10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 26, 2015

Or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                   to                  

Commission file number 0-23354

FLEXTRONICS INTERNATIONAL LTD.

(Exact name of registrant as specified in its charter)

Singapore	Not Applicable
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

2 Changi South Lane,
Singapore	486123
(Address of registrant’s principal executive offices)	(Zip Code)

 Registrant’s telephone number, including area code

(65) 6876-9899

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ý	Accelerated filer o
Non-accelerated filer o	Smaller reporting company o
(Do not check if a smaller reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Class	Outstanding at July 20, 2015
Ordinary Shares, No Par Value	566,491,358

FLEXTRONICS INTERNATIONAL LTD.

INDEX

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Report of Independent Registered Public Accounting Firm	3
	Condensed Consolidated Balance Sheets (unaudited) — June 26, 2015 and March 31, 2015	4
	Condensed Consolidated Statements of Operations (unaudited) — Three-Month Periods Ended June 26, 2015 and June 27, 2014	5
	Condensed Consolidated Statements of Comprehensive Income (unaudited) — Three-Month Periods Ended June 26, 2015 and June 27, 2014	6
	Condensed Consolidated Statements of Cash Flows (unaudited) — Three-Month Periods Ended June 26, 2015 and June 27, 2014	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	37
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	40
Item 4.	Mine Safety Disclosures	40
Item 5.	Other Information	40
Item 6.	Exhibits	40
Signatures		41

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

Flextronics International Ltd.

Singapore

We have reviewed the accompanying condensed consolidated balance sheet of Flextronics International Ltd. and subsidiaries (the “Company”) as of June 26, 2015, and the related condensed consolidated statements of operations, comprehensive income and cash flows for the three-month periods ended June 26, 2015 and June 27, 2014. These interim financial statements are the responsibility of the Company’s management.

We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should be made to such condensed consolidated interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet of Flextronics International Ltd. and subsidiaries as of March 31, 2015, and the related consolidated statements of operations, comprehensive income, shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated May 20, 2015, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of March 31, 2015 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

/s/ DELOITTE & TOUCHE LLP

San Jose, California

July 27, 2015

3

FLEXTRONICS INTERNATIONAL LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

	As of    June 26, 2015			As of    March 31, 2015
	(In thousands, except share amounts) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	2,331,411		$	1,628,408
Accounts receivable, net of allowance for doubtful accounts	2,137,255			2,337,515
Inventories	3,413,430			3,488,752
Other current assets	1,198,131			1,286,225
Total current assets	9,080,227			8,740,900
Property and equipment, net	2,143,221			2,092,167
Goodwill and other intangible assets, net	428,286			415,175
Other assets	448,446			417,382
Total assets	$	12,100,180		$	11,665,624
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Bank borrowings and current portion of long-term debt	$	44,927		$	46,162
Accounts payable	4,336,913			4,561,194
Accrued payroll	363,529			339,739
Other current liabilities	1,750,859			1,809,128
Total current liabilities	6,496,228			6,756,223
Long-term debt, net of current portion	2,632,138			2,037,571
Other liabilities	484,258			475,580
Commitments and contingencies (Note 13)
Shareholders’ equity
Flextronics International Ltd. shareholders’ equity
Ordinary shares, no par value; 618,070,449 and 613,562,761 issued, and 567,831,094 and 563,323,406 outstanding as of June 26, 2015 and March 31, 2015, respectively	7,230,211			7,265,827
Treasury stock, at cost; 50,239,355 shares as of June 26, 2015 and March 31, 2015	(388,215		)	(388,215		)
Accumulated deficit	(4,225,443		)	(4,336,293		)
Accumulated other comprehensive loss	(164,893		)	(180,505		)
Total Flextronics International Ltd. shareholders’ equity	2,451,660			2,360,814
Noncontrolling interests	35,896			35,436
Total shareholders’ equity	2,487,556			2,396,250
Total liabilities and shareholders’ equity	$	12,100,180		$	11,665,624

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

FLEXTRONICS INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three-Month Periods Ended
	June 26, 2015		June 27, 2014
	(In thousands, except per share amounts) (Unaudited)
Net sales	$	5,566,248	$	6,642,745
Cost of sales	5,213,907		6,261,960
Gross profit	352,341		380,785
Selling, general and administrative expenses	209,385		209,277
Intangible amortization	7,671		6,951
Interest and other, net	16,505		18,637
Other charges (income), net	164		(44,009		)
Income before income taxes	118,616		189,929
Provision for income taxes	7,766		16,042
Net income	$	110,850	$	173,887
Earnings per share
Basic	$	0.20	$	0.30
Diluted	$	0.19	$	0.29
Weighted-average shares used in computing per share amounts:
Basic	565,545		587,233
Diluted	577,997		601,300

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

FLEXTRONICS INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three-Month Periods Ended
	June 26, 2015		June 27, 2014
	(In thousands) (Unaudited)
Net income	$	110,850	$	173,887
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	2,783		(4,145		)
Unrealized gain on derivative instruments and other, net of zero tax	12,829		10,725
Comprehensive income	$	126,462	$	180,467

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

FLEXTRONICS INTERNATIONAL LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three-Month Periods Ended
	June 26, 2015			June 27, 2014
	(In thousands) (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	110,850		$	173,887
Depreciation, amortization and other impairment charges	110,119			121,501
Changes in working capital and other	141,307			(376,557		)
Net cash provided by (used in) operating activities	362,276			(81,169		)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(138,348		)	(87,101		)
Proceeds from the disposition of property and equipment	1,512			14,184
Acquisition of businesses, net of cash acquired	(18,580		)	—
Proceeds from divestiture of business, net of cash held in divested business	1,000			(5,493		)
Other investing activities, net	(7,580		)	(21,462		)
Net cash used in investing activities	(161,996		)	(99,872		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings and long-term debt	595,548			26,615
Repayments of bank borrowings and long-term debt	(8,457		)	(859		)
Payments for repurchases of ordinary shares	(99,995		)	(105,568		)
Net proceeds from issuance of ordinary shares	44,602			9,329
Other financing activities, net	(25,252		)	300
Net cash provided by (used in) financing activities	506,446			(70,183		)
Effect of exchange rates on cash and cash equivalents	(3,723		)	5,186
Net increase (decrease) in cash and cash equivalents	703,003			(246,038		)
Cash and cash equivalents, beginning of period	1,628,408			1,593,728
Cash and cash equivalents, end of period	$	2,331,411		$	1,347,690
Non-cash investing activity:
Unpaid purchases of property and equipment	$	122,601		$	49,130

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.  ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION

Organization of the Company

Flextronics International Ltd. ("Flextronics" or the "Company") was incorporated in the Republic of Singapore in May 1990. The Company's operations have expanded over the years through a combination of organic growth and acquisitions. The Company is a globally-recognized leading provider of innovative design, engineering, manufacturing, and supply chain services and solutions that span from sketch to scale; from conceptual sketch to full-scale production. The Company designs, builds, ships and services complete packaged consumer electronics and industrial products for original equipment manufacturers ("OEMs"), through its activities in the following business groups: High Reliability Solutions ("HRS"), which is comprised of our medical business including medical equipment, disposables, drug delivery, and diagnostics; our automotive business, including automotive electronics, automotive lighting, and power electronics; and our defense and aerospace businesses focused on defense, civil aviation, and homeland security; Consumer Technology Group ("CTG"), which includes our mobile devices business, including smart phones; our consumer electronics business, including connected living, wearable electronics, game consoles, and connectivity devices; and our high-volume computing business, including various supply chain solutions for notebook personal computing, tablets, and printers; Industrial and Emerging Industries ("IEI"), which is comprised of semiconductor and capital equipment, office solutions, test and measurement, household industrial and lifestyle, industrial automation and kiosks, energy and metering, and lighting; and Integrated Network Solutions ("INS"), which includes radio access base stations, remote radio heads, and small cells for wireless infrastructure; optical, routing, broadcasting and switching products for the data and video network; server and storage platforms for both enterprise and cloud based deployments; next generation storage and security appliance products; and rack level solutions, converged infrastructure and software defined product solutions. The Company's strategy is to provide customers with a full range of cost competitive, vertically integrated global supply chain solutions through which the Company can design, build, ship and service a complete packaged product for its OEM customers. This enables our OEM customers to leverage the Company's supply chain solutions to meet their product requirements throughout the entire product life cycle.

        The Company's service offerings include a comprehensive range of value-added design and engineering services that are tailored to the various markets and needs of its customers. Other focused service offerings relate to manufacturing (including enclosures, metals, plastic injection molding, precision plastics, machining, and mechanicals), system integration and assembly and test services, materials procurement, inventory management, logistics and after-sales services (including product repair, warranty services, re-manufacturing and maintenance) and supply chain management software solutions and component product offerings (including rigid and flexible printed circuit boards and power adapters and chargers).

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2015 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three-month period ended June 26, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2016.

The first quarters for fiscal year 2016 and fiscal year 2015 ended on June 26, 2015, and June 27, 2014, respectively.

The accompanying unaudited condensed consolidated financial statements include the financial position and results of operations of a majority-owned subsidiary of the Company. Noncontrolling interests are presented as a separate component of total shareholders' equity in the condensed consolidated balance sheets. The operating results of the subsidiary attributable to the noncontrolling interests are immaterial for all of the periods presented, and are included in other charges (income), net in the condensed consolidated statements of operations.

Recent Accounting Pronouncement

8

In May 2014, the FASB issued new guidance which requires an entity to recognize revenue relating to contracts with customers that depicts the transfer of promised goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services. In order to meet this requirement, the entity must apply the following steps: (i) identify the contracts with the customers; (ii) identify performance obligations in the contracts; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations per the contracts; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, disclosures required for revenue recognition will include qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from costs to obtain or fulfill a contract. In July 2015, the FASB deferred the effective date of the standard by a year. This guidance is effective for the Company beginning in the first quarter of fiscal year 2019. The Company is in the process of assessing the impact on its consolidated financial statements.

2.  BALANCE SHEET ITEMS

Inventories

The components of inventories, net of applicable lower of cost or market write-downs, were as follows:

	As of    June 26, 2015		As of    March 31, 2015
	(In thousands)
Raw materials	$	2,158,161	$	2,330,428
Work-in-progress	582,041		557,786
Finished goods	673,228		600,538
	$	3,413,430	$	3,488,752

Goodwill and Other Intangibles

The following table summarizes the activity in the Company’s goodwill account for each of its four segments during the three-month period ended June 26, 2015:

		HRS		CTG		IEI		INS		Amount
	(In thousands)
Balance, beginning of the year		$	93,138	$	68,234	$	64,221	$	108,038	$	333,631
Additions (1)		2,130		—		2,982		—		5,112
Purchase accounting adjustments (2)		125		—		—		—		125
Foreign currency translation adjustments		925		—		—		—		925
Balance, end of the period		$	96,318	$	68,234	$	67,203	$	108,038	$	339,793

(1) The goodwill generated from the Company’s business combinations completed during the three-month period ended June 26, 2015 is primarily related to value placed on the acquired employee workforces, service offerings and capabilities of the acquired businesses and expected synergies. The goodwill is not deductible for income tax purposes. See note 12 for additional information.

(2) Includes adjustments based on management's estimates resulting from their review and finalization of the valuation of assets and liabilities acquired through certain business combinations completed in a period subsequent to the respective acquisition. These adjustments were not individually, nor in the aggregate, significant to the Company.

The components of acquired intangible assets are as follows:

9

	As of June 26, 2015							As of March 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Intangible assets:
Customer-related intangibles	$	146,098	$	(83,820	)	$	62,278	$	133,853	$	(80,506	)	$	53,347
Licenses and other intangibles	40,217		(14,002		)	26,215		39,985		(11,788		)	28,197
Total	$	186,315	$	(97,822	)	$	88,493	$	173,838	$	(92,294	)	$	81,544

The gross carrying amounts of intangible assets are removed when the recorded amounts have been fully amortized.  During the three-month period ended June 26, 2015, the value of customer-related intangible assets increased in connection with the Company’s acquisitions, and licenses and other intangibles decreased primarily as a result of additional amortization.  The estimated future annual amortization expense for intangible assets is as follows:

Fiscal Year Ending March 31,	Amount
	(In thousands)
2016 (1)	$	21,587
2017	21,428
2018	15,677
2019	11,386
2020	6,807
Thereafter	11,608
Total amortization expense	$	88,493

____________________________________________________________

(1) Represents estimated amortization for the remaining nine-month period ending March 31, 2016.

Other Current Assets

Other current assets includes approximately $516.3 million and $600.7 million as of June 26, 2015 and March 31, 2015, respectively for the deferred purchase price receivable from the Company's Global and North American Asset-Backed Securitization programs. See note 10 for additional information.

In connection with an acquisition, the Company entered into an agreement with a customer and a third party banking institution to procure certain manufacturing equipment that was financed by the third party banking institution, acting as an agent of the customer.  The manufacturing equipment was used exclusively for the benefit of this customer.  The Company has the ability to settle the obligation related to these financed assets by returning the equipment to the customer and cannot be required to pay cash by either the customer or the third party banking institution. 

During fiscal year 2015, the Company ceased manufacturing of the product related to the financed equipment.  As a result, the Company as an agent on behalf of the customer is in the process of dispositioning the equipment and forwarding the proceeds to the third party banking institution reducing the outstanding obligation. Included in other current assets is the value of the certain assets purchased on behalf of a customer and financed by a third party banking institution in the amounts of $84.3 million and $169.2 million as of June 26, 2015 and March 31, 2015, respectively. Additionally, other current assets as of June 26, 2015 include an amount of $87.1 million relating to these assets that have been sold to third parties but not yet collected.

During the three-month period ended June 26, 2015, the Company disposed of all the assets and the remaining amount of $84.3 million reflects the shortfall between the original purchase price of these assets and the amount recovered by selling them to third parties. The Company expects this amount to be funded by the customer, which in turn would be paid back to the third party banking institution.

Other Current Liabilities

10

Other current liabilities include customer working capital advances of $172.7 million and $189.6 million, customer-related accruals of $443.1 million and $454.8 million, and deferred revenue of $301.1 million and $272.6 million as of June 26, 2015 and March 31, 2015, respectively. The customer working capital advances are not interest bearing, do not have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production. Other current liabilities also includes the outstanding balance due to the third party banking institution related to the financed equipment discussed above, that amounted to $172.5 million and $197.7 million as of June 26, 2015 and March 31, 2015, respectively.

3.  SHARE-BASED COMPENSATION

The following table summarizes the Company’s share-based compensation expense:

	Three-Month Periods Ended
	June 26, 2015		June 27, 2014
	(In thousands)
Cost of sales	$	2,018	$	1,611
Selling, general and administrative expenses	14,108		10,071
Total share-based compensation expense	$	16,126	$	11,682

Total unrecognized compensation expense related to share options is not significant. As of June 26, 2015, the number of options outstanding and exercisable was 7.9 million and 7.8 million, respectively, at a weighted-average exercise price of $4.66 and $4.65 per share, respectively.

During the three-month period ended June 26, 2015, the Company granted 5.7 million unvested share bonus awards. Of this amount, approximately 4.8 million unvested share bonus awards have an average grant date price of $12.10 per share, under the Company's 2010 Equity Incentive Plan. Further, approximately 0.7 million of these unvested shares represents the target amount of grants made to certain key employees whereby vesting is contingent on certain market conditions, and 0.2 million represents the target amount of grants made to certain executive officers whereby vesting is contingent on meeting certain free cash flow targets. The number of shares contingent on market conditions that ultimately will vest range from zero up to a maximum of 1.4 million based on a measurement of the percentile rank of the Company’s total shareholder return over a certain specified period against the Standard and Poor’s (“S&P”) 500 Composite Index and will cliff vest after a period of three years, if such market conditions have been met. The number of shares contingent on free cash flow targets that ultimately will vest range from zero up to a maximum of 0.4 million of the target payment based on a measurement of cumulative three-year increase of free cash flow from operations of the Company, and will cliff vest after a period of three years.

As of June 26, 2015, approximately 17.7 million unvested share bonus awards were outstanding, of which vesting for a targeted amount of 3.8 million is contingent primarily on meeting certain market conditions.  The number of shares that will ultimately be issued can range from zero to 7.6 million based on the achievement levels of the respective conditions. During the three-month period ended June 26, 2015, 2.2 million shares vested in connection with the share bonus awards with market conditions granted in fiscal year 2013, and 0.5 million shares vested in connection with the share bonus awards with market conditions granted in fiscal year 2012.

As of June 26, 2015, total unrecognized compensation expense related to unvested share bonus awards is $146.5 million, net of estimated forfeitures, and will be recognized over a weighted-average remaining vesting period of 3.03 years. Approximately $22.5 million of the total unrecognized compensation cost, net of estimated forfeitures, is related to awards whereby vesting is contingent on meeting certain market conditions.

11

4.  EARNINGS PER SHARE

The following table reflects the basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share attributable to the shareholders of Flextronics International Ltd.:

	Three-Month Periods Ended
	June 26, 2015		June 27, 2014
	(In thousands, except per share amounts)
Net income	$	110,850	$	173,887
Shares used in computation:
Weighted-average ordinary shares outstanding	565,545		587,233
Basic earnings per share	0.20		0.30
Diluted earnings per share:
Net income	110,850		173,887
Shares used in computation:
Weighted-average ordinary shares outstanding	565,545		587,233
Weighted-average ordinary share equivalents from stock options and awards (1)	12,452		14,067
Weighted-average ordinary shares and ordinary share equivalents outstanding	577,997		601,300
Diluted earnings per share	0.19		0.29

____________________________________________________________

(1)  Options to purchase ordinary shares of 2.0 million and 12.6 million during the three-month periods ended June 26, 2015 and June 27, 2014, respectively, and share bonus awards of 0.4 million for the three-month period ended June 27, 2014, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted average ordinary share equivalents. No anti-dilutive share bonus awards were excluded for the three-month period ended June 26, 2015.

5.  BANK BORROWINGS AND LONG TERM DEBT

Bank borrowings and long-term debt are as follows:

	As of June 26, 2015		As of March 31, 2015
	(In thousands)
Term Loan, including current portion, due in installments through August 2018	$	592,500	$	592,500
Term Loan, including current portion, due in installments through March 2019	475,000		475,000
4.625% Notes due February 2020	500,000		500,000
5.000% Notes due February 2023	500,000		500,000
4.750% Notes due June 2025	595,278		—
Other	14,287		16,233
Total	$	2,677,065	$	2,083,733

The weighted average interest rates for the Company’s long-term debt were 3.5% and 3.2% as of June 26, 2015 and March 31, 2015, respectively,

12

On June 8, 2015, the Company issued $600 million of 4.750% Notes ("Notes") due June 15, 2025 in a private offering pursuant to Rule 144A and Regulation S under the Securities Act, at a discount of 99.213%. The Company received net proceeds of approximately $595.3 million from the issuance which will be used for general corporate purposes.

The Company incurred approximately $7.9 million of costs in conjunction with the issuance of the Notes. The issuance costs were capitalized and will be amortized over the life of the Notes.

Interest on the Notes is payable semi-annually, commencing on December 15, 2015. The Notes are senior unsecured obligations of the Company, rank equally with all of the Company's other existing and future senior and unsecured debt obligations, and are guaranteed, jointly and severally, fully and unconditionally on an unsecured basis, by each of the Company's 100% owned subsidiaries that guarantees indebtedness under, or is a borrower under, the Company's Term Loan Agreement and Revolving Line of Credit.

At any time prior to March 15, 2025, the Company may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus an applicable premium and accrued and unpaid interest, if any, to the applicable redemption date. Upon the occurrence of a change of control repurchase event (as defined in the Notes indenture), the Company must offer to repurchase the Notes at a repurchase price equal to 101% of the principal amount of the Notes repurchased, plus accrued and unpaid interest, if any, to the applicable repurchase date.

The indenture governing the Notes contains covenants that, among other things, restrict the ability of the Company and certain of the Company's subsidiaries to create liens; enter into sale-leaseback transactions; create, incur, issue, assume or guarantee any funded debt; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's assets to, another person, or permit any other person to consolidate, merge, combine or amalgamate with or into the Company. These covenants are subject to a number of significant limitations and exceptions set forth in the indenture. The indenture also provides for customary events of default, including, but not limited to, cross defaults to certain specified other debt of the Company and its subsidiaries. In the case of an event of default arising from specified events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without further action or notice. If any other event of default under the agreement occurs or is continuing, the applicable trustee or holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all of the Notes to be due and payable immediately, but upon certain conditions such declaration and its consequences may be rescinded and annulled by the holders of a majority in principal amount of the Notes. As of June 26, 2015, the Company was in compliance with the covenants in the indenture governing the Notes.

In connection with the issuance of the Notes, the Company entered into a registration rights agreement under which it has agreed to consummate an offer registered with the Securities and Exchange Commission to issue new notes having terms substantially identical to the Notes (except that the new notes will not be subject to restrictions on transfer) in exchange for outstanding Notes. In some circumstances, the Company may be required to file a shelf registration statement to cover resale of the Notes. If the Company fails to satisfy these obligations, the Company may be required to pay additional interest to holders of the Notes under certain circumstances.

Repayment of the Company’s long term debt outstanding as of June 26, 2015 is as follows:

Fiscal Year Ending March 31,	Amount
	(In thousands)
2016 (1)	$	40,000
2017	52,500
2018	52,500
2019	922,500
2020	500,000
Thereafter	1,109,565
Total	$	2,677,065

____________________________________________________________

(1) Represents scheduled repayment for the remaining nine-month period ending March 31, 2016.

6.  INTEREST AND OTHER, NET

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During the three-month periods ended June 26, 2015 and June 27, 2014, the Company recognized interest expense of $20.1 million and $18.5 million, respectively, on its debt obligations outstanding during the period. 

During the three-month periods ended June 26, 2015 and June 27, 2014, the Company recognized interest income of $3.5 million and $5.3 million, respectively. 

7.  OTHER CHARGES (INCOME), NET

During the three-month period ended June 27, 2014, an amendment to a customer contract to reimburse a customer for certain performance provisions was executed which included the removal of a $55.0 million contractual obligation recognized during fiscal year 2014. Accordingly, the Company reversed the charge recognized in fiscal year 2014 with a corresponding credit to other charges (income), net in the consolidated statement of operations.

Further, during the three-month period ended June 27, 2014, the Company recognized a loss of $11.0 million in connection with the disposition of a certain manufacturing facility in Western Europe. The Company received $11.5 million in cash for the sale of $27.2 million in net assets of the facility. The loss also includes $4.6 million of estimated transaction costs, partially offset by a credit of $9.3 million for the release of cumulative foreign translation gains triggered by the disposition.

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8.  FINANCIAL INSTRUMENTS

Foreign Currency Contracts

The Company primarily enters into forward contracts and foreign currency swap contracts to manage the foreign currency risk associated with monetary accounts and anticipated foreign currency denominated transactions. The Company hedges committed exposures and does not engage in speculative transactions. As of June 26, 2015, the aggregate notional amount of the Company’s outstanding foreign currency contracts was $5.2 billion as summarized below:

	Foreign Currency Amount		Notional Contract Value in USD
Currency	Buy	Sell	Buy		Sell
	(In thousands)
Cash Flow Hedges
CNY	2,449,000	—	$	394,542	$	—
HUF	14,186,000	—	51,001		—
ILS	112,700	—	30,024		—
MXN	1,560,700	—	101,021		—
MYR	220,000	—	58,640		—
Other	N/A	N/A	53,595		6,704
			688,823		6,704
Other Foreign Currency Contracts
BRL	—	581,000	—		188,020
CAD	63,479	56,866	50,900		45,685
CHF	7,709	36,309	8,234		38,829
CNY	540,765	—	86,937		—
DKK	196,400	155,700	29,448		23,346
EUR	1,514,440	1,353,824	1,692,028		1,513,387
GBP	29,331	56,807	46,063		89,114
HUF	13,076,000	14,330,000	47,011		51,519
ILS	84,400	53,600	22,484		14,279
JPY	3,935,864	2,966,700	31,855		24,060
MXN	1,326,660	506,980	85,872		32,816
MYR	278,081	22,750	74,121		6,064
SEK	444,196	801,591	53,694		96,277
SGD	34,644	5,774	25,754		4,292
Other	N/A	N/A	70,483		36,708
			2,324,884		2,164,396
Total Notional Contract Value in USD			$	3,013,707	$	2,171,100

As of June 26, 2015, the fair value of the Company’s short-term foreign currency contracts was not material and is included in other current assets or other current liabilities, as applicable, in the condensed consolidated balance sheets. Certain of these contracts are designed to economically hedge the Company’s exposure to monetary assets and liabilities denominated in a non-functional currency and are not accounted for as hedges under the accounting standards. Accordingly, changes in the fair value of these instruments are recognized in earnings during the period of change as a component of interest and other, net in the condensed consolidated statements of operations. As of June 26, 2015 and March 31, 2015, the Company also has included net deferred losses in accumulated other comprehensive loss, a component of shareholders’ equity in the condensed consolidated balance sheets, relating to the effective portion of changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. These deferred losses totaled $3.1 million as of June 26, 2015, and are expected to be recognized

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primarily as a component of cost of sales in the condensed consolidated statements of operations primarily over the next twelve-month period. The gains and losses recognized in earnings due to hedge ineffectiveness were not material for all fiscal periods presented and are included as a component of interest and other, net in the condensed consolidated statements of operations.

