DISCONTINUED OPERATIONS

12 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

On January 2, 2024, Flex completed the spin-off of our remaining interests in Nextracker to Flex shareholders on a pro-rata basis based on the number ordinary shares of Flex held by each shareholder of Flex as of December 29, 2023, which was the record date of the Distribution.

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)		2023
	(In millions)
Net sales (2)	$	1,664	$	1,844
Cost of sales (2)	1,198		1,555
Gross profit	466		289
Selling, general and administrative expenses	145		121
Intangible amortization	—		1
Operating income	321		167
Interest, net	1		1
Other charges (income), net	(2)		(1)
Income before income taxes	322		167
(Benefit from) provision for income taxes	(51)		(183)
Net income from discontinued operations	373		350
Net income from discontinued operations attributable to noncontrolling interest and redeemable noncontrolling interest (3)	239		240
Net income from discontinued operations attributable to Flex Ltd.	$	134	$	110

(1)Represents the financial results for the nine-month period prior to the Nextracker 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 and $59 million for fiscal years ended March 31, 2024 and 2023, respectively.

(3)Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $145 million and zero and of income tax benefits of $94 million and $197 million and distributions to redeemable noncontrolling interest of zero and $43 million for the fiscal years ended March 31, 2024 and 2023, respectively. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $177 million and $167 million for the same periods.

Details of cash flows from discontinued operations are as follows:


	Fiscal Year Ended March 31,
	2024 (1)		2023
	(In millions)
Net cash provided by (used in) discontinued operations operating activities (2)	$	317	$	108
Net cash used in discontinued operations investing activities	(4)		(3)

(1)Represents the financial results for the nine-month period prior to the Nextracker 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 and ($23) million for the fiscal years ended March 31, 2024 and 2023, respectively.