued can range from zero to 4.2 million based on the achievement levels. The number of shares tied to performance conditions that will ultimately be issued can range from zero to 1.8 million based on the achievement levels. During the six-month period ended September 30, 2022, 2.4 million shares vested in connection with the awards with market conditions granted in fiscal year 2020. As of September 30, 2022, total unrecognized compensation expense related to unvested RSU awards under all plans, not including the 2022 Nextracker plan below, was approximately $186 million, and will be recognized over a weighted-average remaining vesting period of 2.2 years. During the first half of fiscal year 2023, Nextracker granted 11.8 million equity-based compensation awards, which included approximately 5.9 million unit options, 4.5 million RSU awards and 1.4 million performance-based restricted share unit awards (“PSU”) to its employees under the First Amended and Restated 2022 Nextracker LLC Equity Incentive Plan (the “2022 Nextracker Plan”). Vesting for the awards granted under the 2022 Nextracker Plan is contingent upon continued employee service and certain performance conditions, including a liquidity event such as the occurrence of an initial public offering or the sale of Nextracker. Total unrecognized compensation expense related to unvested awards under the 2022 Nextracker Plan was approximately $55 million, which is expected to be recognized over a weighted-average period of approximately 3 years. No expense was recognized for equity-based compensation awards granted under the 2022 Nextracker Plan for the six-month period ended September 30, 2022 as there was no occurrence of a liquidity event. Nextracker will record cumulative stock-based compensation expense related to these awards in the period when its liquidity event is completed for the portion of the awards for which the relevant service condition has been satisfied with the remaining expense recognized over the remaining service period.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table reflects basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share attributable to the shareholders of Flex: Three-Month Periods Ended Six-Month Periods Ended September 30, 2022 October 1, 2021 September 30, 2022 October 1, 2021 (In millions, except per share amounts) Basic earnings per share attributable to the shareholders of Flex Ltd. Net income $ 238 $ 336 $ 433 $ 542 Net income attributable to redeemable noncontrolling interest 6 — 12 — Net income attributable to Flex Ltd. $ 232 $ 336 $ 421 $ 542 Shares used in computation: Weighted-average ordinary shares outstanding 455 482 457 487 Basic earnings per share $ 0.51 $ 0.70 $ 0.92 $ 1.11 Diluted earnings per share attributable to the shareholders of Flex Ltd. Net income $ 238 $ 336 $ 433 $ 542 Net income attributable to redeemable noncontrolling interest 6 — 12 — Net income attributable to Flex Ltd. $ 232 $ 336 $ 421 $ 542 Shares used in computation: Weighted-average ordinary shares outstanding 455 482 457 487 Weighted-average ordinary share equivalents from RSU awards (1) 5 5 7 6 Weighted-average ordinary shares and ordinary share equivalents outstanding 460 487 464 493 Diluted earnings per share $ 0.50 $ 0.69 $ 0.91 $ 1.10 ____________________________________________________________ (1) An immaterial amount of RSU awards and 3.4 million RSU awards for the three and six-month periods ended September 30, 2022, respectively, and an immaterial amount of RSU awards for the three and six-month periods ended October 1, 2021, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents.

BANK BORROWINGS AND LONG-TERM D

BANK BORROWINGS AND LONG-TERM DEBT	6 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
BANK BORROWINGS AND LONG-TERM DEBT	BANK BORROWINGS AND LONG-TERM DEBT Bank borrowings and long-term debt as of September 30, 2022 are as follows: As of September 30, 2022 As of March 31, 2022 (In millions) 5.000% Notes due February 2023 $ 500 $ 500 Term Loan due April 2024 - three-month TIBOR plus 0.446% 232 273 4.750% Notes due June 2025 598 598 3.750% Notes due February 2026 688 690 4.875% Notes due June 2029 659 659 4.875% Notes due May 2030 688 690 Euro Term Loans 337 389 3.600% HUF Bonds due December 2031 232 301 India Facilities 79 84 Other — 31 Debt issuance costs (16) (18) 3,997 4,197 Current portion, net of debt issuance costs (916) (949) Non-current portion $ 3,081 $ 3,248 The weighted-average interest rate for the Company's long-term debt was 4.2% and 4.0% as of September 30, 2022 and March 31, 2022, respectively. Scheduled repayments of the Company's bank borrowings and long-term debt as of September 30, 2022 are as follows: Fiscal Year Ending March 31, Amount (In millions) 2023 (1) $ 863 2024 53 2025 232 2026 1,287 2027 — Thereafter 1,578 Total $ 4,013 (1) Represents estimated repayments for the remaining fiscal six-month period ending March 31, 2023. The 2027 Credit Facility In July 2022, the Company entered into a new $2.5 billion credit agreement which matures in July 2027 (the "2027 Credit Facility") and consists of a $2.5 billion revolving credit facility with a sub-limit of $360 million available for swing line loans, and a sub-limit of $175 million available for the issuance of letters of credit. The 2027 Credit Facility replaced the previous $2.0 billion revolving credit facility, which was due to mature in January 2026. Borrowings under the 2027 Credit Facility bear interest, at the Company’s option, either at (i) the Base Rate, which is defined as the greatest of (a) the Administrative Agent’s prime rate, (b) the federal funds effective rate, plus 0.50% and (c) the Term Secured Overnight Financing Rate (Term SOFR) rate plus 1.0%; plus, in the case of each of clauses (a) through (c), an applicable margin ranging from 0.125% to 0.750% per annum, based on the Company’s credit ratings or (ii) Term SOFR (or (x) the “Alternative Currency Term Rate”, which is defined as, depending on the applicable currency at issue, either the Euro Interbank Offered Rate, Tokyo Interbank Offer Rate, or such other term rate per annum as designated with respect to such alternative currency or (y) the “Alternative Currency Daily Rate”, which is defined as, in the case of Sterling, the rate per annum equal to Sterling Overnight Index Average, and for any other alternative currency, such other term rate per annum as designated with respect to such alternative currency) plus the applicable margin for Term SOFR rate (or the Alternative Currency Term Rate) loans ranging between 1.125% and 1.750% per annum, based on the Company’s credit ratings, plus an adjustment for Term SOFR loans of 0.10% per annum and an adjustment for Sterling Overnight Index Average loans of 0.0326% per annum. Interest on the outstanding borrowings is payable, (i) in the case of borrowings at the Base Rate, on the last business day of March, June, September and December of each calendar year and the maturity date, (ii) in the case of borrowings at the Term SOFR rate (or the Alternative Currency Term Rate), on the last day of the applicable interest period selected by the Company, which date shall be no later than the last day of every third month and the maturity date and (iii) in the case of borrowings at the Alternative Currency Daily Rate, on the last day of each calendar month and the maturity date. The Company is required to pay a quarterly commitment fee on the unutilized portion of the revolving credit commitments under the 2027 Credit Facility ranging from 0.125% to 0.275% per annum, based on the Company’s credit ratings. The Company is also required to pay letter of credit usage fees ranging from 1.125% to 1.750% per annum (based on the Company’s credit ratings) on the amount of the daily average outstanding letters of credit and a fronting fee of 0.125% per annum on the undrawn and unexpired amount of each letter of credit. Under the 2027 Credit Facility, the interest rate margins, commitment fee and letter of credit usage fee are subject to upward or downward adjustments if the Company achieves, or fails to achieve, certain specified sustainability targets with respect to workplace safety and greenhouse gas emissions. Such upward or downward sustainability adjustments may be up to 0.05% per annum in the case of the interest rate margins and letter of credit usage fee and up to 0.01% per annum in the case of the commitment fee. Delayed Draw Term Loan In September 2022, the Company entered into a $450 million delayed draw term loan credit agreement. Borrowings under the delayed draw term loan may be used for working capital, capital expenditures, refinancing of current debt, and other general corporate purposes. The delayed draw term loan is available to be drawn through November 30, 2022. All borrowings under the delayed draw term loan will become due on the date that is 364 days after the initial borrowing. Interest is based on either (a) a Term SOFR-based formula plus a margin of 100.0 basis points to 162.5 basis points, depending on the Company’s credit ratings, or (b) a Base Rate formula plus a margin of 0.0 basis point to 62.5 basis points, depending on the Company's credit ratings. The 2027 Credit Facility and delayed draw term loan are unsecured, and contain customary restrictions on the ability of the Company and its subsidiaries to (i) incur certain debt, (ii) make certain acquisitions of other entities, (iii) incur liens, (iv) dispose of assets, and (v) engage in transactions with affiliates. These covenants are subject to a number of significant exceptions and limitations. The 2027 Credit Facility and delayed draw term loan agreement also require that the Company maintain a maximum ratio of total indebtedness to EBITDA (earnings before interest expense, taxes, depreciation and amortization), and a minimum interest coverage ratio. As of September 30, 2022, the Company had no borrowings outstanding and was in compliance with the covenants under the 2027 Credit Facility and delayed draw term loan agreement.

