10-Q Filing

FLEX LTD. CIK: 866374 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000866374-20-000012`
Period End Date	20200630
Filing Date	20200805
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	flex-20200626_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 30 Cash Flow Statement 42 Stockholders Equity 21 Comprehensive Income 14

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$95.41M	USD	Point-in-time
Accounts receivable, allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$95.93M	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`	$1.94B	USD	Point-in-time
Ordinary shares, issued (shares)	`CommonStockSharesIssued`	547.67M	shares	Point-in-time
Ordinary shares, issued (shares)	`CommonStockSharesIssued`	550.59M	shares	Point-in-time
Accounts receivable, net of allowance of $95,406 and $95,930, respectively	`AccountsReceivableNetCurrent`	$3.28B	USD	Point-in-time
Ordinary shares, outstanding (shares)	`CommonStockSharesOutstanding`	500.35M	shares	Point-in-time
Ordinary shares, outstanding (shares)	`CommonStockSharesOutstanding`	497.43M	shares	Point-in-time
Accounts receivable, net of allowance of $95,406 and $95,930, respectively	`AccountsReceivableNetCurrent`	$2.44B	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNet`	$306.20M	USD	Point-in-time
Treasury stock (shares)	`TreasuryStockShares`	50.24M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNet`	$282.44M	USD	Point-in-time
Treasury stock (shares)	`TreasuryStockShares`	50.24M	shares	Point-in-time
Inventories	`InventoryNet`	$3.79B	USD	Point-in-time
Inventories	`InventoryNet`	$3.48B	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$660.09M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$556.79M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.56B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.09B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.16B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.22B	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$605.07M	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$611.05M	USD	Point-in-time
Goodwill	`Goodwill`	$1.07B	USD	Point-in-time
Goodwill	`Goodwill`	$1.06B	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$262.42M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$250.46M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$471.87M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$455.31M	USD	Point-in-time
Total assets	`Assets`	$14.13B	USD	Point-in-time
Total assets	`Assets`	$13.69B	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$149.13M	USD	Point-in-time
Bank borrowings and current portion of long-term debt	`LongTermDebtCurrent`	$162.29M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.60B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.11B	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$390.54M	USD	Point-in-time
Accrued payroll	`EmployeeRelatedLiabilitiesCurrent`	$363.64M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.59B	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.65B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.80B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.21B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$3.42B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.69B	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$539.44M	USD	Point-in-time
Operating lease liabilities, non-current	`OperatingLeaseLiabilityNoncurrent`	$528.97M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$435.61M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$429.30M	USD	Point-in-time
Ordinary shares, no par value; 550,585,570 and 547,665,632 issued, and 500,346,215 and 497,426,277 outstanding, respectively	`CommonStockValueOutstanding`	$6.34B	USD	Point-in-time
Ordinary shares, no par value; 550,585,570 and 547,665,632 issued, and 500,346,215 and 497,426,277 outstanding, respectively	`CommonStockValueOutstanding`	$6.35B	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of June 26, 2020 and March 31, 2020	`TreasuryStockValue`	$388.21M	USD	Point-in-time
Treasury stock, at cost; 50,239,355 shares as of June 26, 2020 and March 31, 2020	`TreasuryStockValue`	$388.21M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.85B	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.90B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-214.67M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-170.86M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.83B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.94B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$2.97B	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$3.00B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$13.69B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$14.13B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.18B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$5.15B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$5.78B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$4.84B	USD	1 Quarter
Restructuring charges	`RestructuringChargesCostOfSales`	$9.67M	USD	1 Quarter
Restructuring charges	`RestructuringChargesCostOfSales`	$47.41M	USD	1 Quarter
Gross profit	`GrossProfit`	$303.55M	USD	1 Quarter
Gross profit	`GrossProfit`	$352.76M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$190.72M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$209.62M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$15.18M	USD	1 Quarter
Intangible amortization	`AmortizationOfIntangibleAssets`	$17.08M	USD	1 Quarter
Restructuring charges	`RestructuringChargesSellingGeneralAndAdministrativeExpense`	$8.79M	USD	1 Quarter
Restructuring charges	`RestructuringChargesSellingGeneralAndAdministrativeExpense`	$16.00K	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-30.26M	USD	1 Quarter
Interest and other, net	`OtherNonoperatingIncomeExpense`	$-53.16M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$64.11M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$67.38M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$19.24M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$15.56M	USD	1 Quarter
Net income	`ProfitLoss`	$44.87M	USD	1 Quarter
