Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2013 | Jan. 24, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'FLEXTRONICS INTERNATIONAL LTD. | ' |
Entity Central Index Key | '0000866374 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 602,407,232 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,617,245 | $1,587,087 |
Accounts receivable, net of allowance for doubtful accounts of $2,693 and $10,877 as of December 31, 2013 and March 31, 2013, respectively | 2,551,030 | 2,111,996 |
Inventories | 3,972,127 | 2,722,500 |
Other current assets | 1,552,521 | 1,349,818 |
Total current assets | 9,692,923 | 7,771,401 |
Property and equipment, net | 2,380,711 | 2,174,588 |
Goodwill and other intangible assets, net | 381,831 | 343,552 |
Other assets | 361,572 | 302,014 |
Total assets | 12,817,037 | 10,591,555 |
Current liabilities: | ' | ' |
Bank borrowings and current portion of long-term debt | 54,951 | 416,654 |
Accounts payable | 4,968,640 | 3,705,297 |
Accrued payroll | 385,640 | 351,683 |
Other current liabilities | 2,655,261 | 1,699,151 |
Total current liabilities | 8,064,492 | 6,172,785 |
Long-term debt, net of current portion | 2,000,694 | 1,650,973 |
Other liabilities | 497,299 | 521,039 |
Commitments and contingencies (Note 14) | ' | ' |
Flextronics International Ltd. shareholders' equity | ' | ' |
Ordinary shares, no par value; 652,468,175 and 689,159,139 issued, and 602,228,820 and 638,919,784 outstanding as of December 31, 2013 and March 31, 2013, respectively | 7,709,453 | 8,015,142 |
Treasury shares, at cost; 50,239,355 shares as of December 31, 2013 and March 31, 2013 | -388,215 | -388,215 |
Accumulated deficit | -4,980,069 | -5,302,688 |
Accumulated other comprehensive loss | -120,422 | -77,481 |
Total Flextronics International Ltd. shareholders' equity | 2,220,747 | 2,246,758 |
Noncontrolling interests | 33,805 | ' |
Total shareholders' equity | 2,254,552 | 2,246,758 |
Total liabilities and shareholders' equity | $12,817,037 | $10,591,555 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | $2,693 | $10,877 |
Ordinary shares, par value (in dollars per share) | ' | ' |
Ordinary shares, issued | 652,468,175 | 689,159,139 |
Ordinary shares, outstanding | 602,228,820 | 638,919,784 |
Treasury stock, shares | 50,239,355 | 50,239,355 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ' | ' | ' | ' |
Net sales | $7,183,442 | $6,123,321 | $19,384,673 | $18,274,157 |
Cost of sales | 6,784,823 | 5,778,544 | 18,271,470 | 17,205,251 |
Restructuring charges | ' | 98,315 | 35,126 | 98,315 |
Gross profit | 398,619 | 246,462 | 1,078,077 | 970,591 |
Selling, general and administrative expenses | 224,576 | 207,224 | 661,061 | 589,751 |
Intangible amortization | 5,575 | 6,137 | 21,495 | 21,211 |
Restructuring charges | ' | 4,376 | 5,634 | 4,376 |
Interest and other, net | 14,743 | -17,089 | 48,028 | -16,754 |
Income from continuing operations before income taxes | 153,725 | 45,814 | 341,859 | 372,007 |
Provision for (benefit from) income taxes | 8,568 | -8,782 | 19,240 | 20,189 |
Income from continuing operations | 145,157 | 54,596 | 322,619 | 351,818 |
Loss from discontinued operations, net of tax | ' | -7,248 | ' | -25,451 |
Net income | $145,157 | $47,348 | $322,619 | $326,367 |
Income from continuing operations: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.24 | $0.08 | $0.52 | $0.53 |
Diluted (in dollars per share) | $0.23 | $0.08 | $0.51 | $0.52 |
Loss from discontinued operations: | ' | ' | ' | ' |
Basic (in dollars per share) | ' | ($0.01) | ' | ($0.04) |
Diluted (in dollars per share) | ' | ($0.01) | ' | ($0.04) |
Net income: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.24 | $0.07 | $0.52 | $0.49 |
Diluted (in dollars per share) | $0.23 | $0.07 | $0.51 | $0.48 |
Weighted-average shares used in computing per share amounts: | ' | ' | ' | ' |
Basic (in shares) | 606,724 | 658,925 | 614,539 | 666,852 |
Diluted (in shares) | 618,677 | 669,488 | 627,399 | 678,610 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income | $145,157 | $47,348 | $322,619 | $326,367 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments, net of zero tax | -13,960 | -10,603 | -43,457 | -21,575 |
Unrealized gain (loss) on derivative instruments and other, net of zero tax | 1,097 | -3,088 | 516 | 3,015 |
Comprehensive income (loss) | $132,294 | $33,657 | $279,678 | $307,807 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Foreign currency translation adjustments, tax | $0 | $0 | $0 | $0 |
Unrealized gain (loss) on derivative instruments and other, tax | $0 | $0 | $0 | $0 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $322,619 | $326,367 |
Depreciation, amortization and other impairment charges | 345,044 | 430,238 |
Changes in working capital and other | 450,644 | 249,452 |
Net cash provided by operating activities | 1,118,307 | 1,006,057 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -526,026 | -377,901 |
Proceeds from the disposition of property and equipment | 64,873 | 49,819 |
Acquisition of businesses, net of cash acquired | -238,031 | -183,896 |
Proceeds from divestiture of business, net of cash held in divested business | 4,599 | 22,585 |
Other investing activities, net | -12,067 | -93,633 |
Net cash provided by (used in) investing activities | -706,652 | -583,026 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from bank borrowings and long-term debt | 1,003,294 | 171,673 |
Repayments of bank borrowings, long-term debt and capital lease obligations | -518,549 | -290,230 |
Payments for early retirement of long-term debt | -544,840 | ' |
Payments for repurchase of ordinary shares | -362,693 | -208,208 |
Net proceeds from issuance of ordinary shares | 21,106 | 14,632 |
Other financing activities, net | 46,298 | 85,590 |
Net cash provided by (used in) financing activities | -355,384 | -226,543 |
Effect of exchange rates on cash and cash equivalents | -26,113 | -8,704 |
Net increase in cash and cash equivalents | 30,158 | 187,784 |
Cash and cash equivalents, beginning of period | 1,587,087 | 1,518,329 |
Cash and cash equivalents, end of period | 1,617,245 | 1,706,113 |
Non-cash investing activity: | ' | ' |
Accounts payable for fixed assets purchases | $57,483 | $74,278 |
ORGANIZATION_OF_THE_COMPANY_AN
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 2013 | |
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION | ' |
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION | ' |
1. ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION | |
Organization of the Company | |
Flextronics International Ltd. (“Flextronics” or the “Company”) was incorporated in the Republic of Singapore in May 1990. The Company’s operations have expanded over the years through a combination of organic growth and acquisitions. The Company is a leading global supply chain solutions provider of advanced design, manufacturing and services to original equipment manufacturers (“OEMs”) of a broad range of electronic products serving customers in the following markets: High Reliability Solutions (“HRS”), which is comprised of our medical, automotive, and defense and aerospace businesses; High Velocity Solutions (“HVS”), which includes our mobile devices business, including smart phones, and consumer electronics, including game consoles and wearable electronics, and our high-volume computing business, including various supply chain solutions for notebook personal computing (“PC”), tablets, and printers; Industrial and Emerging Industries (“IEI”), which is comprised of household appliances, semi-cap equipment, kiosks, energy and our emerging industries businesses; and Integrated Network Solutions (“INS”), which includes our telecommunications infrastructure, data networking, connected home, and server and storage businesses. The Company’s strategy is to provide customers with a full range of cost competitive, global supply chain solutions through which the Company can design, build, ship and service a complete packaged product for its OEM customers. OEM customers leverage the Company’s supply chain solutions to meet their product requirements throughout the entire product life cycle. | |
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 like rigid and flexible printed circuit boards and power adapters and chargers. | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2013 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three-month and nine-month periods ended December 31, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2014. | |
During the fourth quarter of fiscal 2013, the Company recorded certain purchase accounting adjustments in connection with an acquisition of a business that was consummated in the third quarter of fiscal 2013. These purchase accounting adjustments resulted in the release of $22.3 million of valuation allowances for deferred tax assets. In accordance with the accounting guidance applicable to business combinations, the Company re-casted the operating results for the quarter ended December 31, 2012 to reflect the release of the valuation allowance for deferred tax assets. | |
The first quarter for fiscal year 2014 and fiscal year 2013 ended on June 28, 2013 and June 29, 2012, respectively. The second quarter for fiscal year 2014 and fiscal year 2013 ended on September 27, 2013 and September 28, 2012, respectively. The Company’s third fiscal quarter ends on December 31, and the fourth fiscal quarter, and year, ends on March 31 of each year. | |
BALANCE_SHEET_ITEMS
BALANCE SHEET ITEMS | 9 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
BALANCE SHEET ITEMS | ' | |||||||||||||||||||
BALANCE SHEET ITEMS | ' | |||||||||||||||||||
2. BALANCE SHEET ITEMS | ||||||||||||||||||||
Inventories | ||||||||||||||||||||
The components of inventories, net of applicable lower of cost or market write-downs, were as follows: | ||||||||||||||||||||
As of | As of | |||||||||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Raw materials | $ | 2,567,982 | $ | 1,683,098 | ||||||||||||||||
Work-in-progress | 642,064 | 421,706 | ||||||||||||||||||
Finished goods | 762,081 | 617,696 | ||||||||||||||||||
$ | 3,972,127 | $ | 2,722,500 | |||||||||||||||||
Goodwill and Other Intangibles | ||||||||||||||||||||
The following table summarizes the activity in the Company’s goodwill account during the nine-month period ended December 31, 2013: | ||||||||||||||||||||
Amount | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance, beginning of the year | $ | 262,005 | ||||||||||||||||||
Additions (1) | 26,384 | |||||||||||||||||||
Purchase accounting adjustments (2) | 4,034 | |||||||||||||||||||
Foreign currency translation adjustments | 429 | |||||||||||||||||||
Balance, end of the period | $ | 292,852 | ||||||||||||||||||
(1) The goodwill generated from the Company’s business combinations completed during the nine-month period ended December 31, 2013 is primarily related to value placed on the employee workforce, service offerings and capabilities and expected synergies. The goodwill is not deductible for income tax purposes. See note 13 to the condensed consolidated financial statements for additional information. | ||||||||||||||||||||
(2) Includes adjustments based on management’s estimates resulting from review and finalization of the valuation of assets and liabilities acquired through certain business combinations completed in a period subsequent to the respective acquisition. These adjustments and acquisitions were not individually, nor in the aggregate, significant to the Company. | ||||||||||||||||||||
The components of acquired intangible assets are as follows: | ||||||||||||||||||||
As of December 31, 2013 | As of March 31, 2013 | |||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Intangible assets: | ||||||||||||||||||||
Customer-related intangibles | $ | 200,920 | $ | (134,612 | ) | $ | 66,308 | $ | 294,310 | $ | (224,517 | ) | $ | 69,793 | ||||||
Licenses and other intangibles | 34,166 | (11,495 | ) | 22,671 | 21,040 | (9,286 | ) | 11,754 | ||||||||||||
Total | $ | 235,086 | $ | (146,107 | ) | $ | 88,979 | $ | 315,350 | $ | (233,803 | ) | $ | 81,547 | ||||||
The gross carrying amounts of intangible assets are removed when the recorded amounts have been fully amortized. During the three-month period ended December 31, 2013, the value of customer-related intangible assets and licenses and other intangible assets increased by $12.9 million and $7.6 million, respectively, as a result of our acquisition of Riwisa AG. The purchase price allocation is preliminary and is subject to change as the Company continues to evaluate the value of assets and liabilities relating to this acquisition. Refer to note 13 to the condensed consolidated financial statements for further discussion of the Riwisa AG acquisition. During the nine-month period ended December 31, 2013, certain customer relationship intangibles were fully amortized, offset by the increase in intangible assets in connection with the aforementioned acquisition. The estimated future annual amortization expense for intangible assets is as follows: | ||||||||||||||||||||
Fiscal Year Ending March 31, | Amount | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
2014 (1) | $ | 6,951 | ||||||||||||||||||
2015 | 25,968 | |||||||||||||||||||
2016 | 20,969 | |||||||||||||||||||
2017 | 13,661 | |||||||||||||||||||
2018 | 8,605 | |||||||||||||||||||
Thereafter | 12,825 | |||||||||||||||||||
Total amortization expense | $ | 88,979 | ||||||||||||||||||
(1) Represents estimated amortization for the remaining three-month period ending March 31, 2014. | ||||||||||||||||||||
Other Current Liabilities | ||||||||||||||||||||
Other current liabilities include customer working capital advances of $934.8 million and $214.1 million as of December 31, 2013 and March 31, 2013, respectively. These amounts are not interest bearing, do not have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production. | ||||||||||||||||||||
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||
3. SHARE-BASED COMPENSATION | ||||||||||||||
The following table summarizes the Company’s share-based compensation expense: | ||||||||||||||
Three-Month Periods Ended | Nine-Month Periods Ended | |||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||
(In thousands) | ||||||||||||||
Cost of sales | $ | 1,800 | $ | 1,530 | $ | 5,018 | $ | 4,045 | ||||||
Selling, general and administrative expenses | 11,311 | 6,986 | 25,399 | 22,663 | ||||||||||
Total stock-based compensation expense | $ | 13,111 | $ | 8,516 | $ | 30,417 | $ | 26,708 | ||||||
Total unrecognized compensation expense related to share options is $0.9 million, net of estimated forfeitures, and will be recognized over a weighted-average remaining vesting period of 1.2 years. As of December 31, 2013, the number of options outstanding and exercisable was 27.0 million and 26.7 million, respectively, at weighted-average exercise prices of $8.92 and $8.94 per share, respectively. | ||||||||||||||
During the nine-month period ended December 31, 2013, the Company granted 8.7 million unvested share bonus awards at an average grant date price of $8.05 per share, under its 2010 Equity Incentive Plan. Of this amount, approximately 2.3 million represents the target amount of grants made to certain key employees whereby vesting is contingent on certain market conditions. The number of shares that ultimately will vest range from zero and up to a maximum of 200% based on a measurement of the change in the Company’s share price over a certain specified period against the change in both the Standard and Poor’s (“S&P”) 500 Composite Index and an Extended Electronics Manufacturing Services (“EMS”) Group Index over the same period, and will cliff vest after a period of three years, if such market conditions have been met. The number of shares issued can range from zero to 4.6 million. The average grant-date fair value of these awards was estimated to be $9.34 per share and was calculated using a Monte Carlo simulation. | ||||||||||||||
As of December 31, 2013, approximately 22.7 million unvested share bonus awards were outstanding, of which vesting for a targeted amount of 5.2 million is contingent on meeting certain market conditions. The number of shares issued can range from zero to 9.9 million based on the achievement levels of the respective market conditions. | ||||||||||||||
As of December 31, 2013, total unrecognized compensation expense related to unvested share bonus awards is $96.9 million, net of estimated forfeitures, and will be recognized over a weighted-average remaining vesting period of 2.45 years. Approximately $17.3 million of the total unrecognized compensation cost, net of estimated forfeitures, is related to awards whereby vesting is contingent on meeting certain market conditions. | ||||||||||||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||
4. EARNINGS PER SHARE | ||||||||||||||
The following table reflects the basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted income from continuing and discontinued operations per share: | ||||||||||||||
Three-Month Periods Ended | Nine-Month Periods Ended | |||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Basic earnings from continuing and discontinued operations per share: | ||||||||||||||
Income from continuing operations | $ | 145,157 | $ | 54,596 | $ | 322,619 | $ | 351,818 | ||||||
Loss from discontinued operations | — | (7,248 | ) | — | (25,451 | ) | ||||||||
Net income | $ | 145,157 | $ | 47,348 | $ | 322,619 | $ | 326,367 | ||||||
Shares used in computation: | ||||||||||||||
Weighted-average ordinary shares outstanding | 606,724 | 658,925 | 614,539 | 666,852 | ||||||||||
Basic earnings from continuing operations per share | $ | 0.24 | $ | 0.08 | $ | 0.52 | $ | 0.53 | ||||||
Basic loss from discontinued operations per share | $ | — | $ | (0.01 | ) | $ | — | $ | (0.04 | ) | ||||
Basic earnings per share | $ | 0.24 | $ | 0.07 | $ | 0.52 | $ | 0.49 | ||||||
Diluted earnings from continuing and discontinued operations per share: | ||||||||||||||
Income from continuing operations | $ | 145,157 | $ | 54,596 | $ | 322,619 | $ | 351,818 | ||||||
Loss from discontinued operations | — | (7,248 | ) | — | (25,451 | ) | ||||||||
Net income | $ | 145,157 | $ | 47,348 | $ | 322,619 | $ | 326,367 | ||||||
Shares used in computation: | ||||||||||||||
Weighted-average ordinary shares outstanding | 606,724 | 658,925 | 614,539 | 666,852 | ||||||||||
Weighted-average ordinary share equivalents from stock options and awards (1) (2) | 11,953 | 10,563 | 12,860 | 11,758 | ||||||||||
Weighted-average ordinary shares and ordinary share equivalents outstanding | 618,677 | 669,488 | 627,399 | 678,610 | ||||||||||
Diluted earnings from continuing operations per share | $ | 0.23 | $ | 0.08 | $ | 0.51 | $ | 0.52 | ||||||
Diluted loss from discontinued operations per share | $ | — | $ | (0.01 | ) | $ | — | $ | (0.04 | ) | ||||
Diluted earnings per share | $ | 0.23 | $ | 0.07 | $ | 0.51 | $ | 0.48 | ||||||
(1) Options to purchase 16.5 million and 19.7 million ordinary shares during the three-month periods ended December 31, 2013 and December 31, 2012, respectively, and 0.2 million and 0.9 million share bonus awards during the three-month periods ended December 31, 2013 and December 31, 2012, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted average ordinary share equivalents. | ||||||||||||||
(2) Options to purchase 16.5 million and 21.0 million ordinary shares during the nine-month periods ended December 31, 2013 and December 31, 2012, respectively, and 0.1 million and 0.5 million share bonus awards during the nine-month periods ended December 31, 2013 and December 31, 2012, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted average ordinary share equivalents. | ||||||||||||||
NONCONTROLLING_INTERESTS
NONCONTROLLING INTERESTS | 9 Months Ended |
Dec. 31, 2013 | |
NONCONTROLLING INTERESTS | ' |
NONCONTROLLING INTERESTS | ' |
5. NON-CONTROLLING INTERESTS | |
On December 17, 2013, a previously wholly-owned subsidiary of the Company issued a non-controlling equity interest to a third party investor in exchange for $33.8 million in cash for an ownership interest less than 20% of the outstanding shares in the subsidiary. The Company continues to own a majority of the subsidiary’s outstanding equity and also controls the subsidiary’s board of directors. Accordingly, the condensed consolidated financial statements include the financial position and results of operations of this subsidiary as of December 31, 2013 and for the three-month and nine-month periods then ended. | |
