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SEGMENT REPORTING (Tables) | 12 Months Ended
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Mar. 31, 2025
Segment Reporting, Measurement Disclosures [Abstract] |
Schedule of segment reporting information by operating segment | Selected financial information by segment is in the tables below.
Fiscal Year Ended March 31, 2025 | FAS |  | FRS |  | Corporate & Other |  | Total
Net Sales | $ | 14,074 |  |  | $ | 11,739 |  |  | $ | — |  |  | $ | 25,813 |
Cost of inventory | (10,378) |  |  | (7,866) |  |  | — |  |  | (18,244) |
Manufacturing expenses | (2,508) |  |  | (2,774) |  |  | (26) |  |  | (5,308) |
Segment selling, general and administrative expenses | (334) |  |  | (415) |  |  | (53) |  |  | (802) |
Segment income | $ | 854 |  |  | $ | 684 |  |  | $ | (79) |  |  | $ | 1,459 |
Intangible amortization |  |  |  |  |  |  | $ | 70 |
Stock-based compensation |  |  |  |  |  |  | 125 |
Restructuring charges |  |  |  |  |  |  | 84 |
Customer related asset impairment (1) |  |  |  |  |  |  | 2 |
Legal and other (2) |  |  |  |  |  |  | 9 |
Interest expenses |  |  |  |  |  |  | 218 |
Interest income |  |  |  |  |  |  | 61 |
Other charges (income), net |  |  |  |  |  |  | (14) |
Equity in earnings (losses) of unconsolidated affiliates |  |  |  |  |  |  | (3) |
Income from continuing operations before income taxes |  |  |  |  |  |  | $ | 1,023 |
(1)Customer related asset impairments may consist of non-cash impairments of property and equipment to estimated fair value for customers from whom we have disengaged or are in the process of disengaging as well as additional provisions for doubtful accounts receivable for customers that are experiencing financial difficulties and inventory that is considered non-recoverable that is written down to net realizable value. In subsequent periods, the Company may recover a portion of the costs previously incurred related to assets impaired or reduced to net realizable value. During fiscal year 2025, the Company recognized approximately $2 million of customer related asset impairments. (2)Legal and other consists of costs not directly related to core business results including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition related costs and asset impairment. During fiscal year 2025, the Company accrued for $5 million related to asset impairments and $4 million is related to acquisition costs.
Fiscal Year Ended March 31, 2024 | FAS |  | FRS |  | Corporate & Other |  | Total
Net Sales | $ | 13,923 |  |  | $ | 12,492 |  |  | $ | — |  |  | $ | 26,415 |
Cost of inventory | (10,549) |  |  | (8,610) |  |  | 10 |  |  | (19,149) |
Manufacturing expenses | (2,382) |  |  | (2,796) |  |  | (28) |  |  | (5,206) |
Segment selling, general and administrative expenses | (323) |  |  | (420) |  |  | (50) |  |  | (793) |
Segment income | $ | 669 |  |  | $ | 666 |  |  | $ | (68) |  |  | $ | 1,267 |
Intangible amortization |  |  |  |  |  |  | $ | 70 |
Stock-based compensation |  |  |  |  |  |  | 113 |
Restructuring charges |  |  |  |  |  |  | 172 |
Customer related asset impairment (1) |  |  |  |  |  |  | 14 |
Legal and other (2) |  |  |  |  |  |  | 45 |
Interest expenses |  |  |  |  |  |  | 207 |
Interest income |  |  |  |  |  |  | 56 |
Other charges (income), net |  |  |  |  |  |  | 44 |
Equity in earnings (losses) of unconsolidated affiliates |  |  |  |  |  |  | 8 |
Income from continuing operations before income taxes |  |  |  |  |  |  | $ | 666 |
(1)Customer related asset impairments may consist of non-cash impairments of property and equipment to estimated fair value for customers from whom we have disengaged or are in the process of disengaging as well as additional provisions for doubtful accounts receivable for customers that are experiencing financial difficulties and inventory that is considered non-recoverable that is written down to net realizable value. In subsequent periods, the Company may recover a portion of the costs previously incurred related to assets impaired or reduced to net realizable value. During fiscal year 2024, the Company recognized approximately $14 million of customer related asset impairments. (2)Legal and other consists of costs not directly related to core business results including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition related costs and customer related asset recoveries. During fiscal year 2024, the Company recognized a $50 million loss contingency for a commercial dispute related to a construction matter with related production objectives.
