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SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)
 6 Months Ended
Sep. 25, 2015
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS  
Schedule of condensed consolidating balance sheets
Condensed Consolidating Balance Sheets as of September 25, 2015
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
ASSETS
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
517,631

 
$
226,469

 
$
924,327

 
$
—

 
$
1,668,427

Accounts receivable
—

 
1,352,781

 
1,194,029

 
—

 
2,546,810

Inventories
—

 
1,494,305

 
2,067,021

 
—

 
3,561,326

Inter company receivable
8,919,282

 
5,578,552

 
12,359,980

 
(26,857,814
)
 
—

Other current assets
3,749

 
202,794

 
1,002,388

 
—

 
1,208,931

Total current assets
9,440,662

 
8,854,901

 
17,547,745

 
(26,857,814
)
 
8,985,494

Property and equipment, net
—

 
506,394

 
1,711,636

 
—

 
2,218,030

Goodwill and other intangible assets, net
325

 
62,580

 
918,933

 
—

 
981,838

Other assets
2,259,454

 
198,711

 
2,139,936

 
(4,123,124
)
 
474,977

Investment in subsidiaries
1,654,260

 
2,412,432

 
16,883,121

 
(20,949,813
)
 
—

Total assets
$
13,354,701

 
$
12,035,018

 
$
39,201,371

 
$
(51,930,751
)
 
$
12,660,339

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

Bank borrowings and current portion of long-term debt
$
43,125

 
$
941

 
$
3,906

 
$
—

 
$
47,972

Accounts payable
—

 
1,514,042

 
3,273,899

 
—

 
4,787,941

Accrued payroll
—

 
121,059

 
279,941

 
—

 
401,000

Inter company payable
8,213,861

 
8,993,273

 
9,650,680

 
(26,857,814
)
 
—

Other current liabilities
30,642

 
855,909

 
909,316

 
—

 
1,795,867

Total current liabilities
8,287,628

 
11,485,224

 
14,117,742

 
(26,857,814
)
 
7,032,780

Long term liabilities
2,646,945

 
2,109,106

 
2,539,057

 
(4,123,124
)
 
3,171,984

Flextronics International Ltd. shareholders’ equity (deficit)
2,420,128

 
(1,559,312
)
 
22,509,125

 
(20,949,813
)
 
2,420,128

Noncontrolling interests
—

 
—

 
35,447

 
—

 
35,447

Total shareholders’ equity (deficit)
2,420,128

 
(1,559,312
)
 
22,544,572

 
(20,949,813
)
 
2,455,575

Total liabilities and shareholders’ equity
$
13,354,701

 
$
12,035,018

 
$
39,201,371

 
$
(51,930,751
)
 
$
12,660,339



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
—

 
1,208,632

 
1,128,883

 
—

 
2,337,515

Inventories
—

 
1,729,593

 
1,759,159

 
—

 
3,488,752

Inter company receivable
6,417,410

 
4,759,062

 
10,099,057

 
(21,275,529
)
 
—

Other current assets
8,143

 
202,161

 
1,075,921

 
—

 
1,286,225

Total current assets
7,034,524

 
8,067,720

 
14,914,185

 
(21,275,529
)
 
8,740,900

Property and equipment, net
—

 
471,052

 
1,621,115

 
—

 
2,092,167

Goodwill and other intangible assets, net
475

 
64,831

 
349,869

 
—

 
415,175

Other assets
2,223,402

 
155,172

 
2,131,523

 
(4,092,715
)
 
417,382

Investment in subsidiaries
1,799,956

 
1,681,521

 
16,641,212

 
(20,122,689
)
 
—

Total assets
$
11,058,357

 
$
10,440,296

 
$
35,657,904

 
$
(45,490,933
)
 
$
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
—

 
1,758,305

 
2,802,889

 
—

 
4,561,194

Accrued payroll
—

 
112,692

 
227,047

 
—

 
339,739

Inter company payable
6,559,569

 
7,250,235

 
7,465,725

 
(21,275,529
)
 
—

Other current liabilities
30,553

 
845,156

 
933,419

 
—

 
1,809,128

Total current liabilities
6,630,122

 
9,967,305

 
11,434,325

 
(21,275,529
)
 