INTEREST AND OTHER, NET

INTEREST AND OTHER, NET	6 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
INTEREST AND OTHER, NET	INTEREST AND OTHER, NET Interest and other, net for the three and six-month periods ended September 30, 2022 and October 1, 2021 are primarily composed of the following: Three-Month Periods Ended Six-Month Periods Ended September 30, 2022 October 1, 2021 September 30, 2022 October 1, 2021 (In millions) Interest expenses on debt obligations $ 44 $ 37 $ 87 $ 75 Brazil tax credit (1) — (149) — (149) ____________________________________________________________ (1) In the second quarter of fiscal year 2022, the Company recognized a $149 million gain related to the Brazilian tax authority's approval of certain tax credits (Credit Habilitation).

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedges, Assets [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS Foreign Currency Contracts The Company enters into short-term and long-term foreign currency derivative contracts, including forward, swap, and options contracts, to hedge only those currency exposures associated with certain assets and liabilities, primarily accounts receivable, accounts payable, debt, and cash flows denominated in non-functional currencies. Gains and losses on the Company's derivative contracts are designed to offset losses and gains on the assets, liabilities and transactions hedged, and accordingly, generally do not subject the Company to risk of significant accounting losses. The Company hedges committed exposures and does not engage in speculative transactions. The credit risk of these derivative contracts is minimized since the contracts are with large financial institutions and, accordingly, fair value adjustments related to the credit risk of the counterparty financial institutions were not material. As of September 30, 2022, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $12.8 billion as summarized below: Foreign Currency Amount Notional Contract Value in USD Currency Buy Sell Buy Sell (In millions) Cash Flow Hedges CNY 2,414 — $ 333 $ — HUF 135,400 — 394 — JPY 33,525 — 300 — MXN 6,949 — 342 — MYR 450 146 98 32 Other N/A N/A 223 76 1,690 108 Other Foreign Currency Contracts BRL 77 903 14 168 CAD 138 80 101 58 CNY 10,181 5,876 1,455 855 EUR 2,985 2,790 2,919 2,710 GBP 187 221 203 239 HUF 89,596 81,561 208 189 ILS 430 119 122 34 INR 17,141 — 208 — MXN 8,927 6,707 439 330 MYR 1,302 339 283 74 SGD 102 55 71 38 Other N/A N/A 160 153 6,183 4,848 Total Notional Contract Value in USD $ 7,873 $ 4,956 As of September 30, 2022, 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 September 30, 2022 and March 31, 2022, the Company also has included net deferred gains and losses in accumulated other comprehensive loss, a component of shareholders’ equity in the condensed consolidated balance sheets, relating to changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. Deferred loss was $53 million as of September 30, 2022, and is 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 and the USD HUF cross currency swaps, which are further discussed below. The Company entered into a USD JPY cross currency swap in April 2019 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 current and long-term other liabilities as of September 30, 2022. Additionally, the Company entered into USD HUF cross currency swaps in December 2021 to hedge the foreign currency risk on the HUF bonds due December 2031, and the fair value of the cross currency swaps was included in current and long-term other liabilities as of September 30, 2022. The changes in fair value of both the USD JPY cross currency swap and the USD HUF cross currency swaps are reported in accumulated other comprehensive loss. In addition, corresponding amounts are reclassified out of accumulated other comprehensive loss to interest and other, net to offset the remeasurement of the underlying JPY loan principal and HUF bond principal, which also impact 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 September 30, March 31, Balance Sheet September 30, March 31, (In millions) Derivatives designated as hedging instruments Foreign currency contracts Other current assets $ 15 $ 22 Other current liabilities $ 72 $ 35 Foreign currency contracts Other assets $ — $ — Other liabilities $ 152 $ 61 Derivatives not designated as hedging instruments Foreign currency contracts Other current assets $ 96 $ 21 Other current liabilities $ 171 $ 26

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Sep. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in accumulated other comprehensive loss by component, net of tax, are as follows: Three-Month Periods Ended September 30, 2022 October 1, 2021 Unrealized Foreign currency Total Unrealized Foreign currency Total (In millions) Beginning balance $ (67) $ (187) $ (254) $ (39) $ (72) $ (111) Other comprehensive loss before reclassifications (70) (92) (162) (5) (16) (21) Net (gains) losses reclassified from accumulated other comprehensive loss 64 — 64 (5) — (5) Net current-period other comprehensive loss (6) (92) (98) (10) (16) (26) Ending balance $ (73) $ (279) $ (352) $ (49) $ (88) $ (137) Six-Month Periods Ended September 30, 2022 October 1, 2021 Unrealized Foreign currency Total Unrealized Foreign currency Total (In millions) Beginning balance $ (66) $ (116) $ (182) $ (42) $ (77) $ (119) Other comprehensive gain (loss) before reclassifications (149) (163) (312) 7 (10) (3) Net (gains) losses reclassified from accumulated other comprehensive loss 142 — 142 (14) (1) (15) Net current-period other comprehensive loss (7) (163) (170) (7) (11) (18) Ending balance $ (73) $ (279) $ (352) $ (49) $ (88) $ (137)

TRADE RECEIVABLES SECURITIZATIO

TRADE RECEIVABLES SECURITIZATION	6 Months Ended
	Sep. 30, 2022
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 asset-backed securitization programs (the “ABS Programs”) to affiliated special purpose entities, each of which may in turn sell 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 is 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 accounts receivable balances sold under the ABS Programs are removed from the condensed consolidated balance sheets and the cash proceeds received by the Company are included as cash provided by operating activities in the condensed consolidated statements of cash flows. During the six-month periods ended September 30, 2022 and October 1, 2021, no accounts receivable were sold under the ABS Programs. Trade Accounts Receivable Sale Programs