The Company has recognized the carrying value of the non-controlling interest as a component of total shareholders’ equity. The operating results of the subsidiary attributable to the non-controlling interest are immaterial for all of the periods presented and are included in interest and other, net. | |
BANK_BORROWINGS_AND_LONGTERM_D
BANK BORROWINGS AND LONG-TERM DEBT | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
BANK BORROWINGS AND LONG-TERM DEBT | ' | |||||||
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 | |||||||
December 31, 2013 | March 31, 2013 | |||||||
(In thousands) | ||||||||
Term Loan, including current portion, due October 2014 | $ | — | $ | 170,340 | ||||
Term Loan, including current portion, due in installments through October 2016 | 436,641 | 517,500 | ||||||
Term Loan, including current portion, due in installments through August 2018 | 600,000 | — | ||||||
4.625% Notes due February 2020 | 500,000 | 500,000 | ||||||
5.000% Notes due February 2023 | 500,000 | 500,000 | ||||||
Asia Term Loans | — | 375,000 | ||||||
Other | 19,004 | 4,787 | ||||||
2,055,645 | 2,067,627 | |||||||
Current portion | (54,951 | ) | (416,654 | ) | ||||
Non-current portion | $ | 2,000,694 | $ | 1,650,973 | ||||
The weighted average interest rates for the Company’s long-term debt were 3.2% and 3.5% as of December 31, 2013 and March 31, 2013, respectively. | ||||||||
On August 30, 2013, the Company entered into a $600 million term loan agreement due August 30, 2018 and used part of the proceeds to repay the outstanding balances of the term loan due October 2014 and the Asia Term Loans in full amounting to $170.3 million and $374.5 million, respectively. The remaining $55.2 million was used to repay part of the term loan due October 2016 and upfront bank fees. | ||||||||
Borrowings under the term loan due August 2018 bear interest, at the Company’s option, either at (i) LIBOR plus the applicable margin for LIBOR loans ranging between 1.00% and 2.00%, based on the Company’s credit ratings or (ii) the base rate (the greatest of the agent’s prime rate, the federal funds rate plus 0.50% and LIBOR for a one-month interest period plus 1.00%) plus an applicable margin ranging between 0.00% and 1.00%, based on the Company’s credit rating. | ||||||||
The term loan due August 2018 is unsecured, and contains customary restrictions on the Company’s and its subsidiaries’ ability to (i) incur certain debt, (ii) make certain investments, (iii) make certain acquisitions of other entities, (iv) incur liens, (v) dispose of assets, (vi) make non-cash distributions to shareholders, and (vii) engage in transactions with affiliates. These covenants are subject to a number of exceptions and limitations. This term loan agreement also requires that the Company maintain a maximum ratio of total indebtedness to EBITDA (earnings before interest expense, taxes, depreciation and amortization), and a minimum interest coverage ratio, as defined therein, during its term. As of December 31, 2013, the Company was in compliance with the covenants under this term loan agreement. | ||||||||
Repayments of the Company’s long term debt outstanding as of December 31, 2013 are as follows: | ||||||||
Fiscal Year Ending March 31, | Amount | |||||||
(In thousands) | ||||||||
2014 (1) | $ | 23,190 | ||||||
2015 | 44,518 | |||||||
2016 | 52,018 | |||||||
2017 | 368,351 | |||||||
2018 | 15,000 | |||||||
Thereafter | 1,552,568 | |||||||
Total | $ | 2,055,645 | ||||||
(1) Represents scheduled repayments for the remaining three-month period ending March 31, 2014. | ||||||||
INTEREST_AND_OTHER_NET
INTEREST AND OTHER, NET | 9 Months Ended |
Dec. 31, 2013 | |
INTEREST AND OTHER, NET | ' |
INTEREST AND OTHER, NET | ' |
7. INTEREST AND OTHER, NET | |
During the three-month and nine-month periods ended December 31, 2013, the Company recognized interest expense of $19.9 million and $60.4 million, respectively, on its debt obligations outstanding during the period. During the three-month and nine-month periods ended December 31, 2012, the Company recognized interest expense of $15.8 million and $47.1 million, respectively. | |
During the three-month and nine-month periods ended December 31, 2013, the Company recognized interest income of $4.7 million and $11.9 million, respectively. During the three-month and nine-month periods ended December 31, 2012, the Company recognized interest income of $3.7 million and $15.4 million, respectively. | |
During the three-month and nine-month periods ended December 31, 2013, the Company recognized gains on foreign exchange transactions of $3.3 million and $11.3 million, respectively. During the three-month and nine-month periods ended December 31, 2012, the Company recognized gains on foreign exchange transactions of $6.3 million and $13.9 million, respectively. | |
The Company had warrants to purchase common shares of a certain supplier, which were exercised and the underlying shares were sold for total proceeds of $67.3 million resulting in a loss of $7.1 million during the nine-month period ended December 31, 2013. The Company recognized a gain of $64.8 million relating to the change in fair value of these same warrants during the nine-month period ended December 31, 2012. | |
FINANCIAL_INSTRUMENTS
FINANCIAL INSTRUMENTS | 9 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
8. FINANCIAL INSTRUMENTS | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
The Company enters into forward contracts and foreign currency swap contracts to manage the foreign currency risk associated with monetary accounts and anticipated foreign currency denominated transactions. The Company hedges committed exposures and does not engage in speculative transactions. As of December 31, 2013, the aggregate notional amount of the Company’s outstanding foreign currency forward and swap contracts was $4.0 billion as summarized below: | ||||||||||||||||||
Foreign Currency Amount | Notional Contract Value in USD | |||||||||||||||||
Currency | Buy | Sell | Buy | Sell | ||||||||||||||
(In thousands) | ||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||
CNY | 3,301,000 | — | $ | 544,567 | $ | — | ||||||||||||
EUR | 7,825 | 58,593 | 10,808 | 80,396 | ||||||||||||||
HUF | 11,797,000 | — | 54,998 | — | ||||||||||||||
ILS | 5,300 | — | 1,524 | — | ||||||||||||||
MXN | 1,633,300 | — | 124,935 | — | ||||||||||||||
MYR | 282,880 | — | 85,864 | — | ||||||||||||||
SGD | 33,419 | — | 26,368 | — | ||||||||||||||
Other | N/A | N/A | 47,924 | 400 | ||||||||||||||
896,988 | 80,796 | |||||||||||||||||
Other Forward/Swap Contracts | ||||||||||||||||||
BRL | 80,300 | 71,300 | 34,015 | 30,203 | ||||||||||||||
CAD | 118,254 | 110,482 | 111,283 | 103,856 | ||||||||||||||
CNY | 886,290 | — | 145,631 | — | ||||||||||||||
EUR | 446,780 | 603,079 | 615,804 | 830,322 | ||||||||||||||
GBP | 32,540 | 56,956 | 53,726 | 93,910 | ||||||||||||||
HUF | 17,616,300 | 19,921,600 | 82,127 | 92,875 | ||||||||||||||
JPY | 9,193,270 | 6,440,830 | 87,561 | 61,709 | ||||||||||||||
MXN | 1,674,690 | 1,108,520 | 128,101 | 84,793 | ||||||||||||||
MYR | 233,391 | 51,354 | 70,843 | 15,588 | ||||||||||||||
SEK | 248,048 | 407,204 | 38,546 | 63,257 | ||||||||||||||
SGD | 38,950 | 9,629 | 30,733 | 7,598 | ||||||||||||||
Other | N/A | N/A | 154,559 | 111,177 | ||||||||||||||
1,552,929 | 1,495,288 | |||||||||||||||||
Total Notional Contract Value in USD | $ | 2,449,917 | $ | 1,576,084 | ||||||||||||||
Certain of these contracts are designed to economically hedge the Company’s exposure to monetary assets and liabilities denominated in a non-functional currency and are not accounted for as hedges under the accounting standards. Accordingly, changes in the fair value of these instruments are recognized in earnings during the period of change as a component of interest and other, net in the condensed consolidated statements of operations. Gains or losses from fair value adjustments for these instruments are designed to offset losses and gains from the Company’s revaluation of monetary assets and liabilities denominated in a non-functional currency. As of December 31, 2013 and March 31, 2013, the Company also has included net deferred gains 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. These deferred gains were not material as of December 31, 2013, and are expected to be recognized primarily as a component of cost of sales in the condensed consolidated statements of operations primarily over the next twelve-month period. 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, net in the condensed consolidated statements of operations. | ||||||||||||||||||
The following table presents the fair value of the Company’s derivative instruments located on the condensed consolidated balance sheets utilized for foreign currency risk management purposes: | ||||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||
Balance Sheet | December 31, | March 31, | Balance Sheet | December 31, | March 31, | |||||||||||||
Location | 2013 | 2013 | Location | 2013 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Foreign currency contracts | Other current assets | $ | 9,396 | $ | 11,032 | Other current liabilities | $ | 2,718 | $ | 3,999 | ||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Foreign currency contracts | Other current assets | $ | 8,591 | $ | 16,531 | Other current liabilities | $ | 14,159 | $ | 11,291 | ||||||||
The Company has financial instruments subject to master netting arrangements, which provides for the net settlement of all contracts with a single counterparty. The Company does not offset fair value amounts for assets and liabilities recognized for derivative instruments under these arrangements, and as such, the asset and liability balances presented in the table above reflect the gross amounts of derivatives in the condensed consolidated balance sheets. The impact of netting derivative assets and liabilities is not material to the Company’s financial position for any of the periods presented. | ||||||||||||||||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | |||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | |||||||||||||||||||
9. ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||||||||||||||
The changes in accumulated other comprehensive loss by component, net of tax, during the three-month and nine-month periods ended December 31, 2013 are as follows: | ||||||||||||||||||||
Three-Month Period Ended | Nine-Month Period Ended | |||||||||||||||||||
December 31, 2013 | December 31, 2013 | |||||||||||||||||||
Unrealized gain (loss) on | Foreign currency | Total | Unrealized gain (loss) on | Foreign currency | Total | |||||||||||||||
derivative instruments | translation | derivative instruments | translation | |||||||||||||||||
and other | adjustments | and other | adjustments | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Beginning balance | $ | (19,438 | ) | $ | (88,121 | ) | $ | (107,559 | ) | $ | (18,857 | ) | $ | (58,624 | ) | $ | (77,481 | ) | ||
Other comprehensive gain (loss) before reclassifications | 471 | (13,960 | ) | (13,489 | ) | 163 | (43,457 | ) | (43,294 | ) | ||||||||||
Net losses reclassified from accumulated other comprehensive loss | 626 | — | 626 | 353 | — | 353 | ||||||||||||||
Net current-period other comprehensive gain (loss) | 1,097 | (13,960 | ) | (12,863 | ) | 516 | (43,457 | ) | (42,941 | ) | ||||||||||
Ending balance | $ | (18,341 | ) | $ | (102,081 | ) | $ | (120,422 | ) | $ | (18,341 | ) | $ | (102,081 | ) | $ | (120,422 | ) | ||
Substantially all unrealized losses relating to derivative instruments and other, reclassified from accumulated other comprehensive loss for the three-month and nine-month periods ended December 31, 2013, was recognized as a component of cost of sales in the condensed consolidated statement of operations, which primarily relate to the Company’s foreign currency contracts accounted for as cash flow hedges. | ||||||||||||||||||||
TRADE_RECEIVABLES_SECURITIZATI
TRADE RECEIVABLES SECURITIZATION | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
TRADE RECEIVABLES SECURITIZATION | ' | |||||||||||||
TRADE RECEIVABLES SECURITIZATION | ' | |||||||||||||
10. TRADE RECEIVABLES SECURITIZATION | ||||||||||||||
The Company sells trade receivables under two asset-backed securitization programs and under an accounts receivable factoring program. | ||||||||||||||
Asset-Backed Securitization Programs | ||||||||||||||
The Company continuously sells designated pools of trade receivables under its Global Asset-Backed Securitization Agreement (the “Global Program”) and its North American Asset-Backed Securitization Agreement (the “North American Program,” collectively, the “ABS Programs”) to affiliated special purpose entities, which in turn sell 100% of the receivables to unaffiliated financial institutions. These programs allow the operating subsidiaries to receive a cash payment and a deferred purchase price receivable for sold receivables. The Company maintains a continuing involvement in the receivables sold as a result of the deferred purchase price. The investment limits by the financial institutions are $500.0 million for the Global Program and $300.0 million for the North American Program and require a minimum level of deferred purchase price receivable to be retained by the Company in connection with the sales. | ||||||||||||||
Servicing fees recognized during the three-month and nine-month periods ended December 31, 2013 and December 31, 2012 were not material and are included in interest and other, net within the condensed consolidated statements of operations. As the Company estimates the fee it receives in return for its obligation to service these receivables is at fair value, no servicing assets and liabilities are recognized. | ||||||||||||||
As of December 31, 2013, approximately $1.2 billion of accounts receivable had been sold to the special purpose entities under the ABS Programs for which the Company had received net cash proceeds of $633.9 million and deferred purchase price receivables of approximately $528.8 million. As of March 31, 2013, approximately $1.0 billion of accounts receivable had been sold to the special purpose entities for which the Company had received net cash proceeds of $556.9 million and deferred purchase price receivables of approximately $412.4 million. The deferred purchase price receivables are included in other current assets as of December 31, 2013 and March 31, 2013, and were carried at the expected recovery amount of the related receivables. The difference between the carrying amount of the receivables sold under these programs and the sum of the cash and fair value of the deferred purchase price receivables received at time of transfer is recognized as a loss on sale of the related receivables and recorded in interest and other, net in the condensed consolidated statements of operations and were immaterial for all periods presented. | ||||||||||||||
As of December 31, 2013 and March 31, 2013, the accounts receivable balances that were sold under the ABS Programs were removed from the condensed consolidated balance sheets and the net cash proceeds received by the Company were included as cash provided by operating activities in the condensed consolidated statements of cash flows. | ||||||||||||||
For the nine-month periods ended December 31, 2013 and December 31, 2012, cash flows from sales of receivables under the ABS Programs consisted of approximately $3.0 billion and $2.8 billion for transfers of receivables, respectively (of which approximately $0.3 billion and $0.5 billion, respectively, represented new transfers and the remainder proceeds from collections reinvested in revolving-period transfers for both periods). | ||||||||||||||
The following table summarizes the activity in the deferred purchase price receivables account: | ||||||||||||||
Three-Month Periods Ended | Nine-Month Periods Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||||
Beginning balance | $ | 558,311 | $ | 458,085 | $ | 412,357 | $ | 514,895 | ||||||
Transfers of receivables | 1,066,512 | 953,620 | 2,933,053 | 2,669,102 | ||||||||||
Collections | (1,095,993 | ) | (949,691 | ) | (2,816,580 | ) | (2,721,983 | ) | ||||||
Ending balance | $ | 528,830 | $ | 462,014 | $ | 528,830 | $ | 462,014 | ||||||
Trade Accounts Receivable Sale Programs | ||||||||||||||
The Company also sold accounts receivables to certain third-party banking institutions. The outstanding balance of receivables sold and not yet collected was approximately $517.1 million and $163.6 million as of December 31, 2013 and March 31, 2013, respectively. For the nine-month periods ended December 31, 2013 and December 31, 2012, total accounts receivable sold to certain third party banking institutions was approximately $2.7 billion and $820.7 million, respectively. The loss on sales of accounts receivables sold was not material for the three-month and nine-month periods ended December 31, 2013 and December 31, 2012 and is recorded in interest and other, net in the condensed consolidated statements of operations. The receivables that were sold were removed from the condensed consolidated balance sheets and were reflected as cash provided by operating activities in the condensed consolidated statements of cash flows. | ||||||||||||||
FAIR_VALUE_MEASUREMENT_OF_ASSE
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES | ' | |||||||||||||||
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES | ' | |||||||||||||||
11. FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES | ||||||||||||||||
Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: | ||||||||||||||||
Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
The Company has deferred compensation plans for its officers and certain other employees. Deferred amounts 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 for the most part included in other noncurrent assets on the condensed consolidated balance sheets and primarily include investments in equity securities that are valued using active market prices. | ||||||||||||||||
Level 2 - Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets) such as cash and cash equivalents and money market funds; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | ||||||||||||||||
The Company values foreign exchange forward contracts using level 2 observable inputs which primarily consist of an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. | ||||||||||||||||
The Company’s cash equivalents are comprised of bank deposits and money market funds, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value. | ||||||||||||||||
The Company’s deferred compensation plan assets also include money market funds, mutual funds, corporate and government bonds and certain convertible securities that are valued using prices obtained from various pricing sources. These sources price these investments using certain market indices and the performance of these investments in relation to these indices. As a result, the Company has classified these investments as level 2 in the fair value hierarchy. | ||||||||||||||||
Level 3 - Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | ||||||||||||||||
The Company has accrued for certain contingent consideration in connection with its business acquisitions, which is measured at fair value based on internal models and inputs primarily consisting of revenue and certain operating results targets. Changes to these inputs will result in insignificant increases in the fair value of these contingent considerations, or reducing the fair value to zero. The following table summarizes the activities related to contingent consideration: | ||||||||||||||||
Three-Month Periods Ended | Nine-Month Periods Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Beginning balance | $ | 16,000 | $ | 10,431 | $ | 25,000 | $ | 1,151 | ||||||||
Additions to accrual | — | 15,000 | — | 25,000 | ||||||||||||
Payments | — | (230 | ) | — | (625 | ) | ||||||||||
Fair value adjustments | (3,700 | ) | — | (12,700 | ) | (325 | ) | |||||||||
Ending balance | $ | 12,300 | $ | 25,201 | $ | 12,300 | $ | 25,201 | ||||||||
The Company values deferred purchase price receivables relating to its asset-backed securitization program based on a discounted cash flow analysis using unobservable inputs (i.e., level 3 inputs), which are primarily risk free interest rates adjusted for the credit quality of the underlying creditor and due to its high credit quality and short term maturity their fair value approximates carrying value. Significant increases in either of the significant unobservable inputs (credit spread, risk free interest rate) in isolation would result in lower fair value estimates. Any change in fair value and the interrelationship between these inputs is insignificant. Refer to note 10 to the condensed consolidated financial statements for a reconciliation of the change in the deferred purchase price receivable during the three-month and nine-month periods ended December 31, 2013 and December 31, 2012. | ||||||||||||||||
