Flex (FLEX) 10-Q26 Jul 242025 Q1 Quarterly reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Jun. 28, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2024
Document Transition Report	false
Entity File Number	0-23354
Entity Registrant Name	FLEX LTD.
Entity Incorporation, State or Country Code	U0
Entity Address, Address Line One	2 Changi South Lane,
Entity Address, City or Town	Singapore
Entity Address, State or Province	SG
Entity Address, Postal Zip Code	486123
City Area Code	65
Local Phone Number	6876-9899
Title of 12(b) Security	Ordinary Shares, No Par Value
Trading Symbol	FLEX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		397,071,279
Entity Central Index Key	0000866374
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 28, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 2,243	$ 2,474
Accounts receivable, net of allowance of $11 and $12, respectively	2,952	3,033
Contract assets	457	249
Inventories	5,839	6,205
Other current assets	1,057	1,031
Total current assets	12,548	12,992
Property and equipment, net	2,228	2,269
Operating lease right-of-use assets, net	573	601
Goodwill	1,139	1,135
Other intangible assets, net	230	245
Other non-current assets	1,019	1,015
Total assets	17,737	18,257
Current liabilities:
Bank borrowings and current portion of long-term debt	543	0
Accounts payable	4,726	4,468
Accrued payroll and benefits	428	488
Deferred revenue and customer working capital advances	2,265	2,615
Other current liabilities	1,007	968
Total current liabilities	8,969	8,539
Long-term debt, net of current portion	2,672	3,261
Operating lease liabilities, non-current	463	490
Other non-current liabilities	637	642
Total liabilities	12,741	12,932
Shareholders’ equity
Ordinary shares, no par value; 1,500,000,000 authorized, 399,382,891 and 408,101,772 issued, and 399,382,891 and 408,101,772 outstanding, respectively	4,649	5,074
Accumulated earnings	585	446
Accumulated other comprehensive loss	(238)	(195)
Total shareholders’ equity	4,996	5,325
Total liabilities and shareholders' equity	$ 17,737	$ 18,257

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 28, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 11	$ 12
Ordinary shares, par value (in dollars per share)	$ 0	$ 0
Ordinary shares, authorized (in shares)	1,500,000,000	1,500,000,000
Ordinary shares, issued (in shares)	399,382,891	408,101,772
Ordinary shares, outstanding (in shares)	399,382,891	408,101,772

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 6,314	$ 6,892
Cost of sales	5,827	6,399
Restructuring charges	16	17
Gross profit	471	476
Selling, general and administrative expenses	213	235
Restructuring charges	9	6
Intangible amortization	16	20
Operating income	233	215
Interest expense	56	56
Interest income	16	16
Other charges (income), net	1	11
Income from continuing operations before income taxes	192	164
Provision for income taxes	53	17
Net income from continuing operations	139	147
Net income from discontinued operations, net of tax	0	64
Net income	139	211
Net income attributable to noncontrolling interest	0	25
Net income attributable to Flex Ltd.	$ 139	$ 186
Earnings Per Share [Abstract]
Basic earnings per share from continuing operations (in dollars per share)	$ 0.35	$ 0.33
Basic earnings per share from discontinued operations (in dollars per share)	0	0.09
Basic earnings per share attributable to the shareholders of Flex Ltd (in dollars per share)	0.35	0.42
Earnings Per Share, Diluted [Abstract]
Diluted earnings per share from continuing operations (in dollars per share)	0.34	0.32
Diluted earnings per share from discontinued operations (in dollars per share)	0	0.09
Diluted earnings per share attributable to the shareholders of Flex Ltd (in dollars per share)	$ 0.34	$ 0.41
Weighted-average shares used in computing per share amounts:
Basic (in shares)	402	447
Diluted (in shares)	411	455

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 139	$ 211
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(16)	(9)
Unrealized gain (loss) on derivative instruments and other	(27)	34
Comprehensive income	96	236
Comprehensive income attributable to noncontrolling interest	0	25
Comprehensive income attributable to Flex Ltd.	$ 96	$ 211

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Total Flex Ltd. Shareholders' Equity	Ordinary Shares	Accumulated Earnings (Deficit)	Unrealized Gain (Loss) on Derivative Instruments and Other	Foreign Currency Translation Adjustments	Total Accumulated Other Comprehensive Gain (Loss)	Noncontrolling Interest [Member]
Beginning balance (in shares) at Mar. 31, 2023			450,000,000
Beginning balance at Mar. 31, 2023	$ 5,706	$ 5,351	$ 6,105	$ (560)	$ (14)	$ (180)	$ (194)	$ 355
Increase (Decrease) in Shareholders' Equity
Repurchase of Flex Ltd. ordinary shares at cost (in shares)			(9,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(197)	(197)	$ (197)
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)			8,000,000
Net income	211	186		186				25
Stock-based compensation	41	41	$ 41
Total other comprehensive income (loss)	25	25			34	(9)	25
Ending balance (in shares) at Jun. 30, 2023			449,000,000
Ending balance at Jun. 30, 2023	$ 5,786	5,406	$ 5,949	(374)	20	(189)	(169)	380
Beginning balance (in shares) at Mar. 31, 2024	408,101,772		408,000,000
Beginning balance at Mar. 31, 2024	$ 5,325	5,325	$ 5,074	446	4	(199)	(195)	0
Increase (Decrease) in Shareholders' Equity
Repurchase of Flex Ltd. ordinary shares at cost (in shares)			(15,000,000)
Repurchase of Flex Ltd. ordinary shares at cost	(457)	(457)	$ (457)
Issuance of Flex Ltd. vested shares under restricted share unit awards (in shares)			6,000,000
Net income	139	139		139
Stock-based compensation	32	32	$ 32
Total other comprehensive income (loss)	$ (43)	(43)			(27)	(16)	(43)
Ending balance (in shares) at Jun. 28, 2024	399,382,891		399,000,000
Ending balance at Jun. 28, 2024	$ 4,996	$ 4,996	$ 4,649	$ 585	$ (23)	$ (215)	$ (238)	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 139	$ 211
Depreciation, amortization and other impairment charges	126	133
Changes in working capital and other, net	75	(338)
Net cash provided by operating activities	340	6
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(111)	(167)
Proceeds from the disposition of property and equipment	3	11
Acquisition of businesses, net of cash acquired	2	0
Other investing activities, net	24	1
Net cash used in investing activities	(82)	(155)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings and long-term debt	0	2
Repayments of bank borrowings and long-term debt	(41)	(243)
Payments for repurchases of ordinary shares	(457)	(197)
Other financing activities, net	30	(48)
Net cash used in financing activities	(468)	(486)
Effect of exchange rates on cash and cash equivalents	(21)	1
Net decrease in cash and cash equivalents	(231)	(634)
Cash and cash equivalents, beginning of period	2,474	3,294
Cash and cash equivalents, end of period	2,243	2,660
Non-cash investing activities:
Unpaid purchases of property and equipment	69	158
Right-of-use assets obtained in exchange of operating lease liabilities	$ 14	$ 37

ORGANIZATION OF THE COMPANY AND

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION	3 Months Ended
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION	ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION Organization of the Company Flex Ltd. ("Flex" or the "Company") is the advanced, end-to-end manufacturing partner of choice that helps market-leading brands design, build, deliver and manage innovative products that improve the world. Through the collective strength of a global workforce across approximately 30 countries with responsible, sustainable operations, Flex supports our customers' entire product lifecycle with a broad array of services in every major region. The Company's full suite of specialized capabilities include design and engineering, supply chain, manufacturing, post-production and post-sale services. Flex partners with customers across a diverse set of industries including cloud, communications, enterprise, automotive, industrial, consumer devices, lifestyle, healthcare, and energy. As of June 28, 2024, Flex's two operating and reportable segments were as follows: • Flex Agility Solutions ("FAS"), which is comprised of the following end markets: ◦ Communications, Enterprise and Cloud , including data infrastructure, edge infrastructure and communications infrastructure ◦ Lifestyle , including appliances, consumer packaging, floorcare, micro mobility and audio ◦ Consumer Devices , including mobile and high velocity consumer devices. • Flex Reliability Solutions ("FRS"), which is comprised of the following end markets: ◦ Automotive , including next generation mobility, autonomous, connectivity, electrification, and smart technologies ◦ Health Solutions , including medical devices, medical equipment and drug delivery ◦ Industrial , including capital equipment, industrial devices, embedded and critical power offerings, and renewables and grid edge. The Company's service offerings include a comprehensive range of value-added design and engineering services that are tailored to the various markets and needs of its customers. Other focused service offerings relate to manufacturing (including enclosures, metals, plastic injection molding, precision plastics, machining, and mechanicals), system integration and assembly and test services, materials procurement, inventory management, logistics and after-sales services (including product repair, warranty services, re-manufacturing and maintenance), supply chain management software solutions and component product offerings (including flexible printed circuit boards and power adapters and chargers). Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2024 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Operating results for the three-month period ended June 28, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025. The first quarters for fiscal years 2025 and 2024 ended on June 28, 2024, which is comprised of 89 days in the period, and June 30, 2023, which is comprised of 91 days, respectively. The accompanying unaudited condensed consolidated financial statements include the accounts of Flex and its subsidiaries, after elimination of intercompany accounts and transactions. The Company consolidates subsidiaries and investments in entities in which the Company has a controlling interest. For the consolidated subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership of the noncontrolling owners. On January 2, 2024, Flex completed its spin-off (the "Spin-off") of its remaining interest in Nextracker Inc. ("Nextracker"). After the Spin-off, Flex no longer consolidates the financial results of Nextracker within its financial results of continuing operations. For all the periods prior to the Spin-off, the financial results of Nextracker are presented as net earnings from discontinued operations in the condensed consolidated statements of operations and unless otherwise indicated Flex's disclosures are presented on a continuing operations basis. The historical statements of comprehensive income and cash flows and the balances related to shareholders' equity have not been revised to reflect the Spin-off. See note 6 "Discontinued Operations" for additional information. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, and intangible assets; valuation of goodwill; valuation of investments in privately held companies; asset impairments; fair values of financial instruments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rates in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations; and the fair values of stock options and restricted share unit awards granted under the Company's stock-based compensation plans. Due to geopolitical conflicts (including the Russian invasion of Ukraine, the Israel-Hamas war, and other geopolitical conflicts), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the Russian invasion of Ukraine and the Israel-Hamas war. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur. Supplier Finance Programs The Company has four supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the Company. The Company established these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they choose to sell their receivables to the financial institutions in advance of the due date. Our suppliers’ participation in the programs is voluntary, the Company is not involved in negotiations of the suppliers’ arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers’ decisions to sell amounts under these programs. Under these supplier finance programs, the Company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. No guarantees are provided by the Company under the supplier finance programs and the Company incurs no costs related to the programs. We have no economic interest in a supplier’s decision to participate in the supplier finance programs. Obligations under these programs are classified within accounts payable on the condensed consolidated balance sheets, with the associated payments reflected in the operating activities section of the condensed consolidated statement of cash flows. The Company's outstanding obligations confirmed as valid under its supplier finance programs as of June 28, 2024 and March 31, 2024 were $129 million and $123 million, respectively. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2026. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance prospectively when it becomes effective in the fourth quarter of fiscal year 2026. In November 2023, the FASB issued ASU 2023-07 "Segment Reporting - Improvements to Reportable Segment Disclosures", which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2025, with early adoption permitted. The Company is currently assessing the impact of ASU 2023-07 on its consolidated financial statements, and intends to adopt the guidance retrospectively when it becomes effective in the fourth quarter of fiscal year 2025.

