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SEGMENT REPORTING (Tables)

12 Months Ended

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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