FAIR VALUE MEASUREMENT OF ASSET

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES	6 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES	FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. There were no balances classified as level 1 in the fair value hierarchy as of September 30, 2022 and March 31, 2022. 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 September 30, 2022 and March 31, 2022. There were no transfers between levels in the fair value hierarchy during the six-month periods ended September 30, 2022 and October 1, 2021. Financial Instruments Measured at Fair Value on a Recurring Basis The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and March 31, 2022: Fair Value Measurements as of September 30, 2022 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) $ — $ 1,509 $ — $ 1,509 Foreign currency contracts (Note 8) — 111 — 111 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 36 — 36 Liabilities: Foreign currency contracts (Note 8) $ — $ (395) $ — $ (395) Fair Value Measurements as of March 31, 2022 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) $ — $ 2,285 $ — $ 2,285 Foreign currency contracts (Note 8) — 43 — 43 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 39 — 39 Liabilities: 0 Foreign currency contracts (Note 8) $ — $ (122) $ — $ (122) Other financial instruments The following table presents the Company’s major debts not carried at fair value: As of September 30, 2022 As of March 31, 2022 Carrying Fair Carrying Fair Fair Value (In millions) 5.000% Notes due February 2023 $ 500 $ 501 $ 500 $ 511 Level 1 Term Loan due April 2024 - three-month TIBOR plus 0.446% 232 232 273 273 Level 2 4.750% Notes due June 2025 598 588 598 615 Level 1 3.750% Notes due February 2026 688 643 690 690 Level 1 4.875% Notes due June 2029 659 602 659 687 Level 1 4.875% Notes due May 2030 688 630 690 713 Level 1 Euro Term Loans 337 337 389 389 Level 2 3.600% HUF Bonds due December 2031 232 232 301 301 Level 2 India Facilities 79 79 84 84 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, Euro Term Loans, and HUF Bonds based on the current market rate, and as of September 30, 2022, the carrying amounts approximate fair values.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation and other legal matters In connection with the matters described below, the Company has accrued for loss contingencies where it believes that losses are probable and estimable. Although it is reasonably possible that actual losses could be in excess of the Company’s accrual, the Company is unable to estimate a reasonably possible loss or range of loss in excess of its accrual, due to various reasons, including, among others, that: (i) the proceedings are in early stages or no claims have been asserted, (ii) specific damages have not been sought in all of these matters, (iii) damages, if asserted, are considered unsupported and/or exaggerated, (iv) there is uncertainty as to the outcome of pending appeals, motions, or settlements, (v) there are significant factual issues to be resolved, and/or (vi) there are novel legal issues or unsettled legal theories presented. Any such excess loss could have a material effect on the Company’s results of operations or cash flows for a particular period or on the Company’s financial condition. In addition, the Company provides design and engineering services to its customers and also designs and makes its own products. As a consequence of these activities, its customers are requiring the Company to take responsibility for intellectual property to a greater extent than in its manufacturing and assembly businesses. Although the Company believes that its intellectual property assets and licenses are sufficient for the operation of its business as it currently conducts it, from time to time third-parties do assert patent infringement claims against the Company or its customers. If and when third-parties make assertions regarding the ownership or right to use intellectual property, the Company could be required to either enter into licensing arrangements or to resolve the issue through litigation. Such license rights might not be available to the Company on commercially acceptable terms, if at all, and any such litigation might not be resolved in the Company's favor. Additionally, litigation could be lengthy and costly and could materially harm the Company's financial condition regardless of the outcome. The Company also could be required to incur substantial costs to redesign a product or re-perform design services. From time to time, the Company enters into intellectual property licenses (e.g., patent licenses and software licenses) with third-parties which obligate the Company to report covered behavior to the licensor and pay license fees to the licensor for certain activities or products, or that enable the Company's use of third-party technologies. The Company may also decline to enter into licenses for intellectual property that it does not think is useful for or used in its operations, or for which its customers or suppliers have licenses or have assumed responsibility. Given the diverse and varied nature of its business and the location of its business around the world, certain activities the Company performs, such as providing assembly services in China and India, may fall outside the scope of those licenses or may not be subject to the applicable intellectual property rights. The Company's licensors may disagree and claim royalties are owed for such activities. In addition, the basis (e.g., base price) for any royalty amounts owed are audited by licensors and may be challenged. Some of these disagreements may lead to claims and litigation that might not be resolved in the Company's favor. Additionally, litigation could be lengthy and costly and could materially harm the Company's financial condition regardless of the outcome. 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 374 million Brazilian reals (approximately USD $70 million based on the exchange rate as of September 30, 2022). The Company successfully defeated one of the six assessments in September 2019 (totaling approximately 61 million Brazilian reals or USD $11 million). The Company successfully defeated another three of the assessments in September 2022 (totaling approximately 229 million Brazilian reals or USD $43 million), each of which remains subject to appeal. The Company was unsuccessful at the administrative level for one of the assessments and filed an annulment action in federal court in Brasilia, Brazil on March 23, 2020; the updated value of that assessment is 34 million Brazilian reals (approximately USD $6 million). One of the assessments remains in the review process at the administrative level. The Company believes there is no legal basis for any of these assessments and that it has meritorious defenses. The Company will continue to vigorously oppose all of these assessments, as well as any future assessments. The Company does not expect final judicial determination on any of these claims 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 submitted an update to OFAC on November 16, 2021 reporting on the results of its review of those transactions. The Company intends to continue to cooperate fully with OFAC in this matter going forward. Nonetheless, it is reasonably possible that the Company could be subject to penalties that could have a material adverse effect on the Company’s financial position, results of operations or cash flows. A foreign Tax Authority (“Tax Authority”) has assessed a cumulative total of approximately $167 million in taxes owed for 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. As the final resolution of the above outstanding tax item remains uncertain, the Company continues to provide for the uncertain tax positions based on the more likely than not standard. While the resolution of the issues may result in tax liabilities, interest and penalties, which may be significantly higher than the amounts accrued for these matters, management currently believes that the resolution will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. In addition to the matters discussed above, from time to time, the Company is subject to legal proceedings, claims, and litigation arising in the ordinary course of business. The Company defends itself vigorously against any such claims. Although the outcome of these matters is currently not determinable, management expects that any losses that are probable or reasonably possible of being incurred as a result of these matters, which are in excess of amounts already accrued in the Company’s consolidated balance sheets, would not be material to the financial statements as a whole.

SHARE REPURCHASES

SHARE REPURCHASES	6 Months Ended
	Sep. 30, 2022
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
SHARE REPURCHASES	SHARE REPURCHASES During the three and six-month periods ended September 30, 2022, the Company repurchased 4.4 million and 15.7 million shares at an aggregate purchase price of $72 million and $253 million, respectively, and retired all of these shares. Under the Company’s current share repurchase program, the Board of Directors authorized repurchases of its outstanding ordinary shares for up to $1.0 billion in accordance with the share repurchase mandate approved by the Company’s shareholders at the date of the most recent Annual General Meeting held on August 25, 2022. As of September 30, 2022, shares in the aggregate amount of $977 million were available to be repurchased under the current plan.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company reports its financial performance based on three operating and reportable segments, Flex Agility Solutions, Flex Reliability Solutions and Nextracker, and analyzes operating income as the measure of segment profitability. The determination of these segments is based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics. An operating segment's performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include intangible amortization, stock-based compensation, restructuring charges, and legal and other. A portion of depreciation is allocated to the respective segments, together with other general corporate research and development and administrative expenses. Selected financial information by segment is in the table below (amounts may not sum due to rounding). Historical information for the first and second quarters of the fiscal year ended March 31, 2022 have been recast to reflect the new operating and reportable segments in the table below and in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations." Three-Month Periods Ended Six-Month Periods Ended September 30, 2022 October 1, 2021 September 30, 2022 October 1, 2021 (In millions) Net sales: Flex Agility Solutions $ 4,004 $ 3,437 $ 7,995 $ 6,869 Flex Reliability Solutions 3,299 2,465 6,268 5,047 Nextracker 473 339 868 680 Intersegment eliminations (10) (12) (18) (25) $ 7,766 $ 6,229 $ 15,113 $ 12,571 Segment income and reconciliation of operating income: Flex Agility Solutions $ 170 $ 153 $ 342 $ 290 Flex Reliability Solutions 175 126 322 271 Nextracker 43 25 73 50 Corporate and Other (13) (18) (31) (35) Total segment income 375 286 706 576 Reconciling items: Intangible amortization 21 15 43 30 Stock-based compensation 27 24 53 44 Restructuring charges — 9 — 9 Legal and other (1) 2 1 12 — Operating income $ 325 $ 237 $ 597 $ 493 (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 acquisition related costs and customer related asset impairments (recoveries). During the first half of fiscal year 2023, the Company accrued for certain loss contingencies where losses are considered probable and estimable. Corporate and other primarily includes corporate service costs that are not included in the chief operating decision maker's ("CODM") assessment of the performance of each of the identified reportable segments. The Company provides an overall platform of assets and services, which the segments utilize for the benefit of their various customers. The shared assets and services are contained within the Company's global manufacturing and design operations and include manufacturing and design facilities. Most of the underlying manufacturing and design assets are co-mingled in the operating campuses and are compatible to operate across segments and highly interchangeable throughout the platform. Given the highly interchangeable nature of the assets, they are not separately identified by segment nor reported by segment to the Company's CODM.