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

 
(1,629,492
)
 
21,752,181

 
(20,122,689
)
 
2,360,814

Noncontrolling interests
—

 
—

 
35,436

 
—

 
35,436

Total shareholders’ equity (deficit)
2,360,814

 
(1,629,492
)
 
21,787,617

 
(20,122,689
)
 
2,396,250

Total liabilities and shareholders’ equity
$
11,058,357

 
$
10,440,296

 
$
35,657,904

 
$
(45,490,933
)
 
$
11,665,624
Schedule of condensed consolidating statements of operations
Condensed Consolidating Statements of Operations for the Three-Month Period Ended September 25, 2015
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net sales
$
—

 
$
4,482,213

 
$
5,514,535

 
$
(3,679,986
)
 
$
6,316,762

Cost of sales
—

 
4,141,254

 
5,458,578

 
(3,679,986
)
 
5,919,846

Gross profit
—

 
340,959

 
55,957

 
—

 
396,916

Selling, general and administrative expenses
—

 
66,682

 
150,114

 
—

 
216,796

Intangible amortization
75

 
960

 
15,092

 
—

 
16,127

Interest and other, net
(132,637
)
 
277,355

 
(121,005
)
 
—

 
23,713

Income (loss) from continuing operations before income taxes
132,562

 
(4,038
)
 
11,756

 
—

 
140,280

Provision for income taxes
—

 
(5,658
)
 
22,961

 
—

 
17,303

Equity in earnings in subsidiaries
(9,585
)
 
(33,969
)
 
16,621

 
26,933

 
—

Net income (loss)
$
122,977

 
$
(32,349
)
 
$
5,416

 
$
26,933

 
$
122,977


 
Condensed Consolidating Statements of Operations for the Three-Month Period Ended September 26, 2014
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net sales
$
—

 
$
4,732,749

 
$
5,184,889

 
$
(3,389,121
)
 
$
6,528,517

Cost of sales
—

 
4,403,702

 
5,136,855

 
(3,389,121
)
 
6,151,436

Gross profit
—

 
329,047

 
48,034

 
—

 
377,081

Selling, general and administrative expenses
—

 
62,825

 
141,765

 
—

 
204,590

Intangible amortization
75

 
834

 
7,323

 
—

 
8,232

Interest and other, net
(68,309
)
 
288,590

 
(210,359
)
 
—

 
9,922

Income (loss) from continuing operations before income taxes
68,234

 
(23,202
)
 
109,305

 
—

 
154,337

Provision for income taxes
—

 
8,142

 
7,292

 
—

 
15,434

Equity in earnings in subsidiaries
70,669

 
(50,729
)
 
50,147

 
(70,087
)
 
—

Net income (loss)
$
138,903

 
$
(82,073
)
 
$
152,160

 
$
(70,087
)
 
$
138,903

Condensed Consolidating Statements of Operations for the Six-Month Period Ended September 25, 2015

 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net sales
$
—

 
$
8,528,598

 
$
9,450,050

 
$
(6,095,638
)
 
$
11,883,010

Cost of sales
—

 
7,785,313

 
9,444,078

 
(6,095,638
)
 
11,133,753

Gross profit
—

 
743,285

 
5,972

 
—

 
749,257

Selling, general and administrative expenses
—

 
130,238

 
295,943

 
—

 
426,181

Intangible amortization
150

 
1,921

 
21,727

 
—

 
23,798

Interest and other, net
(398,020
)
 
613,767

 
(175,365
)
 
—

 
40,382

Income (loss) from continuing operations before income taxes
397,870

 
(2,641
)
 
(136,333
)
 
—

 
258,896

Provision for income taxes
—

 
3,441

 
21,628

 
—

 
25,069

Equity in earnings in subsidiaries
(164,043
)
 
(52,516
)
 
52,584

 
163,975

 
—

Net income (loss)
$
233,827

 
$
(58,598
)
 
$
(105,377
)
 
$
163,975

 
$
233,827



Condensed Consolidating Statements of Operations for the Six-Month Period Ended September 26, 2014

 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net sales
$
—

 
$
9,537,544

 
$
9,961,077

 
$
(6,327,359
)
 