BALANCE SHEET ITEMS

BALANCE SHEET ITEMS	3 Months Ended
BALANCE SHEET ITEMS	Jun. 28, 2024
Balance Sheet Related Disclosures [Abstract]
BALANCE SHEET ITEMS	BALANCE SHEET ITEMS Inventories The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows: As of June 28, 2024 As of March 31, 2024 (In millions) Raw materials $ 4,858 $ 5,045 Work-in-progress 516 623 Finished goods 465 537 $ 5,839 $ 6,205 Goodwill and Other Intangible Assets During the three-month period ended June 28, 2024, the activity in the Company's goodwill account included approximately $4 million of foreign currency translation, offset by an approximately $8 million goodwill addition from an acquisition in the first quarter of fiscal year 2025. For more information, see note 17 "Business Acquisition". The components of acquired intangible assets are as follows: As of June 28, 2024 As of March 31, 2024 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets: Customer-related intangibles $ 317 $ (194) $ 123 $ 316 $ (186) $ 130 Licenses and other intangibles 296 (189) 107 298 (183) 115 Total $ 613 $ (383) $ 230 $ 614 $ (369) $ 245 The gross carrying amounts of intangible assets are removed when fully amortized. The estimated future annual amortization expense for intangible assets is as follows: Fiscal Year Ending March 31, Amount (In millions) 2025 (1) $ 47 2026 43 2027 36 2028 27 2029 25 Thereafter 52 Total amortization expense $ 230 ____________________________________________________________ (1) Represents estimated amortization for the remaining fiscal nine-month period ending March 31, 2025. Customer Working Capital Advances Customer working capital advances were $1.9 billion and $2.2 billion, as of June 28, 2024 and March 31, 2024, respectively. The customer working capital advances are not interest-bearing, do not generally have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production or the customer working capital advance agreement is terminated. Other Non-Current Assets Other non-current assets include deferred tax assets of $652 million and $644 million as of June 28, 2024 and March 31, 2024, respectively. Other Current Liabilities Other current liabilities include customer-related accruals of $242 million and $277 million as of June 28, 2024 and March 31, 2024, respectively.

REVENUE

REVENUE	3 Months Ended
REVENUE	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Contract Balances A contract asset is recognized when the Company has recognized revenue, but not issued an invoice for payment. Contract assets are classified separately on the condensed consolidated balance sheets and transferred to receivables when rights to payment become unconditional and invoiced. A contract liability is recognized when the Company receives payments in advance of the satisfaction of performance. Contract liabilities, identified as deferred revenue, were $395 million and $490 million as of June 28, 2024 and March 31, 2024, respectively, of which $355 million and $449 million, respectively, is included in deferred revenue and customer working capital advances under current liabilities. Disaggregation of Revenue The following table presents the Company’s revenue disaggregated based on timing of transfer, point in time or over time, for the three-month periods ended June 28, 2024 and June 30, 2023, respectively. Three-Month Periods Ended June 28, 2024 June 30, 2023 Timing of Transfer (In millions) FAS Point in time $ 2,873 $ 3,436 Over time 492 165 Total 3,365 3,601 FRS Point in time 2,633 3,132 Over time 316 159 Total 2,949 3,291 Flex Point in time 5,506 6,568 Over time 808 324 Total $ 6,314 $ 6,892

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Jun. 28, 2024
Share-Based Payment Arrangement, Recognized Amount [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION Equity Compensation Plan Flex historically maintains stock-based compensation plans at a corporate level. The Company granted equity compensation awards under its 2017 Equity Incentive Plan (the "2017 Plan"). Stock-Based Compensation Expense The following table summarizes the Company's stock-based compensation expense for the 2017 Plan: Three-Month Periods Ended June 28, 2024 June 30, 2023 (In millions) Cost of sales $ 8 $ 7 Selling, general and administrative expenses 24 25 Total stock-based compensation expense $ 32 $ 32 The 2017 Plan During the three-month period ended June 28, 2024, the Company granted approximately 3.9 million restricted share unit ("RSU") awards. Of this amount, approximately 2.6 million are plain-vanilla unvested RSU awards that vest over a period of three years, with no performance or market conditions, and with an average grant date price of $31.93 per award. In addition, approximately 0.3 million unvested shares represent the target amount of grants made to certain key employees whereby vesting is contingent on certain performance conditions, and with an average grant date price of $31.97 per award. The number of shares contingent on performance conditions that ultimately will vest will range from zero up to a maximum of approximately 0.6 million based on a measurement of the Company's adjusted earnings per share growth over certain specified periods, and will cliff vest after a period of three years, to the extent such performance conditions have been met. Further, approximately 0.3 million unvested shares represent the target amount of grants made to certain key employees whereby vesting is contingent on certain market conditions. The average grant date fair value of these awards contingent on certain market conditions was estimated to be $42.36 per award and was calculated using a Monte Carlo simulation. The number of shares contingent on market conditions that ultimately will vest will range from zero up to a maximum of approximately 0.6 million based on a measurement of the percentile rank of the Company’s total shareholder return over certain specified periods against the Company's peer companies, and will cliff vest after a period of three years, to the extent such market conditions have been met. Finally, the remaining balance of approximately 0.7 million represents the number of shares issued upon the vesting of RSU awards above target levels based on the achievement of certain market and performance conditions for awards granted in fiscal year 2022. These awards were issued and immediately vested in accordance with the terms and conditions of the underlying awards. As of June 28, 2024, approximately 12.5 million unvested RSU awards under the 2017 Plan were outstanding, of which vesting for a targeted amount of approximately 1.4 million shares is contingent on meeting certain market conditions, and vesting for a targeted amount of approximately 1.4 million shares is contingent on meeting certain performance conditions. The number of shares tied to market conditions that will ultimately be issued can range from zero to approximately 2.8 million based on the achievement levels. The number of shares tied to performance conditions that will ultimately be issued can range from zero to approximately 2.8 million based on the achievement levels. During the three-month period ended June 28, 2024, approximately 1.6 million shares vested in connection with the awards with market and performance conditions granted in fiscal year 2022. As of June 28, 2024, total unrecognized compensation expense related to unvested RSU awards under the 2017 Plan, was approximately $250 million, and will be recognized over a weighted-average remaining vesting period of 2.3 years.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Jun. 28, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table reflects basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share attributable to the shareholders of Flex: Three-Month Periods Ended June 28, 2024 June 30, 2023 (In millions, except per share amounts) Numerator: Net income from continuing operations $ 139 $ 147 Net income from discontinued operations, net of tax — 64 Less: Net income attributable to noncontrolling interest — 25 Net income from discontinued operations attributable to Flex Ltd. — 39 Total net income attributable to Flex Ltd. $ 139 $ 186 Denominator: Weighted-average ordinary shares outstanding - basic 402 447 Weighted-average ordinary share equivalents from RSU awards (1) 9 8 Weighted-average ordinary shares and ordinary share equivalents outstanding - diluted 411 455 Earnings per share - basic Continuing operations $ 0.35 $ 0.33 Discontinued operations, net of tax — 0.09 Total attributable to the shareholders of Flex Ltd. $ 0.35 $ 0.42 Earnings per share - diluted Continuing operations $ 0.34 $ 0.32 Discontinued operations, net of tax — 0.09 Total attributable to the shareholders of Flex Ltd. $ 0.34 $ 0.41 ____________________________________________________________ (1) An immaterial amount of RSU awards for the three-month periods ended June 28, 2024 and June 30, 2023, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
DISCONTINUED OPERATIONS	Jun. 28, 2024
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On January 2, 2024, the Company completed the Spin-off of its remaining interests in Nextracker. For additional details on the Spin-off, refer to Part I, Item 1, “Business” and note 1, "Organization of The Company" and note 7, “Discontinued Operations” of the notes to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024. Nextracker's financial results for periods prior to the Spin-off have been reflected in our condensed consolidated statement of operations, retrospectively, as discontinued operations. The key components of net income from discontinued operations for the three-month period ended June 30, 2023 were as follows: June 30, 2023 (In millions) Net sales (1) $ 444 Cost of sales (1) 333 Gross Profit 111 Selling, general and administrative expenses 35 Operating income 76 Interest, net 1 Income before income taxes 75 Provision for income taxes 11 Net income from discontinued operations 64 Net income from discontinued operations attributable to noncontrolling interest (2) 25 Net income from discontinued operations attributable to Flex Ltd. $ 39 (1) Both net sales and cost of sales from discontinued operations includes the effect of intercompany transactions that were eliminated from Flex's condensed consolidated statements of operations of approximately $36 million for the three-month period ended June 30, 2023. (2) Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $29 million and of income tax expense of $4 million for the three-month period ended June 30, 2023. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $46 million for the same period. Details of cash flows from discontinued operations for the three-month period ended June 30, 2023 were as follows: June 30, 2023 (In millions) Net cash provided by discontinued operations operating activities (1) $ 226 Net cash used in discontinued operations investing activities (1) (1) Cash flows from discontinued operations operating activities includes an inflow from intercompany transactions that were eliminated from Flex's consolidated operations of $10 million for the three-month period ended June 30, 2023.