ORGANIZATION OF THE COMPANY A_2

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Sep. 30, 2022
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") is the diversified manufacturing partner of choice that helps market-leading brands design, build and deliver innovative products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, Flex delivers advanced manufacturing solutions and operates one of the most trusted global supply chains, supporting the entire product lifecycle with fulfillment, after-market, and circular economy solutions for diverse industries including cloud, communications, enterprise, automotive, industrial, consumer devices, lifestyle, healthcare, and energy. Flex's three operating and reportable segments are: • Flex Agility Solutions ("FAS"), which is comprised of the following end markets: ◦ Communications, Enterprise and Cloud , including data infrastructure, edge infrastructure and communications infrastructure; ◦ Lifestyle , including appliances, consumer packaging, floorcare, micro mobility and audio; and ◦ Consumer Devices , including mobile and high velocity consumer devices. • Flex Reliability Solutions ("FRS"), which is comprised of the following end markets: ◦ Automotive , including next generation mobility, autonomous, connectivity, electrification, and smart technologies; ◦ Health Solutions , including medical devices, medical equipment and drug delivery; and ◦ Industrial , including capital equipment, industrial devices, and renewables and grid edge. • Nextracker, the leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects around the world. Nextracker's products enable solar panels to follow the sun’s movement across the sky and optimize plant performance. The 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, 2022 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Operating results for the three and six-month periods ended September 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2023. 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 2023 and 2022 ended on July 1, 2022, which is comprised of 92 days in the period, and July 2, 2021, which is comprised of 93 days in the period, respectively. The second quarters for fiscal years 2023 and 2022 ended on September 30, 2022 and October 1, 2021, respectively, which are comprised of 91 days in both periods. 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. In all cases other than the redeemable noncontrolling interest in Nextracker, 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. Noncontrolling interest that is redeemable upon the occurrence of conditions outside of the control of the Company is reported as temporary equity in the consolidated balance sheets. The amount of consolidated net income attributable to Flex Ltd. and to the redeemable noncontrolling interest is presented 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 and geopolitical conflicts (including the Russian invasion of Ukraine), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the COVID-19 pandemic and the Russian invasion of Ukraine. 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 and Recently Issued Accounting Pronouncement	Recently Adopted Accounting Pronouncement In July 2021, the FASB issued ASU 2021-05 "Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments", which requires a lessor to classify a lease with variable lease payments that don’t depend on an index or a rate as an operating lease on the commencement date of the lease if specified criteria are met. The guidance is effective for the Company beginning in the first quarter of fiscal year 2023 with early adoption permitted. The Company adopted the guidance during the first quarter of fiscal year 2023 with an immaterial impact on its condensed consolidated financial statements. Recently Issued Accounting Pronouncement In September 2022, the FASB issued ASU 2022-04 "Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations", which requires a buyer in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance program. The guidance is effective for the Company beginning in the first quarter of fiscal year 2024, except for the amendment on rollforward information which is effective in fiscal year 2025, with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its condensed consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2024.

BALANCE SHEET ITEMS (Tables)

BALANCE SHEET ITEMS (Tables)	6 Months Ended
	Sep. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of components of inventories	The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows: As of September 30, 2022 As of March 31, 2022 (In millions) Raw materials $ 6,196 $ 5,290 Work-in-progress 737 602 Finished goods 793 688 $ 7,726 $ 6,580
Schedule of components of acquired intangible assets	The components of acquired intangible assets are as follows: As of September 30, 2022 As of March 31, 2022 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets: Customer-related intangibles $ 349 $ (168) $ 181 $ 385 $ (157) $ 228 Licenses and other intangibles 270 (123) 147 319 (136) 183 Total $ 619 $ (291) $ 328 $ 704 $ (293) $ 411
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) 2023 (1) $ 38 2024 64 2025 58 2026 39 2027 33 Thereafter 96 Total amortization expense $ 328 ____________________________________________________________ (1) Represents estimated amortization for the remaining fiscal six-month period ending March 31, 2023.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of disaggregation of revenue	The following table presents the Company’s revenue disaggregated based on timing of transfer, point in time or over time, for the three and six-month periods ended September 30, 2022 and October 1, 2021, respectively. Historical information for the first and second quarters of the fiscal year ended March 31, 2022 have been recast to reflect the new operating and reportable segments in the table below. Three-Month Periods Ended Six-Month Periods Ended September 30, 2022 October 1, 2021 September 30, 2022 October 1, 2021 Timing of Transfer (In millions) FAS Point in time $ 3,787 $ 3,250 $ 7,566 $ 6,498 Over time 217 187 429 371 Total 4,004 3,437 7,995 6,869 FRS Point in time 3,110 2,308 5,900 4,715 Over time 189 157 368 332 Total 3,299 2,465 6,268 5,047 Nextracker Point in time 10 12 33 21 Over time 463 327 835 659 Total 473 339 868 680 Intersegment eliminations Point in time (10) (12) (18) (25) Over time — — — — Total (10) (12) (18) (25) Flex Point in time 6,897 5,558 13,481 11,209 Over time 869 671 1,632 1,362 Total $ 7,766 $ 6,229 $ 15,113 $ 12,571

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Schedule of share-based compensation expense	The following table summarizes the Company’s share-based compensation expense: Three-Month Periods Ended Six-Month Periods Ended September 30, 2022 October 1, 2021 September 30, 2022 October 1, 2021 (In millions) Cost of sales $ 7 $ 6 $ 14 $ 11 Selling, general and administrative expenses 20 18 39 33 Total share-based compensation expense $ 27 $ 24 $ 53 $ 44

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Sep. 30, 2022
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 Six-Month Periods Ended September 30, 2022 October 1, 2021 September 30, 2022 October 1, 2021 (In millions, except per share amounts) Basic earnings per share attributable to the shareholders of Flex Ltd. Net income $ 238 $ 336 $ 433 $ 542 Net income attributable to redeemable noncontrolling interest 6 — 12 — Net income attributable to Flex Ltd. $ 232 $ 336 $ 421 $ 542 Shares used in computation: Weighted-average ordinary shares outstanding 455 482 457 487 Basic earnings per share $ 0.51 $ 0.70 $ 0.92 $ 1.11 Diluted earnings per share attributable to the shareholders of Flex Ltd. Net income $ 238 $ 336 $ 433 $ 542 Net income attributable to redeemable noncontrolling interest 6 — 12 — Net income attributable to Flex Ltd. $ 232 $ 336 $ 421 $ 542 Shares used in computation: Weighted-average ordinary shares outstanding 455 482 457 487 Weighted-average ordinary share equivalents from RSU awards (1) 5 5 7 6 Weighted-average ordinary shares and ordinary share equivalents outstanding 460 487 464 493 Diluted earnings per share $ 0.50 $ 0.69 $ 0.91 $ 1.10 ____________________________________________________________ (1) An immaterial amount of RSU awards and 3.4 million RSU awards for the three and six-month periods ended September 30, 2022, respectively, and an immaterial amount of RSU awards for the three and six-month periods ended October 1, 2021, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents.

BANK BORROWINGS AND LONG-TERM_2

BANK BORROWINGS AND LONG-TERM DEBT (Tables)	6 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of bank borrowings and long-term debt	Bank borrowings and long-term debt as of September 30, 2022 are as follows: As of September 30, 2022 As of March 31, 2022 (In millions) 5.000% Notes due February 2023 $ 500 $ 500 Term Loan due April 2024 - three-month TIBOR plus 0.446% 232 273 4.750% Notes due June 2025 598 598 3.750% Notes due February 2026 688 690 4.875% Notes due June 2029 659 659 4.875% Notes due May 2030 688 690 Euro Term Loans 337 389 3.600% HUF Bonds due December 2031 232 301 India Facilities 79 84 Other — 31 Debt issuance costs (16) (18) 3,997 4,197 Current portion, net of debt issuance costs (916) (949) Non-current portion $ 3,081 $ 3,248
Schedule of the company's repayments of long-term debt	Scheduled repayments of the Company's bank borrowings and long-term debt as of September 30, 2022 are as follows: Fiscal Year Ending March 31, Amount (In millions) 2023 (1) $ 863 2024 53 2025 232 2026 1,287 2027 — Thereafter 1,578 Total $ 4,013 (1) Represents estimated repayments for the remaining fiscal six-month period ending March 31, 2023.

