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SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)
 3 Months Ended
Jul. 01, 2016
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS  
Schedule of condensed consolidating balance sheets
Condensed Consolidating Balance Sheets as of July 1, 2016
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
ASSETS
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
431,588

 
$
118,892

 
$
1,128,855

 
$
—

 
$
1,679,335

Accounts receivable
—

 
819,169

 
1,238,774

 
—

 
2,057,943

Inventories
—

 
1,536,360

 
2,058,477

 
—

 
3,594,837

Inter company receivable
9,624,074

 
5,918,488

 
12,736,490

 
(28,279,052
)
 
—

Other current assets
1,740

 
182,510

 
904,594

 
—

 
1,088,844

Total current assets
10,057,402

 
8,575,419

 
18,067,190

 
(28,279,052
)
 
8,420,959

Property and equipment, net
—

 
561,046

 
1,735,399

 
—

 
2,296,445

Goodwill and other intangible assets, net
100

 
60,173

 
1,264,341

 
—

 
1,324,614

Other assets
2,232,494

 
269,927

 
2,001,920

 
(4,037,835
)
 
466,506

Investment in subsidiaries
2,675,293

 
3,174,268

 
18,214,271

 
(24,063,832
)
 
—

Total assets
$
14,965,289

 
$
12,640,833

 
$
41,283,121

 
$
(56,380,719
)
 
$
12,508,524

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

Bank borrowings and current portion of long-term debt
$
58,836

 
$
946

 
$
6,238

 
$
—

 
$
66,020

Accounts payable
—

 
1,477,964

 
2,839,607

 
—

 
4,317,571

Accrued payroll
—

 
136,897

 
240,630

 
—

 
377,527

Inter company payable
9,557,901

 
8,546,945

 
10,174,206

 
(28,279,052
)
 
—

Other current liabilities
26,524

 
809,796

 
1,030,265

 
—

 
1,866,585

Total current liabilities
9,643,261

 
10,972,548

 
14,290,946

 
(28,279,052
)
 
6,627,703

Long term liabilities
2,698,621

 
2,059,725

 
2,493,716

 
(4,037,835
)
 
3,214,227

Flextronics International Ltd. shareholders’ equity (deficit)
2,623,407

 
(391,440
)
 
24,455,272

 
(24,063,832
)
 
2,623,407

Noncontrolling interests
—

 
—

 
43,187

 
—

 
43,187

Total shareholders’ equity (deficit)
2,623,407

 
(391,440
)
 
24,498,459

 
(24,063,832
)
 
2,666,594

Total liabilities and shareholders’ equity
$
14,965,289

 
$
12,640,833

 
$
41,283,121

 
$
(56,380,719
)
 
$
12,508,524



Condensed Consolidating Balance Sheets as of March 31, 2016
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
ASSETS
 

 
 

 
 

 
 

 
 

Current assets:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
734,869

 
$
148,201

 
$
724,500

 
$
—

 
$
1,607,570

Accounts receivable
—

 
729,331

 
1,315,426

 
—

 
2,044,757

Inventories
—

 
1,482,410

 
2,009,246

 
—

 
3,491,656

Inter company receivable
9,105,728

 
5,568,392

 
12,404,722

 
(27,078,842
)
 
—

Other current assets
2,951

 
180,842

 
987,350

 
—

 
1,171,143

Total current assets
9,843,548

 
8,109,176

 
17,441,244

 
(27,078,842
)
 
8,315,126

Property and equipment, net
—

 
553,072

 
1,704,561

 
—

 
2,257,633

Goodwill and other intangible assets, net
175

 
60,895

 
1,284,750

 
—

 
1,345,820

Other assets
2,249,145

 
267,034

 
2,004,437

 
(4,054,214
)
 
466,402

Investment in subsidiaries
2,815,426

 
3,010,111

 
18,175,348

 
(24,000,885
)
 
—

Total assets
$
14,908,294

 
$
12,000,288

 
$
40,610,340

 
$
(55,133,941
)
 