BANK BORROWINGS AND LONG-TERM D

BANK BORROWINGS AND LONG-TERM DEBT	3 Months Ended
BANK BORROWINGS AND LONG-TERM DEBT	Jun. 28, 2024
Debt Disclosure [Abstract]
BANK BORROWINGS AND LONG-TERM DEBT	BANK BORROWINGS AND LONG-TERM DEBT Bank borrowings and long-term debt as of June 28, 2024 and March 31, 2024 are as follows: Maturity Date As of June 28, 2024 As of March 31, 2024 (In millions) 4.750% Notes (1) June 2025 $ 543 $ 584 3.750% Notes (1) February 2026 681 682 6.000% Notes (1) January 2028 397 397 4.875% Notes (1) June 2029 656 657 4.875% Notes (1) May 2030 680 681 3.600% HUF Bonds December 2031 269 274 Other 1 1 Debt issuance costs (12) (15) 3,215 3,261 Current portion, net of debt issuance costs (543) — Non-current portion $ 2,672 $ 3,261 (1) The notes are carried at the principal amount of each note, less any unamortized discount or premium and unamortized debt issuance costs. The notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations The weighted-average interest rate for the Company's long-term debt was 4.4% and 4.5% as of June 28, 2024 and March 31, 2024, respectively. Scheduled repayments of the Company's bank borrowings and long-term debt as of June 28, 2024 are as follows: Fiscal Year Ending March 31, Amount (In millions) 2025 (1) $ — 2026 1,224 2027 — 2028 397 2029 27 Thereafter 1,579 Total $ 3,227 (1) Represents estimated repayments for the remaining fiscal nine-month period ending March 31, 2025.

INTEREST EXPENSE AND INTEREST I

INTEREST EXPENSE AND INTEREST INCOME	3 Months Ended
INTEREST EXPENSE AND INTEREST INCOME	Jun. 28, 2024
Other Income and Expenses [Abstract]
INTEREST EXPENSE AND INTEREST INCOME	INTEREST EXPENSE AND INTEREST INCOME Interest expense and interest income for the three-month periods ended June 28, 2024 and June 30, 2023 are primarily composed of the following: Three-Month Periods Ended June 28, 2024 June 30, 2023 (In millions) Interest expenses on debt obligations $ 43 $ 44 AR sale program related expenses 13 12 Interest income (16) (16)

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
FINANCIAL INSTRUMENTS	Jun. 28, 2024
Derivative Instruments and Hedges, Assets [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS Foreign Currency Contracts The Company enters into short-term and long-term foreign currency derivative contracts, including forward, swap, and options contracts, to hedge only those currency exposures associated with certain assets and liabilities, primarily accounts receivable, accounts payable, debt, and cash flows denominated in non-functional currencies. Gains and losses on the Company's derivative contracts are designed to offset losses and gains on the assets, liabilities and transactions hedged, and accordingly, generally do not subject the Company to risk of significant accounting losses. The Company hedges committed exposures and does not engage in speculative transactions. The credit risk of these derivative contracts is minimized since the contracts are with large financial institutions and, accordingly, fair value adjustments related to the credit risk of the counterparty financial institutions were not material. As of June 28, 2024, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $8.8 billion as summarized below: Notional Contract Value in USD Currency Buy Sell (in millions) Cash Flow Hedges HUF $ 437 $ — MXN 515 — Other 539 27 1,491 27 Other Foreign Currency Contracts CNY 424 89 EUR 1,856 1,705 JPY 16 467 MXN 429 383 MYR 275 115 Other 703 801 3,703 3,560 Total Notional Contract Value in USD $ 5,194 $ 3,587 As of June 28, 2024, the fair value of the Company’s short-term foreign currency contracts was included in other current assets or other current liabilities, as applicable, in the condensed consolidated balance sheets. Certain of these contracts are designed to economically hedge the Company’s exposure to monetary assets and liabilities denominated in a non-functional currency and are not accounted for as hedges under the accounting standards. Accordingly, changes in the fair value of these instruments are recognized in earnings during the period of change as a component of other charges (income), net in the condensed consolidated statements of operations. As of June 28, 2024 and March 31, 2024, the Company also has included net deferred gains and losses in accumulated other comprehensive loss, a component of shareholders' equity in the condensed consolidated balance sheets, relating to changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. The deferred loss was $10 million as of June 28, 2024, and is expected to be recognized primarily as a component of cost of sales in the condensed consolidated statements of operations over the next twelve-month period, except for the USD HUF cross currency swaps. The Company entered into USD HUF cross currency swaps in December 2021 to hedge the foreign currency risk on the HUF bonds due December 2031. The fair value of the cross currency swaps was included in other current liabilities and other non-current liabilities as of June 28, 2024, and in other current assets and other non-current liabilities as of March 31, 2024. The changes in fair value of the USD HUF cross currency swaps are reported in accumulated other comprehensive loss. In addition, corresponding amounts are reclassified out of accumulated other comprehensive loss to other charges (income), net to offset the remeasurement of the underlying HUF bond principal, which also impacts the same line. The following table presents the fair value of the Company’s derivative instruments utilized for foreign currency risk management purposes: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet June 28, March 31, Balance Sheet June 28, March 31, (In millions) Derivatives designated as hedging instruments Foreign currency contracts Other current assets $ 7 $ 45 Other current liabilities $ (29) $ (9) Foreign currency contracts Other non-current assets $ — $ — Other non-current liabilities $ (31) $ (33) Derivatives not designated as hedging instruments Foreign currency contracts Other current assets $ 22 $ 14 Other current liabilities $ (27) $ (10) The Company has financial instruments subject to master netting arrangements, which provide for the net settlement of all contracts with certain counterparties. The Company does not offset fair value amounts for assets and liabilities recognized for derivative instruments under these arrangements, as such, the asset and liability balances presented in the table above reflect the gross amounts of derivatives in the condensed consolidated balance sheets. The impact of netting derivative assets and liabilities is not material to the Company’s financial position for any of the periods presented.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS	Jun. 28, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in accumulated other comprehensive loss by component, net of tax, are as follows: Three-Month Periods Ended June 28, 2024 June 30, 2023 Unrealized gain Foreign currency Total Unrealized gain Foreign currency Total (In millions) Beginning balance $ 4 $ (199) $ (195) $ (14) $ (180) $ (194) Other comprehensive gain (loss) before reclassifications (30) (16) (46) 101 (9) 92 Net (gain) loss reclassified from accumulated other comprehensive loss 3 — 3 (67) — (67) Net current-period other comprehensive gain (loss) (27) (16) (43) 34 (9) 25 Ending balance $ (23) $ (215) $ (238) $ 20 $ (189) $ (169)

TRADE RECEIVABLES SALES PROGRAM

TRADE RECEIVABLES SALES PROGRAMS	3 Months Ended
TRADE RECEIVABLES SALES PROGRAMS	Jun. 28, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
TRADE RECEIVABLES SALES PROGRAMS	TRADE RECEIVABLES SALES PROGRAMSThe Company sells accounts receivables to certain third-party banking institutions under factoring programs. The outstanding balance of receivables sold and not yet collected on accounts where the Company has continuing involvement was approximately $0.9 billion and $0.8 billion as of June 28, 2024 and March 31, 2024, respectively. For the three-month periods ended June 28, 2024 and June 30, 2023, total accounts receivable sold to certain third-party banking institutions was approximately $1.1 billion and $0.8 billion, respectively. The receivables that were sold were removed from the condensed consolidated balance sheets and the cash received was included as cash provided by operating activities in the condensed consolidated statements of cash flows.

