SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)

12 Months Ended

Mar. 31, 2015

SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONSOLIDATING FINANCIAL STATEMENTS

Schedule of condensed consolidating balance sheets

Condensed Consolidating Balance Sheets as of March 31, 2015

	Parent		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	608,971	$	168,272		$	851,165	$	—		$	1,628,408
Accounts receivable		—		1,193,491			1,144,024		—			2,337,515
Inventories		—		1,729,593			1,759,159		—			3,488,752
Inter company receivable		6,417,410		4,774,526			10,218,788		(21,410,724	)		—
Other current assets		8,143		200,476			1,077,606		—			1,286,225
Total current assets		7,034,524		8,066,358			15,050,742		(21,410,724	)		8,740,900
Property and equipment, net		—		471,052			1,621,115		—			2,092,167
Goodwill and other intangible assets, net		475		60,782			353,918		—			415,175
Other assets		2,223,402		155,172			2,131,523		(4,092,715	)		417,382
Investment in subsidiaries		1,799,956		1,666,759			16,652,951		(20,119,666	)		—
Total assets	$	11,058,357	$	10,420,123		$	35,810,249	$	(45,623,105	)	$	11,665,624
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank borrowings and current portion of long-term debt	$	40,000	$	917		$	5,245	$	—		$	46,162
Accounts payable		—		1,772,695			2,788,499		—			4,561,194
Accrued payroll		—		112,692			227,047		—			339,739
Inter company payable		6,559,569		7,309,944			7,541,211		(21,410,724	)		—
Other current liabilities		30,553		772,015			1,006,560		—			1,809,128
Total current liabilities		6,630,122		9,968,263			11,568,562		(21,410,724	)		6,756,223
Long term liabilities		2,067,421		2,102,483			2,435,962		(4,092,715	)		2,513,151
Flextronics International Ltd. shareholders' equity		2,360,814		(1,650,623	)		21,770,289		(20,119,666	)		2,360,814
Noncontrolling interests		—		—			35,436		—			35,436
Total shareholders' equity		2,360,814		(1,650,623	)		21,805,725		(20,119,666	)		2,396,250
Total liabilities and shareholders' equity	$	11,058,357	$	10,420,123		$	35,810,249	$	(45,623,105	)	$	11,665,624

Condensed Consolidating Balance Sheets as of March 31, 2014

	Parent		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	638,714	$	210,462		$	744,552	$	—		$	1,593,728
Accounts receivable		—		1,229,242			1,468,743		—			2,697,985
Inventories		—		1,705,872			1,893,136		—			3,599,008
Inter company receivable		8,867,520		6,963,002			9,528,158		(25,358,680	)		—
Other current assets		246		383,590			1,125,769		—			1,509,605
Total current assets		9,506,480		10,492,168			14,760,358		(25,358,680	)		9,400,326
Property and equipment, net		—		490,166			1,798,490		—			2,288,656
Goodwill and other intangible assets, net		775		46,917			329,526		—			377,218
Other assets		2,585,169		120,738			4,692,157		(6,964,114	)		433,950
Investment in subsidiaries		3,350,690		758,612			15,995,623		(20,104,925	)		—
Total assets	$	15,443,114	$	11,908,601		$	37,576,154	$	(52,427,719	)	$	12,500,150
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank borrowings and current portion of long-term debt	$	32,500	$	60		$	15	$	—		$	32,575
Accounts payable		—		1,614,383			3,133,396		—			4,747,779
Accrued payroll		—		106,046			248,843		—			354,889
Inter company payable		8,607,486		10,126,691			6,624,503		(25,358,680	)		—
Other current liabilities		24,868		756,767			1,739,809		—			2,521,444
Total current liabilities		8,664,854		12,603,947			11,746,566		(25,358,680	)		7,656,687
Long term liabilities		4,615,210		2,140,985			2,849,703		(6,964,114	)		2,641,784
Flextronics International Ltd. shareholders' equity		2,163,050		(2,836,331	)		22,941,256		(20,104,925	)		2,163,050
Noncontrolling interests		—		—			38,629		—			38,629
Total shareholders' equity		2,163,050		(2,836,331	)		22,979,885		(20,104,925	)		2,201,679
Total liabilities and shareholders' equity	$	15,443,114	$	11,908,601		$	37,576,154	$	(52,427,719	)	$	12,500,150

Schedule of condensed consolidating statements of operations

Condensed Consolidating Statements of Operations for Fiscal Year Ended March 31, 2015

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net sales	$	—		$	17,620,300		$	19,669,882		$	(11,142,266	)	$	26,147,916
Cost of sales		—			16,133,224			19,611,618			(11,142,266	)		24,602,576
Gross profit		—			1,487,076			58,264			—			1,545,340
Selling, general and administrative expenses		—			233,767			610,706			—			844,473
Intangible amortization		300			2,891			28,844			—			32,035
Interest and other, net		10,086			850,886			(862,795	)		—			(1,823	)
Income (loss) before income taxes		(10,386	)		399,532			281,509			—			670,655
Provision for income taxes		—			14,143			55,711			—			69,854
Equity in earnings in subsidiaries		611,187			(142,451	)		467,940			(936,676	)		—
Net income	$	600,801		$	242,938		$	693,738		$	(936,676	)	$	600,801