$
12,384,981

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 

 
 

 
 

 
 

 
 

Current liabilities:
 

 
 

 
 

 
 

 
 

Bank borrowings and current portion of long-term debt
$
58,836

 
$
946

 
$
5,384

 
$
—

 
$
65,166

Accounts payable
—

 
1,401,835

 
2,846,457

 
—

 
4,248,292

Accrued payroll
—

 
114,509

 
239,038

 
—

 
353,547

Inter company payable
9,562,405

 
7,999,335

 
9,517,102

 
(27,078,842
)
 
—

Other current liabilities
33,008

 
869,470

 
1,002,722

 
—

 
1,905,200

Total current liabilities
9,654,249

 
10,386,095

 
13,610,703

 
(27,078,842
)
 
6,572,205

Long term liabilities
2,683,173

 
2,063,988

 
2,514,299

 
(4,054,214
)
 
3,207,246

Flextronics International Ltd. shareholders’ equity (deficit)
2,570,872

 
(449,795
)
 
24,450,680

 
(24,000,885
)
 
2,570,872

Noncontrolling interests
—

 
—

 
34,658

 
—

 
34,658

Total shareholders’ equity (deficit)
2,570,872

 
(449,795
)
 
24,485,338

 
(24,000,885
)
 
2,605,530

Total liabilities and shareholders’ equity
$
14,908,294

 
$
12,000,288

 
$
40,610,340

 
$
(55,133,941
)
 
$
12,384,981
Schedule of condensed consolidating statements of operations
Condensed Consolidating Statements of Operations for the Three-Month Period Ended July 1, 2016
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net sales
$
—

 
$
3,830,352

 
$
4,336,646

 
$
(2,290,185
)
 
$
5,876,813

Cost of sales
—

 
3,413,282

 
4,347,721

 
(2,290,185
)
 
5,470,818

Gross profit (loss)
—

 
417,070

 
(11,075
)
 
—

 
405,995

Selling, general and administrative expenses
—

 
69,969

 
169,577

 
—

 
239,546

Intangible amortization
75

 
717

 
20,806

 
—

 
21,598

Interest and other, net
(316,390
)
 
416,317

 
(71,999
)
 
—

 
27,928

Income (loss) from continuing operations before income taxes
316,315

 
(69,933
)
 
(129,459
)
 
—

 
116,923

Provision for income taxes
—

 
595

 
10,599

 
—

 
11,194

Equity in earnings in subsidiaries
(210,586
)
 
(727
)
 
(22,105
)
 
233,418

 
—

Net income (loss)
$
105,729

 
$
(71,255
)
 
$
(162,163
)
 
$
233,418

 
$
105,729


 
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
$
—

 
$
4,046,385

 
$
3,935,515

 
$
(2,415,652
)
 
$
5,566,248

Cost of sales
—

 
3,644,059

 
3,985,500

 
(2,415,652
)
 
5,213,907

Gross profit (loss)
—

 
402,326

 
(49,985
)
 
—

 
352,341

Selling, general and administrative expenses
—

 
63,559

 
145,826

 
—

 
209,385

Intangible amortization
75

 
960

 
6,636

 
—

 
7,671

Interest and other, net
(267,052
)
 
336,992

 
(53,271
)
 
—

 
16,669

Income (loss) from continuing operations before income taxes
266,977

 
815

 
(149,176
)
 
—

 
118,616

Provision for (benefit from) income taxes
—

 
9,099

 
(1,333
)
 
—

 
7,766

Equity in earnings in subsidiaries
(156,127
)
 
(17,826
)
 
37,047

 
136,906

 
—

Net income (loss)
$
110,850

 
$
(26,110
)
 
$
(110,796
)
 
$
136,906

 
$
110,850
Schedule of condensed consolidating statements of comprehensive income (loss)
Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended July 1, 2016
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in thousands)
Net income (loss)
$
105,729


$
(71,255
)

$
(162,163
)

$
233,418


$
105,729

Other comprehensive income:
 

