Flex (FLEX) 10-Q 27 Oct 23 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Sep. 29, 2023	Oct. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2023
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		434,856,076
Entity Central Index Key	0000866374
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2024
Document fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 29, 2023	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,900	$ 3,294
Accounts receivable, net of allowance of $9 and $8, respectively	3,801	3,739
Contract assets	577	541
Inventories	7,166	7,530
Other current assets	1,019	917
Total current assets	15,463	16,021
Property and equipment, net	2,328	2,349
Operating lease right-of-use assets, net	609	608
Goodwill	1,337	1,343
Other intangible assets, net	275	316
Other assets	956	758
Total assets	20,968	21,395
Current liabilities:
Bank borrowings and current portion of long-term debt	0	150
Accounts payable	5,728	5,930
Accrued payroll and benefits	500	522
Deferred revenue and customer working capital advances	2,795	3,143
Other current liabilities	1,083	1,110
Total current liabilities	10,106	10,855
Long-term debt, net of current portion	3,412	3,691
Operating lease liabilities, non-current	497	506
Other liabilities	597	637
Total liabilities	14,612	15,689
Shareholders’ equity
Ordinary shares, no par value; 1,500,000,000 authorized, 437,913,956 and 500,362,046 issued, and 437,913,956 and 450,122,691 outstanding, respectively	6,292	6,493
Treasury stock, at cost; zero and 50,239,355 shares as of September 29, 2023 and March 31, 2023, respectively	0	(388)
Accumulated deficit	(146)	(560)
Accumulated other comprehensive loss	(240)	(194)
Total Flex Ltd. shareholders’ equity	5,906	5,351
Noncontrolling interest	450	355
Total shareholders’ equity	6,356	5,706
Total liabilities, noncontrolling interest, and shareholders' equity	$ 20,968	$ 21,395

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 29, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 9	$ 8
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)	437,913,956	500,362,046
Ordinary shares, outstanding (in shares)	437,913,956	450,122,691
Treasury stock (in shares)	0	50,239,355

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 7,471	$ 7,766	$ 14,807	$ 15,113
Cost of sales	6,803	7,175	13,535	13,987
Restructuring charges	3	0	20	0
Gross profit	665	591	1,252	1,126
Selling, general and administrative expenses	272	245	542	486
Restructuring charges	0	0	6	0
Intangible amortization	17	21	37	43
Operating income	376	325	667	597
Interest, net	35	47	76	96
Other charges (income), net	16	6	27	(3)
Income before income taxes	325	272	564	504
Provision for (benefit from) income taxes	(81)	34	(53)	71
Net income	406	238	617	433
Net income attributable to noncontrolling interest and redeemable noncontrolling interest	178	6	203	12
Net income attributable to Flex Ltd.	$ 228	$ 232	$ 414	$ 421
Earnings per share attributable to the shareholders of Flex Ltd.:
Basic (in dollars per share)	$ 0.51	$ 0.51	$ 0.93	$ 0.92
Diluted (in dollars per share)	$ 0.51	$ 0.50	$ 0.92	$ 0.91
Weighted-average shares used in computing per share amounts:
Basic (in shares)	443	455	445	457
Diluted (in shares)	448	460	452	464

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 406	$ 238	$ 617	$ 433
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(38)	(92)	(47)	(163)
Unrealized gain (loss) on derivative instruments and other	(33)	(6)	1	(7)
Comprehensive income	335	140	571	263
Comprehensive income attributable to noncontrolling interest and redeemable noncontrolling interest	178	6	203	12
Comprehensive income attributable to Flex Ltd.	$ 157	$ 134	$ 368	$ 251

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Total Flex Ltd. Shareholders' Equity	Ordinary Shares	Accumulated Deficit	Unrealized Gain (Loss) on Derivative Instruments and Other	Foreign Currency Translation Adjustments	Total Accumulated Other Comprehensive Loss	Noncontrolling Interest
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			461,000,000
Beginning balance at Mar. 31, 2022	4,129	$ 4,129	$ 5,664	$ (1,353)	$ (66)	$ (116)	$ (182)	$ 0
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)	$ (253)
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)			8,000,000
Net income	421	421		421
Stock-based compensation	53	53	$ 53
Total other comprehensive gains (loss)	(170)	(170)			(7)	(163)	(170)
Ending balance (in shares) at Sep. 30, 2022			454,000,000
Ending balance at Sep. 30, 2022	4,180	4,180	$ 5,464	(932)	(73)	(279)	(352)	0
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	4,091	$ 5,509	(1,164)	(67)	(187)	(254)	0
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)	$ (72)
Net income	232	232		232
Stock-based compensation	27	27	$ 27
Total other comprehensive gains (loss)	(98)	(98)			(6)	(92)	(98)
Ending balance (in shares) at Sep. 30, 2022			454,000,000
Ending balance at Sep. 30, 2022	4,180	4,180	$ 5,464	(932)	(73)	(279)	(352)	0
Redeemable noncontrolling interests, beginning balance at Mar. 31, 2023	0
Redeemable noncontrolling interests, ending balance at Sep. 29, 2023	$ 0
Beginning balance (in shares) at Mar. 31, 2023	450,122,691		450,000,000
Beginning balance at Mar. 31, 2023	$ 5,706	5,351	$ 6,105	(560)	(14)	(180)	(194)	355
Increase (Decrease) in Shareholders' Equity
Repurchase of Flex Ltd. ordinary shares at cost (in shares)			(20,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(506)	(506)	$ (506)
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)			8,000,000
Nextracker follow on sales and related transactions	499	607	$ 607					(108)
Net income	617	414		414				203
Stock-based compensation	86	86	$ 86
Total other comprehensive gains (loss)	$ (46)	(46)			1	(47)	(46)
Ending balance (in shares) at Sep. 29, 2023	437,913,956		438,000,000
Ending balance at Sep. 29, 2023	$ 6,356	5,906	$ 6,292	(146)	(13)	(227)	(240)	450
Redeemable noncontrolling interests, beginning balance at Jun. 30, 2023	0
Redeemable noncontrolling interests, ending balance at Sep. 29, 2023	0
Beginning balance (in shares) at Jun. 30, 2023			449,000,000
Beginning balance at Jun. 30, 2023	5,786	5,406	$ 5,949	(374)	20	(189)	(169)	380
Increase (Decrease) in Shareholders' Equity
Repurchase of Flex Ltd. ordinary shares at cost (in shares)			(11,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(309)	(309)	$ (309)
Nextracker follow on sales and related transactions	499	607	607					(108)
Net income	406	228		228				178
Stock-based compensation	45	45	$ 45
Total other comprehensive gains (loss)	$ (71)	(71)			(33)	(38)	(71)
Ending balance (in shares) at Sep. 29, 2023	437,913,956		438,000,000
Ending balance at Sep. 29, 2023	$ 6,356	$ 5,906	$ 6,292	$ (146)	$ (13)	$ (227)	$ (240)	$ 450

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 617	$ 433
Depreciation, amortization and other impairment charges	260	247
Changes in working capital and other, net	(514)	(539)
Net cash provided by operating activities	363	141
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(319)	(296)
Proceeds from the disposition of property and equipment	19	18
Acquisition of businesses, net of cash acquired	0	4
Other investing activities, net	3	3
Net cash used in investing activities	(297)	(271)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings and long-term debt	2	0
Repayments of bank borrowings and long-term debt	(398)	(39)
Payments for repurchases of ordinary shares	(506)	(253)
Proceeds from issuances of Nextracker shares	552	0
Payment for purchase of Nextracker LLC units from TPG	(57)	0
Other financing activities, net	(53)	(4)
Net cash used in financing activities	(460)	(296)
Effect of exchange rates on cash and cash equivalents	0	(85)
Net decrease in cash and cash equivalents	(394)	(511)
Cash and cash equivalents, beginning of period	3,294	2,964
Cash and cash equivalents, end of period	2,900	2,453
Non-cash investing activities:
Unpaid purchases of property and equipment	117	181
Right-of-use assets obtained in exchange of operating lease liabilities	$ 77	$ 56

ORGANIZATION OF THE COMPANY AND

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION	6 Months Ended
	Sep. 29, 2023
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 supports the entire product lifecycle with advanced manufacturing solutions and operates one of the most trusted global supply chains. The Company also provides additional value to customers through a broad array of services, including design and engineering, component services, rapid prototyping, fulfillment, and circular economy solutions. Flex supports a diverse set of industries including cloud, communications, enterprise, automotive, industrial, consumer devices, lifestyle, healthcare, and energy. As of September 29, 2023, Flex's three operating and reportable segments were as follows: • Flex Agility Solutions ("FAS"), which is comprised of the following end markets: ◦ Communications, Enterprise and Cloud , including data infrastructure, edge infrastructure and communications infrastructure ◦ Lifestyle , including appliances, consumer packaging, floorcare, micro mobility and audio ◦ Consumer Devices , including mobile and high velocity consumer devices. • Flex Reliability Solutions ("FRS"), which is comprised of the following end markets: ◦ Automotive , including next generation mobility, autonomous, connectivity, electrification, and smart technologies ◦ Health Solutions , including medical devices, medical equipment and drug delivery ◦ Industrial , including capital equipment, industrial devices, 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). The Company also provides intelligent, integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects around the world. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2023 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 29, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2024. 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 2024 and 2023 ended on June 30, 2023, which is comprised of 91 days in the period, and July 1, 2022, which is comprised of 92 days in the period, respectively. The second quarters for fiscal years 2024 and 2023 ended on September 29, 2023 and September 30, 2022, respectively, which are comprised of 91 days in both periods. The accompanying unaudited condensed consolidated financial statements include the accounts of Flex and its subsidiaries, after elimination of intercompany accounts and transactions. The Company consolidates subsidiaries and investments in entities in which the Company has a controlling interest. A controlling financial interest may exist in variable interest entities (“VIEs”), through governance provisions and arrangements to provide services to VIEs. The Company is required to consolidate a VIE of which it is the primary beneficiary. To determine if the Company is the primary beneficiary, the Company evaluates whether it has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether it continues to be the primary beneficiary. The condensed consolidated financial statements reflect the assets and liabilities of VIEs that are consolidated. For the consolidated subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership of the noncontrolling owners. As of September 29, 2023, we presented noncontrolling interest as permanent equity in the condensed balance sheets, reflecting the equity held by other parties. The amount of consolidated net income attributable to Flex Ltd. and the noncontrolling interest and redeemable noncontrolling interest are 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 geopolitical conflicts (including the Russian invasion of Ukraine and the Israel-Hamas war), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the Russian invasion of Ukraine and the Israel-Hamas war. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the 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 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 adopted the guidance retrospectively during the first quarter of fiscal year 2024, including a rollforward of changes in those obligations, with immaterial impacts on its condensed consolidated financial statements. The Company has four supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the Company. The Company established these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they choose to sell their receivables to the financial institutions in advance of the due date. Our suppliers’ participation in the programs is voluntary, the Company is not involved in negotiations of the suppliers’ arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers’ decisions to sell amounts under these programs. Under these supplier finance programs, the Company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. No guarantees are provided by the Company under the supplier finance programs and the Company incurs no costs related to the programs. We have no economic interest in a supplier’s decision to participate in the supplier finance programs. Obligations under these programs are classified within accounts payable on the condensed consolidated balance sheets, with the associated payments reflected in the operating activities section of the condensed consolidated statement of cash flows. The rollforward of the Company's outstanding obligations confirmed as valid under its supplier finance programs for the six-month period ended September 29, 2023 is as follows. Six-Month Period Ended September 29, 2023 (In millions) Confirmed obligations outstanding at the beginning of the period $ 275 Invoices confirmed during the period 605 Confirmed invoices paid during the period (556) Foreign currency exchange impact — Confirmed obligations outstanding at the end of the period $ 324