$
13,171,262

Cost of sales
—

 
8,859,138

 
9,881,617

 
(6,327,359
)
 
12,413,396

Gross profit
—

 
678,406

 
79,460

 
—

 
757,866

Selling, general and administrative expenses
—

 
124,627

 
289,240

 
—

 
413,867

Intangible amortization
150

 
1,687

 
13,346

 
—

 
15,183

Interest and other, net
(51,777
)
 
547,193

 
(510,866
)
 
—

 
(15,450
)
Income from continuing operations before income taxes
51,627

 
4,899

 
287,740

 
—

 
344,266

Provision for income taxes
—

 
14,789

 
16,687

 
—

 
31,476

Equity in earnings in subsidiaries
261,163

 
13,647

 
86,579

 
(361,389
)
 
—

Net income
$
312,790

 
$
3,757

 
$
357,632

 
$
(361,389
)
 
$
312,790
Schedule of condensed consolidating statements of comprehensive income (loss)
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Six-Month Period Ended September 25, 2015

 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
233,827

 
$
(58,598
)
 
$
(105,377
)
 
$
163,975

 
$
233,827

Other comprehensive income (loss):
0

 
 

 
 

 
 

 
 

Foreign currency translation adjustments, net of zero tax
(27,484
)
 
(57,186
)
 
(51,530
)
 
108,716

 
(27,484
)
Unrealized gain on derivative instruments and other, net of zero tax
7,285

 
5,785

 
7,285

 
(13,070
)
 
7,285

Comprehensive income (loss)
$
213,628

 
$
(109,999
)
 
$
(149,622
)
 
$
259,621

 
$
213,628



Condensed Consolidating Statements of Comprehensive Income (Loss) for the Six-Month Period Ended September 26, 2014

 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net income
$
312,790

 
$
3,757

 
$
357,632

 
$
(361,389
)
 
$
312,790

Other comprehensive income (loss):
 

 
 

 
 

 
 

 
 

Foreign currency translation adjustments, net of zero tax
(9,828
)
 
93,662

 
71,337

 
(164,999
)
 
(9,828
)
Unrealized gain (loss) on derivative instruments and other, net of zero tax
8,292

 
(228
)
 
8,292

 
(8,064
)
 
8,292

Comprehensive income
$
311,254

 
$
97,191

 
$
437,261

 
$
(534,452
)
 
$
311,254




Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended September 25, 2015
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
122,977


$
(32,349
)

$
5,416


$
26,933


$
122,977

Other comprehensive income (loss):
 

 
 

 
 

 
 

 
 

Foreign currency translation adjustments, net of zero tax
(30,267
)
 
(33,696
)
 
(30,633
)
 
64,329

 
(30,267
)
Unrealized gain (loss) on derivative instruments and other, net of zero tax
(5,544
)
 
1,160

 
(5,544
)
 
4,384

 
(5,544
)
Comprehensive income (loss)
$
87,166

 
$
(64,885
)
 
$
(30,761
)
 
$
95,646

 
$
87,166


 
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended September 26, 2014
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
138,903


$
(82,073
)

$
152,160


$
(70,087
)

$
138,903

Other comprehensive income (loss):
 

 
 

 
 

 
 

 
 

Foreign currency translation adjustments, net of zero tax
(5,683
)
 
77,712

 
65,611

 
(143,323
)
 
(5,683
)
Unrealized loss on derivative instruments and other, net of zero tax
(2,433
)
 
(2,058
)
 
(2,433
)
 
4,491

 
(2,433
)
Comprehensive income (loss)
$
130,787

 
$
(6,419
)
 
$
215,338

 
$
(208,919
)
 
$
130,787
Schedule of condensed consolidating statements of cash flows
Condensed Consolidating Statements of Cash Flows for the Six-Month Period Ended September 25, 2015
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(In thousands)
Net cash provided by (used in) operating activities
$
389,949

 
$
(247,462
)
 
$
519,508

 
$
—

 
$
661,995

Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

Purchases of property and equipment, net of proceeds from disposal
—

 
(88,699
)
 
(205,330
)
 
