Flex (FLEX) 10-Q 3 Nov 09 2010 Q2 Quarterly report Financial data

Document and Company Informatio

Document and Company Information (USD $)
	6 Months Ended Oct. 02, 2009	Oct. 29, 2009
Document and Company Information [Abstract]
Entity Registrant Name	FLEXTRONICS INTERNATIONAL LTD.
Entity Central Index Key	0000866374
Document Type	10-Q
Document Period End Date	2009-10-02
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Ordinary Shares Outstanding		812,268,139

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands	Oct. 02, 2009	Mar. 31, 2009
Current assets:
Cash and cash equivalents	$1,966,494	$1,821,886
Accounts receivable, net of allowance for doubtful accounts of $19,620 and $29,020 as of October 2, 2009 and March 31, 2009, respectively	2,323,329	2,316,939
Inventories	2,692,077	2,996,785
Other current assets	731,838	799,396
Total current assets	7,713,738	7,935,006
Property and equipment, net	2,180,670	2,333,781
Goodwill and other intangible assets, net	277,435	291,491
Other assets	381,747	756,662
Total assets	10,553,590	11,316,940
Current liabilities:
Bank borrowings, current portion of long-term debt and capital lease obligations	253,272	208,403
Accounts payable	3,993,899	4,049,534
Accrued payroll	337,018	336,123
Other current liabilities	1,573,074	1,814,711
Total current liabilities	6,157,263	6,408,771
Long-term debt and capital lease obligations, net of current portion	2,299,598	2,733,680
Other liabilities	295,738	313,321
Shareholders' equity
Ordinary shares, no par value; 841,959,342 and 839,412,939 shares issued, and 812,179,620 and 809,633,217 outstanding as of October 2, 2009 and March 31, 2009, respectively	8,894,298	8,862,008
Treasury stock, at cost; 29,779,722 shares as of October 2, 2009 and March 31, 2009, respectively	(260,074)	(260,074)
Accumulated deficit	(6,817,701)	(6,683,317)
Accumulated other comprehensive loss	(15,532)	(57,449)
Total shareholders' equity	1,800,991	1,861,168
Total liabilities and shareholders' equity	$10,553,590	$11,316,940

1_Condensed Consolidated Balanc

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $)
In Thousands, except Share data	Oct. 02, 2009	Mar. 31, 2009
Current assets:
Allowance for doubtful accounts	$19,620	$29,020
Shareholders' equity
Ordinary shares, no par value	0	0
Ordinary shares, issued	841,959,342	839,412,939
Ordinary shares, outstanding	812,179,620	809,633,217
Treasury stock, shares	29,779,722	29,779,722

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data	3 Months Ended Oct. 02, 2009	3 Months Ended Sep. 26, 2008	6 Months Ended Oct. 02, 2009	6 Months Ended Sep. 26, 2008
Net sales	$5,831,761	$8,862,516	$11,614,440	$17,212,762
Cost of sales	5,519,778	8,445,055	11,026,353	16,312,217
Restructuring charges	12,403	0	64,512	26,317
Gross profit	299,580	417,461	523,575	874,228
Selling, general and administrative expenses	176,246	258,687	377,938	507,313
Intangible amortization	22,710	50,317	46,044	75,563
Restructuring charges	187	0	12,917	2,898
Other charges, net	91,999	11,937	199,398	11,937
Interest and other expense, net	38,091	59,390	74,977	110,117
Income (loss) before income taxes	(29,653)	37,130	(187,699)	166,400
Provision for (benefit from) income taxes	(49,312)	10,059	(53,315)	20,120
Net income (loss)	$19,659	$27,071	($134,384)	$146,280
Earnings per share:
Basic	0.02	0.03	-0.17	0.18
Diluted	0.02	0.03	-0.17	0.18
Weighted-average shares used in computing per share amounts:
Basic	811,364	828,182	810,769	832,337
Diluted	817,260	830,030	810,769	835,279

