10-Q Filing

FLEX LTD. CIK: 866374 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0000866374-17-000008`
Period End Date	20170630
Filing Date	20170801
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	flex-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 28 Cash Flow Statement 48 Comprehensive Income 12

Balance Sheet 62 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$57.84M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$57.30M	USD	Point-in-time
Ordinary shares, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Ordinary shares, par value (in dollars per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.68B	USD	Point-in-time
Ordinary shares, issued (shares)	`CommonStockSharesIssued`	581.53M	shares	Point-in-time
Ordinary shares, issued (shares)	`CommonStockSharesIssued`	582.89M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.58B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.83B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.61B	USD	Point-in-time
Ordinary shares, outstanding (shares)	`CommonStockSharesOutstanding`	532.65M	shares	Point-in-time
Ordinary shares, outstanding (shares)	`CommonStockSharesOutstanding`	531.29M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $57,842 and $57,302 as of June 30, 2017 and March 31, 2017, respectively	`AccountsReceivableNetCurrent`	$2.33B	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $57,842 and $57,302 as of June 30, 2017 and March 31, 2017, respectively	`AccountsReceivableNetCurrent`	$2.19B	USD	Point-in-time
Treasury stock, shares (shares)	`TreasuryStockShares`	50.24M	shares	Point-in-time
Treasury stock, shares (shares)	`TreasuryStockShares`	50.24M	shares	Point-in-time
Inventories	`InventoryNet`	$3.60B	USD	Point-in-time
Inventories	`InventoryNet`	$3.40B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$967.93M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.05B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.56B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.39B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.32B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.35B	USD	Point-in-time
Goodwill	`Goodwill`	$1.04B	USD	Point-in-time
Goodwill	`Goodwill`	$984.87M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$453.96M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$362.18M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$541.51M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$619.21M	USD	Point-in-time
Total assets	`Assets`	$13.02B	USD	Point-in-time
Total assets	`Assets`	$12.59B	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$45.66M	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$61.53M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.48B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.78B	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$344.25M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$359.35M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.61B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.57B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.76B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.50B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.92B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.89B	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$519.85M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$530.09M	USD	Point-in-time
Ordinary shares, no par value; 582,889,873 and 581,534,129 issued, and 532,650,518 and 531,294,774 outstanding as of June 30, 2017 and March 31, 2017, respectively	`CommonStockValue`	$6.68B	USD	Point-in-time
Ordinary shares, no par value; 582,889,873 and 581,534,129 issued, and 532,650,518 and 531,294,774 outstanding as of June 30, 2017 and March 31, 2017, respectively	`CommonStockValue`	$6.73B	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of June 30, 2017 and March 31, 2017	`TreasuryStockValue`	$388.21M	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of June 30, 2017 and March 31, 2017	`TreasuryStockValue`	$388.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.57B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.45B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-119.48M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-128.14M	USD	Point-in-time
Total Flex Ltd. shareholders equity	`StockholdersEquity`	$2.64B	USD	Point-in-time
Total Flex Ltd. shareholders equity	`StockholdersEquity`	$2.72B	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$87.58M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$33.74M	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.68B	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.81B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$13.02B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$12.59B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$6.01B	USD	1 Quarter
Net sales	`SalesRevenueNet`	$5.88B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$5.60B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$5.47B	USD	1 Quarter
Gross profit	`GrossProfit`	$406.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$406.93M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$250.81M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$239.55M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$21.60M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$19.90M	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-26.88M	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-24.40M	USD	1 Quarter
Other charges (income), net	`OtherOperatingandNonoperatingIncomeExpense`	$36.16M	USD	1 Quarter
Other charges (income), net	`OtherOperatingandNonoperatingIncomeExpense`	$-3.53M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$116.92M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$145.51M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$20.80M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$11.19M	USD	1 Quarter
Net income	`ProfitLoss`	$124.71M	USD	1 Quarter
Net income	`ProfitLoss`	$105.73M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.24	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.23	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	544.63M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	530.27M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	551.03M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	538.63M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$124.71M	USD	1 Quarter
Net income	`ProfitLoss`	$105.73M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$129.50M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$131.40M	USD	1 Quarter
Changes in working capital and other	`IncreaseDecreaseInOperatingCapital`	$117.59M	USD	1 Quarter
Changes in working capital and other	`IncreaseDecreaseInOperatingCapital`	$-28.70M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$263.93M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$138.52M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$159.10M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$124.85M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.48M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$15.72M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsProceedstoAcquirefromDivestitureBusinessNetofCashAcquired`	$9.49M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsProceedstoAcquirefromDivestitureBusinessNetofCashAcquired`	$213.72M	USD	1 Quarter
Proceeds from divestiture of businesses, net of cash held in divested businesses	`ProceedsFromDivestitureOfBusinessesNetOfCashDivested`	$-616.00K	USD	1 Quarter
Proceeds from divestiture of businesses, net of cash held in divested businesses	`ProceedsFromDivestitureOfBusinessesNetOfCashDivested`	$14.83M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$18.55M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-26.26M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-352.26M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-111.78M	USD	1 Quarter
Proceeds from bank borrowings and long-term debt	`ProceedsFromIssuanceOfDebt`	-	USD	1 Quarter
Proceeds from bank borrowings and long-term debt	`ProceedsFromIssuanceOfDebt`	$75.02M	USD	1 Quarter
Repayments of bank borrowings and long-term debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$7.55M	USD	1 Quarter
Repayments of bank borrowings and long-term debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$92.22M	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	$94.72M	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	$73.86M	USD	1 Quarter
Net proceeds from issuance of ordinary shares	`ProceedsFromIssuanceOfCommonStock`	$696.00K	USD	1 Quarter
Net proceeds from issuance of ordinary shares	`ProceedsFromIssuanceOfCommonStock`	$3.97M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$12.90M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$57.63M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-95.05M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-23.09M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-11.64M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$14.67M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-248.48M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$71.77M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.68B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.58B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.83B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.61B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.68B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.58B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.83B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.61B	USD	Point-in-time
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$85.57M	USD	1 Quarter
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$84.47M	USD	1 Quarter
Non-cash proceeds from sale of Wink	`NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1`	$59.00M	USD	1 Quarter
Non-cash proceeds from sale of Wink	`NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1`	-	USD	1 Quarter

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$124.71M	USD	1 Quarter
Net income	`ProfitLoss`	$105.73M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	-	USD	1 Quarter
Unrealized gain (loss) on derivative instruments and other, tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent`	-	USD	1 Quarter
Unrealized gain (loss) on derivative instruments and other, tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$10.84M	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$9.86M	USD	1 Quarter
Unrealized (loss) gain on derivative instruments and other, net of zero tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-2.17M	USD	1 Quarter
Unrealized (loss) gain on derivative instruments and other, net of zero tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$1.35M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$116.94M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$133.38M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.