BALANCE SHEET ITEMS

BALANCE SHEET ITEMS	6 Months Ended
	Sep. 29, 2023
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 29, 2023 As of March 31, 2023 (In millions) Raw materials $ 5,658 $ 6,140 Work-in-progress 707 709 Finished goods 801 681 $ 7,166 $ 7,530 Goodwill and Other Intangible Assets During the six-month period ended September 29, 2023, there was no material activity in the Company's goodwill account for each of its reportable segments, other than foreign currency translation adjustments of $6 million, which primarily impacted the FRS segment. The components of acquired intangible assets are as follows: As of September 29, 2023 As of March 31, 2023 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets: Customer-related intangibles $ 345 $ (199) $ 146 $ 373 $ (204) $ 169 Licenses and other intangibles 293 (164) 129 299 (152) 147 Total $ 638 $ (363) $ 275 $ 672 $ (356) $ 316 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) 2024 (1) $ 33 2025 62 2026 42 2027 35 2028 27 Thereafter 76 Total amortization expense $ 275 ____________________________________________________________ (1) Represents estimated amortization for the remaining fiscal six-month period ending March 31, 2024. Customer Working Capital Advances Customer working capital advances were $2.0 billion and $2.3 billion, as of September 29, 2023 and March 31, 2023, respectively. The customer working capital advances are not interest-bearing, do not generally have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production or the customer working capital advance agreement is terminated. Other Current Liabilities Other current liabilities include customer-related accruals of $242 million and $313 million as of September 29, 2023 and March 31, 2023, respectively.

REVENUE

REVENUE	6 Months Ended
	Sep. 29, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Contract Balances A contract asset is recognized when the Company has recognized revenue, but not issued an invoice for payment. Contract assets are classified separately on the condensed consolidated balance sheets and transferred to receivables when rights to payment become unconditional and invoiced. A contract liability is recognized when the Company receives payments in advance of the satisfaction of performance. Contract liabilities, identified as deferred revenue, were $904 million and $885 million as of September 29, 2023 and March 31, 2023, respectively, of which $796 million and $795 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 29, 2023 and September 30, 2022, respectively. Three-Month Periods Ended Six-Month Periods Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Timing of Transfer (In millions) FAS Point in time $ 3,280 $ 3,787 $ 6,716 $ 7,566 Over time 338 217 503 429 Total 3,618 4,004 7,219 7,995 FRS Point in time 3,144 3,110 6,276 5,900 Over time 170 189 329 368 Total 3,314 3,299 6,605 6,268 Nextracker Point in time 21 10 27 33 Over time 552 463 1,026 835 Total 573 473 1,053 868 Intersegment eliminations Point in time (34) (10) (70) (18) Over time — — — — Total (34) (10) (70) (18) Flex Point in time 6,411 6,897 12,949 13,481 Over time 1,060 869 1,858 1,632 Total $ 7,471 $ 7,766 $ 14,807 $ 15,113

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Sep. 29, 2023
Share-Based Payment Arrangement, Recognized Amount [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Equity Compensation Plans Flex historically maintains stock-based compensation plans at a corporate level. The Company's primary plan used for granting equity compensation awards is the Company's 2017 Equity Incentive Plan (the "2017 Plan"). During the fiscal year 2023, Nextracker granted equity compensation awards to Nextracker employees under the 2022 Nextracker Inc. Equity Incentive Plan (the "2022 Nextracker Plan"), which is administered by Nextracker, a majority-owned subsidiary of the Company. Share-Based Compensation Expense The following table summarizes the Company’s share-based compensation expense for all equity incentive plans: Three-Month Periods Ended Six-Month Periods Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 (In millions) Cost of sales $ 10 $ 7 $ 19 $ 14 Selling, general and administrative expenses 35 20 67 39 Total share-based compensation expense $ 45 $ 27 $ 86 $ 53 Total number of options outstanding and exercisable were immaterial as of September 29, 2023. All options have been fully expensed as of September 29, 2023. The 2017 Plan During the six-month period ended September 29, 2023, the Company granted 4.9 million restricted share unit ("RSU") awards. Of this amount, approximately 3 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 $26.82 per award. In addition, approximately 0.4 million unvested shares represent the target amount of grants made to certain key employees whereby vesting is contingent on certain performance conditions, and with an average grant date price of $26.72 per award. The number of shares contingent on performance conditions that ultimately will vest will range from zero up to a maximum of approximately 0.8 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 0.4 million unvested shares represent the target amount of grants made to certain key employees whereby vesting is contingent on certain market conditions. The average grant date fair value of these awards contingent on certain market conditions was estimated to be $35.64 per award and was calculated using a Monte Carlo simulation. The number of shares contingent on market conditions that ultimately will vest will range from zero up to a maximum of approximately 0.8 million based on a measurement of the percentile rank of the Company’s total shareholder return over certain specified periods against the Company's peer companies, and will cliff vest after a period of three years, to the extent such market conditions have been met. Finally, the remaining balance of approximately 1.2 million represents the number of shares issued upon vesting of RSU awards above target levels based on the achievement of certain market conditions for awards granted in the fiscal year 2021. These awards were issued and immediately vested in accordance with the terms and conditions of the underlying awards. As of September 29, 2023, approximately 12 million unvested RSU awards under the 2017 plan were outstanding, of which vesting for a targeted amount of 1.2 million shares is contingent on meeting certain market conditions, and vesting for a targeted amount of 1.2 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 2.4 million based on the achievement levels. The number of shares tied to performance conditions that will ultimately be issued can range from zero to 2.4 million based on the achievement levels. During the six-month period ended September 29, 2023, 2.3 million shares vested in connection with the awards with market conditions granted in fiscal year 2021. As of September 29, 2023, total unrecognized compensation expense related to unvested RSU awards under the 2017 Plan, was approximately $203 million, and will be recognized over a weighted-average remaining vesting period of 2.2 years. The 2022 Nextracker Plan During the six-month period ended September 29, 2023, Nextracker awarded 2.0 million equity-based compensation awards to its employees under the 2022 Nextracker Plan, which included approximately 0.5 million option awards, 1.1 million RSU ("NRSU") awards and 0.4 million performance-based restricted share unit ("NPSU") awards. Vesting for the awards granted under the 2022 Nextracker Plan is contingent upon continued employee service and also may be subject to certain performance conditions. As of September 29, 2023, approximately 6.5 million unvested options awards, NRSU awards, and NPSU awards under the 2022 Nextracker Plan were outstanding, of which vesting for a targeted amount of approximately 4.0 million shares is contingent on meeting certain performance conditions. Total unrecognized compensation expense related to unvested awards under the 2022 Nextracker Plan was approximately $101 million, which is expected to be recognized over a weighted-average period of approximately 2.5 years. Approximately $25 million of expense was recognized for equity-based compensation awards granted under the 2022 Nextracker Plan for the six-month period ended September 29, 2023.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Sep. 29, 2023
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 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 (In millions, except per share amounts) Basic earnings per share attributable to the shareholders of Flex Ltd. Net income $ 406 $ 238 $ 617 $ 433 Net income attributable to noncontrolling interest and redeemable noncontrolling interest 178 6 203 12 Net income attributable to Flex Ltd. $ 228 $ 232 $ 414 $ 421 Shares used in computation: Weighted-average ordinary shares outstanding 443 455 445 457 Basic earnings per share $ 0.51 $ 0.51 $ 0.93 $ 0.92 Diluted earnings per share attributable to the shareholders of Flex Ltd. Net income $ 406 $ 238 $ 617 $ 433 Net income attributable to noncontrolling interest and redeemable noncontrolling interest 178 6 203 12 Net income attributable to Flex Ltd. $ 228 $ 232 $ 414 $ 421 Shares used in computation: Weighted-average ordinary shares outstanding 443 455 445 457 Weighted-average ordinary share equivalents from RSU awards (1) 5 5 7 7 Weighted-average ordinary shares and ordinary share equivalents outstanding 448 460 452 464 Diluted earnings per share $ 0.51 $ 0.50 $ 0.92 $ 0.91 ____________________________________________________________ (1) An immaterial amount of RSU awards and 2.1 million RSU awards for the three and six-month periods ended September 29, 2023, respectively, and an immaterial amount of RSU awards and 3.4 million RSU awards for the three and six-month periods ended September 30, 2022, 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. 29, 2023
Debt Disclosure [Abstract]
BANK BORROWINGS AND LONG-TERM DEBT	BANK BORROWINGS AND LONG-TERM DEBT Bank borrowings and long-term debt as of September 29, 2023 and March 31, 2023 are as follows: Maturity Date As of September 29, 2023 As of March 31, 2023 (In millions) 4.750% Notes (1) June 2025 $ 591 $ 599 3.750% Notes (1) February 2026 684 686 6.000% Notes (1) January 2028 397 396 4.875% Notes (1) June 2029 657 658 4.875% Notes (1) May 2030 683 685 JPY Term Loan (2) April 2024 — 253 Delayed Draw Term Loan (3) November 2023 — 150 Nextracker Term Loan February 2028 150 150 3.600% HUF Bonds December 2031 268 284 Other 1 1 Debt issuance costs (19) (21) 3,412 3,841 Current portion, net of debt issuance costs — (150) Non-current portion $ 3,412 $ 3,691 (1) The notes are carried at the principal amount of each note, less any unamortized discount or premium and unamortized debt issuance costs. These notes represent the Company’s senior unsecured obligations and hold equal ranking with all other existing and future senior unsecured debt obligations. (2) During the first quarter of fiscal year 2024, the Company repaid the JPY Term Loan for approximately $241 million. In addition, the Company also settled the associated USD JPY cross currency swap for approximately $60 million. (3) During the second quarter of fiscal year 2024, the Company repaid the Delayed Draw Term Loan for approximately $150 million. The weighted-average interest rate for the Company's long-term debt was 4.6% and 4.7% as of September 29, 2023 and March 31, 2023, respectively. Scheduled repayments of the Company's bank borrowings and long-term debt as of September 29, 2023 are as follows: Fiscal Year Ending March 31, Amount (In millions) 2024 (1) $ — 2025 — 2026 1,276 2027 — 2028 547 Thereafter 1,608 Total $ 3,431 (1) Represents estimated repayments for the remaining fiscal six-month period ending March 31, 2024.