2_Condensed Consolidated Statem

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands	6 Months Ended Oct. 02, 2009	6 Months Ended Sep. 26, 2008
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	($134,384)	$146,280
Depreciation, amortization and other impairment charges	466,472	276,490
Changes in working capital and other	86,316	325,241
Net cash provided by operating activities	418,404	748,011
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment, net of dispositions	(80,163)	(300,409)
Acquisition of businesses, net of cash acquired	(59,055)	(182,188)
Proceeds from divestitures of operations	0	5,269
Other investments and notes receivable, net	255,281	(90,596)
Net cash provided by (used in) investing activities	116,063	(567,924)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings and long-term debt	786,909	6,767,847
Repayments of bank borrowings, long-term debt and capital lease obligations	(992,449)	(6,734,388)
Payments for repurchase of long-term debt	(203,183)	0
Payments for repurchases of ordinary shares	0	(260,074)
Net proceeds from issuance of ordinary shares	3,423	11,893
Net cash used in financing activities	(405,300)	(214,722)
Effect of exchange rates on cash	15,441	15,594
Net increase (decrease) in cash and cash equivalents	144,608	(19,041)
Cash and cash equivalents, beginning of period	1,821,886	1,719,948
Cash and cash equivalents, end of period	$1,966,494	$1,700,907

Organization of the Company

Organization of the Company
	6 Months Ended Oct. 02, 2009 USD / shares
Organization of the Company [Abstract]
ORGANIZATION OF THE COMPANY	1. ORGANIZATION OF THE COMPANY Flextronics International Ltd. (Flextronics or the Company) was incorporated in the Republic of Singapore in May1990. The Company is a leading provider of advanced design and electronics manufacturing services (EMS) to original equipment manufacturers (OEMs) of a broad range of products in the following markets: infrastructure; mobile communication devices; computing; consumer digital devices; industrial, semiconductor and white goods; automotive, marine and aerospace; and medical devices. The Companys strategy is to provide customers with a full range of cost competitive, vertically-integrated global supply chain services through which the Company designs, builds, ships and services a complete packaged product for its OEM customers. OEM customers leverage the Companys services to meet their product requirements throughout the entire product life cycle. The Companys service offerings include rigid printed circuit board and flexible circuit fabrication, systems assembly and manufacturing (including enclosures, testing services, materials procurement and inventory management), logistics, after-sales services (including product repair, re-manufacturing and maintenance) and multiple component product offerings. Additionally, the Company provides market-specific design and engineering services ranging from contract design services (CDM), where the customer purchases services on a time and materials basis, to original product design and manufacturing services, where the customer purchases a product that was designed, developed and manufactured by the Company (commonly referred to as original design manufacturing, or ODM). ODM products are then sold by the Companys OEM customers under the OEMs brand names. The Companys CDM and ODM services include user interface and industrial design, mechanical engineering and tooling design, electronic system design and printed circuit board design.

