(Mark One)
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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Or
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Singapore
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Not Applicable
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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2 Changi South Lane,
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Singapore
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486123
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(Address of registrant's principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Ordinary Shares, No Par Value
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FLEX
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The Nasdaq Stock Market LLC
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Large Accelerated Filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Class
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Outstanding at May 20, 2020
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Ordinary Shares, No Par Value
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497,611,169
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Document
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Parts into Which Incorporated
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Proxy Statement to be delivered to shareholders in connection with the Registrant's 2020 Annual General Meeting of Shareholders
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Part III
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Page
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•
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High Reliability Solutions ("HRS"), which is comprised of our health solutions business, including surgical equipment, drug delivery, diagnostics, telemedicine, disposable devices, imaging and monitoring, patient mobility and ophthalmology; and our automotive business, including vehicle electrification, connectivity, autonomous, and smart technologies;
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•
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Industrial and Emerging Industries ("IEI"), which is comprised of energy including advanced metering infrastructure, energy storage, smart lighting, smart solar energy; and industrial, including semiconductor and capital equipment, office solutions, household industrial and lifestyle, industrial automation and kiosks;
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•
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Communications & Enterprise Compute ("CEC"), which includes our telecom business of radio access base stations, remote radio heads and small cells for wireless infrastructure; our networking business, which includes optical, routing, and switching products for data and video networks; our server and storage platforms for both enterprise and cloud-based deployments; next generation storage and security appliance products; and rack-level solutions, converged infrastructure and software-defined product solutions; and
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•
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Consumer Technologies Group ("CTG"), which includes our consumer-related businesses in IoT enabled devices, audio and consumer power electronics, mobile devices; and various supply chain solutions for consumer, computing and printing devices.
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•
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Improved inventory management and purchasing power;
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•
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Access to worldwide design, engineering, manufacturing, and after-market service capabilities;
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•
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Ability to focus on core branding and R&D initiatives;
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•
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Accelerated time to market and time-to-volume production;
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•
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Improved efficiency and optimized production costs;
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•
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Improved product quality through advanced design and production at scale; and
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•
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Reduced capital investment requirements and fixed costs;
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•
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Speed: Our sophisticated supply chain management tools and expertise allow us to provide customers with access to real-time information that increases visibility throughout the entire product lifecycle, reducing risk while accelerating execution. Our experience with new product introductions and manufacturing ramps provides customers with a time to market advantage.
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•
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Scope: Our full range of services, from Sketch-to-Scale®, include innovation and design, engineering, manufacturing, forward and reverse logistics, and circular economy supply chain management. Our deep cross-industry knowledge and multi-domain expertise accelerate the production of increasingly complex products for increasingly interconnected industries.
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•
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Scale: Our physical infrastructure includes over 100 facilities in approximately 30 countries, staffed by approximately 160,000 employees, providing our customers with truly global scale and strategic geographic distribution capabilities.
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•
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Innovation and Design Centers. Our Innovation and Design Centers specialize in supporting customer design and product development. Customers gain access to our design and engineering facilities, technical subject matter expertise, and rapid prototyping resources such as metal and plastic 3D printers and soft tooling capabilities.
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•
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Cross-industry Technologies. Along with our portfolio of specific building block technologies in electrical/electronics, electromechanical, and software, we also have deep technical expertise in cross-industry technologies including: Human Machine Interface (HMI), Audio and Video, System in Package (SIP), Miniaturization, IoT Platforms and Power Management.
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•
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Systems Integration Services. Through systems integration, we design and integrate advanced data center servers, storage and networking equipment, and data center appliances. These systems provide engineering and design services with an emphasis on multivendor integration and open technologies that promote interoperability at a lower cost.
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•
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System Architecture, User Interface and Industrial Design;
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•
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Hardware Design;
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•
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Software Design; and
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•
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Design for Excellence.