INTEREST AND OTHER, NET (Tables

INTEREST AND OTHER, NET (Tables)	6 Months Ended
	Sep. 30, 2022
Other Income and Expenses [Abstract]
Interest and other, net	Interest and other, net for the three and six-month periods ended September 30, 2022 and October 1, 2021 are primarily composed of the following: Three-Month Periods Ended Six-Month Periods Ended September 30, 2022 October 1, 2021 September 30, 2022 October 1, 2021 (In millions) Interest expenses on debt obligations $ 44 $ 37 $ 87 $ 75 Brazil tax credit (1) — (149) — (149) ____________________________________________________________ (1) In the second quarter of fiscal year 2022, the Company recognized a $149 million gain related to the Brazilian tax authority's approval of certain tax credits (Credit Habilitation).

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedges, Assets [Abstract]
Schedule of aggregate notional amount of the company's outstanding foreign currency forward and swap contracts	As of September 30, 2022, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $12.8 billion as summarized below: Foreign Currency Amount Notional Contract Value in USD Currency Buy Sell Buy Sell (In millions) Cash Flow Hedges CNY 2,414 — $ 333 $ — HUF 135,400 — 394 — JPY 33,525 — 300 — MXN 6,949 — 342 — MYR 450 146 98 32 Other N/A N/A 223 76 1,690 108 Other Foreign Currency Contracts BRL 77 903 14 168 CAD 138 80 101 58 CNY 10,181 5,876 1,455 855 EUR 2,985 2,790 2,919 2,710 GBP 187 221 203 239 HUF 89,596 81,561 208 189 ILS 430 119 122 34 INR 17,141 — 208 — MXN 8,927 6,707 439 330 MYR 1,302 339 283 74 SGD 102 55 71 38 Other N/A N/A 160 153 6,183 4,848 Total Notional Contract Value in USD $ 7,873 $ 4,956
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 September 30, March 31, Balance Sheet September 30, March 31, (In millions) Derivatives designated as hedging instruments Foreign currency contracts Other current assets $ 15 $ 22 Other current liabilities $ 72 $ 35 Foreign currency contracts Other assets $ — $ — Other liabilities $ 152 $ 61 Derivatives not designated as hedging instruments Foreign currency contracts Other current assets $ 96 $ 21 Other current liabilities $ 171 $ 26

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Sep. 30, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of changes in accumulated other comprehensive loss by component, net of tax	The changes in accumulated other comprehensive loss by component, net of tax, are as follows: Three-Month Periods Ended September 30, 2022 October 1, 2021 Unrealized Foreign currency Total Unrealized Foreign currency Total (In millions) Beginning balance $ (67) $ (187) $ (254) $ (39) $ (72) $ (111) Other comprehensive loss before reclassifications (70) (92) (162) (5) (16) (21) Net (gains) losses reclassified from accumulated other comprehensive loss 64 — 64 (5) — (5) Net current-period other comprehensive loss (6) (92) (98) (10) (16) (26) Ending balance $ (73) $ (279) $ (352) $ (49) $ (88) $ (137) Six-Month Periods Ended September 30, 2022 October 1, 2021 Unrealized Foreign currency Total Unrealized Foreign currency Total (In millions) Beginning balance $ (66) $ (116) $ (182) $ (42) $ (77) $ (119) Other comprehensive gain (loss) before reclassifications (149) (163) (312) 7 (10) (3) Net (gains) losses reclassified from accumulated other comprehensive loss 142 — 142 (14) (1) (15) Net current-period other comprehensive loss (7) (163) (170) (7) (11) (18) Ending balance $ (73) $ (279) $ (352) $ (49) $ (88) $ (137)

FAIR VALUE MEASUREMENT OF ASS_2

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2022 and March 31, 2022: Fair Value Measurements as of September 30, 2022 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) $ — $ 1,509 $ — $ 1,509 Foreign currency contracts (Note 8) — 111 — 111 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 36 — 36 Liabilities: Foreign currency contracts (Note 8) $ — $ (395) $ — $ (395) Fair Value Measurements as of March 31, 2022 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) $ — $ 2,285 $ — $ 2,285 Foreign currency contracts (Note 8) — 43 — 43 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 39 — 39 Liabilities: 0 Foreign currency contracts (Note 8) $ — $ (122) $ — $ (122)
Schedule of debt not carried at fair value	The following table presents the Company’s major debts not carried at fair value: As of September 30, 2022 As of March 31, 2022 Carrying Fair Carrying Fair Fair Value (In millions) 5.000% Notes due February 2023 $ 500 $ 501 $ 500 $ 511 Level 1 Term Loan due April 2024 - three-month TIBOR plus 0.446% 232 232 273 273 Level 2 4.750% Notes due June 2025 598 588 598 615 Level 1 3.750% Notes due February 2026 688 643 690 690 Level 1 4.875% Notes due June 2029 659 602 659 687 Level 1 4.875% Notes due May 2030 688 630 690 713 Level 1 Euro Term Loans 337 337 389 389 Level 2 3.600% HUF Bonds due December 2031 232 232 301 301 Level 2 India Facilities 79 79 84 84 Level 2

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of segment reporting information by operating segment	Selected financial information by segment is in the table below (amounts may not sum due to rounding). Historical information for the first and second quarters of the fiscal year ended March 31, 2022 have been recast to reflect the new operating and reportable segments in the table below and in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations." Three-Month Periods Ended Six-Month Periods Ended September 30, 2022 October 1, 2021 September 30, 2022 October 1, 2021 (In millions) Net sales: Flex Agility Solutions $ 4,004 $ 3,437 $ 7,995 $ 6,869 Flex Reliability Solutions 3,299 2,465 6,268 5,047 Nextracker 473 339 868 680 Intersegment eliminations (10) (12) (18) (25) $ 7,766 $ 6,229 $ 15,113 $ 12,571 Segment income and reconciliation of operating income: Flex Agility Solutions $ 170 $ 153 $ 342 $ 290 Flex Reliability Solutions 175 126 322 271 Nextracker 43 25 73 50 Corporate and Other (13) (18) (31) (35) Total segment income 375 286 706 576 Reconciling items: Intangible amortization 21 15 43 30 Stock-based compensation 27 24 53 44 Restructuring charges — 9 — 9 Legal and other (1) 2 1 12 — Operating income $ 325 $ 237 $ 597 $ 493 (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 acquisition related costs and customer related asset impairments (recoveries). During the first half of fiscal year 2023, 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)	6 Months Ended
	Sep. 30, 2022 segment operating_unit
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity operates | operating_unit	30
Number of operating segments	3
Number of reporting segments	3

BALANCE SHEET ITEMS - Inventori

BALANCE SHEET ITEMS - Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Inventories
Raw materials	$ 6,196	$ 5,290
Work-in-progress	737	602
Finished goods	793	688
Inventories, total	$ 7,726	$ 6,580

BALANCE SHEET ITEMS - Additiona

BALANCE SHEET ITEMS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Mar. 31, 2022	Feb. 01, 2022
Components of acquired intangible assets
Customer working capital advance	$ 731	$ 731	$ 615
Other accrued liabilities current	236	236	227
Percent of subsidiary interest sold				16.67%
Payable-in-kind dividend	6	$ 12
Dividend rate (percent)		5%
Working capital advances
Components of acquired intangible assets
Customer working capital advance	$ 2,000	$ 2,000	$ 1,400
FRS
Components of acquired intangible assets
Foreign currency translation adjustments		$ 15

BALANCE SHEET ITEMS - Component

BALANCE SHEET ITEMS - Components of Acquired Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Goodwill [Line Items]
Gross Carrying Amount	$ 619	$ 704
Accumulated Amortization	(291)	(293)
Total amortization expense	328	411
Customer-related intangibles
Goodwill [Line Items]
Gross Carrying Amount	349	385
Accumulated Amortization	(168)	(157)
Total amortization expense	181	228
Licenses and other intangibles
Goodwill [Line Items]
Gross Carrying Amount	270	319
Accumulated Amortization	(123)	(136)
Total amortization expense	$ 147	$ 183