The following table presents the fair value of the Company’s derivative instruments utilized for foreign currency risk management purposes:

	Fair Values of Derivative Instruments
	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	June 26, 2015		March 31, 2015		Balance Sheet Location	June 26, 2015		March 31, 2015
	(In thousands)
Derivatives designated as hedging instruments
Foreign currency contracts	Other current assets	$	4,498	$	2,896	Other current liabilities	$	6,160	$	19,729
Derivatives not designated as hedging instruments
Foreign currency contracts	Other current assets	$	16,369	$	22,933	Other current liabilities	$	21,606	$	11,328

The Company has financial instruments subject to master netting arrangements, which provides for the net settlement of all contracts with a single counterparty. The Company does not offset fair value amounts for assets and liabilities recognized for derivative instruments under these arrangements, and as such, the asset and liability balances presented in the table above reflect the gross amounts of derivatives in the condensed consolidated balance sheets. The impact of netting derivative assets and liabilities is not material to the Company’s financial position for any period presented.

9.  ACCUMULATED OTHER COMPREHENSIVE LOSS

The changes in accumulated other comprehensive loss by component, net of tax, are as follows:

	Three-Month Period Ended									Three-Month Period Ended
	June 26, 2015									June 27, 2014
	Unrealized gain (loss) on derivative instruments and other			Foreign currency translation adjustments			Total			Unrealized gain (loss) on derivative instruments and other			Foreign currency translation adjustments			Total
Beginning balance	$	(68,266	)	$	(112,239	)	$	(180,505	)	$	(32,849	)	$	(93,307	)	$	(126,156	)
Other comprehensive gain (loss) before reclassifications	(601		)	2,631			2,030			1,000			5,107			6,107
Net (gains) losses reclassified from accumulated other comprehensive loss	13,430			152			13,582			9,725			(9,252		)	473
Net current-period other comprehensive gain (loss)	12,829			2,783			15,612			10,725			(4,145		)	6,580
Ending balance	$	(55,437	)	$	(109,456	)	$	(164,893	)	$	(22,124	)	$	(97,452	)	$	(119,576	)

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Net losses reclassified from accumulated other comprehensive loss during the three-month period ended June 26, 2015 relating to derivative instruments and other includes $12.9 million attributable to the Company’s cash flow hedge instruments which were recognized as a component of cost of sales in the condensed consolidated statement of operations.

During the three-month period ended June 27, 2014, the Company recognized a loss of $11.0 million in connection with the disposition of a manufacturing facility in Western Europe. This loss includes the settlement of unrealized losses of $4.2 million on an insignificant defined benefit plan associated with the disposed facility offset by the release of cumulative foreign currency translation gains of $9.3 million, both of which have been reclassified from accumulated other comprehensive loss during the period. The loss on sale is included in other charges (income), net in the condensed consolidated statement of operations.

Substantially all unrealized losses relating to derivative instruments and other, reclassified from accumulated other comprehensive loss for the three-month period ended June 27, 2014, was recognized as a component of cost of sales in the condensed consolidated statement of operations, which primarily relate to the Company’s foreign currency contracts accounted for as cash flow hedges.

10.  TRADE RECEIVABLES SECURITIZATION

The Company sells trade receivables under two asset-backed securitization programs and under an accounts receivable factoring program.

Asset-Backed Securitization Programs

The Company continuously sells designated pools of trade receivables under its Global Asset-Backed Securitization Agreement (the “Global Program”) and its North American Asset-Backed Securitization Agreement (the “North American Program,” collectively, the “ABS Programs”) to affiliated special purpose entities, each of which in turn sells 100% of the receivables to unaffiliated financial institutions. These programs allow the operating subsidiaries to receive a cash payment and a deferred purchase price receivable for sold receivables. Following the transfer of the receivables to the special purpose entities, the transferred receivables are isolated from the Company and its affiliates, and upon the sale of the receivables from the special purpose entities to the unaffiliated financial institutions effective control of the transferred receivables is passed to the unaffiliated financial institutions, which has the right to pledge or sell the receivables. Although the special purpose entities are consolidated by the Company, they are separate corporate entities and their assets are available first to satisfy the claims of their creditors. The investment limits set by the financial institutions are $650.0 million for the Global Program and $225.0 million for the North American Program. Both programs require a minimum level of deferred purchase price receivable to be retained by the Company in connection with the sales.

The Company services, administers and collects the receivables on behalf of the special purpose entities and receives a servicing fee of 0.1% to 0.5% of serviced receivables per annum. Servicing fees recognized during the three-month periods ended June 26, 2015 and June 27, 2014 were not material and are included in interest and other, net within the condensed consolidated statements of operations. As the Company estimates the fee it receives in return for its obligation to service these receivables is at fair value, no servicing assets and liabilities are recognized.

As of June 26, 2015, approximately $1.4 billion of accounts receivable had been sold to the special purpose entities under the ABS Programs for which the Company had received net cash proceeds of approximately $866.4 million and deferred purchase price receivables of approximately $516.3 million. As of March 31, 2015, approximately $1.3 billion of accounts receivable had been sold to the special purpose entities for which the Company had received net cash proceeds of $740.7 million and deferred purchase price receivables of approximately $600.7 million. The portion of the purchase price for the receivables which is not paid by the unaffiliated financial institutions in cash is a deferred purchase price receivable, which is paid to the special purpose entity as payments on the receivables are collected from account debtors. The deferred purchase price receivable represents a beneficial interest in the transferred financial assets and is recognized at fair value as part of the sale transaction. The deferred purchase price receivables are included in other current assets as of June 26, 2015 and March 31, 2015, and were carried at the expected recovery amount of the related receivables. The difference between the carrying amount of the receivables sold under these programs and the sum of the cash and fair value of the deferred purchase price receivables received at time of transfer is recognized as a loss on sale of the related receivables and recorded in interest and other, net in the condensed consolidated statements of operations and were immaterial for all periods presented.

As of June 26, 2015 and March 31, 2015, the accounts receivable balances that were sold under the ABS Programs were removed from the condensed consolidated balance sheets and the net cash proceeds received by the Company were included as cash provided by operating activities in the condensed consolidated statements of cash flows.

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For the three-month periods ended June 26, 2015 and June 27, 2014, cash flows from sales of receivables under the ABS Programs consisted of approximately $1.1 billion for both periods, for transfers of receivables, respectively (of which approximately $162.7 million and $42.5 million, respectively, represented new transfers and the remainder proceeds from collections reinvested in revolving-period transfers).

The following table summarizes the activity in the deferred purchase price receivables account:

	Three-Month Periods Ended
	June 26, 2015			June 27, 2014
	(In thousands)
Beginning balance	$	600,672		$	470,908
Transfers of receivables	767,048			778,860
Collections	(851,433		)	(786,644		)
Ending balance	$	516,287		$	463,124

Trade Accounts Receivable Sale Programs

The Company also sold accounts receivables to certain third-party banking institutions. The outstanding balance of receivables sold and not yet collected was approximately $368.0 million and $485.6 million as of June 26, 2015 and March 31, 2015, respectively. For the three-month periods ended June 26, 2015 and June 27, 2014, total accounts receivable sold to certain third party banking institutions was approximately $0.6 billion and $1.2 billion, respectively. The receivables that were sold were removed from the condensed consolidated balance sheets and the cash received is reflected as cash provided by operating activities in the condensed consolidated statements of cash flows.

11.  FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:

Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

The Company has deferred compensation plans for its officers and certain other employees. Amounts deferred under the plans are invested in hypothetical investments selected by the participant or the participant’s investment manager. The Company’s deferred compensation plan assets are for the most part included in other noncurrent assets on the condensed consolidated balance sheets and primarily include investments in equity securities that are valued using active market prices.

Level 2 - Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets) such as cash and cash equivalents and money market funds; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

The Company values foreign exchange forward contracts using level 2 observable inputs which primarily consist of an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount.

The Company’s cash equivalents are comprised of bank deposits and money market funds, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value.

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The Company’s deferred compensation plan assets also include money market funds, mutual funds, corporate and government bonds and certain convertible securities that are valued using prices obtained from various pricing sources. These sources price these investments using certain market indices and the performance of these investments in relation to these indices. As a result, the Company has classified these investments as level 2 in the fair value hierarchy.

Level 3 - Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company has accrued for certain contingent consideration in connection with its business acquisitions, which is measured at fair value based on internal cash flow models and other inputs. During the three-month periods ended June 26, 2015 and June 27, 2014, no additions to accrual, payments or fair value adjustments were incurred. As of June 26, 2015 and June 27, 2014, balances of contingent consideration were $4.5 million and $11.3 million, respectively.

The Company values deferred purchase price receivables relating to its asset-backed securitization program based on a discounted cash flow analysis using unobservable inputs (i.e., level 3 inputs), which are primarily risk free interest rates adjusted for the credit quality of the underlying creditor. Due to its high credit quality and short term maturity the fair value approximates carrying value. Significant increases in either of the major unobservable inputs (credit spread, risk free interest rate) in isolation would result in lower fair value estimates, however the impact is not meaningful. The interrelationship between these inputs is also insignificant. Refer to note 10 for a reconciliation of the change in the deferred purchase price receivable during the three-month periods ended June 26, 2015 and June 27, 2014.

There were no transfers between levels in the fair value hierarchy during the three-month periods ended June 26, 2015 and June 27, 2014.

Financial Instruments Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis:

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	Fair Value Measurements as of June 26, 2015
	Level 1		Level 2			Level 3			Total
	(In thousands)
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	$	—	$	440,274		$	—		$	440,274
Deferred purchase price receivable (Note 10)	—		—			516,287			516,287
Foreign exchange contracts (Note 8)	—		20,867			—			20,867
Deferred compensation plan assets:									0
Mutual funds, money market accounts and equity securities	8,809		39,162			—			47,971
Liabilities:									0
Foreign exchange contracts (Note 8)	$	—	$	(27,766	)	$	—		$	(27,766	)
Contingent consideration in connection with business acquisitions	—		—			(4,500		)	(4,500		)
	Fair Value Measurements as of March 31, 2015
	Level 1		Level 2			Level 3			Total
	(In thousands)
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	$	—	$	674,859		$	—		$	674,859
Deferred purchase price receivable (Note 10)	—		—			600,672			600,672
Foreign exchange contracts (Note 8)	—		25,829			—			25,829
Deferred compensation plan assets:									0
Mutual funds, money market accounts and equity securities	9,068		37,041			—			46,109
Liabilities:									0
Foreign exchange contracts (Note 8)	$	—	$	(31,057	)	$	—		$	(31,057	)
Contingent consideration in connection with business acquisitions	—		—			(4,500		)	(4,500		)

Other financial instruments

The following table presents the Company’s debt not carried at fair value:

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	As of June 26, 2015				As of March 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
	(In thousands)
Term Loan, including current portion, due in installments through August 2018	$	592,500	$	587,689	$	592,500	$	582,131	Level 1
Term Loan, including current portion, due in installments through March 2019	475,000		472,625		475,000		465,500		Level 1
4.625% Notes due February 2020	500,000		517,300		500,000		523,750		Level 1
5.000% Notes due February 2023	500,000		520,990		500,000		543,150		Level 1
4.750% Notes due June 2025	595,278		597,000		—		—		Level 1
Total	$	2,662,778	$	2,695,604	$	2,067,500	$	2,114,531

The term loans and Notes due February 2020, February 2023 and June 2025 are valued based on broker trading prices in active markets.

12. BUSINESS AND ASSETS ACQUISITIONS

During the three-month period ended June 26, 2015, the Company completed three acquisitions that were not individually, nor in the aggregate, significant to the consolidated financial position, results of operations and cash flows of the Company.  Two of the acquired businesses expanded the Company’s capabilities in the medical devices market, particularly precision plastics and molding within the HRS business group, and the other strengthened capabilities in the household industrial market within the IEI business group. The Company paid $15.3 million, net of $0.1 million of cash held by the acquirees. The Company primarily acquired $2.0 million of property and equipment, assumed liabilities of $0.6 million and recorded goodwill and intangibles of $18.9 million. The results of operations were included in the Company’s consolidated financial results beginning on the date of these acquisitions. Pro-forma results of operations for these acquisitions have not been presented because the effects of the acquisitions were immaterial to the Company’s consolidated financial results for all periods presented.

The Company is in the process of evaluating the fair value of the assets and liabilities related to business combinations completed during the recent periods. Additional information, which existed as of the acquisition date, may become known to the Company during the remainder of the measurement period, a period not to exceed 12 months from the date of acquisition. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill during the respective measurement periods.

In the beginning of the Company's second quarter ending September 25, 2015, the Company completed the acquisition of Mirror Controls International (MCi) from private equity firm Egeria, and paid approximately $555.0 million, net of cash acquired, of which approximately $477.0 million was paid to acquire the entire outstanding share capital of MCi and approximately $78.0 million was to retire pre-existing debt. The financial results of MCi will be included in the consolidated financial statements of the Company as part of the HRS business group beginning in the second quarter of fiscal year 2016.

The Company also paid approximately $69.5 million in the beginning of the second quarter ending September 25, 2015, to acquire an optical transport plant from Alcatel-Lucent, which will be included in the INS business group.

13.  COMMITMENTS AND CONTINGENCIES

Litigation and other legal matters

On December 11, 2013, Xilinx, Inc. (plaintiff) filed a lawsuit in Santa Clara County, California, Superior Court against Flextronics International Ltd.; Flextronics International USA, Inc.; and Flextronics Corporation (Case No. 113CV257431). The complaint asserted various claims, including fraud, negligent misrepresentation, breach of contract, and unfair competition, based on specific alleged incidents concerning our purchases and sales of Xilinx products. The plaintiff seeks an unspecified amount of compensatory, statutory, punitive, and other forms of damages, injunctive relief, and attorneys' fees and costs. The

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plaintiff also seeks a jury trial. Although the outcome of this matter is currently not determinable, management expects that any losses that are probable or reasonably possible of being incurred as a result of this matter, which are in excess of amounts already accrued in the Company's consolidated balance sheets, would not be material to the financial statements.

During the fourth quarter of fiscal year 2014, one of the Company's Brazilian subsidiaries received an assessment for certain sales and import taxes. The tax assessment notice is for nine months of calendar year 2010. This assessment is in the second stage of the review process at the administrative level, and the Company plans to continue to vigorously oppose it as well as any future assessments. The Company is, however, unable to determine the likelihood of an unfavorable outcome of these assessments against our Brazilian subsidiary. While the Company believes there is no legal basis for the alleged liabilities, due to the complexities and uncertainty surrounding the administrative-review and judicial processes in Brazil and the nature of the claims, the Company is unable to reasonably estimate a range of loss, if any. The Company does not expect final judicial determination on these claims for several years.

During fiscal year 2015, one of the Company's non-operating Brazilian subsidiaries received an assessment of approximately $100 million related to income and social contribution taxes, interest and penalties. The Company believes there is no legal basis for the assessment and expects that any losses are remote. The Company plans to vigorously defend itself through the administrative and judicial processes.

In addition, from time to time, the Company is subject to legal proceedings, claims, and litigation arising in the ordinary course of business. The Company defends itself vigorously against any such claims. Although the outcome of these matters is currently not determinable, management expects that any losses that are probable or reasonably possible of being incurred as a result of these matters, which are in excess of amounts already accrued in the Company’s condensed consolidated balance sheets, would not be material to the financial statements as a whole.

14.  SHARE REPURCHASES

During the three-month period ended June 26, 2015 the Company repurchased 7.7 million shares at an aggregate purchase price of $94.4 million, and retired all of these shares.

Under the Company’s current share repurchase program, the Board of Directors authorized repurchases of its outstanding ordinary shares for up to $500 million in accordance with the share repurchase mandate approved by the Company’s shareholders at the date of the most recent Extraordinary General Meeting held on August 28, 2014. As of June 26, 2015, shares in the aggregate amount of $144.0 million were available to be repurchased under the current plan.

15.  SEGMENT REPORTING

The Company has four reportable operating segments which are aligned to its four business groups: HRS, CTG, IEI, and INS. These segments are determined based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics. Refer to note 1 for a description of the various product categories manufactured under each of these segments.

An operating segment's performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include amortization of intangibles, stock-based compensation, restructuring charges, other charges (income), net and interest and other, net.

Selected financial information by segment is as follows:

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	Three-Month Periods Ended
	June 26, 2015			June 27, 2014
	(In thousands)
Net sales:
Integrated Network Solutions	$	1,966,562		$	2,440,425
Consumer Technology Group	1,564,964			2,222,141
Industrial & Emerging Industries	1,130,138			1,124,466
High Reliability Solutions	904,584			855,713
	$	5,566,248		$	6,642,745
Segment income and reconciliation of income before tax:
Integrated Network Solutions	$	57,065		$	72,711
Consumer Technology Group	38,843			29,865
Industrial & Emerging Industries	28,999			47,324
High Reliability Solutions	59,886			54,142
Corporate and Other	(25,711		)	(20,852		)
Total segment income	159,082			183,190
Reconciling items:
Intangible amortization	7,671			6,951
Stock-based compensation	16,126			11,682
Other charges (income), net	164			(44,009		)
Interest and other, net	16,505			18,637
Income before income taxes	$	118,616		$	189,929

Asset information on a segment basis is not disclosed, as property and equipment is not allocated to each segment.

Corporate and other primarily includes corporate services costs that are not included in the assessment of the performance of each of the identified reporting segments.

16.  SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

Flextronics International Ltd. (“Parent”) has three tranches of Notes of $500 million, $500 million, and $600 million, respectively, each outstanding, which mature on February 15, 2020, February 15, 2023 and June 15, 2025, respectively. These Notes are senior unsecured obligations, and are guaranteed, fully and unconditionally, jointly and severally, on an unsecured basis, by certain of the Company’s 100% owned subsidiaries (the “guarantor subsidiaries”). These subsidiary guarantees will terminate upon 1) a sale or other disposition of the guarantor or the sale or disposition of all or substantially all the assets of the guarantor (other than to the Parent or a subsidiary); 2) such guarantor ceasing to be a guarantor or a borrower under the Company’s Term Loan Agreement and the Revolving Line of Credit; 3) defeasance or discharge of the Notes, as provided in the Notes indenture; or 4) if at any time the Notes are rated investment grade.

In lieu of providing separate financial statements for the guarantor subsidiaries, the Company has included the accompanying condensed consolidating financial statements, which are presented using the equity method of accounting. The principal elimination entries relate to investment in subsidiaries and intercompany balances and transactions, including transactions with the Company’s non-guarantor subsidiaries.

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Condensed Consolidating Balance Sheets as of June 26, 2015

	Parent		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,347,411	$	209,441		$	774,559	$	—		$	2,331,411
Accounts receivable	—		1,080,525			1,056,730		—			2,137,255
Inventories	—		1,616,735			1,796,695		—			3,413,430
Inter company receivable	7,095,635		5,210,421			11,167,310		(23,473,366		)	—
Other current assets	1,677		208,381			988,073		—			1,198,131
Total current assets	8,444,723		8,325,503			15,783,367		(23,473,366		)	9,080,227
Property and equipment, net	—		497,172			1,646,049		—			2,143,221
Goodwill and other intangible assets, net	400		59,725			368,161		—			428,286
Other assets	2,257,484		192,856			2,118,449		(4,120,343		)	448,446
Investment in subsidiaries	1,678,491		1,801,725			16,697,245		(20,177,461		)	—
Total assets	$	12,381,098	$	10,876,981		$	36,613,271	$	(47,771,170	)	$	12,100,180
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Bank borrowings and current portion of long-term debt	$	40,000	$	952		$	3,975	$	—		$	44,927
Accounts payable	—		1,619,892			2,717,021		—			4,336,913
Accrued payroll	—		117,485			246,044		—			363,529
Inter company payable	7,179,540		7,858,602			8,435,224		(23,473,366		)	—
Other current liabilities	47,001		776,252			927,606		—			1,750,859
Total current liabilities	7,266,541		10,373,183			12,329,870		(23,473,366		)	6,496,228
Long term liabilities	2,662,890		2,105,617			2,468,232		(4,120,343		)	3,116,396
Flextronics International Ltd. shareholders’ equity (deficit)	2,451,667		(1,601,819		)	21,779,273		(20,177,461		)	2,451,660
Noncontrolling interests	—		—			35,896		—			35,896
Total shareholders’ equity (deficit)	2,451,667		(1,601,819		)	21,815,169		(20,177,461		)	2,487,556
Total liabilities and shareholders’ equity	$	12,381,098	$	10,876,981		$	36,613,271	$	(47,771,170	)	$	12,100,180

24

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		1,677,813			16,641,211		(20,118,980		)	—
Total assets	$	11,058,357	$	10,431,177		$	35,798,509	$	(45,622,419	)	$	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 (deficit)	2,360,814		(1,639,569		)	21,758,549		(20,118,980		)	2,360,814
Noncontrolling interests	—		—			35,436		—			35,436
Total shareholders’ equity (deficit)	2,360,814		(1,639,569		)	21,793,985		(20,118,980		)	2,396,250
Total liabilities and shareholders’ equity	$	11,058,357	$	10,431,177		$	35,798,509	$	(45,622,419	)	$	11,665,624

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Condensed Consolidating Statements of Operations for the Three-Month Period Ended June 26, 2015

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net sales	$	—		$	3,834,526		$	3,945,465		$	(2,213,743	)	$	5,566,248
Cost of sales	—			3,442,739			3,984,911			(2,213,743		)	5,213,907
Gross profit	—			391,787			(39,446		)	—			352,341
Selling, general and administrative expenses	—			60,944			148,441			—			209,385
Intangible amortization	75			731			6,865			—			7,671
Interest and other, net	(267,052		)	331,716			(47,995		)	—			16,669
Income (loss) from continuing operations before income taxes	266,977			(1,604		)	(146,757		)	—			118,616
Provision for income taxes	—			9,099			(1,333		)	—			7,766
Equity in earnings in subsidiaries	(156,127		)	(18,807		)	35,653			139,281			—
Net income (loss)	$	110,850		$	(29,510	)	$	(109,771	)	$	139,281		$	110,850

Condensed Consolidating Statements of Operations for the Three-Month Period Ended June 27, 2014

	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net sales	$	—		$	4,511,228	$	4,805,682		$	(2,674,165	)	$	6,642,745
Cost of sales	—			4,158,191		4,777,934			(2,674,165		)	6,261,960
Gross profit	—			353,037		27,748			—			380,785
Selling, general and administrative expenses	—			54,494		154,783			—			209,277
Intangible amortization	75			623		6,253			—			6,951
Interest and other, net	16,531			259,751		(301,654		)	—			(25,372		)
Income (loss) from continuing operations before income taxes	(16,606		)	38,169		168,366			—			189,929
Provision for income taxes	—			6,648		9,394			—			16,042
Equity in earnings in subsidiaries	190,493			60,982		36,431			(287,906		)	—
Net income	$	173,887		$	92,503	$	195,403		$	(287,906	)	$	173,887

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Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended June 26, 2015

	Parent		Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	110,850	$	(29,510	)	$	(109,771	)	$	139,281		$	110,850
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	2,783		(23,490		)	(20,897		)	44,387			2,783
Unrealized gain on derivative instruments and other, net of zero tax	12,829		4,624			12,829			(17,453		)	12,829
Comprehensive income (loss)	$	126,462	$	(48,376	)	$	(117,839	)	$	166,215		$	126,462

Condensed Consolidating Statements of Comprehensive Income for the Three-Month Period Ended June 27, 2014

	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
Net income	$	173,887		$	92,503	$	195,403	$	(287,906	)	$	173,887
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	(4,145		)	15,950		5,726		(21,676		)	(4,145		)
Unrealized gain on derivative instruments and other, net of zero tax	10,725			1,830		10,725		(12,555		)	10,725
Comprehensive income	$	180,467		$	110,283	$	211,854	$	(322,137	)	$	180,467

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Condensed Consolidating Statements of Cash Flows for the Three-Month Period Ended June 26, 2015

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	279,177		$	(6,637	)	$	89,736		$	—		362,276
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	—			(47,108		)	(89,728		)	—			(136,836		)
Acquisition of businesses, net of cash acquired	—			(2,785		)	(15,795		)	—			(18,580		)
Proceeds from divesture of business, net of cash held in divested business	—			—			1,000			—			1,000
Investing cash flows to affiliates	(718,381		)	(263,348		)	(1,077,202		)	2,058,931			—
Other investing activities, net	—			(14,732		)	7,152			—			(7,580		)
Net cash used in investing activities	(718,381		)	(327,973		)	(1,174,573		)	2,058,931			(161,996		)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	595,309			221			18			—			595,548
Repayments of bank borrowings, long-term debt and capital lease obligations	(6,604		)	(493		)	(1,360		)	—			(8,457		)
Payments for repurchases of ordinary shares	(99,995		)	—			—			—			(99,995		)
Net proceeds from issuance of ordinary shares	44,602			—			—			—			44,602
Financing cash flows from affiliates	619,970			377,012			1,061,949			(2,058,931		)	—
Other financing activities, net	—			—			(25,252		)	—			(25,252		)
Net cash provided by financing activities	1,153,282			376,740			1,035,355			(2,058,931		)	506,446
Effect of exchange rates on cash and cash equivalents	24,362			(961		)	(27,124		)	—			(3,723		)
Net increase (decrease) in cash and cash equivalents	738,440			41,169			(76,606		)	—			703,003
Cash and cash equivalents, beginning of period	608,971			168,272			851,165			—			1,628,408
Cash and cash equivalents, end of period	$	1,347,411		$	209,441		$	774,559		$	—		$	2,331,411

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Condensed Consolidating Statements of Cash Flows for the Three-Month Period Ended June 27, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(13,025	)	$	231,140		$	(299,284	)	$	—		$	(81,169	)
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	—			(39,690		)	(33,227		)	—			(72,917		)
Proceeds from divestiture of business, net of cash held in divested business	—			—			(5,493		)	—			(5,493		)
Investing cash flows from (to) affiliates	(1,185,671		)	(532,104		)	593,559			1,124,216			—
Other investing activities, net	—			(959		)	(20,503		)	—			(21,462		)
Net cash provided by (used in) investing activities	(1,185,671		)	(572,753		)	534,336			1,124,216			(99,872		)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	—			—			26,615			—			26,615
Repayments of bank borrowings, long-term debt and capital lease obligations	—			(393		)	(466		)	—			(859		)
Payments for repurchases of ordinary shares	(105,568		)	—			—			—			(105,568		)
Net proceeds from issuance of ordinary shares	9,329			—			—			—			9,329
Financing cash flows from (to) affiliates	931,635			347,775			(155,194		)	(1,124,216		)	—
Other financing activities, net	—			—			300			—			300
Net cash provided by (used in) financing activities	835,396			347,382			(128,745		)	(1,124,216		)	(70,183		)
Effect of exchange rates on cash and cash equivalents	(10,141		)	(504		)	15,831			—			5,186
Net decrease (increase) in cash and cash equivalents	(373,441		)	5,265			122,138			—			(246,038		)
Cash and cash equivalents, beginning of period	638,714			210,462			744,552			—			1,593,728
Cash and cash equivalents, end of period	$	265,273		$	215,727		$	866,690		$	—		$	1,347,690

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Unless otherwise specifically stated, references in this report to “Flextronics,” “the Company,” “we,” “us,” “our” and similar terms mean Flextronics International Ltd. and its subsidiaries.

