QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Mar. 31, 2024

Quarterly Financial Data [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

The Company's third fiscal quarter ends on December 31, and the fourth fiscal quarter and fiscal year ends on March 31 of each year. The first fiscal quarters of 2024 and 2023 ended on June 30, 2023 and July 1, 2022, respectively, and the second fiscal quarters of 2024 and 2023, ended on September 29, 2023 and September 30, 2022, respectively.

The Company completed the Spin-off in the fourth quarter of fiscal year 2024, which resulted in material retrospective changes to our consolidated statements of operations. See note 7 "Discontinued Operations" for further information. The following tables contain unaudited quarterly financial data for fiscal year 2024 and 2023:

	Fiscal Year 2024
	Three Months Ended
	June 30, 2023		September 29, 2023		December 31, 2023		March 31, 2024
	(In millions, except per share amounts)
Net sales	$	6,892	$	6,933	$	6,421	$	6,169
Gross profit	476		519		433		437
Operating income	215		281		198		159
Net income from continuing operations	147		201		129		395
Net income from discontinued operations, net of tax	64		205		104		—
Net income	211		406		233		395
Net income attributable to noncontrolling interest and redeemable noncontrolling interest	25		178		36		—
Net income attributable to Flex Ltd.	$	186	$	228	$	197	$	395
Weighted-average ordinary shares outstanding - basic	447		443		431		417
Weighted-average ordinary shares outstanding - diluted	455		448		436		425
Earnings per share - basic (1)
Continuing operations	$	0.33	$	0.45	$	0.30	$	0.95
Discontinued operations, net of tax	0.09		0.06		0.16		—
Total attributable to the shareholders of Flex Ltd.	$	0.42	$	0.51	$	0.46	$	0.95
Earnings per share - diluted (1)
Continuing operations	$	0.32	$	0.45	$	0.30	$	0.93
Discontinued operations, net of tax	0.09		0.06		0.15		—
Total attributable to the shareholders of Flex Ltd.	$	0.41	$	0.51	$	0.45	$	0.93

(1)    Earnings per share are computed independently for each quarter presented; therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year.

	Fiscal Year 2023
	Three Months Ended
	July 1, 2022		September 30, 2022		December 31, 2022		March 31, 2023
	(In millions, except per share amounts)
Net sales	$	6,961	$	7,303	$	7,254	$	6,984
Gross profit	487		525		499		465
Operating income	253		282		259		223
Net income from continuing operations	176		195		173		139
Net income from discontinued operations, net of tax	19		43		64		224
Net income	195		238		237		363
Net income attributable to noncontrolling interest and redeemable noncontrolling interest	6		6		7		221
Net income attributable to Flex Ltd.	$	189	$	232	$	230	$	142
Weighted-average ordinary shares outstanding - basic	458		455		452		451
Weighted-average ordinary shares outstanding - diluted	468		460		459		459
Earnings per share - basic (1)
Continuing operations	$	0.38	$	0.43	$	0.38	$	0.30
Discontinued operations, net of tax	0.03		0.08		0.13		0.01
Total attributable to the shareholders of Flex Ltd.	$	0.41	$	0.51	$	0.51	$	0.31
Earnings per share - diluted (1)
Continuing operations	$	0.38	$	0.42	$	0.38	$	0.30
Discontinued operations, net of tax	0.02		0.08		0.12		0.01
Total attributable to the shareholders of Flex Ltd.	$	0.40	$	0.50	$	0.50	$	0.31

(1)    Earnings per share are computed independently for each quarter presented; therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year.