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DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Sep. 27, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Results From 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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