BALANCE SHEET ITEMS - Future Am

BALANCE SHEET ITEMS - Future Amortization (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Estimated future annual amortization expense for acquired intangible assets
2023	$ 38
2024	64
2025	58
2026	39
2027	33
Thereafter	96
Total amortization expense	$ 328	$ 411

REVENUE - Additional Informatio

REVENUE - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 792	$ 704
Contract liability, current	$ 731	$ 615

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 7,766	$ 6,229	$ 15,113	$ 12,571
Point in time
Disaggregation of Revenue [Line Items]
Net sales	6,897	5,558	13,481	11,209
Over time
Disaggregation of Revenue [Line Items]
Net sales	869	671	1,632	1,362
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	7,766	6,229	15,113	12,571
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(10)	(12)	(18)	(25)
Intersegment eliminations | Point in time
Disaggregation of Revenue [Line Items]
Net sales	(10)	(12)	(18)	(25)
Intersegment eliminations | Over time
Disaggregation of Revenue [Line Items]
Net sales	0	0	0	0
FAS | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	4,004	3,437	7,995	6,869
FAS | Operating Segments | Point in time
Disaggregation of Revenue [Line Items]
Net sales	3,787	3,250	7,566	6,498
FAS | Operating Segments | Over time
Disaggregation of Revenue [Line Items]
Net sales	217	187	429	371
FRS | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	3,299	2,465	6,268	5,047
FRS | Operating Segments | Point in time
Disaggregation of Revenue [Line Items]
Net sales	3,110	2,308	5,900	4,715
FRS | Operating Segments | Over time
Disaggregation of Revenue [Line Items]
Net sales	189	157	368	332
Nextracker | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	473	339	868	680
Nextracker | Operating Segments | Point in time
Disaggregation of Revenue [Line Items]
Net sales	10	12	33	21
Nextracker | Operating Segments | Over time
Disaggregation of Revenue [Line Items]
Net sales	$ 463	$ 327	$ 835	$ 659

SHARE-BASED COMPENSATION - Loca

SHARE-BASED COMPENSATION - Location of Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Share-based compensation
Share-based compensation expense	$ 27	$ 24	$ 53	$ 44
Cost of sales
Share-based compensation
Share-based compensation expense	7	6	14	11
Selling, general and administrative expenses
Share-based compensation
Share-based compensation expense	$ 20	$ 18	$ 39	$ 33

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Share-based compensation
Share-based compensation expense	$ 27,000,000	$ 24,000,000	$ 53,000,000	$ 44,000,000
2022 Nextracker Plan
Share-based compensation
Unrecognized compensation expense	$ 55,000,000		$ 55,000,000
Equity-based compensation awards granted (in shares)			11,800,000
Share weighted-average remaining vesting period			3 years
Share-based compensation expense			$ 0
Restricted Stock Units
Share-based compensation
Awards granted (in shares)			5,700,000
Number of shares outstanding (in shares)	14,800,000		14,800,000
Unrecognized compensation expense	$ 186,000,000		$ 186,000,000
Share weighted-average remaining vesting period			2 years 2 months 12 days
Restricted Stock Units | 2022 Nextracker Plan
Share-based compensation
Awards granted (in shares)			4,500,000
RSU with No Performance Or Market Conditions
Share-based compensation
Awards granted (in shares)			4,700,000
Average grant date price of unvested share bonus awards (in usd per share)	$ 16.50		$ 16.50
RSU with No Performance Or Market Conditions | Maximum
Share-based compensation
Vesting period			3 years
RSU with Performance Conditions
Share-based compensation
Average grant date price of unvested share bonus awards (in usd per share)	$ 16.68		$ 16.68
RSU with Performance Conditions | Key employees
Share-based compensation
Awards granted (in shares)			500,000
RSU with Performance Conditions | Minimum
Share-based compensation
Number of shares outstanding (in shares)	900,000		900,000
Number of shares that may be issued (in shares)			0
RSU with Performance Conditions | Minimum | Key employees
Share-based compensation
Awards granted (in shares)			0
RSU with Performance Conditions | Maximum
Share-based compensation
Number of shares that may be issued (in shares)			1,800,000
RSU with Performance Conditions | Maximum | Key employees
Share-based compensation
Awards granted (in shares)			1,000,000
RSU with Market Conditions
Share-based compensation
Average grant date price of unvested share bonus awards (in usd per share)	$ 23.45		$ 23.45
Vested in period (in shares)			2,400,000
RSU with Market Conditions | Key employees
Share-based compensation
Awards granted (in shares)			500,000
Vesting period			3 years
RSU with Market Conditions | Minimum
Share-based compensation
Number of shares outstanding (in shares)	2,100,000		2,100,000
Number of shares that may be issued (in shares)			0
RSU with Market Conditions | Minimum | Key employees
Share-based compensation
Awards granted (in shares)			0
RSU with Market Conditions | Maximum
Share-based compensation
Number of shares that may be issued (in shares)			4,200,000
RSU with Market Conditions | Maximum | Key employees
Share-based compensation
Awards granted (in shares)			1,000,000
Option | 2022 Nextracker Plan
Share-based compensation
Options granted (in shares)			5,900,000
Performance-Based Restricted Share Unit Awards (PSU) | 2022 Nextracker Plan
Share-based compensation
Awards granted (in shares)			1,400,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Basic earnings per share attributable to the shareholders of Flex Ltd.
Net income	$ 238	$ 336	$ 433	$ 542
Net income attributable to redeemable noncontrolling interest	6	0	12	0
Net income attributable to Flex Ltd.	$ 232	$ 336	$ 421	$ 542
Shares used in computation:
Weighted-average ordinary shares outstanding (in shares)	455	482	457	487
Basic earnings (losses) per share (in dollars per share)	$ 0.51	$ 0.70	$ 0.92	$ 1.11
Diluted earnings per share attributable to the shareholders of Flex Ltd.
Net income	$ 238	$ 336	$ 433	$ 542
Net income attributable to redeemable noncontrolling interest	6	0	12	0
Net income attributable to Flex Ltd.	$ 232	$ 336	$ 421	$ 542
Shares used in computation:
Weighted-average ordinary shares outstanding (in shares)	455	482	457	487
Weighted-average ordinary share equivalents from RSU awards (in shares)	5	5	7	6
Weighted-average ordinary shares and ordinary share equivalents outstanding (in shares)	460	487	464	493
Diluted earnings per share (in dollars per share)	$ 0.50	$ 0.69	$ 0.91	$ 1.10
Restricted Stock Units
Shares used in computation:
Immaterial RSU awards	0	0	3.4	0

BANK BORROWINGS AND LONG-TERM_3

BANK BORROWINGS AND LONG-TERM DEBT - Schedule of Bank Borrowings and Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 4,013
Debt issuance costs	(16)	$ (18)
Total	3,997	4,197
Current portion, net of debt issuance costs	(916)	(949)
Non-current portion	$ 3,081	3,248
5.000% Notes due February 2023
Debt Instrument [Line Items]
Debt interest rate	5%
Long-term debt	$ 500	500
Term Loan due April 2024 - three-month TIBOR plus 0.446%
Debt Instrument [Line Items]
Long-term debt	$ 232	273
Term Loan due April 2024 - three-month TIBOR plus 0.446% | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt interest rate	0.446%
4.750% Notes due June 2025
Debt Instrument [Line Items]
Debt interest rate	4.75%
Long-term debt	$ 598	598
3.750% Notes due February 2026
Debt Instrument [Line Items]
Debt interest rate	3.75%
Long-term debt	$ 688	690
4.875% Notes due June 2029
Debt Instrument [Line Items]
Debt interest rate	4.875%
Long-term debt	$ 659	659
4.875% Notes due May 2030
Debt Instrument [Line Items]
Debt interest rate	4.875%
Long-term debt	$ 688	690
Euro Term Loans
Debt Instrument [Line Items]
Long-term debt	$ 337	389
3.600% HUF Bonds due December 2031
Debt Instrument [Line Items]
Debt interest rate	3.60%
Long-term debt	$ 232	301
India Facilities
Debt Instrument [Line Items]
Long-term debt	79	84
Other
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 31