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•
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Enclosures. We offer a comprehensive set of custom electronics enclosures and related products and services. Our services include the design, manufacture, integration and deployment of electronics packaging systems, including custom enclosure systems, power and thermal subsystems, interconnect subsystems, cabling, and cases. In addition to standard sheet metal and plastic fabrication services, we assist in the design of electronics packaging systems that protect sensitive electronics and enhance functionality. Our enclosure design services focus on functionality, manufacturability, and testing. These services are integrated with our other assembly and manufacturing services to provide our customers with improved overall supply chain management.
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•
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Testing Services. We offer computer-aided testing services for assembled printed circuit boards, systems, and subsystems. These services significantly improve our ability to deliver high-quality products on a consistent basis. Our test services include management defect analysis, in-circuit testing and functional testing as well as environmental stress tests of board and system assemblies. We also offer design for test, manufacturing, and environmental services to jointly improve customer product design and manufacturing.
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•
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Materials Procurement and Inventory Management. Our manufacturing and assembly operations capitalize on our materials inventory management expertise and volume procurement capabilities. As a result, we believe that we are able to achieve highly competitive cost reductions and shorten total manufacturing cycle times for our customers. Materials procurement and management consists of the planning, purchasing, expediting, and warehousing of components and materials used in the manufacturing process. In addition, our strategy includes having third-party suppliers of custom components located in our industrial parks to reduce material and transportation costs, simplify logistics, and facilitate inventory management. We also use a sophisticated automated manufacturing resource planning system and enhanced electronic data interchange capabilities to ensure inventory control and optimization. Electronic data interchange allows customers to share demand and product forecasts, deliver purchase orders and assists suppliers with satisfying just-in-time delivery and supplier-managed inventory requirements. There are a number of sources for these materials, including customers for whom we are providing systems assembly and manufacturing services. On some occasions, there have been shortages of certain electronic components, most recently for connectors, capacitors, LCD panels and memory (both DRAM and Flash). As a result of the COVID-19 pandemic, we experienced component shortages and other supply chain constraints in the fourth quarter of our fiscal year 2020, and such component shortages and supply chain constraints have continued to a lesser extent in the first quarter of our fiscal year 2021. See "Risk Factors—We may be adversely affected by supply chain issues, including shortages of required electronic components."
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•
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Restrictions on Hazardous Substances ("RoHS") 2011/65/EU
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•
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Waste Electrical and Electronic Equipment ("WEEE") 2012/19/EU directives
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•
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The regulation EC 1907/2006 EU Directive REACH ("Registration, Evaluation, Authorization, and Restriction of Chemicals")
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•
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China RoHS entitled, Management Methods for Controlling Pollution for Electronic Information Products ("EIPs").
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•
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disruptions to or restrictions on our ability to ensure the continuous provision of our manufacturing services and solutions;
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•
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temporary closures or reductions in operational capacity of our manufacturing facilities;
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•
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reductions in our capacity utilization levels;
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•
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temporary closures of our direct and indirect suppliers, resulting in adverse effects to our supply chain, and other supply chain disruptions, which adversely affect our ability to procure sufficient inventory to support customer orders;
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•
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temporary shortages of skilled employees available to staff manufacturing facilities due to shelter-in-place orders and travel restrictions within as well as into and out of countries;
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•
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restrictions or disruptions of transportation, such as reduced availability of air transport, port closures, and increased border controls or closures;
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•
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increases in operational expenses and other costs related to requirements implemented to mitigate the impact of the pandemic;
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•
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delays or limitations on the ability of our customers to perform or make timely payments;
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•
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reductions in short- and long-term demand for our manufacturing services and solutions, or other disruptions in technology buying patterns;
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•
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workforce disruptions due to illness, quarantines, governmental actions, other restrictions, and/or the social distancing measures we have taken to mitigate the impact of COVID-19 at our locations around the world in an effort to protect the health and well-being of our employees, customers, suppliers and of the communities in which we operate (including working from home, restricting the number of employees attending events or meetings in person, limiting the number of people in our buildings and factories at any one time, further restricting access to our facilities and suspending employee travel); and
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•
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our management team continuing to commit significant time, attention and resources to monitoring the COVID-19 pandemic and seeking to mitigate its effects on our business and workforce.