11

 
(294,018
)
Acquisition and divestiture of businesses, net of cash acquired and cash held in divested business
—

 
(559,442
)
 
(82,471
)
 
—

 
(641,913
)
Investing cash flows to affiliates
(1,326,493
)
 
(836,415
)
 
(1,193,747
)
 
3,356,655

 
—

Other investing activities, net
—

 
(22,822
)
 
12,306

 
—

 
(10,516
)
Net cash used in investing activities
(1,326,493
)
 
(1,507,378
)
 
(1,469,242
)
 
3,356,666

 
(946,447
)
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

Proceeds from bank borrowings and long-term debt
595,309

 
209

 
35

 
—

 
595,553

Repayments of bank borrowings, long-term debt and capital lease obligations
(17,507
)
 
(1,039
)
 
(2,544
)
 
—

 
(21,090
)
Payments for repurchases of ordinary shares
(241,978
)
 
—

 
—

 
—

 
(241,978
)
Net proceeds from issuance of ordinary shares
49,074

 
—

 
—

 
—

 
49,074

Financing cash flows from affiliates
435,540

 
1,810,912

 
1,110,214

 
(3,356,666
)
 
—

Other financing activities, net
—

 
—

 
(37,872
)
 
—

 
(37,872
)
Net cash provided by financing activities
820,438

 
1,810,082

 
1,069,833

 
(3,356,666
)
 
343,687

Effect of exchange rates on cash and cash equivalents
24,766

 
2,955

 
(46,937
)
 
—

 
(19,216
)
Net increase (decrease) in cash and cash equivalents
(91,340
)
 
58,197

 
73,162

 
—

 
40,019

Cash and cash equivalents, beginning of period
608,971

 
168,272

 
851,165

 
—

 
1,628,408

Cash and cash equivalents, end of period
$
517,631

 
$
226,469

 
$
924,327

 
$
—

 
$
1,668,427


 
Condensed Consolidating Statements of Cash Flows for the Six-Month Period Ended September 26, 2014
 

 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(In thousands)
Net cash provided by (used in) operating activities
$
24,949

 
$
(200,703
)
 
$
481,999

 
$
—

 
$
306,245

Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

Purchases of property and equipment, net of proceeds from disposal
—

 
(73,455
)
 
(64,929
)
 
(11
)
 
(138,395
)
Acquisition and divestiture of businesses, net of cash acquired and cash held in divested business
—

 
—

 
(38,082
)
 
—

 
(38,082
)
Investing cash flows from (to) affiliates
(833,951
)
 
(924,184
)
 
255,111

 
1,503,024

 
—

Other investing activities, net
—

 
(6,134
)
 
(22,721
)
 
—

 
(28,855
)
Net cash provided by (used in) investing activities
(833,951
)
 
(1,003,773
)
 
129,379

 
1,503,013

 
(205,332
)
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

Proceeds from bank borrowings and long-term debt
—

 
—

 
11,387

 
—

 
11,387

Repayments of bank borrowings, long-term debt and capital lease obligations
(6,250
)
 
(888
)
 
(2,047
)
 
—

 
(9,185
)
Payments for repurchases of ordinary shares
(206,771
)
 
—

 
—

 
—

 
(206,771
)
Net proceeds from issuance of ordinary shares
11,412

 
—

 
—

 
—

 
11,412

Financing cash flows from (to) affiliates
925,410

 
1,317,706

 
(740,103
)
 
(1,503,013
)
 
—

Other financing activities, net
—

 
—

 
3,382

 
—

 
3,382

Net cash provided by (used in) financing activities
723,801

 
1,316,818

 
(727,381
)
 
(1,503,013
)
 
(189,775
)
Effect of exchange rates on cash and cash equivalents
(83,374
)
 
(1,139
)
 
93,999

 
—

 
9,486

Net decrease (increase) in cash and cash equivalents
(168,575
)
 
111,203

 
(22,004
)
 
—

 
(79,376
)
Cash and cash equivalents, beginning of period
638,714

 
210,462

 
744,552

 
—

 
1,593,728

Cash and cash equivalents, end of period
$
470,139

 
$
321,665

 
$
722,548

 
$
—

 
$
1,514,352