Summary of Accounting Policies

Summary of Accounting Policies
	6 Months Ended Oct. 02, 2009 USD / shares
Summary of Accounting Policies [Abstract]
SUMMARY OF ACCOUNTING POLICIES	2. SUMMARY OF ACCOUNTING POLICIES 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 RegulationS-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 Companys audited consolidated financial statements as of and for the fiscal year ended March31, 2009 contained in the Companys Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three-month and six-month periods ended October2, 2009 are not necessarily indicative of the results that may be expected for the fiscal year ended March31, 2010. The Company evaluated subsequent events for disclosure through November 2, 2009. The Companys third fiscal quarter ends on December31, and the fourth fiscal quarter and year ends on March31 of each year. The first fiscal quarters ended on July3, 2009 and June27, 2008, respectively, and the second fiscal quarters ended on October2, 2009 and September26, 2008, respectively. Customer Credit Risk The Company has an established customer credit policy, through which it manages customer credit exposures through credit evaluations, credit limit setting, monitoring, and enforcement of credit limits for new and existing customers. The Company performs ongoing credit evaluations of its customers financial condition and makes provisions for doubtful accounts based on the outcome of those credit evaluations. The Company evaluates the collectability of its accounts receivable based on specific customer circumstances, current economic trends, historical experience with collections and the age of past due receivables. To the extent the Company identifies exposures as a result of credit or customer evaluations, the Company also reviews other customer related exposures, including but not limited to inventory and related contractual obligations. During the three-month and six-month periods ended September26, 2008, the Company recognized approximately $117.4million of charges associated with certain customers that were filing for bankruptcy or were experiencing significant financial and liquidity difficulties. The Company classified approximately $96.7million of these charges in cost of sales related to the write-down of inventory and associated contractual obligations. Additionally, the Company recognized approximately $20.7million as selling, general and administrative expenses for provisions for doubtful accounts. Inventories The components of inventories, net of applicable lower of cost or market write-downs, were as follows: As of As of October 2, 2009 March 31, 2009 (In thousands) Raw materials $ 1,649,106 $ 1,907,584

Stock Based Compensation

Stock Based Compensation
	6 Months Ended Oct. 02, 2009 USD / shares
Stock-Based Compensation [Abstract]
STOCK-BASED COMPENSATION	3. STOCK-BASED COMPENSATION The Company grants equity compensation awards to acquire the Companys ordinary shares from four plans, and which collectively are referred to as the Companys equity compensation plans below. For further discussion of these Plans, refer to Note 2, Summary of Accounting Policies, of the Notes to Consolidated Financial Statements in the Companys Annual Report on Form 10-K for the fiscal year ended March31, 2009. Compensation expense for the Companys stock options and unvested share bonus awards was as follows: Three-Month Periods Ended Six-Month Periods Ended October 2, 2009 September 26, 2008 October 2, 2009 September 26, 2008 (In thousands) (In thousands) Cost of sales $ 2,375 $ 2,148 $ 5,015 $ 4,191 Selling, general and administrative expenses 10,620 15,348 23,183 27,321 Total stock-based compensation expense $ 12,995 $ 17,496 $ 28,198 $ 31,512 On July14, 2009, the Company launched an exchange offer under which eligible employees had the opportunity to voluntarily exchange their eligible stock options granted under certain of the Companys equity compensation plans for a lesser amount of replacement stock options granted under one of the Companys current equity incentive plans with new exercise prices equal to the closing price of the Companys ordinary shares on the date of exchange (the Exchange). The Exchange offer was open to all active U.S. and international employees of the Company, except in those jurisdictions where the local law, administrative burden or similar considerations made participation in the program illegal, inadvisable or impractical, and where exclusion otherwise was consistent with the Companys compensation policies with respect to those jurisdictions. The Exchange offer was not open to the Companys Board of Directors or its executive officers. To be eligible for exchange an option must: (i)have had an exercise price of at least $10.00 per share, (ii)have been outstanding, and (iii)have been granted at least 12months prior to the commencement date of the Exchange offer. All replacement option grants were subject to a vesting schedule of two, three or four years from the date of grant of the replacement options depending on the remaining vesting period of the option grants surrendered for cancellation in the Exchange. The number of replacement options an eligible employee received in exchange for an eligible option grant was determined by an exchange ratio applicable to that option. Stock options with exercise prices between $10.00 and $11.99 were exchangeable for new options at a rate of 1.5 existing options per new option grant, and stock options with exercise prices of $12.00 or more were exchangeable at a rate of 2.4 existing options per new option grant. Outstanding Options covering approximately 29.8million shares were eligible to participate in the Exchange. The Exchange was completed on August11, 2009. Approximately 27.9million stock options were tendered in the Exchange, and approximately 16.9million