Condensed Consolidating Statements of Operations for Fiscal Year Ended March 31, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net sales	$	—		$	17,648,879		$	21,600,240		$	(13,140,512	)	$	26,108,607
Cost of sales		—			16,225,232			21,525,018			(13,140,512	)		24,609,738
Restructuring charges		—			9,609			49,039			—			58,648
Gross profit		—			1,414,038			26,183			—			1,440,221
Selling, general and administrative expenses		—			230,041			644,755			—			874,796
Intangible amortization		300			4,124			24,468			—			28,892
Restructuring charges		800			(271	)		16,134			—			16,663
Interest and other, net		(502,028	)		864,095			(242,651	)		—			119,416
Income (loss) before income taxes		500,928			316,049			(416,523	)		—			400,454
Provision for income taxes		52			42,944			(8,136	)		—			34,860
Equity in earnings in subsidiaries		(135,282	)		(255,941	)		369,429			21,794			—
Net income (loss)	$	365,594		$	17,164		$	(38,958	)	$	21,794		$	365,594

Condensed Consolidating Statements of Operations for Fiscal Year Ended March 31, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net sales	$	—		$	15,379,151		$	17,033,974		$	(8,843,650	)	$	23,569,475
Cost of sales		—			13,886,798			17,144,245			(8,843,650	)		22,187,393
Restructuring charges		—			26,295			189,539			—			215,834
Gross profit		—			1,466,058			(299,810	)		—			1,166,248
Selling, general and administrative expenses		—			195,560			609,675			—			805,235
Intangible amortization		300			7,840			21,389			—			29,529
Restructuring charges		—			1,646			9,954			—			11,600
Interest and other, net		(880,051	)		702,305			168,815			—			(8,931	)
Income (loss) from continuing operations before income taxes		879,751			558,707			(1,109,643	)		—			328,815
Provision for income taxes		—			15,396			10,917			—			26,313
Equity in earnings in subsidiaries		(602,700	)		(391,748	)		591,825			402,623			—
Income from continuing operations		277,051			151,563			(528,735	)		402,623			302,502
Loss from discontinued operations, net of tax		—			—			(25,451	)		—			(25,451	)
Net income (loss)	$	277,051		$	151,563		$	(554,186	)	$	402,623		$	277,051

Schedule of condensed consolidating statements of comprehensive income (loss)

Condensed Consolidating Statements of Comprehensive Income for Fiscal Year Ended March 31, 2015

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net income	$	600,801		$	242,938		$	693,738		$	(936,676	)	$	600,801
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax		(18,932	)		256,652			221,418			(478,070	)		(18,932	)
Unrealized loss on derivative instruments and other, net of zero tax		(35,417	)		(33,769	)		(35,417	)		69,186			(35,417	)
Comprehensive income	$	546,452		$	465,821		$	879,739		$	(1,345,560	)	$	546,452

Condensed Consolidating Statements of Comprehensive Income for Fiscal Year Ended March 31, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
	(in thousands)
Net income (loss)	$	365,594		$	17,164		$	(38,958	)	$	21,794	$	365,594
Other comprehensive income:
Foreign currency translation adjustments, net of zero tax		(34,683	)		(89,282	)		(89,635	)		178,917		(34,683	)
Unrealized loss on derivative instruments and other, net of zero tax		(13,992	)		(5,221	)		(13,993	)		19,214		(13,992	)
Comprehensive income (loss)	$	316,919		$	(77,339	)	$	(142,586	)	$	219,925	$	316,919

Condensed Consolidating Statements of Comprehensive Income for Fiscal Year Ended March 31, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	277,051		$	151,563		$	(554,186	)	$	402,623		$	277,051
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax		(16,289	)		5,207			10,377			(15,584	)		(16,289	)
Unrealized loss on derivative instruments and other, net of zero tax		(20,755	)		(15,910	)		(20,755	)		36,665			(20,755	)
Comprehensive income (loss)	$	240,007		$	140,860		$	(564,564	)	$	423,704		$	240,007

Schedule of condensed consolidating statements of cash flows

Condensed Consolidating Statements of Cash Flows for Fiscal Year Ended March 31, 2015

