XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.25.3

SEGMENT REPORTING | 6 Months Ended
--- | ---
Sep. 26, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company reports its financial performance based on two operating and reportable segments, Flex Agility Solutions and Flex Reliability Solutions, and analyzes operating income as the measure of segment profitability. The determination of these segments is based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics. An operating segment's performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include amortization of intangibles, stock-based compensation, certain restructuring and impairment charges, customer related asset impairment, legal and other, interest expense, interest income, other charges (income), net, and equity in earnings of unconsolidated affiliates. A portion of depreciation is allocated to the respective segments, together with other general corporate, research and development and administrative expenses. The Company's Chief Executive Officer is our Chief Operating Decision Maker ("CODM") who uses segment income in evaluating how we allocate resources, assess performance and make strategic and operational decisions. Selected financial information by segment for the three and six-month periods ended September 26, 2025 and September 27, 2024 are in the tables below:
| FAS |  | FRS |  | Corporate & Other |  | Total
Three-Months Ended September 26, 2025 | (In millions)
Net Sales | $ | 3,766 |  |  | $ | 3,038 |  |  | $ | — |  |  | $ | 6,804 |
Cost of inventory | (2,780) |  |  | (1,956) |  |  | (1) |  |  | (4,737) |
Manufacturing expenses | (667) |  |  | (768) |  |  | — |  |  | (1,435) |
Segment selling, general and administrative expenses | (92) |  |  | (117) |  |  | (14) |  |  | (223) |
Segment income | $ | 227 |  |  | $ | 197 |  |  | $ | (15) |  |  | $ | 409 |
Reconciling items: |  |  |  |  |  |  |
Intangible amortization |  |  |  |  |  |  | $ | 16 |
Stock-based compensation |  |  |  |  |  |  | 37 |
Restructuring and impairment charges (1) |  |  |  |  |  |  | 51 |
Legal and other (2) |  |  |  |  |  |  | 9 |
Interest expenses |  |  |  |  |  |  | 52 |
Interest income |  |  |  |  |  |  | 10 |
Other charges (income), net |  |  |  |  |  |  | (13) |
Equity in earnings (losses) of unconsolidated affiliates |  |  |  |  |  |  | (5) |
Income before income taxes |  |  |  |  |  |  | $ | 262 |
(1)The Company recognized a total of $41 million in asset impairments, inventory write-downs and other related charges as a result of a missile strike on its Mukachevo, Ukraine facility on August 21, 2025. Refer to note 1 "Organization of the Company and Basis of Presentation" for further details. (2)Legal and other consists of costs not directly related to core business results and 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. During fiscal year 2026, legal costs were primarily related to costs from acquisitions occurring in fiscal year 2025 and the first quarter of fiscal year 2026.
| FAS |  | FRS |  | Corporate & Other |  | Total
Six-Months Ended September 26, 2025 | (In millions)
Net Sales | $ | 7,457 |  |  | $ | 5,922 |  |  | $ | — |  |  | $ | 13,379 |
Cost of inventory | (5,512) |  |  | (3,883) |  |  | (1) |  |  | (9,396) |
Manufacturing expenses | (1,301) |  |  | (1,449) |  |  | (5) |  |  | (2,755) |
Segment selling, general and administrative expenses | (177) |  |  | (221) |  |  | (26) |  |  | (424) |
Segment income | $ | 467 |  |  | $ | 369 |  |  | $ | (32) |  |  | $ | 804 |
Reconciling items: |  |  |  |  |  |  |
Intangible amortization |  |  |  |  |  |  | $ | 37 |
Stock-based compensation |  |  |  |  |  |  | 71 |
Restructuring and impairment charges (1) |  |  |  |  |  |  | 74 |
Legal and other (2) |  |  |  |  |  |  | 15 |
Interest expenses |  |  |  |  |  |  | 103 |
Interest income |  |  |  |  |  |  | 23 |
Other charges (income), net |  |  |  |  |  |  | (6) |
Equity in earnings (losses) of unconsolidated affiliates |  |  |  |  |  |  | (25) |
Income before income taxes |  |  |  |  |  |  | $ | 508 |
(1)The Company recognized a total of $41 million in asset impairments, inventory write-downs and other related charges as a result of a missile strike on its Mukachevo, Ukraine facility on August 21, 2025. Refer to note 1 "Organization of the Company and Basis of Presentation" for further details. (2)Legal and other consists of costs not directly related to core business results and 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. During fiscal year 2026, legal costs were primarily related to costs from acquisitions occurring in fiscal year 2025 and the first quarter of fiscal year 2026.