There were no transfers between levels in the fair value hierarchy during the three-month and nine-month periods ended December 31, 2013 and December 31, 2012. | ||||||||||||||||
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: | ||||||||||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) | $ | — | $ | 882,918 | $ | — | $ | 882,918 | ||||||||
Deferred purchase price receivable (Note 10) | — | — | 528,830 | 528,830 | ||||||||||||
Foreign exchange forward contracts (Note 8) | — | 17,987 | — | 17,987 | ||||||||||||
Deferred compensation plan assets: | ||||||||||||||||
Mutual funds, money market accounts and equity securities | 9,372 | 42,645 | — | 52,017 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign exchange forward contracts (Note 8) | $ | — | $ | (16,877 | ) | $ | — | $ | (16,877 | ) | ||||||
Contingent consideration in connection with business acquisitions | — | — | (12,300 | ) | (12,300 | ) | ||||||||||
Fair Value Measurements as of March 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) | $ | — | $ | 497,390 | $ | — | $ | 497,390 | ||||||||
Deferred purchase price receivable (Note 10) | — | — | 412,357 | 412,357 | ||||||||||||
Foreign exchange forward contracts (Note 8) | — | 27,563 | — | 27,563 | ||||||||||||
Warrants to purchase common shares | — | — | 74,437 | 74,437 | ||||||||||||
Deferred compensation plan assets: | ||||||||||||||||
Mutual funds, money market accounts and equity securities | 6,931 | 40,972 | — | 47,903 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign exchange forward contracts (Note 8) | $ | — | $ | (15,290 | ) | $ | — | $ | (15,290 | ) | ||||||
Contingent consideration in connection with business acquisitions | — | — | (25,000 | ) | (25,000 | ) | ||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||
The Company has certain long-lived assets that are measured at fair value on a nonrecurring basis, and are as follows: | ||||||||||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held for sale | $ | — | $ | 18,882 | $ | — | $ | 18,882 | ||||||||
Fair Value Measurements as of March 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held for sale | $ | — | $ | 11,089 | $ | — | $ | 11,089 | ||||||||
Property and equipment | — | 25,331 | — | 25,331 | ||||||||||||
Assets held for sale | ||||||||||||||||
Assets held for sale are recorded at the lesser of the carrying value or fair value, which is based on comparable sales from prevailing market data (level 2 inputs). During the nine-month period ended December 31, 2013, the Company recognized an impairment charge of $4.3 million in fair value adjustments and sold $9.1 million of assets held for sale. The assets held for sale as of December 31, 2013 primarily represent manufacturing facilities that have been closed as part of the Company’s facility consolidations and the related manufacturing assets. | ||||||||||||||||
Property and equipment | ||||||||||||||||
Property and equipment includes the carrying value of certain assets that were impaired during the fiscal year ended March 31, 2013 as a result of the Company’s restructuring activities as further discussed in note 12 to the condensed consolidated financial statements. | ||||||||||||||||
There were no transfers between levels in the fair value hierarchy for these long-lived assets during the three-month and nine-month periods ended December 31, 2013 and December 31, 2012. | ||||||||||||||||
Other financial instruments | ||||||||||||||||
The following table presents the Company’s debt not carried at fair value: | ||||||||||||||||
As of December 31, 2013 | As of March 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | Fair Value | ||||||||||||
Amount | Value | Amount | Value | Hierarchy | ||||||||||||
(In thousands) | ||||||||||||||||
Term Loan, including current portion, due October 2014 | $ | — | $ | — | $ | 170,340 | $ | 170,496 | Level 1 | |||||||
Term Loan, including current portion, due in installments through October 2016 | 436,641 | 435,824 | 517,500 | 518,794 | Level 1 | |||||||||||
Term Loan, including current portion, due in installments through August 2018 | 600,000 | 591,000 | — | — | Level 1 | |||||||||||
4.625% Notes due February 2020 | 500,000 | 502,350 | 500,000 | 507,190 | Level 1 | |||||||||||
5.000% Notes due February 2023 | 500,000 | 472,250 | 500,000 | 500,000 | Level 1 | |||||||||||
Asia Term Loans | — | — | 375,000 | 375,343 | Level 2 | |||||||||||
Total | $ | 2,036,641 | $ | 2,001,424 | $ | 2,062,840 | $ | 2,071,823 | ||||||||
The term loans and Notes are valued based on broker trading prices in active markets. | ||||||||||||||||
The Company’s Asia Term Loans were not traded publicly; however, as the pricing, maturity and other pertinent terms of these loans closely approximated those of the Term Loan Agreements dated October 1, 2007, and October 19, 2011, management estimated the respective trading prices would be approximately the same. | ||||||||||||||||
RESTRUCTURING_CHARGES
RESTRUCTURING CHARGES | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
RESTRUCTURING CHARGES | ' | |||||||||||||
RESTRUCTURING CHARGES | ' | |||||||||||||
12. RESTRUCTURING CHARGES | ||||||||||||||
The Company initiated certain restructuring activities intended to improve its operational efficiencies by reducing excess workforce and capacity during fiscal year 2013. These restructuring activities extended through the first quarter of fiscal 2014. There were no restructuring charges incurred during the three-month period ended December 31, 2013. Restructuring charges are recorded based upon employee termination dates, site closure and consolidation plans. | ||||||||||||||
During the nine-month period ended December 31, 2013, the Company recognized restructuring charges of approximately $40.8 million, of which $32.2 million was associated with the terminations of 5,106 identified employees. The identified employee terminations by reportable geographic region amounted to approximately 3,947, 1,105 and 54 for Asia, the Americas and Europe, respectively. The costs associated with these restructuring activities include employee severance, other personnel costs, non-cash impairment charges on equipment no longer in use and to be disposed of, and other exit related costs due to facility closures or rationalizations. Of the total restructuring charges, $1.9 million were non-cash charges related to the impairment of long-lived assets, and were classified as a component of cost of sales. | ||||||||||||||
The components of the restructuring charges by geographic region during the nine-month period ended December 31, 2013 were as follows: | ||||||||||||||
Americas | Asia | Europe | Total | |||||||||||
(In thousands) | ||||||||||||||
Severance | $ | 11,331 | $ | 16,205 | $ | 4,631 | $ | 32,167 | ||||||
Long-lived asset impairment | — | 1,900 | — | 1,900 | ||||||||||
Other exit costs | 2,248 | 3,157 | 1,288 | 6,693 | ||||||||||
Total restructuring charges | $ | 13,579 | $ | 21,262 | $ | 5,919 | $ | 40,760 | ||||||
The majority of severance costs were classified as a component of cost of sales. | ||||||||||||||
During the nine-month period ended December 31, 2013, the Company recognized approximately $6.7 million of other exit costs, which was primarily comprised of $3.8 million related to personnel costs and $2.9 million of contractual obligations that resulted from facility closures. The majority of these costs were classified as a component of cost of sales. | ||||||||||||||
The following table summarizes the provisions, respective payments, and remaining accrued balance as of December 31, 2013 for charges incurred in fiscal year 2014 and prior periods: | ||||||||||||||
Long-Lived | Other | |||||||||||||
Severance | Asset Impairment | Exit Costs | Total | |||||||||||
(In thousands) | ||||||||||||||
Balance as of March 31, 2013 | $ | 83,689 | $ | — | $ | 14,211 | $ | 97,900 | ||||||
Provision for charges incurred in first quarter of fiscal year 2014 | 32,167 | 1,900 | 6,693 | 40,760 | ||||||||||
Cash payments for charges incurred in fiscal year 2014 and 2013 | (21,523 | ) | — | (2,872 | ) | (24,395 | ) | |||||||
Cash payments for charges incurred in fiscal year 2010 and prior | (236 | ) | — | (1,164 | ) | (1,400 | ) | |||||||
Non-cash charges incurred in first quarter of fiscal year 2014 | — | (1,900 | ) | — | (1,900 | ) | ||||||||
Balance as of June 28, 2013 | 94,097 | — | 16,868 | 110,965 | ||||||||||
Cash payments for charges incurred in fiscal year 2014 and 2013 | (40,209 | ) | — | (4,717 | ) | (44,926 | ) | |||||||
Cash payments for charges incurred in fiscal year 2010 and prior | (335 | ) | — | (277 | ) | (612 | ) | |||||||
Balance as of September 27, 2013 | 53,553 | — | 11,874 | 65,427 | ||||||||||
Cash payments for charges incurred in fiscal year 2014 and 2013 | (9,312 | ) | — | (3,178 | ) | (12,490 | ) | |||||||
Cash payments for charges incurred in fiscal year 2010 and prior | (153 | ) | — | (194 | ) | (347 | ) | |||||||
Balance as of December 31, 2013 | 44,088 | — | 8,502 | 52,590 | ||||||||||
Less: current portion (classified as other current liabilities) | 40,265 | — | 5,563 | 45,828 | ||||||||||
Accrued restructuring costs, net of current portion (classified as other liabilities) | $ | 3,823 | $ | — | $ | 2,939 | $ | 6,762 | ||||||
BUSINESS_AND_ASSET_ACQUISITION
BUSINESS AND ASSET ACQUISITIONS | 9 Months Ended | ||||
Dec. 31, 2013 | |||||
BUSINESS AND ASSET ACQUISITIONS | ' | ||||
BUSINESS AND ASSET ACQUISITIONS | ' | ||||
13. BUSINESS AND ASSET ACQUISITIONS | |||||
On April 16, 2013, the Company completed the acquisition of certain manufacturing operations from Google’s Motorola Mobility LLC. The Company also entered into a manufacturing and services agreement with Motorola Mobility LLC for mobile devices in conjunction with this acquisition. This acquisition expanded the Company’s relationship with Google’s Motorola Mobility and its capabilities in the mobile devices market. The results of operations were included in the Company’s condensed consolidated financial results beginning on the date of acquisition. Revenues were approximately 12.6% of total revenue for the three-month period ended December 31, 2013 and 10.1% of total revenue for the nine-month period ended December 31, 2013. Income before tax of the acquired operations during the three-month and nine-month periods ended December 31, 2013 was not significant to the condensed consolidated financial results of the Company. On a pro forma basis, the estimated increase to our previously reported revenue amounts to reflect the acquisition of this business as of the first day of the prior comparative period is $838.4 million and $2.7 billion for the three-month and nine-month periods ended December 31, 2012, respectively, and operating results for the same periods were immaterial. | |||||
The cash consideration for this acquisition amounted to $178.9 million. The allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their estimated fair values as of the date of acquisition. Management is in the process of determining the fair value amounts for certain assets acquired, including the value of identifiable intangible assets and certain liabilities assumed. The excess of the purchase price over the tangible and identifiable intangible assets acquired and liabilities assumed has been allocated to goodwill. | |||||
The following represents the Company’s preliminary allocation of the total purchase price to the acquired assets and liabilities assumed of Google’s Motorola Mobility LLC as of December 31, 2013. There were no changes in the fair value of assets acquired and liabilities assumed during the three-month period ended December 31, 2013. | |||||
Amount | |||||
(In thousands) | |||||
Current assets: | |||||
Inventory | $ | 97,740 | |||
Other current assets | 237 | ||||
Total current assets | 97,977 | ||||
Property and equipment | 45,198 | ||||
Goodwill | 2,844 | ||||
Intangible assets — customer relationships | 2,948 | ||||
Other assets | 31,457 | ||||
Total assets | $ | 180,424 | |||
Current liabilities: | |||||
Other current liabilities | $ | 1,519 | |||
Total liabilities | 1,519 | ||||
Total aggregate purchase price | $ | 178,905 | |||
On November 4, 2013 the Company acquired all of the outstanding shares of Riwisa AG, a company registered in Switzerland for total cash consideration of $44.0 million, net of cash acquired amounting to $9.4 million. This acquisition expanded the Company’s capabilities in the medical devices market, particularly precision plastics. The Company primarily acquired inventory, property and equipment and assumed certain liabilities relating to payables and debt. The results of operations were included in the Company’s condensed consolidated financial results beginning on the date of acquisition. Pro-forma results of operations for this acquisition have not been presented because the effects of the acquisition were not material to the Company’s financial results. | |||||
The allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed was based on their estimated fair values as of the date of acquisition. Management is in the process of determining the fair value amounts for certain assets acquired, including the value of identifiable intangible assets and certain liabilities assumed. The excess of the purchase price over the tangible and identifiable intangible assets acquired and liabilities assumed has been allocated to goodwill. The Company recorded $20.5 million as intangible assets and $18.7 million as goodwill based on a preliminary assessment of fair value of assets acquired and liabilities assumed. | |||||
Further, during the nine-month period ended December 31, 2013, the Company completed two other acquisitions for total cash consideration of $15.1 million. Neither of these acquisitions was significant to the Company’s consolidated financial position, results of operations and cash flows. These businesses expanded the Company’s capabilities primarily in manufacturing operations for plastic parts, components and molds. The Company acquired primarily property and equipment and inventory and recorded goodwill amounting to $4.9 million in connection with these acquisitions. The results of operations were included in the Company’s condensed consolidated financial results beginning on the date of these acquisitions. Pro-forma results of operations for these acquisitions have not been presented because the effects of the acquisitions were immaterial to the Company’s financial results. Additionally, transaction costs related to all acquisitions completed during the periods presented were immaterial to the Company’s financial results. | |||||
The Company continues to evaluate certain assets and liabilities related to business combinations completed during recent periods. Additional information, which existed as of the acquisition date, may become known to the Company during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Changes to amounts recorded as assets or liabilities, as a result of such additional information, may result in a corresponding adjustment to goodwill. | |||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | ' |
14. COMMITMENTS AND CONTINGENCIES | |
Litigation and other legal matters | |
On December 11, 2013, Xilinx, Inc. (plaintiff) filed a lawsuit in Santa Clara County, California, Superior Court against Flextronics International, Ltd.; Flextronics International USA, Inc.; and Flextronics Corporation (Case No. 113CV257431). The complaint asserts various claims, including fraud, negligent misrepresentation, breach of contract, and unfair competition, based on specific alleged incidents concerning our purchases and sales of Xilinx products. The plaintiff seeks an unspecified amount of compensatory, statutory, punitive, and other forms of damages, injunctive relief, and attorneys’ fees and costs. The plaintiff also seeks a jury trial. The Company is investigating the allegations and is unable to estimate a range of reasonably possible losses in this matter at this time. | |
In addition, from time to time, the Company is subject to legal proceedings, claims, and litigation arising in the ordinary course of business including tax assessments. 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 its condensed consolidated balance sheets would not be material to the financial statements as a whole. | |
SHARE_REPURCHASES
SHARE REPURCHASES | 9 Months Ended |
Dec. 31, 2013 | |
SHARE REPURCHASES | ' |
SHARE REPURCHASES | ' |
15. SHARE REPURCHASES | |
During the three-month and nine-month periods ended December 31, 2013 the Company repurchased 5.9 million shares at an aggregate purchase price of $44.4 million and 47.1 million shares at an aggregate purchase price of $357.1 million, respectively and retired all these shares. | |
On September 30, 2013, the Singapore Companies Act was amended to increase the share repurchase limit for companies incorporated in Singapore, from 10% to 20% of their shares outstanding as of the most recent shareholder approval date, subject to the requirements under the Singapore Companies Act. | |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
DISCONTINUED OPERATIONS | ' | |||||||
DISCONTINUED OPERATIONS | ' | |||||||
16. DISCONTINUED OPERATIONS | ||||||||
During fiscal year 2013, the Company finalized the sale of two non-core businesses. In accordance with the accounting guidance, these non-core businesses qualified as discontinued operations, and accordingly, the Company reported the results of operations of these businesses in discontinued operations within the condensed consolidated statements of operations for all periods presented as applicable. | ||||||||
The results from discontinued operations for the three-month and nine-month periods ended December 31, 2012 were as follows: | ||||||||
Three-Month | Nine-Month | |||||||
Periods Ended | Periods Ended | |||||||
December 31, | December 31, | |||||||
2012 | 2012 | |||||||
(In thousands) | ||||||||
Net sales | $ | 8,581 | $ | 40,593 | ||||
Cost of sales | 8,487 | 42,793 | ||||||
Gross profit (loss) | 94 | (2,200 | ) | |||||
Selling, general and administrative expenses | 3 | 1,930 | ||||||
Intangibles amortization | — | 11,000 | ||||||
Interest and other, net | 7,333 | 11,280 | ||||||
Loss before income taxes | (7,242 | ) | (26,410 | ) | ||||
Provision for (benefit from) income taxes | 6 | (959 | ) | |||||
Net loss of discontinued operations | $ | (7,248 | ) | $ | (25,451 | ) | ||
Interest and other, net include the loss on sale of the businesses amounting to $4.7 million. The Company did not have any discontinued operations during the nine-month period ended December 31, 2013. | ||||||||
All assets relating to the discontinued operations were sold as of March 31, 2013. | ||||||||
SUPPLEMENTAL_GUARANTOR_AND_NON
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ' | ||||||||||||||||
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ' | ||||||||||||||||
17. SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | |||||||||||||||||
Flextronics International Ltd. (“Parent”) has two tranches of Notes of $500 million each outstanding, which mature on February 15, 2020 and February 15, 2023, respectively. These notes are senior unsecured obligations, and are guaranteed, fully and unconditionally, jointly and severally, on an unsecured basis, by certain of the Company’s 100% owned subsidiaries (the “guarantor subsidiaries”). These subsidiary guarantees will terminate upon 1) a sale or other disposition of the guarantor or the sale or disposition of all or substantially all the assets of the guarantor (other than to Flextronics or a subsidiary); 2) such guarantor ceasing to be a guarantor or a borrower under the Company’s Term Loan Agreement and the Revolving Line of Credit; 3) defeasance or discharge of the Notes, as provided in the Notes indenture; or 4) if at any time the notes are rated investment grade. | |||||||||||||||||
In lieu of providing separate financial statements for the guarantor subsidiaries, the Company has included the accompanying condensed consolidating financial statements, which are presented using the equity method of accounting. The principal elimination entries relate to investment in subsidiaries and intercompany balances and transactions, including transactions with the Company’s non-guarantor subsidiaries. | |||||||||||||||||
