XML 29 R13.htm IDEA: XBRL DOCUMENT
v3.24.2

DISCONTINUED OPERATIONS | 3 Months Ended
--- | ---
Jun. 28, 2024
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On January 2, 2024, the Company completed the Spin-off of its remaining interests in Nextracker. For additional details on the Spin-off, refer to Part I, Item 1, “Business” and note 1, "Organization of The Company" and note 7, “Discontinued Operations” of the notes to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. Nextracker's financial results for periods prior to the Spin-off have been reflected in our condensed consolidated statement of operations, retrospectively, as discontinued operations. The key components of net income from discontinued operations for the three-month period ended June 30, 2023 were as follows:
|  | June 30, 2023
|  | (In millions)
Net sales (1) |  | $ | 444 |
Cost of sales (1) |  | 333 |
Gross Profit |  | 111 |
Selling, general and administrative expenses |  | 35 |
Operating income |  | 76 |
Interest, net |  | 1 |
Income before income taxes |  | 75 |
Provision for income taxes |  | 11 |
Net income from discontinued operations |  | 64 |
Net income from discontinued operations attributable to noncontrolling interest (2) |  | 25 |
Net income from discontinued operations attributable to Flex Ltd. |  | $ | 39 |
(1) Both net sales and cost of sales from discontinued operations includes the effect of intercompany transactions that were eliminated from Flex's condensed consolidated statements of operations of approximately $36 million for the three-month period ended June 30, 2023. (2) Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $29 million and of income tax expense of $4 million for the three-month period ended June 30, 2023. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $46 million for the same period. Details of cash flows from discontinued operations for the three-month period ended June 30, 2023 were as follows:
|  | June 30, 2023
|  | (In millions)
Net cash provided by discontinued operations operating activities (1) |  | $ | 226 |
Net cash used in discontinued operations investing activities |  | (1) |
(1) Cash flows from discontinued operations operating activities includes an inflow from intercompany transactions that were eliminated from Flex's consolidated operations of $10 million for the three-month period ended June 30, 2023.

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration