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DISCONTINUED OPERATIONS | 6 Months Ended
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Sep. 27, 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 and six-month periods ended September 29, 2023 were as follows:
|  | Three-month period ended |  | Six-month period ended
|  | September 29, 2023 |  | September 29, 2023
|  | (In millions)
Net sales (1) |  | $ | 538 |  |  | $ | 982 |
Cost of sales (1) |  | 392 |  |  | 725 |
Gross Profit |  | 146 |  |  | 257 |
Selling, general and administrative expenses |  | 51 |  |  | 86 |
Operating income |  | 95 |  |  | 171 |
Interest and other, net |  | 3 |  |  | 4 |
Income before income taxes |  | 92 |  |  | 167 |
Provision for income taxes |  | (113) |  |  | (102) |
Net income from discontinued operations |  | 205 |  |  | 269 |
Net income from discontinued operations attributable to noncontrolling interest (2) |  | 178 |  |  | 203 |
Net income from discontinued operations attributable to Flex Ltd. |  | $ | 27 |  |  | $ | 66 |
(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 $34 million and $70 million for the three and six-month periods ended September 29, 2023, respectively. (2) Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $40 million and $69 million and of income tax expense of $2 million and $6 million for the three and six-month periods ended September 29, 2023. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $52 million and $98 million for the same periods. In addition, during the three-month period ended September 29, 2023, a $140 million deferred tax asset was recorded, with an offsetting entry to income tax benefit fully attributable to noncontrolling interest in connection with Nextracker's follow-on public offering. Details of cash flows from discontinued operations for the six-month period ended September 29, 2023 were as follows:
|  |  |  | Six-month period ended
|  |  |  | September 29, 2023
|  |  | (In millions)
Net cash provided by discontinued operations operating activities (1) |  |  |  | $ | 253 |
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 $(4) million for the six-month period ended September 29, 2023.

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- 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
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