BANK BORROWINGS AND LONG-TERM_4

BANK BORROWINGS AND LONG-TERM DEBT - Repayment of Long-term Debt (Details) $ in Millions	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 863
2024	53
2025	232
2026	1,287
2027	0
Thereafter	1,578
Total	$ 4,013

BANK BORROWINGS AND LONG-TERM_5

BANK BORROWINGS AND LONG-TERM DEBT - Additional Information (Details) - USD ($)	1 Months Ended
	Sep. 30, 2022	Jul. 31, 2022	Jun. 30, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Weighted-average interest rate	4.20%			4%
Delayed Draw Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 450,000,000
Borrowing outstanding	$ 0
Delayed Draw Term Loan | SOFR | Minimum | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1%
Delayed Draw Term Loan | SOFR | Maximum | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	1.625%
Delayed Draw Term Loan | Base Rate | Minimum | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0%
Delayed Draw Term Loan | Base Rate | Maximum | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)	0.625%
Line of Credit | 2027 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,500,000,000
Line of Credit | 2027 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,500,000,000
Line of Credit | 2027 Credit Facility | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.125%
Line of Credit | 2027 Credit Facility | Revolving Credit Facility | Minimum | Credit Facility Interest Rate, Option One
Debt Instrument [Line Items]
Debt instrument, interest rate applicable margin per annum		0.125%
Line of Credit | 2027 Credit Facility | Revolving Credit Facility | Minimum | Credit Facility Interest Rate, Option Two
Debt Instrument [Line Items]
Debt instrument, interest rate applicable margin per annum		1.125%
Line of Credit | 2027 Credit Facility | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.275%
Line of Credit | 2027 Credit Facility | Revolving Credit Facility | Maximum | Credit Facility Interest Rate, Option One
Debt Instrument [Line Items]
Debt instrument, interest rate applicable margin per annum		0.75%
Line of Credit | 2027 Credit Facility | Revolving Credit Facility | Maximum | Credit Facility Interest Rate, Option Two
Debt Instrument [Line Items]
Debt instrument, interest rate applicable margin per annum		1.75%
Line of Credit | 2027 Credit Facility | Revolving Credit Facility | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)		0.50%
Line of Credit | 2027 Credit Facility | Revolving Credit Facility | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (as a percent)		1%
Debt instrument, interest rate applicable margin adjustment percentage		0.10%
Line of Credit | 2027 Credit Facility | Revolving Credit Facility | Sterling Overnight Index Average loans Rate
Debt Instrument [Line Items]
Debt instrument, interest rate applicable margin adjustment percentage		0.0326%
Line of Credit | 2027 Credit Facility | Swing Line Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 360,000,000
Line of Credit | 2027 Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 175,000,000
Line of credit facility, unused capacity, commitment fee percentage		0.125%
Interest rate margins upward or downward sustainability adjustments, percentage		0.05%
Line of credit facility, usage fee upward or downward sustainability adjustments, percentage		0.05%
Commitment fee upward or downward sustainability adjustments, percentage		0.01%
Line of Credit | 2027 Credit Facility | Letter of Credit | Minimum
Debt Instrument [Line Items]
Commitment fee percentage		1.125%
Line of Credit | 2027 Credit Facility | Letter of Credit | Maximum
Debt Instrument [Line Items]
Commitment fee percentage		1.75%
Line of Credit | 2026 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 2,000,000,000

INTEREST AND OTHER, NET (Detail

INTEREST AND OTHER, NET (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
Other Income and Expenses [Abstract]
Interest expenses on debt obligations	$ 44	$ 37	$ 87	$ 75
Brazil tax credit	$ 0	$ (149)	$ 0	$ (149)

FINANCIAL INSTRUMENTS - Notiona

FINANCIAL INSTRUMENTS - Notional Amount (Details) - Sep. 30, 2022 € in Millions, ₪ in Millions, ₨ in Millions, ¥ in Millions, ¥ in Millions, £ in Millions, RM in Millions, R$ in Millions, Ft in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions

USD ($)

CNY (¥)

HUF (Ft)

JPY (¥)

MXN ($)

MYR (RM)

BRL (R$)

CAD ($)

EUR (€)

GBP (£)

ILS (₪)

INR (₨)

SGD ($)

Notional amount

Deferred loss

$ 53

Forward and Swap Contracts

Notional amount

Derivative, notional amount

12,800

Buy | Forward and Swap Contracts

Notional amount

Derivative, notional amount

7,873

Buy | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges

Notional amount

Derivative, notional amount

1,690

Buy | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | CNY

Notional amount

Derivative, notional amount

333

¥ 2,414

Buy | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | HUF

Notional amount

Derivative, notional amount

394

Ft 135,400

Buy | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | JPY

Notional amount

Derivative, notional amount

300

¥ 33,525

Buy | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | MXN

Notional amount

Derivative, notional amount

342

$ 6,949

Buy | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | MYR

Notional amount

Derivative, notional amount

98

RM 450

Buy | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | Other

Notional amount

Derivative, notional amount

223

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument

Notional amount

Derivative, notional amount

6,183

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | CNY

Notional amount

Derivative, notional amount

1,455

10,181

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | HUF

Notional amount

Derivative, notional amount

208

89,596

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | ILS

Notional amount

Derivative, notional amount

122

₪ 430

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | MXN

Notional amount

Derivative, notional amount

439

8,927

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | MYR

Notional amount

Derivative, notional amount

283

1,302

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | Other

Notional amount

Derivative, notional amount

160

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | BRL

Notional amount

Derivative, notional amount

14

R$ 77

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | CAD

Notional amount

Derivative, notional amount

101

$ 138

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | EUR

Notional amount

Derivative, notional amount

2,919

€ 2,985

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | GBP

Notional amount

Derivative, notional amount

203

£ 187

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | INR

Notional amount

Derivative, notional amount

208

₨ 17,141

Buy | Forward and Swap Contracts | Not Designated as Hedging Instrument | SGD

Notional amount

Derivative, notional amount

71

$ 102

Sell | Forward and Swap Contracts

Notional amount

Derivative, notional amount

4,956

Sell | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges

Notional amount

Derivative, notional amount

108

Sell | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | CNY

Notional amount

Derivative, notional amount

0

0

Sell | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | HUF

Notional amount

Derivative, notional amount

0

0

Sell | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | JPY

Notional amount

Derivative, notional amount

0

¥ 0

Sell | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | MXN

Notional amount

Derivative, notional amount

0

0

Sell | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | MYR

Notional amount

Derivative, notional amount

32

146

Sell | Forward and Swap Contracts | Designated as Hedging Instrument | Cash Flow Hedges | Other

Notional amount

Derivative, notional amount

76

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument

Notional amount

Derivative, notional amount

4,848

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | CNY

Notional amount

Derivative, notional amount

855

¥ 5,876

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | HUF

Notional amount

Derivative, notional amount

189

Ft 81,561

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | ILS

Notional amount

Derivative, notional amount

34

₪ 119

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | MXN

Notional amount

Derivative, notional amount

330

$ 6,707

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | MYR

Notional amount

Derivative, notional amount

74

RM 339

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | Other

Notional amount

Derivative, notional amount

153

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | BRL

Notional amount

Derivative, notional amount

168

R$ 903

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | CAD

Notional amount

Derivative, notional amount

58

$ 80

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | EUR

Notional amount

Derivative, notional amount

2,710

€ 2,790

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | GBP

Notional amount

Derivative, notional amount

239

£ 221

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | INR

Notional amount

Derivative, notional amount

0

₨ 0

Sell | Forward and Swap Contracts | Not Designated as Hedging Instrument | SGD

Notional amount

Derivative, notional amount

$ 38

$ 55

FINANCIAL INSTRUMENTS - Foreign

FINANCIAL INSTRUMENTS - Foreign Currency Risk Management (Details) - Foreign currency contracts - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Other current assets | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	$ 15	$ 22
Other current assets | Derivatives not designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	96	21
Other assets | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	0	0
Other current liabilities | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	72	35
Other current liabilities | Derivatives not designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	171	26
Other liabilities | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	$ 152	$ 61