FAIR VALUE MEASUREMENT OF ASSET

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES	3 Months Ended
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES	Jun. 28, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES	FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. There were no balances classified as level 1 in the fair value hierarchy as of June 28, 2024 and March 31, 2024. Level 2 - Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets) such as cash and cash equivalents and money market funds; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. The Company values foreign exchange forward contracts using level 2 observable inputs which primarily consist of an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. The Company’s cash equivalents include bank time deposits and money market funds, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value. The Company has deferred compensation plans for its officers and certain other employees. Amounts deferred under the plans are invested in hypothetical investments selected by the participant or the participant's investment manager. The Company's deferred compensation plan assets are included in other non-current assets on the consolidated balance sheets and include money market funds, mutual funds, corporate and government bonds and certain convertible securities that are valued using prices obtained from various pricing sources. These sources price these investments using certain market indices and the performance of these investments in relation to these indices. As a result, the Company has classified these investments as level 2 in the fair value hierarchy. Level 3 - Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. There were no transfers between levels in the fair value hierarchy during the three-month periods ended June 28, 2024 and June 30, 2023. Financial Instruments Measured at Fair Value on a Recurring Basis The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 28, 2024 and March 31, 2024: Fair Value Measurements as of June 28, 2024 Level 1 Level 2 Level 3 Total (In millions) Assets: Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) $ — $ 799 $ — $ 799 Foreign currency contracts (Note 9) — 29 — 29 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 42 — 42 Liabilities: Foreign currency contracts (Note 9) $ — $ (87) $ — $ (87) Fair Value Measurements as of March 31, 2024 Level 1 Level 2 Level 3 Total (In millions) Assets: Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) $ — $ 759 $ — $ 759 Foreign currency contracts (Note 9) — 59 — 59 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 41 — 41 Liabilities: 0 Foreign currency contracts (Note 9) $ — $ (52) $ — $ (52) Other financial instruments The following table presents the Company’s major debts not carried at fair value: As of June 28, 2024 As of March 31, 2024 Carrying Fair Carrying Fair Fair Value (In millions) 4.750% Notes due June 2025 $ 543 $ 538 $ 584 $ 578 Level 1 3.750% Notes due February 2026 681 661 682 662 Level 1 6.000% Notes due January 2028 397 403 397 404 Level 1 4.875% Notes due June 2029 656 638 657 643 Level 1 4.875% Notes due May 2030 680 659 681 662 Level 1 3.600% HUF Bonds due December 2031 269 215 274 219 Level 2 The Notes due June 2025, February 2026, January 2028, June 2029, and May 2030 are valued based on broker trading prices in active markets. HUF Bonds are valued based on the broker trading prices in an inactive market.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation and other legal matters In connection with the matters described below, the Company has accrued for loss contingencies where it believes that losses are probable and estimable. Although it is reasonably possible that actual losses could be in excess of the Company’s accrual, the Company is unable to estimate a reasonably possible loss or range of loss in excess of its accrual, due to various reasons, including, among others, that: (i) the proceedings are in early stages or no claims have been asserted, (ii) specific damages have not been sought in all of these matters, (iii) damages, if asserted, are considered unsupported and/or exaggerated, (iv) there is uncertainty as to the outcome of pending appeals, motions, or settlements, (v) there are significant factual issues to be resolved, and/or (vi) there are novel legal issues or unsettled legal theories presented. Any such excess loss could have a material effect on the Company’s results of operations or cash flows for a particular period or on the Company’s financial condition. The Company is currently involved in a commercial dispute related to a construction matter with related production objectives. Management assessed the potential outcomes of this dispute, considered available information, and consulted with legal counsel and as a result of this assessment recognized $50 million in Selling, general and administrative expenses in the fourth quarter of the fiscal year ended March 31, 2024 as an accrual. The ultimate resolution of this dispute is uncertain, and the actual outcome may differ from the estimates made by management. Changes in circumstances or additional information may impact the Company’s assessment of its loss and could result in adjustments to the $50 million accrual, however, management currently believes that the resolution of this dispute will not have a material effect on the Company’s financial position, results of operations or cash flows. The Company will continue to monitor developments related to this matter and will adjust its accrual and disclosures accordingly in future reporting periods as additional information becomes available. One of the Company's Brazilian subsidiaries received six assessments for certain sales and import taxes. Four of the assessments have been successfully definitively defeated. Two remain, where the Company was unsuccessful at the administrative level and filed annulment actions in federal court in Brasilia, Brazil. The first annulment action was filed on March 23, 2020; the updated value of that assessment inclusive of interest and penalties is 36 million Brazilian reals (approximately USD $7 million). The second annulment action was filed on September 19, 2023; the updated value of that assessment inclusive of interest and penalties is 59 million Brazilian reals (approximately USD $11 million). The Company believes that it has meritorious defenses to these assessments and will continue to vigorously oppose them, as well as any future assessments. The Company does not expect final judicial determination on any of these claims in the near future. A foreign Tax Authority (“Tax Authority”) has assessed a cumulative total of approximately $285 million in taxes owed for multiple Flex legal entities within its jurisdiction for various fiscal years ranging from fiscal year 2010 through fiscal year 2020. The assessed amounts related to the denial of certain deductible intercompany payments and taxability of income earned outside such jurisdiction. The Company disagrees with the Tax Authority’s assessments and is actively contesting the assessments through the administrative and judicial processes. As the final resolution of the above outstanding tax item remains uncertain, the Company continues to provide for the uncertain tax positions based on the more likely than not standard. While the resolution of the issues may result in tax liabilities, interest and penalties, which may be significantly higher than the amounts accrued for these matters, management currently believes that the resolution will not have a material effect on the Company’s financial position, results of operations or cash flows. In addition to the matters discussed above, from time to time, the Company is subject to legal proceedings, claims, and litigation arising in the ordinary course of business. The Company defends itself vigorously against any such claims. Although the outcome of these matters is currently not determinable, management expects that any losses that are probable or reasonably possible of being incurred as a result of these matters, which are in excess of amounts already accrued in the Company’s consolidated balance sheets, would not be material to the financial statements as a whole.

SHARE REPURCHASES

SHARE REPURCHASES	3 Months Ended
SHARE REPURCHASES	Jun. 28, 2024
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
SHARE REPURCHASES	SHARE REPURCHASES During the three-month period ended June 28, 2024, the Company repurchased 15.3 million shares at an aggregate purchase price of $457 million, and retired all of these shares. Under the Company’s current share repurchase program, the Board of Directors authorized repurchases of its outstanding ordinary shares for up to $2.0 billion in accordance with the share repurchase mandate approved by the Company’s shareholders at the date of the most recent Annual General Meeting held on August 2, 2023. As of June 28, 2024, shares in the aggregate amount of $556 million were available to be repurchased under the current plan.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
SEGMENT REPORTING	Jun. 28, 2024
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 intangible amortization, stock-based compensation, restructuring charges, legal and other, and interest, net and other charges, net. A portion of depreciation is allocated to the respective segments, together with other general corporate research and development and administrative expenses. Selected financial information by segment is in the table below. Three-Month Periods Ended June 28, 2024 June 30, 2023 (In millions) Net sales: Flex Agility Solutions $ 3,365 $ 3,601 Flex Reliability Solutions 2,949 3,291 $ 6,314 $ 6,892 Segment income and reconciliation of income from continuing operations before income taxes: Flex Agility Solutions $ 179 $ 146 Flex Reliability Solutions 147 165 Corporate and Other (20) (18) Total segment income 306 293 Reconciling items: Intangible amortization 16 20 Stock-based compensation 32 32 Restructuring charges 25 23 Legal and other (1) — 3 Interest expense 56 56 Interest income 16 16 Other charges (income), net 1 11 Income from continuing operations before income taxes $ 192 $ 164 (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 the first quarter of fiscal year 2023, the Company accrued for certain loss contingencies where losses are considered probable and estimable. Corporate and other primarily includes corporate service costs that are not included in the chief operating decision maker's ("CODM") 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.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	3 Months Ended
RESTRUCTURING CHARGES	Jun. 28, 2024
Restructuring Charges [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES During the first quarter ended June 28, 2024, the Company committed to targeted restructuring activities to improve operational efficiencies. During the three-month period ended June 28, 2024, the Company recognized approximately $25 million of restructuring charges, most of which related to employee severance. The following table summarizes the provisions, respective payments, and remaining accrued balance as of June 28, 2024 for charges incurred during the three-month period ended June 28, 2024: Severance Long-Lived Other Total (In millions) Balance as of March 31, 2024 $ 77 $ — $ 3 $ 80 Provision for charges incurred during the three-month period ended June 28, 2024 25 — — 25 Cash payments during the three-month period ended June 28, 2024 (19) — — (19) Other adjustments (1) — — (1) Balance as of June 28, 2024 82 — 3 85 Less: Current portion (classified as other current liabilities) 81 — 3 84 Accrued restructuring costs, net of current portion (classified as other non-current liabilities) $ 1 $ — $ — $ 1

BUSINESS ACQUISITION

BUSINESS ACQUISITION	3 Months Ended
BUSINESS ACQUISITION	Jun. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
BUSINESS ACQUISITION	BUSINESS ACQUISITION In May 2024, the Company completed the acquisition of a business that was not significant to the consolidated financial position, result of operations and cash flows of the Company. The acquired business will expand our services for customers across multiple markets to create additional revenue streams and accelerate sustainability through second life products. Results of operations were included in the Company’s condensed consolidated financial results beginning on the date of acquisition and was not material to the Company’s condensed consolidated financial results for the three-month period ended June 28, 2024. The Company recorded goodwill of $8 million in relation to the transaction.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 139	$ 186

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 28, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Scott Offer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 21, 2024, Scott Offer, Executive Vice President and General Counsel, adopted a trading plan that provides for the sale of up to 20,000 ordinary shares of the Company. The plan will terminate on September 6, 2024, subject to early termination for certain specified events set forth in the plan.
Name	Scott Offer
Title	Executive Vice President and General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 21, 2024
Expiration Date	September 6, 2024
Arrangement Duration	108 days
Aggregate Available	20,000