INTEREST, NET

INTEREST, NET	6 Months Ended
	Sep. 29, 2023
Other Income and Expenses [Abstract]
INTEREST, NET	INTEREST, NET Interest, net for the three and six-month periods ended September 29, 2023 and September 30, 2022 are primarily composed of the following: Three-Month Periods Ended Six-Month Periods Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 (In millions) Interest expenses on debt obligations $ 42 $ 44 $ 89 $ 87 Interest income (18) (5) (36) (9) AR sale program related expenses 11 8 23 13

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Sep. 29, 2023
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 29, 2023, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $11.3 billion as summarized below: Notional Contract Value in USD Currency Buy Sell Cash Flow Hedges HUF $ 439 $ — MXN 534 — Other 577 29 1,550 29 Other Foreign Currency Contracts CNY 844 360 EUR 2,237 2,475 GBP 232 346 MXN 643 508 MYR 524 355 Other 586 630 5,066 4,674 Total Notional Contract Value in USD $ 6,616 $ 4,703 As of September 29, 2023, the fair value of the Company’s short-term foreign currency contracts was included in other current assets or other current liabilities, as applicable, in the condensed consolidated balance sheets. Certain of these contracts are designed to economically hedge the Company’s exposure to monetary assets and liabilities denominated in a non-functional currency and are not accounted for as hedges under the accounting standards. Accordingly, changes in the fair value of these instruments are recognized in earnings during the period of change as a component of other charges (income), net in the condensed consolidated statements of operations. As of September 29, 2023 and March 31, 2023, 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 $7 million as of September 29, 2023, and is expected to be recognized primarily as a component of cost of sales in the condensed consolidated statements of operations over the next twelve-month period, except for the USD HUF cross currency swaps. The Company entered into USD HUF cross currency swaps in December 2021 to hedge the foreign currency risk on the HUF bonds due December 2031, and the fair value of the cross currency swaps was included in current and long-term other liabilities as of September 29, 2023 and March 31, 2023. The changes in fair value of the USD HUF cross currency swaps are reported in accumulated other comprehensive loss. In addition, corresponding amounts are reclassified out of accumulated other comprehensive loss to other charges (income), net to offset the remeasurement of the underlying HUF bond principal, which also impacts the same line. The following table presents the fair value of the Company’s derivative instruments utilized for foreign currency risk management purposes: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet September 29, March 31, Balance Sheet September 29, March 31, (In millions) Derivatives designated as hedging instruments Foreign currency contracts Other current assets $ 20 $ 46 Other current liabilities $ 33 $ 22 Foreign currency contracts Other assets $ — $ — Other liabilities $ 31 $ 88 Derivatives not designated as hedging instruments Foreign currency contracts Other current assets $ 46 $ 26 Other current liabilities $ 59 $ 19

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	Sep. 29, 2023
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 29, 2023 September 30, 2022 Unrealized gain Foreign currency Total Unrealized gain Foreign currency Total (In millions) Beginning balance $ 20 $ (189) $ (169) $ (67) $ (187) $ (254) Other comprehensive loss before reclassifications (38) (38) (76) (70) (92) (162) Net loss reclassified from accumulated other comprehensive loss 5 — 5 64 — 64 Net current-period other comprehensive loss (33) (38) (71) (6) (92) (98) Ending balance $ (13) $ (227) $ (240) $ (73) $ (279) $ (352) Six-Month Periods Ended September 29, 2023 September 30, 2022 Unrealized gain Foreign currency Total Unrealized gain Foreign currency Total (In millions) Beginning balance $ (14) $ (180) $ (194) $ (66) $ (116) $ (182) Other comprehensive gain (loss) before reclassifications 63 (47) 16 (149) (163) (312) Net (gains) loss reclassified from accumulated other comprehensive loss (62) — (62) 142 — 142 Net current-period other comprehensive gains (loss) 1 (47) (46) (7) (163) (170) Ending balance $ (13) $ (227) $ (240) $ (73) $ (279) $ (352)

TRADE RECEIVABLES SECURITIZATIO

TRADE RECEIVABLES SECURITIZATION	6 Months Ended
	Sep. 29, 2023
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 historically has engaged in asset-backed securitization programs (the “ABS Programs”), selling trade receivables to affiliated special purpose entities and then to unaffiliated financial institutions. Upon the sale of the receivables from the special purpose entities to the unaffiliated financial institutions, the receivables are derecognized from our consolidated balance sheet as effective control of the transferred receivables is passed to the unaffiliated financial institutions, which have the right to pledge or sell the receivables. Accounts receivable sold under the ABS Programs are included as cash provided by operating activities in the consolidated statement of cash flow. During the six-month periods ended September 29, 2023 and September 30, 2022, 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. 29, 2023
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 29, 2023 and March 31, 2023. Level 2 - Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets) such as cash and cash equivalents and money market funds; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. The Company values foreign exchange forward contracts using level 2 observable inputs which primarily consist of an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. The Company’s cash equivalents include bank time deposits and money market funds, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value. The Company has deferred compensation plans for its officers and certain other employees. Amounts deferred under the plans are invested in hypothetical investments selected by the participant or the participant's investment manager. The Company's deferred compensation plan assets are included in other assets on the consolidated balance sheets and include money market funds, mutual funds, corporate and government bonds and certain convertible securities that are valued using prices obtained from various pricing sources. These sources price these investments using certain market indices and the performance of these investments in relation to these indices. As a result, the Company has classified these investments as level 2 in the fair value hierarchy. Level 3 - Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. There were no transfers between levels in the fair value hierarchy during the six-month periods ended September 29, 2023 and September 30, 2022. 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 29, 2023 and March 31, 2023: Fair Value Measurements as of September 29, 2023 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) $ — $ 1,425 $ — $ 1,425 Foreign currency contracts (Note 8) — 66 — 66 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 40 — 40 Liabilities: Foreign currency contracts (Note 8) $ — $ (123) $ — $ (123) Fair Value Measurements as of March 31, 2023 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) $ — $ 2,324 $ — $ 2,324 Foreign currency contracts (Note 8) — 72 — 72 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 37 — 37 Liabilities: 0 Foreign currency contracts (Note 8) $ — $ (129) $ — $ (129) Other financial instruments The following table presents the Company’s major debts not carried at fair value: As of September 29, 2023 As of March 31, 2023 Carrying Fair Carrying Fair Fair Value (In millions) JPY Term Loan due April 2024 $ — $ — $ 253 $ 253 Level 2 4.750% Notes due June 2025 591 577 599 590 Level 1 3.750% Notes due February 2026 684 648 686 657 Level 1 6.000% Notes due January 2028 397 394 396 399 Level 1 4.875% Notes due June 2029 657 613 658 631 Level 1 4.875% Notes due May 2030 683 637 685 661 Level 1 Delayed Draw Term Loan due November 2023 — — 150 150 Level 2 Nextracker Term Loan due February 2028 150 148 150 150 Level 2 3.600% HUF Bonds due December 2031 268 196 284 196 Level 2 The Notes due June 2025, February 2026, January 2028, June 2029, and May 2030 are valued based on broker trading prices in active markets. HUF Bonds and Nextracker Term Loan due February 2028 are valued based on the broker trading prices in an inactive market.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 29, 2023
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. 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 inclusive of interest and penalties of 419 million Brazilian reals (approximately USD $83 million based on the exchange rate as of September 29, 2023). The Company successfully defeated one of the six assessments in September 2019 (totaling approximately 61 million Brazilian reals or USD $12 million). The Company successfully defeated another three of the assessments in September 2022 (totaling the updated amount inclusive of interest and penalties of approximately 261 million Brazilian reals or USD $52 million), each of which remains subject to appeal. The Company was unsuccessful at the administrative level for one of the assessments and filed an annulment action in federal court in Brasilia, Brazil on March 23, 2020; the updated value of that assessment inclusive of interest and penalties is 41 million Brazilian reals (approximately USD $8 million). One of the assessments remains in the review process at the administrative level. The Company believes that it has meritorious defenses to each of these assessments and will continue to vigorously oppose all of them, as well as any future assessments. The Company does not expect final judicial determination on any of these claims in the near future. On February 14, 2019, the Company submitted an initial notification of voluntary disclosure to the U.S. Department of the Treasury, Office of Foreign Assets Control ("OFAC") regarding possible noncompliance with U.S. economic sanctions requirements among certain non-U.S. Flex-affiliated operations. On September 28, 2020, the Company made a submission to OFAC that completed the Company’s voluntary disclosure based on the results of an internal investigation regarding the matter. On June 11, 2021, the Company notified OFAC that it had identified possible additional relevant transactions at one non-U.S. Flex-affiliated operation. The Company submitted an update to OFAC on November 16, 2021 reporting on the results of its review of those transactions. The Company intends to continue to cooperate fully with OFAC in this matter going forward. Nonetheless, it is reasonably possible that the Company could be subject to penalties that could have a material adverse effect on the Company’s financial position, results of operations or cash flows. A foreign Tax Authority (“Tax Authority”) has assessed a cumulative total of approximately $221 million in taxes owed for multiple Flex legal entities within its jurisdiction for various fiscal years ranging from fiscal year 2010 through fiscal year 2020. The assessed amounts related to the denial of certain deductible intercompany payments and taxability of income earned outside such jurisdiction. 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. 29, 2023
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
SHARE REPURCHASES	SHARE REPURCHASES During the three and six-month periods ended September 29, 2023, the Company repurchased 11.5 million and 20.1 million shares at an aggregate purchase price of $309 million and $506 million, respectively, and retired all of these shares. During the three-month period ended September 29, 2023, the Company also retired an additional 50.2 million shares of treasury stock which were repurchased in the prior periods, at an aggregate purchase price of $388 million. Under the Company’s current share repurchase program, the Board of Directors authorized repurchases of its outstanding ordinary shares for up to $2.0 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 2, 2023. As of September 29, 2023, shares in the aggregate amount of $1.8 billion were available to be repurchased under the current plan.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Sep. 29, 2023
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, legal and other, and interest, net and other charges (income), net. A portion of depreciation is allocated to the respective segments, together with other general corporate research and development and administrative expenses. Selected financial information by segment is in the table below. Three-Month Periods Ended Six-Month Periods Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 (In millions) Net sales: Flex Agility Solutions $ 3,618 $ 4,004 $ 7,219 $ 7,995 Flex Reliability Solutions 3,314 3,299 6,605 6,268 Nextracker 573 473 1,053 868 Intersegment eliminations (34) (10) (70) (18) $ 7,471 $ 7,766 $ 14,807 $ 15,113 Segment income and reconciliation of income before income taxes: Flex Agility Solutions $ 168 $ 170 $ 314 $ 342 Flex Reliability Solutions 171 175 336 322 Nextracker 112 43 194 73 Corporate and Other (12) (13) (28) (31) Total segment income 439 375 816 706 Reconciling items: Intangible amortization 17 21 37 43 Stock-based compensation 45 27 86 53 Restructuring charges 1 — 24 — Legal and other (1) — 2 2 13 Interest, net 35 47 76 96 Other charges (income), net 16 6 27 (3) Income before income taxes $ 325 $ 272 $ 564 $ 504 (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 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.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	6 Months Ended
	Sep. 29, 2023
Restructuring Charges [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGESDuring the three and six-month periods ended September 29, 2023, the Company recognized approximately $3 million and $26 million of restructuring charges, most of which related to employee severance. The following table summarizes the provisions, respective payments, and remaining accrued balance as of September 29, 2023 for charges incurred during the six-month period ended September 29, 2023: Severance Long-Lived Other Total (In millions) Balance as of March 31, 2023 $ 44 $ — $ 6 $ 50 Provision for charges incurred during the six-month period ended September 29, 2023 22 3 1 26 Cash payments during the six-month period ended September 29, 2023 (41) — — (41) Non-cash reductions during the six-month period ended September 29, 2023 — (3) (1) (4) Balance as of September 29, 2023 25 — 6 31 Less: Current portion (classified as other current liabilities) 25 — 6 31 Accrued restructuring costs, net of current portion (classified as other liabilities) $ — $ — $ — $ —