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•
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HRS, which is comprised of our health solutions business, including surgical equipment, drug delivery, diagnostics, telemedicine, disposable devices, imaging and monitoring, patient mobility and ophthalmology; and our automotive business, including vehicle electrification, connectivity, autonomous, and smart technologies;
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•
|
IEI, which is comprised of energy including advanced metering infrastructure, energy storage, smart lighting, smart solar energy; and industrial, including semiconductor and capital equipment, office solutions, household industrial and lifestyle, industrial automation and kiosks;
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•
|
CEC, which includes our telecom business of radio access base stations, remote radio heads and small cells for wireless infrastructure; our networking business, which includes optical, routing, and switching products for data and video networks; our server and storage platforms for both enterprise and cloud-based deployments; next generation storage and security appliance products; and rack-level solutions, converged infrastructure and software-defined product solutions; and
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•
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CTG, which includes our consumer-related businesses in IoT enabled devices, audio and consumer power electronics, mobile devices; and various supply chain solutions for consumer, computing and printing devices.
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•
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A negative impacts of the COVID-19 pandemic on our customers or on the demand for our customers’ products;
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•
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rapid changes in technology, evolving industry standards, and requirements for continuous improvement in products and services that result in short product life cycles;
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•
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demand for our customers' products may be seasonal;
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•
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our customers may fail to successfully market their products, and our customers' products may fail to gain widespread commercial acceptance;
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•
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our customers' products may have supply chain issues, including as a result of the COVID-19 pandemic
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•
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our customers may experience dramatic market share shifts in demand which may cause them to lose market share or exit businesses; and
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•
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there may be recessionary periods in our customers' markets, including as a result of the COVID-19 pandemic.
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•
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fluctuations in the value of local currencies;
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•
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labor unrest, difficulties in staffing and geographic labor shortages;
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•
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longer payment cycles;
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•
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cultural differences;
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•
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increases in duties, tariffs, and taxation levied on our products including anti-dumping and countervailing duties;
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•
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trade restrictions including limitations on imports or exports of components or assembled products, unilaterally or bilaterally;
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•
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trade sanctions and related regulatory enforcement actions and other proceedings;
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•
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potential trade wars;
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•
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increased scrutiny by the media and other third parties of labor practices within our industry (including but not limited to working conditions) which may result in allegations of violations, more stringent and burdensome labor laws and regulations and inconsistency in the enforcement and interpretation of such laws and regulations, higher labor costs, and/or loss of revenues if our customers become dissatisfied with our labor practices and diminish or terminate their relationship with us;
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•
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imposition of restrictions on currency conversion or the transfer of funds;
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•
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expropriation of private enterprises;
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•
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ineffective legal protection of our intellectual property rights in certain countries;
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•
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natural disasters;
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•
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exposure to infectious disease, epidemics and pandemics, including the effects of the COVID-19 on our business operations in geographic locations impacted by the outbreak and on the business operations of our customers and suppliers;
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•
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inability of international customers and suppliers to obtain financing resulting from tightening of credit in international financial markets;
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•
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political unrest; and
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•
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a potential reversal of current favorable policies encouraging foreign investment or foreign trade by our host countries.
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•
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we may need to pay a purchase price to the divesting customers that exceeds the value we ultimately may realize from the future business of the customer;
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•
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the integration of the acquired assets and facilities into our business may be time-consuming and costly, including the incurrence of restructuring charges;
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•
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we, rather than the divesting customer, bear the risk of excess capacity at the facility;
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•
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we may not achieve anticipated cost reductions and efficiencies at the facility;
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•
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we may be unable to meet the expectations of the customer as to volume, product quality, timeliness and cost reductions;
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•
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our supply agreements with the customers generally do not require any minimum volumes of purchase by the customers, and the actual volume of purchases may be less than anticipated; and
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•
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if demand for the customers' products declines, the customer may reduce its volume of purchases, and we may not be able to sufficiently reduce the expenses of operating the facility or use the facility to provide services to other customers.