Fiscal Year Ended March 31, 2023 | FAS |  | FRS |  | Corporate & Other |  | Total
Net Sales | $ | 15,769 |  |  | $ | 12,733 |  |  | $ | — |  |  | $ | 28,502 |
Cost of inventory | (12,256) |  |  | (9,067) |  |  | 19 |  |  | (21,304) |
Manufacturing expenses | (2,485) |  |  | (2,655) |  |  | (30) |  |  | (5,170) |
Segment selling, general and administrative expenses | (334) |  |  | (404) |  |  | (58) |  |  | (796) |
Segment income | $ | 694 |  |  | $ | 607 |  |  | $ | (69) |  |  | $ | 1,232 |
Intangible amortization |  |  |  |  |  |  | $ | 81 |
Stock-based compensation |  |  |  |  |  |  | 101 |
Restructuring charges |  |  |  |  |  |  | 27 |
Customer related asset impairment |  |  |  |  |  |  | — |
Legal and other (1) |  |  |  |  |  |  | 6 |
Interest expenses |  |  |  |  |  |  | 230 |
Interest income |  |  |  |  |  |  | 30 |
Other charges (income), net |  |  |  |  |  |  | 6 |
Equity in earnings (losses) of unconsolidated affiliates |  |  |  |  |  |  | (4) |
Income from continuing operations before income taxes |  |  |  |  |  |  | $ | 807 |
(1)Legal and other consists of costs not directly related to core business results including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition related costs and customer related asset recoveries. During fiscal year 2023, the Company accrued for certain loss contingencies where losses are considered probable and estimable offset by a gain upon successful settlement of certain supplier claims. During fiscal years 2025, 2024 and 2023, total depreciation expense, including amounts allocated to the reportable segments and Corporate and Other, is as follows:
| Fiscal Year Ended March 31,
| 2025 |  | 2024 |  | 2023
| (In millions)
Depreciation expense: |  |  |  |  |
Flex Agility Solutions | $ | 179 |  |  | $ | 171 |  |  | $ | 177 |
Flex Reliability Solutions | 249 |  |  | 241 |  |  | 217 |
Corporate and Other | 11 |  |  | 16 |  |  | 17 |
Total depreciation expense | $ | 439 |  |  | $ | 428 |  |  | $ | 411 |
Schedule of geographic information by segment net sales | Geographic information of net sales is as follows:
| Fiscal Year Ended March 31,
| 2025 |  | 2024 |  | 2023
| (In millions)
Net sales by region: |  |  |  |  |  |  |  |  |  |  |
Americas | $ | 12,656 |  |  | 49 | % |  | $ | 12,232 |  |  | 46 | % |  | $ | 11,906 |  |  | 42 | %
Asia | 7,701 |  |  | 30 | % |  | 8,540 |  |  | 32 | % |  | 10,384 |  |  | 36 | %
Europe | 5,456 |  |  | 21 | % |  | 5,643 |  |  | 22 | % |  | 6,212 |  |  | 22 | %
| $ | 25,813 |  |  |  |  | $ | 26,415 |  |  |  |  | $ | 28,502 |  |  |
The following table summarizes the countries that accounted for more than 10% of net sales in fiscal years 2025, 2024, and 2023:
| Fiscal Year Ended March 31,
| 2025 |  | 2024 |  | 2023
| (In millions)
Net sales by country: |  |  |  |  |  |  |  |  |  |  |
Mexico | $ | 6,854 |  |  | 27 | % |  | $ | 6,935 |  |  | 26 | % |  | $ | 6,626 |  |  | 23 | %
China | 4,319 |  |  | 17 | % |  | 5,117 |  |  | 19 | % |  | 6,562 |  |  | 23 | %
U.S. | 4,162 |  |  | 16 | % |  | 3,598 |  |  | 14 | % |  | 3,394 |  |  | 12 | %
Schedule of geographic information by segment long-lived assets | Geographic information of property and equipment, net is as follows:
| As of March 31,
| 2025 |  | 2024
| (In millions)
Property and equipment, net: |  |  |  |  |  |  |
Americas | $ | 1,292 |  |  | 55 | % |  | $ | 1,220 |  |  | 54 | %
Asia | 555 |  |  | 24 | % |  | 565 |  |  | 25 | %
Europe | 483 |  |  | 21 | % |  | 484 |  |  | 21 | %
| $ | 2,330 |  |  |  |  | $ | 2,269 |  |  |
The following table summarizes the countries that accounted for more than 10% of property and equipment, net in fiscal years 2025 and 2024:
| Fiscal Year Ended March 31,
| 2025 |  | 2024
| (In millions)
Property and equipment, net: |  |  |  |  |  |  |
Mexico | $ | 815 |  |  | 35 | % |  | $ | 793 |  |  | 35 | %
U.S. | 376 |  |  | 16 | % |  | 334 |  |  | 15 | %
China | 293 |  |  | 13 | % |  | 307 |  |  | 14 | %

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