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SEGMENT REPORTING
 12 Months Ended
Mar. 31, 2024
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, assess performance and make strategic and operational decisions. Based on such evaluation, the Company determined as of and for the period ended March 31, 2024, that Flex has two operating and reportable segments. During the fourth quarter of fiscal year 2024, following the Spin-off, the Company has classified the results of Nextracker, formerly our Nextracker segment, as discontinued operations in our consolidated statement of income for all periods presented. See note 7 "Discontinued Operations" for additional information.
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, embedded and critical power offerings, and renewables and grid edge.
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, restructuring charges, customer related asset impairment, legal and other, interest expense, interest income, other charges (income), net, and equity in earnings of unconsolidated affiliates. A portion of depreciation is allocated to the respective segments, together with other general corporate, research and development and administrative expenses.
Selected financial information by segment is in the table below.
Fiscal Year Ended March 31,
202420232022
(In millions)
Net sales:
Flex Agility Solutions$13,923 $15,769 $14,027 
Flex Reliability Solutions12,492 12,733 10,606 
$26,415 $28,502 $24,633 
Segment income and reconciliation of income from continuing operations before income taxes:
Flex Agility Solutions$669 $694 $605 
Flex Reliability Solutions666 607 546 
Corporate and Other(68)(69)(81)
Total segment income1,267 1,232 1,070 
Reconciling items:
Intangible amortization70 81 60 
Stock-based compensation113 101 88 
Restructuring charges 172 27 15 
Customer related asset impairment14 — — 
Legal and other (1)45 6 17 
Interest expenses207 230 166 
Interest income56 30 14 
Other charges (income), net 44 6 (165)
Equity in earnings (losses) of unconsolidated affiliates8 (4)61 
Income from continuing operations before income taxes$666 $807 $964 
(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 fiscal year 2024, the Company recognized a $50 million loss contingency for a commercial dispute related to a construction matter with related production objectives.
During fiscal years 2023 and 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.
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 2024, 2023 and 2022, depreciation expense included in the segments' measure of operating performance above is as follows.
Fiscal Year Ended March 31,
202420232022
(In millions)
Depreciation expense:
Flex Agility Solutions$171 $177 $184 
Flex Reliability Solutions241 217 204 
Total depreciation expense$412 $394 $388 
Geographic information of net sales is as follows:
Fiscal Year Ended March 31,
202420232022
(In millions)
Net sales by region:
Americas$12,232 46 %$11,906 42 %$9,414 38 %
Asia8,540 32 %10,384 36 %9,615 39 %
Europe5,643 22 %6,212 22 %5,604 23 %
$26,415 $28,502 $24,633 

Revenues are attributable to the country in which the product is manufactured or service is provided.
During fiscal years 2024, 2023 and 2022, net sales generated from Singapore, the country of domicile, were approximately $660 million, $552 million and $519 million, respectively.
The following table summarizes the countries that accounted for more than 10% of net sales in fiscal years 2024, 2023, and 2022:
 Fiscal Year Ended March 31,
202420232022
 (In millions)
Net sales by country:
Mexico$6,935 26 %$6,626 23 %$5,092 21 %
China5,117 19 %6,562 23 %6,160 25 %
U.S.3,598 14 %3,394 12 %2,414 10 %
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,
20242023
(In millions)
Property and equipment, net:
Americas$1,220 54 %$1,214 52 %
Asia565 25 %618 26 %
Europe484 21 %510 22 %
$2,269 $2,342 
As of March 31, 2024 and 2023, 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 years 2024 and 2023:
Fiscal Year Ended March 31,
20242023
(In millions)
Property and equipment, net:
Mexico$793 35 %$763 33 %
U.S.334 15 %358 15 %
China307 14 %338 14 %
No other country accounted for more than 10% of property and equipment, net for the fiscal periods presented in the table above.