ORGANIZATION OF THE COMPANY A_2

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Jun. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2024 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Operating results for the three-month period ended June 28, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2025.
Fiscal Period	The first quarters for fiscal years 2025 and 2024 ended on June 28, 2024, which is comprised of 89 days in the period, and June 30, 2023, which is comprised of 91 days, respectively.
Basis of Presentation and Principles of Consolidation	The accompanying unaudited condensed consolidated financial statements include the accounts of Flex and its subsidiaries, after elimination of intercompany accounts and transactions. The Company consolidates subsidiaries and investments in entities in which the Company has a controlling interest. For the consolidated subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership of the noncontrolling owners. On January 2, 2024, Flex completed its spin-off (the "Spin-off") of its remaining interest in Nextracker Inc. ("Nextracker"). After the Spin-off, Flex no longer consolidates the financial results of Nextracker within its financial results of continuing operations. For all the periods prior to the Spin-off, the financial results of Nextracker are presented as net earnings from discontinued operations in the condensed consolidated statements of operations and unless otherwise indicated Flex's disclosures are presented on a continuing operations basis. The historical statements of comprehensive income and cash flows and the balances related to shareholders' equity have not been revised to reflect the Spin-off. See note 6 "Discontinued Operations" for additional information.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, and intangible assets; valuation of goodwill; valuation of investments in privately held companies; asset impairments; fair values of financial instruments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rates in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations; and the fair values of stock options and restricted share unit awards granted under the Company's stock-based compensation plans. Due to geopolitical conflicts (including the Russian invasion of Ukraine, the Israel-Hamas war, and other geopolitical conflicts), there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to the Russian invasion of Ukraine and the Israel-Hamas war. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.
Supplier Finance Programs	Supplier Finance Programs The Company has four supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the Company. The Company established these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they choose to sell their receivables to the financial institutions in advance of the due date. Our suppliers’ participation in the programs is voluntary, the Company is not involved in negotiations of the suppliers’ arrangements with the financial institutions to sell their receivables, and our rights and obligations to our suppliers are not impacted by our suppliers’ decisions to sell amounts under these programs. Under these supplier finance programs, the Company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. No guarantees are provided by the Company under the supplier finance programs and the Company incurs no costs related to the programs. We have no economic interest in a supplier’s decision to participate in the supplier finance programs.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2026. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance prospectively when it becomes effective in the fourth quarter of fiscal year 2026. In November 2023, the FASB issued ASU 2023-07 "Segment Reporting - Improvements to Reportable Segment Disclosures", which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2025, with early adoption permitted. The Company is currently assessing the impact of ASU 2023-07 on its consolidated financial statements, and intends to adopt the guidance retrospectively when it becomes effective in the fourth quarter of fiscal year 2025.
Fair Value Measurement	Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. There were no balances classified as level 1 in the fair value hierarchy as of June 28, 2024 and March 31, 2024. Level 2 - Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets) such as cash and cash equivalents and money market funds; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. The Company values foreign exchange forward contracts using level 2 observable inputs which primarily consist of an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. The Company’s cash equivalents include bank time deposits and money market funds, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value. The Company has deferred compensation plans for its officers and certain other employees. Amounts deferred under the plans are invested in hypothetical investments selected by the participant or the participant's investment manager. The Company's deferred compensation plan assets are included in other non-current assets on the consolidated balance sheets and include money market funds, mutual funds, corporate and government bonds and certain convertible securities that are valued using prices obtained from various pricing sources. These sources price these investments using certain market indices and the performance of these investments in relation to these indices. As a result, the Company has classified these investments as level 2 in the fair value hierarchy. Level 3

BALANCE SHEET ITEMS (Tables)

BALANCE SHEET ITEMS (Tables)	3 Months Ended
BALANCE SHEET ITEMS (Tables)	Jun. 28, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Components of Inventories	The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows: As of June 28, 2024 As of March 31, 2024 (In millions) Raw materials $ 4,858 $ 5,045 Work-in-progress 516 623 Finished goods 465 537 $ 5,839 $ 6,205
Schedule of Components of Acquired Intangible Assets	The components of acquired intangible assets are as follows: As of June 28, 2024 As of March 31, 2024 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets: Customer-related intangibles $ 317 $ (194) $ 123 $ 316 $ (186) $ 130 Licenses and other intangibles 296 (189) 107 298 (183) 115 Total $ 613 $ (383) $ 230 $ 614 $ (369) $ 245
Schedule of Estimated Future Annual Amortization Expense For Intangible Assets	The estimated future annual amortization expense for intangible assets is as follows: Fiscal Year Ending March 31, Amount (In millions) 2025 (1) $ 47 2026 43 2027 36 2028 27 2029 25 Thereafter 52 Total amortization expense $ 230 ____________________________________________________________ (1) Represents estimated amortization for the remaining fiscal nine-month period ending March 31, 2025.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
REVENUE (Tables)	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents the Company’s revenue disaggregated based on timing of transfer, point in time or over time, for the three-month periods ended June 28, 2024 and June 30, 2023, respectively. Three-Month Periods Ended June 28, 2024 June 30, 2023 Timing of Transfer (In millions) FAS Point in time $ 2,873 $ 3,436 Over time 492 165 Total 3,365 3,601 FRS Point in time 2,633 3,132 Over time 316 159 Total 2,949 3,291 Flex Point in time 5,506 6,568 Over time 808 324 Total $ 6,314 $ 6,892

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Jun. 28, 2024
Share-Based Payment Arrangement, Recognized Amount [Abstract]
Schedule of Stock-based Compensation Expense	The following table summarizes the Company's stock-based compensation expense for the 2017 Plan: Three-Month Periods Ended June 28, 2024 June 30, 2023 (In millions) Cost of sales $ 8 $ 7 Selling, general and administrative expenses 24 25 Total stock-based compensation expense $ 32 $ 32

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 28, 2024
Earnings Per Share [Abstract]
Schedule of Basic Weighted-average Ordinary Shares Outstanding and Diluted Weighted-average Ordinary Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share	The following table reflects basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share attributable to the shareholders of Flex: Three-Month Periods Ended June 28, 2024 June 30, 2023 (In millions, except per share amounts) Numerator: Net income from continuing operations $ 139 $ 147 Net income from discontinued operations, net of tax — 64 Less: Net income attributable to noncontrolling interest — 25 Net income from discontinued operations attributable to Flex Ltd. — 39 Total net income attributable to Flex Ltd. $ 139 $ 186 Denominator: Weighted-average ordinary shares outstanding - basic 402 447 Weighted-average ordinary share equivalents from RSU awards (1) 9 8 Weighted-average ordinary shares and ordinary share equivalents outstanding - diluted 411 455 Earnings per share - basic Continuing operations $ 0.35 $ 0.33 Discontinued operations, net of tax — 0.09 Total attributable to the shareholders of Flex Ltd. $ 0.35 $ 0.42 Earnings per share - diluted Continuing operations $ 0.34 $ 0.32 Discontinued operations, net of tax — 0.09 Total attributable to the shareholders of Flex Ltd. $ 0.34 $ 0.41 ____________________________________________________________ (1) An immaterial amount of RSU awards for the three-month periods ended June 28, 2024 and June 30, 2023, respectively, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted-average ordinary share equivalents.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
DISCONTINUED OPERATIONS (Tables)	Jun. 28, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Results From Discontinued Operations	The key components of net income from discontinued operations for the three-month period ended June 30, 2023 were as follows: June 30, 2023 (In millions) Net sales (1) $ 444 Cost of sales (1) 333 Gross Profit 111 Selling, general and administrative expenses 35 Operating income 76 Interest, net 1 Income before income taxes 75 Provision for income taxes 11 Net income from discontinued operations 64 Net income from discontinued operations attributable to noncontrolling interest (2) 25 Net income from discontinued operations attributable to Flex Ltd. $ 39 (1) Both net sales and cost of sales from discontinued operations includes the effect of intercompany transactions that were eliminated from Flex's condensed consolidated statements of operations of approximately $36 million for the three-month period ended June 30, 2023. (2) Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $29 million and of income tax expense of $4 million for the three-month period ended June 30, 2023. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $46 million for the same period. Details of cash flows from discontinued operations for the three-month period ended June 30, 2023 were as follows: June 30, 2023 (In millions) Net cash provided by discontinued operations operating activities (1) $ 226 Net cash used in discontinued operations investing activities (1) (1) Cash flows from discontinued operations operating activities includes an inflow from intercompany transactions that were eliminated from Flex's consolidated operations of $10 million for the three-month period ended June 30, 2023.

BANK BORROWINGS AND LONG-TERM_2

BANK BORROWINGS AND LONG-TERM DEBT (Tables)	3 Months Ended
BANK BORROWINGS AND LONG-TERM DEBT (Tables)	Jun. 28, 2024
Debt Disclosure [Abstract]
Schedule of Bank Borrowings and Long-term Debt	Bank borrowings and long-term debt as of June 28, 2024 and March 31, 2024 are as follows: Maturity Date As of June 28, 2024 As of March 31, 2024 (In millions) 4.750% Notes (1) June 2025 $ 543 $ 584 3.750% Notes (1) February 2026 681 682 6.000% Notes (1) January 2028 397 397 4.875% Notes (1) June 2029 656 657 4.875% Notes (1) May 2030 680 681 3.600% HUF Bonds December 2031 269 274 Other 1 1 Debt issuance costs (12) (15) 3,215 3,261 Current portion, net of debt issuance costs (543) — Non-current portion $ 2,672 $ 3,261 (1) The notes are carried at the principal amount of each note, less any unamortized discount or premium and unamortized debt issuance costs. The notes are the Company’s senior unsecured obligations and rank equally with all other existing and future senior unsecured debt obligations
Schedule of the Company's Repayments of Long-term Debt	Scheduled repayments of the Company's bank borrowings and long-term debt as of June 28, 2024 are as follows: Fiscal Year Ending March 31, Amount (In millions) 2025 (1) $ — 2026 1,224 2027 — 2028 397 2029 27 Thereafter 1,579 Total $ 3,227 (1) Represents estimated repayments for the remaining fiscal nine-month period ending March 31, 2025.