Condensed Consolidating Balance Sheets as of December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 604,128 | $ | 45,962 | $ | 967,155 | $ | — | $ | 1,617,245 | |||||||
Accounts receivable | — | 899,441 | 1,651,589 | — | 2,551,030 | ||||||||||||
Inventories | — | 1,628,470 | 2,343,657 | — | 3,972,127 | ||||||||||||
Inter company receivable | 4,927,410 | 4,989,090 | 8,757,994 | (18,674,494 | ) | — | |||||||||||
Other current assets | 518 | 243,060 | 1,308,943 | — | 1,552,521 | ||||||||||||
Total current assets | 5,532,056 | 7,806,023 | 15,029,338 | (18,674,494 | ) | 9,692,923 | |||||||||||
Property and equipment, net | — | 437,412 | 1,943,299 | — | 2,380,711 | ||||||||||||
Goodwill and other intangible assets, net | 850 | 40,144 | 340,837 | — | 381,831 | ||||||||||||
Other assets | 2,595,312 | 104,605 | 4,569,256 | (6,907,601 | ) | 361,572 | |||||||||||
Investment in subsidiaries | 3,962,146 | (549,678 | ) | 17,305,339 | (20,717,807 | ) | — | ||||||||||
Total assets | $ | 12,090,364 | $ | 7,838,506 | $ | 39,188,069 | $ | (46,299,902 | ) | $ | 12,817,037 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Bank borrowings and current portion of long-term debt | $ | 40,768 | $ | 420 | $ | 13,763 | $ | — | $ | 54,951 | |||||||
Accounts payable | — | 1,221,335 | 3,747,305 | — | 4,968,640 | ||||||||||||
Accrued payroll | — | 91,227 | 294,413 | — | 385,640 | ||||||||||||
Inter company payable | 5,239,573 | 7,985,067 | 5,449,854 | (18,674,494 | ) | — | |||||||||||
Other current liabilities | 44,065 | 633,231 | 1,977,965 | — | 2,655,261 | ||||||||||||
Total current liabilities | 5,324,406 | 9,931,280 | 11,483,300 | (18,674,494 | ) | 8,064,492 | |||||||||||
Long term liabilities | 4,545,211 | 2,067,962 | 2,792,421 | (6,907,601 | ) | 2,497,993 | |||||||||||
Flextronics International Ltd. shareholders’ equity | 2,220,747 | (4,160,736 | ) | 24,912,348 | (20,751,612 | ) | 2,220,747 | ||||||||||
Noncontrolling interests | — | — | — | 33,805 | 33,805 | ||||||||||||
Total shareholders’ equity | 2,220,747 | (4,160,736 | ) | 24,912,348 | (20,717,807 | ) | 2,254,552 | ||||||||||
Total liabilities and shareholders’ equity | $ | 12,090,364 | $ | 7,838,506 | $ | 39,188,069 | $ | (46,299,902 | ) | $ | 12,817,037 | ||||||
Condensed Consolidating Balance Sheets as of March 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 740,515 | $ | 82,900 | $ | 763,672 | $ | — | $ | 1,587,087 | |||||||
Accounts receivable | — | 458,617 | 1,653,379 | — | 2,111,996 | ||||||||||||
Inventories | — | 1,063,627 | 1,658,873 | — | 2,722,500 | ||||||||||||
Inter company receivable | 4,440,955 | 4,726,673 | 6,490,274 | (15,657,902 | ) | — | |||||||||||
Other current assets | 6,182 | 178,585 | 1,165,051 | — | 1,349,818 | ||||||||||||
Total current assets | 5,187,652 | 6,510,402 | 11,731,249 | (15,657,902 | ) | 7,771,401 | |||||||||||
Property and equipment, net | — | 328,621 | 1,845,967 | — | 2,174,588 | ||||||||||||
Goodwill and other intangible assets, net | 1,075 | 40,626 | 301,851 | — | 343,552 | ||||||||||||
Other assets | 2,498,080 | 105,136 | 4,902,815 | (7,204,017 | ) | 302,014 | |||||||||||
Investment in subsidiaries | 4,127,384 | (954,619 | ) | 16,920,679 | (20,093,444 | ) | — | ||||||||||
Total assets | $ | 11,814,191 | $ | 6,030,166 | $ | 35,702,561 | $ | (42,955,363 | ) | $ | 10,591,555 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Bank borrowings and current portion of long-term debt | $ | 416,594 | $ | 60 | $ | — | $ | — | $ | 416,654 | |||||||
Accounts payable | — | 1,077,723 | 2,627,574 | — | 3,705,297 | ||||||||||||
Accrued payroll | — | 86,073 | 265,610 | — | 351,683 | ||||||||||||
Inter company payable | 4,963,615 | 6,093,606 | 4,600,681 | (15,657,902 | ) | — | |||||||||||
Other current liabilities | 32,440 | 424,599 | 1,242,112 | — | 1,699,151 | ||||||||||||
Total current liabilities | 5,412,649 | 7,682,061 | 8,735,977 | (15,657,902 | ) | 6,172,785 | |||||||||||
Long term liabilities | 4,154,784 | 2,488,279 | 2,732,966 | (7,204,017 | ) | 2,172,012 | |||||||||||
Shareholders’ equity | 2,246,758 | (4,140,174 | ) | 24,233,618 | (20,093,444 | ) | 2,246,758 | ||||||||||
Total liabilities and shareholders’ equity | $ | 11,814,191 | $ | 6,030,166 | $ | 35,702,561 | $ | (42,955,363 | ) | $ | 10,591,555 | ||||||
Condensed Consolidating Statements of Operations for the Three-Month Period Ended December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net sales | $ | — | $ | 4,641,981 | $ | 7,054,467 | $ | (4,513,006 | ) | $ | 7,183,442 | ||||||
Cost of sales | — | 4,290,813 | 7,007,016 | (4,513,006 | ) | 6,784,823 | |||||||||||
Gross profit | — | 351,168 | 47,451 | — | 398,619 | ||||||||||||
Selling, general and administrative expenses | — | 46,081 | 178,495 | — | 224,576 | ||||||||||||
Intangible amortization | 75 | 1,018 | 4,482 | — | 5,575 | ||||||||||||
Interest and other, net | (277,297 | ) | 353,089 | (61,049 | ) | — | 14,743 | ||||||||||
Income (loss) from continuing operations before income taxes | 277,222 | (49,020 | ) | (74,477 | ) | — | 153,725 | ||||||||||
Provision for income taxes | 26 | 1,834 | 6,708 | — | 8,568 | ||||||||||||
Equity in earnings in subsidiaries | (132,039 | ) | 20,020 | 49,314 | 62,705 | — | |||||||||||
Net income (loss) | $ | 145,157 | $ | (30,834 | ) | $ | (31,871 | ) | $ | 62,705 | $ | 145,157 | |||||
Condensed Consolidating Statements of Operations for the Three-Month Period Ended December 31, 2012 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net sales | $ | — | $ | 3,687,858 | $ | 4,734,165 | $ | (2,298,702 | ) | $ | 6,123,321 | ||||||
Cost of sales | — | 3,369,715 | 4,707,531 | (2,298,702 | ) | 5,778,544 | |||||||||||
Restructuring charges | — | 4,360 | 93,955 | — | 98,315 | ||||||||||||
Gross profit (loss) | — | 313,783 | (67,321 | ) | — | 246,462 | |||||||||||
Selling, general and administrative expenses | — | 47,150 | 160,074 | — | 207,224 | ||||||||||||
Intangible amortization | 75 | 1,859 | 4,203 | — | 6,137 | ||||||||||||
Restructuring charges | — | 173 | 4,203 | — | 4,376 | ||||||||||||
Interest and other, net | (151,320 | ) | 335,509 | (201,278 | ) | — | (17,089 | ) | |||||||||
Income (loss) from continuing operations before income taxes | 151,245 | (70,908 | ) | (34,523 | ) | — | 45,814 | ||||||||||
Provision for (benefit from) income taxes | 833 | 2,446 | (12,061 | ) | — | (8,782 | ) | ||||||||||
Equity in earnings in subsidiaries | (103,064 | ) | (30,044 | ) | 48,389 | 84,719 | — | ||||||||||
Income (loss) from continuing operations | 47,348 | (103,398 | ) | 25,927 | 84,719 | 54,596 | |||||||||||
Loss from discontinued operations, net of tax | — | — | (7,248 | ) | — | (7,248 | ) | ||||||||||
Net income (loss) | $ | 47,348 | $ | (103,398 | ) | $ | 18,679 | $ | 84,719 | $ | 47,348 | ||||||
Condensed Consolidating Statements of Operations for the Nine-Month Period Ended December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net sales | $ | — | $ | 12,154,405 | $ | 17,173,465 | $ | (9,943,197 | ) | $ | 19,384,673 | ||||||
Cost of sales | — | 11,109,343 | 17,105,324 | (9,943,197 | ) | 18,271,470 | |||||||||||
Restructuring charges | — | 1,293 | 33,833 | — | 35,126 | ||||||||||||
Gross profit | — | 1,043,769 | 34,308 | — | 1,078,077 | ||||||||||||
Selling, general and administrative expenses | — | 146,339 | 514,722 | — | 661,061 | ||||||||||||
Intangible amortization | 225 | 3,055 | 18,215 | — | 21,495 | ||||||||||||
Restructuring charges | 800 | 2,401 | 2,433 | — | 5,634 | ||||||||||||
Interest and other, net | (489,834 | ) | 904,039 | (366,177 | ) | — | 48,028 | ||||||||||
Income (loss) from continuing operations before income taxes | 488,809 | (12,065 | ) | (134,885 | ) | — | 341,859 | ||||||||||
Provision for income taxes | 37 | 4,019 | 15,184 | — | 19,240 | ||||||||||||
Equity in earnings in subsidiaries | (166,153 | ) | (59,167 | ) | 90,540 | 134,780 | — | ||||||||||
Net income (loss) | $ | 322,619 | $ | (75,251 | ) | $ | (59,529 | ) | $ | 134,780 | $ | 322,619 | |||||
Condensed Consolidating Statements of Operations for the Nine-Month Period Ended December 31, 2012 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net sales | $ | — | $ | 11,407,584 | $ | 13,807,774 | $ | (6,941,201 | ) | $ | 18,274,157 | ||||||
Cost of sales | $ | — | $ | 10,316,417 | $ | 13,830,035 | $ | (6,941,201 | ) | 17,205,251 | |||||||
Restructuring charges | — | 4,360 | 93,955 | — | 98,315 | ||||||||||||
Gross profit (loss) | — | 1,086,807 | (116,216 | ) | — | 970,591 | |||||||||||
Selling, general and administrative expenses | — | 141,033 | 448,718 | — | 589,751 | ||||||||||||
Intangible amortization | 225 | 6,395 | 14,591 | — | 21,211 | ||||||||||||
Restructuring charges | — | 173 | 4,203 | — | 4,376 | ||||||||||||
Interest and other, net | (581,990 | ) | 666,887 | (101,651 | ) | — | (16,754 | ) | |||||||||
Income (loss) from continuing operations before income taxes | 581,765 | 272,319 | (482,077 | ) | — | 372,007 | |||||||||||
Provision for income taxes | 833 | 4,894 | 14,462 | — | 20,189 | ||||||||||||
Equity in earnings in subsidiaries | (254,565 | ) | (160,692 | ) | 286,587 | 128,670 | — | ||||||||||
Income (loss) from continuing operations | 326,367 | 106,733 | (209,952 | ) | 128,670 | 351,818 | |||||||||||
Loss from discontinued operations, net of tax | — | — | (25,451 | ) | — | (25,451 | ) | ||||||||||
Net income (loss) | $ | 326,367 | $ | 106,733 | $ | (235,403 | ) | $ | 128,670 | $ | 326,367 | ||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||
Subsidiaries | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net income (loss) | $ | 145,157 | $ | (30,834 | ) | $ | (31,871 | ) | $ | 62,705 | $ | 145,157 | |||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustments, net of zero tax | (13,960 | ) | (3,369 | ) | (28,137 | ) | 31,506 | (13,960 | ) | ||||||||
Unrealized gain (loss) on derivative instruments and other, net of zero tax | 1,097 | (4 | ) | 1,097 | (1,093 | ) | 1,097 | ||||||||||
Comprehensive income (loss) | $ | 132,294 | $ | (34,207 | ) | $ | (58,911 | ) | $ | 93,118 | $ | 132,294 | |||||
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended December 31, 2012 | |||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||
Subsidiaries | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net income (loss) | $ | 47,348 | $ | (103,398 | ) | $ | 18,679 | $ | 84,719 | $ | 47,348 | ||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustments, net of zero tax | (10,603 | ) | (6,075 | ) | (30,706 | ) | 36,781 | (10,603 | ) | ||||||||
Unrealized gain (loss) on derivative instruments and other, net of zero tax | (3,088 | ) | 1,822 | (3,088 | ) | 1,266 | (3,088 | ) | |||||||||
Comprehensive income (loss) | $ | 33,657 | $ | (107,651 | ) | $ | (15,115 | ) | $ | 122,766 | $ | 33,657 | |||||
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Nine-Month Period Ended December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||
Subsidiaries | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net income (loss) | $ | 322,619 | $ | (75,251 | ) | $ | (59,529 | ) | $ | 134,780 | $ | 322,619 | |||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustments, net of zero tax | (43,457 | ) | (15,794 | ) | (94,550 | ) | 110,344 | (43,457 | ) | ||||||||
Unrealized gain (loss) on derivative instruments and other, net of zero tax | 516 | 3,944 | 515 | (4,459 | ) | 516 | |||||||||||
Comprehensive income (loss) | $ | 279,678 | $ | (87,101 | ) | $ | (153,564 | ) | $ | 240,665 | $ | 279,678 | |||||
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Nine-Month Period Ended December 31, 2012 | |||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||
Subsidiaries | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net income (loss) | $ | 326,367 | $ | 106,733 | $ | (235,403 | ) | $ | 128,670 | $ | 326,367 | ||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustments, net of zero tax | (21,575 | ) | 1,271 | (23,143 | ) | 21,872 | (21,575 | ) | |||||||||
Unrealized gain (loss) on derivative instruments and other, net of zero tax | 3,015 | (1,192 | ) | 3,015 | (1,823 | ) | 3,015 | ||||||||||
Comprehensive income (loss) | $ | 307,807 | $ | 106,812 | $ | (255,531 | ) | $ | 148,719 | $ | 307,807 | ||||||
Condensed Consolidating Statements of Cash Flows for the Nine-Month Period Ended December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(In thousands) | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 477,036 | $ | (944,464 | ) | $ | 1,585,742 | $ | (7 | ) | 1,118,307 | ||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property and equipment, net of proceeds from disposal | — | (168,525 | ) | (292,628 | ) | — | (461,153 | ) | |||||||||
Acquisition of businesses, net of cash acquired | — | (2,949 | ) | (235,082 | ) | — | (238,031 | ) | |||||||||
Proceeds from divestiture of business, net of cash held in divested business | — | — | 4,599 | — | 4,599 | ||||||||||||
Investing cash flows from (to) affiliates | (306,254 | ) | (308,144 | ) | (3,506,916 | ) | 4,121,314 | — | |||||||||
Other investing activities, net | — | (832 | ) | (11,235 | ) | — | (12,067 | ) | |||||||||
Net cash provided by (used in) investing activities | (306,254 | ) | (480,450 | ) | (4,041,262 | ) | 4,121,314 | (706,652 | ) | ||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from bank borrowings and long-term debt | 1,003,000 | 277 | 17 | — | 1,003,294 | ||||||||||||
Repayments of bank borrowings, long-term debt and capital lease obligations | (489,365 | ) | (1,068 | ) | (28,116 | ) | — | (518,549 | ) | ||||||||
Payments for early retirement of long-term debt | (503,423 | ) | (41,417 | ) | — | — | (544,840 | ) | |||||||||
Payments for repurchases of ordinary shares | (362,693 | ) | — | — | — | (362,693 | ) | ||||||||||
Net proceeds from issuance of ordinary shares | 21,106 | — | — | — | 21,106 | ||||||||||||
Financing cash flows from (to) affiliates | (29,135 | ) | 1,427,288 | 2,723,154 | (4,121,307 | ) | — | ||||||||||
Other financing activities, net | — | — | 46,298 | — | 46,298 | ||||||||||||
Net cash provided by (used in) financing activities | (360,510 | ) | 1,385,080 | 2,741,353 | (4,121,307 | ) | (355,384 | ) | |||||||||
Effect of exchange rates on cash and cash equivalents | 53,341 | 2,896 | (82,350 | ) | — | (26,113 | ) | ||||||||||
Net (decrease) increase in cash and cash equivalents | (136,387 | ) | (36,938 | ) | 203,483 | — | 30,158 | ||||||||||
Cash and cash equivalents, beginning of period | 740,515 | 82,900 | 763,672 | — | 1,587,087 | ||||||||||||
Cash and cash equivalents, end of period | $ | 604,128 | $ | 45,962 | $ | 967,155 | $ | — | $ | 1,617,245 | |||||||
Condensed Consolidating Statements of Cash Flows for the Nine-Month Period Ended December 31, 2012 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(In thousands) | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 546,758 | $ | 186,359 | $ | 272,922 | $ | 18 | $ | 1,006,057 | |||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property and equipment, net of proceeds from disposal | — | (68,797 | ) | (259,079 | ) | (206 | ) | (328,082 | ) | ||||||||
Acquisition of businesses, net of cash acquired | — | — | (183,896 | ) | — | (183,896 | ) | ||||||||||
Proceeds from divestiture of business, net of cash held in divested business | — | — | 22,585 | — | 22,585 | ||||||||||||
Investing cash flows from (to) affiliates | (244,256 | ) | (99,604 | ) | 1,113,580 | (769,720 | ) | — | |||||||||
Other investing activities, net | — | 6,413 | (100,046 | ) | — | (93,633 | ) | ||||||||||
Net cash provided by (used in) investing activities | (244,256 | ) | (161,988 | ) | 593,144 | (769,926 | ) | (583,026 | ) | ||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from bank borrowings and long-term debt | 160,001 | 151 | 11,521 | — | 171,673 | ||||||||||||
Repayments of bank borrowings, long-term debt and capital lease obligations | (278,632 | ) | (3,461 | ) | (8,137 | ) | — | (290,230 | ) | ||||||||
Payments for repurchases of ordinary shares | (208,208 | ) | — | — | — | (208,208 | ) | ||||||||||
Net proceeds from issuance of ordinary shares | 14,632 | — | — | — | 14,632 | ||||||||||||
Financing cash flows from (to) affiliates | 122,739 | 82,403 | (975,050 | ) | 769,908 | — | |||||||||||
Other financing activities, net | — | — | 85,590 | — | 85,590 | ||||||||||||
Net cash provided by (used in) financing activities | (189,468 | ) | 79,093 | (886,076 | ) | 769,908 | (226,543 | ) | |||||||||
Effect of exchange rates on cash and cash equivalents | (110 | ) | 2,164 | (10,758 | ) | — | (8,704 | ) | |||||||||
Net (decrease) increase in cash and cash equivalents | 112,924 | 105,628 | (30,768 | ) | — | 187,784 | |||||||||||
Cash and cash equivalents, beginning of period | 649,252 | 47,865 | 821,212 | — | 1,518,329 | ||||||||||||
Cash and cash equivalents, end of period | $ | 762,176 | $ | 153,493 | $ | 790,444 | $ | — | $ | 1,706,113 | |||||||
BALANCE_SHEET_ITEMS_Tables
BALANCE SHEET ITEMS (Tables) | 9 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
BALANCE SHEET ITEMS | ' | |||||||||||||||||||
Schedule of components of inventories | ' | |||||||||||||||||||
As of | As of | |||||||||||||||||||
December 31, 2013 | March 31, 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Raw materials | $ | 2,567,982 | $ | 1,683,098 | ||||||||||||||||
Work-in-progress | 642,064 | 421,706 | ||||||||||||||||||
Finished goods | 762,081 | 617,696 | ||||||||||||||||||
$ | 3,972,127 | $ | 2,722,500 | |||||||||||||||||
Schedule of goodwill | ' | |||||||||||||||||||
The following table summarizes the activity in the Company’s goodwill account during the nine-month period ended December 31, 2013: | ||||||||||||||||||||
Amount | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance, beginning of the year | $ | 262,005 | ||||||||||||||||||
Additions (1) | 26,384 | |||||||||||||||||||
Purchase accounting adjustments (2) | 4,034 | |||||||||||||||||||
Foreign currency translation adjustments | 429 | |||||||||||||||||||
Balance, end of the period | $ | 292,852 | ||||||||||||||||||
(1) The goodwill generated from the Company’s business combinations completed during the nine-month period ended December 31, 2013 is primarily related to value placed on the employee workforce, service offerings and capabilities and expected synergies. The goodwill is not deductible for income tax purposes. See note 13 to the condensed consolidated financial statements for additional information. | ||||||||||||||||||||
(2) Includes adjustments based on management’s estimates resulting from review and finalization of the valuation of assets and liabilities acquired through certain business combinations completed in a period subsequent to the respective acquisition. These adjustments and acquisitions were not individually, nor in the aggregate, significant to the Company. | ||||||||||||||||||||
Schedule of components of acquired intangible assets | ' | |||||||||||||||||||
As of December 31, 2013 | As of March 31, 2013 | |||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Intangible assets: | ||||||||||||||||||||
Customer-related intangibles | $ | 200,920 | $ | (134,612 | ) | $ | 66,308 | $ | 294,310 | $ | (224,517 | ) | $ | 69,793 | ||||||
Licenses and other intangibles | 34,166 | (11,495 | ) | 22,671 | 21,040 | (9,286 | ) | 11,754 | ||||||||||||
Total | $ | 235,086 | $ | (146,107 | ) | $ | 88,979 | $ | 315,350 | $ | (233,803 | ) | $ | 81,547 | ||||||
Schedule of estimated future annual amortization expense for acquired intangible assets | ' | |||||||||||||||||||
Fiscal Year Ending March 31, | Amount | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
2014 (1) | $ | 6,951 | ||||||||||||||||||
2015 | 25,968 | |||||||||||||||||||
2016 | 20,969 | |||||||||||||||||||
2017 | 13,661 | |||||||||||||||||||
2018 | 8,605 | |||||||||||||||||||
Thereafter | 12,825 | |||||||||||||||||||
Total amortization expense | $ | 88,979 | ||||||||||||||||||
(1) Represents estimated amortization for the remaining three-month period ending March 31, 2014. | ||||||||||||||||||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||
Schedule Of Share-Based Compensation Expense | ' | |||||||||||||
Three-Month Periods Ended | Nine-Month Periods Ended | |||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||
(In thousands) | ||||||||||||||
Cost of sales | $ | 1,800 | $ | 1,530 | $ | 5,018 | $ | 4,045 | ||||||
Selling, general and administrative expenses | 11,311 | 6,986 | 25,399 | 22,663 | ||||||||||
Total stock-based compensation expense | $ | 13,111 | $ | 8,516 | $ | 30,417 | $ | 26,708 | ||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||