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES The Company controls Nextracker Inc. ("Nextracker") through its holding of Class B common stock that does not participate in the earnings of Nextracker. As such, the shareholders of the equity at risk in Nextracker (the Class A common stock shareholders) do not have the power to direct the key activities of Nextracker and consequently Nextracker is a variable interest entity ("VIE"). The Company has the ability to control Nextracker's activities through its control of 51.5% and 61.4% of the voting rights of Nextracker as of September 29, 2023 and March 31, 2023, respectively. The Company also has the ability to receive significant benefits from the VIE (through its ability to convert its investments in Nextracker and Nextracker LLC into Class A common stock of Nextracker or cash) and as such the Company has been determined to be the primary beneficiary of the VIE. As such, the Company continues to consolidate Nextracker and the interests in Nextracker held by third parties are presented as a noncontrolling interest. Evaluation of the VIE model and identification of the primary beneficiary requires significant judgements to be made regarding which entities can control the activities of a VIE, who can receive benefits or absorb losses from the VIE and the significance of those benefits and losses to the VIE. On July 3, 2023, the Company's subsidiary Nextracker completed a follow-on offering to its initial public offering ("IPO"), which was completed on February 13, 2023, and issued 15,631,562 shares of Class A common stock and received net proceeds of $551 million. The entire net proceeds were used by Nextracker to acquire 14,025,000 Nextracker LLC common units from Yuma, Inc., the Company’s indirect wholly-owned subsidiary, and 1,606,562 Nextracker LLC common units from TPG Rise Flash, L.P., an affiliate of the global alternative asset management firm TPG. As a result of the repurchase of Nextracker LLC common units by Nextracker, 15,631,562 shares of Nextracker Class B common stock were cancelled. The Company received approximately $495 million from the follow-on offering, after distribution of net proceeds to TPG and expenses. As of September 29, 2023 and March 31, 2023, noncontrolling interest was $450 million and $355 million, respectively. Net income attributable to noncontrolling interest was $178 million and $203 million for the three and six-months periods ended September 29, 2023, respectively. Net income attributable to noncontrolling interest was zero for both the three and six-months periods ended September 30, 2022. As a result of Nextracker's February 13, 2023 IPO, the noncontrolling interest previously determined to be redeemable prior to the IPO did not exist as of September 29, 2023. Net income attributable to redeemable noncontrolling interest was zero for both the three and six-months periods ended September 29, 2023. Net income attributable to redeemable noncontrolling interest was $6 million and $12 million for the three and six months ended September 30, 2022, respectively. The carrying amounts and classification of the VIE's external assets and liabilities as of September 29, 2023 and March 31, 2023 are included in the condensed consolidated balance sheets as follows: September 29, 2023 March 31, 2023 (In millions) Assets Current assets: Cash $ 373 $ 130 Accounts receivable, net 340 271 Contract assets 312 298 Inventories 196 138 Other current assets 118 35 Total current assets 1,339 872 Property and equipment, net 7 7 Goodwill 265 265 Other intangible assets, net 1 1 Other assets 422 275 Total assets $ 2,034 $ 1,420 Liabilities Current liabilities: Accounts payable $ 403 $ 211 Accrued expenses 67 60 Deferred revenue 236 176 Other current liabilities 66 49 Total current liabilities 772 496 Long-term debt 146 147 Other liabilities 440 280 Total liabilities $ 1,358 $ 923

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 29, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On October 25, 2023, Flex announced its plan to effect a spin-off of all of its remaining interests in Nextracker to Flex shareholders on a pro rata basis pursuant to the Agreement and Plan of Merger, dated as of February 7, 2023 (the “Merger Agreement”). The spin-off is subject to a number of conditions as set forth in the Merger Agreement, including the approval of Flex shareholders in accordance with Singapore law, and there is no assurance that any such conditions will be satisfied or waived. The spin-off is currently expected to be completed in Flex’s fourth quarter ending March 31, 2024. On October 25, 2023, the Company’s management committed to targeted restructuring activities to improve operational efficiencies by reducing excess workforce capacity. While a detailed action plan has not been finalized, the Company currently estimates charges of approximately $100 million will be recognized in the third quarter of the fiscal year ending March 31, 2024. The charges are expected to primarily relate to employee termination benefits and are expected to be settled in cash in the fiscal year ending March 31, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 228	$ 232	$ 414	$ 421

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 29, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION OF THE COMPANY A_2

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2023 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 29, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2024.
Reclassification	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.
Fiscal Period	The first quarters for fiscal years 2024 and 2023 ended on June 30, 2023, which is comprised of 91 days in the period, and July 1, 2022, which is comprised of 92 days in the period, respectively. The second quarters for fiscal years 2024 and 2023 ended on September 29, 2023 and September 30, 2022, respectively, which are comprised of 91 days in both periods.
Basis of Presentation and Principles of Consolidation	The accompanying unaudited condensed consolidated financial statements include the accounts of Flex and its subsidiaries, after elimination of intercompany accounts and transactions. The Company consolidates subsidiaries and investments in entities in which the Company has a controlling interest. A controlling financial interest may exist in variable interest entities (“VIEs”), through governance provisions and arrangements to provide services to VIEs. The Company is required to consolidate a VIE of which it is the primary beneficiary. To determine if the Company is the primary beneficiary, the Company evaluates whether it has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether it continues to be the primary beneficiary. The condensed consolidated financial statements reflect the assets and liabilities of VIEs that are consolidated. For the consolidated subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership of the noncontrolling owners. As of September 29, 2023, we presented noncontrolling interest as permanent equity in the condensed balance sheets, reflecting the equity held by other parties. The amount of consolidated net income attributable to Flex Ltd. and the noncontrolling interest and redeemable noncontrolling interest are 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 geopolitical conflicts (including the Russian invasion of Ukraine and the Israel-Hamas war), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the Russian invasion of Ukraine and the Israel-Hamas war. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the 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	Recently Adopted 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 adopted the guidance retrospectively during the first quarter of fiscal year 2024, including a rollforward of changes in those obligations, with immaterial impacts on its condensed consolidated financial statements. The Company has four supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the Company. The Company established these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they choose to sell their receivables to the financial institutions in advance of the due date. Our suppliers’ participation in the programs is voluntary, the Company is not involved in negotiations of the suppliers’ arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers’ decisions to sell amounts under these programs. Under these supplier finance programs, the Company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. No guarantees are provided by the Company under the supplier finance programs and the Company incurs no costs related to the programs. We have no economic interest in a supplier’s decision to participate in the supplier finance programs. Obligations under these programs are classified within accounts payable on the condensed consolidated balance sheets, with the associated payments reflected in the operating activities section of the condensed consolidated statement of cash flows. The rollforward of the Company's outstanding obligations confirmed as valid under its supplier finance programs for the six-month period ended September 29, 2023 is as follows. Six-Month Period Ended September 29, 2023 (In millions) Confirmed obligations outstanding at the beginning of the period $ 275 Invoices confirmed during the period 605 Confirmed invoices paid during the period (556) Foreign currency exchange impact — Confirmed obligations outstanding at the end of the period $ 324
Fair Value Measurement	Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. There were no balances classified as level 1 in the fair value hierarchy as of September 29, 2023 and March 31, 2023. Level 2 - Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets) such as cash and cash equivalents and money market funds; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. The Company values foreign exchange forward contracts using level 2 observable inputs which primarily consist of an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. The Company’s cash equivalents include bank time deposits and money market funds, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value. The Company has deferred compensation plans for its officers and certain other employees. Amounts deferred under the plans are invested in hypothetical investments selected by the participant or the participant's investment manager. The Company's deferred compensation plan assets are included in other 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.

