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SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)
 9 Months Ended
Dec. 31, 2015
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS  
Schedule of condensed consolidating balance sheets
Condensed Consolidating Balance Sheets as of December 31, 2015
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
ASSETS
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
868,114

 
$
188,540

 
$
577,540

 
$
—

 
$
1,634,194

Accounts receivable
—

 
1,056,939

 
1,527,970

 
—

 
2,584,909

Inventories
—

 
1,487,706

 
2,003,027

 
—

 
3,490,733

Inter company receivable
9,102,531

 
5,282,669

 
12,479,607

 
(26,864,807
)
 
—

Other current assets
5,832

 
249,367

 
991,569

 
—

 
1,246,768

Total current assets
9,976,477

 
8,265,221

 
17,579,713

 
(26,864,807
)
 
8,956,604

Property and equipment, net
—

 
542,606

 
1,697,315

 
—

 
2,239,921

Goodwill and other intangible assets, net
250

 
66,969

 
1,249,798

 
—

 
1,317,017

Other assets
2,232,454

 
234,267

 
2,087,952

 
(4,018,697
)
 
535,976

Investment in subsidiaries
1,965,783

 
2,813,134

 
16,874,908

 
(21,653,825
)
 
—

Total assets
$
14,174,964

 
$
11,922,197

 
$
39,489,686

 
$
(52,537,329
)
 
$
13,049,518

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

Bank borrowings and current portion of long-term debt
$
60,000

 
$
917

 
$
4,619

 
$
—

 
$
65,536

Accounts payable
—

 
1,538,397

 
3,263,797

 
—

 
4,802,194

Accrued payroll
—

 
109,299

 
250,710

 
—

 
360,009

Inter company payable
8,809,843

 
8,754,992

 
9,299,972

 
(26,864,807
)
 
—

Other current liabilities
47,572

 
804,571

 
1,072,389

 
—

 
1,924,532

Total current liabilities
8,917,415

 
11,208,176

 
13,891,487

 
(26,864,807
)
 
7,152,271

Long term liabilities
2,714,294

 
2,045,880

 
2,577,338

 
(4,018,697
)
 
3,318,815

Flextronics International Ltd. shareholders’ equity (deficit)
2,543,255

 
(1,331,859
)
 
22,985,684

 
(21,653,825
)
 
2,543,255

Noncontrolling interests
—

 
—

 
35,177

 
—

 
35,177

Total shareholders’ equity (deficit)
2,543,255

 
(1,331,859
)
 
23,020,861

 
(21,653,825
)
 
2,578,432

Total liabilities and shareholders’ equity
$
14,174,964

 
$
11,922,197

 
$
39,489,686

 
$
(52,537,329
)
 
$
13,049,518



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

 
202,160

 
1,075,922

 
—

 
1,286,225

Total current assets
7,034,524

 
8,067,719

 
14,914,186

 
(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

 
1,658,387

 
16,641,212

 
(20,099,555
)
 
—

Total assets
$
11,058,357

 
$
10,417,161

 
$
35,657,905

 
$
(45,467,799
)
 
$
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

 
(1,652,627
)
 
21,752,182

 
(20,099,555
)
 
2,360,814

Noncontrolling interests
—

 
—

 
35,436

 
—

 
35,436

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

 
(1,652,627
)
 
21,787,618

 
(20,099,555
)
 
2,396,250

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

 
$
10,417,161

 
$
35,657,905

 
$
(45,467,799
)
 
$
11,665,624
Schedule of condensed consolidating statements of operations
Condensed Consolidating Statements of Operations for the Nine-Month Period Ended December 31, 2015

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

 
$
13,126,846

 
$
15,167,659

 
$
(9,648,318
)
 
$
18,646,187

Cost of sales
—

 
11,972,222

 
15,120,559

 
(9,648,318
)
 
17,444,463

Gross profit
—

 
1,154,624

 
47,100

 
—

 
1,201,724

Selling, general and administrative expenses
—

 
214,015

 
452,783

 
—

 
666,798

Intangible amortization
225

 
2,881

 
40,011

 
—

 
43,117

Interest and other, net
(347,663
)
 
931,754

 
(477,728
)
 
—

 
106,363

Income from continuing operations before income taxes
347,438

 
5,974

 
32,034

 
—

 
385,446

Provision for income taxes
—

 
(4,630
)
 
7,339

 
—

 
2,709

Equity in earnings in subsidiaries
35,299

 
(104,435
)
 
40,531

 
28,605

 
—

Net income (loss)
$
382,737

 
$
(93,831
)
 
$
65,226

 
$
28,605

 
$
382,737



Condensed Consolidating Statements of Operations for the Nine-Month Period Ended December 31, 2014

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

 
$
14,702,071

 
$
15,399,047

 
$
(9,904,802
)
 
$
20,196,316

Cost of sales
—

 
13,616,471

 
15,318,124

 
(9,904,802
)
 
19,029,793

Gross profit
—

 
1,085,600

 
80,923

 
—

 
1,166,523

Selling, general and administrative expenses
—

 
188,788

 
441,072

 
—

 
629,860

Intangible amortization
225

 
2,624

 
20,379

 
—

 
23,228

Interest and other, net
(24,933
)
 