Schedule of basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted income from continuing and discontinued operations per share | ' | |||||||||||||
Three-Month Periods Ended | Nine-Month Periods Ended | |||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||
(In thousands, except per share amounts) | ||||||||||||||
Basic earnings from continuing and discontinued operations per share: | ||||||||||||||
Income from continuing operations | $ | 145,157 | $ | 54,596 | $ | 322,619 | $ | 351,818 | ||||||
Loss from discontinued operations | — | (7,248 | ) | — | (25,451 | ) | ||||||||
Net income | $ | 145,157 | $ | 47,348 | $ | 322,619 | $ | 326,367 | ||||||
Shares used in computation: | ||||||||||||||
Weighted-average ordinary shares outstanding | 606,724 | 658,925 | 614,539 | 666,852 | ||||||||||
Basic earnings from continuing operations per share | $ | 0.24 | $ | 0.08 | $ | 0.52 | $ | 0.53 | ||||||
Basic loss from discontinued operations per share | $ | — | $ | (0.01 | ) | $ | — | $ | (0.04 | ) | ||||
Basic earnings per share | $ | 0.24 | $ | 0.07 | $ | 0.52 | $ | 0.49 | ||||||
Diluted earnings from continuing and discontinued operations per share: | ||||||||||||||
Income from continuing operations | $ | 145,157 | $ | 54,596 | $ | 322,619 | $ | 351,818 | ||||||
Loss from discontinued operations | — | (7,248 | ) | — | (25,451 | ) | ||||||||
Net income | $ | 145,157 | $ | 47,348 | $ | 322,619 | $ | 326,367 | ||||||
Shares used in computation: | ||||||||||||||
Weighted-average ordinary shares outstanding | 606,724 | 658,925 | 614,539 | 666,852 | ||||||||||
Weighted-average ordinary share equivalents from stock options and awards (1) (2) | 11,953 | 10,563 | 12,860 | 11,758 | ||||||||||
Weighted-average ordinary shares and ordinary share equivalents outstanding | 618,677 | 669,488 | 627,399 | 678,610 | ||||||||||
Diluted earnings from continuing operations per share | $ | 0.23 | $ | 0.08 | $ | 0.51 | $ | 0.52 | ||||||
Diluted loss from discontinued operations per share | $ | — | $ | (0.01 | ) | $ | — | $ | (0.04 | ) | ||||
Diluted earnings per share | $ | 0.23 | $ | 0.07 | $ | 0.51 | $ | 0.48 | ||||||
(1) Options to purchase 16.5 million and 19.7 million ordinary shares during the three-month periods ended December 31, 2013 and December 31, 2012, respectively, and 0.2 million and 0.9 million share bonus awards during the three-month periods ended December 31, 2013 and December 31, 2012, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted average ordinary share equivalents. | ||||||||||||||
(2) Options to purchase 16.5 million and 21.0 million ordinary shares during the nine-month periods ended December 31, 2013 and December 31, 2012, respectively, and 0.1 million and 0.5 million share bonus awards during the nine-month periods ended December 31, 2013 and December 31, 2012, 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_LONGTERM_D1
BANK BORROWINGS AND LONG-TERM DEBT (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
BANK BORROWINGS AND LONG-TERM DEBT | ' | |||||||
Schedule Of bank borrowings and long-term debt | ' | |||||||
As of | As of | |||||||
December 31, 2013 | March 31, 2013 | |||||||
(In thousands) | ||||||||
Term Loan, including current portion, due October 2014 | $ | — | $ | 170,340 | ||||
Term Loan, including current portion, due in installments through October 2016 | 436,641 | 517,500 | ||||||
Term Loan, including current portion, due in installments through August 2018 | 600,000 | — | ||||||
4.625% Notes due February 2020 | 500,000 | 500,000 | ||||||
5.000% Notes due February 2023 | 500,000 | 500,000 | ||||||
Asia Term Loans | — | 375,000 | ||||||
Other | 19,004 | 4,787 | ||||||
2,055,645 | 2,067,627 | |||||||
Current portion | (54,951 | ) | (416,654 | ) | ||||
Non-current portion | $ | 2,000,694 | $ | 1,650,973 | ||||
Schedule of the Company's repayments of long-term debt outstanding | ' | |||||||
Fiscal Year Ending March 31, | Amount | |||||||
(In thousands) | ||||||||
2014 (1) | $ | 23,190 | ||||||
2015 | 44,518 | |||||||
2016 | 52,018 | |||||||
2017 | 368,351 | |||||||
2018 | 15,000 | |||||||
Thereafter | 1,552,568 | |||||||
Total | $ | 2,055,645 | ||||||
(1) Represents scheduled repayments for the remaining three-month period ending March 31, 2014. | ||||||||
FINANCIAL_INSTRUMENTS_Tables
FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
FINANCIAL INSTRUMENTS | ' | |||||||||||||||||
Schedule of aggregate notional amount of the outstanding foreign currency forward and swap contracts | ' | |||||||||||||||||
Foreign Currency Amount | Notional Contract Value in USD | |||||||||||||||||
Currency | Buy | Sell | Buy | Sell | ||||||||||||||
(In thousands) | ||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||
CNY | 3,301,000 | — | $ | 544,567 | $ | — | ||||||||||||
EUR | 7,825 | 58,593 | 10,808 | 80,396 | ||||||||||||||
HUF | 11,797,000 | — | 54,998 | — | ||||||||||||||
ILS | 5,300 | — | 1,524 | — | ||||||||||||||
MXN | 1,633,300 | — | 124,935 | — | ||||||||||||||
MYR | 282,880 | — | 85,864 | — | ||||||||||||||
SGD | 33,419 | — | 26,368 | — | ||||||||||||||
Other | N/A | N/A | 47,924 | 400 | ||||||||||||||
896,988 | 80,796 | |||||||||||||||||
Other Forward/Swap Contracts | ||||||||||||||||||
BRL | 80,300 | 71,300 | 34,015 | 30,203 | ||||||||||||||
CAD | 118,254 | 110,482 | 111,283 | 103,856 | ||||||||||||||
CNY | 886,290 | — | 145,631 | — | ||||||||||||||
EUR | 446,780 | 603,079 | 615,804 | 830,322 | ||||||||||||||
GBP | 32,540 | 56,956 | 53,726 | 93,910 | ||||||||||||||
HUF | 17,616,300 | 19,921,600 | 82,127 | 92,875 | ||||||||||||||
JPY | 9,193,270 | 6,440,830 | 87,561 | 61,709 | ||||||||||||||
MXN | 1,674,690 | 1,108,520 | 128,101 | 84,793 | ||||||||||||||
MYR | 233,391 | 51,354 | 70,843 | 15,588 | ||||||||||||||
SEK | 248,048 | 407,204 | 38,546 | 63,257 | ||||||||||||||
SGD | 38,950 | 9,629 | 30,733 | 7,598 | ||||||||||||||
Other | N/A | N/A | 154,559 | 111,177 | ||||||||||||||
1,552,929 | 1,495,288 | |||||||||||||||||
Total Notional Contract Value in USD | $ | 2,449,917 | $ | 1,576,084 | ||||||||||||||
Schedule of fair value of the derivative instruments located on the condensed consolidated balance sheets utilized for foreign currency risk management purposes | ' | |||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||
Balance Sheet | December 31, | March 31, | Balance Sheet | December 31, | March 31, | |||||||||||||
Location | 2013 | 2013 | Location | 2013 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||
Foreign currency contracts | Other current assets | $ | 9,396 | $ | 11,032 | Other current liabilities | $ | 2,718 | $ | 3,999 | ||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||
Foreign currency contracts | Other current assets | $ | 8,591 | $ | 16,531 | Other current liabilities | $ | 14,159 | $ | 11,291 | ||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | |||||||||||||||||||
Schedule of changes in accumulated other comprehensive loss by component, net of tax | ' | |||||||||||||||||||
Three-Month Period Ended | Nine-Month Period Ended | |||||||||||||||||||
December 31, 2013 | December 31, 2013 | |||||||||||||||||||
Unrealized gain (loss) on | Foreign currency | Total | Unrealized gain (loss) on | Foreign currency | Total | |||||||||||||||
derivative instruments | translation | derivative instruments | translation | |||||||||||||||||
and other | adjustments | and other | adjustments | |||||||||||||||||
(In thousands) | ||||||||||||||||||||
Beginning balance | $ | (19,438 | ) | $ | (88,121 | ) | $ | (107,559 | ) | $ | (18,857 | ) | $ | (58,624 | ) | $ | (77,481 | ) | ||
Other comprehensive gain (loss) before reclassifications | 471 | (13,960 | ) | (13,489 | ) | 163 | (43,457 | ) | (43,294 | ) | ||||||||||
Net losses reclassified from accumulated other comprehensive loss | 626 | — | 626 | 353 | — | 353 | ||||||||||||||
Net current-period other comprehensive gain (loss) | 1,097 | (13,960 | ) | (12,863 | ) | 516 | (43,457 | ) | (42,941 | ) | ||||||||||
Ending balance | $ | (18,341 | ) | $ | (102,081 | ) | $ | (120,422 | ) | $ | (18,341 | ) | $ | (102,081 | ) | $ | (120,422 | ) | ||
TRADE_RECEIVABLES_SECURITIZATI1
TRADE RECEIVABLES SECURITIZATION (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
TRADE RECEIVABLES SECURITIZATION | ' | |||||||||||||
Summary of deferred purchase price receivables | ' | |||||||||||||
Three-Month Periods Ended | Nine-Month Periods Ended | |||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||||
Beginning balance | $ | 558,311 | $ | 458,085 | $ | 412,357 | $ | 514,895 | ||||||
Transfers of receivables | 1,066,512 | 953,620 | 2,933,053 | 2,669,102 | ||||||||||
Collections | (1,095,993 | ) | (949,691 | ) | (2,816,580 | ) | (2,721,983 | ) | ||||||
Ending balance | $ | 528,830 | $ | 462,014 | $ | 528,830 | $ | 462,014 | ||||||
FAIR_VALUE_MEASUREMENT_OF_ASSE1
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES | ' | |||||||||||||||
Summary of activities related to contingent consideration | ' | |||||||||||||||
Three-Month Periods Ended | Nine-Month Periods Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||||
Beginning balance | $ | 16,000 | $ | 10,431 | $ | 25,000 | $ | 1,151 | ||||||||
Additions to accrual | — | 15,000 | — | 25,000 | ||||||||||||
Payments | — | (230 | ) | — | (625 | ) | ||||||||||
Fair value adjustments | (3,700 | ) | — | (12,700 | ) | (325 | ) | |||||||||
Ending balance | $ | 12,300 | $ | 25,201 | $ | 12,300 | $ | 25,201 | ||||||||
Schedule of financial assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) | $ | — | $ | 882,918 | $ | — | $ | 882,918 | ||||||||
Deferred purchase price receivable (Note 10) | — | — | 528,830 | 528,830 | ||||||||||||
Foreign exchange forward contracts (Note 8) | — | 17,987 | — | 17,987 | ||||||||||||
Deferred compensation plan assets: | ||||||||||||||||
Mutual funds, money market accounts and equity securities | 9,372 | 42,645 | — | 52,017 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign exchange forward contracts (Note 8) | $ | — | $ | (16,877 | ) | $ | — | $ | (16,877 | ) | ||||||
Contingent consideration in connection with business acquisitions | — | — | (12,300 | ) | (12,300 | ) | ||||||||||
Fair Value Measurements as of March 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) | $ | — | $ | 497,390 | $ | — | $ | 497,390 | ||||||||
Deferred purchase price receivable (Note 10) | — | — | 412,357 | 412,357 | ||||||||||||
Foreign exchange forward contracts (Note 8) | — | 27,563 | — | 27,563 | ||||||||||||
Warrants to purchase common shares | — | — | 74,437 | 74,437 | ||||||||||||
Deferred compensation plan assets: | ||||||||||||||||
Mutual funds, money market accounts and equity securities | 6,931 | 40,972 | — | 47,903 | ||||||||||||
Liabilities: | ||||||||||||||||
Foreign exchange forward contracts (Note 8) | $ | — | $ | (15,290 | ) | $ | — | $ | (15,290 | ) | ||||||
Contingent consideration in connection with business acquisitions | — | — | (25,000 | ) | (25,000 | ) | ||||||||||
Schedule of assets measured at fair value on a nonrecurring basis | ' | |||||||||||||||
Fair Value Measurements as of December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held for sale | $ | — | $ | 18,882 | $ | — | $ | 18,882 | ||||||||
Fair Value Measurements as of March 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Assets held for sale | $ | — | $ | 11,089 | $ | — | $ | 11,089 | ||||||||
Property and equipment | — | 25,331 | — | 25,331 | ||||||||||||
Schedule of debt not carried at fair value | ' | |||||||||||||||
As of December 31, 2013 | As of March 31, 2013 | |||||||||||||||
Carrying | Fair | Carrying | Fair | Fair Value | ||||||||||||
Amount | Value | Amount | Value | Hierarchy | ||||||||||||
(In thousands) | ||||||||||||||||
Term Loan, including current portion, due October 2014 | $ | — | $ | — | $ | 170,340 | $ | 170,496 | Level 1 | |||||||
Term Loan, including current portion, due in installments through October 2016 | 436,641 | 435,824 | 517,500 | 518,794 | Level 1 | |||||||||||
Term Loan, including current portion, due in installments through August 2018 | 600,000 | 591,000 | — | — | Level 1 | |||||||||||
4.625% Notes due February 2020 | 500,000 | 502,350 | 500,000 | 507,190 | Level 1 | |||||||||||
5.000% Notes due February 2023 | 500,000 | 472,250 | 500,000 | 500,000 | Level 1 | |||||||||||
Asia Term Loans | — | — | 375,000 | 375,343 | Level 2 | |||||||||||
Total | $ | 2,036,641 | $ | 2,001,424 | $ | 2,062,840 | $ | 2,071,823 | ||||||||
RESTRUCTURING_CHARGES_Tables
RESTRUCTURING CHARGES (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
RESTRUCTURING CHARGES | ' | |||||||||||||
Schedule of components of the restructuring charges by reportable region | ' | |||||||||||||
The components of the restructuring charges by geographic region during the nine-month period ended December 31, 2013 were as follows: | ||||||||||||||
Americas | Asia | Europe | Total | |||||||||||
(In thousands) | ||||||||||||||
Severance | $ | 11,331 | $ | 16,205 | $ | 4,631 | $ | 32,167 | ||||||
Long-lived asset impairment | — | 1,900 | — | 1,900 | ||||||||||
Other exit costs | 2,248 | 3,157 | 1,288 | 6,693 | ||||||||||
Total restructuring charges | $ | 13,579 | $ | 21,262 | $ | 5,919 | $ | 40,760 | ||||||
Schedule of provisions, respective payments, and remaining accrued balance | ' | |||||||||||||
Long-Lived | Other | |||||||||||||
Severance | Asset Impairment | Exit Costs | Total | |||||||||||
(In thousands) | ||||||||||||||
Balance as of March 31, 2013 | $ | 83,689 | $ | — | $ | 14,211 | $ | 97,900 | ||||||
Provision for charges incurred in first quarter of fiscal year 2014 | 32,167 | 1,900 | 6,693 | 40,760 | ||||||||||
Cash payments for charges incurred in fiscal year 2014 and 2013 | (21,523 | ) | — | (2,872 | ) | (24,395 | ) | |||||||
Cash payments for charges incurred in fiscal year 2010 and prior | (236 | ) | — | (1,164 | ) | (1,400 | ) | |||||||
Non-cash charges incurred in first quarter of fiscal year 2014 | — | (1,900 | ) | — | (1,900 | ) | ||||||||
Balance as of June 28, 2013 | 94,097 | — | 16,868 | 110,965 | ||||||||||
Cash payments for charges incurred in fiscal year 2014 and 2013 | (40,209 | ) | — | (4,717 | ) | (44,926 | ) | |||||||
Cash payments for charges incurred in fiscal year 2010 and prior | (335 | ) | — | (277 | ) | (612 | ) | |||||||
Balance as of September 27, 2013 | 53,553 | — | 11,874 | 65,427 | ||||||||||
Cash payments for charges incurred in fiscal year 2014 and 2013 | (9,312 | ) | — | (3,178 | ) | (12,490 | ) | |||||||
Cash payments for charges incurred in fiscal year 2010 and prior | (153 | ) | — | (194 | ) | (347 | ) | |||||||
Balance as of December 31, 2013 | 44,088 | — | 8,502 | 52,590 | ||||||||||
Less: current portion (classified as other current liabilities) | 40,265 | — | 5,563 | 45,828 | ||||||||||
Accrued restructuring costs, net of current portion (classified as other liabilities) | $ | 3,823 | $ | — | $ | 2,939 | $ | 6,762 | ||||||
BUSINESS_AND_ASSET_ACQUISITION1
BUSINESS AND ASSET ACQUISITIONS (Tables) | 9 Months Ended | ||||
Dec. 31, 2013 | |||||
BUSINESS AND ASSET ACQUISITIONS | ' | ||||
Schedule of preliminary allocation of total purchase price to the acquired assets and liabilities assumed | ' | ||||
Amount | |||||
(In thousands) | |||||
Current assets: | |||||
Inventory | $ | 97,740 | |||
Other current assets | 237 | ||||
Total current assets | 97,977 | ||||
Property and equipment | 45,198 | ||||
Goodwill | 2,844 | ||||
Intangible assets — customer relationships | 2,948 | ||||
Other assets | 31,457 | ||||
Total assets | $ | 180,424 | |||
Current liabilities: | |||||
Other current liabilities | $ | 1,519 | |||
Total liabilities | 1,519 | ||||
Total aggregate purchase price | $ | 178,905 | |||
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
DISCONTINUED OPERATIONS | ' | |||||||
Schedule of results from discontinued operations | ' | |||||||
Three-Month | Nine-Month | |||||||
Periods Ended | Periods Ended | |||||||
December 31, | December 31, | |||||||
2012 | 2012 | |||||||
(In thousands) | ||||||||
Net sales | $ | 8,581 | $ | 40,593 | ||||
Cost of sales | 8,487 | 42,793 | ||||||
Gross profit (loss) | 94 | (2,200 | ) | |||||
Selling, general and administrative expenses | 3 | 1,930 | ||||||
Intangibles amortization | — | 11,000 | ||||||
Interest and other, net | 7,333 | 11,280 | ||||||
Loss before income taxes | (7,242 | ) | (26,410 | ) | ||||
Provision for (benefit from) income taxes | 6 | (959 | ) | |||||
Net loss of discontinued operations | $ | (7,248 | ) | $ | (25,451 | ) | ||
SUPPLEMENTAL_GUARANTOR_AND_NON1
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ' | ||||||||||||||||
Condensed Consolidating Balance Sheets | ' | ||||||||||||||||
Condensed Consolidating Balance Sheets as of December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 604,128 | $ | 45,962 | $ | 967,155 | $ | — | $ | 1,617,245 | |||||||
Accounts receivable | — | 899,441 | 1,651,589 | — | 2,551,030 | ||||||||||||
Inventories | — | 1,628,470 | 2,343,657 | — | 3,972,127 | ||||||||||||
Inter company receivable | 4,927,410 | 4,989,090 | 8,757,994 | (18,674,494 | ) | — | |||||||||||
Other current assets | 518 | 243,060 | 1,308,943 | — | 1,552,521 | ||||||||||||
Total current assets | 5,532,056 | 7,806,023 | 15,029,338 | (18,674,494 | ) | 9,692,923 | |||||||||||
Property and equipment, net | — | 437,412 | 1,943,299 | — | 2,380,711 | ||||||||||||
Goodwill and other intangible assets, net | 850 | 40,144 | 340,837 | — | 381,831 | ||||||||||||
Other assets | 2,595,312 | 104,605 | 4,569,256 | (6,907,601 | ) | 361,572 | |||||||||||
Investment in subsidiaries | 3,962,146 | (549,678 | ) | 17,305,339 | (20,717,807 | ) | — | ||||||||||
Total assets | $ | 12,090,364 | $ | 7,838,506 | $ | 39,188,069 | $ | (46,299,902 | ) | $ | 12,817,037 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Bank borrowings and current portion of long-term debt | $ | 40,768 | $ | 420 | $ | 13,763 | $ | — | $ | 54,951 | |||||||
Accounts payable | — | 1,221,335 | 3,747,305 | — | 4,968,640 | ||||||||||||
Accrued payroll | — | 91,227 | 294,413 | — | 385,640 | ||||||||||||
Inter company payable | 5,239,573 | 7,985,067 | 5,449,854 | (18,674,494 | ) | — | |||||||||||
Other current liabilities | 44,065 | 633,231 | 1,977,965 | — | 2,655,261 | ||||||||||||
Total current liabilities | 5,324,406 | 9,931,280 | 11,483,300 | (18,674,494 | ) | 8,064,492 | |||||||||||
Long term liabilities | 4,545,211 | 2,067,962 | 2,792,421 | (6,907,601 | ) | 2,497,993 | |||||||||||
Flextronics International Ltd. shareholders’ equity | 2,220,747 | (4,160,736 | ) | 24,912,348 | (20,751,612 | ) | 2,220,747 | ||||||||||
Noncontrolling interests | — | — | — | 33,805 | 33,805 | ||||||||||||
Total shareholders’ equity | 2,220,747 | (4,160,736 | ) | 24,912,348 | (20,717,807 | ) | 2,254,552 | ||||||||||
Total liabilities and shareholders’ equity | $ | 12,090,364 | $ | 7,838,506 | $ | 39,188,069 | $ | (46,299,902 | ) | $ | 12,817,037 | ||||||
Condensed Consolidating Balance Sheets as of March 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 740,515 | $ | 82,900 | $ | 763,672 | $ | — | $ | 1,587,087 | |||||||
Accounts receivable | — | 458,617 | 1,653,379 | — | 2,111,996 | ||||||||||||
Inventories | — | 1,063,627 | 1,658,873 | — | 2,722,500 | ||||||||||||
Inter company receivable | 4,440,955 | 4,726,673 | 6,490,274 | (15,657,902 | ) | — | |||||||||||
Other current assets | 6,182 | 178,585 | 1,165,051 | — | 1,349,818 | ||||||||||||
Total current assets | 5,187,652 | 6,510,402 | 11,731,249 | (15,657,902 | ) | 7,771,401 | |||||||||||
Property and equipment, net | — | 328,621 | 1,845,967 | — | 2,174,588 | ||||||||||||
Goodwill and other intangible assets, net | 1,075 | 40,626 | 301,851 | — | 343,552 | ||||||||||||
Other assets | 2,498,080 | 105,136 | 4,902,815 | (7,204,017 | ) | 302,014 | |||||||||||
Investment in subsidiaries | 4,127,384 | (954,619 | ) | 16,920,679 | (20,093,444 | ) | — | ||||||||||
Total assets | $ | 11,814,191 | $ | 6,030,166 | $ | 35,702,561 | $ | (42,955,363 | ) | $ | 10,591,555 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Bank borrowings and current portion of long-term debt | $ | 416,594 | $ | 60 | $ | — | $ | — | $ | 416,654 | |||||||
Accounts payable | — | 1,077,723 | 2,627,574 | — | 3,705,297 | ||||||||||||
Accrued payroll | — | 86,073 | 265,610 | — | 351,683 | ||||||||||||
Inter company payable | 4,963,615 | 6,093,606 | 4,600,681 | (15,657,902 | ) | — | |||||||||||
Other current liabilities | 32,440 | 424,599 | 1,242,112 | — | 1,699,151 | ||||||||||||
Total current liabilities | 5,412,649 | 7,682,061 | 8,735,977 | (15,657,902 | ) | 6,172,785 | |||||||||||
Long term liabilities | 4,154,784 | 2,488,279 | 2,732,966 | (7,204,017 | ) | 2,172,012 | |||||||||||
Shareholders’ equity | 2,246,758 | (4,140,174 | ) | 24,233,618 | (20,093,444 | ) | 2,246,758 | ||||||||||