ORGANIZATION OF THE COMPANY A_3

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Tables)	6 Months Ended
	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of supplier finance program	The rollforward of the Company's outstanding obligations confirmed as valid under its supplier finance programs for the six-month period ended September 29, 2023 is as follows. Six-Month Period Ended September 29, 2023 (In millions) Confirmed obligations outstanding at the beginning of the period $ 275 Invoices confirmed during the period 605 Confirmed invoices paid during the period (556) Foreign currency exchange impact — Confirmed obligations outstanding at the end of the period $ 324

BALANCE SHEET ITEMS (Tables)

BALANCE SHEET ITEMS (Tables)	6 Months Ended
	Sep. 29, 2023
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 29, 2023 As of March 31, 2023 (In millions) Raw materials $ 5,658 $ 6,140 Work-in-progress 707 709 Finished goods 801 681 $ 7,166 $ 7,530
Schedule of components of acquired intangible assets	The components of acquired intangible assets are as follows: As of September 29, 2023 As of March 31, 2023 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets: Customer-related intangibles $ 345 $ (199) $ 146 $ 373 $ (204) $ 169 Licenses and other intangibles 293 (164) 129 299 (152) 147 Total $ 638 $ (363) $ 275 $ 672 $ (356) $ 316
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) 2024 (1) $ 33 2025 62 2026 42 2027 35 2028 27 Thereafter 76 Total amortization expense $ 275 ____________________________________________________________ (1) Represents estimated amortization for the remaining fiscal six-month period ending March 31, 2024.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Sep. 29, 2023
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 29, 2023 and September 30, 2022, respectively. Three-Month Periods Ended Six-Month Periods Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 Timing of Transfer (In millions) FAS Point in time $ 3,280 $ 3,787 $ 6,716 $ 7,566 Over time 338 217 503 429 Total 3,618 4,004 7,219 7,995 FRS Point in time 3,144 3,110 6,276 5,900 Over time 170 189 329 368 Total 3,314 3,299 6,605 6,268 Nextracker Point in time 21 10 27 33 Over time 552 463 1,026 835 Total 573 473 1,053 868 Intersegment eliminations Point in time (34) (10) (70) (18) Over time — — — — Total (34) (10) (70) (18) Flex Point in time 6,411 6,897 12,949 13,481 Over time 1,060 869 1,858 1,632 Total $ 7,471 $ 7,766 $ 14,807 $ 15,113

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Sep. 29, 2023
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Schedule of share-based compensation expense	The following table summarizes the Company’s share-based compensation expense for all equity incentive plans: Three-Month Periods Ended Six-Month Periods Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 (In millions) Cost of sales $ 10 $ 7 $ 19 $ 14 Selling, general and administrative expenses 35 20 67 39 Total share-based compensation expense $ 45 $ 27 $ 86 $ 53

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Sep. 29, 2023
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 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 (In millions, except per share amounts) Basic earnings per share attributable to the shareholders of Flex Ltd. Net income $ 406 $ 238 $ 617 $ 433 Net income attributable to noncontrolling interest and redeemable noncontrolling interest 178 6 203 12 Net income attributable to Flex Ltd. $ 228 $ 232 $ 414 $ 421 Shares used in computation: Weighted-average ordinary shares outstanding 443 455 445 457 Basic earnings per share $ 0.51 $ 0.51 $ 0.93 $ 0.92 Diluted earnings per share attributable to the shareholders of Flex Ltd. Net income $ 406 $ 238 $ 617 $ 433 Net income attributable to noncontrolling interest and redeemable noncontrolling interest 178 6 203 12 Net income attributable to Flex Ltd. $ 228 $ 232 $ 414 $ 421 Shares used in computation: Weighted-average ordinary shares outstanding 443 455 445 457 Weighted-average ordinary share equivalents from RSU awards (1) 5 5 7 7 Weighted-average ordinary shares and ordinary share equivalents outstanding 448 460 452 464 Diluted earnings per share $ 0.51 $ 0.50 $ 0.92 $ 0.91 ____________________________________________________________ (1) An immaterial amount of RSU awards and 2.1 million RSU awards for the three and six-month periods ended September 29, 2023, respectively, and an immaterial amount of RSU awards and 3.4 million RSU awards for the three and six-month periods ended September 30, 2022, 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. 29, 2023
Debt Disclosure [Abstract]
Schedule of bank borrowings and long-term debt	Bank borrowings and long-term debt as of September 29, 2023 and March 31, 2023 are as follows: Maturity Date As of September 29, 2023 As of March 31, 2023 (In millions) 4.750% Notes (1) June 2025 $ 591 $ 599 3.750% Notes (1) February 2026 684 686 6.000% Notes (1) January 2028 397 396 4.875% Notes (1) June 2029 657 658 4.875% Notes (1) May 2030 683 685 JPY Term Loan (2) April 2024 — 253 Delayed Draw Term Loan (3) November 2023 — 150 Nextracker Term Loan February 2028 150 150 3.600% HUF Bonds December 2031 268 284 Other 1 1 Debt issuance costs (19) (21) 3,412 3,841 Current portion, net of debt issuance costs — (150) Non-current portion $ 3,412 $ 3,691 (1) The notes are carried at the principal amount of each note, less any unamortized discount or premium and unamortized debt issuance costs. These notes represent the Company’s senior unsecured obligations and hold equal ranking with all other existing and future senior unsecured debt obligations. (2) During the first quarter of fiscal year 2024, the Company repaid the JPY Term Loan for approximately $241 million. In addition, the Company also settled the associated USD JPY cross currency swap for approximately $60 million.
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 29, 2023 are as follows: Fiscal Year Ending March 31, Amount (In millions) 2024 (1) $ — 2025 — 2026 1,276 2027 — 2028 547 Thereafter 1,608 Total $ 3,431 (1) Represents estimated repayments for the remaining fiscal six-month period ending March 31, 2024.

INTEREST, NET (Tables)

INTEREST, NET (Tables)	6 Months Ended
	Sep. 29, 2023
Other Income and Expenses [Abstract]
Summary of interest, net	Interest, net for the three and six-month periods ended September 29, 2023 and September 30, 2022 are primarily composed of the following: Three-Month Periods Ended Six-Month Periods Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 (In millions) Interest expenses on debt obligations $ 42 $ 44 $ 89 $ 87 Interest income (18) (5) (36) (9) AR sale program related expenses 11 8 23 13

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Sep. 29, 2023
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 29, 2023, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $11.3 billion as summarized below: Notional Contract Value in USD Currency Buy Sell Cash Flow Hedges HUF $ 439 $ — MXN 534 — Other 577 29 1,550 29 Other Foreign Currency Contracts CNY 844 360 EUR 2,237 2,475 GBP 232 346 MXN 643 508 MYR 524 355 Other 586 630 5,066 4,674 Total Notional Contract Value in USD $ 6,616 $ 4,703
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 29, March 31, Balance Sheet September 29, March 31, (In millions) Derivatives designated as hedging instruments Foreign currency contracts Other current assets $ 20 $ 46 Other current liabilities $ 33 $ 22 Foreign currency contracts Other assets $ — $ — Other liabilities $ 31 $ 88 Derivatives not designated as hedging instruments Foreign currency contracts Other current assets $ 46 $ 26 Other current liabilities $ 59 $ 19

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	Sep. 29, 2023
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 29, 2023 September 30, 2022 Unrealized gain Foreign currency Total Unrealized gain Foreign currency Total (In millions) Beginning balance $ 20 $ (189) $ (169) $ (67) $ (187) $ (254) Other comprehensive loss before reclassifications (38) (38) (76) (70) (92) (162) Net loss reclassified from accumulated other comprehensive loss 5 — 5 64 — 64 Net current-period other comprehensive loss (33) (38) (71) (6) (92) (98) Ending balance $ (13) $ (227) $ (240) $ (73) $ (279) $ (352) Six-Month Periods Ended September 29, 2023 September 30, 2022 Unrealized gain Foreign currency Total Unrealized gain Foreign currency Total (In millions) Beginning balance $ (14) $ (180) $ (194) $ (66) $ (116) $ (182) Other comprehensive gain (loss) before reclassifications 63 (47) 16 (149) (163) (312) Net (gains) loss reclassified from accumulated other comprehensive loss (62) — (62) 142 — 142 Net current-period other comprehensive gains (loss) 1 (47) (46) (7) (163) (170) Ending balance $ (13) $ (227) $ (240) $ (73) $ (279) $ (352)

FAIR VALUE MEASUREMENT OF ASS_2

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Sep. 29, 2023
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 29, 2023 and March 31, 2023: Fair Value Measurements as of September 29, 2023 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) $ — $ 1,425 $ — $ 1,425 Foreign currency contracts (Note 8) — 66 — 66 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 40 — 40 Liabilities: Foreign currency contracts (Note 8) $ — $ (123) $ — $ (123) Fair Value Measurements as of March 31, 2023 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) $ — $ 2,324 $ — $ 2,324 Foreign currency contracts (Note 8) — 72 — 72 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 37 — 37 Liabilities: 0 Foreign currency contracts (Note 8) $ — $ (129) $ — $ (129)
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 29, 2023 As of March 31, 2023 Carrying Fair Carrying Fair Fair Value (In millions) JPY Term Loan due April 2024 $ — $ — $ 253 $ 253 Level 2 4.750% Notes due June 2025 591 577 599 590 Level 1 3.750% Notes due February 2026 684 648 686 657 Level 1 6.000% Notes due January 2028 397 394 396 399 Level 1 4.875% Notes due June 2029 657 613 658 631 Level 1 4.875% Notes due May 2030 683 637 685 661 Level 1 Delayed Draw Term Loan due November 2023 — — 150 150 Level 2 Nextracker Term Loan due February 2028 150 148 150 150 Level 2 3.600% HUF Bonds due December 2031 268 196 284 196 Level 2

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Sep. 29, 2023
Segment Reporting [Abstract]
Schedule of segment reporting information by operating segment	Selected financial information by segment is in the table below. Three-Month Periods Ended Six-Month Periods Ended September 29, 2023 September 30, 2022 September 29, 2023 September 30, 2022 (In millions) Net sales: Flex Agility Solutions $ 3,618 $ 4,004 $ 7,219 $ 7,995 Flex Reliability Solutions 3,314 3,299 6,605 6,268 Nextracker 573 473 1,053 868 Intersegment eliminations (34) (10) (70) (18) $ 7,471 $ 7,766 $ 14,807 $ 15,113 Segment income and reconciliation of income before income taxes: Flex Agility Solutions $ 168 $ 170 $ 314 $ 342 Flex Reliability Solutions 171 175 336 322 Nextracker 112 43 194 73 Corporate and Other (12) (13) (28) (31) Total segment income 439 375 816 706 Reconciling items: Intangible amortization 17 21 37 43 Stock-based compensation 45 27 86 53 Restructuring charges 1 — 24 — Legal and other (1) — 2 2 13 Interest, net 35 47 76 96 Other charges (income), net 16 6 27 (3) Income before income taxes $ 325 $ 272 $ 564 $ 504 (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 recoveries. During the first half of fiscal year 2023, the Company accrued for certain loss contingencies where losses are considered probable and estimable.