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(73,356	)	$	448,685		$	418,705		$	—		$	794,034
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal		—			(85,876	)		(153,833	)		(15	)		(239,724	)
Acquisition of businesses, net of cash acquired		—			(20,589	)		(40,772	)		—			(61,361	)
Proceeds from divestitures of business, net of cash held in divested business		—			—			(5,493	)		—			(5,493	)
Investing cash flows from (to) affiliates		(1,703,983	)		(2,284,175	)		1,178,606			2,809,552			—
Other investing activities, net		(1,500	)		(13,821	)		79,683			—			64,362
Net cash provided by (used in) investing activities		(1,705,483	)		(2,404,461	)		1,058,191			2,809,537			(242,216	)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt		303,000			4,737			11,805			—			319,542
Repayments of bank borrowings and long-term debt and capital lease obligations		(335,500	)		(3,127	)		(5,529	)		—			(344,156	)
Payments for repurchases of ordinary shares		(415,945	)		—			—			—			(415,945	)
Proceeds from exercise of stock options		23,497			—			11			—			23,508
Financing cash flows from (to) affiliates		2,420,952			1,914,619			(1,526,034	)		(2,809,537	)		—
Other financing activities, net		—			—			(98,966	)		—			(98,966	)
Net cash provided by (used in) financing activities		1,996,004			1,916,229			(1,618,713	)		(2,809,537	)		(516,017	)
Effect of exchange rates on cash and cash equivalents		(246,908	)		(2,643	)		248,430			—			(1,121	)
Net increase (decrease) in cash and cash equivalents		(29,743	)		(42,190	)		106,613			—			34,680
Cash and cash equivalents, beginning of period		638,714			210,462			744,552			—			1,593,728
Cash and cash equivalents, end of period	$	608,971		$	168,272		$	851,165		$	—		$	1,628,408

Condensed Consolidating Statements of Cash Flows for Fiscal Year Ended March 31, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	459,748		$	(543,426	)	$	1,299,587		$	551			1,216,460
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal		—			(222,197	)		(292,221	)		(585	)		(515,003	)
Acquisition of businesses, net of cash acquired		—			(61,587	)		(176,444	)		—			(238,031	)
Proceeds from divestitures of business, net of cash held in divested business		—			—			4,599			—			4,599
Investing cash flows from (to) affiliates		35,262			(510,168	)		(1,790,609	)		2,265,515			—
Other investing activities, net		—			(5,342	)		(30,155	)		—			(35,497	)
Net cash provided by (used in) investing activities		35,262			(799,294	)		(2,284,830	)		2,264,930			(783,932	)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt		1,066,359			277			17			—			1,066,653
Repayments of bank borrowings and long-term debt and capital lease obligations		(492,034	)		(525	)		(45,021	)		—			(537,580	)
Payments for early repurchase of long-term debt		(503,423	)		(41,417	)		—			—			(544,840	)
Payments for repurchases of ordinary shares		(475,314	)		—			—			—			(475,314	)
Proceeds from exercise of stock options		28,140			—			—			—			28,140
Financing cash flows from (to) affiliates		(277,594	)		1,365,834			1,177,241			(2,265,481	)		—
Other financing activities, net		—			—			52,149			—			52,149
Net cash provided by (used in) financing activities		(653,866	)		1,324,169			1,184,386			(2,265,481	)		(410,792	)
Effect of exchange rates on cash and cash equivalents		57,055			2,641			(74,791	)		—			(15,095	)
Net increase (decrease) in cash and cash equivalents		(101,801	)		(15,910	)		124,352			—			6,641
Cash and cash equivalents, beginning of period		740,515			226,372			620,200			—			1,587,087
Cash and cash equivalents, end of period	$	638,714		$	210,462		$	744,552		$	—		$	1,593,728

Condensed Consolidating Statements of Cash Flows for Fiscal Year Ended March 31, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	836,830		$	695,596		$	(416,280	)	$	(716	)		1,115,430
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal		—			(137,921	)		(297,937	)		530			(435,328	)
Acquisition of businesses, net of cash acquired		—			(20,150	)		(163,947	)		—			(184,097	)
Proceeds from divestitures of business, net of cash held in divested business		—			—			22,585			—			22,585
Investing cash flows from (to) affiliates		(1,228,773	)		965,298			1,166,809			(903,334	)		—
Other investing activities, net		—			6,412			(106,771	)		—			(100,359	)
Net cash provided by (used in) investing activities		(1,228,773	)		813,639			620,739			(902,804	)		(697,199	)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt		1,250,000			150			63			—			1,250,213
Repayments of bank borrowings and long-term debt and capital lease obligations		(379,399	)		(3,875	)		(8,585	)					(391,859	)
Payments for early repurchase of long-term debt		(756,855	)		(243,145	)		—						(1,000,000	)
Payments for repurchases of ordinary shares		(322,040	)		—			—			—			(322,040	)
Proceeds from exercise of stock options		22,257			—			—			—			22,257
Financing cash flows from (to) affiliates		693,185			(1,213,350	)		(383,355	)		903,520			—
Other financing activities, net		—			—			101,851			—			101,851
Net cash provided by (used in) financing activities		507,148			(1,460,220	)		(290,026	)		903,520			(339,578	)
Effect of exchange rates on cash and cash equivalents		(23,942	)		(1,801	)		15,848			—			(9,895	)
Net increase (decrease) in cash and cash equivalents		91,263			47,214			(69,719	)		—			68,758
Cash and cash equivalents, beginning of period		649,252			179,158			689,919			—			1,518,329
Cash and cash equivalents, end of period	$	740,515		$	226,372		$	620,200		$	—		$	1,587,087