This report on Form 10-Q contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. The words “expects,” “anticipates,” “believes,” “intends,” “plans” and similar expressions identify forward-looking statements. In addition, any statements which refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. We undertake no obligation to publicly disclose any revisions to these forward-looking statements to reflect events or circumstances occurring subsequent to filing this Form 10-Q with the Securities and Exchange Commission. These forward-looking statements are subject to risks and uncertainties, including, without limitation, those risks and uncertainties discussed in this section, as well as any risks and uncertainties discussed in Part II, Item 1A, “Risk Factors” of this report on Form 10-Q, and in Part I, Item 1A, “Risk Factors” and in Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended March 31, 2015. In addition, new risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business. Accordingly, our future results may differ materially from historical results or from those discussed or implied by these forward-looking statements. Given these risks and uncertainties, the reader should not place undue reliance on these forward-looking statements.

OVERVIEW

We are a globally-recognized leading provider of innovative design, engineering, manufacturing, and supply chain services and solutions that span from sketch to scale; from conceptual sketch to full-scale production. We design, build, ship, and service complete packaged consumer electronics and industrial products for original equipment manufacturers (“OEMs”), through our activities in the following business groups: High Reliability Solutions (“HRS”), which is comprised of our medical business including medical equipment, disposables, drug delivery, and diagnostics; our automotive business, including automotive electronics, automotive lighting, and power electronics; and our defense and aerospace businesses focused on defense, civil aviation, and homeland security; Consumer Technology Group (“CTG”), which includes our mobile devices business, including smart phones; our consumer electronics business, including connected living, wearable electronics, game consoles, and connectivity devices; and our high-volume computing business, including various supply chain solutions for notebook personal computing, tablets and printers; Industrial and Emerging Industries (“IEI”), which is comprised of semiconductor and capital equipment, office solutions, test and measurement, household industrial and lifestyle, industrial automation and kiosks, energy and metering, and lighting; and Integrated Network Solutions (“INS”), which includes radio access base stations, remote radio heads, and small cells for wireless infrastructure; optical, routing, broadcasting, and switching products for the data and video network; server and storage platforms for both enterprise and cloud based deployments; next generation storage and security appliance products and rack level solutions, converged infrastructure and software-defined product solutions.

On July 23, 2015, we introduced our new brand and website to help us more efficiently manage our business opportunities and explain our new product and service offerings. We are shortening our name from Flextronics to “Flex” to signify that our business continues to evolve past the boundaries and confines of electronics alone. Our new tag line, “Live Smarter” highlights our belief that all devices are becoming intelligent and that value will ultimately be created in the “intelligence of things” and the convergence of technologies and digitization of products across multiple industries and market segments.

Our strategy is to provide customers with a full range of cost competitive, vertically-integrated global supply chain solutions through which we can design, build, ship, and service a complete packaged product for our OEM customers. This enables our OEM customers to leverage our supply chain solutions to meet their product requirements throughout the entire product life cycle.

Over the past few years, we have seen an increased level of diversification by many companies, primarily in the technology sector. Some companies that have historically identified themselves as software providers, internet service providers or e-commerce retailers have entered the highly competitive and rapidly evolving technology hardware markets, such as mobile devices, home entertainment and wearable devices. This trend has resulted in a significant change in the manufacturing and supply chain solutions requirements of such companies. While the products have become more complex, the supply chain solutions required by such companies have become more customized and demanding, and it has changed the manufacturing and supply chain landscape significantly.

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We use a portfolio approach to manage our extensive service offerings. As our OEM customers change the way they go to market, we are able to reorganize and rebalance our business portfolio in order to align with our customers' needs and requirements in an effort to optimize operating results. The objective of our business model is to allow us to be flexible and redeploy and reposition our assets and resources as necessary to meet a specific customer's supply chain solutions needs across all of the markets we serve and earn a return on our invested capital above the weighted average cost of that capital.

During the past few years we have made significant efforts to evolve our long-term portfolio towards a higher mix of businesses which possess longer product life cycles and higher margins such as reflected in our IEI and HRS businesses. During the last two fiscal years we launched several programs broadly across our portfolio of services and in some instances we deployed certain new technologies. Some of these programs have started to yield better results, as demonstrated by our margin improvement while our sales decreased compared to the prior year. We continue to invest in innovation and we have expanded our design and engineering relationships through our product innovation centers.

We believe that our business transformation has strategically positioned us to take advantage of the long-term, future growth prospects for outsourcing of advanced manufacturing capabilities, design and engineering services and after-market services, which remain strong.

We are one of the world's largest providers of global supply chain solutions, with revenues of $5.6 billion for the three-month period ended June 26, 2015 and $26.1 billion in fiscal year 2015. The following tables set forth the relative percentages and dollar amounts of net sales and net property and equipment, by country, based on the location of our manufacturing sites:

	Three-Month Periods Ended
Net sales:	June 26, 2015				June 27, 2014
	(In thousands)
China	$	1,836,188	33	%	$	2,550,230	38	%
Mexico	906,879		16	%	849,598		13	%
U.S.	642,589		11	%	754,720		11	%
Malaysia	545,370		10	%	541,113		8	%
Brazil	484,130		9	%	596,647		9	%
Other	1,151,092		21	%	1,350,417		21	%
	$	5,566,248			$	6,642,725

	As of				As of
Property and equipment, net:	June 26, 2015				March 31, 2015
	(In thousands)
China	$	796,608	37	%	$	776,914	37	%
U.S.	317,501		15	%	314,613		15	%
Mexico	293,754		13	%	364,435		17	%
Malaysia	164,494		8	%	165,779		8	%
Brazil	107,616		5	%	103,496		5	%
Other	463,248		22	%	366,930		18	%
	$	2,143,221			$	2,092,167

We believe that the combination of our extensive open innovation platform solutions, design and engineering services, advanced supply chain management solutions and services, significant scale and global presence, and industrial campuses in low-cost geographic areas provide us with a competitive advantage and strong differentiation in the market for designing, manufacturing and servicing consumer electronics and industrial products for leading multinational and regional OEMs. Specifically, we have launched multiple product innovation centers ("PIC") focused exclusively on offering our customers the ability to simplify their global product development, manufacturing process, and after sales services, and enable them to meaningfully accelerate their time to market and cost savings.

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Our operating results are affected by a number of factors, including the following:

• changes in the macro-economic environment and related changes in consumer demand;

• the mix of the manufacturing services we are providing, the number and size of new manufacturing programs, the degree to which we utilize our manufacturing capacity, seasonal demand, shortages of components and other factors;

• the effects on our business when our customers are not successful in marketing their products, or when their products do not gain widespread commercial acceptance;

• our ability to achieve commercially viable production yields and to manufacture components in commercial quantities to the performance specifications demanded by our OEM customers;

• the effects on our business due to our customers’ products having short product life cycles;

• our customers’ ability to cancel or delay orders or change production quantities;

• our customers’ decision to choose internal manufacturing instead of outsourcing for their product requirements;

• our exposure to financially troubled customers;

• integration of acquired businesses and facilities;

• increased labor costs due to adverse labor conditions in the markets we operate; and

• changes in tax legislation.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates and assumptions.

Refer to the accounting policies under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2015, where we discuss our more significant judgments and estimates used in the preparation of the condensed consolidated financial statements.

RESULTS OF OPERATIONS

The following table sets forth, for the periods indicated, certain statements of operations data expressed as a percentage of net sales. The financial information and the discussion below should be read in conjunction with the condensed consolidated financial statements and notes thereto included in this document. In addition, reference should be made to our audited consolidated financial statements and notes thereto and related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our 2015 Annual Report on Form 10-K.

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	Three-Month Periods Ended
	June 26, 2015		June 27, 2014
Net sales	100.0	%	100.0	%
Cost of sales	93.7		94.3
Gross profit	6.3		5.7
Selling, general and administrative expenses	3.8		3.2
Intangible amortization	0.1		0.1
Interest and other, net	0.3		0.3
Other charges (income), net	0.0		(0.7	)
Income before income taxes	2.1		2.8
Provision for income taxes	0.1		0.2
Net income	2.0	%	2.6	%

Net sales

The following table sets forth our net sales by business group and their relative percentages. Historical information has been recast to reflect realignment of customers and/or products between business groups to ensure comparability:

	Three-Month Periods Ended
Business groups:	June 26, 2015				June 27, 2014
	(In thousands)
Integrated Network Solutions	$	1,966,562	35	%	$	2,440,425	37	%
Consumer Technology Group	1,564,964		28	%	2,222,141		33	%
Industrial & Emerging Industries	1,130,138		21	%	1,124,466		17	%
High Reliability Solutions	904,584		16	%	855,713		13	%
	$	5,566,248			$	6,642,745

Net sales during the three-month period ended June 26, 2015 totaled $5.6 billion, representing a decrease of approximately $1.0 billion, or 16% from $6.6 billion during the three-month period ended June 27, 2014. The decline in net sales was primarily due to $0.7 billion and $0.5 billion decreases in our CTG and INS business groups, respectively, predominantly due to softness in our mobile devices business as well as broad declines in our telecom, server and storage businesses. These decreases were offset by small increases in our HRS business group, attributable to higher sales to our medical customers. Net sales decreased$0.7 billion to $2.7 billion in Asia, $0.2 billion to $2.0 billion in the Americas and $0.2 billion to $0.9 billion in Europe, respectively.

Our ten largest customers during the three-month period ended June 26, 2015 and June 27, 2014 accounted for approximately 45% and 53% of net sales, respectively. Motorola Mobility (including net sales from its parent Lenovo) accounted for more than 10% of net sales during the three-month period ended June 26, 2015. Motorola Mobility (including net sales from its former parent Google at that time) accounted for more than 10% of net sales during the three-month period ended June 27, 2014.

Gross profit

Gross profit is affected by a number of factors, including the number and size of new manufacturing programs, product mix, component costs and availability, product life cycles, unit volumes, pricing, competition, new product introductions, capacity utilization and the expansion and consolidation of manufacturing facilities. The flexible design of our manufacturing processes allows us to build a broad range of products in our facilities and better utilize our manufacturing capacity. In the cases of new programs, profitability normally lags revenue growth due to product start-up costs, lower manufacturing program volumes in the start-up phase, operational inefficiencies, and under-absorbed overhead. Gross margin for these programs often improves over time as manufacturing volumes increase, as our utilization rates and overhead absorption improve, and as we increase the level of manufacturing services content. As a result of these various factors, our gross margin varies from period to period.

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Gross profit during the three-month period ended June 26, 2015decreased$28.4 million to $352.3 million, or 6.3% of net sales, from $380.8 million, or 5.7% of net sales, during the three-month period ended June 27, 2014. Gross margins improved60 basis points in the three-month period ended June 26, 2015 compared to that of the three-month period ended June 27, 2014 primarily as a result of increased sales from our higher margin HRS business group coupled with improved operational efficiencies, which was offset by a decrease in the gross margin of our IEI business group due to underperformance on certain program ramps during the quarter and heavier investments in segment resources.

Selling, general and administrative expenses

Selling, general and administrative expenses (“SG&A”) amounted to $209.4 million, or 3.8% of net sales, during the three-month period ended June 26, 2015, remaining consistent from the three-month period ended June 27, 2014, which amounted to $209.3 million, or 3.2% of net sales. The slight increase in SG&A compared to the prior year is due to an increase of share-based compensation expense of $4.0 million, offset by $3.9 million of cost reductions as we continue to drive productivity and efficiency improvements.

We expect SG&A to increase in subsequent periods as we integrate new acquisitions.

Intangible amortization

Amortization of intangible assets increased by $0.7 million during the three-month period ended June 26, 2015 to $7.7 million from $7.0 million for the three-month period ended June 27, 2014. The increase is primarily due to incremental amortization expense on intangible assets relating to our acquisitions completed during the latter part of fiscal year 2015. We expect intangible amortization to increase in subsequent periods due to previously announced acquisitions that have closed at the beginning of our second quarter ending September 25, 2015.

Interest and other, net

Interest and other, net was $16.5 million during the three-month period ended June 26, 2015 compared to $18.6 million during the three-month period ended June 27, 2014. The decrease in interest and other, net of $2.1 million was primarily due to an increase of foreign currency gain in the current period of $3.6 million, offset by an increase of interest expense of $1.6 million primarily from the new 4.750% Notes due June 15, 2025 as further discussed in note 6 to the condensed consolidated financial statements. We expect interest and other, net to increase in subsequent periods for the interest expense on the 4.750% Notes.

Other charges (income), net

Other charges (income), net was $44.0 million of other income during the three-month period ended June 27, 2014 principally as a result of the reversal of a contractual obligation with a certain customer recognized during the fourth quarter of fiscal year 2014 in the amount of $55.0 million. This was partially offset by an $11.0 million loss in connection with the disposition of a manufacturing facility in Western Europe.

Income taxes

Certain of our subsidiaries have, at various times, been granted tax relief in their respective countries, resulting in lower income taxes than would otherwise be the case under ordinary tax rates. Refer to note 13, “Income Taxes” of the notes to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2015 for further discussion.

Our policy is to provide a valuation allowance against deferred tax assets that in our estimation are not more likely than not to be realized.

The consolidated effective tax rate was 6.5% and 8.4% for the three-month periods ended June 26, 2015 and June 27, 2014, respectively, and varies from the Singapore statutory rate of 17.0% as a result of recognition of earnings in different jurisdictions, operating loss carryforwards, income tax credits, previously established valuation allowances for deferred tax assets, liabilities for uncertain tax positions, as well as the effect of certain tax holidays and incentives granted to our subsidiaries primarily in China, Malaysia and Israel. We generate most of our revenues and profits from operations outside of Singapore. The effective tax rate for the three-month periods ended June 26, 2015 is lower than the effective tax rate for the

34

three-month periods ended June 27, 2014 primarily due to a favorable audit settlement which resulted in the release of an accrual for uncertain tax positions.

LIQUIDITY AND CAPITAL RESOURCES

As of June 26, 2015, we had cash and cash equivalents of approximately $2.3 billion and bank and other borrowings of approximately $2.7 billion, of which approximately $595.3 million relates to proceeds received from a debt offering during the three-month period ended June 26, 2015. In the beginning of our second quarter ending September 25, 2015, we paid approximately $555.0 million, net of cash acquired, related to the acquisition of MCi, of which approximately $477.0 million was paid to acquire the outstanding share capital and approximately $78.0 million was paid to retire the pre-existing debt. We also paid approximately $69.5 million in the beginning of the second quarter ending September 25, 2015, to acquire an optical transport plant from Alcatel-Lucent. We have a $1.5 billion revolving credit facility that expires in March 2019, under which there were no borrowings outstanding as of the end of the quarter. As of June 26, 2015, we were in compliance with the covenants under each of our existing credit facilities and indentures.

Cash provided by operating activities was $362.3 million during the three-month period ended June 26, 2015. This resulted primarily from $110.9 million of net income for the period plus adjustments for $110.1 million of non-cash charges such as depreciation, amortization, and other impairment charges, and by $141.3 million from changes in our operating assets and liabilities. These changes were mainly related to a decrease in accounts receivable and inventory driven by the decline in sales activity, offset by a decrease in accounts payable due to timing of payments to suppliers.

For the quarterly periods indicated, certain key liquidity metrics were as follows:

	Three-Month Periods Ended
	June 26, 2015	March 31, 2015	June 27, 2014
Days in trade accounts receivable	46 days	46 days	45 days
Days in inventory	60 days	58 days	52 days
Days in accounts payable	78 days	77 days	69 days
Cash conversion cycle	28 days	27 days	28 days

Days in trade accounts receivable was calculated as average accounts receivable for the current and prior quarters, adding back the reduction in accounts receivable resulting from non-cash accounts receivable sales, divided by annualized sales for the current quarter by day. During the three-month period ended June 26, 2015, days in trade accounts receivable increased by 1 day compared to the three-month period ended June 27, 2014 largely due to timing of invoicing customers during the current period. Non-cash accounts receivable sales or deferred purchase price receivables included for the purposes of the calculation were $516.3 million, $600.7 million, and $463.1 million for the quarters ended June 26, 2015, March 31, 2015, and June 27, 2014, respectively. Deferred purchase price receivables are recorded in other current assets in the condensed consolidated balance sheets. For further information regarding deferred purchase price receivables see note 10 to the condensed consolidated financial statements.

Days in inventory was calculated as the average inventory for the current and prior quarters divided by annualized cost of sales for the respective quarter by day. Days in inventory increased by 8 days compared to the three-month period ended June 27, 2014 primarily as a result of increased inventory driven from several programs launched in the latter part of fiscal year 2015 coupled with lower than expected sales activity in the current quarter.

Days in accounts payable was calculated as the average accounts payable for the current and prior quarters divided by annualized cost of sales for the respective quarter by day. Days in accounts payable increased by 9 days during the three-month period ended June 26, 2015, compared to the three-month period ended June 27, 2014 primarily due to timing of payments, combined with lower cost of sales.

Our cash conversion cycle was calculated as the sum of days of inventory and days of accounts receivables outstanding less days payable outstanding. Our cash conversion cycle remained constant at 28 days for both periods ended June 26, 2015 and June 27, 2014, respectively, due to the factors for each of the components in the calculation discussed above.

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Cash used in investing activities amounted to $162.0 million during the three-month period ended June 26, 2015. This resulted primarily from $136.8 million of net capital expenditures for property and equipment to support certain programs. We also paid $18.6 million for the acquisition of three businesses completed during the three-month period ended June 26, 2015. Other investing activities includes $12.2 million of proceeds from the sale of certain assets that were purchased on behalf of a customer and financed by a third party banking institution.

We believe free cash flow is an important liquidity metric because it measures, during a given period, the amount of cash generated that is available to repay debt obligations, make investments, fund acquisitions, repurchase company shares and for certain other activities. Our free cash flow is calculated as cash from operations less net purchases of property and equipment. Our free cash flows for the three-month period ended June 26, 2015 was $225.4 million compared to a use of $154.1 million for the three-month period ended June 27, 2014. Free cash flow is not a measure of liquidity under U.S. GAAP, and may not be defined and calculated by other companies in the same manner. Free cash flow should not be considered in isolation or as an alternative to net cash provided by operating activities. Free cash flows reconcile to the most directly comparable GAAP financial measure of cash flows from operations as follows:

	Three-Month Periods Ended
	June 26, 2015			June 27, 2014
	(In thousands)
Net cash provided by operating activities	$	362,276		$	(81,169	)
Purchases of property and equipment	(138,348		)	(87,101		)
Proceeds from the disposition of property and equipment	1,512			14,184
Free cash flow	$	225,440		$	(154,086	)

Cash provided by financing activities was $506.4 million during the three-month period ended June 26, 2015, which was primarily for net proceeds from bank borrowings and long-term debt of $595.5 million mainly resulting from our new debt issuance discussed further in note 5 to the condensed consolidated financial statements, and $44.6 million from the issuance of our shares for option exercises. These cash inflows were partially offset by cash paid for the repurchase of our ordinary shares in the amount of $100.0 million.

Our cash balances are held in numerous locations throughout the world. Liquidity is affected by many factors, some of which are based on normal ongoing operations of the business and some of which arise from fluctuations related to global economics and markets. Local government regulations may restrict our ability to move cash balances to meet cash needs under certain circumstances; however, any current restrictions are not material. We do not currently expect such regulations and restrictions to impact our ability to pay vendors and conduct operations throughout the global organization. We believe that our existing cash balances, together with anticipated cash flows from operations and borrowings available under our credit facilities, will be sufficient to fund our operations through at least the next twelve months. As of June 26, 2015 and March 31, 2015, over half of our cash and cash equivalents was held by foreign subsidiaries outside of Singapore. Although substantially all of the amounts held outside of Singapore could be repatriated, under current laws, a significant amount could be subject to income tax withholdings. We provide for tax liabilities on these amounts for financial statement purposes, except for certain of our foreign earnings that are considered indefinitely reinvested outside of Singapore (approximately $800.0 million as of March 31, 2015). Repatriation could result in an additional income tax payment, however, our intent is to permanently reinvest these funds outside of Singapore and our current plans do not demonstrate a need to repatriate them to fund our operations in jurisdictions outside of where they are held. Where local restrictions prevent an efficient intercompany transfer of funds, our intent is that cash balances would remain outside of Singapore and we would meet our liquidity needs through ongoing cash flows, external borrowings, or both.

Future liquidity needs will depend on fluctuations in levels of inventory, accounts receivable and accounts payable, the timing of capital expenditures for new equipment, the extent to which we utilize operating leases for new facilities and equipment, the levels of shipments and changes in the volumes of customer orders, and our targeted business and asset acquisitions.

Historically, we have funded operations from cash and cash equivalents generated from operations, proceeds from public offerings of equity and debt securities, bank debt and lease financings. We also sell a designated pool of trade receivables under asset-backed securitization programs and sell certain trade receivables, which are in addition to the trade receivables sold in connection with these securitization agreements.

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We anticipate that we will enter into debt and equity financings, sales of accounts receivable and lease transactions to fund acquisitions and growth. The sale or issuance of equity or convertible debt securities could result in dilution to current shareholders. Further, we may issue debt securities that have rights and privileges senior to those of holders of ordinary shares, and the terms of this debt could impose restrictions on operations and could increase debt service obligations. This increased indebtedness could limit our flexibility as a result of debt service requirements and restrictive covenants, potentially affect our credit ratings, and may limit our ability to access additional capital or execute our business strategy. Any downgrades in credit ratings could adversely affect our ability to borrow as a result of more restrictive borrowing terms. We continue to assess our capital structure and evaluate the merits of redeploying available cash to reduce existing debt or repurchase ordinary shares.

Under our current share repurchase program, our Board of Directors authorized repurchases of our outstanding ordinary shares for up to $500 million in accordance with the share purchase mandate approved by our shareholders at the date of the most recent Extraordinary General Meeting which was held on August 28, 2014. During the three-month period ended June 26, 2015, we paid $100.0 million to repurchase shares (under the current repurchase plan) at an average price of $12.25 per share. As of June 26, 2015, shares in the aggregate amount of $144.0 million were available to be repurchased under the current plan.

CONTRACTUAL OBLIGATIONS AND COMMITMENTS

Information regarding our long-term debt payments, operating lease payments, capital lease payments and other commitments is provided in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on our Form 10-K for the fiscal year ended March 31, 2015. There have been no material changes in our contractual obligations and commitments since March 31, 2015.

OFF-BALANCE SHEET ARRANGEMENTS

We sell designated pools of trade receivables to unaffiliated financial institutions under our ABS programs, and in addition to cash, we receive a deferred purchase price receivable for each pool of the receivables sold. Each of these deferred purchase price receivables serves as additional credit support to the financial institutions and is recorded at its estimated fair value. As of June 26, 2015 and March 31, 2015, the fair values of our deferred purchase price receivable were approximately $516.3 million and $600.7 million, respectively. As of June 26, 2015 and March 31, 2015, the outstanding balances on receivables sold for cash were $1.4 billion and $1.3 billion, respectively, under all our accounts receivable sales programs, which are not included in our condensed consolidated balance sheets. For further information see note 10 to the condensed consolidated financial statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There were no material changes in our exposure to market risks for changes in interest and foreign currency exchange rates for the three-month period ended June 26, 2015 as compared to the fiscal year ended March 31, 2015.

ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) as of June 26, 2015, the end of the quarterly fiscal period covered by this quarterly report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 26, 2015 such disclosure controls and procedures were effective in ensuring that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934, as amended, is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in Internal Control Over Financial Reporting

There were no changes in our internal controls over financial reporting that occurred during our first quarter of fiscal year 2016 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

For a description of our material legal proceedings, see note 13 “Commitments and Contingencies” in the notes to the condensed consolidated financial statements, which is incorporated herein by reference.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the risks and uncertainties discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended March 31, 2015, which could materially affect our business, financial condition or future results.  The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be not material also may materially and adversely affect our business, financial condition and/or operating results.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table provides information regarding purchases of our ordinary shares made by us for the period from April 1, 2015 through June 26, 2015:

Period (2)	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
April 1 - May 8, 2015	2,458,116	$	12.27	2,458,116	$	208,259,255
May 9 - May 29, 2015	2,148,955	$	12.30	2,148,955	$	181,820,982
May 30 - June 26, 2015	3,138,132	$	12.06	3,138,132	$	143,972,814
Total	7,745,203			7,745,203

____________________________________________________________

(1) During the period from April 1, 2015 through June 26, 2015, all purchases were made pursuant to the programs discussed below in open market transactions.  All purchases were made in accordance with Rule 10b-18 under the Securities Exchange Act of 1934.

(2) On August 28, 2014, our Board of Directors authorized the repurchase of our outstanding ordinary shares for up to $500 million.  This is in accordance with the share purchase mandate whereby our shareholders approved a repurchase limit of 20% of our issued ordinary shares outstanding at the Extraordinary General Meeting held on the same date as the Board authorization. As of June 26, 2015, shares in the aggregate amount of $144.0 million were available to be repurchased under the current plan.

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS

Exhibits— See Index to Exhibits below.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		FLEXTRONICS INTERNATIONAL LTD.
		(Registrant)
		/s/ Michael M. McNamara
		Michael M. McNamara
		Chief Executive Officer
		(Principal Executive Officer)
Date:	July 27, 2015
		/s/ Christopher Collier
		Christopher Collier
		Chief Financial Officer
		(Principal Financial Officer)
Date:	July 27, 2015

41

EXHIBIT INDEX

			Incorporated by Reference			Filed
Exhibit No.	Exhibit	Form	File No.	Filing Date	Exhibit No.	Herewith
4.01	Indenture, dated as of June 8, 2015, by and between the Company, the Guarantors party thereto and U.S. Bank National Association, as Trustee.	8-K	000-23354	6/8/2015	4.1
4.02	Form of 4.750% Note due 2025 (included in Exhibit 4.1).	8-K	000-23354	6/8/2015	4.2
4.03	Registration Rights Agreement, dated as of June 8, 2015, by and between the Company, the Guarantors named therein, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and Citigroup Global Markets Inc., as representatives of the initial purchasers named therein.	8-K	000-23354	6/8/2015	4.3
10.01	Description of Annual Bonus Incentive Plan for Fiscal 2016.					X
10.02	Description of Performance Long Term Incentive Plan for Fiscal 2016.					X
15.01	Letter in lieu of consent of Deloitte & Touche LLP.					X
31.01	Certification of Principal Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
31.02	Certification of Principal Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.					X
32.01	Certification of Chief Executive Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*					X
32.02	Certification of Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*					X
101.INS	XBRL Instance Document					X
101.SCH	XBRL Taxonomy Extension Schema Document					X
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document					X
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document					X
101.LAB	XBRL Taxonomy Extension Label Linkbase Document					X
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document					X

* This exhibit is furnished with this Quarterly Report on Form 10-Q, is not deemed filed with the Securities and Exchange Commission, and is not incorporated by reference into any filing of Flextronics International Ltd. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing.

42

EX-10.01

EXHIBIT 10.01

DESCRIPTION OF ANNUAL INCENTIVE BONUS PLAN FOR FISCAL 2016

On June 10, 2015, the Board of Directors (the “Board”) of Flextronics International Ltd. (the “Company”) approved the Company’s Annual Incentive Bonus Plan for fiscal year 2016. The plan provides its executive officers with the opportunity to earn annual cash bonuses based upon the achievement of pre-established performance goals. Total bonus opportunities will be based on achievement of annual targets. The plan provides for 50% of the bonus to be based on the achievement of quarterly objectives and 50% to be based on the achievement of annual objectives. Performance goals under the plan will be: revenue growth, earnings per share, operating profit, and return on invested capital targets at the Company level; and, additionally for certain executives, total sales, operating profit and new business wins and other business-specific business unit targets at the business unit level. The plan allows awards to provide for different metrics, target levels and weightings for different executives.

Under the Annual Incentive Bonus Plan, target award opportunities are set at various percentages of base salary, which will be: 150% of base salary in the case of the Chief Executive Officer; 110% of base salary in the case of the Chief Financial Officer; and between 80% and 110% of base salary in the cases of other officers. Actual payout opportunities for each bonus component will range from a threshold of 50% of target to a maximum of 200% of target for the quarterly payouts and 300% of target for the annual bonuses, in each case based on achievement of the performance measures. If the Company or business unit fails to achieve the threshold level for any performance measure, no payout is awarded for that measure. For purposes of determining achievement of award opportunities, the incentive bonus plan uses adjusted, non-GAAP measures.

EX-10.02

EXHIBIT 10.02

DESCRIPTION OF PERFORMANCE LONG TERM INCENTIVE PLAN FOR FISCAL 2016

On June 10, 2015, the Board approved the Company’s Performance Long Term Cash Incentive Plan for fiscal year 2016. The plan provides the Company’s executive officers (other than the Chief Executive Officer) with the opportunity to earn long term cash bonuses based upon the achievement of pre-established long term performance goals. The plan provides for 100% of the bonus to be based on the achievement of a cumulative three year objective. For fiscal year 2016 grants, the performance goals under the plan are based on increases to the free cash flow of the Company. Actual payout opportunities will range from a threshold of 50% of target to a maximum of 200% of target based on achievement of the performance goals. Cash payments under the Performance Long Term Cash Incentive Plan will occur on the third anniversary of the initial grant date if the performance targets are met or exceeded. For purposes of determining achievement of award opportunities, the Performance Long Term Cash Incentive Plan uses free cash flow an adjusted, non-GAAP measure. For purposes of this Plan, the Company defines free cash flow as net cash flows from operating activities less purchases of property and equipment, net of dispositions.

EX-15.01

Exhibit 15.01

LETTER IN LIEU OF CONSENT OF DELOITTE & TOUCHE LLP

July 27, 2015

Flextronics International Ltd.

2 Changi South Lane

Singapore 486123

We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim financial information of Flextronics International Ltd. and subsidiaries for the periods ended June 26, 2015 and June 27, 2014, as indicated in our report dated July 27, 2015; because we did not perform an audit, we expressed no opinion on that information.

We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended June 26, 2015, is incorporated by reference in Registration Statement Nos. 333-189496 on Form S-4, 333-130253, 333-121814, 333-120291, 333-118499, 333-70492, 333-68238, 333-60968, 333-56230, 333-55530, 333-46200, and 333-41646 on Form S-3 and 333-157210, 333-146549, 333-146548, 333-143331, 333-143330, 333-126419, 333-121302, 333-120056, 333-119387, 333-103189, 333-75526, and 333-170710 on Form S-8.

We also are aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.

/s/ DELOITTE & TOUCHE LLP

San Jose, California

EX-31.01

EXHIBIT 31.01

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Michael M. McNamara, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Flextronics International Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  July 27, 2015

/s/ Michael M. McNamara

Michael M. McNamara

Chief Executive Officer

EX-31.02

EXHIBIT 31.02

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO

SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher Collier, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Flextronics International Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  July 27, 2015

/s/ Christopher Collier

Christopher Collier

Chief Financial Officer

EX-32.01

EXHIBIT 32.01

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Michael M. McNamara, Chief Executive Officer of Flextronics International Ltd. (the “Company”), hereby certify to the best of my knowledge, pursuant to 18 U.S.C Section 1350, as adopted pursu0ant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

• the Quarterly Report on Form 10-Q of the Company for the period ended June 26, 2015, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  July 27, 2015

/s/ Michael M. McNamara

Michael M. McNamara

Chief Executive Officer

(Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to Flextronics International Ltd. and will be retained by it and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.02

EXHIBIT 32.02

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher Collier, Chief Financial Officer of Flextronics International Ltd. (the “Company”), hereby certify to the best of my knowledge, pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

• the Quarterly Report on Form 10-Q of the Company for the period ended June 26, 2015, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:  July 27, 2015

/s/ Christopher Collier

Christopher Collier

Chief Financial Officer

(Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to Flextronics International Ltd. and will be retained by it and furnished to the Securities and Exchange Commission or its staff upon request.

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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Basic earnings per share:
Net income	$ 110,850	$ 173,887
Shares used in computation:
Weighted-average ordinary shares outstanding	565,545	587,233
Basic earnings per share (in dollars per share)	$ 0.20	$ 0.30
Diluted earnings per share:
Net income	$ 110,850	$ 173,887
Shares used in computation:
Weighted-average ordinary shares outstanding	565,545	587,233
Weighted-average ordinary share equivalents from stock options and awards	12,452	14,067
Weighted-average ordinary shares and ordinary share equivalents outstanding	577,997	601,300
Diluted earnings per share (in dollars per share)	$ 0.19	$ 0.29

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FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Details 3) - USD ($) $ in Thousands	Jun. 26, 2015	Jun. 08, 2015	Mar. 31, 2015
4.625% Notes due February 2020
Other financial instruments
Debt instrument interest rate (as a percent)	4.625%		4.625%
5.000% Notes due February 2023
Other financial instruments
Debt instrument interest rate (as a percent)	5.00%		5.00%
4.750% Notes due June 2025
Other financial instruments
Debt instrument interest rate (as a percent)	4.75%	4.75%	4.75%
Level 1 | 4.625% Notes due February 2020
Other financial instruments
Debt instrument interest rate (as a percent)	4.625%		4.625%
Level 1 | 5.000% Notes due February 2023
Other financial instruments
Debt instrument interest rate (as a percent)	5.00%		5.00%
Level 1 | 4.750% Notes due June 2025
Other financial instruments
Debt instrument interest rate (as a percent)	4.75%
Carrying Amount
Other financial instruments
Fair Value	$ 2,662,778		$ 2,067,500
Carrying Amount | Level 1 | Term Loan, including current portion, due in installments through August 2018
Other financial instruments
Fair Value	592,500		592,500
Carrying Amount | Level 1 | Term Loan, including current portion, due in installments through March 2019
Other financial instruments
Fair Value	475,000		475,000
Carrying Amount | Level 1 | 4.625% Notes due February 2020
Other financial instruments
Fair Value	500,000		500,000
Carrying Amount | Level 1 | 5.000% Notes due February 2023
Other financial instruments
Fair Value	500,000		500,000
Carrying Amount | Level 1 | 4.750% Notes due June 2025
Other financial instruments
Fair Value	595,278		0
Fair Value
Other financial instruments
Fair Value	2,695,604		2,114,531
Fair Value | Level 1 | Term Loan, including current portion, due in installments through August 2018
Other financial instruments
Fair Value	587,689		582,131
Fair Value | Level 1 | Term Loan, including current portion, due in installments through March 2019
Other financial instruments
Fair Value	472,625		465,500
Fair Value | Level 1 | 4.625% Notes due February 2020
Other financial instruments
Fair Value	517,300		523,750
Fair Value | Level 1 | 5.000% Notes due February 2023
Other financial instruments
Fair Value	520,990		543,150
Fair Value | Level 1 | 4.750% Notes due June 2025
Other financial instruments
Fair Value	$ 597,000		$ 0

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FINANCIAL INSTRUMENTS (Details 2) - Foreign currency contracts - USD ($) $ in Thousands	Jun. 26, 2015	Mar. 31, 2015
Other current assets | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Asset Derivatives	$ 4,498	$ 2,896
Other current assets | Economic hedges
Fair Values of Derivative Instruments
Asset Derivatives	16,369	22,933
Other current liabilities | Derivatives designated as hedging instruments
Fair Values of Derivative Instruments
Liability Derivatives	6,160	19,729
Other current liabilities | Economic hedges
Fair Values of Derivative Instruments
Liability Derivatives	$ 21,606	$ 11,328

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OTHER CHARGES (INCOME), NET (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Other charges (income), net
Proceeds from sale of facility	$ 1,512	$ 14,184
Certain manufacturing facilities
Other charges (income), net
Recognized loss in connection with disposition of a manufacturing facility	$ 11,000	11,000
Proceeds from sale of facility		11,500
Net assets sold		27,200
Transactions costs in connection with a disposition of a manufacturing facility		4,600
Foreign currency translation gain		$ 9,300

XML

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

3 Months Ended

Jun. 26, 2015

SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

Schedule of condensed consolidating balance sheets

Condensed Consolidating Balance Sheets as of June 26, 2015

	Parent		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,347,411	$	209,441		$	774,559	$	—		$	2,331,411
Accounts receivable	—		1,080,525			1,056,730		—			2,137,255
Inventories	—		1,616,735			1,796,695		—			3,413,430
Inter company receivable	7,095,635		5,210,421			11,167,310		(23,473,366		)	—
Other current assets	1,677		208,381			988,073		—			1,198,131
Total current assets	8,444,723		8,325,503			15,783,367		(23,473,366		)	9,080,227
Property and equipment, net	—		497,172			1,646,049		—			2,143,221
Goodwill and other intangible assets, net	400		59,725			368,161		—			428,286
Other assets	2,257,484		192,856			2,118,449		(4,120,343		)	448,446
Investment in subsidiaries	1,678,491		1,801,725			16,697,245		(20,177,461		)	—
Total assets	$	12,381,098	$	10,876,981		$	36,613,271	$	(47,771,170	)	$	12,100,180
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Bank borrowings and current portion of long-term debt	$	40,000	$	952		$	3,975	$	—		$	44,927
Accounts payable	—		1,619,892			2,717,021		—			4,336,913
Accrued payroll	—		117,485			246,044		—			363,529
Inter company payable	7,179,540		7,858,602			8,435,224		(23,473,366		)	—
Other current liabilities	47,001		776,252			927,606		—			1,750,859
Total current liabilities	7,266,541		10,373,183			12,329,870		(23,473,366		)	6,496,228
Long term liabilities	2,662,890		2,105,617			2,468,232		(4,120,343		)	3,116,396
Flextronics International Ltd. shareholders’ equity (deficit)	2,451,667		(1,601,819		)	21,779,273		(20,177,461		)	2,451,660
Noncontrolling interests	—		—			35,896		—			35,896
Total shareholders’ equity (deficit)	2,451,667		(1,601,819		)	21,815,169		(20,177,461		)	2,487,556
Total liabilities and shareholders’ equity	$	12,381,098	$	10,876,981		$	36,613,271	$	(47,771,170	)	$	12,100,180

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		1,677,813			16,641,211		(20,118,980		)	—
Total assets	$	11,058,357	$	10,431,177		$	35,798,509	$	(45,622,419	)	$	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 (deficit)	2,360,814		(1,639,569		)	21,758,549		(20,118,980		)	2,360,814
Noncontrolling interests	—		—			35,436		—			35,436
Total shareholders’ equity (deficit)	2,360,814		(1,639,569		)	21,793,985		(20,118,980		)	2,396,250
Total liabilities and shareholders’ equity	$	11,058,357	$	10,431,177		$	35,798,509	$	(45,622,419	)	$	11,665,624

Schedule of condensed consolidating statements of operations

Condensed Consolidating Statements of Operations for the Three-Month Period Ended June 26, 2015

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net sales	$	—		$	3,834,526		$	3,945,465		$	(2,213,743	)	$	5,566,248
Cost of sales	—			3,442,739			3,984,911			(2,213,743		)	5,213,907
Gross profit	—			391,787			(39,446		)	—			352,341
Selling, general and administrative expenses	—			60,944			148,441			—			209,385
Intangible amortization	75			731			6,865			—			7,671
Interest and other, net	(267,052		)	331,716			(47,995		)	—			16,669
Income (loss) from continuing operations before income taxes	266,977			(1,604		)	(146,757		)	—			118,616
Provision for income taxes	—			9,099			(1,333		)	—			7,766
Equity in earnings in subsidiaries	(156,127		)	(18,807		)	35,653			139,281			—
Net income (loss)	$	110,850		$	(29,510	)	$	(109,771	)	$	139,281		$	110,850

Condensed Consolidating Statements of Operations for the Three-Month Period Ended June 27, 2014

	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net sales	$	—		$	4,511,228	$	4,805,682		$	(2,674,165	)	$	6,642,745
Cost of sales	—			4,158,191		4,777,934			(2,674,165		)	6,261,960
Gross profit	—			353,037		27,748			—			380,785
Selling, general and administrative expenses	—			54,494		154,783			—			209,277
Intangible amortization	75			623		6,253			—			6,951
Interest and other, net	16,531			259,751		(301,654		)	—			(25,372		)
Income (loss) from continuing operations before income taxes	(16,606		)	38,169		168,366			—			189,929
Provision for income taxes	—			6,648		9,394			—			16,042
Equity in earnings in subsidiaries	190,493			60,982		36,431			(287,906		)	—
Net income	$	173,887		$	92,503	$	195,403		$	(287,906	)	$	173,887

Schedule of condensed consolidating statements of comprehensive income (loss)

Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended June 26, 2015

	Parent		Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	110,850	$	(29,510	)	$	(109,771	)	$	139,281		$	110,850
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	2,783		(23,490		)	(20,897		)	44,387			2,783
Unrealized gain on derivative instruments and other, net of zero tax	12,829		4,624			12,829			(17,453		)	12,829
Comprehensive income (loss)	$	126,462	$	(48,376	)	$	(117,839	)	$	166,215		$	126,462

Condensed Consolidating Statements of Comprehensive Income for the Three-Month Period Ended June 27, 2014

	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
Net income	$	173,887		$	92,503	$	195,403	$	(287,906	)	$	173,887
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	(4,145		)	15,950		5,726		(21,676		)	(4,145		)
Unrealized gain on derivative instruments and other, net of zero tax	10,725			1,830		10,725		(12,555		)	10,725
Comprehensive income	$	180,467		$	110,283	$	211,854	$	(322,137	)	$	180,467

Schedule of condensed consolidating statements of cash flows

Condensed Consolidating Statements of Cash Flows for the Three-Month Period Ended June 26, 2015

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	279,177		$	(6,637	)	$	89,736		$	—		362,276
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	—			(47,108		)	(89,728		)	—			(136,836		)
Acquisition of businesses, net of cash acquired	—			(2,785		)	(15,795		)	—			(18,580		)
Proceeds from divesture of business, net of cash held in divested business	—			—			1,000			—			1,000
Investing cash flows to affiliates	(718,381		)	(263,348		)	(1,077,202		)	2,058,931			—
Other investing activities, net	—			(14,732		)	7,152			—			(7,580		)
Net cash used in investing activities	(718,381		)	(327,973		)	(1,174,573		)	2,058,931			(161,996		)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	595,309			221			18			—			595,548
Repayments of bank borrowings, long-term debt and capital lease obligations	(6,604		)	(493		)	(1,360		)	—			(8,457		)
Payments for repurchases of ordinary shares	(99,995		)	—			—			—			(99,995		)
Net proceeds from issuance of ordinary shares	44,602			—			—			—			44,602
Financing cash flows from affiliates	619,970			377,012			1,061,949			(2,058,931		)	—
Other financing activities, net	—			—			(25,252		)	—			(25,252		)
Net cash provided by financing activities	1,153,282			376,740			1,035,355			(2,058,931		)	506,446
Effect of exchange rates on cash and cash equivalents	24,362			(961		)	(27,124		)	—			(3,723		)
Net increase (decrease) in cash and cash equivalents	738,440			41,169			(76,606		)	—			703,003
Cash and cash equivalents, beginning of period	608,971			168,272			851,165			—			1,628,408
Cash and cash equivalents, end of period	$	1,347,411		$	209,441		$	774,559		$	—		$	2,331,411

Condensed Consolidating Statements of Cash Flows for the Three-Month Period Ended June 27, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(13,025	)	$	231,140		$	(299,284	)	$	—		$	(81,169	)
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	—			(39,690		)	(33,227		)	—			(72,917		)
Proceeds from divestiture of business, net of cash held in divested business	—			—			(5,493		)	—			(5,493		)
Investing cash flows from (to) affiliates	(1,185,671		)	(532,104		)	593,559			1,124,216			—
Other investing activities, net	—			(959		)	(20,503		)	—			(21,462		)
Net cash provided by (used in) investing activities	(1,185,671		)	(572,753		)	534,336			1,124,216			(99,872		)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	—			—			26,615			—			26,615
Repayments of bank borrowings, long-term debt and capital lease obligations	—			(393		)	(466		)	—			(859		)
Payments for repurchases of ordinary shares	(105,568		)	—			—			—			(105,568		)
Net proceeds from issuance of ordinary shares	9,329			—			—			—			9,329
Financing cash flows from (to) affiliates	931,635			347,775			(155,194		)	(1,124,216		)	—
Other financing activities, net	—			—			300			—			300
Net cash provided by (used in) financing activities	835,396			347,382			(128,745		)	(1,124,216		)	(70,183		)
Effect of exchange rates on cash and cash equivalents	(10,141		)	(504		)	15,831			—			5,186
Net decrease (increase) in cash and cash equivalents	(373,441		)	5,265			122,138			—			(246,038		)
Cash and cash equivalents, beginning of period	638,714			210,462			744,552			—			1,593,728
Cash and cash equivalents, end of period	$	265,273		$	215,727		$	866,690		$	—		$	1,347,690

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SHARE REPURCHASES (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jun. 26, 2015	Aug. 28, 2014
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]
Aggregate shares repurchased (in shares)	7.7
Aggregate purchase value of shares repurchased	$ 94.4
Authorized amount of stock repurchase program		$ 500.0
Amount remaining to be repurchased under the plans	$ 144.0

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SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Jun. 26, 2015

Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]

Schedule of share-based compensation expense

The following table summarizes the Company’s share-based compensation expense:

	Three-Month Periods Ended
	June 26, 2015		June 27, 2014
	(In thousands)
Cost of sales	$	2,018	$	1,611
Selling, general and administrative expenses	14,108		10,071
Total share-based compensation expense	$	16,126	$	11,682

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ACCUMULATED OTHER COMPREHENSIVE LOSS (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Reclassification
Other charges (income), net	$ (16,505)	$ (18,637)
Certain manufacturing facilities
Reclassification
Recognized loss in connection with disposition of a manufacturing facility	11,000	$ 11,000
Unrealized gain (loss) on derivative instruments and other | Reclassification out of accumulated other comprehensive income
Reclassification
Cost of sales	12,900
Other charges (income), net	4,200
Foreign currency transaction and translation adjustment net of tax | Reclassification out of accumulated other comprehensive income | Certain manufacturing facilities
Reclassification
Other charges (income), net	$ 9,300

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BANK BORROWINGS AND LONG TERM DEBT (Details 2) - USD ($) $ in Thousands	Jun. 26, 2015	Mar. 31, 2015
Debt Disclosure [Abstract]
2016	$ 40,000
2017	52,500
2018	52,500
2019	922,500
2020	500,000
Thereafter	1,109,565
Total	$ 2,677,065	$ 2,083,733

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SHARE-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Share-based compensation
Share-based compensation expense	$ 16,126	$ 11,682
Cost of sales
Share-based compensation
Share-based compensation expense	2,018	1,611
Selling, general and administrative expenses
Share-based compensation
Share-based compensation expense	$ 14,108	$ 10,071

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FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Details) - USD ($)	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Fair Value Disclosures [Abstract]
Additions to accrual	$ 0	$ 0
Payments	0	0
Fair value adjustments	0	0
Contingent consideration	4,500,000	11,300,000
Transfers out of Level 1 and into Level 2 related to assets and liabilities measured on a recurring and nonrecurring basis	0	0
Transfers out of Level 2 and into Level 1 related to assets and liabilities measured on a recurring and nonrecurring basis	0	0
Transfers out of Level 1 and into Level 2 related to liabilities measured on a recurring and nonrecurring basis	0	0
Transfers out of Level 2 and into Level 1 related to liabilities measured on a recurring and nonrecurring basis	$ 0	$ 0

