SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Mar. 31, 2024

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 the 2017 Plan:

	Fiscal Year Ended March 31,
	2024		2023		2022
	(In millions)
Cost of sales	$	28	$	24	$	23
Selling, general and administrative expenses	85		77		65
Total share-based compensation expense	$	113	$	101	$	88

Schedule of Restricted Stock Units 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 2024, 2023, and 2022 was estimated using the following weighted-average assumptions:

	Fiscal Year Ended March 31,
	2024		2023		2022
Expected volatility	36.9	%	49.0	%	54.6	%
Average peer volatility	35.2	%	41.4	%	39.8	%
Average peer correlation	0.4		0.4		0.4
Expected dividends	—	%	—	%	—	%
Risk-free interest rate	4.3	%	3.0	%	0.3	%

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,
	2024			2023			2022
	Shares	Price		Shares	Price		Shares	Price
Unvested RSU awards outstanding, beginning of fiscal year	15,348,615	$	16.79	17,019,559	$	14.13	17,308,625	$	11.14
Granted (1)	6,162,067	27.86		8,416,650	18.22		7,276,643	18.48
Vested (1)	(8,529,857)	14.34		(9,229,198)	12.51		(5,933,605)	10.87
Forfeited (2)	(994,150)	19.76		(858,396)	15.31		(1,632,104)	12.42
Adjustment due to the Spin-off (3)	3,380,381			—			—
Unvested RSU awards outstanding, end of fiscal year (4)	15,367,056	$	17.73	15,348,615	$	16.79	17,019,559	$	14.13

(1)Included in both the fiscal years 2024 and 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 years 2021 and 2020, respectively. These awards were issued and immediately vested in accordance with the terms and conditions of the underlying awards.

(2)Includes immaterial RSU awards previously granted to Nextracker employees under the 2017 Plan canceled due to the Spin-off.

(3)Represents an adjustment to the outstanding RSU awards under the terms of the 2017 Plan using a conversion ratio of approximately 1.29 as a result of the Spin-off.

(4)The weighted-average grant date fair value of the RSUs included in the line item “Adjustment due to the Spin-off” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.29. The weighted-average grant date fair value of the unvested RSUs as of March 31, 2024 reflects the adjustment.

Schedule of Nonvested Share Activity

Of the 15.4 million unvested RSU awards outstanding under the 2017 Plan as of the fiscal year ended March 31, 2024, approximately 1.5 million unvested RSU awards represents the target amount of grants made to certain key employees whereby vesting is contingent on meeting certain market conditions summarized as follows:

	Target number of awards as of March 31, 2024 (in shares) (1)			Range of shares that may be issued (2)
		Average grant date fair value (per share)
						Assessment dates
Year of grant				Minimum	Maximum
Fiscal 2024	443,253	$	35.55	—	886,506	June 2026
Fiscal 2023	628,720	$	23.45	—	1,257,440	June 2025
Fiscal 2022	436,006	$	25.86	—	872,012	June 2024
Totals	1,507,979				3,015,958

(1)    Includes an adjustment to the outstanding RSU awards under the terms of the 2017 Plan using a conversion ratio of approximately 1.29 as a result of the Spin-off.

(2)    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 2024, 2023 and 2022.

Of the 15.4 million unvested RSU awards outstanding under the 2017 Plan as of the fiscal year ended March 31, 2024, approximately 1.5 million unvested RSU awards represents the target amount of grants made to certain key employees whereby vesting is contingent on meeting certain performance conditions summarized as follows:

	Target number of awards as of March 31, 2024 (in shares) (1)			Range of shares that may be issued (2)
		Average grant date fair value (per share)
						Assessment date
Year of grant				Minimum	Maximum
Fiscal 2024	443,253	$	26.67	—	886,506	Mar 2027
Fiscal 2023	628,720	$	16.52	—	1,257,440	Mar 2026
Fiscal 2022	436,003	$	18.24	—	872,006	Mar 2025
Totals	1,507,976				3,015,952

(1)    Includes an adjustment to the outstanding RSU awards under the terms of the 2017 Plan using a conversion ratio of approximately 1.29 as a result of the Spin-off.

(2)    Vesting ranges from zero to 200% based on performance of Flex's average earnings per share growth.