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SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement, Recognized Amount [Abstract]  
Schedule of share-based compensation expense
The following table summarizes the Company's share-based compensation expense for all equity incentive plans:
 Fiscal Year Ended March 31,
 202320222021
 (In millions)
Cost of sales$38 $24 $20 
Selling, general and administrative expenses95 67 59 
Total share-based compensation expense$133 $91 $79 
Schedule of Stock Options Valuation Assumptions
The fair value of the Company's RSU awards under the 2017 Plan, whereby vesting is contingent on meeting certain market conditions, for fiscal years 2023, 2022, and 2021 was estimated using the following weighted-average assumptions:
 Fiscal Year Ended March 31,
 202320222021
Expected volatility49.0 %54.6 %52.8 %
Average peer volatility41.4 %39.8 %35.9 %
Average peer correlation0.4 0.4 0.7 
Expected dividends— %— %— %
Risk-free interest rate3.0 %0.3 %0.3 %
The fair value of the Company's awards granted under the 2022 Nextracker Plan was estimated based on the following assumptions:
Fiscal year ended March 31, 2023
Expected volatility65.0%
Expected dividends—%
Risk-free interest rate
2.5% - 2.7%
Schedule of RSU Activity
The following table summarizes the Company's RSU award activity under the 2017 Plan ("Price" reflects the weighted-average grant-date fair value):
Fiscal Year Ended March 31,
202320222021
SharesPriceSharesPriceSharesPrice
Unvested RSU awards outstanding, beginning of fiscal year17,019,559 $14.13 17,308,625 $11.14 16,050,640 $11.87 
Granted (1)8,416,650 18.22 7,276,643 18.48 10,982,109 11.04 
Vested (1)(9,229,198)12.51 (5,933,605)10.87 (5,520,005)11.64 
Forfeited(858,396)15.31 (1,632,104)12.42 (4,204,119)11.92 
Unvested RSU awards outstanding, end of fiscal year15,348,615 $16.79 17,019,559 $14.13 17,308,625 $11.14 
(1)Included in the fiscal year 2023 amounts are 1.2 million of share bonus awards representing the number of awards achieved above target levels based on the achievement of certain market conditions for awards granted in the fiscal year 2020. These awards were issued and immediately vested in accordance with the terms and conditions of the underlying awards.
The following table summarizes the options awards, NRSU awards and NPSU awards activity under the Nextracker 2022 Plan for the fiscal year ended March 31, 2023:
Fiscal year ended March 31, 2023
Options (2)NRSUNPSU (3)
SharesWeighted average fair value per shareSharesWeighted average fair value per shareSharesWeighted average fair value per share
Unvested awards outstanding, beginning of fiscal year— $— — $— — $— 
Granted2,806,905 6.30 2,172,234 20.40 219,713 23.01 
Vested— — — — — — 
Forfeited (1)(114,286)6.30 (169,815)20.40 — — 
Unvested awards outstanding, end of fiscal year2,692,619 $6.30 2,002,419 $20.40 219,713 $23.01 
(1)    Awards forfeited due to employee terminations.
(2)    Vesting ranges from zero to 100% based on the achievement levels of Nextracker's compounded annual growth rate over the performance period.
(3)    Vesting ranges from zero to 200% based on the achievement levels of Nextracker's total shareholder return over the performance period.
Schedule of Nonvested Share Activity
Of the 15.3 million unvested RSU awards outstanding under the 2017 Plan as of the fiscal year ended March 31, 2023, approximately 2.1 million unvested RSU awards represent the target amount of grants made to certain key employees whereby vesting is contingent on meeting certain market conditions summarized as follows:
Targeted
number of
awards as of
March 31, 2023
(in shares)		Range of shares
that may be issued (1)
Average
grant date
fair value
(per share)
Assessment dates
Year of grantMinimumMaximum
Fiscal 2023533,946 $23.45 — 1,067,892 June 2025
Fiscal 2022378,588 25.86 — 757,176 June 2024
Fiscal 20211,168,426 15.03 — 2,336,852 June 2023
Totals2,080,960  4,161,920  
(1)    Vesting ranges from zero to 200% based on measurement of Flex's total shareholder return against Flex's peer companies for RSU awards granted in fiscal years 2023 and 2022 and based on measurement of Flex's total shareholder return against the Standard and Poor's ("S&P") 500 Composite Index for RSU awards granted in fiscal year 2021.
Of the 15.3 million unvested RSU awards outstanding under the 2017 Plan as of the fiscal year ended March 31, 2023, approximately 0.9 million unvested RSU awards represent the target amount of grants made to certain key employees whereby vesting is contingent on meeting certain performance conditions summarized as follows:
Targeted
number of
awards as of
March 31, 2023
(in shares)		Range of shares
that may be issued (1)
Average
grant date
fair value
(per share)
Assessment date
Year of grantMinimumMaximum
Fiscal 2023533,946 $16.52 — 1,067,892 Mar 2026
Fiscal 2022378,586 $18.24 — 757,172 Mar 2025
Totals912,532 1,825,064 
(1)    Vesting ranges from zero to 200% based on performance of Flex's average earnings per share growth.