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SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Condensed consolidating statements of operations
Net sales	$ 5,566,248	$ 6,642,745
Cost of sales	5,213,907	6,261,960
Gross profit	352,341	380,785
Selling, general and administrative expenses	209,385	209,277
Intangible amortization	7,671	6,951
Interest and other, net	16,669	(25,372)
Income before income taxes	118,616	189,929
Provision for income taxes	7,766	16,042
Equity in earnings in subsidiaries	0	0
Net income	110,850	173,887
Reportable legal entities | Parent
Condensed consolidating statements of operations
Net sales	0	0
Cost of sales	0	0
Gross profit	0	0
Selling, general and administrative expenses	0	0
Intangible amortization	75	75
Interest and other, net	(267,052)	16,531
Income before income taxes	266,977	(16,606)
Provision for income taxes	0	0
Equity in earnings in subsidiaries	(156,127)	190,493
Net income	110,850	173,887
Reportable legal entities | Guarantor Subsidiaries
Condensed consolidating statements of operations
Net sales	3,834,526	4,511,228
Cost of sales	3,442,739	4,158,191
Gross profit	391,787	353,037
Selling, general and administrative expenses	60,944	54,494
Intangible amortization	731	623
Interest and other, net	331,716	259,751
Income before income taxes	(1,604)	38,169
Provision for income taxes	9,099	6,648
Equity in earnings in subsidiaries	(18,807)	60,982
Net income	(29,510)	92,503
Reportable legal entities | Non-Guarantor Subsidiaries
Condensed consolidating statements of operations
Net sales	3,945,465	4,805,682
Cost of sales	3,984,911	4,777,934
Gross profit	(39,446)	27,748
Selling, general and administrative expenses	148,441	154,783
Intangible amortization	6,865	6,253
Interest and other, net	(47,995)	(301,654)
Income before income taxes	(146,757)	168,366
Provision for income taxes	(1,333)	9,394
Equity in earnings in subsidiaries	35,653	36,431
Net income	(109,771)	195,403
Eliminations
Condensed consolidating statements of operations
Net sales	(2,213,743)	(2,674,165)
Cost of sales	(2,213,743)	(2,674,165)
Gross profit	0	0
Selling, general and administrative expenses	0	0
Intangible amortization	0	0
Interest and other, net	0	0
Income before income taxes	0	0
Provision for income taxes	0	0
Equity in earnings in subsidiaries	139,281	(287,906)
Net income	$ 139,281	$ (287,906)

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FINANCIAL INSTRUMENTS (Details) € in Thousands, ₪ in Thousands, ¥ in Thousands, ¥ in Thousands, £ in Thousands, SGD in Thousands, SFr in Thousands, SEK in Thousands, MYR in Thousands, MXN in Thousands, HUF in Thousands, DKK in Thousands, CAD in Thousands, BRL in Thousands, $ in Thousands	Dec. 31, 2014 USD ($)	Jun. 26, 2015 GBP (£)	Jun. 26, 2015 DKK	Jun. 26, 2015 ILS (₪)	Jun. 26, 2015 BRL	Jun. 26, 2015 USD ($)	Jun. 26, 2015 JPY (¥)	Jun. 26, 2015 MXN	Jun. 26, 2015 CAD	Jun. 26, 2015 CHF (SFr)	Jun. 26, 2015 EUR (€)	Jun. 26, 2015 SGD	Jun. 26, 2015 MYR	Jun. 26, 2015 HUF	Jun. 26, 2015 SEK	Jun. 26, 2015 CNY (¥)
Notional amount
Deferred losses	$ 3,100
Forward and Swap Contracts
Notional amount
Notional Contract Value						$ 5,200,000
Forward and Swap Contracts | Buy
Notional amount
Notional Contract Value						3,013,707
Forward and Swap Contracts | Sell
Notional amount
Notional Contract Value						2,171,100
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Buy
Notional amount
Notional Contract Value						688,823
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Buy | CNY
Notional amount
Notional Contract Value						394,542										¥ 2,449,000
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Buy | HUF
Notional amount
Notional Contract Value						51,001								HUF 14,186,000
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Buy | ILS
Notional amount
Notional Contract Value				₪ 112,700		30,024
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Buy | MXN
Notional amount
Notional Contract Value						101,021		MXN 1,560,700
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Buy | MYR
Notional amount
Notional Contract Value						58,640							MYR 220,000
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Buy | Other
Notional amount
Notional Contract Value						53,595
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Sell
Notional amount
Notional Contract Value						6,704
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Sell | CNY
Notional amount
Notional Contract Value						0										0
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Sell | HUF
Notional amount
Notional Contract Value						0								0
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Sell | ILS
Notional amount
Notional Contract Value				0		0
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Sell | MXN
Notional amount
Notional Contract Value						0		0
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Sell | MYR
Notional amount
Notional Contract Value						0							0
Forward and Swap Contracts | Derivatives designated as hedging instruments | Cash Flow Hedges | Sell | Other
Notional amount
Notional Contract Value						6,704
Forward and Swap Contracts | Economic hedges | Buy
Notional amount
Notional Contract Value						2,324,884
Forward and Swap Contracts | Economic hedges | Buy | BRL
Notional amount
Notional Contract Value					BRL 0	0
Forward and Swap Contracts | Economic hedges | Buy | CAD
Notional amount
Notional Contract Value						50,900			CAD 63,479
Forward and Swap Contracts | Economic hedges | Buy | CHF
Notional amount
Notional Contract Value						8,234				SFr 7,709
Forward and Swap Contracts | Economic hedges | Buy | CNY
Notional amount
Notional Contract Value						86,937										540,765
Forward and Swap Contracts | Economic hedges | Buy | DKK
Notional amount
Notional Contract Value			DKK 196,400			29,448
Forward and Swap Contracts | Economic hedges | Buy | EUR
Notional amount
Notional Contract Value						1,692,028					€ 1,514,440
Forward and Swap Contracts | Economic hedges | Buy | GBP
Notional amount
Notional Contract Value		£ 29,331				46,063
Forward and Swap Contracts | Economic hedges | Buy | HUF
Notional amount
Notional Contract Value						47,011								13,076,000
Forward and Swap Contracts | Economic hedges | Buy | ILS
Notional amount
Notional Contract Value				84,400		22,484
Forward and Swap Contracts | Economic hedges | Buy | JPY
Notional amount
Notional Contract Value						31,855	¥ 3,935,864
Forward and Swap Contracts | Economic hedges | Buy | MXN
Notional amount
Notional Contract Value						85,872		1,326,660
Forward and Swap Contracts | Economic hedges | Buy | MYR
Notional amount
Notional Contract Value						74,121							278,081
Forward and Swap Contracts | Economic hedges | Buy | SEK
Notional amount
Notional Contract Value						53,694									SEK 444,196
Forward and Swap Contracts | Economic hedges | Buy | SGD
Notional amount
Notional Contract Value						25,754						SGD 34,644
Forward and Swap Contracts | Economic hedges | Buy | Other
Notional amount
Notional Contract Value						70,483
Forward and Swap Contracts | Economic hedges | Sell
Notional amount
Notional Contract Value						2,164,396
Forward and Swap Contracts | Economic hedges | Sell | BRL
Notional amount
Notional Contract Value					BRL 581,000	188,020
Forward and Swap Contracts | Economic hedges | Sell | CAD
Notional amount
Notional Contract Value						45,685			CAD 56,866
Forward and Swap Contracts | Economic hedges | Sell | CHF
Notional amount
Notional Contract Value						38,829				SFr 36,309
Forward and Swap Contracts | Economic hedges | Sell | CNY
Notional amount
Notional Contract Value						0										¥ 0
Forward and Swap Contracts | Economic hedges | Sell | DKK
Notional amount
Notional Contract Value			DKK 155,700			23,346
Forward and Swap Contracts | Economic hedges | Sell | EUR
Notional amount
Notional Contract Value						1,513,387					€ 1,353,824
Forward and Swap Contracts | Economic hedges | Sell | GBP
Notional amount
Notional Contract Value		£ 56,807				89,114
Forward and Swap Contracts | Economic hedges | Sell | HUF
Notional amount
Notional Contract Value						51,519								HUF 14,330,000
Forward and Swap Contracts | Economic hedges | Sell | ILS
Notional amount
Notional Contract Value				₪ 53,600		14,279
Forward and Swap Contracts | Economic hedges | Sell | JPY
Notional amount
Notional Contract Value						24,060	¥ 2,966,700
Forward and Swap Contracts | Economic hedges | Sell | MXN
Notional amount
Notional Contract Value						32,816		MXN 506,980
Forward and Swap Contracts | Economic hedges | Sell | MYR
Notional amount
Notional Contract Value						6,064							MYR 22,750
Forward and Swap Contracts | Economic hedges | Sell | SEK
Notional amount
Notional Contract Value						96,277									SEK 801,591
Forward and Swap Contracts | Economic hedges | Sell | SGD
Notional amount
Notional Contract Value						4,292						SGD 5,774
Forward and Swap Contracts | Economic hedges | Sell | Other
Notional amount
Notional Contract Value						$ 36,708

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BALANCE SHEET ITEMS

3 Months Ended

Jun. 26, 2015

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET ITEMS

BALANCE SHEET ITEMS

Inventories

The components of inventories, net of applicable lower of cost or market write-downs, were as follows:

	As of    June 26, 2015		As of    March 31, 2015
	(In thousands)
Raw materials	$	2,158,161	$	2,330,428
Work-in-progress	582,041		557,786
Finished goods	673,228		600,538
	$	3,413,430	$	3,488,752

Goodwill and Other Intangibles

The following table summarizes the activity in the Company’s goodwill account for each of its four segments during the three-month period ended June 26, 2015:

		HRS		CTG		IEI		INS		Amount
	(In thousands)
Balance, beginning of the year		$	93,138	$	68,234	$	64,221	$	108,038	$	333,631
Additions (1)		2,130		—		2,982		—		5,112
Purchase accounting adjustments (2)		125		—		—		—		125
Foreign currency translation adjustments		925		—		—		—		925
Balance, end of the period		$	96,318	$	68,234	$	67,203	$	108,038	$	339,793

(1) The goodwill generated from the Company’s business combinations completed during the three-month period ended June 26, 2015 is primarily related to value placed on the acquired employee workforces, service offerings and capabilities of the acquired businesses and expected synergies. The goodwill is not deductible for income tax purposes. See note 12 for additional information.

(2) Includes adjustments based on management's estimates resulting from their review and finalization of the valuation of assets and liabilities acquired through certain business combinations completed in a period subsequent to the respective acquisition. These adjustments were not individually, nor in the aggregate, significant to the Company.

The components of acquired intangible assets are as follows:

	As of June 26, 2015							As of March 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Intangible assets:
Customer-related intangibles	$	146,098	$	(83,820	)	$	62,278	$	133,853	$	(80,506	)	$	53,347
Licenses and other intangibles	40,217		(14,002		)	26,215		39,985		(11,788		)	28,197
Total	$	186,315	$	(97,822	)	$	88,493	$	173,838	$	(92,294	)	$	81,544

The gross carrying amounts of intangible assets are removed when the recorded amounts have been fully amortized.  During the three-month period ended June 26, 2015, the value of customer-related intangible assets increased in connection with the Company’s acquisitions, and licenses and other intangibles decreased primarily as a result of additional amortization.  The estimated future annual amortization expense for intangible assets is as follows:

Fiscal Year Ending March 31,	Amount
	(In thousands)
2016 (1)	$	21,587
2017	21,428
2018	15,677
2019	11,386
2020	6,807
Thereafter	11,608
Total amortization expense	$	88,493

____________________________________________________________

(1) Represents estimated amortization for the remaining nine-month period ending March 31, 2016.

Other Current Assets

Other current assets includes approximately $516.3 million and $600.7 million as of June 26, 2015 and March 31, 2015, respectively for the deferred purchase price receivable from the Company's Global and North American Asset-Backed Securitization programs. See note 10 for additional information.

In connection with an acquisition, the Company entered into an agreement with a customer and a third party banking institution to procure certain manufacturing equipment that was financed by the third party banking institution, acting as an agent of the customer.  The manufacturing equipment was used exclusively for the benefit of this customer.  The Company has the ability to settle the obligation related to these financed assets by returning the equipment to the customer and cannot be required to pay cash by either the customer or the third party banking institution. 

During fiscal year 2015, the Company ceased manufacturing of the product related to the financed equipment.  As a result, the Company as an agent on behalf of the customer is in the process of dispositioning the equipment and forwarding the proceeds to the third party banking institution reducing the outstanding obligation. Included in other current assets is the value of the certain assets purchased on behalf of a customer and financed by a third party banking institution in the amounts of $84.3 million and $169.2 million as of June 26, 2015 and March 31, 2015, respectively. Additionally, other current assets as of June 26, 2015 include an amount of $87.1 million relating to these assets that have been sold to third parties but not yet collected.

During the three-month period ended June 26, 2015, the Company disposed of all the assets and the remaining amount of $84.3 million reflects the shortfall between the original purchase price of these assets and the amount recovered by selling them to third parties. The Company expects this amount to be funded by the customer, which in turn would be paid back to the third party banking institution.

Other Current Liabilities

Other current liabilities include customer working capital advances of $172.7 million and $189.6 million, customer-related accruals of $443.1 million and $454.8 million, and deferred revenue of $301.1 million and $272.6 million as of June 26, 2015 and March 31, 2015, respectively. The customer working capital advances are not interest bearing, do not have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production. Other current liabilities also includes the outstanding balance due to the third party banking institution related to the financed equipment discussed above, that amounted to $172.5 million and $197.7 million as of June 26, 2015 and March 31, 2015, respectively.

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SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Condensed consolidating statements of comprehensive income (loss)
Net income (loss)	$ 110,850	$ 173,887
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	2,783	(4,145)
Unrealized gain on derivative instruments and other, net of zero tax	12,829	10,725
Comprehensive income	126,462	180,467
Reportable legal entities | Parent
Condensed consolidating statements of comprehensive income (loss)
Net income (loss)	110,850	173,887
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	2,783	(4,145)
Unrealized gain on derivative instruments and other, net of zero tax	12,829	10,725
Comprehensive income	126,462	180,467
Reportable legal entities | Guarantor Subsidiaries
Condensed consolidating statements of comprehensive income (loss)
Net income (loss)	(29,510)	92,503
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	(23,490)	15,950
Unrealized gain on derivative instruments and other, net of zero tax	4,624	1,830
Comprehensive income	(48,376)	110,283
Reportable legal entities | Non-Guarantor Subsidiaries
Condensed consolidating statements of comprehensive income (loss)
Net income (loss)	(109,771)	195,403
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	(20,897)	5,726
Unrealized gain on derivative instruments and other, net of zero tax	12,829	10,725
Comprehensive income	(117,839)	211,854
Eliminations
Condensed consolidating statements of comprehensive income (loss)
Net income (loss)	139,281	(287,906)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	44,387	(21,676)
Unrealized gain on derivative instruments and other, net of zero tax	(17,453)	(12,555)
Comprehensive income	$ 166,215	$ (322,137)

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BANK BORROWINGS AND LONG TERM DEBT (Details 3) - USD ($)		3 Months Ended
	Jun. 08, 2015	Jun. 26, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Long-term debt, weighted average interest rate		3.50%	3.20%
Long-term debt		$ 2,677,065,000	$ 2,083,733,000
4.750% Notes due June 2025
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600,000,000.0
Debt instrument interest rate (as a percent)	4.75%	4.75%	4.75%
Debt instrument, redemption price (as a percent)	99.213%
Long-term debt	$ 595,300,000	$ 595,278,000	$ 0
Debt issuance cost	$ 7,900,000
Redemption price as a percentage of principal amount		100.00%
Percentage of Notes principal that may be redeemed upon occurrence of a change of control repurchase event		101.00%
4.750% Notes due June 2025 | Minimum
Debt Instrument [Line Items]
Percentage of principal amount of the then outstanding Notes due and payable		25.00%

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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Jun. 26, 2015

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Schedule of changes in accumulated other comprehensive loss by component, net of tax

The changes in accumulated other comprehensive loss by component, net of tax, are as follows:

	Three-Month Period Ended									Three-Month Period Ended
	June 26, 2015									June 27, 2014
	Unrealized gain (loss) on derivative instruments and other			Foreign currency translation adjustments			Total			Unrealized gain (loss) on derivative instruments and other			Foreign currency translation adjustments			Total
Beginning balance	$	(68,266	)	$	(112,239	)	$	(180,505	)	$	(32,849	)	$	(93,307	)	$	(126,156	)
Other comprehensive gain (loss) before reclassifications	(601		)	2,631			2,030			1,000			5,107			6,107
Net (gains) losses reclassified from accumulated other comprehensive loss	13,430			152			13,582			9,725			(9,252		)	473
Net current-period other comprehensive gain (loss)	12,829			2,783			15,612			10,725			(4,145		)	6,580
Ending balance	$	(55,437	)	$	(109,456	)	$	(164,893	)	$	(22,124	)	$	(97,452	)	$	(119,576	)

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FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Jun. 26, 2015

Derivative Instruments and Hedges, Assets [Abstract]

Summary of aggregate notional amount of the Company's outstanding foreign currency forward and swap contracts

As of June 26, 2015, the aggregate notional amount of the Company’s outstanding foreign currency contracts was $5.2 billion as summarized below:

	Foreign Currency Amount		Notional Contract Value in USD
Currency	Buy	Sell	Buy		Sell
	(In thousands)
Cash Flow Hedges
CNY	2,449,000	—	$	394,542	$	—
HUF	14,186,000	—	51,001		—
ILS	112,700	—	30,024		—
MXN	1,560,700	—	101,021		—
MYR	220,000	—	58,640		—
Other	N/A	N/A	53,595		6,704
			688,823		6,704
Other Foreign Currency Contracts
BRL	—	581,000	—		188,020
CAD	63,479	56,866	50,900		45,685
CHF	7,709	36,309	8,234		38,829
CNY	540,765	—	86,937		—
DKK	196,400	155,700	29,448		23,346
EUR	1,514,440	1,353,824	1,692,028		1,513,387
GBP	29,331	56,807	46,063		89,114
HUF	13,076,000	14,330,000	47,011		51,519
ILS	84,400	53,600	22,484		14,279
JPY	3,935,864	2,966,700	31,855		24,060
MXN	1,326,660	506,980	85,872		32,816
MYR	278,081	22,750	74,121		6,064
SEK	444,196	801,591	53,694		96,277
SGD	34,644	5,774	25,754		4,292
Other	N/A	N/A	70,483		36,708
			2,324,884		2,164,396
Total Notional Contract Value in USD			$	3,013,707	$	2,171,100

Schedule of fair value of the derivative instruments utilized for foreign currency risk management purposes

The following table presents the fair value of the Company’s derivative instruments utilized for foreign currency risk management purposes:

	Fair Values of Derivative Instruments
	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	June 26, 2015		March 31, 2015		Balance Sheet Location	June 26, 2015		March 31, 2015
	(In thousands)
Derivatives designated as hedging instruments
Foreign currency contracts	Other current assets	$	4,498	$	2,896	Other current liabilities	$	6,160	$	19,729
Derivatives not designated as hedging instruments
Foreign currency contracts	Other current assets	$	16,369	$	22,933	Other current liabilities	$	21,606	$	11,328

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COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	12 Months Ended
	Mar. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Assessment related to income and social contribution taxes, interest and penalties by non-operating Brazilian subsidiaries	$ 100

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INTEREST AND OTHER, NET (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
INTEREST AND OTHER, NET
Interest expense	$ 20.1	$ 18.5
Interest income	$ 3.5	$ 5.3

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TRADE RECEIVABLES SECURITIZATION (Tables)

3 Months Ended

Jun. 26, 2015

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Summary of deferred purchase price receivables

The following table summarizes the activity in the deferred purchase price receivables account:

	Three-Month Periods Ended
	June 26, 2015			June 27, 2014
	(In thousands)
Beginning balance	$	600,672		$	470,908
Transfers of receivables	767,048			778,860
Collections	(851,433		)	(786,644		)
Ending balance	$	516,287		$	463,124

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FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Jun. 26, 2015

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements as of June 26, 2015
	Level 1		Level 2			Level 3			Total
	(In thousands)
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	$	—	$	440,274		$	—		$	440,274
Deferred purchase price receivable (Note 10)	—		—			516,287			516,287
Foreign exchange contracts (Note 8)	—		20,867			—			20,867
Deferred compensation plan assets:									0
Mutual funds, money market accounts and equity securities	8,809		39,162			—			47,971
Liabilities:									0
Foreign exchange contracts (Note 8)	$	—	$	(27,766	)	$	—		$	(27,766	)
Contingent consideration in connection with business acquisitions	—		—			(4,500		)	(4,500		)
	Fair Value Measurements as of March 31, 2015
	Level 1		Level 2			Level 3			Total
	(In thousands)
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	$	—	$	674,859		$	—		$	674,859
Deferred purchase price receivable (Note 10)	—		—			600,672			600,672
Foreign exchange contracts (Note 8)	—		25,829			—			25,829
Deferred compensation plan assets:									0
Mutual funds, money market accounts and equity securities	9,068		37,041			—			46,109
Liabilities:									0
Foreign exchange contracts (Note 8)	$	—	$	(31,057	)	$	—		$	(31,057	)
Contingent consideration in connection with business acquisitions	—		—			(4,500		)	(4,500		)

Schedule of debt not carried at fair value

The following table presents the Company’s debt not carried at fair value:

	As of June 26, 2015				As of March 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
	(In thousands)
Term Loan, including current portion, due in installments through August 2018	$	592,500	$	587,689	$	592,500	$	582,131	Level 1
Term Loan, including current portion, due in installments through March 2019	475,000		472,625		475,000		465,500		Level 1
4.625% Notes due February 2020	500,000		517,300		500,000		523,750		Level 1
5.000% Notes due February 2023	500,000		520,990		500,000		543,150		Level 1
4.750% Notes due June 2025	595,278		597,000		—		—		Level 1
Total	$	2,662,778	$	2,695,604	$	2,067,500	$	2,114,531

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ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION

3 Months Ended

Jun. 26, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION

ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION

Organization of the Company

Flextronics International Ltd. ("Flextronics" or the "Company") was incorporated in the Republic of Singapore in May 1990. The Company's operations have expanded over the years through a combination of organic growth and acquisitions. The Company is a globally-recognized leading provider of innovative design, engineering, manufacturing, and supply chain services and solutions that span from sketch to scale; from conceptual sketch to full-scale production. The Company designs, builds, ships and services complete packaged consumer electronics and industrial products for original equipment manufacturers ("OEMs"), through its activities in the following business groups: High Reliability Solutions ("HRS"), which is comprised of our medical business including medical equipment, disposables, drug delivery, and diagnostics; our automotive business, including automotive electronics, automotive lighting, and power electronics; and our defense and aerospace businesses focused on defense, civil aviation, and homeland security; Consumer Technology Group ("CTG"), which includes our mobile devices business, including smart phones; our consumer electronics business, including connected living, wearable electronics, game consoles, and connectivity devices; and our high-volume computing business, including various supply chain solutions for notebook personal computing, tablets, and printers; Industrial and Emerging Industries ("IEI"), which is comprised of semiconductor and capital equipment, office solutions, test and measurement, household industrial and lifestyle, industrial automation and kiosks, energy and metering, and lighting; and Integrated Network Solutions ("INS"), which includes radio access base stations, remote radio heads, and small cells for wireless infrastructure; optical, routing, broadcasting and switching products for the data and video network; server and storage platforms for both enterprise and cloud based deployments; next generation storage and security appliance products; and rack level solutions, converged infrastructure and software defined product solutions. The Company's strategy is to provide customers with a full range of cost competitive, vertically integrated global supply chain solutions through which the Company can design, build, ship and service a complete packaged product for its OEM customers. This enables our OEM customers to leverage the Company's supply chain solutions to meet their product requirements throughout the entire product life cycle.

        The Company's service offerings include a comprehensive range of value-added design and engineering services that are tailored to the various markets and needs of its customers. Other focused service offerings relate to manufacturing (including enclosures, metals, plastic injection molding, precision plastics, machining, and mechanicals), system integration and assembly and test services, materials procurement, inventory management, logistics and after-sales services (including product repair, warranty services, re-manufacturing and maintenance) and supply chain management software solutions and component product offerings (including rigid and flexible printed circuit boards and power adapters and chargers).

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2015 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three-month period ended June 26, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2016.

The first quarters for fiscal year 2016 and fiscal year 2015 ended on June 26, 2015, and June 27, 2014, respectively.

The accompanying unaudited condensed consolidated financial statements include the financial position and results of operations of a majority-owned subsidiary of the Company. Noncontrolling interests are presented as a separate component of total shareholders' equity in the condensed consolidated balance sheets. The operating results of the subsidiary attributable to the noncontrolling interests are immaterial for all of the periods presented, and are included in other charges (income), net in the condensed consolidated statements of operations.

Recent Accounting Pronouncement

In May 2014, the FASB issued new guidance which requires an entity to recognize revenue relating to contracts with customers that depicts the transfer of promised goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services. In order to meet this requirement, the entity must apply the following steps: (i) identify the contracts with the customers; (ii) identify performance obligations in the contracts; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations per the contracts; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, disclosures required for revenue recognition will include qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from costs to obtain or fulfill a contract. In July 2015, the FASB deferred the effective date of the standard by a year. This guidance is effective for the Company beginning in the first quarter of fiscal year 2019. The Company is in the process of assessing the impact on its consolidated financial statements.

