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SEGMENT REPORTING
 12 Months Ended
Mar. 31, 2023
Segment Reporting, Measurement Disclosures [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company's Chief Executive Officer is our Chief Operating Decision Maker ("CODM") who evaluates how we allocate resources, assesses performance and make strategic and operational decisions. Based on such evaluation, the Company determined as of and for the period ended March 31, 2023, that Flex has three operating and reportable segments.
The FAS segment is optimized for speed to market based on a highly flexible supply and manufacturing system. FAS is comprised of the following end markets that represent reporting units:
•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.
The FRS segment is optimized for longer product lifecycles requiring complex ramps with specialized production models and critical environments. FRS is comprised of the following end markets that represent reporting units:
•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, and renewables and grid edge.
The Nextracker segment provides solar tracker technologies that optimize and increase energy production while reducing costs for significant plant return on investment:
•Nextracker, the leading provider of intelligent, integrated solar tracker and software solutions that are used in utility-scale and ground-mounted distributed generation solar projects around the world. Nextracker's products enable solar panels to follow the sun’s movement across the sky and optimize plant performance.
The determination of the separate operating and reporting segments is based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics.
An operating segment's performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include amortization of intangibles, stock-based compensation, customer related asset recoveries, restructuring charges, legal and other, interest, net, other charges (income), net, and equity in earnings of unconsolidated affiliates. A portion of depreciation is allocated to the respective segments, together with other general corporate, research and development and administrative expenses.
Selected financial information by segment is in the table below.
Fiscal Year Ended March 31,
202320222021
(In millions)
Net sales:
Flex Agility Solutions$15,769 $14,027 $13,493 
Flex Reliability Solutions12,733 10,603 9,495 
Nextracker1,903 1,458 1,195 
Intersegment eliminations(59)(47)(59)
$30,346 $26,041 $24,124 
Segment income and reconciliation of income before income taxes:
Flex Agility Solutions$694 $605 $449 
Flex Reliability Solutions607 546 484 
Nextracker203 90 178 
Corporate and Other(62)(72)(80)
Total segment income1,442 1,169 1,031 
Reconciling items:
Intangible amortization82 68 62 
Stock-based compensation133 91 79 
Customer related asset recoveries— — (7)
Restructuring charges (Note 16)27 15 101 
Legal and other (1)16 23 1 
Interest, net201 152 148 
Other charges (income), net 5 (164)16 
Equity in earnings (losses) of unconsolidated affiliates(4)61 83 
Income before income taxes$974 $1,045 $714 

(1)Legal and other consists of costs not directly related to core business results and may include 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 fiscal year 2023, the Company accrued for certain loss contingencies where losses are considered probable and estimable.

During the fiscal year 2022, the Company accrued for certain loss contingencies where losses are considered probable and estimable offset by a gain upon successful settlement of certain supplier claims.
Legal and other during fiscal year 2021 primarily consists of costs accrued for certain loss contingencies where losses are considered probable and estimable, offset by a gain on the sale of real estate in the fourth quarter of fiscal year 2021 exited as a result of the disengagement of a certain customer in fiscal year 2020.
Corporate and Other primarily includes corporate service costs that are not included in the CODM's assessment of the performance of each of the identified reporting segments.
The Company provides an overall platform of assets and services, which the segments utilize for the benefit of their various customers. The shared assets and services are contained within the Company's global manufacturing and design operations and include manufacturing and design facilities. Most of the underlying manufacturing and design assets are co-mingled in the operating campuses and are compatible to operate across segments and highly interchangeable throughout the platform. Given the highly interchangeable nature of the assets, they are not separately identified by segment nor reported by segment to the Company's CODM.
Property and equipment on a segment basis is not separately identified and is not internally reported by segment to the Company's CODM as described above. During fiscal years 2023, 2022 and 2021, depreciation expense included in the segments' measure of operating performance above is as follows.
Fiscal Year Ended March 31,
202320222021
(In millions)
Depreciation expense:
Flex Agility Solutions$177 $184 $185 
Flex Reliability Solutions217 204 210 
Nextracker4 3 2 
Corporate and Other16 18 25 
Total depreciation expense$414 $409 $422 
Geographic information of net sales is as follows:
Fiscal Year Ended March 31,
202320222021
(In millions)
Net sales by region:
Americas$13,773 45 %$10,839 42 %$9,672 40 %
Asia10,361 34 %9,601 37 %9,326 39 %
Europe6,212 21 %5,601 21 %5,126 21 %
$30,346 $26,041 $24,124 

Revenues are attributable to the country in which the product is manufactured or service is provided.
During fiscal years 2023, 2022 and 2021, net sales generated from Singapore, the country of domicile, were approximately $552 million, $519 million and $507 million, respectively.
The following table summarizes the countries that accounted for more than 10% of net sales in fiscal years 2023, 2022, and 2021:
 Fiscal Year Ended March 31,
202320222021
 (In millions)
Net sales by country:
Mexico$6,589 22 %$5,059 19 %$4,413 18 %
China6,539 22 %6,146 24 %6,147 25 %
U.S.5,020 17 %3,690 14 %3,648 15 %
No other country accounted for more than 10% of net sales for the fiscal periods presented in the table above.
Geographic information of property and equipment, net is as follows:
As of March 31,
20232022
(In millions)
Property and equipment, net:
Americas$1,221 52 %$1,075 51 %
Asia618 26 %561 26 %
Europe510 22 %489 23 %
$2,349 $2,125 

As of March 31, 2023 and 2022, property and equipment, net held in Singapore was approximately $5 million and $5 million, respectively.
The following table summarizes the countries that accounted for more than 10% of property and equipment, net in fiscal year 2023 and 2022:
Fiscal Year Ended March 31,
20232022
(In millions)
Property and equipment, net:
Mexico$763 32 %$626 29 %
U.S.365 16 %354 17 %
China338 14 %299 14 %
No other country accounted for more than 10% of property and equipment, net for the fiscal periods presented in the table above.