DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Sep. 27, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Results From Discontinued Operations

The key components of net income from discontinued operations for the three and six-month periods ended September 29, 2023 were as follows:

	Three-month period ended		Six-month period ended
	September 29, 2023		September 29, 2023
	(In millions)
Net sales (1)	$	538	$	982
Cost of sales (1)	392		725
Gross Profit	146		257
Selling, general and administrative expenses	51		86
Operating income	95		171
Interest and other, net	3		4
Income before income taxes	92		167
Provision for income taxes	(113)		(102)
Net income from discontinued operations	205		269
Net income from discontinued operations attributable to noncontrolling interest (2)	178		203
Net income from discontinued operations attributable to Flex Ltd.	$	27	$	66

(1)    Both net sales and cost of sales from discontinued operations includes the effect of intercompany transactions that were eliminated from Flex's condensed consolidated statements of operations of approximately $34 million and $70 million for the three and six-month periods ended September 29, 2023, respectively.

(2)    Net income from discontinued operations attributable to noncontrolling interest represented a share of pre-tax income of $40 million and $69 million and of income tax expense of $2 million and $6 million for the three and six-month periods ended September 29, 2023. As such, pre-tax income attributable to Flex Ltd. from discontinued operations was $52 million and $98 million for the same periods. In addition, during the three-month period ended September 29, 2023, a $140 million deferred tax asset was recorded, with an offsetting entry to income tax benefit fully attributable to noncontrolling interest in connection with Nextracker's follow-on public offering.

Details of cash flows from discontinued operations for the six-month period ended September 29, 2023 were as follows:

		Six-month period ended
		September 29, 2023
	(In millions)
Net cash provided by discontinued operations operating activities (1)		$	253
Net cash used in discontinued operations investing activities		(1)

(1)    Cash flows from discontinued operations operating activities includes an inflow from intercompany transactions that were eliminated from Flex's consolidated operations of $(4) million for the six-month period ended September 29, 2023.