INTEREST EXPENSE AND INTEREST_2

INTEREST EXPENSE AND INTEREST INCOME (Tables)	3 Months Ended
INTEREST EXPENSE AND INTEREST INCOME (Tables)	Jun. 28, 2024
Other Income and Expenses [Abstract]
Schedule of Interest Expense and Interest Income	Interest expense and interest income for the three-month periods ended June 28, 2024 and June 30, 2023 are primarily composed of the following: Three-Month Periods Ended June 28, 2024 June 30, 2023 (In millions) Interest expenses on debt obligations $ 43 $ 44 AR sale program related expenses 13 12 Interest income (16) (16)

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
FINANCIAL INSTRUMENTS (Tables)	Jun. 28, 2024
Derivative Instruments and Hedges, Assets [Abstract]
Schedule of Aggregate Notional Amount of the Company's Outstanding Foreign Currency Forward and Swap Contracts	As of June 28, 2024, the aggregate notional amount of the Company’s outstanding foreign currency derivative contracts was $8.8 billion as summarized below: Notional Contract Value in USD Currency Buy Sell (in millions) Cash Flow Hedges HUF $ 437 $ — MXN 515 — Other 539 27 1,491 27 Other Foreign Currency Contracts CNY 424 89 EUR 1,856 1,705 JPY 16 467 MXN 429 383 MYR 275 115 Other 703 801 3,703 3,560 Total Notional Contract Value in USD $ 5,194 $ 3,587
Schedule of Fair Value of the Derivative Instruments Utilized for Foreign Currency Risk Management Purposes	The following table presents the fair value of the Company’s derivative instruments utilized for foreign currency risk management purposes: Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives Fair Value Fair Value Balance Sheet June 28, March 31, Balance Sheet June 28, March 31, (In millions) Derivatives designated as hedging instruments Foreign currency contracts Other current assets $ 7 $ 45 Other current liabilities $ (29) $ (9) Foreign currency contracts Other non-current assets $ — $ — Other non-current liabilities $ (31) $ (33) Derivatives not designated as hedging instruments Foreign currency contracts Other current assets $ 22 $ 14 Other current liabilities $ (27) $ (10)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	Jun. 28, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax	The changes in accumulated other comprehensive loss by component, net of tax, are as follows: Three-Month Periods Ended June 28, 2024 June 30, 2023 Unrealized gain Foreign currency Total Unrealized gain Foreign currency Total (In millions) Beginning balance $ 4 $ (199) $ (195) $ (14) $ (180) $ (194) Other comprehensive gain (loss) before reclassifications (30) (16) (46) 101 (9) 92 Net (gain) loss reclassified from accumulated other comprehensive loss 3 — 3 (67) — (67) Net current-period other comprehensive gain (loss) (27) (16) (43) 34 (9) 25 Ending balance $ (23) $ (215) $ (238) $ 20 $ (189) $ (169)

FAIR VALUE MEASUREMENT OF ASS_2

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)	Jun. 28, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 28, 2024 and March 31, 2024: Fair Value Measurements as of June 28, 2024 Level 1 Level 2 Level 3 Total (In millions) Assets: Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) $ — $ 799 $ — $ 799 Foreign currency contracts (Note 9) — 29 — 29 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 42 — 42 Liabilities: Foreign currency contracts (Note 9) $ — $ (87) $ — $ (87) Fair Value Measurements as of March 31, 2024 Level 1 Level 2 Level 3 Total (In millions) Assets: Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet) $ — $ 759 $ — $ 759 Foreign currency contracts (Note 9) — 59 — 59 Deferred compensation plan assets: 0 Mutual funds, money market accounts and equity securities — 41 — 41 Liabilities: 0 Foreign currency contracts (Note 9) $ — $ (52) $ — $ (52)
Schedule of Debt Not Carried at Fair Value	The following table presents the Company’s major debts not carried at fair value: As of June 28, 2024 As of March 31, 2024 Carrying Fair Carrying Fair Fair Value (In millions) 4.750% Notes due June 2025 $ 543 $ 538 $ 584 $ 578 Level 1 3.750% Notes due February 2026 681 661 682 662 Level 1 6.000% Notes due January 2028 397 403 397 404 Level 1 4.875% Notes due June 2029 656 638 657 643 Level 1 4.875% Notes due May 2030 680 659 681 662 Level 1 3.600% HUF Bonds due December 2031 269 215 274 219 Level 2

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
SEGMENT REPORTING (Tables)	Jun. 28, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information by Operating Segment	Selected financial information by segment is in the table below. Three-Month Periods Ended June 28, 2024 June 30, 2023 (In millions) Net sales: Flex Agility Solutions $ 3,365 $ 3,601 Flex Reliability Solutions 2,949 3,291 $ 6,314 $ 6,892 Segment income and reconciliation of income from continuing operations before income taxes: Flex Agility Solutions $ 179 $ 146 Flex Reliability Solutions 147 165 Corporate and Other (20) (18) Total segment income 306 293 Reconciling items: Intangible amortization 16 20 Stock-based compensation 32 32 Restructuring charges 25 23 Legal and other (1) — 3 Interest expense 56 56 Interest income 16 16 Other charges (income), net 1 11 Income from continuing operations before income taxes $ 192 $ 164 (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 the first quarter of fiscal year 2023, the Company accrued for certain loss contingencies where losses are considered probable and estimable.

RESTRUCTURING CHARGES (Tables)

RESTRUCTURING CHARGES (Tables)	3 Months Ended
RESTRUCTURING CHARGES (Tables)	Jun. 28, 2024
Restructuring Charges [Abstract]
Schedule of Provisions, Respective Payments, And Remaining Accrued Balance	The following table summarizes the provisions, respective payments, and remaining accrued balance as of June 28, 2024 for charges incurred during the three-month period ended June 28, 2024: Severance Long-Lived Other Total (In millions) Balance as of March 31, 2024 $ 77 $ — $ 3 $ 80 Provision for charges incurred during the three-month period ended June 28, 2024 25 — — 25 Cash payments during the three-month period ended June 28, 2024 (19) — — (19) Other adjustments (1) — — (1) Balance as of June 28, 2024 82 — 3 85 Less: Current portion (classified as other current liabilities) 81 — 3 84 Accrued restructuring costs, net of current portion (classified as other non-current liabilities) $ 1 $ — $ — $ 1

ORGANIZATION OF THE COMPANY A_3

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION - Additional Information (Details) $ in Millions	3 Months Ended
	Jun. 28, 2024 USD ($) segment program country	Mar. 31, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity operates \| country	30
Number of operating segments	2
Number of reporting segments	2
Number of supplier finance programs \| program	4
Outstanding obligations \| $	$ 129	$ 123

BALANCE SHEET ITEMS -Schedule o

BALANCE SHEET ITEMS -Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 28, 2024	Mar. 31, 2024
Inventories
Raw materials	$ 4,858	$ 5,045
Work-in-progress	516	623
Finished goods	465	537
Inventories	$ 5,839	$ 6,205

BALANCE SHEET ITEMS - Additiona

BALANCE SHEET ITEMS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 28, 2024	Mar. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Goodwill, foreign currency translation loss	$ 4
Goodwill acquired	8
Customer working capital advances	1,900	$ 2,200
Deferred tax asset	652	644
Other accrued liabilities current	$ 242	$ 277

BALANCE SHEET ITEMS - Schedule

BALANCE SHEET ITEMS - Schedule of Components of Acquired Intangible Assets (Details) - USD ($) $ in Millions	Jun. 28, 2024	Mar. 31, 2024
Goodwill [Line Items]
Gross Carrying Amount	$ 613	$ 614
Accumulated Amortization	(383)	(369)
Total amortization expense	230	245
Customer-related intangibles
Goodwill [Line Items]
Gross Carrying Amount	317	316
Accumulated Amortization	(194)	(186)
Total amortization expense	123	130
Licenses and other intangibles
Goodwill [Line Items]
Gross Carrying Amount	296	298
Accumulated Amortization	(189)	(183)
Total amortization expense	$ 107	$ 115

BALANCE SHEET ITEMS - Schedul_2

BALANCE SHEET ITEMS - Schedule of Future Amortization (Details) - USD ($) $ in Millions	Jun. 28, 2024	Mar. 31, 2024
Amount
2025	$ 47
2026	43
2027	36
2028	27
2029	25
Thereafter	52
Total amortization expense	$ 230	$ 245

REVENUE - Additional Informatio

REVENUE - Additional Information (Details) - USD ($) $ in Millions	Jun. 28, 2024	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Contract with customer, liability	$ 395	$ 490
Deferred Revenue and Customer Working Capital Advances Under Current Liabilities
Disaggregation of Revenue [Line Items]
Contract with customer, liability current	$ 355	$ 449

REVENUE - Schedule of Disaggreg

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 6,314	$ 6,892
Point in time
Disaggregation of Revenue [Line Items]
Net sales	5,506	6,568
Over time
Disaggregation of Revenue [Line Items]
Net sales	808	324
Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	6,314	6,892
FAS \| Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	3,365	3,601
FAS \| Operating Segments \| Point in time
Disaggregation of Revenue [Line Items]
Net sales	2,873	3,436
FAS \| Operating Segments \| Over time
Disaggregation of Revenue [Line Items]
Net sales	492	165
FRS \| Operating Segments
Disaggregation of Revenue [Line Items]
Net sales	2,949	3,291
FRS \| Operating Segments \| Point in time
Disaggregation of Revenue [Line Items]
Net sales	2,633	3,132
FRS \| Operating Segments \| Over time
Disaggregation of Revenue [Line Items]
Net sales	$ 316	$ 159

STOCK-BASED COMPENSATION -Sched

STOCK-BASED COMPENSATION -Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Share-based compensation
Total stock-based compensation expense	$ 32	$ 32
Cost of sales
Share-based compensation
Total stock-based compensation expense	8	7
Selling, general and administrative expenses
Share-based compensation
Total stock-based compensation expense	$ 24	$ 25

