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SEGMENT REPORTING (Tables) | 6 Months Ended
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Sep. 26, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information by Operating Segment | 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 |
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 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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