797,142

 
(773,557
)
 
—

 
(1,348
)
Income from continuing operations before income taxes
24,708

 
97,046

 
393,029

 
—

 
514,783

Provision for income taxes
—

 
9,053

 
40,041

 
—

 
49,094

Equity in earnings in subsidiaries
440,981

 
(55,992
)
 
148,946

 
(533,935
)
 
—

Net income
$
465,689

 
$
32,001

 
$
501,934

 
$
(533,935
)
 
$
465,689




Condensed Consolidating Statements of Operations for the Three-Month Period Ended December 31, 2015
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net sales
$
—

 
$
4,598,248

 
$
5,717,609

 
$
(3,552,680
)
 
$
6,763,177

Cost of sales
—

 
4,186,909

 
5,676,481

 
(3,552,680
)
 
6,310,710

Gross profit
—

 
411,339

 
41,128

 
—

 
452,467

Selling, general and administrative expenses
—

 
83,750

 
156,867

 
—

 
240,617

Intangible amortization
75

 
960

 
18,284

 
—

 
19,319

Interest and other, net
49,358

 
318,367

 
(301,744
)
 
—

 
65,981

Income (loss) from continuing operations before income taxes
(49,433
)
 
8,262

 
167,721

 
—

 
126,550

Provision for income taxes
—

 
(8,071
)
 
(14,289
)
 
—

 
(22,360
)
Equity in earnings in subsidiaries
198,343

 
(52,808
)
 
(12,229
)
 
(133,306
)
 
—

Net income (loss)
$
148,910

 
$
(36,475
)
 
$
169,781

 
$
(133,306
)
 
$
148,910


 
Condensed Consolidating Statements of Operations for the Three-Month Period Ended December 31, 2014
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net sales
$
—

 
$
5,164,527

 
$
5,437,970

 
$
(3,577,443
)
 
$
7,025,054

Cost of sales
—

 
4,757,332

 
5,436,508

 
(3,577,443
)
 
6,616,397

Gross profit
—

 
407,195

 
1,462

 
—

 
408,657

Selling, general and administrative expenses
—

 
64,161

 
151,832

 
—

 
215,993

Intangible amortization
75

 
937

 
7,033

 
—

 
8,045

Interest and other, net
27,876

 
249,948

 
(263,722
)
 
—

 
14,102

Income (loss) from continuing operations before income taxes
(27,951
)
 
92,149

 
106,319

 
—

 
170,517

Provision for income taxes
—

 
(5,737
)
 
23,355

 
—

 
17,618

Equity in earnings in subsidiaries
180,850

 
(69,438
)
 
61,337

 
(172,749
)
 
—

Net income (loss)
$
152,899

 
$
28,448

 
$
144,301

 
$
(172,749
)
 
$
152,899
Schedule of condensed consolidating statements of comprehensive income (loss)
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended December 31, 2015
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
148,910


$
(36,475
)

$
169,781


$
(133,306
)

$
148,910

Other comprehensive income:
 

 
 

 
 

 
 

 
 

Foreign currency translation adjustments, net of zero tax
30,063

 
64,298

 
50,828

 
(115,126
)
 
30,063

Unrealized gain on derivative instruments and other, net of zero tax
10,497

 
4,099

 
10,497

 
(14,596
)
 
10,497

Comprehensive income
$
189,470

 
$
31,922

 
$
231,106

 
$
(263,028
)
 
$
189,470


 
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended December 31, 2014
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net income
$
152,899


$
28,448


$
144,301


$
(172,749
)

$
152,899

Other comprehensive income (loss):
 

 
 

 
 

 
 

 
 

Foreign currency translation adjustments, net of zero tax
(15,154
)
 
96,645

 
37,167

 
(133,812
)
 
(15,154
)
Unrealized loss on derivative instruments and other, net of zero tax
(22,797
)
 
(5,936
)
 
(22,797
)
 
28,733

 
(22,797
)
Comprehensive income
$
114,948

 
$
119,157

 
$
158,671

 
$
(277,828
)
 
$
114,948

Condensed Consolidating Statements of Comprehensive Income (Loss) for the Nine-Month Period Ended December 31, 2015

 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
382,737

 
$
(93,831
)
 
$
65,226

 
$
28,605

 
$
382,737

Other comprehensive income (loss):
0

 
 

 
 

 
 

 
 

Foreign currency translation adjustments, net of zero tax
2,579

 
7,113

 
(703
)
 
(6,410
)
 
2,579

Unrealized gain on derivative instruments and other, net of zero tax
17,782

 
9,883

 
17,782

 
(27,665
)
 
17,782

Comprehensive income (loss)
$
403,098

 
$
(76,835
)
 
$
82,305

 
$
(5,470
)
 
$
403,098



Condensed Consolidating Statements of Comprehensive Income (Loss) for the Nine-Month Period Ended December 31, 2014

 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net income
$
465,689

 
$
32,001

 
$
501,934

 
$
(533,935
)
 