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Oct. 01, 2021	Sep. 30, 2022	Oct. 01, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,091	$ 3,508	$ 4,129	$ 3,436
Other comprehensive loss before reclassifications	(162)	(21)	(312)	(3)
Net (gains) losses reclassified from accumulated other comprehensive loss	64	(5)	142	(15)
Net current-period other comprehensive loss	(98)	(26)	(170)	(18)
Ending balance	4,180	3,514	4,180	3,514
Unrealized  loss on derivative instruments and other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(67)	(39)	(66)	(42)
Other comprehensive loss before reclassifications	(70)	(5)	(149)	7
Net (gains) losses reclassified from accumulated other comprehensive loss	64	(5)	142	(14)
Net current-period other comprehensive loss	(6)	(10)	(7)	(7)
Ending balance	(73)	(49)	(73)	(49)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(187)	(72)	(116)	(77)
Other comprehensive loss before reclassifications	(92)	(16)	(163)	(10)
Net (gains) losses reclassified from accumulated other comprehensive loss	0	0	0	(1)
Net current-period other comprehensive loss	(92)	(16)	(163)	(11)
Ending balance	(279)	(88)	(279)	(88)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(254)	(111)	(182)	(119)
Ending balance	$ (352)	$ (137)	$ (352)	$ (137)

TRADE RECEIVABLES SECURITIZAT_2

TRADE RECEIVABLES SECURITIZATION (Details) $ in Billions	6 Months Ended
	Sep. 30, 2022 USD ($) program	Mar. 31, 2022 USD ($)	Oct. 01, 2021 USD ($)
Asset-Backed Securitization Programs
Trade Receivables Securitization disclosures
Number of asset-backed securitization programs | program	2
Sales of Receivables to Third Party Banks
Trade Receivables Securitization disclosures
Receivables sold but not yet collected from banking institutions	$ 0.8	$ 0.6
Company's accounts receivables sold to third-party	$ 1.7		$ 0.6

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	Sep. 30, 2022	Mar. 31, 2022
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	$ 1,509	$ 2,285
Foreign currency contracts (Note 8)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	111	43
Total liabilities	(395)	(122)
Mutual funds, money market accounts and equity securities
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	36	39
Level 1 | Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	0	0
Level 1 | Foreign currency contracts (Note 8)
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 (included in cash and cash equivalents of the condensed consolidated balance sheet)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	1,509	2,285
Level 2 | Foreign currency contracts (Note 8)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	111	43
Total liabilities	(395)	(122)
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	36	39
Level 3 | Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total assets	0	0
Level 3 | Foreign currency contracts (Note 8)
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	Sep. 30, 2022	Mar. 31, 2022
5.000% Notes due February 2023
Other financial instruments
Debt interest rate	5%
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%
3.600% HUF Bonds due December 2031
Other financial instruments
Debt interest rate	3.60%
London Interbank Offered Rate (LIBOR) | Term Loan due April 2024 - three-month TIBOR plus 0.446%
Other financial instruments
Debt interest rate	0.446%
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	688	690
Carrying Amount | Level 1 | 4.875% Notes due June 2029
Other financial instruments
Debt instrument	659	659
Carrying Amount | Level 1 | 4.875% Notes due May 2030
Other financial instruments
Debt instrument	688	690
Carrying Amount | Level 2 | Term Loan due April 2024 - three-month TIBOR plus 0.446%
Other financial instruments
Debt instrument	232	273
Carrying Amount | Level 2 | Euro Term Loans
Other financial instruments
Debt instrument	337	389
Carrying Amount | Level 2 | 3.600% HUF Bonds due December 2031
Other financial instruments
Debt instrument	232	301
Carrying Amount | Level 2 | India Facilities
Other financial instruments
Debt instrument	79	84
Fair Value | Level 1 | 5.000% Notes due February 2023
Other financial instruments
Debt instrument	501	511
Fair Value | Level 1 | 4.750% Notes due June 2025
Other financial instruments
Debt instrument	588	615
Fair Value | Level 1 | 3.750% Notes due February 2026
Other financial instruments
Debt instrument	643	690
Fair Value | Level 1 | 4.875% Notes due June 2029
Other financial instruments
Debt instrument	602	687
Fair Value | Level 1 | 4.875% Notes due May 2030
Other financial instruments
Debt instrument	630	713
Fair Value | Level 2 | Term Loan due April 2024 - three-month TIBOR plus 0.446%
Other financial instruments
Debt instrument	232	273
Fair Value | Level 2 | Euro Term Loans
Other financial instruments
Debt instrument	337	389
Fair Value | Level 2 | 3.600% HUF Bonds due December 2031
Other financial instruments
Debt instrument	232	301
Fair Value | Level 2 | India Facilities
Other financial instruments
Debt instrument	$ 79	$ 84

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Foreign Tax Authority R$ in Millions, $ in Millions			1 Months Ended				6 Months Ended
	Mar. 23, 2020 BRL (R$)	Mar. 23, 2020 USD ($)	Sep. 30, 2022 BRL (R$) tax_assessment	Sep. 30, 2022 USD ($) tax_assessment	Sep. 30, 2019 BRL (R$)	Sep. 30, 2019 USD ($)	Sep. 30, 2022 BRL (R$) tax_assessment	Sep. 30, 2022 USD ($) tax_assessment
Assessment of Sales and Import Taxes | BRAZIL
Loss Contingencies [Line Items]
Sales and import taxes, number of tax assessments | tax_assessment			3	3			6	6
Sales and import taxes, estimate of possible loss			R$ 229	$ 43	R$ 61	$ 11	R$ 374	$ 70
Sales and import taxes estimate of possible loss unsuccessful	R$ 34	$ 6
Intercompany Payment Deductibility
Loss Contingencies [Line Items]
Sales and import taxes, estimate of possible loss | $								$ 167

SHARE REPURCHASES (Details)

SHARE REPURCHASES (Details) shares in Millions	3 Months Ended	6 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 30, 2022 USD ($) shares
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Aggregate shares repurchased and retired (in shares) | shares	4.4	15.7
Aggregate purchase price of shares repurchased and retired	$ 72,000,000	$ 253,000,000
Authorized amount of stock repurchase program	1,000,000,000	1,000,000,000
Amount remaining to be repurchased under the plans	$ 977,000,000	$ 977,000,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022 USD ($)	Oct. 01, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Oct. 01, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			3
Number of reporting segments | segment			3
Net sales	$ 7,766	$ 6,229	$ 15,113	$ 12,571
Operating income	325	237	597	493
Intangible amortization	21	15	43	30
Stock-based compensation	27	24	53	44
Operating Segments
Segment Reporting Information [Line Items]
Net sales	7,766	6,229	15,113	12,571
Operating Segments | Flex Agility Solutions
Segment Reporting Information [Line Items]
Net sales	4,004	3,437	7,995	6,869
Operating income	170	153	342	290
Operating Segments | Flex Reliability Solutions
Segment Reporting Information [Line Items]
Net sales	3,299	2,465	6,268	5,047
Operating income	175	126	322	271
Operating Segments | Nextracker
Segment Reporting Information [Line Items]
Net sales	473	339	868	680
Operating income	43	25	73	50
Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	(10)	(12)	(18)	(25)
Corporate and Other
Segment Reporting Information [Line Items]
Operating income	(13)	(18)	(31)	(35)
Total segment income
Segment Reporting Information [Line Items]
Operating income	375	286	706	576
Segment Reconciling Items
Segment Reporting Information [Line Items]
Intangible amortization	21	15	43	30
Stock-based compensation	27	24	53	44
Restructuring charges	0	9	0	9
Legal and other	$ 2	$ 1	$ 12	$ 0