 
 

 
 

 
 

 
 

Foreign currency translation adjustments, net of zero tax
9,861

 
17,709

 
24,763

 
(42,472
)
 
9,861

Unrealized gain on derivative instruments and other, net of zero tax
1,348

 
2,449

 
1,348

 
(3,797
)
 
1,348

Comprehensive income (loss)
$
116,938

 
$
(51,097
)
 
$
(136,052
)
 
$
187,149

 
$
116,938


 
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
$
110,850


$
(26,110
)

$
(110,796
)

$
136,906


$
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

 
$
(44,976
)
 
$
(118,864
)
 
$
163,840

 
$
126,462
Schedule of condensed consolidating statements of cash flows
Condensed Consolidating Statements of Cash Flows for the Three-Month Period Ended July 1, 2016
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(In thousands)
Net cash provided by (used in) operating activities
$
300,435

 
$
(217,862
)
 
$
181,392

 
$
(33
)
 
$
263,932

Cash flows from investing activities:
 

 
 

 
 

 
 

 
 

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

 
(39,399
)
 
(103,976
)
 
(6
)
 
(143,381
)
Acquisition of businesses, net of cash acquired
—

 
(8,888
)
 
(604
)
 
—

 
(9,492
)
Proceeds from divesture of business, net of cash held in divested business
—

 
—

 
14,828

 
—

 
14,828

Investing cash flows to affiliates
(481,875
)
 
(816,210
)
 
(653,366
)
 
1,951,451

 
—

Other investing activities, net
1

 
(1,260
)
 
27,520

 
—

 
26,261

Net cash used in investing activities
(481,874
)
 
(865,757
)
 
(715,598
)
 
1,951,445

 
(111,784
)
Cash flows from financing activities:
 

 
 

 
 

 
 

 
 

Proceeds from bank borrowings and long-term debt
74,972

 
—

 
46

 
—

 
75,018

Repayments of bank borrowings, long-term debt and capital lease obligations
(90,000
)
 
(1,152
)
 
(1,070
)
 


 
(92,222
)
Payments for repurchases of ordinary shares
(94,715
)
 
—

 
—

 
—

 
(94,715
)
Net proceeds from issuance of ordinary shares
3,966

 
—

 
—

 
—

 
3,966

Financing cash flows (to) from affiliates
(30,704
)
 
1,056,584

 
925,532

 
(1,951,412
)
 
—

Other financing activities, net
30,000

 
—

 
(17,099
)
 
—

 
12,901

Net cash (used in) provided by financing activities
(106,481
)
 
1,055,432

 
907,409

 
(1,951,412
)
 
(95,052
)
Effect of exchange rates on cash and cash equivalents
(15,361
)
 
(1,122
)
 
31,152

 
—

 
14,669

Net increase (decrease) in cash and cash equivalents
(303,281
)
 
(29,309
)
 
404,355

 
—

 
71,765

Cash and cash equivalents, beginning of period
734,869

 
148,201

 
724,500

 
—

 
1,607,570

Cash and cash equivalents, end of period
$
431,588

 
$
118,892

 
$
1,128,855

 
$
—

 
$
1,679,335


 
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
$
280,844

 
$
(4,684
)
 
$
86,116

 
$
—

 
$
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 divestiture of business, net of cash held in divested business
—

 
—

 
1,000

 
—

 
1,000

Investing cash flows to affiliates
(720,048
)
 
(162,774
)
 
(1,176,220
)
 
2,059,042

 
—

Other investing activities, net
—

 
(14,787
)
 
7,207

 
—

 
(7,580
)
Net cash used in investing activities
(720,048
)
 
(227,454
)
 
(1,273,536
)
 
2,059,042

 
(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

 
274,540

 
1,164,532

 
(2,059,042
)
 
—

Other financing activities, net
—

 
—

 
(25,252
)
 
—

 
(25,252
)
Net cash provided by financing activities
1,153,282

 
274,268

 
1,137,938

 
(2,059,042
)
 
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