Earnings Per Share

Earnings Per Share
	6 Months Ended Oct. 02, 2009 USD / shares
Earnings Per Share [Abstract]
EARNINGS PER SHARE	4. EARNINGS PER SHARE The following table reflects the basic and diluted weighted-average ordinary shares outstanding used to calculate basic and diluted earnings per share: Three-Month Periods Ended Six-Month Periods Ended October 2, 2009 September 26, 2008 October 2, 2009 September 26, 2008 (In thousands, except per share amounts) Basic earnings per share: Net income (loss) $ 19,659 $ 27,071 $ (134,384 ) $ 146,280 Shares used in computation: Weighted-average ordinary shares outstanding 811,364 828,182 810,769 832,337 Basic earnings (loss)per share $ 0.02 $ 0.03 $ (0.17 ) $ 0.18 Diluted earnings per share: Net income (loss) $ 19,659 $ 27,071 $ (134,384 ) $ 146,280 Shares used in computation: Weighted-average ordinary shares outstanding 811,364 828,182 810,769 832,337 Weighted-average ordinary share equivalents from stock options and awards (1) 5,896 1,848 2,942 Weighted-average ordinary share equivalents from convertible notes (2) Weighted-average ordinary shares and ordinary share equivalents outstanding 817,260 830,030 810,769 835,279 Diluted earnings (loss)per share $ 0.02 $ 0.03 $ (0.17 ) $ 0.18 (1) As a result of the Companys net loss, ordinary share equivalents from approximately 5.3million options and share bonus awards were excluded from the calculation of diluted earnings (loss)per share for the six-month period ended October2, 2009. Ordinary share equivalents from stock options to purchase approximately 41.1 million and 50.0million shares outstanding during the three-month and six-month periods ended October2, 2009, respectively, and 65.1million and 54.5million shares outstanding during the three-month and six-month periods ended September26, 2008, respectively, were excluded from the computation of diluted earnings per share primarily because the exercise price of these options was greater than the average market price of the Companys ordinary shares during the respective periods. (2) On July31, 2009, the principal amount of the Companys Zero Coupon Convertible Junior Subordinated Notes was settled in cash upon maturity. These notes carried conversion provisions to issue shares to settle any conversion spread (excess of the conversion value over the face value) in stock. The face value was $10.50 per share. On the maturity date the Companys stock price was less than the face value, and therefore no shares were issued. During December2008, the Company purchased an aggregate principal amount of $260.0million of its outstanding 1% Convertible Subordinated Notes, which resulted in a reduction of the ordinary share equivalents into which such notes were convertible from approximately 32.2million to appro

Other Comprehensive Income

Other Comprehensive Income
	6 Months Ended Oct. 02, 2009 USD / shares
Other Comprehensive Income [Abstract]
OTHER COMPREHENSIVE INCOME	5. OTHER COMPREHENSIVE INCOME The following table summarizes the components of other comprehensive income: Three-Month Periods Ended Six-Month Periods Ended October 2, 2009 September 26, 2008 October 2, 2009 September 26, 2008 (In thousands) (In thousands) Net income (loss) $ 19,659 $ 27,071 $ (134,384 ) $ 146,280 Other comprehensive income: Foreign currency translation adjustment 17,637 (20,012 ) 27,929 (19,185 ) Unrealized gain (loss)on derivative instruments, and other income (loss), net of taxes 2,558 1,640 13,988 8,195 Comprehensive income (loss) $ 39,854 $ 8,699 $ (92,467 ) $ 135,290

