10-Q Filing

FLEX LTD. CIK: 866374 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0000866374-18-000010`
Period End Date	20180630
Filing Date	20180802
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	flex-20180629.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 28 Cash Flow Statement 56 Comprehensive Income 12

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$62.14M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$60.05M	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`	$1.25B	USD	Point-in-time
Ordinary shares, issued (shares)	`CommonStockSharesIssued`	582.98M	shares	Point-in-time
Ordinary shares, issued (shares)	`CommonStockSharesIssued`	578.32M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.83B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.58B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.47B	USD	Point-in-time
Ordinary shares, outstanding (shares)	`CommonStockSharesOutstanding`	528.08M	shares	Point-in-time
Ordinary shares, outstanding (shares)	`CommonStockSharesOutstanding`	532.74M	shares	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $62,141 and $60,051 as of June 29, 2018 and March 31, 2018, respectively	`AccountsReceivableNetCurrent`	$2.52B	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $62,141 and $60,051 as of June 29, 2018 and March 31, 2018, respectively	`AccountsReceivableNetCurrent`	$2.89B	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNet`	$323.60M	USD	Point-in-time
Treasury stock, shares (shares)	`TreasuryStockShares`	50.24M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNet`	-	USD	Point-in-time
Treasury stock, shares (shares)	`TreasuryStockShares`	50.24M	shares	Point-in-time
Inventories	`InventoryNet`	$3.80B	USD	Point-in-time
Inventories	`InventoryNet`	$3.98B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.38B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.23B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.68B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.17B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.19B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.24B	USD	Point-in-time
Goodwill	`Goodwill`	$1.09B	USD	Point-in-time
Goodwill	`Goodwill`	$1.12B	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$390.83M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$424.43M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$949.20M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$760.33M	USD	Point-in-time
Total assets	`Assets`	$14.31B	USD	Point-in-time
Total assets	`Assets`	$13.72B	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$42.90M	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$43.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.71B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.12B	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$377.46M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$383.33M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.67B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.72B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.79B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.27B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.90B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.88B	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$528.40M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$531.59M	USD	Point-in-time
Ordinary shares, no par value; 582,975,757 and 578,317,848 issued, and 532,736,402 and 528,078,493 outstanding as of June 29, 2018 and March 31, 2018, respectively	`CommonStockValue`	$6.66B	USD	Point-in-time
Ordinary shares, no par value; 582,975,757 and 578,317,848 issued, and 532,736,402 and 528,078,493 outstanding as of June 29, 2018 and March 31, 2018, respectively	`CommonStockValue`	$6.64B	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of June 29, 2018 and March 31, 2018	`TreasuryStockValue`	$388.21M	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of June 29, 2018 and March 31, 2018	`TreasuryStockValue`	$388.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.99B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.14B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-170.83M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-85.84M	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.11B	USD	Point-in-time
Total shareholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.02B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$13.72B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$14.31B	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$6.01B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerIncludingAssessedTax`	$6.42B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$5.60B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$6.05B	USD	1 Quarter
Gross profit	`GrossProfit`	$377.85M	USD	1 Quarter
Gross profit	`GrossProfit`	$406.93M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$262.88M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$250.81M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$18.52M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$19.90M	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-41.74M	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-26.88M	USD	1 Quarter
Other income, net	`OtherOperatingandNonoperatingIncomeExpense`	$36.16M	USD	1 Quarter
Other income, net	`OtherOperatingandNonoperatingIncomeExpense`	$86.92M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$145.51M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$141.64M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$20.80M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$25.60M	USD	1 Quarter
Net income	`ProfitLoss`	$116.03M	USD	1 Quarter
Net income	`ProfitLoss`	$124.71M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.22	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`	$0.22	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	530.27M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	529.38M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	535.45M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	538.63M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$116.03M	USD	1 Quarter
Net income	`ProfitLoss`	$124.71M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$131.40M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$121.76M	USD	1 Quarter
Gain from deconsolidation of a subsidiary entity	`DeconsolidationGainOrLossAmount`	-	USD	1 Quarter
Gain from deconsolidation of a subsidiary entity	`DeconsolidationGainOrLossAmount`	$91.03M	USD	1 Quarter
Changes in working capital and other	`IncreaseDecreaseInOperatingCapital`	$818.58M	USD	1 Quarter
Changes in working capital and other	`IncreaseDecreaseInOperatingCapital`	$951.86M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-671.81M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-695.76M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$124.85M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$172.25M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.34M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.48M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsProceedstoAcquirefromDivestitureBusinessNetofCashAcquired`	-	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`	-	USD	1 Quarter
Proceeds from divestiture of businesses, net of cash held in divested businesses	`ProceedsFromDivestitureOfBusinessesNetOfCashDivested`	$-616.00K	USD	1 Quarter
Cash collections of deferred purchase price	`ProceedsFromCollectionOfDeferredPurchasePriceReceivables`	$656.77M	USD	1 Quarter
Cash collections of deferred purchase price	`ProceedsFromCollectionOfDeferredPurchasePriceReceivables`	$834.27M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$18.55M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$15.22M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$471.64M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$482.01M	USD	1 Quarter
Proceeds from bank borrowings and long-term debt	`ProceedsFromIssuanceOfDebt`	$150.31M	USD	1 Quarter
Proceeds from bank borrowings and long-term debt	`ProceedsFromIssuanceOfDebt`	-	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`	$150.34M	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	$73.86M	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Net proceeds from issuance of ordinary shares	`ProceedsFromIssuanceOfCommonStock`	$45.00K	USD	1 Quarter
Net proceeds from issuance of ordinary shares	`ProceedsFromIssuanceOfCommonStock`	$696.00K	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$57.63M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-23.09M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-17.63M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-11.64M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-248.48M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-217.78M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.83B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.47B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.25B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.58B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.25B	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`	$1.58B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.47B	USD	Point-in-time
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$148.53M	USD	1 Quarter
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$84.47M	USD	1 Quarter
Non-cash proceeds from sale of Wink	`NoncashInvestingandFinancingActivitiesCustomerrelatedThirdPartyBankingInstitutionFinancingNetSettlement`	$59.00M	USD	1 Quarter
Non-cash proceeds from sale of Wink	`NoncashInvestingandFinancingActivitiesCustomerrelatedThirdPartyBankingInstitutionFinancingNetSettlement`	-	USD	1 Quarter
Non-cash investment in AutoLab (Note 2)	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	$132.05M	USD	1 Quarter
Non-cash investment in AutoLab (Note 2)	`OtherSignificantNoncashTransactionValueOfConsiderationReceived1`	-	USD	1 Quarter
Leased Asset to AutoLab (Note 2)	`NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1`	-	USD	1 Quarter
Leased Asset to AutoLab (Note 2)	`NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1`	$76.53M	USD	1 Quarter

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$116.03M	USD	1 Quarter
Net income	`ProfitLoss`	$124.71M	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`	$-44.09M	USD	1 Quarter
Unrealized loss on derivative instruments and other, net of zero tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-2.17M	USD	1 Quarter
Unrealized loss on derivative instruments and other, net of zero tax	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-40.90M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$31.05M	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.