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	6 Months Ended
	Sep. 29, 2023
Restructuring Charges [Abstract]
Schedule of components of the restructuring charges by geographic region	The following table summarizes the provisions, respective payments, and remaining accrued balance as of September 29, 2023 for charges incurred during the six-month period ended September 29, 2023: Severance Long-Lived Other Total (In millions) Balance as of March 31, 2023 $ 44 $ — $ 6 $ 50 Provision for charges incurred during the six-month period ended September 29, 2023 22 3 1 26 Cash payments during the six-month period ended September 29, 2023 (41) — — (41) Non-cash reductions during the six-month period ended September 29, 2023 — (3) (1) (4) Balance as of September 29, 2023 25 — 6 31 Less: Current portion (classified as other current liabilities) 25 — 6 31 Accrued restructuring costs, net of current portion (classified as other liabilities) $ — $ — $ — $ —

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying amounts and classification of the VIE's external assets and liabilities as of September 29, 2023 and March 31, 2023 are included in the condensed consolidated balance sheets as follows: September 29, 2023 March 31, 2023 (In millions) Assets Current assets: Cash $ 373 $ 130 Accounts receivable, net 340 271 Contract assets 312 298 Inventories 196 138 Other current assets 118 35 Total current assets 1,339 872 Property and equipment, net 7 7 Goodwill 265 265 Other intangible assets, net 1 1 Other assets 422 275 Total assets $ 2,034 $ 1,420 Liabilities Current liabilities: Accounts payable $ 403 $ 211 Accrued expenses 67 60 Deferred revenue 236 176 Other current liabilities 66 49 Total current liabilities 772 496 Long-term debt 146 147 Other liabilities 440 280 Total liabilities $ 1,358 $ 923

ORGANIZATION OF THE COMPANY A_4

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION - Additional Information (Details)	6 Months Ended
	Sep. 29, 2023 segment program country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity operates | country	30
Number of operating segments	3
Number of reporting segments	3
Number of supplier finance program | program	4

ORGANIZATION OF THE COMPANY A_5

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION - Supplier Finance Program (Details) $ in Millions	6 Months Ended
	Sep. 29, 2023 USD ($)
Supplier Finance Program, Obligation [Roll Forward]
Confirmed obligations outstanding at the beginning of the period	$ 275
Invoices confirmed during the period	605
Confirmed invoices paid during the period	(556)
Foreign currency exchange impact	0
Confirmed obligations outstanding at the end of the period	$ 324

BALANCE SHEET ITEMS - Inventori

BALANCE SHEET ITEMS - Inventories (Details) - USD ($) $ in Millions	Sep. 29, 2023	Mar. 31, 2023
Inventories
Raw materials	$ 5,658	$ 6,140
Work-in-progress	707	709
Finished goods	801	681
Inventories	$ 7,166	$ 7,530

BALANCE SHEET ITEMS - Additiona

BALANCE SHEET ITEMS - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Sep. 29, 2023	Mar. 31, 2023
Goodwill [Line Items]
Customer working capital advances	$ 2,000	$ 2,300
Other accrued liabilities current	242	$ 313
FRS
Goodwill [Line Items]
Foreign currency translation adjustments	$ 6

BALANCE SHEET ITEMS - Component

BALANCE SHEET ITEMS - Components of Acquired Intangible Assets (Details) - USD ($) $ in Millions	Sep. 29, 2023	Mar. 31, 2023
Goodwill [Line Items]
Gross Carrying Amount	$ 638	$ 672
Accumulated Amortization	(363)	(356)
Total amortization expense	275	316
Customer-related intangibles
Goodwill [Line Items]
Gross Carrying Amount	345	373
Accumulated Amortization	(199)	(204)
Total amortization expense	146	169
Licenses and other intangibles
Goodwill [Line Items]
Gross Carrying Amount	293	299
Accumulated Amortization	(164)	(152)
Total amortization expense	$ 129	$ 147

BALANCE SHEET ITEMS - Future Am

BALANCE SHEET ITEMS - Future Amortization (Details) - USD ($) $ in Millions	Sep. 29, 2023	Mar. 31, 2023
Amount
2024	$ 33
2025	62
2026	42
2027	35
2028	27
Thereafter	76
Total amortization expense	$ 275	$ 316

REVENUE - Additional Informatio

REVENUE - Additional Information (Details) - USD ($) $ in Millions	Sep. 29, 2023	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 904	$ 885
Deferred Revenue and Customer Working Capital Advances Under Current Liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 796	$ 795

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 7,471	$ 7,766	$ 14,807	$ 15,113
Point in time
Disaggregation of Revenue [Line Items]
Net sales	6,411	6,897	12,949	13,481
Over time
Disaggregation of Revenue [Line Items]
Net sales	1,060	869	1,858	1,632
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	7,471	7,766	14,807	15,113
Intersegment eliminations
Disaggregation of Revenue [Line Items]
Net sales	(34)	(10)	(70)	(18)
Intersegment eliminations | Point in time
Disaggregation of Revenue [Line Items]
Net sales	(34)	(10)	(70)	(18)
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	3,618	4,004	7,219	7,995
FAS | Operating Segments | Point in time
Disaggregation of Revenue [Line Items]
Net sales	3,280	3,787	6,716	7,566
FAS | Operating Segments | Over time
Disaggregation of Revenue [Line Items]
Net sales	338	217	503	429
FRS | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	3,314	3,299	6,605	6,268
FRS | Operating Segments | Point in time
Disaggregation of Revenue [Line Items]
Net sales	3,144	3,110	6,276	5,900
FRS | Operating Segments | Over time
Disaggregation of Revenue [Line Items]
Net sales	170	189	329	368
Nextracker | Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	573	473	1,053	868
Nextracker | Operating Segments | Point in time
Disaggregation of Revenue [Line Items]
Net sales	21	10	27	33
Nextracker | Operating Segments | Over time
Disaggregation of Revenue [Line Items]
Net sales	$ 552	$ 463	$ 1,026	$ 835

SHARE-BASED COMPENSATION - Loca

SHARE-BASED COMPENSATION - Location of Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Share-based compensation
Total share-based compensation expense	$ 45	$ 27	$ 86	$ 53
Cost of sales
Share-based compensation
Total share-based compensation expense	10	7	19	14
Selling, general and administrative expenses
Share-based compensation
Total share-based compensation expense	$ 35	$ 20	$ 67	$ 39

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Share-based compensation
Total share-based compensation expense	$ 45	$ 27	$ 86	$ 53
2022 Nextracker Plan
Share-based compensation
Unrecognized compensation expense	$ 101		$ 101
Share weighted-average remaining vesting period			2 years 6 months
Equity-based compensation awards granted (in shares)			2,000,000
Equity-based compensation awards, outstanding (in shares)	6,500,000		6,500,000
Equity-based compensation awards, targeted vesting amount (in shares)	4,000,000		4,000,000
Total share-based compensation expense			$ 25
Restricted Stock Units | 2017 Plan
Share-based compensation
Awards granted (in shares)			4,900,000
Number of shares outstanding (in shares)	12,000,000		12,000,000
Unrecognized compensation expense	$ 203		$ 203
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)			1,100,000
RSU with No Performance Or Market Conditions | 2017 Plan
Share-based compensation
Awards granted (in shares)			3,000,000
Average grant date price of unvested share bonus awards (in usd per share)	$ 26.82		$ 26.82
RSU with No Performance Or Market Conditions | 2017 Plan | Maximum
Share-based compensation
Vesting period			3 years
RSU with Performance Conditions | 2017 Plan
Share-based compensation
Number of shares outstanding (in shares)	1,200,000		1,200,000
RSU with Performance Conditions | 2017 Plan | Key employees
Share-based compensation
Awards granted (in shares)			400,000
Vesting period			3 years
Average grant date price of unvested share bonus awards (in usd per share)	$ 26.72		$ 26.72
RSU with Performance Conditions | 2017 Plan | Minimum
Share-based compensation
Number of shares that may be issued (in shares)			0
RSU with Performance Conditions | 2017 Plan | Minimum | Key employees
Share-based compensation
Awards granted (in shares)			0
RSU with Performance Conditions | 2017 Plan | Maximum
Share-based compensation
Number of shares that may be issued (in shares)			2,400,000
RSU with Performance Conditions | 2017 Plan | Maximum | Key employees
Share-based compensation
Awards granted (in shares)			800,000
RSU with Performance Conditions | 2022 Nextracker Plan
Share-based compensation
Awards granted (in shares)			400,000
RSU with Market Conditions | 2017 Plan
Share-based compensation
Number of shares outstanding (in shares)	1,200,000		1,200,000
Vested in period (in shares)			2,300,000
RSU with Market Conditions | 2017 Plan | Key employees
Share-based compensation
Awards granted (in shares)			400,000
Vesting period			3 years
Average grant date price of unvested share bonus awards (in usd per share)	$ 35.64		$ 35.64
RSU with Market Conditions | 2017 Plan | Minimum
Share-based compensation
Number of shares that may be issued (in shares)			0
RSU with Market Conditions | 2017 Plan | Minimum | Key employees
Share-based compensation
Awards granted (in shares)			0
RSU with Market Conditions | 2017 Plan | Maximum
Share-based compensation
Number of shares that may be issued (in shares)			2,400,000
RSU with Market Conditions | 2017 Plan | Maximum | Key employees
Share-based compensation
Awards granted (in shares)			800,000
Restricted Share Units, Issued And Immediately Vested | 2017 Plan
Share-based compensation
Awards granted (in shares)			1,200,000
Option | 2022 Nextracker Plan
Share-based compensation
Options granted (in shares)			500,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Basic earnings per share attributable to the shareholders of Flex Ltd.
Net income	$ 406	$ 238	$ 617	$ 433
Net income attributable to noncontrolling interest and redeemable noncontrolling interest	178	6	203	12
Net income attributable to Flex Ltd.	$ 228	$ 232	$ 414	$ 421
Shares used in computation:
Weighted-average ordinary shares outstanding (in shares)	443	455	445	457
Basic earnings per share (in dollars per share)	$ 0.51	$ 0.51	$ 0.93	$ 0.92
Diluted earnings per share attributable to the shareholders of Flex Ltd.
Net income	$ 406	$ 238	$ 617	$ 433
Net income attributable to noncontrolling interest and redeemable noncontrolling interest	178	6	203	12
Net income attributable to Flex Ltd.	$ 228	$ 232	$ 414	$ 421
Shares used in computation:
Weighted-average ordinary shares outstanding (in shares)	443	455	445	457
Weighted-average ordinary share equivalents from RSU awards (in shares)	5	5	7	7
Weighted-average ordinary shares and ordinary share equivalents outstanding (in shares)	448	460	452	464
Diluted earnings per share (in dollars per share)	$ 0.51	$ 0.50	$ 0.92	$ 0.91
Restricted Stock Units
Shares used in computation:
Restricted share unit awards excluded from computation of diluted earnings per share due to their anti-dilutive impact (in shares)	0	0	2.1	3.4