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - 2017 Plan $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 28, 2024 USD ($) $ / shares shares
Restricted Stock Units
Share-based compensation
Awards granted (in shares)	3,900,000
Number of shares outstanding (in shares)	12,500,000
Unrecognized compensation expense \| $	$ 250
Share weighted-average remaining vesting period	2 years 3 months 18 days
RSU with No Performance Or Market Conditions
Share-based compensation
Awards granted (in shares)	2,600,000
Average grant date price of unvested share bonus awards (in usd per share) \| $ / shares	$ 31.93
RSU with No Performance Or Market Conditions \| Maximum
Share-based compensation
Vesting period	3 years
RSU with Performance Conditions
Share-based compensation
Number of shares outstanding (in shares)	1,400,000
RSU with Performance Conditions \| Key employees
Share-based compensation
Awards granted (in shares)	300,000
Vesting period	3 years
Average grant date price of unvested share bonus awards (in usd per share) \| $ / shares	$ 31.97
RSU with Performance Conditions \| Minimum
Share-based compensation
Number of shares that may be issued (in shares)	0
RSU with Performance Conditions \| Minimum \| Key employees
Share-based compensation
Awards granted (in shares)	0
RSU with Performance Conditions \| Maximum
Share-based compensation
Number of shares that may be issued (in shares)	2,800,000
RSU with Performance Conditions \| Maximum \| Key employees
Share-based compensation
Awards granted (in shares)	600,000
RSU with Market Conditions
Share-based compensation
Number of shares outstanding (in shares)	1,400,000
RSU with Market Conditions \| Key employees
Share-based compensation
Awards granted (in shares)	300,000
Vesting period	3 years
Average grant date price of unvested share bonus awards (in usd per share) \| $ / shares	$ 42.36
RSU with Market Conditions \| Minimum
Share-based compensation
Number of shares that may be issued (in shares)	0
RSU with Market Conditions \| Minimum \| Key employees
Share-based compensation
Awards granted (in shares)	0
RSU with Market Conditions \| Maximum
Share-based compensation
Number of shares that may be issued (in shares)	2,800,000
RSU with Market Conditions \| Maximum \| Key employees
Share-based compensation
Awards granted (in shares)	600,000
Restricted Stock Units With Market And Performance Conditions
Share-based compensation
Awards granted (in shares)	700,000
Restricted Shares Units, Market and Performance Conditions
Share-based compensation
Vested in period (in shares)	1,600,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Numerator:
Net income from continuing operations	$ 139	$ 147
Net income from discontinued operations, net of tax	0	64
Net income attributable to noncontrolling interest	0	25
Net income from discontinued operations attributable to Flex Ltd.	0	39
Net income attributable to Flex Ltd.	$ 139	$ 186
Denominator:
Weighted-average ordinary shares outstanding (in shares)	402	447
Weighted-average ordinary share equivalents from RSU awards (in shares)	9	8
Weighted-average ordinary shares and ordinary share equivalents outstanding (in shares)	411	455
Earnings per share - basic
Basic earnings per share from continuing operations (in dollars per share)	$ 0.35	$ 0.33
Basic earnings per share from discontinued operations (in dollars per share)	0	0.09
Basic earnings per share attributable to the shareholders of Flex Ltd (in dollars per share)	0.35	0.42
Earnings per share - diluted
Diluted earnings per share from continuing operations (in dollars per share)	0.34	0.32
Diluted earnings per share from discontinued operations (in dollars per share)	0	0.09
Diluted earnings per share attributable to the shareholders of Flex Ltd (in dollars per share)	$ 0.34	$ 0.41

DISCONTINUED OPERATIONS- Schedu

DISCONTINUED OPERATIONS- Schedule of Income Statement Disclosures (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income from discontinued operations	$ 0	$ 64
Net income from discontinued operations attributable to Flex Ltd.	$ 0	39
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Nextracker
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		444
Costs of sales		333
Gross Profit		111
Selling, general and administrative expenses		35
Operating income		76
Interest, net		1
Income before income taxes		75
Provision for income taxes		11
Net income from discontinued operations		64
Net income from discontinued operations attributable to noncontrolling interest		25
Net income from discontinued operations attributable to Flex Ltd.		39
Effect of intercompany transactions eliminated		36
Pre-tax income from discontinued operations attributable to noncontrolling interest		29
Provision for income taxes attributable to noncontrolling interest		4
Pre-tax income attributable to Flex Ltd from discontinued operations		$ 46

DISCONTINUED OPERATIONS - Sched

DISCONTINUED OPERATIONS - Schedule of Cash Flow Statement Disclosures (Details) - Nextracker - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by discontinued operations operating activities	$ 226
Net cash used in discontinued operations investing activities	(1)
Discontinued operation, intracompany transactions eliminated, cash flows from operating activities	$ 10

BANK BORROWINGS AND LONG-TERM_3

BANK BORROWINGS AND LONG-TERM DEBT - Schedule of Bank Borrowings and Long-term Debt (Details) - USD ($) $ in Millions	Jun. 28, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,227
Debt issuance costs	(12)	$ (15)
Total	3,215	3,261
Current portion, net of debt issuance costs	(543)	0
Non-current portion	$ 2,672	3,261
4.750% Notes due June 2025
Debt Instrument [Line Items]
Debt interest rate	4.75%
Long-term debt, gross	$ 543	584
3.750% Notes due February 2026
Debt Instrument [Line Items]
Debt interest rate	3.75%
Long-term debt, gross	$ 681	682
6.000% Notes Due January 2028
Debt Instrument [Line Items]
Debt interest rate	6%
Long-term debt, gross	$ 397	397
4.875% Notes due June 2029
Debt Instrument [Line Items]
Debt interest rate	4.875%
Long-term debt, gross	$ 656	657
4.875% Notes due May 2030
Debt Instrument [Line Items]
Debt interest rate	4.875%
Long-term debt, gross	$ 680	681
3.600% HUF Bonds due December 2031
Debt Instrument [Line Items]
Debt interest rate	3.60%
Long-term debt, gross	$ 269	274
Other
Debt Instrument [Line Items]
Long-term debt, gross	$ 1	$ 1

BANK BORROWINGS AND LONG-TERM_4

BANK BORROWINGS AND LONG-TERM DEBT - Additional Information (Details)	Jun. 28, 2024	Mar. 31, 2024
Debt Disclosure [Abstract]
Weighted-average interest rate	4.40%	4.50%

BANK BORROWINGS AND LONG-TERM_5

BANK BORROWINGS AND LONG-TERM DEBT - Schedule of the Company's Repayments of Long-term Debt (Details) $ in Millions	Jun. 28, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 0
2026	1,224
2027	0
2028	397
2029	27
Thereafter	1,579
Total	$ 3,227

INTEREST EXPENSE AND INTEREST_3

INTEREST EXPENSE AND INTEREST INCOME (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Interest expenses on debt obligations	$ 43	$ 44
AR sale program related expenses	13	12
Interest income	$ (16)	$ (16)

FINANCIAL INSTRUMENTS - Schedul

FINANCIAL INSTRUMENTS - Schedule of Notional Amount (Details) - Forward and Swap Contracts $ in Millions	Jun. 28, 2024 USD ($)
Notional amount
Derivative, notional amount	$ 8,800
Buy
Notional amount
Derivative, notional amount	5,194
Buy \| Designated as Hedging Instrument \| Cash Flow Hedges
Notional amount
Derivative, notional amount	1,491
Buy \| Designated as Hedging Instrument \| Cash Flow Hedges \| HUF
Notional amount
Derivative, notional amount	437
Buy \| Designated as Hedging Instrument \| Cash Flow Hedges \| MXN
Notional amount
Derivative, notional amount	515
Buy \| Designated as Hedging Instrument \| Cash Flow Hedges \| Other
Notional amount
Derivative, notional amount	539
Buy \| Not Designated as Hedging Instrument
Notional amount
Derivative, notional amount	3,703
Buy \| Not Designated as Hedging Instrument \| MXN
Notional amount
Derivative, notional amount	429
Buy \| Not Designated as Hedging Instrument \| Other
Notional amount
Derivative, notional amount	703
Buy \| Not Designated as Hedging Instrument \| CNY
Notional amount
Derivative, notional amount	424
Buy \| Not Designated as Hedging Instrument \| EUR
Notional amount
Derivative, notional amount	1,856
Buy \| Not Designated as Hedging Instrument \| JPY
Notional amount
Derivative, notional amount	16
Buy \| Not Designated as Hedging Instrument \| MYR
Notional amount
Derivative, notional amount	275
Sell
Notional amount
Derivative, notional amount	3,587
Sell \| Designated as Hedging Instrument \| Cash Flow Hedges
Notional amount
Derivative, notional amount	27
Sell \| Designated as Hedging Instrument \| Cash Flow Hedges \| HUF
Notional amount
Derivative, notional amount	0
Sell \| Designated as Hedging Instrument \| Cash Flow Hedges \| MXN
Notional amount
Derivative, notional amount	0
Sell \| Designated as Hedging Instrument \| Cash Flow Hedges \| Other
Notional amount
Derivative, notional amount	27
Sell \| Not Designated as Hedging Instrument
Notional amount
Derivative, notional amount	3,560
Sell \| Not Designated as Hedging Instrument \| MXN
Notional amount
Derivative, notional amount	383
Sell \| Not Designated as Hedging Instrument \| Other
Notional amount
Derivative, notional amount	801
Sell \| Not Designated as Hedging Instrument \| CNY
Notional amount
Derivative, notional amount	89
Sell \| Not Designated as Hedging Instrument \| EUR
Notional amount
Derivative, notional amount	1,705
Sell \| Not Designated as Hedging Instrument \| JPY
Notional amount
Derivative, notional amount	467
Sell \| Not Designated as Hedging Instrument \| MYR
Notional amount
Derivative, notional amount	$ 115

FINANCIAL INSTRUMENTS - Additio

FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	Jun. 28, 2024 USD ($)
Derivative Instruments and Hedges, Assets [Abstract]
Deferred loss expected to be recognized over next twelve-month period	$ 10

FINANCIAL INSTRUMENTS - Sched_2

FINANCIAL INSTRUMENTS - Schedule of Foreign Currency Risk Management (Details) - Foreign currency contracts - USD ($) $ in Millions	Jun. 28, 2024	Mar. 31, 2024
Other current assets \| Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	$ 7	$ 45
Other current assets \| Derivatives not designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	22	14
Other non-current assets \| Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	0	0
Other current liabilities \| Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	(29)	(9)
Other current liabilities \| Derivatives not designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	(27)	(10)
Other non-current liabilities \| Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	$ (31)	$ (33)

