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DISCONTINUED OPERATIONS (Tables)
 12 Months Ended
Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of results from discontinued operations
Nextracker's financial results for periods prior to the Spin-off have been reflected in our consolidated statement of operations, retrospectively, as discontinued operations. Details of net income from discontinued operations included in our consolidated statements of operations are as follows:
Fiscal Year Ended March 31,
2024 (1)20232022
(In millions)
Net sales (2)$1,664 $1,844 $1,408 
Cost of sales (2)1,198 1,555 1,256 
Gross profit466 289 152 
Selling, general and administrative expenses145 121 62 
Intangible amortization— 1 8 
Operating income321 167 82 
Interest, net1 1 — 
Other charges (income), net(2)(1)1 
Income before income taxes322 167 81 
(Benefit from) provision for income taxes(51)(183)13 
Net income from discontinued operations373 350 68 
Net income from discontinued operations attributable to noncontrolling interest and redeemable noncontrolling interest (3)239 240 4 
Net income from discontinued operations attributable to Flex Ltd.$134 $110 $64 
(1)Represents the financial results for the nine-month period prior to the Spin-off. The financial results for the period from January 1, 2024 to the Spin-off date were immaterial.
(2)Both net sales and cost of sales from discontinued operations includes the effect of intercompany transactions that were eliminated from Flex's consolidated operations of approximately $99 million, $59 million, and $50 million for fiscal years ended March 31, 2024, 2023, and 2022, respectively.
(3)Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $145 million, zero, and zero and of income tax benefits of $94 million, $197 million, and zero and distributions to redeemable noncontrolling interest of zero, $43 million, and $4 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $177 million, $167 million and $81 million for the same periods.
Details of cash flows from discontinued operations are as follows:
Fiscal Year Ended March 31,
2024 (1)20232022
(In millions)
Net cash provided by (used in) discontinued operations operating activities (2)$317 $108 $(147)
Net cash used in discontinued operations investing activities(4)(3)(6)
(1)Represents the financial results for the nine-month period prior to the Spin-off.
(2)Cash flows from discontinued operations operating activities includes the effect of intercompany transactions that were eliminated from Flex's consolidated operations of $54 million, ($23) million, and $11 million for the fiscal years ended March 31, 2024, 2023, and 2022, respectively.
The following table summarizes the major classes of assets and liabilities of discontinued operations that were included in the Company's consolidated balance sheet as of March 31, 2023. There were no assets and liabilities of discontinued operations as of March 31, 2024.
As of March 31,
2023
 (In millions)
Cash and cash equivalents$130 
Accounts receivable, net271 
Contract assets298 
Inventories142 
Other current assets42 
Current assets of discontinued operations$883 
Property and equipment, net$7 
Operating lease right-of-use assets, net3 
Goodwill204 
Other intangible assets, net1 
Other non-current assets268 
Non-current assets of discontinued operations$483 
Accounts payable$206 
Accrued payroll and benefits16 
Deferred revenue and customer working capital advances188 
Other current liabilities103 
Current liabilities of discontinued operations$513 
Long-term debt$147 
Operating lease liabilities, non-current2 
Other non-current liabilities83 
Non-current liabilities of discontinued operations$232