Total liabilities and shareholders’ equity | $ | 11,814,191 | $ | 6,030,166 | $ | 35,702,561 | $ | (42,955,363 | ) | $ | 10,591,555 | ||||||
Condensed Consolidating Statements of Operations | ' | ||||||||||||||||
Condensed Consolidating Statements of Operations for the Three-Month Period Ended December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net sales | $ | — | $ | 4,641,981 | $ | 7,054,467 | $ | (4,513,006 | ) | $ | 7,183,442 | ||||||
Cost of sales | — | 4,290,813 | 7,007,016 | (4,513,006 | ) | 6,784,823 | |||||||||||
Gross profit | — | 351,168 | 47,451 | — | 398,619 | ||||||||||||
Selling, general and administrative expenses | — | 46,081 | 178,495 | — | 224,576 | ||||||||||||
Intangible amortization | 75 | 1,018 | 4,482 | — | 5,575 | ||||||||||||
Interest and other, net | (277,297 | ) | 353,089 | (61,049 | ) | — | 14,743 | ||||||||||
Income (loss) from continuing operations before income taxes | 277,222 | (49,020 | ) | (74,477 | ) | — | 153,725 | ||||||||||
Provision for income taxes | 26 | 1,834 | 6,708 | — | 8,568 | ||||||||||||
Equity in earnings in subsidiaries | (132,039 | ) | 20,020 | 49,314 | 62,705 | — | |||||||||||
Net income (loss) | $ | 145,157 | $ | (30,834 | ) | $ | (31,871 | ) | $ | 62,705 | $ | 145,157 | |||||
Condensed Consolidating Statements of Operations for the Three-Month Period Ended December 31, 2012 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net sales | $ | — | $ | 3,687,858 | $ | 4,734,165 | $ | (2,298,702 | ) | $ | 6,123,321 | ||||||
Cost of sales | — | 3,369,715 | 4,707,531 | (2,298,702 | ) | 5,778,544 | |||||||||||
Restructuring charges | — | 4,360 | 93,955 | — | 98,315 | ||||||||||||
Gross profit (loss) | — | 313,783 | (67,321 | ) | — | 246,462 | |||||||||||
Selling, general and administrative expenses | — | 47,150 | 160,074 | — | 207,224 | ||||||||||||
Intangible amortization | 75 | 1,859 | 4,203 | — | 6,137 | ||||||||||||
Restructuring charges | — | 173 | 4,203 | — | 4,376 | ||||||||||||
Interest and other, net | (151,320 | ) | 335,509 | (201,278 | ) | — | (17,089 | ) | |||||||||
Income (loss) from continuing operations before income taxes | 151,245 | (70,908 | ) | (34,523 | ) | — | 45,814 | ||||||||||
Provision for (benefit from) income taxes | 833 | 2,446 | (12,061 | ) | — | (8,782 | ) | ||||||||||
Equity in earnings in subsidiaries | (103,064 | ) | (30,044 | ) | 48,389 | 84,719 | — | ||||||||||
Income (loss) from continuing operations | 47,348 | (103,398 | ) | 25,927 | 84,719 | 54,596 | |||||||||||
Loss from discontinued operations, net of tax | — | — | (7,248 | ) | — | (7,248 | ) | ||||||||||
Net income (loss) | $ | 47,348 | $ | (103,398 | ) | $ | 18,679 | $ | 84,719 | $ | 47,348 | ||||||
Condensed Consolidating Statements of Operations for the Nine-Month Period Ended December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net sales | $ | — | $ | 12,154,405 | $ | 17,173,465 | $ | (9,943,197 | ) | $ | 19,384,673 | ||||||
Cost of sales | — | 11,109,343 | 17,105,324 | (9,943,197 | ) | 18,271,470 | |||||||||||
Restructuring charges | — | 1,293 | 33,833 | — | 35,126 | ||||||||||||
Gross profit | — | 1,043,769 | 34,308 | — | 1,078,077 | ||||||||||||
Selling, general and administrative expenses | — | 146,339 | 514,722 | — | 661,061 | ||||||||||||
Intangible amortization | 225 | 3,055 | 18,215 | — | 21,495 | ||||||||||||
Restructuring charges | 800 | 2,401 | 2,433 | — | 5,634 | ||||||||||||
Interest and other, net | (489,834 | ) | 904,039 | (366,177 | ) | — | 48,028 | ||||||||||
Income (loss) from continuing operations before income taxes | 488,809 | (12,065 | ) | (134,885 | ) | — | 341,859 | ||||||||||
Provision for income taxes | 37 | 4,019 | 15,184 | — | 19,240 | ||||||||||||
Equity in earnings in subsidiaries | (166,153 | ) | (59,167 | ) | 90,540 | 134,780 | — | ||||||||||
Net income (loss) | $ | 322,619 | $ | (75,251 | ) | $ | (59,529 | ) | $ | 134,780 | $ | 322,619 | |||||
Condensed Consolidating Statements of Operations for the Nine-Month Period Ended December 31, 2012 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(in thousands) | |||||||||||||||||
Net sales | $ | — | $ | 11,407,584 | $ | 13,807,774 | $ | (6,941,201 | ) | $ | 18,274,157 | ||||||
Cost of sales | $ | — | $ | 10,316,417 | $ | 13,830,035 | $ | (6,941,201 | ) | 17,205,251 | |||||||
Restructuring charges | — | 4,360 | 93,955 | — | 98,315 | ||||||||||||
Gross profit (loss) | — | 1,086,807 | (116,216 | ) | — | 970,591 | |||||||||||
Selling, general and administrative expenses | — | 141,033 | 448,718 | — | 589,751 | ||||||||||||
Intangible amortization | 225 | 6,395 | 14,591 | — | 21,211 | ||||||||||||
Restructuring charges | — | 173 | 4,203 | — | 4,376 | ||||||||||||
Interest and other, net | (581,990 | ) | 666,887 | (101,651 | ) | — | (16,754 | ) | |||||||||
Income (loss) from continuing operations before income taxes | 581,765 | 272,319 | (482,077 | ) | — | 372,007 | |||||||||||
Provision for income taxes | 833 | 4,894 | 14,462 | — | 20,189 | ||||||||||||
Equity in earnings in subsidiaries | (254,565 | ) | (160,692 | ) | 286,587 | 128,670 | — | ||||||||||
Income (loss) from continuing operations | 326,367 | 106,733 | (209,952 | ) | 128,670 | 351,818 | |||||||||||
Loss from discontinued operations, net of tax | — | — | (25,451 | ) | — | (25,451 | ) | ||||||||||
Net income (loss) | $ | 326,367 | $ | 106,733 | $ | (235,403 | ) | $ | 128,670 | $ | 326,367 | ||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) | ' | ||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||
Subsidiaries | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net income (loss) | $ | 145,157 | $ | (30,834 | ) | $ | (31,871 | ) | $ | 62,705 | $ | 145,157 | |||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustments, net of zero tax | (13,960 | ) | (3,369 | ) | (28,137 | ) | 31,506 | (13,960 | ) | ||||||||
Unrealized gain (loss) on derivative instruments and other, net of zero tax | 1,097 | (4 | ) | 1,097 | (1,093 | ) | 1,097 | ||||||||||
Comprehensive income (loss) | $ | 132,294 | $ | (34,207 | ) | $ | (58,911 | ) | $ | 93,118 | $ | 132,294 | |||||
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended December 31, 2012 | |||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||
Subsidiaries | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net income (loss) | $ | 47,348 | $ | (103,398 | ) | $ | 18,679 | $ | 84,719 | $ | 47,348 | ||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustments, net of zero tax | (10,603 | ) | (6,075 | ) | (30,706 | ) | 36,781 | (10,603 | ) | ||||||||
Unrealized gain (loss) on derivative instruments and other, net of zero tax | (3,088 | ) | 1,822 | (3,088 | ) | 1,266 | (3,088 | ) | |||||||||
Comprehensive income (loss) | $ | 33,657 | $ | (107,651 | ) | $ | (15,115 | ) | $ | 122,766 | $ | 33,657 | |||||
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Nine-Month Period Ended December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||
Subsidiaries | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net income (loss) | $ | 322,619 | $ | (75,251 | ) | $ | (59,529 | ) | $ | 134,780 | $ | 322,619 | |||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustments, net of zero tax | (43,457 | ) | (15,794 | ) | (94,550 | ) | 110,344 | (43,457 | ) | ||||||||
Unrealized gain (loss) on derivative instruments and other, net of zero tax | 516 | 3,944 | 515 | (4,459 | ) | 516 | |||||||||||
Comprehensive income (loss) | $ | 279,678 | $ | (87,101 | ) | $ | (153,564 | ) | $ | 240,665 | $ | 279,678 | |||||
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Nine-Month Period Ended December 31, 2012 | |||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||
Subsidiaries | |||||||||||||||||
(in thousands) | |||||||||||||||||
Net income (loss) | $ | 326,367 | $ | 106,733 | $ | (235,403 | ) | $ | 128,670 | $ | 326,367 | ||||||
Other comprehensive income (loss): | |||||||||||||||||
Foreign currency translation adjustments, net of zero tax | (21,575 | ) | 1,271 | (23,143 | ) | 21,872 | (21,575 | ) | |||||||||
Unrealized gain (loss) on derivative instruments and other, net of zero tax | 3,015 | (1,192 | ) | 3,015 | (1,823 | ) | 3,015 | ||||||||||
Comprehensive income (loss) | $ | 307,807 | $ | 106,812 | $ | (255,531 | ) | $ | 148,719 | $ | 307,807 | ||||||
Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||
Condensed Consolidating Statements of Cash Flows for the Nine-Month Period Ended December 31, 2013 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(In thousands) | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 477,036 | $ | (944,464 | ) | $ | 1,585,742 | $ | (7 | ) | 1,118,307 | ||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property and equipment, net of proceeds from disposal | — | (168,525 | ) | (292,628 | ) | — | (461,153 | ) | |||||||||
Acquisition of businesses, net of cash acquired | — | (2,949 | ) | (235,082 | ) | — | (238,031 | ) | |||||||||
Proceeds from divestiture of business, net of cash held in divested business | — | — | 4,599 | — | 4,599 | ||||||||||||
Investing cash flows from (to) affiliates | (306,254 | ) | (308,144 | ) | (3,506,916 | ) | 4,121,314 | — | |||||||||
Other investing activities, net | — | (832 | ) | (11,235 | ) | — | (12,067 | ) | |||||||||
Net cash provided by (used in) investing activities | (306,254 | ) | (480,450 | ) | (4,041,262 | ) | 4,121,314 | (706,652 | ) | ||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from bank borrowings and long-term debt | 1,003,000 | 277 | 17 | — | 1,003,294 | ||||||||||||
Repayments of bank borrowings, long-term debt and capital lease obligations | (489,365 | ) | (1,068 | ) | (28,116 | ) | — | (518,549 | ) | ||||||||
Payments for early retirement of long-term debt | (503,423 | ) | (41,417 | ) | — | — | (544,840 | ) | |||||||||
Payments for repurchases of ordinary shares | (362,693 | ) | — | — | — | (362,693 | ) | ||||||||||
Net proceeds from issuance of ordinary shares | 21,106 | — | — | — | 21,106 | ||||||||||||
Financing cash flows from (to) affiliates | (29,135 | ) | 1,427,288 | 2,723,154 | (4,121,307 | ) | — | ||||||||||
Other financing activities, net | — | — | 46,298 | — | 46,298 | ||||||||||||
Net cash provided by (used in) financing activities | (360,510 | ) | 1,385,080 | 2,741,353 | (4,121,307 | ) | (355,384 | ) | |||||||||
Effect of exchange rates on cash and cash equivalents | 53,341 | 2,896 | (82,350 | ) | — | (26,113 | ) | ||||||||||
Net (decrease) increase in cash and cash equivalents | (136,387 | ) | (36,938 | ) | 203,483 | — | 30,158 | ||||||||||
Cash and cash equivalents, beginning of period | 740,515 | 82,900 | 763,672 | — | 1,587,087 | ||||||||||||
Cash and cash equivalents, end of period | $ | 604,128 | $ | 45,962 | $ | 967,155 | $ | — | $ | 1,617,245 | |||||||
Condensed Consolidating Statements of Cash Flows for the Nine-Month Period Ended December 31, 2012 | |||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
(In thousands) | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 546,758 | $ | 186,359 | $ | 272,922 | $ | 18 | $ | 1,006,057 | |||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property and equipment, net of proceeds from disposal | — | (68,797 | ) | (259,079 | ) | (206 | ) | (328,082 | ) | ||||||||
Acquisition of businesses, net of cash acquired | — | — | (183,896 | ) | — | (183,896 | ) | ||||||||||
Proceeds from divestiture of business, net of cash held in divested business | — | — | 22,585 | — | 22,585 | ||||||||||||
Investing cash flows from (to) affiliates | (244,256 | ) | (99,604 | ) | 1,113,580 | (769,720 | ) | — | |||||||||
Other investing activities, net | — | 6,413 | (100,046 | ) | — | (93,633 | ) | ||||||||||
Net cash provided by (used in) investing activities | (244,256 | ) | (161,988 | ) | 593,144 | (769,926 | ) | (583,026 | ) | ||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from bank borrowings and long-term debt | 160,001 | 151 | 11,521 | — | 171,673 | ||||||||||||
Repayments of bank borrowings, long-term debt and capital lease obligations | (278,632 | ) | (3,461 | ) | (8,137 | ) | — | (290,230 | ) | ||||||||
Payments for repurchases of ordinary shares | (208,208 | ) | — | — | — | (208,208 | ) | ||||||||||
Net proceeds from issuance of ordinary shares | 14,632 | — | — | — | 14,632 | ||||||||||||
Financing cash flows from (to) affiliates | 122,739 | 82,403 | (975,050 | ) | 769,908 | — | |||||||||||
Other financing activities, net | — | — | 85,590 | — | 85,590 | ||||||||||||
Net cash provided by (used in) financing activities | (189,468 | ) | 79,093 | (886,076 | ) | 769,908 | (226,543 | ) | |||||||||
Effect of exchange rates on cash and cash equivalents | (110 | ) | 2,164 | (10,758 | ) | — | (8,704 | ) | |||||||||
Net (decrease) increase in cash and cash equivalents | 112,924 | 105,628 | (30,768 | ) | — | 187,784 | |||||||||||
Cash and cash equivalents, beginning of period | 649,252 | 47,865 | 821,212 | — | 1,518,329 | ||||||||||||
Cash and cash equivalents, end of period | $ | 762,176 | $ | 153,493 | $ | 790,444 | $ | — | $ | 1,706,113 |
ORGANIZATION_OF_THE_COMPANY_AN1
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Details) (2013 Acquisition, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
2013 Acquisition | ' |
Basis of Presentation | ' |
Amount released relating to valuation allowances for deferred tax assets | $22.30 |
BALANCE_SHEET_ITEMS_Details
BALANCE SHEET ITEMS (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials | $2,567,982 | $1,683,098 |
Work-in-progress | 642,064 | 421,706 |
Finished goods | 762,081 | 617,696 |
Inventories, total | $3,972,127 | $2,722,500 |
BALANCE_SHEET_ITEMS_Details_2
BALANCE SHEET ITEMS (Details 2) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Activity in goodwill account | ' |
Balance, beginning of the year | $262,005 |
Additions | 26,384 |
Purchase accounting adjustments | 4,034 |
Foreign currency translation adjustments | 429 |
Balance, end of the period | $292,852 |
BALANCE_SHEET_ITEMS_Details_3
BALANCE SHEET ITEMS (Details 3) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 |
Customer-related intangibles | Customer-related intangibles | Customer-related intangibles | Licenses and other intangibles | Licenses and other intangibles | Licenses and other intangibles | |||
Riwisa AG | Riwisa AG | |||||||
Components of acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | $235,086,000 | $315,350,000 | $200,920,000 | $294,310,000 | ' | $34,166,000 | $21,040,000 | ' |
Accumulated Amortization | -146,107,000 | -233,803,000 | -134,612,000 | -224,517,000 | ' | -11,495,000 | -9,286,000 | ' |
Net Carrying Amount | 88,979,000 | 81,547,000 | 66,308,000 | 69,793,000 | ' | 22,671,000 | 11,754,000 | ' |
Increase in intangible assets | ' | ' | ' | ' | 12,900,000 | ' | ' | 7,600,000 |
Estimated future annual amortization expense for acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 6,951,000 | ' | ' | ' | ' | ' | ' | ' |
2015 | 25,968,000 | ' | ' | ' | ' | ' | ' | ' |
2016 | 20,969,000 | ' | ' | ' | ' | ' | ' | ' |
2017 | 13,661,000 | ' | ' | ' | ' | ' | ' | ' |
2018 | 8,605,000 | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 12,825,000 | ' | ' | ' | ' | ' | ' | ' |
Net Carrying Amount | 88,979,000 | 81,547,000 | 66,308,000 | 69,793,000 | ' | 22,671,000 | 11,754,000 | ' |
Customer working capital advances | $934,800,000 | $214,100,000 | ' | ' | ' | ' | ' | ' |
SHAREBASED_COMPENSATION_Detail
SHARE-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based compensation | ' | ' | ' | ' |
Share-based compensation expense | $13,111 | $8,516 | $30,417 | $26,708 |
Cost of sales | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' |
Share-based compensation expense | 1,800 | 1,530 | 5,018 | 4,045 |
Selling, general and administrative expenses | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' |
Share-based compensation expense | $11,311 | $6,986 | $25,399 | $22,663 |
SHAREBASED_COMPENSATION_Detail1
SHARE-BASED COMPENSATION (Details 2) (USD $) | 9 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share options | ' |
Share-based compensation | ' |
Unrecognized compensation expense | $0.90 |
Share weighted-average remaining vesting period | '1 year 2 months 12 days |
Share options outstanding (in shares) | 27 |
Share options exercisable (in shares) | 26.7 |
Options outstanding, weighted average exercise price (in dollars per share) | $8.92 |
Options exercisable, weighted average exercise price (in dollars per share) | $8.94 |
Share bonus awards | ' |
Share-based compensation | ' |
Unrecognized compensation expense | 96.9 |
Share weighted-average remaining vesting period | '2 years 5 months 12 days |
Unvested share bonus awards granted | 8.7 |
Average grant date price of unvested share bonus awards (in dollars per share) | $8.05 |
Number of shares outstanding | 22.7 |
Share Bonus Awards with Market Conditions | Minimum | ' |
Share-based compensation | ' |
Number of shares that can be issued | 0 |
Share Bonus Awards with Market Conditions | Maximum | ' |
Share-based compensation | ' |
Number of shares that can be issued | 9.9 |
Share Bonus Awards with Market Conditions | Key employees | ' |
Share-based compensation | ' |
Unrecognized compensation expense | $17.30 |
Unvested share bonus awards granted | 2.3 |
Average grant date price of unvested share bonus awards (in dollars per share) | $9.34 |
Number of shares outstanding | 5.2 |
Vesting period | '3 years |
Share Bonus Awards with Market Conditions | Key employees | Minimum | ' |
Share-based compensation | ' |
Vesting percentage | 0.00% |
Number of shares that can be issued | 0 |
Share Bonus Awards with Market Conditions | Key employees | Maximum | ' |
Share-based compensation | ' |
Vesting percentage | 200.00% |
Number of shares that can be issued | 4.6 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic earnings from continuing and discontinued operations per share: | ' | ' | ' | ' |
Income from continuing operations | $145,157 | $54,596 | $322,619 | $351,818 |
Loss from discontinued operations | ' | -7,248 | ' | -25,451 |
Net income | 145,157 | 47,348 | 322,619 | 326,367 |
Shares used in computation: | ' | ' | ' | ' |
Weighted-average ordinary shares outstanding | 606,724 | 658,925 | 614,539 | 666,852 |
Basic earnings from continuing operations per share (in dollars per share) | $0.24 | $0.08 | $0.52 | $0.53 |
Basic loss from discontinued operations per share (in dollars per share) | ' | ($0.01) | ' | ($0.04) |
Basic earnings per share (in dollars per share) | $0.24 | $0.07 | $0.52 | $0.49 |
Diluted earnings from continuing and discontinued operations per share: | ' | ' | ' | ' |
Income from continuing operations | 145,157 | 54,596 | 322,619 | 351,818 |
Loss from discontinued operations | ' | -7,248 | ' | -25,451 |
Net income | $145,157 | $47,348 | $322,619 | $326,367 |
Shares used in computation: | ' | ' | ' | ' |
Weighted-average ordinary shares outstanding | 606,724 | 658,925 | 614,539 | 666,852 |
Weighted-average ordinary share equivalents from stock options and awards | 11,953 | 10,563 | 12,860 | 11,758 |
Weighted-average ordinary shares and ordinary share equivalents outstanding | 618,677 | 669,488 | 627,399 | 678,610 |
Diluted earnings from continuing operations per share (in dollars per share) | $0.23 | $0.08 | $0.51 | $0.52 |
Diluted loss from discontinued operations per share (in dollars per share) | ' | ($0.01) | ' | ($0.04) |
Diluted earnings per share (in dollars per share) | $0.23 | $0.07 | $0.51 | $0.48 |
EARNINGS_PER_SHARE_Details_2
EARNINGS PER SHARE (Details 2) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Options | ' | ' | ' | ' |
Anti-diluted securities excluded from the computation of diluted earnings per share | ' | ' | ' | ' |
Ordinary share equivalents from share options excluded from the computation of diluted earnings per share | 16.5 | 19.7 | 16.5 | 21 |
Share bonus awards | ' | ' | ' | ' |
Anti-diluted securities excluded from the computation of diluted earnings per share | ' | ' | ' | ' |
Ordinary share equivalents from share options excluded from the computation of diluted earnings per share | 0.2 | 0.9 | 0.1 | 0.5 |
NONCONTROLLING_INTERESTS_Detai
NONCONTROLLING INTERESTS (Details) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Dec. 17, 2013 |
NONCONTROLLING INTERESTS | ' |
Cash received on issuance of a non-controlling interest to a third party | $33.80 |
Maximum | ' |
Non-controlling interests | ' |
Ownership interest by third party investor (as a percent) | 20.00% |
BANK_BORROWINGS_AND_LONGTERM_D2
BANK BORROWINGS AND LONG-TERM DEBT (Details) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Mar. 31, 2013 | Aug. 30, 2013 | Mar. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Aug. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Aug. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | |