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•
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diversion of management's attention from the normal operation of our business;
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•
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potential loss of key employees and customers of the acquired companies;
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•
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difficulties managing and integrating operations in geographically dispersed locations;
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•
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the potential for deficiencies in internal controls at acquired companies;
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•
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increases in our expenses and working capital requirements, which reduce our return on invested capital;
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•
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lack of experience operating in the geographic market or industry sector of the acquired business;
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•
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cybersecurity and compliance related issues;
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•
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initial dependence on unfamiliar supply chain or relatively small supply chain partners; and
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•
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exposure to unanticipated liabilities of acquired companies.
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|
Leased
(Manufacturing) |
|
Owned
(Manufacturing) |
|
Total
(Manufacturing) |
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Non-manufacturing
|
|
Total
|
|||||
|
(in million square feet)
|
|||||||||||||
Americas
|
3.8
|
|
|
5.6
|
|
|
9.4
|
|
|
8.8
|
|
|
18.2
|
|
Asia
|
6.8
|
|
|
5.9
|
|
|
12.7
|
|
|
7.8
|
|
|
20.5
|
|
Europe
|
2.3
|
|
|
2.6
|
|
|
4.9
|
|
|
4.9
|
|
|
9.8
|
|
Total
|
12.9
|
|
|
14.1
|
|
|
27.0
|
|
|
21.5
|
|
|
48.5
|
|
|
3/15
|
|
3/16
|
|
3/17
|
|
3/18
|
|
3/19
|
|
3/20
|
||||||
Flex Ltd.
|
100.00
|
|
|
95.11
|
|
|
132.49
|
|
|
128.79
|
|
|
78.86
|
|
|
66.05
|
|
S&P 500 Index
|
100.00
|
|
|
101.78
|
|
|
119.26
|
|
|
135.95
|
|
|
148.86
|
|
|
138.47
|
|
Peer Group
|
100.00
|
|
|
90.70
|
|
|
137.35
|
|
|
117.24
|
|
|
110.69
|
|
|
93.72
|
|
Period (2)
|
|
Total Number
of Shares Purchased (1) |
|
Average Price
Paid per Share |
|
Total Number of Shares
Purchased as Part of Publicly Announced Plans or Programs |
|
Approximate Dollar Value
of Shares that May Yet Be Purchased Under the Plans or Programs |
||||||
January 1 - January 31, 2020
|
|
727,887
|
|
|
$
|
13.05
|
|
|
727,887
|
|
|
$
|
392,523,252
|
|
February 1 - February 28, 2020
|
|
3,690,995
|
|
|
12.98
|
|
|
3,690,995
|
|
|
344,627,426
|
|
||
February 29 - March 31, 2020
|
|
3,015,107
|
|
|
9.75
|
|
|
3,015,107
|
|
|
315,227,484
|
|
||
Total
|
|
7,433,989
|
|
|
|
|
|
7,433,989
|
|
|
|
|
(1)
|
During the period from January 1, 2020 through March 31, 2020 all purchases were made pursuant to the program discussed below in open market transactions. All purchases were made in accordance with Rule 10b-18 under the Securities Exchange Act of 1934.
|
(2)
|
On August 20, 2019, our Board of Directors authorized repurchases of our outstanding ordinary shares for up to $500 million. This is in accordance with the share purchase mandate whereby our shareholders approved a repurchase limit of 20% of our issued ordinary shares outstanding at the Annual General Meeting held on the same date as the Board authorization. As of March 31, 2020, shares in the aggregate amount of $315.2 million were available to be repurchased under the current plan.