BANK BORROWINGS AND LONG-TERM_3

BANK BORROWINGS AND LONG-TERM DEBT - Schedule of Bank Borrowings and Long-term Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,431
Debt issuance costs	(19)		$ (21)
Total	3,412		3,841
Current portion, net of debt issuance costs	0		(150)
Non-current portion	$ 3,412		3,691
Currency Swap
Debt Instrument [Line Items]
Derivative settled		$ 60
4.750% Notes due June 2025
Debt Instrument [Line Items]
Debt interest rate	4.75%
Long-term debt, gross	$ 591		599
3.750% Notes due February 2026
Debt Instrument [Line Items]
Debt interest rate	3.75%
Long-term debt, gross	$ 684		686
6.000% Notes Due January 2028
Debt Instrument [Line Items]
Debt interest rate	6%
Long-term debt, gross	$ 397		396
4.875% Notes due June 2029
Debt Instrument [Line Items]
Debt interest rate	4.875%
Long-term debt, gross	$ 657		658
4.875% Notes due May 2030
Debt Instrument [Line Items]
Debt interest rate	4.875%
Long-term debt, gross	$ 683		685
JPY Term Loan due April 2024
Debt Instrument [Line Items]
Long-term debt, gross	0		253
Repayments of debt		$ 241
Delayed Draw Term Loan due November 2023
Debt Instrument [Line Items]
Long-term debt, gross	0		150
Repayments of debt	150
Nextracker Term Loan due February 2028
Debt Instrument [Line Items]
Long-term debt, gross	$ 150		150
3.600% HUF Bonds due December 2031
Debt Instrument [Line Items]
Debt interest rate	3.60%
Long-term debt, gross	$ 268		284
Other
Debt Instrument [Line Items]
Long-term debt, gross	$ 1		$ 1

BANK BORROWINGS AND LONG-TERM_4

BANK BORROWINGS AND LONG-TERM DEBT - Additional Information (Details)	Sep. 29, 2023	Mar. 31, 2023
Debt Disclosure [Abstract]
Weighted-average interest rate	4.60%	4.70%

BANK BORROWINGS AND LONG-TERM_5

BANK BORROWINGS AND LONG-TERM DEBT - Repayment of Long-term Debt (Details) $ in Millions	Sep. 29, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	0
2026	1,276
2027	0
2028	547
Thereafter	1,608
Total	$ 3,431

INTEREST, NET (Details)

INTEREST, NET (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Interest expenses on debt obligations	$ 42	$ 44	$ 89	$ 87
Interest income	(18)	(5)	(36)	(9)
AR sale program related expenses	$ 11	$ 8	$ 23	$ 13

FINANCIAL INSTRUMENTS - Notiona

FINANCIAL INSTRUMENTS - Notional Amount (Details) - Forward and Swap Contracts $ in Millions	Sep. 29, 2023 USD ($)
Notional amount
Derivative, notional amount	$ 11,300
Buy
Notional amount
Derivative, notional amount	6,616
Buy | Designated as Hedging Instrument | Cash Flow Hedges
Notional amount
Derivative, notional amount	1,550
Buy | Designated as Hedging Instrument | Cash Flow Hedges | HUF
Notional amount
Derivative, notional amount	439
Buy | Designated as Hedging Instrument | Cash Flow Hedges | MXN
Notional amount
Derivative, notional amount	534
Buy | Designated as Hedging Instrument | Cash Flow Hedges | Other
Notional amount
Derivative, notional amount	577
Buy | Not Designated as Hedging Instrument
Notional amount
Derivative, notional amount	5,066
Buy | Not Designated as Hedging Instrument | CNY
Notional amount
Derivative, notional amount	844
Buy | Not Designated as Hedging Instrument | EUR
Notional amount
Derivative, notional amount	2,237
Buy | Not Designated as Hedging Instrument | GBP
Notional amount
Derivative, notional amount	232
Buy | Not Designated as Hedging Instrument | MXN
Notional amount
Derivative, notional amount	643
Buy | Not Designated as Hedging Instrument | MYR
Notional amount
Derivative, notional amount	524
Buy | Not Designated as Hedging Instrument | Other
Notional amount
Derivative, notional amount	586
Sell
Notional amount
Derivative, notional amount	4,703
Sell | Designated as Hedging Instrument | Cash Flow Hedges
Notional amount
Derivative, notional amount	29
Sell | Designated as Hedging Instrument | Cash Flow Hedges | HUF
Notional amount
Derivative, notional amount	0
Sell | Designated as Hedging Instrument | Cash Flow Hedges | MXN
Notional amount
Derivative, notional amount	0
Sell | Designated as Hedging Instrument | Cash Flow Hedges | Other
Notional amount
Derivative, notional amount	29
Sell | Not Designated as Hedging Instrument
Notional amount
Derivative, notional amount	4,674
Sell | Not Designated as Hedging Instrument | CNY
Notional amount
Derivative, notional amount	360
Sell | Not Designated as Hedging Instrument | EUR
Notional amount
Derivative, notional amount	2,475
Sell | Not Designated as Hedging Instrument | GBP
Notional amount
Derivative, notional amount	346
Sell | Not Designated as Hedging Instrument | MXN
Notional amount
Derivative, notional amount	508
Sell | Not Designated as Hedging Instrument | MYR
Notional amount
Derivative, notional amount	355
Sell | Not Designated as Hedging Instrument | Other
Notional amount
Derivative, notional amount	$ 630

FINANCIAL INSTRUMENTS - Additio

FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	Sep. 29, 2023 USD ($)
Derivative Instruments and Hedges, Assets [Abstract]
Deferred loss expected to be recognized over next twelve-month period	$ 7

FINANCIAL INSTRUMENTS - Foreign

FINANCIAL INSTRUMENTS - Foreign Currency Risk Management (Details) - Foreign currency contracts - USD ($) $ in Millions	Sep. 29, 2023	Mar. 31, 2023
Other current assets | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	$ 20	$ 46
Other current assets | Derivatives not designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	46	26
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	33	22
Other current liabilities | Derivatives not designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	59	19
Other liabilities | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	$ 31	$ 88

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 5,786	$ 4,091	$ 5,706	$ 4,129
Other comprehensive loss before reclassifications	(76)	(162)	16	(312)
Net loss reclassified from accumulated other comprehensive loss	5	64	(62)	142
Net current-period other comprehensive loss	(71)	(98)	(46)	(170)
Ending balance	6,356	4,180	6,356	4,180
Tax impact on changes in accumulated other comprehensive loss	11	(6)	9	(10)
Unrealized gain (loss) on derivative instruments and other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	20	(67)	(14)	(66)
Other comprehensive loss before reclassifications	(38)	(70)	63	(149)
Net loss reclassified from accumulated other comprehensive loss	5	64	(62)	142
Net current-period other comprehensive loss	(33)	(6)	1	(7)
Ending balance	(13)	(73)	(13)	(73)
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(189)	(187)	(180)	(116)
Other comprehensive loss before reclassifications	(38)	(92)	(47)	(163)
Net loss reclassified from accumulated other comprehensive loss	0	0	0	0
Net current-period other comprehensive loss	(38)	(92)	(47)	(163)
Ending balance	(227)	(279)	(227)	(279)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(169)	(254)	(194)	(182)
Net current-period other comprehensive loss	(71)	(98)	(46)	(170)
Ending balance	$ (240)	$ (352)	$ (240)	$ (352)

TRADE RECEIVABLES SECURITIZAT_2

TRADE RECEIVABLES SECURITIZATION (Details) $ in Billions	6 Months Ended
	Sep. 29, 2023 USD ($) program	Mar. 31, 2023 USD ($)	Sep. 30, 2022 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	$ 0.8
Company's accounts receivables sold to third-party	$ 1.7		$ 1.7