Term Loan, including current portion, due October 2014 | Term Loan, including current portion, due October 2014 | Term Loan, including current portion, due in installments through October 2016 | Term Loan, including current portion, due in installments through October 2016 | Term Loan, including current portion, due in installments through October 2016 | Term Loan, including current portion, due in installments through August 2018 | Term Loan, including current portion, due in installments through August 2018 | Term Loan, including current portion, due in installments through August 2018 | Term Loan, including current portion, due in installments through August 2018 | Term Loan, including current portion, due in installments through August 2018 | Term Loan, including current portion, due in installments through August 2018 | Term Loan, including current portion, due in installments through August 2018 | Term Loan, including current portion, due in installments through August 2018 | Term Loan, including current portion, due in installments through August 2018 | Term Loan, including current portion, due in installments through August 2018 | Term Loan, including current portion, due in installments through August 2018 | 4.625% Notes due February 2020 | 4.625% Notes due February 2020 | 5.000% Notes due February 2023 | 5.000% Notes due February 2023 | Asia Term Loans | Asia Term Loans | Other debt | Other debt | |||
LIBOR | LIBOR | LIBOR | Prime rate, federal funds rate plus 0.50% and LIBOR for a one-month interest period plus 1.00% | Prime rate, federal funds rate plus 0.50% and LIBOR for a one-month interest period plus 1.00% | Prime rate, federal funds rate plus 0.50% and LIBOR for a one-month interest period plus 1.00% | Prime rate | Federal funds rate | LIBOR for a one-month interest period | ||||||||||||||||||
Minimum | Maximum | Minimum | Maximum | |||||||||||||||||||||||
Bank borrowings and long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying Amount | $2,055,645,000 | $2,067,627,000 | ' | $170,340,000 | ' | $436,641,000 | $517,500,000 | $600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | $500,000,000 | $500,000,000 | $500,000,000 | ' | $375,000,000 | $19,004,000 | $4,787,000 |
Current portion | -54,951,000 | -416,654,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-current portion | 2,000,694,000 | 1,650,973,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.63% | ' | 5.00% | ' | ' | ' | ' | ' |
Weighted average interest rate (as a percent) | 3.20% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term loans payable | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | 500,000,000 | ' | ' | ' | ' | ' |
Repay outstanding borrowings | $544,840,000 | ' | $170,300,000 | ' | $55,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $374,500,000 | ' | ' | ' |
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'base rate | ' | ' | 'prime rate | 'federal funds rate | 'LIBOR for one-month interest period | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, basis spread on variable rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 2.00% | ' | 0.00% | 1.00% | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
BANK_BORROWINGS_AND_LONGTERM_D3
BANK BORROWINGS AND LONG-TERM DEBT (Details 2) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Repayments of long term debt | ' | ' |
2014 | $23,190 | ' |
2015 | 44,518 | ' |
2016 | 52,018 | ' |
2017 | 368,351 | ' |
2018 | 15,000 | ' |
Thereafter | 1,552,568 | ' |
Carrying Amount | $2,055,645 | $2,067,627 |
INTEREST_AND_OTHER_NET_Details
INTEREST AND OTHER, NET (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST AND OTHER, NET | ' | ' | ' | ' |
Interest expense | $19.90 | $15.80 | $60.40 | $47.10 |
Interest income | 4.7 | 3.7 | 11.9 | 15.4 |
Gains on foreign exchange transactions | 3.3 | 6.3 | 11.3 | 13.9 |
Total proceeds from sale of common shares | ' | ' | 67.3 | ' |
Loss on sale of common shares | ' | ' | 7.1 | ' |
Gain related to change in fair value of warrants | ' | ' | ' | $64.80 |
FINANCIAL_INSTRUMENTS_Details
FINANCIAL INSTRUMENTS (Details) (Forward and Swap Contracts) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Buy | Sell | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges | Cash Flow Hedges |
USD ($) | USD ($) | Buy | Sell | BRL | BRL | BRL | BRL | CAD | CAD | CAD | CAD | CNY | CNY | EUR | EUR | EUR | EUR | GBP | GBP | GBP | GBP | HUF | HUF | HUF | HUF | JPY | JPY | JPY | JPY | MXN | MXN | MXN | MXN | MYR | MYR | MYR | MYR | SEK | SEK | SEK | SEK | SGD | SGD | SGD | SGD | Other | Other | Buy | Sell | CNY | CNY | EUR | EUR | EUR | EUR | HUF | HUF | ILS | ILS | MXN | MXN | MYR | MYR | SGD | SGD | Other | Other | ||
USD ($) | USD ($) | Buy | Buy | Sell | Sell | Buy | Buy | Sell | Sell | Buy | Buy | Buy | Buy | Sell | Sell | Buy | Buy | Sell | Sell | Buy | Buy | Sell | Sell | Buy | Buy | Sell | Sell | Buy | Buy | Sell | Sell | Buy | Buy | Sell | Sell | Buy | Buy | Sell | Sell | Buy | Buy | Sell | Sell | Buy | Sell | USD ($) | USD ($) | Buy | Buy | Buy | Buy | Sell | Sell | Buy | Buy | Buy | Buy | Buy | Buy | Buy | Buy | Buy | Buy | Buy | Sell | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | JPY (¥) | USD ($) | JPY (¥) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||
Notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Contract Value | $4,000,000 | $2,449,917 | $1,576,084 | $1,552,929 | $1,495,288 | $34,015 | 80,300 | $30,203 | 71,300 | $111,283 | 118,254 | $103,856 | 110,482 | $145,631 | 886,290 | $615,804 | € 446,780 | $830,322 | € 603,079 | $53,726 | £ 32,540 | $93,910 | £ 56,956 | $82,127 | 17,616,300 | $92,875 | 19,921,600 | $87,561 | ¥ 9,193,270 | $61,709 | ¥ 6,440,830 | $128,101 | 1,674,690 | $84,793 | 1,108,520 | $70,843 | 233,391 | $15,588 | 51,354 | $38,546 | 248,048 | $63,257 | 407,204 | $30,733 | 38,950 | $7,598 | 9,629 | $154,559 | $111,177 | $896,988 | $80,796 | $544,567 | 3,301,000 | $10,808 | € 7,825 | $80,396 | € 58,593 | $54,998 | 11,797,000 | $1,524 | 5,300 | $124,935 | 1,633,300 | $85,864 | 282,880 | $26,368 | 33,419 | $47,924 | $400 |
FINANCIAL_INSTRUMENTS_Details_
FINANCIAL INSTRUMENTS (Details 2) (Foreign currency contracts, USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other current assets | Derivatives designated as hedging instruments | ' | ' |
Fair Values of Derivative Instruments | ' | ' |
Asset Derivatives | $9,396 | $11,032 |
Other current assets | Derivatives not designated as hedging instruments | ' | ' |
Fair Values of Derivative Instruments | ' | ' |
Asset Derivatives | 8,591 | 16,531 |
Other current liabilities | Derivatives designated as hedging instruments | ' | ' |
Fair Values of Derivative Instruments | ' | ' |
Liability Derivatives | 2,718 | 3,999 |
Other current liabilities | Derivatives not designated as hedging instruments | ' | ' |
Fair Values of Derivative Instruments | ' | ' |
Liability Derivatives | $14,159 | $11,291 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Changes in Accumulated Other Comprehensive Income by Component | ' | ' |
Beginning Balance | ($107,559) | $77,481 |
Other comprehensive gain (loss) before reclassifications | -13,489 | -43,294 |
Net losses reclassified from accumulated other comprehensive loss | 626 | 353 |
Net current-period other comprehensive gain (loss) | -12,863 | -42,941 |
Ending Balance | 120,422 | 120,422 |
Unrealized gain (loss) on derivative instruments and other | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component | ' | ' |
Beginning Balance | -19,438 | -18,857 |
Other comprehensive gain (loss) before reclassifications | 471 | 163 |
Net losses reclassified from accumulated other comprehensive loss | 626 | 353 |
Net current-period other comprehensive gain (loss) | 1,097 | 516 |
Ending Balance | -18,341 | -18,341 |
Foreign currency translation adjustments | ' | ' |
Changes in Accumulated Other Comprehensive Income by Component | ' | ' |
Beginning Balance | -88,121 | -58,624 |
Other comprehensive gain (loss) before reclassifications | -13,960 | -43,457 |
Net current-period other comprehensive gain (loss) | -13,960 | -43,457 |
Ending Balance | ($102,081) | ($102,081) |
TRADE_RECEIVABLES_SECURITIZATI2
TRADE RECEIVABLES SECURITIZATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
item | |||||
Trade Receivables Securitization disclosures | ' | ' | ' | ' | ' |
Servicing assets | $0 | $0 | $0 | $0 | ' |
Servicing Liability | 0 | 0 | 0 | 0 | ' |
Asset-Backed Securitization Programs | ' | ' | ' | ' | ' |
Trade Receivables Securitization disclosures | ' | ' | ' | ' | ' |
Number of asset-backed securitization programs | ' | ' | 2 | ' | ' |
Percentage of receivables sold to unaffiliated institutions | ' | ' | 100.00% | ' | ' |
Company's accounts receivable sold to third-party | 1,200,000,000 | ' | 1,200,000,000 | ' | 1,000,000,000 |
Amount received from accounts receivable sold to third-party | 633,900,000 | ' | 633,900,000 | ' | 556,900,000 |
Cash proceeds from sale of accounts receivable | ' | ' | 3,000,000,000 | 2,800,000,000 | ' |
Cash flows from new transfers of receivables | ' | ' | 300,000,000 | 500,000,000 | ' |
Receivables sold but not yet collected from banking institutions | 517,100,000 | ' | 517,100,000 | ' | 163,600,000 |
Activity in the deferred purchase price receivables account | ' | ' | ' | ' | ' |
Beginning balance | 558,311,000 | 458,085,000 | 412,357,000 | 514,895,000 | ' |
Transfers of receivables | 1,066,512,000 | 953,620,000 | 2,933,053,000 | 2,669,102,000 | ' |
Collections | -1,095,993,000 | -949,691,000 | -2,816,580,000 | -2,721,983,000 | ' |
Ending balance | 528,830,000 | 462,014,000 | 528,830,000 | 462,014,000 | ' |
Global Program | ' | ' | ' | ' | ' |
Trade Receivables Securitization disclosures | ' | ' | ' | ' | ' |
Investment limits with financial institution | 500,000,000 | ' | 500,000,000 | ' | ' |
North American Program | ' | ' | ' | ' | ' |
Trade Receivables Securitization disclosures | ' | ' | ' | ' | ' |
Investment limits with financial institution | 300,000,000 | ' | 300,000,000 | ' | ' |
Sales of Receivables to Third Party Banks | ' | ' | ' | ' | ' |
Trade Receivables Securitization disclosures | ' | ' | ' | ' | ' |
Company's accounts receivable sold to third-party | $2,700,000,000 | $820,700,000 | $2,700,000,000 | $820,700,000 | ' |
FAIR_VALUE_MEASUREMENT_OF_ASSE2
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Activities related to contingent consideration | ' | ' | ' | ' |
Beginning balance | $16,000 | $10,431 | $25,000 | $1,151 |
Additions to accrual | ' | 15,000 | ' | 25,000 |
Payments | ' | -230 | ' | -625 |
Fair value adjustments | -3,700 | ' | -12,700 | -325 |
Ending balance | 12,300 | 25,201 | 12,300 | 25,201 |
Minimum | ' | ' | ' | ' |
Contingent considerations | ' | ' | ' | ' |
Potential reduction in fair value of contingent considerations | $0 | ' | $0 | ' |
FAIR_VALUE_MEASUREMENT_OF_ASSE3
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 |
Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Recurring Basis | Nonrecurring Basis | Nonrecurring Basis | Nonrecurring Basis | Nonrecurring Basis | |||
Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | Level 2 | Level 2 | Total | Total | |||
Deferred compensation plan assets: Mutual funds, money market accounts and equity securities | Deferred compensation plan assets: Mutual funds, money market accounts and equity securities | Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) | Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) | Foreign exchange forward contracts | Foreign exchange forward contracts | Deferred compensation plan assets: Mutual funds, money market accounts and equity securities | Deferred compensation plan assets: Mutual funds, money market accounts and equity securities | Deferred purchase price receivable | Deferred purchase price receivable | Warrants to purchase common shares | Contingent consideration in connection with business acquisitions | Contingent consideration in connection with business acquisitions | Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) | Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) | Deferred purchase price receivable | Deferred purchase price receivable | Foreign exchange forward contracts | Foreign exchange forward contracts | Warrants to purchase common shares | Deferred compensation plan assets: Mutual funds, money market accounts and equity securities | Deferred compensation plan assets: Mutual funds, money market accounts and equity securities | Contingent consideration in connection with business acquisitions | Contingent consideration in connection with business acquisitions | |||||||
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | ' | ' | $9,372,000 | $6,931,000 | $882,918,000 | $497,390,000 | $17,987,000 | $27,563,000 | $42,645,000 | $40,972,000 | $528,830,000 | $412,357,000 | $74,437,000 | ' | ' | $882,918,000 | $497,390,000 | $528,830,000 | $412,357,000 | $17,987,000 | $27,563,000 | $74,437,000 | $52,017,000 | $47,903,000 | ' | ' | ' | ' | ' | ' |
Total Liabilities | ' | ' | ' | ' | ' | ' | -16,877,000 | -15,290,000 | ' | ' | ' | ' | ' | -12,300,000 | -25,000,000 | ' | ' | ' | ' | -16,877,000 | -15,290,000 | ' | ' | ' | -12,300,000 | -25,000,000 | ' | ' | ' | ' |
Assets held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,882,000 | 11,089,000 | 18,882,000 | 11,089,000 |
Property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,331,000 | ' | 25,331,000 |
Transfers out of Level 1 and into Level 2 related to assets and liabilities measured on a recurring and nonrecurring basis | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers out of Level 2 and into Level 1 related to assets and liabilities measured on a recurring and nonrecurring basis | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges for assets held for sale | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of assets held for sale properties sold | $9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_MEASUREMENT_OF_ASSE4
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Details 3) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Other financial instruments | ' | ' |
Fair Value | $2,036,641 | $2,062,840 |
Carrying Amount | Level 1 | Term Loan, including current portion, due October 2014 | ' | ' |
Other financial instruments | ' | ' |
Fair Value | ' | 170,340 |
Carrying Amount | Level 1 | Term Loan, including current portion, due in installments through October 2016 | ' | ' |
Other financial instruments | ' | ' |
Fair Value | 436,641 | 517,500 |
Carrying Amount | Level 1 | Term Loan, including current portion, due in installments through August 2018 | ' | ' |
Other financial instruments | ' | ' |
Fair Value | 600,000 | ' |
Carrying Amount | Level 1 | 4.625% Notes due February 2020 | ' | ' |
Other financial instruments | ' | ' |
Fair Value | 500,000 | 500,000 |
Carrying Amount | Level 1 | 5.000% Notes due February 2023 | ' | ' |
Other financial instruments | ' | ' |
Fair Value | 500,000 | 500,000 |
Carrying Amount | Level 2 | Asia Term Loans | ' | ' |
Other financial instruments | ' | ' |
Fair Value | ' | 375,000 |
Fair Value | ' | ' |
Other financial instruments | ' | ' |
Fair Value | 2,001,424 | 2,071,823 |
Fair Value | Level 1 | Term Loan, including current portion, due October 2014 | ' | ' |
Other financial instruments | ' | ' |
Fair Value | ' | 170,496 |
Fair Value | Level 1 | Term Loan, including current portion, due in installments through October 2016 | ' | ' |
Other financial instruments | ' | ' |
Fair Value | 435,824 | 518,794 |
Fair Value | Level 1 | Term Loan, including current portion, due in installments through August 2018 | ' | ' |
Other financial instruments | ' | ' |
Fair Value | 591,000 | ' |
Fair Value | Level 1 | 4.625% Notes due February 2020 | ' | ' |
Other financial instruments | ' | ' |
Fair Value | 502,350 | 507,190 |
Fair Value | Level 1 | 5.000% Notes due February 2023 | ' | ' |
Other financial instruments | ' | ' |
Fair Value | 472,250 | 500,000 |
Fair Value | Level 2 | Asia Term Loans | ' | ' |
Other financial instruments | ' | ' |
Fair Value | ' | $375,343 |
RESTRUCTURING_CHARGES_Details
RESTRUCTURING CHARGES (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
employees | ||
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | $0 | $40,760 |
Number of identified employees | ' | 5,106 |
Severance | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 32,167 |
Long-lived asset impairment | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 1,900 |
Other exit costs | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 6,693 |
Americas | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 13,579 |
Number of identified employees | ' | 1,105 |
Americas | Severance | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 11,331 |
Americas | Other exit costs | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 2,248 |
Asia | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 21,262 |
Number of identified employees | ' | 3,947 |
Asia | Severance | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 16,205 |
Asia | Long-lived asset impairment | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 1,900 |
Asia | Other exit costs | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 3,157 |
Europe | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 5,919 |
Number of identified employees | ' | 54 |
Europe | Severance | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | 4,631 |
Europe | Other exit costs | ' | ' |
RESTRUCTURING CHARGES | ' | ' |
Restructuring charges | ' | $1,288 |
RESTRUCTURING_CHARGES_Details_
RESTRUCTURING CHARGES (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 28, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Sep. 27, 2013 | Jun. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Fiscal year 2014 | Fiscal year 2014 and 2013 | Fiscal year 2014 and 2013 | Fiscal year 2014 and 2013 | Fiscal year 2010 and prior | Fiscal year 2010 and prior | Fiscal year 2010 and prior | Severance | Severance | Severance | Severance | Severance | Severance | Severance | Severance | Severance | Severance | Long-Lived Asset Impairment | Long-Lived Asset Impairment | Other Exit Costs | Other Exit Costs | Other Exit Costs | Other Exit Costs | Other Exit Costs | Other Exit Costs | Other Exit Costs | Other Exit Costs | Other Exit Costs | Other Exit Costs | Personnel costs | Contractual obligations | ||||
Fiscal year 2014 | Fiscal year 2014 and 2013 | Fiscal year 2014 and 2013 | Fiscal year 2014 and 2013 | Fiscal year 2010 and prior | Fiscal year 2010 and prior | Fiscal year 2010 and prior | Fiscal year 2014 | Fiscal year 2014 | Fiscal year 2014 and 2013 | Fiscal year 2014 and 2013 | Fiscal year 2014 and 2013 | Fiscal year 2010 and prior | Fiscal year 2010 and prior | Fiscal year 2010 and prior | ||||||||||||||||||||
Summarizes the provisions, respective payments, and remaining accrued balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | $65,427 | $97,900 | $110,965 | ' | ' | ' | ' | ' | ' | ' | $83,689 | $53,553 | $94,097 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,211 | $11,874 | $16,868 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for charges incurred | 0 | 40,760 | ' | 40,760 | ' | ' | ' | ' | ' | ' | 32,167 | ' | ' | 32,167 | ' | ' | ' | ' | ' | ' | 1,900 | 1,900 | 6,693 | ' | ' | 6,693 | ' | ' | ' | ' | ' | ' | 3,800 | 2,900 |
Cash payments for charges incurred | ' | ' | ' | ' | -12,490 | -44,926 | -24,395 | -347 | -612 | -1,400 | ' | ' | ' | ' | -9,312 | -40,209 | -21,523 | -153 | -335 | -236 | ' | ' | ' | ' | ' | ' | -3,178 | -4,717 | -2,872 | -194 | -277 | -1,164 | ' | ' |
Non-cash charges incurred | ' | ' | ' | -1,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | 52,590 | 52,590 | 110,965 | ' | ' | ' | ' | ' | ' | ' | 44,088 | 53,553 | 94,097 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,502 | 11,874 | 16,868 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: current portion (classified as other current liabilities) | 45,828 | 45,828 | ' | ' | ' | ' | ' | ' | ' | ' | 40,265 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued restructuring costs, net of current portion (classified as other liabilities) | $6,762 | $6,762 | ' | ' | ' | ' | ' | ' | ' | ' | $3,823 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,939 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BUSINESS_AND_ASSET_ACQUISITION2
BUSINESS AND ASSET ACQUISITIONS (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 04, 2013 | Dec. 31, 2013 | |