|
|
Fiscal Year Ended March 31,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
||||||||||
|
(In millions, except per share amounts)
|
||||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net sales
|
$
|
24,210
|
|
|
$
|
26,211
|
|
|
$
|
25,441
|
|
|
$
|
23,863
|
|
|
$
|
24,419
|
|
Cost of sales
|
22,681
|
|
|
24,594
|
|
|
23,778
|
|
|
22,303
|
|
|
22,811
|
|
|||||
Restructuring charges (3)
|
190
|
|
|
99
|
|
|
67
|
|
|
39
|
|
|
—
|
|
|||||
Gross profit
|
1,338
|
|
|
1,518
|
|
|
1,596
|
|
|
1,521
|
|
|
1,608
|
|
|||||
Selling, general and administrative expenses
|
834
|
|
|
953
|
|
|
1,019
|
|
|
937
|
|
|
955
|
|
|||||
Intangible amortization
|
64
|
|
|
74
|
|
|
79
|
|
|
81
|
|
|
66
|
|
|||||
Restructuring charges (3)
|
26
|
|
|
14
|
|
|
24
|
|
|
11
|
|
|
—
|
|
|||||
Interest and other, net
|
164
|
|
|
183
|
|
|
123
|
|
|
100
|
|
|
84
|
|
|||||
Other charges (income), net (1)
|
92
|
|
|
110
|
|
|
(170
|
)
|
|
21
|
|
|
48
|
|
|||||
Income before income taxes
|
158
|
|
|
182
|
|
|
521
|
|
|
371
|
|
|
455
|
|
|||||
Provision for income taxes
|
71
|
|
|
89
|
|
|
92
|
|
|
51
|
|
|
11
|
|
|||||
Net income
|
$
|
88
|
|
|
$
|
93
|
|
|
$
|
429
|
|
|
$
|
320
|
|
|
$
|
444
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total
|
$
|
0.17
|
|
|
$
|
0.18
|
|
|
$
|
0.80
|
|
|
$
|
0.59
|
|
|
$
|
0.79
|
|
|
As of March 31,
|
||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
||||||||||
|
(In millions)
|
||||||||||||||||||
CONSOLIDATED BALANCE SHEET DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Working capital (2)
|
$
|
1,875
|
|
|
$
|
1,506
|
|
|
$
|
1,902
|
|
|
$
|
1,883
|
|
|
$
|
1,743
|
|
Total assets
|
13,690
|
|
|
13,499
|
|
|
13,716
|
|
|
12,593
|
|
|
12,385
|
|
|||||
Total long-term debt, excluding current portion (4)
|
2,689
|
|
|
2,422
|
|
|
2,898
|
|
|
2,891
|
|
|
2,709
|
|
|||||
Shareholders' equity
|
2,831
|
|
|
2,972
|
|
|
3,019
|
|
|
2,678
|
|
|
2,606
|
|
(1)
|
For fiscal years 2020, 2019 and 2018, refer to note 16 to the consolidated financial statements in Item 8, "Financial Statements and Supplementary Data" for further discussion.
|
(2)
|
Working capital is defined as current assets, less current liabilities.