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. 29, 2023	Mar. 31, 2023
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	$ 1,425	$ 2,324
Foreign currency contracts (Note 8)	66	72
Deferred compensation plan assets	40	37
Liabilities:
Foreign currency contracts (Note 8)	(123)	(129)
Level 1
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	0	0
Foreign currency contracts (Note 8)	0	0
Deferred compensation plan assets	0	0
Liabilities:
Foreign currency contracts (Note 8)	0	0
Level 2
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	1,425	2,324
Foreign currency contracts (Note 8)	66	72
Deferred compensation plan assets	40	37
Liabilities:
Foreign currency contracts (Note 8)	(123)	(129)
Level 3
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	0	0
Foreign currency contracts (Note 8)	0	0
Deferred compensation plan assets	0	0
Liabilities:
Foreign currency contracts (Note 8)	$ 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. 29, 2023	Mar. 31, 2023
JPY Term Loan due April 2024 | Carrying Amount
Other financial instruments
Debt instrument	$ 0	$ 253
4.750% Notes due June 2025
Other financial instruments
Debt interest rate	4.75%
4.750% Notes due June 2025 | Carrying Amount
Other financial instruments
Debt instrument	$ 591	599
3.750% Notes due February 2026
Other financial instruments
Debt interest rate	3.75%
3.750% Notes due February 2026 | Carrying Amount
Other financial instruments
Debt instrument	$ 684	686
6.000% Notes due January 2028
Other financial instruments
Debt interest rate	6%
6.000% Notes due January 2028 | Carrying Amount
Other financial instruments
Debt instrument	$ 397	396
4.875% Notes due June 2029
Other financial instruments
Debt interest rate	4.875%
4.875% Notes due June 2029 | Carrying Amount
Other financial instruments
Debt instrument	$ 657	658
4.875% Notes due May 2030
Other financial instruments
Debt interest rate	4.875%
4.875% Notes due May 2030 | Carrying Amount
Other financial instruments
Debt instrument	$ 683	685
Delayed Draw Term Loan due November 2023 | Carrying Amount
Other financial instruments
Debt instrument	0	150
Nextracker Term Loan due February 2028 | Carrying Amount
Other financial instruments
Debt instrument	$ 150	150
3.600% HUF Bonds due December 2031
Other financial instruments
Debt interest rate	3.60%
3.600% HUF Bonds due December 2031 | Carrying Amount
Other financial instruments
Debt instrument	$ 268	284
Level 1 | 4.750% Notes due June 2025 | Fair Value
Other financial instruments
Debt instrument	577	590
Level 1 | 3.750% Notes due February 2026 | Fair Value
Other financial instruments
Debt instrument	648	657
Level 1 | 6.000% Notes due January 2028 | Fair Value
Other financial instruments
Debt instrument	394	399
Level 1 | 4.875% Notes due June 2029 | Fair Value
Other financial instruments
Debt instrument	613	631
Level 1 | 4.875% Notes due May 2030 | Fair Value
Other financial instruments
Debt instrument	637	661
Level 2 | JPY Term Loan due April 2024 | Fair Value
Other financial instruments
Debt instrument	0	253
Level 2 | Delayed Draw Term Loan due November 2023 | Fair Value
Other financial instruments
Debt instrument	0	150
Level 2 | Nextracker Term Loan due February 2028 | Fair Value
Other financial instruments
Debt instrument	148	150
Level 2 | 3.600% HUF Bonds due December 2031 | Fair Value
Other financial instruments
Debt instrument	$ 196	$ 196

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. 29, 2023 BRL (R$) tax_assessment	Sep. 29, 2023 USD ($) 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$ 261	$ 52	R$ 61	$ 12	R$ 419	$ 83
Sales and import taxes estimate of possible loss unsuccessful	R$ 41	$ 8
Intercompany Payment Deductibility
Loss Contingencies [Line Items]
Estimate of possible loss | $								$ 221

SHARE REPURCHASES (Details)

SHARE REPURCHASES (Details) - USD ($) shares in Millions	3 Months Ended	6 Months Ended
	Sep. 29, 2023	Sep. 29, 2023	Aug. 02, 2023
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Aggregate shares repurchased and retired (in shares)	11.5	20.1
Aggregate purchase price of shares repurchased and retired	$ 309,000,000	$ 506,000,000
Treasury stock, shares, retired (in shares)	50.2
Treasury stock, retired, aggregate purchase price	$ 388,000,000
Authorized amount of stock repurchase program			$ 2,000,000,000
Amount remaining to be repurchased under the plans	$ 1,800,000,000	$ 1,800,000,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 29, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 29, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			3
Number of reporting segments | segment			3
Net sales	$ 7,471	$ 7,766	$ 14,807	$ 15,113
Operating income	376	325	667	597
Intangible amortization	17	21	37	43
Stock-based compensation	45	27	86	53
Restructuring charges	3		26
Interest, net	35	47	76	96
Other charges (income), net	16	6	27	(3)
Income before income taxes	325	272	564	504
Operating Segments
Segment Reporting Information [Line Items]
Net sales	7,471	7,766	14,807	15,113
Operating income	439	375	816	706
Operating Segments | Flex Agility Solutions
Segment Reporting Information [Line Items]
Net sales	3,618	4,004	7,219	7,995
Operating income	168	170	314	342
Operating Segments | Flex Reliability Solutions
Segment Reporting Information [Line Items]
Net sales	3,314	3,299	6,605	6,268
Operating income	171	175	336	322
Operating Segments | Nextracker
Segment Reporting Information [Line Items]
Net sales	573	473	1,053	868
Operating income	112	43	194	73
Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	(34)	(10)	(70)	(18)
Corporate and Other
Segment Reporting Information [Line Items]
Operating income	(12)	(13)	(28)	(31)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Intangible amortization	17	21	37	43
Stock-based compensation	45	27	86	53
Restructuring charges	1	0	24	0
Legal and other	0	2	2	13
Interest, net	35	47	76	96
Other charges (income), net	$ 16	$ 6	$ 27	$ (3)

RESTRUCTURING CHARGES - Additio

RESTRUCTURING CHARGES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Sep. 29, 2023	Sep. 29, 2023
Restructuring Charges [Abstract]
Restructuring charges	$ 3	$ 26

RESTRUCTURING CHARGES - Summary

RESTRUCTURING CHARGES - Summary of Restructuring Charges (Details) $ in Millions	3 Months Ended	6 Months Ended
	Sep. 29, 2023 USD ($)	Sep. 29, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance		$ 50
Restructuring charges	$ 3	26
Ending balance	31	31
Less: Current portion (classified as other current liabilities)	31	31
Accrued restructuring costs, net of current portion (classified as other liabilities)	0	0
Cash Charges
Restructuring Reserve [Roll Forward]
Cash payments		(41)
Non-Cash Charges
Restructuring Reserve [Roll Forward]
Non-cash reductions		(4)
Severance
Restructuring Reserve [Roll Forward]
Beginning balance		44
Restructuring charges		22
Ending balance	25	25
Less: Current portion (classified as other current liabilities)	25	25
Accrued restructuring costs, net of current portion (classified as other liabilities)	0	0
Severance | Cash Charges
Restructuring Reserve [Roll Forward]
Cash payments		(41)
Severance | Non-Cash Charges
Restructuring Reserve [Roll Forward]
Non-cash reductions		0
Long-Lived Asset Impairment
Restructuring Reserve [Roll Forward]
Beginning balance		0
Restructuring charges		3
Ending balance	0	0
Less: Current portion (classified as other current liabilities)	0	0
Accrued restructuring costs, net of current portion (classified as other liabilities)	0	0
Long-Lived Asset Impairment | Cash Charges
Restructuring Reserve [Roll Forward]
Cash payments		0
Long-Lived Asset Impairment | Non-Cash Charges
Restructuring Reserve [Roll Forward]
Non-cash reductions		(3)
Other Exit Costs
Restructuring Reserve [Roll Forward]
Beginning balance		6
Restructuring charges		1
Ending balance	6	6
Less: Current portion (classified as other current liabilities)	6	6
Accrued restructuring costs, net of current portion (classified as other liabilities)	$ 0	0
Other Exit Costs | Cash Charges
Restructuring Reserve [Roll Forward]
Cash payments		0
Other Exit Costs | Non-Cash Charges
Restructuring Reserve [Roll Forward]
Non-cash reductions		$ (1)

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jul. 03, 2023	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Mar. 31, 2023
Variable Interest Entity [Line Items]
Noncontrolling interest		$ 450,000,000		$ 450,000,000		$ 355,000,000
Net income attributable to noncontrolling interest		178,000,000	$ 0	203,000,000	$ 0
Net income attributable to redeemable noncontrolling interest		$ 0	$ 6,000,000	$ 0	$ 12,000,000
Common Class B
Variable Interest Entity [Line Items]
Sale of stock, number of shares cancelled (in shares)	15,631,562
Yuma, Inc.
Variable Interest Entity [Line Items]
Number of shares expected to acquire (in shares)	14,025,000
TPG Rise Flash, L.P.
Variable Interest Entity [Line Items]
Number of shares expected to acquire (in shares)	1,606,562
Follow-On Offering To IPO
Variable Interest Entity [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	15,631,562
Net proceeds from sale of stock	$ 551,000,000
Net proceeds from sale of stock, amount retained	$ 495,000,000
Nextracker
Variable Interest Entity [Line Items]
Ownership percentage		51.50%		51.50%		61.40%

VARIABLE INTEREST ENTITIES - Sc

VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 29, 2023	Mar. 31, 2023
Current assets:
Accounts receivable, net	$ 3,801	$ 3,739
Contract assets	577	541
Inventories	7,166	7,530
Other current assets	1,019	917
Total current assets	15,463	16,021
Property and equipment, net	2,328	2,349
Goodwill	1,337	1,343
Other intangible assets, net	275	316
Other assets	956	758
Total assets	20,968	21,395
Current liabilities:
Accounts payable	5,728	5,930
Other current liabilities	1,083	1,110
Total current liabilities	10,106	10,855
Long-term debt	3,412	3,691
Other liabilities	597	637
Total liabilities	14,612	15,689
Variable Interest Entity, Primary Beneficiary
Current assets:
Cash	373	130
Accounts receivable, net	340	271
Contract assets	312	298
Inventories	196	138
Other current assets	118	35
Total current assets	1,339	872
Property and equipment, net	7	7
Goodwill	265	265
Other intangible assets, net	1	1
Other assets	422	275
Total assets	2,034	1,420
Current liabilities:
Accounts payable	403	211
Accrued expenses	67	60
Deferred revenue	236	176
Other current liabilities	66	49
Total current liabilities	772	496
Long-term debt	146	147
Other liabilities	440	280
Total liabilities	$ 1,358	$ 923

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Sep. 29, 2023	Sep. 29, 2023
Subsequent Event [Line Items]
Restructuring charges		$ 3	$ 26
Subsequent Event | Forecast
Subsequent Event [Line Items]
Restructuring charges	$ 100