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SEGMENT REPORTING (Tables)

3 Months Ended

Jun. 26, 2015

Segment Reporting [Abstract]

Schedule of segment reporting information by operating segment

Selected financial information by segment is as follows:

	Three-Month Periods Ended
	June 26, 2015			June 27, 2014
	(In thousands)
Net sales:
Integrated Network Solutions	$	1,966,562		$	2,440,425
Consumer Technology Group	1,564,964			2,222,141
Industrial & Emerging Industries	1,130,138			1,124,466
High Reliability Solutions	904,584			855,713
	$	5,566,248		$	6,642,745
Segment income and reconciliation of income before tax:
Integrated Network Solutions	$	57,065		$	72,711
Consumer Technology Group	38,843			29,865
Industrial & Emerging Industries	28,999			47,324
High Reliability Solutions	59,886			54,142
Corporate and Other	(25,711		)	(20,852		)
Total segment income	159,082			183,190
Reconciling items:
Intangible amortization	7,671			6,951
Stock-based compensation	16,126			11,682
Other charges (income), net	164			(44,009		)
Interest and other, net	16,505			18,637
Income before income taxes	$	118,616		$	189,929

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EARNINGS PER SHARE (Details 2) - shares	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Options
Anti-diluted securities excluded from the computation of diluted earnings per share
Ordinary shares excluded from the computation of diluted earnings per share	2,000,000	12,600,000
Share bonus awards
Anti-diluted securities excluded from the computation of diluted earnings per share
Ordinary shares excluded from the computation of diluted earnings per share	0	400,000

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FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES (Details 2) - Recurring Basis - USD ($) $ in Thousands	Jun. 26, 2015	Mar. 31, 2015
Money market funds and time deposits
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	$ 440,274	$ 674,859
Deferred purchase price receivable (Note 10)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	516,287	600,672
Foreign exchange contracts (Note 8)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	20,867	25,829
Total Liabilities	(27,766)	(31,057)
Deferred compensation plan assets: Mutual funds, money market accounts and equity securities
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	47,971	46,109
Contingent consideration in connection with business acquisitions
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Liabilities	(4,500)	(4,500)
Level 1 | Money market funds and time deposits
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	0	0
Level 1 | Deferred purchase price receivable (Note 10)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	0	0
Level 1 | Foreign exchange contracts (Note 8)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	0	0
Total Liabilities	0	0
Level 1 | Deferred compensation plan assets: Mutual funds, money market accounts and equity securities
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	8,809	9,068
Level 1 | Contingent consideration in connection with business acquisitions
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Liabilities	0	0
Level 2 | Money market funds and time deposits
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	440,274	674,859
Level 2 | Deferred purchase price receivable (Note 10)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	0	0
Level 2 | Foreign exchange contracts (Note 8)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	20,867	25,829
Total Liabilities	(27,766)	(31,057)
Level 2 | Deferred compensation plan assets: Mutual funds, money market accounts and equity securities
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	39,162	37,041
Level 2 | Contingent consideration in connection with business acquisitions
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Liabilities	0	0
Level 3 | Money market funds and time deposits
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	0	0
Level 3 | Deferred purchase price receivable (Note 10)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	516,287	600,672
Level 3 | Foreign exchange contracts (Note 8)
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	0	0
Total Liabilities	0	0
Level 3 | Deferred compensation plan assets: Mutual funds, money market accounts and equity securities
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Assets	0	0
Level 3 | Contingent consideration in connection with business acquisitions
Financial Instruments Measured at Fair Value on a Recurring Basis and Nonrecurring Basis
Total Liabilities	$ (4,500)	$ (4,500)

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 26, 2015	Mar. 31, 2015
Current assets:
Cash and cash equivalents	$ 2,331,411	$ 1,628,408
Accounts receivable, net of allowance for doubtful accounts	2,137,255	2,337,515
Inventories	3,413,430	3,488,752
Other current assets	1,198,131	1,286,225
Total current assets	9,080,227	8,740,900
Property and equipment, net	2,143,221	2,092,167
Goodwill and other intangible assets, net	428,286	415,175
Other assets	448,446	417,382
Total assets	12,100,180	11,665,624
Current liabilities:
Bank borrowings and current portion of long-term debt	44,927	46,162
Accounts payable	4,336,913	4,561,194
Accrued payroll	363,529	339,739
Other current liabilities	1,750,859	1,809,128
Total current liabilities	6,496,228	6,756,223
Long-term debt, net of current portion	2,632,138	2,037,571
Other liabilities	$ 484,258	$ 475,580
Commitments and contingencies (Note 13)
Flextronics International Ltd. shareholders' equity
Ordinary shares, no par value; 618,070,449 and 613,562,761 issued, and 567,831,094 and 563,323,406 outstanding as of June 26, 2015 and March 31, 2015, respectively	$ 7,230,211	$ 7,265,827
Treasury stock, at cost; 50,239,355 shares as of June 26, 2015 and March 31, 2015	(388,215)	(388,215)
Accumulated deficit	(4,225,443)	(4,336,293)
Accumulated other comprehensive loss	(164,893)	(180,505)
Total Flextronics International Ltd. shareholders' equity	2,451,660	2,360,814
Noncontrolling interests	35,896	35,436
Total shareholders' equity	2,487,556	2,396,250
Total liabilities and shareholders' equity	$ 12,100,180	$ 11,665,624

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OTHER CHARGES (INCOME), NET (Details) $ in Millions	3 Months Ended
	Jun. 27, 2014 USD ($)
Supply commitment
Commitments
Other charges (income), net	$ 55.0

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0
Unrealized gain on derivative instruments and other, tax	$ 0	$ 0

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SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Details) - Jun. 26, 2015 $ in Millions	USD ($) tranche
Bank borrowings and long-term debt
Number of tranches | tranche	3
Percentage of ownership interest owned in subsidiaries that guarantees indebtedness	100.00%
4.625% Notes due February 2020
Bank borrowings and long-term debt
Maximum borrowing capacity	$ 500
5.000% Notes due February 2023
Bank borrowings and long-term debt
Maximum borrowing capacity	500
4.750% Notes due June 2025
Bank borrowings and long-term debt
Maximum borrowing capacity	$ 600

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BALANCE SHEET ITEMS (Details 2) - 3 months ended Jun. 26, 2015 $ in Thousands	USD ($) segment
Balance Sheet Related Disclosures [Abstract]
Number of operating segments | segment	4
Activity in goodwill account
Balance, beginning of the year	$ 333,631
Additions	5,112
Purchase accounting adjustments	125
Foreign currency translation adjustments	925
Balance, end of the period	339,793
HRS
Activity in goodwill account
Balance, beginning of the year	93,138
Additions	2,130
Purchase accounting adjustments	125
Foreign currency translation adjustments	925
Balance, end of the period	96,318
CTG
Activity in goodwill account
Balance, beginning of the year	68,234
Additions	0
Purchase accounting adjustments	0
Foreign currency translation adjustments	0
Balance, end of the period	68,234
IEI
Activity in goodwill account
Balance, beginning of the year	64,221
Additions	2,982
Purchase accounting adjustments	0
Foreign currency translation adjustments	0
Balance, end of the period	67,203
INS
Activity in goodwill account
Balance, beginning of the year	108,038
Additions	0
Purchase accounting adjustments	0
Foreign currency translation adjustments	0
Balance, end of the period	$ 108,038

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SEGMENT REPORTING

3 Months Ended

Jun. 26, 2015

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company has four reportable operating segments which are aligned to its four business groups: HRS, CTG, IEI, and INS. These segments are determined based on several factors, including the nature of products and services, the nature of production processes, customer base, delivery channels and similar economic characteristics. Refer to note 1 for a description of the various product categories manufactured under each of these segments.

An operating segment's performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net sales less cost of sales, and segment selling, general and administrative expenses, and does not include amortization of intangibles, stock-based compensation, restructuring charges, other charges (income), net and interest and other, net.

Selected financial information by segment is as follows:

	Three-Month Periods Ended
	June 26, 2015			June 27, 2014
	(In thousands)
Net sales:
Integrated Network Solutions	$	1,966,562		$	2,440,425
Consumer Technology Group	1,564,964			2,222,141
Industrial & Emerging Industries	1,130,138			1,124,466
High Reliability Solutions	904,584			855,713
	$	5,566,248		$	6,642,745
Segment income and reconciliation of income before tax:
Integrated Network Solutions	$	57,065		$	72,711
Consumer Technology Group	38,843			29,865
Industrial & Emerging Industries	28,999			47,324
High Reliability Solutions	59,886			54,142
Corporate and Other	(25,711		)	(20,852		)
Total segment income	159,082			183,190
Reconciling items:
Intangible amortization	7,671			6,951
Stock-based compensation	16,126			11,682
Other charges (income), net	164			(44,009		)
Interest and other, net	16,505			18,637
Income before income taxes	$	118,616		$	189,929

Asset information on a segment basis is not disclosed, as property and equipment is not allocated to each segment.

Corporate and other primarily includes corporate services costs that are not included in the assessment of the performance of each of the identified reporting segments.

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BALANCE SHEET ITEMS (Details 3) - USD ($) $ in Thousands	Jun. 26, 2015	Mar. 31, 2015	Jun. 27, 2014	Mar. 31, 2014
Components of acquired intangible assets
Gross Carrying Amount	$ 186,315	$ 173,838
Accumulated Amortization	(97,822)	(92,294)
Total amortization expense	88,493	81,544
Estimated future annual amortization expense for acquired intangible assets
2016	21,587
2017	21,428
2018	15,677
2019	11,386
2020	6,807
Thereafter	11,608
Total amortization expense	88,493	81,544
Other current assets related to purchase of assets on behalf of customer financed by a third party banking institution	84,300	169,200
Other receivables relating to assets sold to third parties but not yet collected	87,100
Customer working capital advances	172,700	189,600
Customer related accruals	443,100	454,800
Deferred revenue	301,100	272,600
Other current liability for purchase of assets on behalf of customer financed by a third party banking institution	172,500	197,700
Asset-Backed Securitization Programs
Estimated future annual amortization expense for acquired intangible assets
Transferor's interests in transferred financial assets, fair value	516,287	600,672	$ 463,124	$ 470,908
Customer-related intangibles
Components of acquired intangible assets
Gross Carrying Amount	146,098	133,853
Accumulated Amortization	(83,820)	(80,506)
Total amortization expense	62,278	53,347
Estimated future annual amortization expense for acquired intangible assets
Total amortization expense	62,278	53,347
Licenses and other intangibles
Components of acquired intangible assets
Gross Carrying Amount	40,217	39,985
Accumulated Amortization	(14,002)	(11,788)
Total amortization expense	26,215	28,197
Estimated future annual amortization expense for acquired intangible assets
Total amortization expense	$ 26,215	$ 28,197

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BALANCE SHEET ITEMS (Tables)

3 Months Ended

Jun. 26, 2015

Balance Sheet Related Disclosures [Abstract]

Schedule of components of inventories

The components of inventories, net of applicable lower of cost or market write-downs, were as follows:

	As of    June 26, 2015		As of    March 31, 2015
	(In thousands)
Raw materials	$	2,158,161	$	2,330,428
Work-in-progress	582,041		557,786
Finished goods	673,228		600,538
	$	3,413,430	$	3,488,752

Schedule of goodwill

The following table summarizes the activity in the Company’s goodwill account for each of its four segments during the three-month period ended June 26, 2015:

		HRS		CTG		IEI		INS		Amount
	(In thousands)
Balance, beginning of the year		$	93,138	$	68,234	$	64,221	$	108,038	$	333,631
Additions (1)		2,130		—		2,982		—		5,112
Purchase accounting adjustments (2)		125		—		—		—		125
Foreign currency translation adjustments		925		—		—		—		925
Balance, end of the period		$	96,318	$	68,234	$	67,203	$	108,038	$	339,793

(1) The goodwill generated from the Company’s business combinations completed during the three-month period ended June 26, 2015 is primarily related to value placed on the acquired employee workforces, service offerings and capabilities of the acquired businesses and expected synergies. The goodwill is not deductible for income tax purposes. See note 12 for additional information.

(2) Includes adjustments based on management's estimates resulting from their review and finalization of the valuation of assets and liabilities acquired through certain business combinations completed in a period subsequent to the respective acquisition. These adjustments were not individually, nor in the aggregate, significant to the Company.

Schedule of components of acquired intangible assets

The components of acquired intangible assets are as follows:

	As of June 26, 2015							As of March 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Intangible assets:
Customer-related intangibles	$	146,098	$	(83,820	)	$	62,278	$	133,853	$	(80,506	)	$	53,347
Licenses and other intangibles	40,217		(14,002		)	26,215		39,985		(11,788		)	28,197
Total	$	186,315	$	(97,822	)	$	88,493	$	173,838	$	(92,294	)	$	81,544

Schedule of estimated future annual amortization expense for intangible assets

The estimated future annual amortization expense for intangible assets is as follows:

Fiscal Year Ending March 31,	Amount
	(In thousands)
2016 (1)	$	21,587
2017	21,428
2018	15,677
2019	11,386
2020	6,807
Thereafter	11,608
Total amortization expense	$	88,493

____________________________________________________________

(1) Represents estimated amortization for the remaining nine-month period ending March 31, 2016.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 110,850	$ 173,887
Depreciation, amortization and other impairment charges	110,119	121,501
Changes in working capital and other	141,307	(376,557)
Net cash provided by (used in) operating activities	362,276	(81,169)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(138,348)	(87,101)
Proceeds from the disposition of property and equipment	1,512	14,184
Acquisition of businesses, net of cash acquired	(18,580)	0
Proceeds from divestiture of business, net of cash held in divested business	1,000	(5,493)
Other investing activities, net	(7,580)	(21,462)
Net cash used in investing activities	(161,996)	(99,872)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings and long-term debt	595,548	26,615
Repayments of bank borrowings and long-term debt	(8,457)	(859)
Payments for repurchases of ordinary shares	(99,995)	(105,568)
Net proceeds from issuance of ordinary shares	44,602	9,329
Other financing activities, net	(25,252)	300
Net cash provided by (used in) financing activities	506,446	(70,183)
Effect of exchange rates on cash and cash equivalents	(3,723)	5,186
Net increase (decrease) in cash and cash equivalents	703,003	(246,038)
Cash and cash equivalents, beginning of period	1,628,408	1,593,728
Cash and cash equivalents, end of period	2,331,411	1,347,690
Non-cash investing activity:
Unpaid purchases of property and equipment	$ 122,601	$ 49,130

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 26, 2015	Mar. 31, 2015
Statement of Financial Position [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0	$ 0
Ordinary shares, issued	618,070,449	613,562,761
Ordinary shares, outstanding	567,831,094	563,323,406
Treasury stock, shares	50,239,355	50,239,355

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TRADE RECEIVABLES SECURITIZATION

3 Months Ended

Jun. 26, 2015

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

TRADE RECEIVABLES SECURITIZATION

TRADE RECEIVABLES SECURITIZATION

The Company sells trade receivables under two asset-backed securitization programs and under an accounts receivable factoring program.

Asset-Backed Securitization Programs

The Company continuously sells designated pools of trade receivables under its Global Asset-Backed Securitization Agreement (the “Global Program”) and its North American Asset-Backed Securitization Agreement (the “North American Program,” collectively, the “ABS Programs”) to affiliated special purpose entities, each of which in turn sells 100% of the receivables to unaffiliated financial institutions. These programs allow the operating subsidiaries to receive a cash payment and a deferred purchase price receivable for sold receivables. Following the transfer of the receivables to the special purpose entities, the transferred receivables are isolated from the Company and its affiliates, and upon the sale of the receivables from the special purpose entities to the unaffiliated financial institutions effective control of the transferred receivables is passed to the unaffiliated financial institutions, which has the right to pledge or sell the receivables. Although the special purpose entities are consolidated by the Company, they are separate corporate entities and their assets are available first to satisfy the claims of their creditors. The investment limits set by the financial institutions are $650.0 million for the Global Program and $225.0 million for the North American Program. Both programs require a minimum level of deferred purchase price receivable to be retained by the Company in connection with the sales.

The Company services, administers and collects the receivables on behalf of the special purpose entities and receives a servicing fee of 0.1% to 0.5% of serviced receivables per annum. Servicing fees recognized during the three-month periods ended June 26, 2015 and June 27, 2014 were not material and are included in interest and other, net within the condensed consolidated statements of operations. As the Company estimates the fee it receives in return for its obligation to service these receivables is at fair value, no servicing assets and liabilities are recognized.

As of June 26, 2015, approximately $1.4 billion of accounts receivable had been sold to the special purpose entities under the ABS Programs for which the Company had received net cash proceeds of approximately $866.4 million and deferred purchase price receivables of approximately $516.3 million. As of March 31, 2015, approximately $1.3 billion of accounts receivable had been sold to the special purpose entities for which the Company had received net cash proceeds of $740.7 million and deferred purchase price receivables of approximately $600.7 million. The portion of the purchase price for the receivables which is not paid by the unaffiliated financial institutions in cash is a deferred purchase price receivable, which is paid to the special purpose entity as payments on the receivables are collected from account debtors. The deferred purchase price receivable represents a beneficial interest in the transferred financial assets and is recognized at fair value as part of the sale transaction. The deferred purchase price receivables are included in other current assets as of June 26, 2015 and March 31, 2015, and were carried at the expected recovery amount of the related receivables. The difference between the carrying amount of the receivables sold under these programs and the sum of the cash and fair value of the deferred purchase price receivables received at time of transfer is recognized as a loss on sale of the related receivables and recorded in interest and other, net in the condensed consolidated statements of operations and were immaterial for all periods presented.

As of June 26, 2015 and March 31, 2015, the accounts receivable balances that were sold under the ABS Programs were removed from the condensed consolidated balance sheets and the net cash proceeds received by the Company were included as cash provided by operating activities in the condensed consolidated statements of cash flows.

For the three-month periods ended June 26, 2015 and June 27, 2014, cash flows from sales of receivables under the ABS Programs consisted of approximately $1.1 billion for both periods, for transfers of receivables, respectively (of which approximately $162.7 million and $42.5 million, respectively, represented new transfers and the remainder proceeds from collections reinvested in revolving-period transfers).

The following table summarizes the activity in the deferred purchase price receivables account:

	Three-Month Periods Ended
	June 26, 2015			June 27, 2014
	(In thousands)
Beginning balance	$	600,672		$	470,908
Transfers of receivables	767,048			778,860
Collections	(851,433		)	(786,644		)
Ending balance	$	516,287		$	463,124

Trade Accounts Receivable Sale Programs

The Company also sold accounts receivables to certain third-party banking institutions. The outstanding balance of receivables sold and not yet collected was approximately $368.0 million and $485.6 million as of June 26, 2015 and March 31, 2015, respectively. For the three-month periods ended June 26, 2015 and June 27, 2014, total accounts receivable sold to certain third party banking institutions was approximately $0.6 billion and $1.2 billion, respectively. The receivables that were sold were removed from the condensed consolidated balance sheets and the cash received is reflected as cash provided by operating activities in the condensed consolidated statements of cash flows.

XML

Document and Entity Information - shares	3 Months Ended
	Jun. 26, 2015	Jul. 20, 2015
Document and Entity Information
Entity Registrant Name	FLEXTRONICS INTERNATIONAL LTD.
Entity Central Index Key	0000866374
Document Type	10-Q
Document Period End Date	Jun. 26, 2015
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		566,491,358
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

XML

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES

3 Months Ended

Jun. 26, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES

FAIR VALUE MEASUREMENT OF ASSETS AND LIABILITIES

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact, and it considers assumptions that market participants would use when pricing the asset or liability. The accounting guidance for fair value establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is as follows:

Level 1 - Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

The Company has deferred compensation plans for its officers and certain other employees. Amounts deferred under the plans are invested in hypothetical investments selected by the participant or the participant’s investment manager. The Company’s deferred compensation plan assets are for the most part included in other noncurrent assets on the condensed consolidated balance sheets and primarily include investments in equity securities that are valued using active market prices.

Level 2 - Applies to assets or liabilities for which there are inputs other than quoted prices included within level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets) such as cash and cash equivalents and money market funds; or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

The Company values foreign exchange forward contracts using level 2 observable inputs which primarily consist of an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount.

The Company’s cash equivalents are comprised of bank deposits and money market funds, which are valued using level 2 inputs, such as interest rates and maturity periods. Due to their short-term nature, their carrying amount approximates fair value.

The Company’s deferred compensation plan assets also include money market funds, mutual funds, corporate and government bonds and certain convertible securities that are valued using prices obtained from various pricing sources. These sources price these investments using certain market indices and the performance of these investments in relation to these indices. As a result, the Company has classified these investments as level 2 in the fair value hierarchy.

Level 3 - Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company has accrued for certain contingent consideration in connection with its business acquisitions, which is measured at fair value based on internal cash flow models and other inputs. During the three-month periods ended June 26, 2015 and June 27, 2014, no additions to accrual, payments or fair value adjustments were incurred. As of June 26, 2015 and June 27, 2014, balances of contingent consideration were $4.5 million and $11.3 million, respectively.

The Company values deferred purchase price receivables relating to its asset-backed securitization program based on a discounted cash flow analysis using unobservable inputs (i.e., level 3 inputs), which are primarily risk free interest rates adjusted for the credit quality of the underlying creditor. Due to its high credit quality and short term maturity the fair value approximates carrying value. Significant increases in either of the major unobservable inputs (credit spread, risk free interest rate) in isolation would result in lower fair value estimates, however the impact is not meaningful. The interrelationship between these inputs is also insignificant. Refer to note 10 for a reconciliation of the change in the deferred purchase price receivable during the three-month periods ended June 26, 2015 and June 27, 2014.

There were no transfers between levels in the fair value hierarchy during the three-month periods ended June 26, 2015 and June 27, 2014.

Financial Instruments Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis:

	Fair Value Measurements as of June 26, 2015
	Level 1		Level 2			Level 3			Total
	(In thousands)
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	$	—	$	440,274		$	—		$	440,274
Deferred purchase price receivable (Note 10)	—		—			516,287			516,287
Foreign exchange contracts (Note 8)	—		20,867			—			20,867
Deferred compensation plan assets:									0
Mutual funds, money market accounts and equity securities	8,809		39,162			—			47,971
Liabilities:									0
Foreign exchange contracts (Note 8)	$	—	$	(27,766	)	$	—		$	(27,766	)
Contingent consideration in connection with business acquisitions	—		—			(4,500		)	(4,500		)
	Fair Value Measurements as of March 31, 2015
	Level 1		Level 2			Level 3			Total
	(In thousands)
Assets:
Money market funds and time deposits (included in cash and cash equivalents of the condensed consolidated balance sheet)	$	—	$	674,859		$	—		$	674,859
Deferred purchase price receivable (Note 10)	—		—			600,672			600,672
Foreign exchange contracts (Note 8)	—		25,829			—			25,829
Deferred compensation plan assets:									0
Mutual funds, money market accounts and equity securities	9,068		37,041			—			46,109
Liabilities:									0
Foreign exchange contracts (Note 8)	$	—	$	(31,057	)	$	—		$	(31,057	)
Contingent consideration in connection with business acquisitions	—		—			(4,500		)	(4,500		)

Other financial instruments

The following table presents the Company’s debt not carried at fair value:

	As of June 26, 2015				As of March 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Fair Value Hierarchy
	(In thousands)
Term Loan, including current portion, due in installments through August 2018	$	592,500	$	587,689	$	592,500	$	582,131	Level 1
Term Loan, including current portion, due in installments through March 2019	475,000		472,625		475,000		465,500		Level 1
4.625% Notes due February 2020	500,000		517,300		500,000		523,750		Level 1
5.000% Notes due February 2023	500,000		520,990		500,000		543,150		Level 1
4.750% Notes due June 2025	595,278		597,000		—		—		Level 1
Total	$	2,662,778	$	2,695,604	$	2,067,500	$	2,114,531

The term loans and Notes due February 2020, February 2023 and June 2025 are valued based on broker trading prices in active markets.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Income Statement [Abstract]
Net sales	$ 5,566,248	$ 6,642,745
Cost of sales	5,213,907	6,261,960
Gross profit	352,341	380,785
Selling, general and administrative expenses	209,385	209,277
Intangible amortization	7,671	6,951
Interest and other, net	16,505	18,637
Other charges (income), net	164	(44,009)
Income before income taxes	118,616	189,929
Provision for income taxes	7,766	16,042
Net income	$ 110,850	$ 173,887
Earnings per share:
Basic (in dollars per share)	$ 0.20	$ 0.30
Diluted (in dollars per share)	$ 0.19	$ 0.29
Weighted-average shares used in computing per share amounts:
Basic (in shares)	565,545	587,233
Diluted (in shares)	577,997	601,300

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BANK BORROWINGS AND LONG TERM DEBT

3 Months Ended

Jun. 26, 2015

Debt Disclosure [Abstract]

BANK BORROWINGS AND LONG TERM DEBT

BANK BORROWINGS AND LONG TERM DEBT

Bank borrowings and long-term debt are as follows:

	As of June 26, 2015		As of March 31, 2015
	(In thousands)
Term Loan, including current portion, due in installments through August 2018	$	592,500	$	592,500
Term Loan, including current portion, due in installments through March 2019	475,000		475,000
4.625% Notes due February 2020	500,000		500,000
5.000% Notes due February 2023	500,000		500,000
4.750% Notes due June 2025	595,278		—
Other	14,287		16,233
Total	$	2,677,065	$	2,083,733

The weighted average interest rates for the Company’s long-term debt were 3.5% and 3.2% as of June 26, 2015 and March 31, 2015, respectively,

On June 8, 2015, the Company issued $600 million of 4.750% Notes ("Notes") due June 15, 2025 in a private offering pursuant to Rule 144A and Regulation S under the Securities Act, at a discount of 99.213%. The Company received net proceeds of approximately $595.3 million from the issuance which will be used for general corporate purposes.

The Company incurred approximately $7.9 million of costs in conjunction with the issuance of the Notes. The issuance costs were capitalized and will be amortized over the life of the Notes.

Interest on the Notes is payable semi-annually, commencing on December 15, 2015. The Notes are senior unsecured obligations of the Company, rank equally with all of the Company's other existing and future senior and unsecured debt obligations, and are guaranteed, jointly and severally, fully and unconditionally on an unsecured basis, by each of the Company's 100% owned subsidiaries that guarantees indebtedness under, or is a borrower under, the Company's Term Loan Agreement and Revolving Line of Credit.

At any time prior to March 15, 2025, the Company may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus an applicable premium and accrued and unpaid interest, if any, to the applicable redemption date. Upon the occurrence of a change of control repurchase event (as defined in the Notes indenture), the Company must offer to repurchase the Notes at a repurchase price equal to 101% of the principal amount of the Notes repurchased, plus accrued and unpaid interest, if any, to the applicable repurchase date.

The indenture governing the Notes contains covenants that, among other things, restrict the ability of the Company and certain of the Company's subsidiaries to create liens; enter into sale-leaseback transactions; create, incur, issue, assume or guarantee any funded debt; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's assets to, another person, or permit any other person to consolidate, merge, combine or amalgamate with or into the Company. These covenants are subject to a number of significant limitations and exceptions set forth in the indenture. The indenture also provides for customary events of default, including, but not limited to, cross defaults to certain specified other debt of the Company and its subsidiaries. In the case of an event of default arising from specified events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without further action or notice. If any other event of default under the agreement occurs or is continuing, the applicable trustee or holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all of the Notes to be due and payable immediately, but upon certain conditions such declaration and its consequences may be rescinded and annulled by the holders of a majority in principal amount of the Notes. As of June 26, 2015, the Company was in compliance with the covenants in the indenture governing the Notes.

In connection with the issuance of the Notes, the Company entered into a registration rights agreement under which it has agreed to consummate an offer registered with the Securities and Exchange Commission to issue new notes having terms substantially identical to the Notes (except that the new notes will not be subject to restrictions on transfer) in exchange for outstanding Notes. In some circumstances, the Company may be required to file a shelf registration statement to cover resale of the Notes. If the Company fails to satisfy these obligations, the Company may be required to pay additional interest to holders of the Notes under certain circumstances.

Repayment of the Company’s long term debt outstanding as of June 26, 2015 is as follows:

Fiscal Year Ending March 31,	Amount
	(In thousands)
2016 (1)	$	40,000
2017	52,500
2018	52,500
2019	922,500
2020	500,000
Thereafter	1,109,565
Total	$	2,677,065

____________________________________________________________

(1) Represents scheduled repayment for the remaining nine-month period ending March 31, 2016.

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EARNINGS PER SHARE

3 Months Ended

Jun. 26, 2015

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The following table reflects the basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share attributable to the shareholders of Flextronics International Ltd.:

	Three-Month Periods Ended
	June 26, 2015		June 27, 2014
	(In thousands, except per share amounts)
Net income	$	110,850	$	173,887
Shares used in computation:
Weighted-average ordinary shares outstanding	565,545		587,233
Basic earnings per share	0.20		0.30
Diluted earnings per share:
Net income	110,850		173,887
Shares used in computation:
Weighted-average ordinary shares outstanding	565,545		587,233
Weighted-average ordinary share equivalents from stock options and awards (1)	12,452		14,067
Weighted-average ordinary shares and ordinary share equivalents outstanding	577,997		601,300
Diluted earnings per share	0.19		0.29

____________________________________________________________

(1)  Options to purchase ordinary shares of 2.0 million and 12.6 million during the three-month periods ended June 26, 2015 and June 27, 2014, respectively, and share bonus awards of 0.4 million for the three-month period ended June 27, 2014, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted average ordinary share equivalents. No anti-dilutive share bonus awards were excluded for the three-month period ended June 26, 2015.

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SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

3 Months Ended

Jun. 26, 2015

SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

Flextronics International Ltd. (“Parent”) has three tranches of Notes of $500 million, $500 million, and $600 million, respectively, each outstanding, which mature on February 15, 2020, February 15, 2023 and June 15, 2025, respectively. These Notes are senior unsecured obligations, and are guaranteed, fully and unconditionally, jointly and severally, on an unsecured basis, by certain of the Company’s 100% owned subsidiaries (the “guarantor subsidiaries”). These subsidiary guarantees will terminate upon 1) a sale or other disposition of the guarantor or the sale or disposition of all or substantially all the assets of the guarantor (other than to the Parent or a subsidiary); 2) such guarantor ceasing to be a guarantor or a borrower under the Company’s Term Loan Agreement and the Revolving Line of Credit; 3) defeasance or discharge of the Notes, as provided in the Notes indenture; or 4) if at any time the Notes are rated investment grade.

In lieu of providing separate financial statements for the guarantor subsidiaries, the Company has included the accompanying condensed consolidating financial statements, which are presented using the equity method of accounting. The principal elimination entries relate to investment in subsidiaries and intercompany balances and transactions, including transactions with the Company’s non-guarantor subsidiaries.

Condensed Consolidating Balance Sheets as of June 26, 2015

	Parent		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,347,411	$	209,441		$	774,559	$	—		$	2,331,411
Accounts receivable	—		1,080,525			1,056,730		—			2,137,255
Inventories	—		1,616,735			1,796,695		—			3,413,430
Inter company receivable	7,095,635		5,210,421			11,167,310		(23,473,366		)	—
Other current assets	1,677		208,381			988,073		—			1,198,131
Total current assets	8,444,723		8,325,503			15,783,367		(23,473,366		)	9,080,227
Property and equipment, net	—		497,172			1,646,049		—			2,143,221
Goodwill and other intangible assets, net	400		59,725			368,161		—			428,286
Other assets	2,257,484		192,856			2,118,449		(4,120,343		)	448,446
Investment in subsidiaries	1,678,491		1,801,725			16,697,245		(20,177,461		)	—
Total assets	$	12,381,098	$	10,876,981		$	36,613,271	$	(47,771,170	)	$	12,100,180
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Bank borrowings and current portion of long-term debt	$	40,000	$	952		$	3,975	$	—		$	44,927
Accounts payable	—		1,619,892			2,717,021		—			4,336,913
Accrued payroll	—		117,485			246,044		—			363,529
Inter company payable	7,179,540		7,858,602			8,435,224		(23,473,366		)	—
Other current liabilities	47,001		776,252			927,606		—			1,750,859
Total current liabilities	7,266,541		10,373,183			12,329,870		(23,473,366		)	6,496,228
Long term liabilities	2,662,890		2,105,617			2,468,232		(4,120,343		)	3,116,396
Flextronics International Ltd. shareholders’ equity (deficit)	2,451,667		(1,601,819		)	21,779,273		(20,177,461		)	2,451,660
Noncontrolling interests	—		—			35,896		—			35,896
Total shareholders’ equity (deficit)	2,451,667		(1,601,819		)	21,815,169		(20,177,461		)	2,487,556
Total liabilities and shareholders’ equity	$	12,381,098	$	10,876,981		$	36,613,271	$	(47,771,170	)	$	12,100,180

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		1,677,813			16,641,211		(20,118,980		)	—
Total assets	$	11,058,357	$	10,431,177		$	35,798,509	$	(45,622,419	)	$	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 (deficit)	2,360,814		(1,639,569		)	21,758,549		(20,118,980		)	2,360,814
Noncontrolling interests	—		—			35,436		—			35,436
Total shareholders’ equity (deficit)	2,360,814		(1,639,569		)	21,793,985		(20,118,980		)	2,396,250
Total liabilities and shareholders’ equity	$	11,058,357	$	10,431,177		$	35,798,509	$	(45,622,419	)	$	11,665,624

Condensed Consolidating Statements of Operations for the Three-Month Period Ended June 26, 2015

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net sales	$	—		$	3,834,526		$	3,945,465		$	(2,213,743	)	$	5,566,248
Cost of sales	—			3,442,739			3,984,911			(2,213,743		)	5,213,907
Gross profit	—			391,787			(39,446		)	—			352,341
Selling, general and administrative expenses	—			60,944			148,441			—			209,385
Intangible amortization	75			731			6,865			—			7,671
Interest and other, net	(267,052		)	331,716			(47,995		)	—			16,669
Income (loss) from continuing operations before income taxes	266,977			(1,604		)	(146,757		)	—			118,616
Provision for income taxes	—			9,099			(1,333		)	—			7,766
Equity in earnings in subsidiaries	(156,127		)	(18,807		)	35,653			139,281			—
Net income (loss)	$	110,850		$	(29,510	)	$	(109,771	)	$	139,281		$	110,850

Condensed Consolidating Statements of Operations for the Three-Month Period Ended June 27, 2014

	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net sales	$	—		$	4,511,228	$	4,805,682		$	(2,674,165	)	$	6,642,745
Cost of sales	—			4,158,191		4,777,934			(2,674,165		)	6,261,960
Gross profit	—			353,037		27,748			—			380,785
Selling, general and administrative expenses	—			54,494		154,783			—			209,277
Intangible amortization	75			623		6,253			—			6,951
Interest and other, net	16,531			259,751		(301,654		)	—			(25,372		)
Income (loss) from continuing operations before income taxes	(16,606		)	38,169		168,366			—			189,929
Provision for income taxes	—			6,648		9,394			—			16,042
Equity in earnings in subsidiaries	190,493			60,982		36,431			(287,906		)	—
Net income	$	173,887		$	92,503	$	195,403		$	(287,906	)	$	173,887

Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended June 26, 2015

	Parent		Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	110,850	$	(29,510	)	$	(109,771	)	$	139,281		$	110,850
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	2,783		(23,490		)	(20,897		)	44,387			2,783
Unrealized gain on derivative instruments and other, net of zero tax	12,829		4,624			12,829			(17,453		)	12,829
Comprehensive income (loss)	$	126,462	$	(48,376	)	$	(117,839	)	$	166,215		$	126,462

Condensed Consolidating Statements of Comprehensive Income for the Three-Month Period Ended June 27, 2014

	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
Net income	$	173,887		$	92,503	$	195,403	$	(287,906	)	$	173,887
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	(4,145		)	15,950		5,726		(21,676		)	(4,145		)
Unrealized gain on derivative instruments and other, net of zero tax	10,725			1,830		10,725		(12,555		)	10,725
Comprehensive income	$	180,467		$	110,283	$	211,854	$	(322,137	)	$	180,467

Condensed Consolidating Statements of Cash Flows for the Three-Month Period Ended June 26, 2015

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	279,177		$	(6,637	)	$	89,736		$	—		362,276
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	—			(47,108		)	(89,728		)	—			(136,836		)
Acquisition of businesses, net of cash acquired	—			(2,785		)	(15,795		)	—			(18,580		)
Proceeds from divesture of business, net of cash held in divested business	—			—			1,000			—			1,000
Investing cash flows to affiliates	(718,381		)	(263,348		)	(1,077,202		)	2,058,931			—
Other investing activities, net	—			(14,732		)	7,152			—			(7,580		)
Net cash used in investing activities	(718,381		)	(327,973		)	(1,174,573		)	2,058,931			(161,996		)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	595,309			221			18			—			595,548
Repayments of bank borrowings, long-term debt and capital lease obligations	(6,604		)	(493		)	(1,360		)	—			(8,457		)
Payments for repurchases of ordinary shares	(99,995		)	—			—			—			(99,995		)
Net proceeds from issuance of ordinary shares	44,602			—			—			—			44,602
Financing cash flows from affiliates	619,970			377,012			1,061,949			(2,058,931		)	—
Other financing activities, net	—			—			(25,252		)	—			(25,252		)
Net cash provided by financing activities	1,153,282			376,740			1,035,355			(2,058,931		)	506,446
Effect of exchange rates on cash and cash equivalents	24,362			(961		)	(27,124		)	—			(3,723		)
Net increase (decrease) in cash and cash equivalents	738,440			41,169			(76,606		)	—			703,003
Cash and cash equivalents, beginning of period	608,971			168,272			851,165			—			1,628,408
Cash and cash equivalents, end of period	$	1,347,411		$	209,441		$	774,559		$	—		$	2,331,411

Condensed Consolidating Statements of Cash Flows for the Three-Month Period Ended June 27, 2014

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(13,025	)	$	231,140		$	(299,284	)	$	—		$	(81,169	)
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	—			(39,690		)	(33,227		)	—			(72,917		)
Proceeds from divestiture of business, net of cash held in divested business	—			—			(5,493		)	—			(5,493		)
Investing cash flows from (to) affiliates	(1,185,671		)	(532,104		)	593,559			1,124,216			—
Other investing activities, net	—			(959		)	(20,503		)	—			(21,462		)
Net cash provided by (used in) investing activities	(1,185,671		)	(572,753		)	534,336			1,124,216			(99,872		)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	—			—			26,615			—			26,615
Repayments of bank borrowings, long-term debt and capital lease obligations	—			(393		)	(466		)	—			(859		)
Payments for repurchases of ordinary shares	(105,568		)	—			—			—			(105,568		)
Net proceeds from issuance of ordinary shares	9,329			—			—			—			9,329
Financing cash flows from (to) affiliates	931,635			347,775			(155,194		)	(1,124,216		)	—
Other financing activities, net	—			—			300			—			300
Net cash provided by (used in) financing activities	835,396			347,382			(128,745		)	(1,124,216		)	(70,183		)
Effect of exchange rates on cash and cash equivalents	(10,141		)	(504		)	15,831			—			5,186
Net decrease (increase) in cash and cash equivalents	(373,441		)	5,265			122,138			—			(246,038		)
Cash and cash equivalents, beginning of period	638,714			210,462			744,552			—			1,593,728
Cash and cash equivalents, end of period	$	265,273		$	215,727		$	866,690		$	—		$	1,347,690

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BUSINESS AND ASSETS ACQUISITIONS

3 Months Ended

Jun. 26, 2015

Business Combinations [Abstract]

BUSINESS AND ASSETS ACQUISITIONS

BUSINESS AND ASSETS ACQUISITIONS

During the three-month period ended June 26, 2015, the Company completed three acquisitions that were not individually, nor in the aggregate, significant to the consolidated financial position, results of operations and cash flows of the Company.  Two of the acquired businesses expanded the Company’s capabilities in the medical devices market, particularly precision plastics and molding within the HRS business group, and the other strengthened capabilities in the household industrial market within the IEI business group. The Company paid $15.3 million, net of $0.1 million of cash held by the acquirees. The Company primarily acquired $2.0 million of property and equipment, assumed liabilities of $0.6 million and recorded goodwill and intangibles of $18.9 million. The results of operations were included in the Company’s consolidated financial results beginning on the date of these acquisitions. Pro-forma results of operations for these acquisitions have not been presented because the effects of the acquisitions were immaterial to the Company’s consolidated financial results for all periods presented.

The Company is in the process of evaluating the fair value of the assets and liabilities related to business combinations completed during the recent periods. Additional information, which existed as of the acquisition date, may become known to the Company during the remainder of the measurement period, a period not to exceed 12 months from the date of acquisition. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill during the respective measurement periods.

In the beginning of the Company's second quarter ending September 25, 2015, the Company completed the acquisition of Mirror Controls International (MCi) from private equity firm Egeria, and paid approximately $555.0 million, net of cash acquired, of which approximately $477.0 million was paid to acquire the entire outstanding share capital of MCi and approximately $78.0 million was to retire pre-existing debt. The financial results of MCi will be included in the consolidated financial statements of the Company as part of the HRS business group beginning in the second quarter of fiscal year 2016.

The Company also paid approximately $69.5 million in the beginning of the second quarter ending September 25, 2015, to acquire an optical transport plant from Alcatel-Lucent, which will be included in the INS business group.

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FINANCIAL INSTRUMENTS

3 Months Ended

Jun. 26, 2015

Derivative Instruments and Hedges, Assets [Abstract]

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

Foreign Currency Contracts

The Company primarily enters into forward contracts and foreign currency swap contracts to manage the foreign currency risk associated with monetary accounts and anticipated foreign currency denominated transactions. The Company hedges committed exposures and does not engage in speculative transactions. As of June 26, 2015, the aggregate notional amount of the Company’s outstanding foreign currency contracts was $5.2 billion as summarized below:

	Foreign Currency Amount		Notional Contract Value in USD
Currency	Buy	Sell	Buy		Sell
	(In thousands)
Cash Flow Hedges
CNY	2,449,000	—	$	394,542	$	—
HUF	14,186,000	—	51,001		—
ILS	112,700	—	30,024		—
MXN	1,560,700	—	101,021		—
MYR	220,000	—	58,640		—
Other	N/A	N/A	53,595		6,704
			688,823		6,704
Other Foreign Currency Contracts
BRL	—	581,000	—		188,020
CAD	63,479	56,866	50,900		45,685
CHF	7,709	36,309	8,234		38,829
CNY	540,765	—	86,937		—
DKK	196,400	155,700	29,448		23,346
EUR	1,514,440	1,353,824	1,692,028		1,513,387
GBP	29,331	56,807	46,063		89,114
HUF	13,076,000	14,330,000	47,011		51,519
ILS	84,400	53,600	22,484		14,279
JPY	3,935,864	2,966,700	31,855		24,060
MXN	1,326,660	506,980	85,872		32,816
MYR	278,081	22,750	74,121		6,064
SEK	444,196	801,591	53,694		96,277
SGD	34,644	5,774	25,754		4,292
Other	N/A	N/A	70,483		36,708
			2,324,884		2,164,396
Total Notional Contract Value in USD			$	3,013,707	$	2,171,100

As of June 26, 2015, the fair value of the Company’s short-term foreign currency contracts was not material and is included in other current assets or other current liabilities, as applicable, in the condensed consolidated balance sheets. Certain of these contracts are designed to economically hedge the Company’s exposure to monetary assets and liabilities denominated in a non-functional currency and are not accounted for as hedges under the accounting standards. Accordingly, changes in the fair value of these instruments are recognized in earnings during the period of change as a component of interest and other, net in the condensed consolidated statements of operations. As of June 26, 2015 and March 31, 2015, the Company also has included net deferred losses in accumulated other comprehensive loss, a component of shareholders’ equity in the condensed consolidated balance sheets, relating to the effective portion of changes in fair value of its foreign currency contracts that are accounted for as cash flow hedges. These deferred losses totaled $3.1 million as of June 26, 2015, and are expected to be recognized primarily as a component of cost of sales in the condensed consolidated statements of operations primarily over the next twelve-month period. The gains and losses recognized in earnings due to hedge ineffectiveness were not material for all fiscal periods presented and are included as a component of interest and other, net in the condensed consolidated statements of operations.

The following table presents the fair value of the Company’s derivative instruments utilized for foreign currency risk management purposes:

	Fair Values of Derivative Instruments
	Asset Derivatives					Liability Derivatives
		Fair Value					Fair Value
	Balance Sheet Location	June 26, 2015		March 31, 2015		Balance Sheet Location	June 26, 2015		March 31, 2015
	(In thousands)
Derivatives designated as hedging instruments
Foreign currency contracts	Other current assets	$	4,498	$	2,896	Other current liabilities	$	6,160	$	19,729
Derivatives not designated as hedging instruments
Foreign currency contracts	Other current assets	$	16,369	$	22,933	Other current liabilities	$	21,606	$	11,328

The Company has financial instruments subject to master netting arrangements, which provides for the net settlement of all contracts with a single counterparty. The Company does not offset fair value amounts for assets and liabilities recognized for derivative instruments under these arrangements, and as such, the asset and liability balances presented in the table above reflect the gross amounts of derivatives in the condensed consolidated balance sheets. The impact of netting derivative assets and liabilities is not material to the Company’s financial position for any period presented.

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SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Details 2) - USD ($) $ in Thousands	Jun. 26, 2015	Mar. 31, 2015	Jun. 27, 2014	Mar. 31, 2014	Mar. 31, 2013
Current assets:
Cash and cash equivalents	$ 2,331,411	$ 1,628,408	$ 1,347,690	$ 1,593,728	$ 1,593,728
Accounts receivable	2,137,255	2,337,515
Inventories	3,413,430	3,488,752
Inter company receivable	0	0
Other current assets	1,198,131	1,286,225
Total current assets	9,080,227	8,740,900
Property and equipment, net	2,143,221	2,092,167
Goodwill and other intangible assets, net	428,286	415,175
Other assets	448,446	417,382
Investment in subsidiaries	0	0
Total assets	12,100,180	11,665,624
Current liabilities:
Bank borrowings and current portion of long-term debt	44,927	46,162
Accounts payable	4,336,913	4,561,194
Accrued payroll	363,529	339,739
Inter company payable	0	0
Other current liabilities	1,750,859	1,809,128
Total current liabilities	6,496,228	6,756,223
Long term liabilities	3,116,396	2,513,151
Flextronics International Ltd. shareholders' equity (deficit)	2,451,660	2,360,814
Noncontrolling interest	35,896	35,436
Total shareholders' equity	2,487,556	2,396,250
Total liabilities and shareholders' equity	12,100,180	11,665,624
Reportable legal entities | Parent
Current assets:
Cash and cash equivalents	1,347,411	608,971	265,273	638,714
Accounts receivable	0	0
Inventories	0	0
Inter company receivable	7,095,635	6,417,410
Other current assets	1,677	8,143
Total current assets	8,444,723	7,034,524
Property and equipment, net	0	0
Goodwill and other intangible assets, net	400	475
Other assets	2,257,484	2,223,402
Investment in subsidiaries	1,678,491	1,799,956
Total assets	12,381,098	11,058,357
Current liabilities:
Bank borrowings and current portion of long-term debt	40,000	40,000
Accounts payable	0	0
Accrued payroll	0	0
Inter company payable	7,179,540	6,559,569
Other current liabilities	47,001	30,553
Total current liabilities	7,266,541	6,630,122
Long term liabilities	2,662,890	2,067,421
Flextronics International Ltd. shareholders' equity (deficit)	2,451,667	2,360,814
Noncontrolling interest	0	0
Total shareholders' equity	2,451,667	2,360,814
Total liabilities and shareholders' equity	12,381,098	11,058,357
Reportable legal entities | Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	209,441	168,272	215,727	210,462
Accounts receivable	1,080,525	1,193,491
Inventories	1,616,735	1,729,593
Inter company receivable	5,210,421	4,774,526
Other current assets	208,381	200,476
Total current assets	8,325,503	8,066,358
Property and equipment, net	497,172	471,052
Goodwill and other intangible assets, net	59,725	60,782
Other assets	192,856	155,172
Investment in subsidiaries	1,801,725	1,677,813
Total assets	10,876,981	10,431,177
Current liabilities:
Bank borrowings and current portion of long-term debt	952	917
Accounts payable	1,619,892	1,772,695
Accrued payroll	117,485	112,692
Inter company payable	7,858,602	7,309,944
Other current liabilities	776,252	772,015
Total current liabilities	10,373,183	9,968,263
Long term liabilities	2,105,617	2,102,483
Flextronics International Ltd. shareholders' equity (deficit)	(1,601,819)	(1,639,569)
Noncontrolling interest	0	0
Total shareholders' equity	(1,601,819)	(1,639,569)
Total liabilities and shareholders' equity	10,876,981	10,431,177
Reportable legal entities | Non-Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	774,559	851,165	866,690	744,552
Accounts receivable	1,056,730	1,144,024
Inventories	1,796,695	1,759,159
Inter company receivable	11,167,310	10,218,788
Other current assets	988,073	1,077,606
Total current assets	15,783,367	15,050,742
Property and equipment, net	1,646,049	1,621,115
Goodwill and other intangible assets, net	368,161	353,918
Other assets	2,118,449	2,131,523
Investment in subsidiaries	16,697,245	16,641,211
Total assets	36,613,271	35,798,509
Current liabilities:
Bank borrowings and current portion of long-term debt	3,975	5,245
Accounts payable	2,717,021	2,788,499
Accrued payroll	246,044	227,047
Inter company payable	8,435,224	7,541,211
Other current liabilities	927,606	1,006,560
Total current liabilities	12,329,870	11,568,562
Long term liabilities	2,468,232	2,435,962
Flextronics International Ltd. shareholders' equity (deficit)	21,779,273	21,758,549
Noncontrolling interest	35,896	35,436
Total shareholders' equity	21,815,169	21,793,985
Total liabilities and shareholders' equity	36,613,271	35,798,509
Eliminations
Current assets:
Cash and cash equivalents	0	0	$ 0	$ 0
Accounts receivable	0	0
Inventories	0	0
Inter company receivable	(23,473,366)	(21,410,724)
Other current assets	0	0
Total current assets	(23,473,366)	(21,410,724)
Property and equipment, net	0	0
Goodwill and other intangible assets, net	0	0
Other assets	(4,120,343)	(4,092,715)
Investment in subsidiaries	(20,177,461)	(20,118,980)
Total assets	(47,771,170)	(45,622,419)
Current liabilities:
Bank borrowings and current portion of long-term debt	0	0
Accounts payable	0	0
Accrued payroll	0	0
Inter company payable	(23,473,366)	(21,410,724)
Other current liabilities	0	0
Total current liabilities	(23,473,366)	(21,410,724)
Long term liabilities	(4,120,343)	(4,092,715)
Flextronics International Ltd. shareholders' equity (deficit)	(20,177,461)	(20,118,980)
Noncontrolling interest	0	0
Total shareholders' equity	(20,177,461)	(20,118,980)
Total liabilities and shareholders' equity	$ (47,771,170)	$ (45,622,419)

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INTEREST AND OTHER, NET

3 Months Ended

Jun. 26, 2015

INTEREST AND OTHER, NET

INTEREST AND OTHER, NET

INTEREST AND OTHER, NET

During the three-month periods ended June 26, 2015 and June 27, 2014, the Company recognized interest expense of $20.1 million and $18.5 million, respectively, on its debt obligations outstanding during the period. 