|
(3)
|
The Company initiated restructuring plans during fiscal years 2020, 2019, 2018 and 2017. For the restructuring plans initiated during fiscal years 2020, 2019, and 2018, refer to note 15 to the consolidated financial statements in Item 8, "Financial Statements
|
(4)
|
In May 2020, the Company issued $425 million aggregate principal amount of 3.750% Notes due February 2026, at 99.617% of face value, and $325 million aggregate principal amount of 4.875% Notes due May 2030, at 99.562% of face value. Refer to note 8 to the consolidated financial statement in Item 8, "Financial Statements and Supplementary Data"
|
•
|
High Reliability Solutions ("HRS"), which is comprised of our health solutions business, including surgical equipment, drug delivery, diagnostics, telemedicine, disposable devices, imaging and monitoring, patient mobility and ophthalmology; and our automotive business, including vehicle electrification, connectivity, autonomous, and smart technologies;
|
•
|
Industrial and Emerging Industries ("IEI"), which is comprised of energy including advanced metering infrastructure, energy storage, smart lighting, smart solar energy; and industrial, including semiconductor and capital equipment, office solutions, household industrial and lifestyle, industrial automation and kiosks;
|
•
|
Communications & Enterprise Compute ("CEC"), which includes our telecom business of radio access base stations, remote radio heads and small cells for wireless infrastructure; our networking business, which includes optical, routing, and switching products for data and video networks; our server and storage platforms for both enterprise and cloud-based deployments; next generation storage and security appliance products; and rack-level solutions, converged infrastructure and software-defined product solutions; and
|
•
|
Consumer Technologies Group ("CTG"), which includes our consumer-related businesses in IoT enabled devices, audio and consumer power electronics, mobile devices; and various supply chain solutions for consumer, computing and printing devices.
|
|
Fiscal Year Ended March 31,
|
||||||||||||
|
2020
|
|
2019
|
||||||||||
|
(In millions)
|
||||||||||||
Property and equipment, net:
|
|
|
|
|
|
|
|
||||||
Mexico
|
$
|
555
|
|
|
25
|
%
|
|
$
|
537
|
|
|
23
|
%
|
China
|
396
|
|
|
18
|
%
|
|
523
|
|
|
22
|
%
|
||
U.S.
|
378
|
|
|
17
|
%
|
|
361
|
|
|
15
|
%
|
||
India
|
207
|
|
|
9
|
%
|
|
219
|
|
|
9
|
%
|
||
Malaysia
|
111
|
|
|
5
|
%
|
|
138
|
|
|
6
|
%
|
||
Hungary
|
100
|
|
|
4
|
%
|
|
103
|
|
|
4
|
%
|
||
Other
|
469
|
|
|
22
|
%
|
|
454
|
|
|
21
|
%
|
||
|
$
|
2,216
|
|
|
|
|
$
|
2,336
|
|
|
|
•
|
the impacts on our business due to component shortages or other supply chain related constraints including as a result of the COVID-19 pandemic;
|
•
|
the effects of the COVID-19 pandemic on our business and results of operations;
|
•
|
changes in the macro-economic environment and related changes in consumer demand;
|
•
|
the mix of the manufacturing services we are providing, the number, size, and complexity of new manufacturing programs, the degree to which we utilize our manufacturing capacity, seasonal demand, shortages of components and other factors;
|
•
|
the effects on our business when our customers are not successful in marketing their products, or when their products do not gain widespread commercial acceptance;
|
•
|
our ability to achieve commercially viable production yields and to manufacture components in commercial quantities to the performance specifications demanded by our customers;
|
•
|
the effects that current credit and market conditions (including as a result of the COVID-19 pandemic) could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations;
|
•
|
the effects on our business due to certain customers' products having short product life cycles;
|
•
|
our customers' ability to cancel or delay orders or change production quantities;
|
•
|
our customers' decisions to choose internal manufacturing instead of outsourcing for their product requirements;
|
•
|
integration of acquired businesses and facilities;
|
•
|
increased labor costs due to adverse labor conditions in the markets we operate;
|
•
|
changes in tax legislation; and
|
•
|
changes in trade regulations and treaties.