Bank Borrowings and Long Term D

Bank Borrowings and Long Term Debt
	6 Months Ended Oct. 02, 2009 USD / shares
Bank Borrowings and Long-Term Debt [Abstract]
BANK BORROWINGS AND LONG-TERM DEBT	6. BANK BORROWINGS AND LONG-TERM DEBT Bank borrowings and long-term debt are as follows: As of As of October 2, 2009 March 31, 2009 (In thousands) Short term bank borrowings $ 1,719 $ 1,854 0.00% convertible junior subordinated notes due July2009 189,045 1.00% convertible subordinated notes due August2010 226,156 218,391 6.50% senior subordinated notes due May2013 299,806 399,622 6.25% senior subordinated notes due November2014 302,172 402,090 Term Loan Agreement, including current portion, due in installments through October2014 1,700,445 1,709,116 Other 20,028 21,416 2,550,326 2,941,534 Current portion (252,591 ) (207,991 ) Non-current portion $ 2,297,735 $ 2,733,543 As of October2, 2009 and March31, 2009, there were no borrowings outstanding under the Companys $2.0billion credit facility, and the Company was in compliance with the financial covenants under this credit facility. On July31, 2009, the Company paid $195.0million to redeem the Zero Coupon Convertible Junior Subordinated Notes upon their maturity. These notes carried conversion provisions to issue shares to settle any conversion spread (excess of the conversion value over the face value) in stock. The face value was $10.50 per share. On the maturity date, the Companys stock price was less than the face value, and therefore no shares were issued. During June2009, the Company paid approximately $203.2million to purchase an aggregate principal amount of $99.8million of its outstanding 6 1/2% Senior Subordinated Notes due 2013 (the 6 1/2% Notes) and an aggregate principal amount of $99.9million of its outstanding 6 1/4% Senior Subordinated Notes due 2014 (the 6 1/4% Notes and collectively referred to as the Notes) in a cash tender offer (the Offer). The cash paid included $8.8million in consent fees (as discussed further below) paid to holders of the Notes that were tendered but not purchased as well as to holders that consented but did not tender, which were capitalized and will be recognized as a component of interest expense over the remaining life of the Notes. The Company recognized an immaterial gain during the six-month period ended October2, 2009 associated with the partial extinguishment of the Notes, net of approximately $5.3million for transaction costs and the write-down of related debt issuance costs, which is included in Other charges, net in the Condensed Consolidated Statement of Operations. In conjunction with the Offer, the Company obtained consents from the holders of Notes tendered but not purchased, as well as from holders that consented but did not tender, to certain amendments to the restricted payments covenants and certain related definitions in each of the indentures (the Indentures) under which the Notes were issued. The amendments permit the Company greater flexibility to purchase or make other payments in respect of its equity securities and debt that is subordinated to the Notes and to make certain other restricted payments

Financial Instruments

Financial Instruments
	6 Months Ended Oct. 02, 2009 USD / shares
Financial Instruments [Abstract]
FINANCIAL INSTRUMENTS	7. FINANCIAL INSTRUMENTS Foreign Currency Contracts As of October2, 2009, the aggregate notional amount of the Companys outstanding foreign currency forward and swap contracts was $1.7billion as summarized below: Foreign Notional Currency Contract Value Currency Buy/Sell Amount in USD (In thousands) Cash Flow Hedges EUR Sell 19,312 $ 26,380 JPY Buy 3,522,050 35,848 MXN Buy 428,000 30,214 Other Buy N/A 27,757 120,199 Other Forward/Swap Contracts BRL Buy 117,665 57,000 BRL Sell 125,923 53,896 CAD Buy 58,165 46,830 CAD Sell 125,431 99,276 EUR Buy 166,012 221,374 EUR Sell 361,724 485,089 GBP Sell 30,784 44,222 HUF Buy 9,152,200 41,067 MYR Buy 190,746 52,623 SEK Buy 1,121,118 138,638 Other Buy N/A 206,428 Other Sell N/A 134,058 1,580,501 Total Notional Contract Value in USD $ 1,700,700 As of October2, 2009 and March31, 2009, the fair value of the Companys short-term foreign currency contracts was not material and is included in Other current assets or Other current liabilities, as applicable, in the Condensed Consolidated Balance Sheet. Certain of these contracts are designed to economically hedge the Companys exposure to monetary assets and liabilities denominated in a non-functional currency and are not accounted for as a hedging activity. Accordingly, changes in fair value of these instruments are recognized in earnings during the period of change as a component of Interest and other expense, net in the Condensed Consolidated Statement of Operations. As of October2, 2009 and March31, 2009, the Company also has included net deferred gains and losses, respectively, in other comprehensive income, a component of shareholders equity in the Condensed Consolidated Balance Sheet, relating to changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. These deferred gains and losses were not material, and the deferred gains as of October2, 2009 are expected to be recognized as a component of cost of sales in the Condensed Consolidated Statement of Operations over the next twelve month period. The gains and losses recognized in earnings due to hedge ineffectiveness were not material for all fiscal periods presented and are included as a component of Interest and other expense, net in the Condensed Consolidated Statement of Operations. Interest Rate Swap Agreements The Company is also exposed to variability in cash flows associated with changes in short-term interest rates primarily on borrowings under its revolving credit facility and term loan agreement. During fiscal years 2009 and 2008, the Company entered into interest rate swap agreements to mitigate the exposure to int