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 5,325	$ 5,706
Other comprehensive gain (loss) before reclassifications	(46)	92
Net (gain) loss reclassified from accumulated other comprehensive loss	3	(67)
Net current-period other comprehensive gain (loss)	(43)	25
Ending balance	4,996	5,786
Tax impact on changes in accumulated other comprehensive loss	13	2
Unrealized gain (loss) on derivative instruments and other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	4	(14)
Other comprehensive gain (loss) before reclassifications	(30)	101
Net (gain) loss reclassified from accumulated other comprehensive loss	3	(67)
Net current-period other comprehensive gain (loss)	(27)	34
Ending balance	(23)	20
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(199)	(180)
Other comprehensive gain (loss) before reclassifications	(16)	(9)
Net (gain) loss reclassified from accumulated other comprehensive loss	0	0
Net current-period other comprehensive gain (loss)	(16)	(9)
Ending balance	(215)	(189)
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(195)	(194)
Net current-period other comprehensive gain (loss)	(43)	25
Ending balance	$ (238)	$ (169)

TRADE RECEIVABLES SALES PROGR_2

TRADE RECEIVABLES SALES PROGRAMS (Details) - Sales of Receivables to Third Party Banks - USD ($) $ in Billions	Jun. 28, 2024	Mar. 31, 2024	Jun. 30, 2023
Trade Receivables Securitization disclosures
Receivables sold but not yet collected from banking institutions	$ 0.9	$ 0.8
Company's accounts receivables sold to third-party	$ 1.1		$ 0.8

FAIR VALUE MEASUREMENT OF ASS_3

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Schedule of Assets and Liabilities Measured at Fair Value (Details) - Recurring basis - USD ($) $ in Millions	Jun. 28, 2024	Mar. 31, 2024
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	$ 799	$ 759
Foreign currency contracts (Note 9)	29	59
Mutual funds, money market accounts and equity securities	42	41
Liabilities:
Foreign currency contracts (Note 9)	(87)	(52)
Level 1
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	0	0
Foreign currency contracts (Note 9)	0	0
Mutual funds, money market accounts and equity securities	0	0
Liabilities:
Foreign currency contracts (Note 9)	0	0
Level 2
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	799	759
Foreign currency contracts (Note 9)	29	59
Mutual funds, money market accounts and equity securities	42	41
Liabilities:
Foreign currency contracts (Note 9)	(87)	(52)
Level 3
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	0	0
Foreign currency contracts (Note 9)	0	0
Mutual funds, money market accounts and equity securities	0	0
Liabilities:
Foreign currency contracts (Note 9)	$ 0	$ 0

FAIR VALUE MEASUREMENT OF ASS_4

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES - Schedule of Debt Not Carried at Fair Value (Details) - USD ($) $ in Millions	Jun. 28, 2024	Mar. 31, 2024
4.750% Notes due June 2025
Other financial instruments
Debt interest rate	4.75%
4.750% Notes due June 2025 \| Carrying Amount
Other financial instruments
Debt instrument	$ 543	$ 584
3.750% Notes due February 2026
Other financial instruments
Debt interest rate	3.75%
3.750% Notes due February 2026 \| Carrying Amount
Other financial instruments
Debt instrument	$ 681	682
6.000% Notes due January 2028
Other financial instruments
Debt interest rate	6%
6.000% Notes due January 2028 \| Carrying Amount
Other financial instruments
Debt instrument	$ 397	397
4.875% Notes due June 2029
Other financial instruments
Debt interest rate	4.875%
4.875% Notes due June 2029 \| Carrying Amount
Other financial instruments
Debt instrument	$ 656	657
4.875% Notes due May 2030
Other financial instruments
Debt interest rate	4.875%
4.875% Notes due May 2030 \| Carrying Amount
Other financial instruments
Debt instrument	$ 680	681
3.600% HUF Bonds due December 2031
Other financial instruments
Debt interest rate	3.60%
3.600% HUF Bonds due December 2031 \| Carrying Amount
Other financial instruments
Debt instrument	$ 269	274
Level 1 \| 4.750% Notes due June 2025 \| Fair Value
Other financial instruments
Debt instrument	538	578
Level 1 \| 3.750% Notes due February 2026 \| Fair Value
Other financial instruments
Debt instrument	661	662
Level 1 \| 6.000% Notes due January 2028 \| Fair Value
Other financial instruments
Debt instrument	403	404
Level 1 \| 4.875% Notes due June 2029 \| Fair Value
Other financial instruments
Debt instrument	638	643
Level 1 \| 4.875% Notes due May 2030 \| Fair Value
Other financial instruments
Debt instrument	659	662
Level 2 \| 3.600% HUF Bonds due December 2031 \| Fair Value
Other financial instruments
Debt instrument	$ 215	$ 219

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) R$ in Millions, $ in Millions					3 Months Ended
	Sep. 19, 2023 USD ($)	Sep. 19, 2023 BRL (R$)	Mar. 23, 2020 USD ($)	Mar. 23, 2020 BRL (R$)	Jun. 28, 2024 USD ($) tax_assessment	Mar. 31, 2024 USD ($)
Commercial Dispute
Loss Contingencies [Line Items]
Loss contingency accrual recognized \| $						$ 50
Increase of loss contingency accrual \| $					$ 50
Assessment of Sales and Import Taxes \| BRAZIL \| Foreign Tax Authority
Loss Contingencies [Line Items]
Sales and import taxes, number of tax assessments \| tax_assessment					6
Sales and import taxes, number of tax assessments defeated \| tax_assessment					4
Sales and import taxes, number of tax assessments remaining \| tax_assessment					2
Sales and import taxes, estimate of possible loss	$ 11	R$ 59	$ 7	R$ 36
Intercompany Payment Deductibility \| Foreign Tax Authority
Loss Contingencies [Line Items]
Estimate of possible loss \| $					$ 285

SHARE REPURCHASES (Details)

SHARE REPURCHASES (Details) - USD ($) shares in Millions	3 Months Ended
SHARE REPURCHASES (Details) - USD ($) shares in Millions	Jun. 28, 2024	Aug. 02, 2023
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Aggregate shares repurchased and retired (in shares)	15.3
Aggregate purchase price of shares repurchased and retired	$ 457,000,000
Authorized amount of stock repurchase program		$ 2,000,000,000
Amount remaining to be repurchased under the plans	$ 556,000,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Millions	3 Months Ended
SEGMENT REPORTING (Details) $ in Millions	Jun. 28, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	2
Number of reporting segments \| segment	2
Net sales	$ 6,314	$ 6,892
Operating income	233	215
Intangible amortization	16	20
Stock-based compensation	32	32
Restructuring charges	25
Interest expense	56	56
Interest income	16	16
Other charges (income), net	1	11
Income from continuing operations before income taxes	192	164
Operating Segments
Segment Reporting Information [Line Items]
Net sales	6,314	6,892
Operating income	306	293
Operating Segments \| Flex Agility Solutions
Segment Reporting Information [Line Items]
Net sales	3,365	3,601
Operating income	179	146
Operating Segments \| Flex Reliability Solutions
Segment Reporting Information [Line Items]
Net sales	2,949	3,291
Operating income	147	165
Corporate and Other
Segment Reporting Information [Line Items]
Operating income	(20)	(18)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Intangible amortization	16	20
Stock-based compensation	32	32
Restructuring charges	25	23
Legal and other	0	3
Interest expense	56	56
Interest income	16	16
Other charges (income), net	$ 1	$ 11

RESTRUCTURING CHARGES - Additio

RESTRUCTURING CHARGES - Additional Information (Details) $ in Millions	3 Months Ended
	Jun. 28, 2024 USD ($)
Restructuring Charges [Abstract]
Restructuring charges	$ 25

RESTRUCTURING CHARGES -Schedule

RESTRUCTURING CHARGES -Schedule of Provisions, Respective Payments, And Remaining Accrued Balance (Details) $ in Millions	3 Months Ended
	Jun. 28, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 80
Restructuring charges	25
Other adjustments	(1)
Ending balance	85
Less: Current portion (classified as other current liabilities)	84
Accrued restructuring costs, net of current portion (classified as other non-current liabilities)	1
Cash Charges
Restructuring Reserve [Roll Forward]
Cash payments	(19)
Severance
Restructuring Reserve [Roll Forward]
Beginning balance	77
Restructuring charges	25
Other adjustments	(1)
Ending balance	82
Less: Current portion (classified as other current liabilities)	81
Accrued restructuring costs, net of current portion (classified as other non-current liabilities)	1
Severance \| Cash Charges
Restructuring Reserve [Roll Forward]
Cash payments	(19)
Long-Lived Asset Impairment
Restructuring Reserve [Roll Forward]
Beginning balance	0
Restructuring charges	0
Other adjustments	0
Ending balance	0
Less: Current portion (classified as other current liabilities)	0
Accrued restructuring costs, net of current portion (classified as other non-current liabilities)	0
Long-Lived Asset Impairment \| Cash Charges
Restructuring Reserve [Roll Forward]
Cash payments	0
Other Exit Costs
Restructuring Reserve [Roll Forward]
Beginning balance	3
Restructuring charges	0
Other adjustments	0
Ending balance	3
Less: Current portion (classified as other current liabilities)	3
Accrued restructuring costs, net of current portion (classified as other non-current liabilities)	0
Other Exit Costs \| Cash Charges
Restructuring Reserve [Roll Forward]
Cash payments	$ 0

BUSINESS ACQUISITION (Details)

BUSINESS ACQUISITION (Details) - USD ($) $ in Millions	Jun. 28, 2024	May 31, 2024	Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Goodwill	$ 1,139	$ 8	$ 1,135