Net income	`ProfitLoss`	$51.82M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	514.24M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	497.92M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	517.55M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	501.63M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$44.87M	USD	1 Quarter
Net income	`ProfitLoss`	$51.82M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$190.16M	USD	1 Quarter
Depreciation, amortization and other impairment charges	`DepreciationDepletionAndAmortization`	$156.22M	USD	1 Quarter
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$891.90M	USD	1 Quarter
Changes in working capital and other, net	`IncreaseDecreaseInOperatingCapital`	$837.42M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-629.39M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-656.87M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$162.12M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$110.26M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$7.85M	USD	1 Quarter
Proceeds from the disposition of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$38.90M	USD	1 Quarter
Cash collections of deferred purchase price	`ProceedsFromCollectionOfDeferredPurchasePriceReceivables`	-	USD	1 Quarter
Cash collections of deferred purchase price	`ProceedsFromCollectionOfDeferredPurchasePriceReceivables`	$899.26M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$-2.03M	USD	1 Quarter
Other investing activities, net	`PaymentsForProceedsFromOtherInvestingActivities`	$920.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-100.38M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$775.13M	USD	1 Quarter
Proceeds from bank borrowings and long-term debt	`ProceedsFromIssuanceOfDebt`	$1.25B	USD	1 Quarter
Proceeds from bank borrowings and long-term debt	`ProceedsFromIssuanceOfDebt`	$771.53M	USD	1 Quarter
Repayments of bank borrowings and long-term debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$601.24M	USD	1 Quarter
Repayments of bank borrowings and long-term debt	`RepaymentsOfDebtAndCapitalLeaseObligations`	$510.55M	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Payments for repurchases of ordinary shares	`PaymentsForRepurchaseOfCommonStock`	$52.00M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$3.51M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-11.98M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$740.79M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$106.31M	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-749.00K	USD	1 Quarter
Effect of exchange rates on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.37M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$12.39M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$223.83M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.92B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.70B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.92B	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.94B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.92B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.70B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.92B	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.94B	USD	Point-in-time
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$78.66M	USD	1 Quarter
Unpaid purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$34.91M	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning balance (in shares)	`CommonStockSharesOutstanding`	500.35M	shares	Point-in-time
Beginning balance (in shares)	`CommonStockSharesOutstanding`	497.43M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$2.83B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.94B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.97B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$3.00B	USD	Point-in-time
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$403.00K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$53.00K	USD	1 Quarter
Net income	`ProfitLoss`	$44.87M	USD	1 Quarter
Net income	`ProfitLoss`	$51.82M	USD	1 Quarter
Stock-based compensation, net of tax	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$12.77M	USD	1 Quarter
Stock-based compensation, net of tax	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$15.23M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-1.07M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$43.81M	USD	1 Quarter
Repurchase of Flex Ltd. ordinary shares at cost	`TreasuryStockValueAcquiredCostMethod`	$52.00M	USD	1 Quarter
Ending balance (in shares)	`CommonStockSharesOutstanding`	500.35M	shares	Point-in-time
Ending balance (in shares)	`CommonStockSharesOutstanding`	497.43M	shares	Point-in-time
Ending balance	`StockholdersEquity`	$2.83B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.94B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.97B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$3.00B	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$44.87M	USD	1 Quarter
Net income	`ProfitLoss`	$51.82M	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustments, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	-	USD	1 Quarter
Unrealized loss on derivative instruments and other, tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent`	-	USD	1 Quarter
Unrealized loss on derivative instruments and other, tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent`	-	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$4.40M	USD	1 Quarter
Foreign currency translation adjustments, net of zero tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$14.05M	USD	1 Quarter
Unrealized gain (loss) on derivative instruments and other, net of zero tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$-5.47M	USD	1 Quarter
Unrealized gain (loss) on derivative instruments and other, net of zero tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent`	$29.76M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$43.80M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$95.63M	USD	1 Quarter
Unrealized loss on derivative instruments and other, tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent`	-	USD	1 Quarter
Unrealized loss on derivative instruments and other, tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent`	-	USD	1 Quarter

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