| FAS |  | FRS |  | Corporate & Other |  | Total
Three-Months Ended September 27, 2024 | (In millions)
Net Sales | $ | 3,606 |  |  | $ | 2,939 |  |  | $ | — |  |  | $ | 6,545 |
Cost of inventory | (2,680) |  |  | (1,988) |  |  | — |  |  | (4,668) |
Manufacturing expenses | (625) |  |  | (692) |  |  | (6) |  |  | (1,323) |
Segment selling, general and administrative expenses | (83) |  |  | (100) |  |  | (13) |  |  | (196) |
Segment income | $ | 218 |  |  | $ | 159 |  |  | $ | (19) |  |  | $ | 358 |
Reconciling items: |  |  |  |  |  |  |
Intangible amortization |  |  |  |  |  |  | $ | 16 |
Stock-based compensation |  |  |  |  |  |  | 28 |
Restructuring charges |  |  |  |  |  |  | 17 |
Interest expenses |  |  |  |  |  |  | 53 |
Interest income |  |  |  |  |  |  | 16 |
Other charges (income), net |  |  |  |  |  |  | (8) |
Equity in earnings (losses) of unconsolidated affiliates |  |  |  |  |  |  | (4) |
Income before income taxes |  |  |  |  |  |  | $ | 264 |
| FAS |  | FRS |  | Corporate & Other |  | Total
Six-Months Ended September 27, 2024 | (In millions)
Net Sales | $ | 6,971 |  |  | $ | 5,888 |  |  | $ | — |  |  | $ | 12,859 |
Cost of inventory | (5,176) |  |  | (3,991) |  |  | — |  |  | (9,167) |
Manufacturing expenses | (1,238) |  |  | (1,391) |  |  | (14) |  |  | (2,643) |
Segment selling, general and administrative expenses | (160) |  |  | (200) |  |  | (25) |  |  | (385) |
Segment income | $ | 397 |  |  | $ | 306 |  |  | $ | (39) |  |  | $ | 664 |
Reconciling items: |  |  |  |  |  |  |
Intangible amortization |  |  |  |  |  |  | $ | 32 |
Stock-based compensation |  |  |  |  |  |  | 60 |
Restructuring charges |  |  |  |  |  |  | 42 |
Interest expenses |  |  |  |  |  |  | 109 |
Interest income |  |  |  |  |  |  | 32 |
Other charges (income), net |  |  |  |  |  |  | (6) |
Equity in earnings (losses) of unconsolidated affiliates |  |  |  |  |  |  | (3) |
Income before income taxes |  |  |  |  |  |  | $ | 456 |
Corporate and Other primarily includes corporate service costs that are not included in the CODM's assessment of the performance of each of the identified reportable segments. The Company provides an overall platform of assets and services, which the segments utilize for the benefit of their various customers. The shared assets and services are contained within the Company's global manufacturing and design operations and include manufacturing and design facilities. Most of the underlying manufacturing and design assets are co-mingled in the operating campuses and are compatible to operate across segments and highly interchangeable throughout the platform. Given the highly interchangeable nature of the assets, they are not separately identified by segment nor reported by segment to the Company's CODM. Property and equipment on a segment basis is not separately identified and is not internally reported by segment to the Company's CODM as described above. Total depreciation expense, including amounts allocated to the reportable segments and Corporate and Other for the three and six-month periods ended September 26, 2025 and September 27, 2024 are as follows:
| Three-Month Periods Ended |  | Six-Month Periods Ended
| September 26, 2025 |  | September 27, 2024 |  | September 26, 2025 |  | September 27, 2024
| (In millions) |  | (In millions)
Depreciation expense: |  |  |  |  |  |  |
Flex Agility Solutions | $ | 44 |  |  | $ | 45 |  |  | $ | 94 |  |  | $ | 89 |
Flex Reliability Solutions | 66 |  |  | 64 |  |  | 128 |  |  | 126 |
Corporate and Other | 4 |  |  | 2 |  |  | 7 |  |  | 6 |
Total depreciation expense | $ | 114 |  |  | $ | 111 |  |  | $ | 229 |  |  | $ | 221 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration