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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