|
|
Fiscal Year Ended
March 31, |
|||||||
|
2020
|
|
2019
|
|
2018
|
|||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales
|
93.7
|
|
|
93.8
|
|
|
93.5
|
|
Restructuring charges
|
0.8
|
|
|
0.4
|
|
|
0.3
|
|
Gross profit
|
5.5
|
|
|
5.8
|
|
|
6.2
|
|
Selling, general and administrative expenses
|
3.4
|
|
|
3.6
|
|
|
4.0
|
|
Intangible amortization
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
Restructuring charges
|
0.1
|
|
|
0.1
|
|
|
0.1
|
|
Interest and other, net
|
0.7
|
|
|
0.7
|
|
|
0.5
|
|
Other charges (income), net
|
0.4
|
|
|
0.4
|
|
|
(0.7
|
)
|
Income before income taxes
|
0.6
|
|
|
0.7
|
|
|
2.0
|
|
Provision for income taxes
|
0.3
|
|
|
0.3
|
|
|
0.4
|
|
Net Income
|
0.3
|
%
|
|
0.4
|
%
|
|
1.6
|
%
|
|
Fiscal Year Ended March 31,
|
|||||||||||||||||||
Segments:
|
2020
|
|
2019
|
|
2018
|
|||||||||||||||
|
(In millions)
|
|||||||||||||||||||
High Reliability Solutions
|
$
|
4,742
|
|
|
20
|
%
|
|
$
|
4,829
|
|
|
18
|
%
|
|
$
|
4,770
|
|
|
19
|
%
|
Industrial & Emerging Industries
|
7,277
|
|
|
30
|
%
|
|
6,183
|
|
|
24
|
%
|
|
5,972
|
|
|
24
|
%
|
|||
Communications & Enterprise Compute
|
6,986
|
|
|
29
|
%
|
|
8,336
|
|
|
32
|
%
|
|
7,729
|
|
|
30
|
%
|
|||
Consumer Technologies Group
|
5,204
|
|
|
21
|
%
|
|
6,863
|
|
|
26
|
%
|
|
6,970
|
|
|
27
|
%
|
|||
|
$
|
24,210
|
|
|
|
|
|
$
|
26,211
|
|
|
|
|
|
$
|
25,441
|
|
|
|
|
|
Fiscal Year Ended March 31,
|
|||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|||||||||||||||
|
(In millions)
|
|||||||||||||||||||
Segment income & margin:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
High Reliability Solutions
|
$
|
316
|
|
|
6.7
|
%
|
|
$
|
371
|
|
|
7.7
|
%
|
|
$
|
381
|
|
|
8.0
|
%
|
Industrial & Emerging Industries
|
466
|
|
|
6.4
|
%
|
|
269
|
|
|
4.4
|
%
|
|
235
|
|
|
3.9
|
%
|
|||
Communications & Enterprise Compute
|
142
|
|
|
2.0
|
%
|
|
215
|
|
|
2.6
|
%
|
|
186
|
|
|
2.4
|
%
|
|||
Consumer Technologies Group
|
88
|
|
|
1.7
|
%
|
|
121
|
|
|
1.8
|
%
|
|
112
|
|
|
1.6
|
%
|
|||
Corporate and Other
|
(114
|
)
|
|
|
|
(104
|
)
|
|
|
|
(128
|
)
|
|
|
||||||
Total segment income
|
898
|
|
|
3.7
|
%
|
|
872
|
|
|
3.3
|
%
|
|
786
|
|
|
3.1
|
%
|
|||
Reconciling items:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Intangible amortization
|
64
|
|
|
|
|
74
|
|
|
|
|
79
|
|
|
|
||||||
Stock-based compensation
|
72
|
|
|
|
|
76
|
|
|
|
|
85
|
|
|
|
||||||
Customer related asset impairments (1)
|
106
|
|
|
|
|
87
|
|
|
|
|
6
|
|
|
|
||||||
Restructuring charges (Note 15)
|
216
|
|
|
|
|
113
|
|
|
|
|
91
|
|
|
|
||||||
New revenue standard adoption impact (Note 4)
|
—
|
|
|
|
|
9
|
|
|
|
|
—
|
|
|
|
||||||
Legal and other (2)
|
26
|
|
|
|
|
35
|
|
|
|
|
52
|
|
|
|
||||||
Interest and other, net
|
164
|
|
|
|
|
183
|
|
|
|
|
123
|
|
|
|
||||||
Other charges (income), net (Note 16)
|
92
|
|
|
|
|
110
|
|
|
|
|
(170
|
)
|
|
|
||||||
Income before income taxes
|
$
|
158
|
|
|
|
|
$
|
182
|
|
|
|
|
$
|
521
|
|
|
|
(1)
|
Customer related asset impairments for fiscal year 2020, primarily relate to non-cash impairments of certain property and equipment for customers we have disengaged or are in the process of disengaging, additional provision for doubtful accounts receivable, charges for other asset impairments, and reserves for excess and obsolete inventory for certain customers experiencing financial difficulties and/or related to inventory that will not be recovered due to significant reductions in future customer demand.