During the three-month periods ended June 26, 2015 and June 27, 2014, the Company recognized interest income of $3.5 million and $5.3 million, respectively.

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OTHER CHARGES (INCOME), NET

3 Months Ended

Jun. 26, 2015

Other Income and Expenses [Abstract]

OTHER CHARGES (INCOME), NET

OTHER CHARGES (INCOME), NET

During the three-month period ended June 27, 2014, an amendment to a customer contract to reimburse a customer for certain performance provisions was executed which included the removal of a $55.0 million contractual obligation recognized during fiscal year 2014. Accordingly, the Company reversed the charge recognized in fiscal year 2014 with a corresponding credit to other charges (income), net in the consolidated statement of operations.

Further, during the three-month period ended June 27, 2014, the Company recognized a loss of $11.0 million in connection with the disposition of a certain manufacturing facility in Western Europe. The Company received $11.5 million in cash for the sale of $27.2 million in net assets of the facility. The loss also includes $4.6 million of estimated transaction costs, partially offset by a credit of $9.3 million for the release of cumulative foreign translation gains triggered by the disposition.

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ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Jun. 26, 2015

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

The changes in accumulated other comprehensive loss by component, net of tax, are as follows:

	Three-Month Period Ended									Three-Month Period Ended
	June 26, 2015									June 27, 2014
	Unrealized gain (loss) on derivative instruments and other			Foreign currency translation adjustments			Total			Unrealized gain (loss) on derivative instruments and other			Foreign currency translation adjustments			Total
Beginning balance	$	(68,266	)	$	(112,239	)	$	(180,505	)	$	(32,849	)	$	(93,307	)	$	(126,156	)
Other comprehensive gain (loss) before reclassifications	(601		)	2,631			2,030			1,000			5,107			6,107
Net (gains) losses reclassified from accumulated other comprehensive loss	13,430			152			13,582			9,725			(9,252		)	473
Net current-period other comprehensive gain (loss)	12,829			2,783			15,612			10,725			(4,145		)	6,580
Ending balance	$	(55,437	)	$	(109,456	)	$	(164,893	)	$	(22,124	)	$	(97,452	)	$	(119,576	)

Net losses reclassified from accumulated other comprehensive loss during the three-month period ended June 26, 2015 relating to derivative instruments and other includes $12.9 million attributable to the Company’s cash flow hedge instruments which were recognized as a component of cost of sales in the condensed consolidated statement of operations.

During the three-month period ended June 27, 2014, the Company recognized a loss of $11.0 million in connection with the disposition of a manufacturing facility in Western Europe. This loss includes the settlement of unrealized losses of $4.2 million on an insignificant defined benefit plan associated with the disposed facility offset by the release of cumulative foreign currency translation gains of $9.3 million, both of which have been reclassified from accumulated other comprehensive loss during the period. The loss on sale is included in other charges (income), net in the condensed consolidated statement of operations.

Substantially all unrealized losses relating to derivative instruments and other, reclassified from accumulated other comprehensive loss for the three-month period ended June 27, 2014, was recognized as a component of cost of sales in the condensed consolidated statement of operations, which primarily relate to the Company’s foreign currency contracts accounted for as cash flow hedges.

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SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Details 5) - USD ($) $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Condensed consolidating statements of cash flows
Net cash provided by (used in) operating activities	$ 362,276	$ (81,169)
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	(136,836)	(72,917)
Acquisition of businesses, net of cash acquired	(18,580)	0
Proceeds from divestiture of business, net of cash held in divested business	1,000	(5,493)
Investing cash flows from (to) affiliates	0	0
Other investing activities, net	(7,580)	(21,462)
Net cash used in investing activities	(161,996)	(99,872)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	595,548	26,615
Repayments of bank borrowings and long-term debt	(8,457)	(859)
Payments for repurchases of ordinary shares	(99,995)	(105,568)
Net proceeds from issuance of ordinary shares	44,602	9,329
Financing cash flows from (to) affiliates	0	0
Other financing activities, net	(25,252)	300
Net cash provided by (used in) financing activities	506,446	(70,183)
Effect of exchange rates on cash and cash equivalents	(3,723)	5,186
Net increase (decrease) in cash and cash equivalents	703,003	(246,038)
Cash and cash equivalents, beginning of period	1,628,408	1,593,728
Cash and cash equivalents, end of period	2,331,411	1,347,690
Reportable legal entities | Parent
Condensed consolidating statements of cash flows
Net cash provided by (used in) operating activities	279,177	(13,025)
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	0	0
Acquisition of businesses, net of cash acquired	0
Proceeds from divestiture of business, net of cash held in divested business	0	0
Investing cash flows from (to) affiliates	(718,381)	(1,185,671)
Other investing activities, net	0	0
Net cash used in investing activities	(718,381)	(1,185,671)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	595,309	0
Repayments of bank borrowings and long-term debt	(6,604)	0
Payments for repurchases of ordinary shares	(99,995)	(105,568)
Net proceeds from issuance of ordinary shares	44,602	9,329
Financing cash flows from (to) affiliates	619,970	931,635
Other financing activities, net	0	0
Net cash provided by (used in) financing activities	1,153,282	835,396
Effect of exchange rates on cash and cash equivalents	24,362	(10,141)
Net increase (decrease) in cash and cash equivalents	738,440	(373,441)
Cash and cash equivalents, beginning of period	608,971	638,714
Cash and cash equivalents, end of period	1,347,411	265,273
Reportable legal entities | Guarantor Subsidiaries
Condensed consolidating statements of cash flows
Net cash provided by (used in) operating activities	(6,637)	231,140
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	(47,108)	(39,690)
Acquisition of businesses, net of cash acquired	(2,785)
Proceeds from divestiture of business, net of cash held in divested business	0	0
Investing cash flows from (to) affiliates	(263,348)	(532,104)
Other investing activities, net	(14,732)	(959)
Net cash used in investing activities	(327,973)	(572,753)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	221	0
Repayments of bank borrowings and long-term debt	(493)	(393)
Payments for repurchases of ordinary shares	0	0
Net proceeds from issuance of ordinary shares	0	0
Financing cash flows from (to) affiliates	377,012	347,775
Other financing activities, net	0	0
Net cash provided by (used in) financing activities	376,740	347,382
Effect of exchange rates on cash and cash equivalents	(961)	(504)
Net increase (decrease) in cash and cash equivalents	41,169	5,265
Cash and cash equivalents, beginning of period	168,272	210,462
Cash and cash equivalents, end of period	209,441	215,727
Reportable legal entities | Non-Guarantor Subsidiaries
Condensed consolidating statements of cash flows
Net cash provided by (used in) operating activities	89,736	(299,284)
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	(89,728)	(33,227)
Acquisition of businesses, net of cash acquired	(15,795)
Proceeds from divestiture of business, net of cash held in divested business	1,000	(5,493)
Investing cash flows from (to) affiliates	(1,077,202)	593,559
Other investing activities, net	7,152	(20,503)
Net cash used in investing activities	(1,174,573)	534,336
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	18	26,615
Repayments of bank borrowings and long-term debt	(1,360)	(466)
Payments for repurchases of ordinary shares	0	0
Net proceeds from issuance of ordinary shares	0	0
Financing cash flows from (to) affiliates	1,061,949	(155,194)
Other financing activities, net	(25,252)	300
Net cash provided by (used in) financing activities	1,035,355	(128,745)
Effect of exchange rates on cash and cash equivalents	(27,124)	15,831
Net increase (decrease) in cash and cash equivalents	(76,606)	122,138
Cash and cash equivalents, beginning of period	851,165	744,552
Cash and cash equivalents, end of period	774,559	866,690
Eliminations
Condensed consolidating statements of cash flows
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	0	0
Acquisition of businesses, net of cash acquired	0
Proceeds from divestiture of business, net of cash held in divested business	0	0
Investing cash flows from (to) affiliates	2,058,931	1,124,216
Other investing activities, net	0	0
Net cash used in investing activities	2,058,931	1,124,216
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	0	0
Repayments of bank borrowings and long-term debt	0	0
Payments for repurchases of ordinary shares	0	0
Net proceeds from issuance of ordinary shares	0	0
Financing cash flows from (to) affiliates	(2,058,931)	(1,124,216)
Other financing activities, net	0	0
Net cash provided by (used in) financing activities	(2,058,931)	(1,124,216)
Effect of exchange rates on cash and cash equivalents	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	$ 0	$ 0

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BALANCE SHEET ITEMS (Details) - USD ($) $ in Thousands	Jun. 26, 2015	Mar. 31, 2015
Inventories
Raw materials	$ 2,158,161	$ 2,330,428
Work-in-progress	582,041	557,786
Finished goods	673,228	600,538
Inventories, total	$ 3,413,430	$ 3,488,752

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TRADE RECEIVABLES SECURITIZATION (Details)	3 Months Ended
	Jun. 26, 2015 USD ($) program	Jun. 27, 2014 USD ($)	Mar. 31, 2015 USD ($)
Trade Receivables Securitization disclosures
Servicing assets	$ 0	$ 0
Servicing Liability	$ 0	0
Asset-Backed Securitization Programs
Trade Receivables Securitization disclosures
Number of asset-backed securitization programs | program	2
Percentage of receivables sold to unaffiliated institutions	100.00%
Company's accounts receivables sold to third-party	$ 1,400,000,000		$ 1,300,000,000
Amount received from accounts receivable sold to third-party	866,400,000		740,700,000
Cash proceeds from sale of accounts receivable	1,100,000,000	1,100,000,000
Cash flows from new transfers of receivables	162,700,000	42,500,000
Activity in the deferred purchase price receivables account
Beginning balance	600,672,000	470,908,000
Transfers of receivables	767,048,000	778,860,000
Collections	(851,433,000)	(786,644,000)
Ending balance	$ 516,287,000	463,124,000
Asset-Backed Securitization Programs | Minimum
Trade Receivables Securitization disclosures
Service fee received, percent	0.10%
Asset-Backed Securitization Programs | Maximum
Trade Receivables Securitization disclosures
Service fee received, percent	0.50%
Global Program
Trade Receivables Securitization disclosures
Investment limits with financial institution	$ 650,000,000
North American Program
Trade Receivables Securitization disclosures
Investment limits with financial institution	225,000,000
Sales of Receivables to Third Party Banks
Trade Receivables Securitization disclosures
Company's accounts receivables sold to third-party	600,000,000	$ 1,200,000,000
Receivables sold but not yet collected from banking institutions	$ 368,000,000		$ 485,600,000

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SHARE REPURCHASES

3 Months Ended

Jun. 26, 2015

Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]

SHARE REPURCHASES

SHARE REPURCHASES

During the three-month period ended June 26, 2015 the Company repurchased 7.7 million shares at an aggregate purchase price of $94.4 million, and retired all of these shares.

Under the Company’s current share repurchase program, the Board of Directors authorized repurchases of its outstanding ordinary shares for up to $500 million in accordance with the share repurchase mandate approved by the Company’s shareholders at the date of the most recent Extraordinary General Meeting held on August 28, 2014. As of June 26, 2015, shares in the aggregate amount of $144.0 million were available to be repurchased under the current plan.

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EARNINGS PER SHARE (Tables)

3 Months Ended

Jun. 26, 2015

Earnings Per Share [Abstract]

Schedule of basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share

The following table reflects the basic weighted-average ordinary shares outstanding and diluted weighted-average ordinary share equivalents used to calculate basic and diluted earnings per share attributable to the shareholders of Flextronics International Ltd.:

	Three-Month Periods Ended
	June 26, 2015		June 27, 2014
	(In thousands, except per share amounts)
Net income	$	110,850	$	173,887
Shares used in computation:
Weighted-average ordinary shares outstanding	565,545		587,233
Basic earnings per share	0.20		0.30
Diluted earnings per share:
Net income	110,850		173,887
Shares used in computation:
Weighted-average ordinary shares outstanding	565,545		587,233
Weighted-average ordinary share equivalents from stock options and awards (1)	12,452		14,067
Weighted-average ordinary shares and ordinary share equivalents outstanding	577,997		601,300
Diluted earnings per share	0.19		0.29

____________________________________________________________

(1)  Options to purchase ordinary shares of 2.0 million and 12.6 million during the three-month periods ended June 26, 2015 and June 27, 2014, respectively, and share bonus awards of 0.4 million for the three-month period ended June 27, 2014, were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted average ordinary share equivalents. No anti-dilutive share bonus awards were excluded for the three-month period ended June 26, 2015.

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ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Changes in Accumulated Other Comprehensive Income by Component
Beginning Balance	$ (180,505)	$ (126,156)
Other comprehensive gain (loss) before reclassifications	2,030	6,107
Net gains (losses) reclassified from accumulated other comprehensive loss	13,582	473
Net current-period other comprehensive gain (loss)	15,612	6,580
Ending Balance	(164,893)	(119,576)
Unrealized gain (loss) on derivative instruments and other
Changes in Accumulated Other Comprehensive Income by Component
Beginning Balance	(68,266)	(32,849)
Other comprehensive gain (loss) before reclassifications	(601)	1,000
Net gains (losses) reclassified from accumulated other comprehensive loss	13,430	9,725
Net current-period other comprehensive gain (loss)	12,829	10,725
Ending Balance	(55,437)	(22,124)
Foreign currency translation adjustments
Changes in Accumulated Other Comprehensive Income by Component
Beginning Balance	(112,239)	(93,307)
Other comprehensive gain (loss) before reclassifications	2,631	5,107
Net gains (losses) reclassified from accumulated other comprehensive loss	152	(9,252)
Net current-period other comprehensive gain (loss)	2,783	(4,145)
Ending Balance	$ (109,456)	$ (97,452)

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BANK BORROWINGS AND LONG TERM DEBT (Details) - USD ($) $ in Thousands	Jun. 26, 2015	Jun. 08, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Total	$ 2,677,065		$ 2,083,733
Term Loan, including current portion, due in installments through August 2018
Debt Instrument [Line Items]
Total	592,500		592,500
Term Loan, including current portion, due in installments through March 2019
Debt Instrument [Line Items]
Total	475,000		475,000
4.625% Notes due February 2020
Debt Instrument [Line Items]
Total	$ 500,000		$ 500,000
Debt instrument interest rate (as a percent)	4.625%		4.625%
5.000% Notes due February 2023
Debt Instrument [Line Items]
Total	$ 500,000		$ 500,000
Debt instrument interest rate (as a percent)	5.00%		5.00%
4.750% Notes due June 2025
Debt Instrument [Line Items]
Total	$ 595,278	$ 595,300	$ 0
Debt instrument interest rate (as a percent)	4.75%	4.75%	4.75%
Other
Debt Instrument [Line Items]
Total	$ 14,287		$ 16,233

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 26, 2015	Jun. 27, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 110,850	$ 173,887
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	2,783	(4,145)
Unrealized gain on derivative instruments and other, net of zero tax	12,829	10,725
Comprehensive income	$ 126,462	$ 180,467

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SHARE-BASED COMPENSATION

3 Months Ended

Jun. 26, 2015

Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

The following table summarizes the Company’s share-based compensation expense:

	Three-Month Periods Ended
	June 26, 2015		June 27, 2014
	(In thousands)
Cost of sales	$	2,018	$	1,611
Selling, general and administrative expenses	14,108		10,071
Total share-based compensation expense	$	16,126	$	11,682

Total unrecognized compensation expense related to share options is not significant. As of June 26, 2015, the number of options outstanding and exercisable was 7.9 million and 7.8 million, respectively, at a weighted-average exercise price of $4.66 and $4.65 per share, respectively.

During the three-month period ended June 26, 2015, the Company granted 5.7 million unvested share bonus awards. Of this amount, approximately 4.8 million unvested share bonus awards have an average grant date price of $12.10 per share, under the Company's 2010 Equity Incentive Plan. Further, approximately 0.7 million of these unvested shares represents the target amount of grants made to certain key employees whereby vesting is contingent on certain market conditions, and 0.2 million represents the target amount of grants made to certain executive officers whereby vesting is contingent on meeting certain free cash flow targets. The number of shares contingent on market conditions that ultimately will vest range from zero up to a maximum of 1.4 million based on a measurement of the percentile rank of the Company’s total shareholder return over a certain specified period against the Standard and Poor’s (“S&P”) 500 Composite Index and will cliff vest after a period of three years, if such market conditions have been met. The number of shares contingent on free cash flow targets that ultimately will vest range from zero up to a maximum of 0.4 million of the target payment based on a measurement of cumulative three-year increase of free cash flow from operations of the Company, and will cliff vest after a period of three years.

As of June 26, 2015, approximately 17.7 million unvested share bonus awards were outstanding, of which vesting for a targeted amount of 3.8 million is contingent primarily on meeting certain market conditions.  The number of shares that will ultimately be issued can range from zero to 7.6 million based on the achievement levels of the respective conditions. During the three-month period ended June 26, 2015, 2.2 million shares vested in connection with the share bonus awards with market conditions granted in fiscal year 2013, and 0.5 million shares vested in connection with the share bonus awards with market conditions granted in fiscal year 2012.

As of June 26, 2015, total unrecognized compensation expense related to unvested share bonus awards is $146.5 million, net of estimated forfeitures, and will be recognized over a weighted-average remaining vesting period of 3.03 years. Approximately $22.5 million of the total unrecognized compensation cost, net of estimated forfeitures, is related to awards whereby vesting is contingent on meeting certain market conditions.

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SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
	Jun. 26, 2015 USD ($) group segment	Jun. 27, 2014 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	4
Number of business groups | group	4
Segment Reporting Information [Line Items]
Net sales	$ 5,566,248	$ 6,642,745
Intangible amortization	7,671	6,951
Stock-based compensation	16,126	11,682
Other charges (income), net	164	(44,009)
Interest and other, net	16,505	18,637
Income before income taxes	118,616	189,929
Operating Segments
Segment Reporting Information [Line Items]
Net sales	5,566,248	6,642,745
Total segment income	159,082	183,190
Operating Segments | Integrated Network Solutions
Segment Reporting Information [Line Items]
Net sales	1,966,562	2,440,425
Total segment income	57,065	72,711
Operating Segments | Consumer Technology Group
Segment Reporting Information [Line Items]
Net sales	1,564,964	2,222,141
Total segment income	38,843	29,865
Operating Segments | Industrial & Emerging Industries
Segment Reporting Information [Line Items]
Net sales	1,130,138	1,124,466
Total segment income	28,999	47,324
Operating Segments | High Reliability Solutions
Segment Reporting Information [Line Items]
Net sales	904,584	855,713
Total segment income	59,886	54,142
Operating Segments | Corporate and Other
Segment Reporting Information [Line Items]
Total segment income	$ (25,711)	$ (20,852)

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BANK BORROWINGS AND LONG TERM DEBT (Tables)

3 Months Ended

Jun. 26, 2015

Debt Disclosure [Abstract]

Schedule of bank borrowings and long-term debt

Bank borrowings and long-term debt are as follows:

	As of June 26, 2015		As of March 31, 2015
	(In thousands)
Term Loan, including current portion, due in installments through August 2018	$	592,500	$	592,500
Term Loan, including current portion, due in installments through March 2019	475,000		475,000
4.625% Notes due February 2020	500,000		500,000
5.000% Notes due February 2023	500,000		500,000
4.750% Notes due June 2025	595,278		—
Other	14,287		16,233
Total	$	2,677,065	$	2,083,733

Schedule of the Company's repayments of long-term debt

Repayment of the Company’s long term debt outstanding as of June 26, 2015 is as follows:

Fiscal Year Ending March 31,	Amount
	(In thousands)
2016 (1)	$	40,000
2017	52,500
2018	52,500
2019	922,500
2020	500,000
Thereafter	1,109,565
Total	$	2,677,065

____________________________________________________________

(1) Represents scheduled repayment for the remaining nine-month period ending March 31, 2016.

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SHARE-BASED COMPENSATION (Details 2) - Jun. 26, 2015 - USD ($) $ / shares in Units, $ in Millions	Total
Share options
Share-based compensation
Share options outstanding (in shares)	7,900,000
Share options exercisable (in shares)	7,800,000
Options outstanding, weighted average exercise price (in dollars per share)	$ 4.66
Options exercisable, weighted average exercise price (in dollars per share)	$ 4.65
Restricted Stock Units, Share Bonus Awards with Market Conditions, and Share Bonus Awards With Free Cash Flow Targets
Share-based compensation
Unrecognized compensation expense	$ 146.5
Share weighted-average remaining vesting period	3 years 11 days
Unvested share bonus awards granted	5,700,000
Number of shares outstanding	17,700,000
Share bonus awards
Share-based compensation
Unvested share bonus awards granted	4,800,000
Average grant date price of unvested share bonus awards (in dollars per share)	$ 12.10
Share Bonus Awards with Market Conditions
Share-based compensation
Unrecognized compensation expense	$ 22.5
Number of shares outstanding	3,800,000
Share Bonus Awards with Market Conditions | Fiscal 2013
Share-based compensation
Shares vested	2,200,000
Share Bonus Awards with Market Conditions | Minimum
Share-based compensation
Number of shares that may be issued	0
Share Bonus Awards with Market Conditions | Maximum
Share-based compensation
Number of shares that may be issued	7,600,000
Share Bonus Awards with Market Conditions | Key employees
Share-based compensation
Unvested share bonus awards granted	700,000
Vesting period	3 years
Share Bonus Awards with Market Conditions | Key employees | Minimum
Share-based compensation
Unvested share bonus awards granted	0
Share Bonus Awards with Market Conditions | Key employees | Maximum
Share-based compensation
Unvested share bonus awards granted	1,400,000
Share Bonus Awards with Market Conditions | Certain executive officers
Share-based compensation
Measurement period	3 years
Vesting period	3 years
Share Bonus Awards with Market Conditions | Certain executive officers | Minimum
Share-based compensation
Unvested share bonus awards granted	0
Share Bonus Awards with Market Conditions | Certain executive officers | Maximum
Share-based compensation
Unvested share bonus awards granted	400,000
Share Bonus Awards With Free Cash Flow Targets | Certain executive officers
Share-based compensation
Unvested share bonus awards granted	200,000
Half of the share bonus awards with market conditions | Fiscal 2012
Share-based compensation
Shares vested	500,000

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jun. 26, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Litigation and other legal matters

On December 11, 2013, Xilinx, Inc. (plaintiff) filed a lawsuit in Santa Clara County, California, Superior Court against Flextronics International Ltd.; Flextronics International USA, Inc.; and Flextronics Corporation (Case No. 113CV257431). The complaint asserted various claims, including fraud, negligent misrepresentation, breach of contract, and unfair competition, based on specific alleged incidents concerning our purchases and sales of Xilinx products. The plaintiff seeks an unspecified amount of compensatory, statutory, punitive, and other forms of damages, injunctive relief, and attorneys' fees and costs. The plaintiff also seeks a jury trial. Although the outcome of this matter is currently not determinable, management expects that any losses that are probable or reasonably possible of being incurred as a result of this matter, which are in excess of amounts already accrued in the Company's consolidated balance sheets, would not be material to the financial statements.

During the fourth quarter of fiscal year 2014, one of the Company's Brazilian subsidiaries received an assessment for certain sales and import taxes. The tax assessment notice is for nine months of calendar year 2010. This assessment is in the second stage of the review process at the administrative level, and the Company plans to continue to vigorously oppose it as well as any future assessments. The Company is, however, unable to determine the likelihood of an unfavorable outcome of these assessments against our Brazilian subsidiary. While the Company believes there is no legal basis for the alleged liabilities, due to the complexities and uncertainty surrounding the administrative-review and judicial processes in Brazil and the nature of the claims, the Company is unable to reasonably estimate a range of loss, if any. The Company does not expect final judicial determination on these claims for several years.

During fiscal year 2015, one of the Company's non-operating Brazilian subsidiaries received an assessment of approximately $100 million related to income and social contribution taxes, interest and penalties. The Company believes there is no legal basis for the assessment and expects that any losses are remote. The Company plans to vigorously defend itself through the administrative and judicial processes.

In addition, from time to time, the Company is subject to legal proceedings, claims, and litigation arising in the ordinary course of business. The Company defends itself vigorously against any such claims. Although the outcome of these matters is currently not determinable, management expects that any losses that are probable or reasonably possible of being incurred as a result of these matters, which are in excess of amounts already accrued in the Company’s condensed consolidated balance sheets, would not be material to the financial statements as a whole.