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SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Mar. 31, 2015
Share-based compensation  
Schedule of share-based compensation expense

 

 

 

Fiscal Year Ended March 31,

 

 

 

2015

 

2014

 

2013

 

 

 

(In thousands)

 

Cost of sales

 

$

7,503 

 

$

6,540 

 

$

5,163 

 

Selling, general and administrative expenses

 

 

42,767 

 

 

33,899 

 

 

29,366 

 

​  

​  

​  

​  

​  

​  

Total share-based compensation expense

 

$

50,270 

 

$

40,439 

 

$

34,529 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of option activity

 

 

 

Fiscal Year Ended March 31,

 

 

 

2015

 

2014

 

2013

 

 

 

Options

 

Price

 

Options

 

Price

 

Options

 

Price

 

Outstanding, beginning of fiscal year

 

 

23,612,872

 

$

8.57

 

 

34,405,564

 

$

8.29

 

 

43,933,660

 

$

7.78

 

Granted

 

 

15,000

 

 

11.11

 

 

 

 

 

 

19,000

 

 

6.57

 

Exercised

 

 

(3,600,900

)

 

6.53

 

 

(6,572,383

)

 

4.28

 

 

(5,398,331

)

 

4.12

 

Forfeited

 

 

(4,034,078

)

 

13.17

 

 

(4,220,309

)

 

12.93

 

 

(4,148,765

)

 

8.32

 

​  

​  

​  

​  

​  

​  

Outstanding, end of fiscal year

 

 

15,992,894

 

$

7.81

 

 

23,612,872

 

$

8.57

 

 

34,405,564

 

$

8.29

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Options exercisable, end of fiscal year

 

 

15,959,173

 

$

7.81

 

 

23,373,101

 

$

8.58

 

 

33,662,480

 

$

8.31

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of composition of options outstanding and exercisable

 

 

 

Options Outstanding

 

Options Exercisable

 

Range of Exercise Prices

 

Number of
Shares
Outstanding

 

Weighted
Average
Remaining
Contractual
Life
(In Years)

 

Weighted
Average
Exercise
Price

 

Number of
Shares
Exercisable

 

Weighted
Average
Exercise
Price

 

$1.94 - $2.26

 

 

4,665,815 

 

 

0.79 

 

$

2.12 

 

 

4,665,815 

 

$

2.12 

 

$3.39 - $5.75

 

 

2,236,960 

 

 

1.36 

 

 

5.56 

 

 

2,233,938 

 

 

5.56 

 

$5.87 - $7.07

 

 

79,118 

 

 

2.03 

 

 

6.42 

 

 

68,217 

 

 

6.43 

 

$7.08 - $10.59

 

 

4,357,646 

 

 

0.42 

 

 

10.34 

 

 

4,349,848 

 

 

10.35 

 

$10.67 - $11.41

 

 

831,555 

 

 

1.19 

 

 

11.22 

 

 

819,555 

 

 

11.22 

 

$11.53 - $13.98

 

 

3,786,800 

 

 

0.22 

 

 

12.45 

 

 

3,786,800 

 

 

12.45 

 

$14.34 - $23.02

 

 

35,000 

 

 

1.42 

 

 

15.95 

 

 

35,000 

 

 

15.95 

 

​  

​  

​  

​  

$1.94 - $23.02

 

 

15,992,894 

 

 

0.66 

 

$

7.81 

 

 

15,959,173 

 

$

7.81 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

Options vested and expected to vest

 

 

15,989,753 

 

 

0.66 

 

$

7.81 

 

 

 

 

 

 

 

​  

​  

​  

​  

​  

 

Schedule of share bonus award activity

 

 

 

Fiscal Year Ended March 31,

 

 

 

2015

 

2014

 

2013

 

 

 

Shares

 

Price

 

Shares

 

Price

 

Shares

 

Price

 

Unvested share bonus awards outstanding, beginning of fiscal year

 

 

21,848,120

 

$

7.32

 

 

21,807,069

 

$

6.80

 

 

15,965,268

 

$

6.91

 

Granted

 

 

6,963,125

 

 

11.75

 

 

8,978,941

 

 

8.07

 

 

9,582,867

 

 

6.74

 

Vested

 

 

(7,246,056

)

 

6.97

 

 

(5,481,153

)

 

6.66

 

 

(1,506,234

)

 

7.51

 

Forfeited

 

 

(2,571,937

)

 

7.70

 

 

(3,456,737

)

 

7.07

 

 

(2,234,832

)

 

6.86

 

​  

​  

​  

​  

​  

​  

Unvested share bonus awards outstanding, end of fiscal year

 

 

18,993,252

 

$

9.01

 

 

21,848,120

 

$

7.32

 

 

21,807,069

 

$

6.80

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of share bonus awards with market conditions

 

 

 

Targeted
number of
awards as of
March 31, 2015
(in shares)

 

 

 

 

 

Range of shares
that may be issued

 

 

 

 

Average
grant date
fair value
(per share)

 

 

 

 

 

 

 

 

Assessment dates

Year of grant

 

Market condition

 

Minimum

 

Maximum

Fiscal 2015

 

 

962,083 

 

$

14.77 

 

Vesting ranges from zero to 200% based on measurement of Flextronics' total shareholder return against both the Standard and Poor's ("S&P") 500 Composite Index and an Extended Electronics Manufacturing Services ("EMS") Group Index.

 

 

 

 

1,924,166 

 

May 2017

Fiscal 2014

 

 

1,932,000 

 

$

9.36 

 

Vesting ranges from zero to 200% based on measurement of Flextronics' total shareholder return against both the Standard and Poor's ("S&P") 500 Composite Index and an Extended Electronics Manufacturing Services ("EMS") Group Index.

 

 

 

 

3,864,000 

 

May 2016

Fiscal 2013

 

 

1,591,000 

 

$

7.60 

 

Vesting ranges from zero to 200% based on measurement of Flextronics' total shareholder return against the S&P 500 Composite Index.

 

 

 

 

3,182,000 

 

May 2015

Fiscal 2012

 

 

380,000 

 

$

7.83 

 

Vesting ranges from zero to 150% based on measurement of Flextronics' total shareholder return against the S&P 500 Composite Index.

 

 

 

 

570,000 

 

June 2015 (50%)

Totals

 

 

4,865,083 

 

 

 

 

 

 

 

 

 

 

9,540,166 

 

 

 

Options  
Share-based compensation  
Schedule of weighted-average assumptions

 

 

 

Fiscal Year Ended
March 31,

 

 

2015

 

2013

Expected term

 

6.3 years

 

4.1 years

Expected volatility

 

46.9%

 

46.9%

Expected dividends

 

0.0%

 

0.0%

Risk-free interest rate

 

2.3%

 

0.9%

Weighted-average fair value

 

$4.85

 

$2.48

 

Share Bonus Awards with Market Conditions  
Share-based compensation  
Schedule of weighted-average assumptions

 

 

 

Fiscal Year Ended
March 31,

 

 

 

2015

 

2014

 

2013

 

Expected volatility

 

 

29.4 

%

 

35.9 

%

 

41.7 

%

Average peer volatility

 

 

25.9 

%

 

35.7 

%

 

19.2 

%

Average peer correlation

 

 

0.6 

 

 

0.4 

 

 

0.7 

 

Expected dividends

 

 

0.0 

%

 

0.0 

%

 

0.0 

%

Risk-free interest rate

 

 

0.9 

%

 

0.4 

%

 

0.4 

%