Trade Receivables Securitizatio

Trade Receivables Securitization
	6 Months Ended Oct. 02, 2009 USD / shares
Trade Receivables Securitization [Abstract]
TRADE RECEIVABLES SECURITIZATION	8. TRADE RECEIVABLES SECURITIZATION The Company continuously sells designated pools of trade receivables under two asset backed securitization programs. Global Asset-Backed Securitization Agreement The Company continuously sells a designated pool of trade receivables to a third-party qualified special purpose entity, which in turn sells an undivided ownership interest to two commercial paper conduits, administered by an unaffiliated financial institution. In addition to these commercial paper conduits, the Company participates in the securitization agreement as an investor in the conduit. The securitization agreement allows the operating subsidiaries participating in the securitization program to receive a cash payment for sold receivables, less a deferred purchase price receivable. The Company continues to service, administer and collect the receivables on behalf of the special purpose entity and receives a servicing fee of 1.00% of serviced receivables per annum. Servicing fees recognized during the three-month and six-month periods ended October2, 2009 and September26, 2008 were not material and are included in Interest and other expense, net within the Condensed Consolidated Statements of Operations. As the Company estimates that the fee it receives in return for its obligation to service these receivables is at fair value, no servicing assets or liabilities are recognized. During October2009, the agreement was amended such that the Obligor Specific Tranche (OST) in the amount of $100.0million was removed, and the maximum investment limit of the two commercial paper conduits was increased to $500.0million exclusive of the OST. Additionally, the Company now pays commitment and program fees totaling 1.5% per annum under the facility to the extent funded through the issuance of commercial paper. The third-party special purpose entity is a qualifying special purpose entity, and accordingly, the Company does not consolidate this entity. As of October2, 2009 and March31, 2009, approximately $462.1million and $422.0million of the Companys accounts receivable, respectively, had been sold to this third-party qualified special purpose entity. The amounts represent the face amount of the total outstanding trade receivables on all designated customer accounts on those dates. The accounts receivable balances that were sold under this agreement were removed from the Condensed Consolidated Balance Sheets and are reflected as cash provided by operating activities in the Condensed Consolidated Statements of Cash Flows. The Company received net cash proceeds of approximately $299.4million and $298.1million from the commercial paper conduits for the sale of these receivables as of October2, 2009 and March31, 2009, respectively. The difference between the amount sold to the commercial paper conduits (net of the Companys investment participation) and net cash proceeds received from the commercial paper conduits is recognized as a loss on sale of the receivables and recorded in Interest and other expense, net in the Condensed Consolidated Statements of Operations. The Company has a recourse obligation that is limited to the deferred pu