Google's Motorola Mobility LLC | Google's Motorola Mobility LLC | Google's Motorola Mobility LLC | Google's Motorola Mobility LLC | Google's Motorola Mobility LLC | Riwisa AG | Other Acquisitions | |||
Customer relationships | item | ||||||||
Business Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the total revenue | ' | ' | 12.60% | ' | 10.10% | ' | ' | ' | ' |
Total aggregate purchase price | $238,031,000 | $183,896,000 | ' | ' | ' | ' | ' | $44,000,000 | ' |
Cash acquired from acquisitions | ' | ' | ' | ' | ' | ' | ' | 9,400,000 | ' |
Pro-forma revenue | ' | ' | ' | 838,400,000 | ' | 2,700,000,000 | ' | ' | ' |
Purchase consideration net cash | ' | ' | 178,900,000 | ' | 178,900,000 | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | 97,740,000 | ' | 97,740,000 | ' | ' | ' | ' |
Other current assets | ' | ' | 237,000 | ' | 237,000 | ' | ' | ' | ' |
Total current assets | ' | ' | 97,977,000 | ' | 97,977,000 | ' | ' | ' | ' |
Property and equipment | ' | ' | 45,198,000 | ' | 45,198,000 | ' | ' | ' | ' |
Goodwill | ' | ' | 2,844,000 | ' | 2,844,000 | ' | ' | 18,700,000 | 4,900,000 |
Intangible assets | ' | ' | ' | ' | ' | ' | 2,948,000 | 20,500,000 | ' |
Other assets | ' | ' | 31,457,000 | ' | 31,457,000 | ' | ' | ' | ' |
Total assets | ' | ' | 180,424,000 | ' | 180,424,000 | ' | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other current liabilities | ' | ' | 1,519,000 | ' | 1,519,000 | ' | ' | ' | ' |
Total liabilities | ' | ' | 1,519,000 | ' | 1,519,000 | ' | ' | ' | ' |
Total aggregate purchase price | ' | ' | $178,905,000 | ' | $178,905,000 | ' | ' | ' | $15,100,000 |
Number of acquisitions completed | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
SHARE_REPURCHASES_Details
SHARE REPURCHASES (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Minimum | Maximum | |||
Repurchase plan information | ' | ' | ' | ' |
Aggregate shares repurchased (in shares) | 5.9 | 47.1 | ' | ' |
Aggregate purchase value of shares repurchased | $44.40 | $357.10 | ' | ' |
Aggregate limit on share repurchases under the Singapore Companies Act (as a percent) | ' | ' | 10.00% | 20.00% |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
business | Divestitures | Divestitures | Divestitures | |||
Discontinued Operations disclosures | ' | ' | ' | ' | ' | ' |
Number of non-core businesses sold | ' | ' | 2 | ' | ' | ' |
Loss on sale of business | ' | ' | ' | ' | $4,700,000 | ' |
Results from discontinued operations | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | 8,581,000 | ' | 40,593,000 |
Cost of sales | ' | ' | ' | 8,487,000 | ' | 42,793,000 |
Gross profit (loss) | ' | ' | ' | 94,000 | ' | -2,200,000 |
Selling, general and administrative expenses | ' | ' | ' | 3,000 | ' | 1,930,000 |
Intangibles amortization | ' | ' | ' | ' | ' | 11,000,000 |
Interest and other, net | ' | ' | ' | 7,333,000 | ' | 11,280,000 |
Loss before income taxes | ' | ' | ' | -7,242,000 | ' | -26,410,000 |
Provision for (benefit from) income taxes | ' | ' | ' | 6,000 | ' | -959,000 |
Net loss of discontinued operations | ($7,248,000) | ($25,451,000) | ' | ($7,248,000) | ' | ($25,451,000) |
SUPPLEMENTAL_GUARANTOR_AND_NON2
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
tranches | |
Bank borrowings and long-term debt | ' |
Number of tranches | 2 |
Percentage of ownership interest owned in subsidiaries that guarantees indebtedness | 100.00% |
Senior Subordinated Notes due February 2020 | ' |
Bank borrowings and long-term debt | ' |
Maximum borrowing capacity | 500 |
Senior Subordinated Notes due February 2023 | ' |
Bank borrowings and long-term debt | ' |
Maximum borrowing capacity | 500 |
SUPPLEMENTAL_GUARANTOR_AND_NON3
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Details 2) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $1,617,245 | $1,587,087 | $1,706,113 | $1,518,329 |
Accounts receivable | 2,551,030 | 2,111,996 | ' | ' |
Inventories | 3,972,127 | 2,722,500 | ' | ' |
Other current assets | 1,552,521 | 1,349,818 | ' | ' |
Total current assets | 9,692,923 | 7,771,401 | ' | ' |
Property and equipment, net | 2,380,711 | 2,174,588 | ' | ' |
Goodwill and other intangible assets, net | 381,831 | 343,552 | ' | ' |
Other assets | 361,572 | 302,014 | ' | ' |
Total assets | 12,817,037 | 10,591,555 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Bank borrowings and current portion of long-term debt | 54,951 | 416,654 | ' | ' |
Accounts payable | 4,968,640 | 3,705,297 | ' | ' |
Accrued payroll | 385,640 | 351,683 | ' | ' |
Other current liabilities | 2,655,261 | 1,699,151 | ' | ' |
Total current liabilities | 8,064,492 | 6,172,785 | ' | ' |
Long term liabilities | 2,497,993 | 2,172,012 | ' | ' |
Flextronics International Ltd. Shareholders' equity | 2,220,747 | 2,246,758 | ' | ' |
Noncontrolling interests | 33,805 | ' | ' | ' |
Total shareholders' equity | 2,254,552 | 2,246,758 | ' | ' |
Total liabilities and shareholders' equity | 12,817,037 | 10,591,555 | ' | ' |
Parent | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 604,128 | 740,515 | 762,176 | 649,252 |
Inter company receivable | 4,927,410 | 4,440,955 | ' | ' |
Other current assets | 518 | 6,182 | ' | ' |
Total current assets | 5,532,056 | 5,187,652 | ' | ' |
Goodwill and other intangible assets, net | 850 | 1,075 | ' | ' |
Other assets | 2,595,312 | 2,498,080 | ' | ' |
Investment in subsidiaries | 3,962,146 | 4,127,384 | ' | ' |
Total assets | 12,090,364 | 11,814,191 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Bank borrowings and current portion of long-term debt | 40,768 | 416,594 | ' | ' |
Inter company payable | 5,239,573 | 4,963,615 | ' | ' |
Other current liabilities | 44,065 | 32,440 | ' | ' |
Total current liabilities | 5,324,406 | 5,412,649 | ' | ' |
Long term liabilities | 4,545,211 | 4,154,784 | ' | ' |
Flextronics International Ltd. Shareholders' equity | 2,220,747 | ' | ' | ' |
Total shareholders' equity | 2,220,747 | 2,246,758 | ' | ' |
Total liabilities and shareholders' equity | 12,090,364 | 11,814,191 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 45,962 | 82,900 | 153,493 | 47,865 |
Accounts receivable | 899,441 | 458,617 | ' | ' |
Inventories | 1,628,470 | 1,063,627 | ' | ' |
Inter company receivable | 4,989,090 | 4,726,673 | ' | ' |
Other current assets | 243,060 | 178,585 | ' | ' |
Total current assets | 7,806,023 | 6,510,402 | ' | ' |
Property and equipment, net | 437,412 | 328,621 | ' | ' |
Goodwill and other intangible assets, net | 40,144 | 40,626 | ' | ' |
Other assets | 104,605 | 105,136 | ' | ' |
Investment in subsidiaries | -549,678 | -954,619 | ' | ' |
Total assets | 7,838,506 | 6,030,166 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Bank borrowings and current portion of long-term debt | 420 | 60 | ' | ' |
Accounts payable | 1,221,335 | 1,077,723 | ' | ' |
Accrued payroll | 91,227 | 86,073 | ' | ' |
Inter company payable | 7,985,067 | 6,093,606 | ' | ' |
Other current liabilities | 633,231 | 424,599 | ' | ' |
Total current liabilities | 9,931,280 | 7,682,061 | ' | ' |
Long term liabilities | 2,067,962 | 2,488,279 | ' | ' |
Flextronics International Ltd. Shareholders' equity | -4,160,736 | ' | ' | ' |
Total shareholders' equity | -4,160,736 | -4,140,174 | ' | ' |
Total liabilities and shareholders' equity | 7,838,506 | 6,030,166 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 967,155 | 763,672 | 790,444 | 821,212 |
Accounts receivable | 1,651,589 | 1,653,379 | ' | ' |
Inventories | 2,343,657 | 1,658,873 | ' | ' |
Inter company receivable | 8,757,994 | 6,490,274 | ' | ' |
Other current assets | 1,308,943 | 1,165,051 | ' | ' |
Total current assets | 15,029,338 | 11,731,249 | ' | ' |
Property and equipment, net | 1,943,299 | 1,845,967 | ' | ' |
Goodwill and other intangible assets, net | 340,837 | 301,851 | ' | ' |
Other assets | 4,569,256 | 4,902,815 | ' | ' |
Investment in subsidiaries | 17,305,339 | 16,920,679 | ' | ' |
Total assets | 39,188,069 | 35,702,561 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Bank borrowings and current portion of long-term debt | 13,763 | ' | ' | ' |
Accounts payable | 3,747,305 | 2,627,574 | ' | ' |
Accrued payroll | 294,413 | 265,610 | ' | ' |
Inter company payable | 5,449,854 | 4,600,681 | ' | ' |
Other current liabilities | 1,977,965 | 1,242,112 | ' | ' |
Total current liabilities | 11,483,300 | 8,735,977 | ' | ' |
Long term liabilities | 2,792,421 | 2,732,966 | ' | ' |
Flextronics International Ltd. Shareholders' equity | 24,912,348 | ' | ' | ' |
Total shareholders' equity | 24,912,348 | 24,233,618 | ' | ' |
Total liabilities and shareholders' equity | 39,188,069 | 35,702,561 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Inter company receivable | -18,674,494 | -15,657,902 | ' | ' |
Total current assets | -18,674,494 | -15,657,902 | ' | ' |
Other assets | -6,907,601 | -7,204,017 | ' | ' |
Investment in subsidiaries | -20,717,807 | -20,093,444 | ' | ' |
Total assets | -46,299,902 | -42,955,363 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Inter company payable | -18,674,494 | -15,657,902 | ' | ' |
Total current liabilities | -18,674,494 | -15,657,902 | ' | ' |
Long term liabilities | -6,907,601 | -7,204,017 | ' | ' |
Flextronics International Ltd. Shareholders' equity | -20,751,612 | ' | ' | ' |
Noncontrolling interests | 33,805 | ' | ' | ' |
Total shareholders' equity | -20,717,807 | -20,093,444 | ' | ' |
Total liabilities and shareholders' equity | ($46,299,902) | ($42,955,363) | ' | ' |
SUPPLEMENTAL_GUARANTOR_AND_NON4
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $7,183,442 | $6,123,321 | $19,384,673 | $18,274,157 |
Cost of sales | 6,784,823 | 5,778,544 | 18,271,470 | 17,205,251 |
Restructuring charges | ' | 98,315 | 35,126 | 98,315 |
Gross profit | 398,619 | 246,462 | 1,078,077 | 970,591 |
Selling, general and administrative expenses | 224,576 | 207,224 | 661,061 | 589,751 |
Intangible amortization | 5,575 | 6,137 | 21,495 | 21,211 |
Restructuring charges | ' | 4,376 | 5,634 | 4,376 |
Interest and other, net | 14,743 | -17,089 | 48,028 | -16,754 |
Income from continuing operations before income taxes | 153,725 | 45,814 | 341,859 | 372,007 |
Provision for (benefit from) income taxes | 8,568 | -8,782 | 19,240 | 20,189 |
Income from continuing operations | 145,157 | 54,596 | 322,619 | 351,818 |
Loss from discontinued operations, net of tax | ' | -7,248 | ' | -25,451 |
Net income (loss) | 145,157 | 47,348 | 322,619 | 326,367 |
Parent | ' | ' | ' | ' |
Intangible amortization | 75 | 75 | 225 | 225 |
Restructuring charges | ' | ' | 800 | ' |
Interest and other, net | -277,297 | -151,320 | -489,834 | -581,990 |
Income from continuing operations before income taxes | 277,222 | 151,245 | 488,809 | 581,765 |
Provision for (benefit from) income taxes | 26 | 833 | 37 | 833 |
Equity in earnings in subsidiaries | -132,039 | -103,064 | -166,153 | -254,565 |
Income from continuing operations | ' | 47,348 | ' | 326,367 |
Net income (loss) | 145,157 | 47,348 | 322,619 | 326,367 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Net sales | 4,641,981 | 3,687,858 | 12,154,405 | 11,407,584 |
Cost of sales | 4,290,813 | 3,369,715 | 11,109,343 | 10,316,417 |
Restructuring charges | ' | 4,360 | 1,293 | 4,360 |
Gross profit | 351,168 | 313,783 | 1,043,769 | 1,086,807 |
Selling, general and administrative expenses | 46,081 | 47,150 | 146,339 | 141,033 |
Intangible amortization | 1,018 | 1,859 | 3,055 | 6,395 |
Restructuring charges | ' | 173 | 2,401 | 173 |
Interest and other, net | 353,089 | 335,509 | 904,039 | 666,887 |
Income from continuing operations before income taxes | -49,020 | -70,908 | -12,065 | 272,319 |
Provision for (benefit from) income taxes | 1,834 | 2,446 | 4,019 | 4,894 |
Equity in earnings in subsidiaries | 20,020 | -30,044 | -59,167 | -160,692 |
Income from continuing operations | ' | -103,398 | ' | 106,733 |
Net income (loss) | -30,834 | -103,398 | -75,251 | 106,733 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Net sales | 7,054,467 | 4,734,165 | 17,173,465 | 13,807,774 |
Cost of sales | 7,007,016 | 4,707,531 | 17,105,324 | 13,830,035 |
Restructuring charges | ' | 93,955 | 33,833 | 93,955 |
Gross profit | 47,451 | -67,321 | 34,308 | -116,216 |
Selling, general and administrative expenses | 178,495 | 160,074 | 514,722 | 448,718 |
Intangible amortization | 4,482 | 4,203 | 18,215 | 14,591 |
Restructuring charges | ' | 4,203 | 2,433 | 4,203 |
Interest and other, net | -61,049 | -201,278 | -366,177 | -101,651 |
Income from continuing operations before income taxes | -74,477 | -34,523 | -134,885 | -482,077 |
Provision for (benefit from) income taxes | 6,708 | -12,061 | 15,184 | 14,462 |
Equity in earnings in subsidiaries | 49,314 | 48,389 | 90,540 | 286,587 |
Income from continuing operations | ' | 25,927 | ' | -209,952 |
Loss from discontinued operations, net of tax | ' | -7,248 | ' | -25,451 |
Net income (loss) | -31,871 | 18,679 | -59,529 | -235,403 |
Eliminations | ' | ' | ' | ' |
Net sales | -4,513,006 | -2,298,702 | -9,943,197 | -6,941,201 |
Cost of sales | -4,513,006 | -2,298,702 | -9,943,197 | -6,941,201 |
Equity in earnings in subsidiaries | 62,705 | 84,719 | 134,780 | 128,670 |
Income from continuing operations | ' | 84,719 | ' | 128,670 |
Net income (loss) | $62,705 | $84,719 | $134,780 | $128,670 |
SUPPLEMENTAL_GUARANTOR_AND_NON5
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | $145,157 | $47,348 | $322,619 | $326,367 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments, net of zero tax | -13,960 | -10,603 | -43,457 | -21,575 |
Unrealized gain (loss) on derivative instruments and other, net of zero tax | 1,097 | -3,088 | 516 | 3,015 |
Comprehensive income (loss) | 132,294 | 33,657 | 279,678 | 307,807 |
Parent | ' | ' | ' | ' |
Net income (loss) | 145,157 | 47,348 | 322,619 | 326,367 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments, net of zero tax | -13,960 | -10,603 | -43,457 | -21,575 |
Unrealized gain (loss) on derivative instruments and other, net of zero tax | 1,097 | -3,088 | 516 | 3,015 |
Comprehensive income (loss) | 132,294 | 33,657 | 279,678 | 307,807 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Net income (loss) | -30,834 | -103,398 | -75,251 | 106,733 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments, net of zero tax | -3,369 | -6,075 | -15,794 | 1,271 |
Unrealized gain (loss) on derivative instruments and other, net of zero tax | -4 | 1,822 | 3,944 | -1,192 |
Comprehensive income (loss) | -34,207 | -107,651 | -87,101 | 106,812 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Net income (loss) | -31,871 | 18,679 | -59,529 | -235,403 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments, net of zero tax | -28,137 | -30,706 | -94,550 | -23,143 |
Unrealized gain (loss) on derivative instruments and other, net of zero tax | 1,097 | -3,088 | 515 | 3,015 |
Comprehensive income (loss) | -58,911 | -15,115 | -153,564 | -255,531 |
Eliminations | ' | ' | ' | ' |
Net income (loss) | 62,705 | 84,719 | 134,780 | 128,670 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments, net of zero tax | 31,506 | 36,781 | 110,344 | 21,872 |
Unrealized gain (loss) on derivative instruments and other, net of zero tax | -1,093 | 1,266 | -4,459 | -1,823 |
Comprehensive income (loss) | $93,118 | $122,766 | $240,665 | $148,719 |
SUPPLEMENTAL_GUARANTOR_AND_NON6
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Details 5) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Net cash provided by (used in) operating activities | $1,118,307 | $1,006,057 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment, net of proceeds from disposal | -461,153 | 328,082 |
Acquisition of businesses, net of cash acquired | -238,031 | -183,896 |
Proceeds from divestiture of business, net of cash held in divested business | 4,599 | 22,585 |
Other investing activities, net | -12,067 | -93,633 |
Net cash provided by (used in) investing activities | -706,652 | -583,026 |
Cash flows from financing activities: | ' | ' |
Proceeds from bank borrowings and long-term debt | 1,003,294 | 171,673 |
Repayments of bank borrowings, long-term debt and capital lease obligations | -518,549 | -290,230 |
Payments for early retirement of long-term debt | -544,840 | ' |
Payments for repurchases of ordinary shares | -362,693 | -208,208 |
Net proceeds from issuance of ordinary shares | 21,106 | 14,632 |
Other financing activities, net | 46,298 | 85,590 |
Net cash provided by (used in) financing activities | -355,384 | -226,543 |
Effect of exchange rates on cash and cash equivalents | -26,113 | -8,704 |
Net increase in cash and cash equivalents | 30,158 | 187,784 |
Cash and cash equivalents, beginning of period | 1,587,087 | 1,518,329 |
Cash and cash equivalents, end of period | 1,617,245 | 1,706,113 |
Parent | ' | ' |
Net cash provided by (used in) operating activities | 477,036 | 546,758 |
Cash flows from investing activities: | ' | ' |
Investing cash flows from (to) affiliates | -306,254 | -244,256 |
Net cash provided by (used in) investing activities | -306,254 | -244,256 |
Cash flows from financing activities: | ' | ' |
Proceeds from bank borrowings and long-term debt | 1,003,000 | 160,001 |
Repayments of bank borrowings, long-term debt and capital lease obligations | -489,365 | -278,632 |
Payments for early retirement of long-term debt | -503,423 | -208,208 |
Payments for repurchases of ordinary shares | -362,693 | ' |
Net proceeds from issuance of ordinary shares | 21,106 | 14,632 |
Financing cash flows from (to) affiliates | -29,135 | 122,739 |
Net cash provided by (used in) financing activities | -360,510 | -189,468 |
Effect of exchange rates on cash and cash equivalents | 53,341 | -110 |
Net increase in cash and cash equivalents | -136,387 | 112,924 |
Cash and cash equivalents, beginning of period | 740,515 | 649,252 |
Cash and cash equivalents, end of period | 604,128 | 762,176 |
Guarantor Subsidiaries | ' | ' |
Net cash provided by (used in) operating activities | -944,464 | 186,359 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment, net of proceeds from disposal | -168,525 | -68,797 |
Acquisition of businesses, net of cash acquired | -2,949 | ' |
Investing cash flows from (to) affiliates | -308,144 | -99,604 |
Other investing activities, net | -832 | 6,413 |
Net cash provided by (used in) investing activities | -480,450 | -161,988 |
Cash flows from financing activities: | ' | ' |
Proceeds from bank borrowings and long-term debt | 277 | 151 |
Repayments of bank borrowings, long-term debt and capital lease obligations | -1,068 | -3,461 |
Payments for early retirement of long-term debt | -41,417 | ' |
Financing cash flows from (to) affiliates | 1,427,288 | 82,403 |
Net cash provided by (used in) financing activities | 1,385,080 | 79,093 |
Effect of exchange rates on cash and cash equivalents | 2,896 | 2,164 |
Net increase in cash and cash equivalents | -36,938 | 105,628 |
Cash and cash equivalents, beginning of period | 82,900 | 47,865 |
Cash and cash equivalents, end of period | 45,962 | 153,493 |
Non-Guarantor Subsidiaries | ' | ' |
Net cash provided by (used in) operating activities | 1,585,742 | 272,922 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment, net of proceeds from disposal | -292,628 | -259,079 |
Acquisition of businesses, net of cash acquired | -235,082 | -183,896 |
Proceeds from divestiture of business, net of cash held in divested business | 4,599 | 22,585 |
Investing cash flows from (to) affiliates | -3,506,916 | 1,113,580 |
Other investing activities, net | -11,235 | -100,046 |
Net cash provided by (used in) investing activities | -4,041,262 | 593,144 |
Cash flows from financing activities: | ' | ' |
Proceeds from bank borrowings and long-term debt | 17 | 11,521 |
Repayments of bank borrowings, long-term debt and capital lease obligations | -28,116 | -8,137 |
Financing cash flows from (to) affiliates | 2,723,154 | -975,050 |
Other financing activities, net | 46,298 | 85,590 |
Net cash provided by (used in) financing activities | 2,741,353 | -886,076 |
Effect of exchange rates on cash and cash equivalents | -82,350 | -10,758 |
Net increase in cash and cash equivalents | 203,483 | -30,768 |
Cash and cash equivalents, beginning of period | 763,672 | 821,212 |
Cash and cash equivalents, end of period | 967,155 | 790,444 |
Eliminations | ' | ' |
Net cash provided by (used in) operating activities | -7 | 18 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment, net of proceeds from disposal | ' | -206 |
Investing cash flows from (to) affiliates | 4,121,314 | -769,720 |
Net cash provided by (used in) investing activities | 4,121,314 | -769,926 |
Cash flows from financing activities: | ' | ' |
Financing cash flows from (to) affiliates | -4,121,307 | 769,908 |
Net cash provided by (used in) financing activities | ($4,121,307) | $769,908 |