$
465,689

Other comprehensive income (loss):
 

 
 

 
 

 
 

 
 

Foreign currency translation adjustments, net of zero tax
(24,982
)
 
190,307

 
108,504

 
(298,811
)
 
(24,982
)
Unrealized loss on derivative instruments and other, net of zero tax
(14,505
)
 
(6,164
)
 
(14,505
)
 
20,669

 
(14,505
)
Comprehensive income
$
426,202

 
$
216,144

 
$
595,933

 
$
(812,077
)
 
$
426,202
Schedule of condensed consolidating statements of cash flows
Condensed Consolidating Statements of Cash Flows for the Nine-Month Period Ended December 31, 2015
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(In thousands)
Net cash provided by (used in) operating activities
$
343,182

 
$
(92,821
)
 
$
689,411

 



 
$
939,772

Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

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

 
(128,011
)
 
(285,928
)
 
5

 
(413,934
)
Acquisition and divestiture of businesses, net of cash acquired and cash held in divested business
—

 
(809,233
)
 
(91,009
)
 
—

 
(900,242
)
Investing cash flows to affiliates
(1,099,775
)
 
(994,387
)
 
(944,200
)
 
3,038,362

 
—

Other investing activities, net
(2,046
)
 
(23,270
)
 
26,713

 
—

 
1,397

Net cash used in investing activities
(1,101,821
)
 
(1,954,901
)
 
(1,294,424
)
 
3,038,367

 
(1,312,779
)
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

Proceeds from bank borrowings and long-term debt
695,309

 
—

 
60,375

 
—

 
755,684

Repayments of bank borrowings, long-term debt and capital lease obligations
(35,638
)
 
(1,333
)
 
(3,735
)
 
—

 
(40,706
)
Payments for repurchases of ordinary shares
(331,690
)
 
—

 
—

 
—

 
(331,690
)
Net proceeds from issuance of ordinary shares
52,950

 
—

 
—

 
—

 
52,950

Financing cash flows from affiliates
632,750

 
2,065,092

 
340,525

 
(3,038,367
)
 
—

Other financing activities, net
—

 
—

 
(49,742
)
 
—

 
(49,742
)
Net cash provided by financing activities
1,013,681

 
2,063,759

 
347,423

 
(3,038,367
)
 
386,496

Effect of exchange rates on cash and cash equivalents
4,101

 
4,231

 
(16,035
)
 
—

 
(7,703
)
Net increase (decrease) in cash and cash equivalents
259,143

 
20,268

 
(273,625
)
 
—

 
5,786

Cash and cash equivalents, beginning of period
608,971

 
168,272

 
851,165

 
—

 
1,628,408

Cash and cash equivalents, end of period
$
868,114

 
$
188,540

 
$
577,540

 
$
—

 
$
1,634,194


 
Condensed Consolidating Statements of Cash Flows for the Nine-Month Period Ended December 31, 2014
 

 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(In thousands)
Net cash provided by (used in) operating activities
$
(4,319
)
 
$
11,083

 
$
662,660

 
$
—

 
$
669,424

Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

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

 
(76,042
)
 
(88,340
)
 
(12
)
 
(164,394
)
Acquisition and divestiture of businesses, net of cash acquired and cash held in divested business
—

 
(20,092
)
 
(38,040
)
 
—

 
(58,132
)
Investing cash flows from (to) affiliates
(1,163,617
)
 
(2,257,892
)
 
370,504

 
3,051,005

 
—

Other investing activities, net
(1,500
)
 
(10,597
)
 
580

 


 
(11,517
)
Net cash provided by (used in) investing activities
(1,165,117
)
 
(2,364,623
)
 
244,704

 
3,050,993

 
(234,043
)
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

Proceeds from bank borrowings and long-term debt
223,000

 
—

 
11,523

 
—

 
234,523

Repayments of bank borrowings, long-term debt and capital lease obligations
(245,500
)
 
(1,686
)
 
(4,151
)
 
—

 
(251,337
)
Payments for repurchases of ordinary shares
(290,752
)
 
—

 
—

 
—

 
(290,752
)
Net proceeds from issuance of ordinary shares
12,341

 
—

 
—

 
—

 
12,341

Financing cash flows from (to) affiliates
1,575,271

 
2,340,819

 
(865,097
)
 
(3,050,993
)
 
—

Other financing activities, net
—

 
—

 
(29,135
)
 
—

 
(29,135
)
Net cash provided by (used in) financing activities
1,274,360

 
2,339,133

 
(886,860
)
 
(3,050,993
)
 
(324,360
)
Effect of exchange rates on cash and cash equivalents
(137,117
)
 
(5,893
)
 
145,482

 
—

 
2,472

Net decrease (increase) in cash and cash equivalents
(32,193
)
 
(20,300
)
 
165,986

 
—

 
113,493

Cash and cash equivalents, beginning of period
638,714

 
210,462

 
744,552

 
—

 
1,593,728

Cash and cash equivalents, end of period
$
606,521

 
$
190,162

 
$
910,538

 
$
—

 
$
1,707,221