Restructuring Charges

Restructuring Charges
	6 Months Ended Oct. 02, 2009 USD / shares
Restructuring Charges [Abstract]
RESTRUCTURING CHARGES	9. RESTRUCTURING CHARGES The Company recognized restructuring charges of approximately $12.6million and $77.4million during the three-month and six-month periods ended October2, 2009 as part of its restructuring plans previously announced in March2009 in order to rationalize the Companys global manufacturing capacity and infrastructure in response to macroeconomic conditions. The costs associated with these restructuring activities include employee severance, costs related to owned and leased facilities and equipment that is no longer in use and is to be disposed of, and other costs associated with the exit of certain contractual arrangements due to facility closures. The restructuring charges by reportable geographic region for the six-month period amounted to approximately $36.0million, $16.6million and $24.8million for Asia, the Americas and Europe, respectively. The Company classified approximately $12.4million and $64.5million of these charges as a component of cost of sales during the three-month and six-month periods ended October2, 2009, respectively. During the six-month period ended October2, 2009 the Company recognized approximately $26.5 million of employee termination costs associated with the involuntary terminations of 3,046 identified employees. The involuntary employee terminations by reportable geographic region amounted to approximately 607, 1,635 and 804 for Asia, the Americas and Europe respectively. Approximately $23.0million of these charges were classified as a component of cost of sales. During the six-month period ended October2, 2009, the Company recognized approximately $35.5 million for the write-down of property and equipment, which is no longer in use, to managements estimate of fair value. Approximately $25.8million of these charges were classified as a component of cost of sales. The restructuring charges recognized during the six-month period ended October 2, 2009 also included approximately $15.4million for other exit costs, all of which was primarily classified as a component of cost of sales. Other exit costs were primarily comprised of contractual obligations associated with facility and equipment lease terminations and facility abandonment and refurbishment costs. The following table summarizes the provisions, respective payments, and remaining accrued balance as of October2, 2009 for charges incurred in fiscal year 2010 and prior periods: Long-Lived Asset Other Severance Impairment Exit Costs Total (In thousands) Balance as of March31, 2009 $ 101,213 $ $ 60,254 $ 161,467 Activities during the first quarter: Provisions incurred in fiscal year 2010 19,369 31,791 13,679 64,839 Cash payments for charges incurred in fiscal year 2010 (7,325 ) (6,243 ) (13,568 ) Cash payments for charges incurred in fiscal year 2009 (41,533 ) (1,015 ) (42,548 ) Cash payments for charges incurred in fiscal year 2008 and prior (9,211 ) (11,549 ) (20,760 ) Non-cash

Commitments and Contingencies

Commitments and Contingencies
	6 Months Ended Oct. 02, 2009 USD / shares
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES 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 does not expect that the ultimate costs to resolve these matters will have a material adverse effect on its condensed consolidated financial position, results of operations, or cash flows.

Business and Asset Acquisitions

Business and Asset Acquisitions
	6 Months Ended Oct. 02, 2009 USD / shares
Business and Asset Acquisitions [Abstract]
BUSINESS AND ASSET ACQUISITIONS	11. BUSINESS AND ASSET ACQUISITIONS During the six-month period ended October2, 2009, the Company paid approximately $59.1 million relating to the contingent consideration or deferred purchase price payments related to four historical acquisitions. The purchase price for certain historical acquisitions is subject to adjustments for contingent consideration. Generally, the contingent consideration has not been recorded as part of the purchase price, pending the outcome of the contingency. During the six-month period ended September26, 2008, the Company completed six acquisitions that were not individually, or in the aggregate, significant to the Companys consolidated results of operations and financial position. The acquired businesses complement the Companys design and manufacturing capabilities for the computing, infrastructure, industrial and consumer digital market segments, and expanded the Companys power supply capabilities. The aggregate cash paid for these acquisitions totaled approximately $179.8million, net of cash acquired. The purchase prices for these acquisitions have been allocated on the basis of the estimated fair value of assets acquired and liabilities assumed. The Company also paid approximately $2.4million relating to a contingent purchase price adjustment from a certain historical acquisition.