|
(2)
|
Legal and other during fiscal year 2020, primarily consists of direct and incremental costs associated with certain wind-down activities related to the disengagement of a certain customer primarily in China and India, offset by certain gains resulting from the recognition of prior year expenses paid to the government now considered probable of recovery and reasonably estimable due to a favorable tax ruling.
|
|
Fiscal Year Ended March 31,
|
|||||||
|
2020
|
|
2019
|
|
2018
|
|||
Income taxes based on domestic statutory rates
|
17.0
|
%
|
|
17.0
|
%
|
|
17.0
|
%
|
Effect of tax rate differential
|
(51.2
|
)
|
|
(74.1
|
)
|
|
(46.9
|
)
|
Change in unrecognized tax benefit
|
(0.6
|
)
|
|
(8.4
|
)
|
|
4.3
|
|
Change in valuation allowance
|
58.4
|
|
|
105.4
|
|
|
57.1
|
|
Recognition of prior year taxes recoverable
|
8.4
|
|
|
3.0
|
|
|
(10.3
|
)
|
Expiration of tax attributes
|
—
|
|
|
2.3
|
|
|
—
|
|
APB23 tax liability
|
5.5
|
|
|
1.1
|
|
|
0.3
|
|
Other
|
7.2
|
|
|
2.4
|
|
|
(3.8
|
)
|
Provision for income taxes
|
44.7
|
%
|
|
48.7
|
%
|
|
17.7
|
%
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In millions)
|
||||||||||
Net cash used in operating activities
|
$
|
(1,533
|
)
|
|
$
|
(2,971
|
)
|
|
$
|
(3,866
|
)
|
Cash collection of deferred purchase price and other
|
2,561
|
|
|
3,605
|
|
|
4,620
|
|
|||
Purchases of property and equipment
|
(462
|
)
|
|
(725
|
)
|
|
(562
|
)
|
|||
Proceeds from the disposition of property and equipment
|
106
|
|
|
94
|
|
|
44
|
|
|||
Adjusted free cash flow
|
$
|
672
|
|
|
$
|
3
|
|
|
$
|
236
|
|
|
As of March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In millions)
|
||||||
4.625% Notes due February 2020
|
$
|
—
|
|
|
$
|
500
|
|
Term Loan, including current portion, due in installments through November 2021
|
—
|
|
|
672
|
|
||
Term Loan, including current portion, due in installments through June 2022
|
433
|
|
|
459
|
|
||
5.000% Notes due February 2023
|
500
|
|
|
500
|
|
||
Term Loan due April 2024 - three-month Yen LIBOR plus 0.50%
|
310
|
|
|
—
|
|
||
4.750% Notes due June 2025
|
597
|
|
|
597
|
|
||
4.875% Notes due June 2029
|
662
|
|
|
—
|
|
||
India Facilities (1)
|
138
|
|
|
170
|
|
||
Other
|
211
|
|
|
168
|
|
||
Debt issuance costs
|
(13
|
)
|
|
(11
|
)
|
||
|
2,838
|
|
|
3,055
|
|
||
Current portion, net of debt issuance costs
|
(149
|
)
|
|
(633
|
)
|
||
Non-current portion
|
$
|
2,689
|
|
|
$
|
2,422
|
|
(1)
|
India Facilities as of March 31, 2019 include an approximately $91.4 million drawdown of short-term bank borrowings under a facility entered in February 2019 which was repaid in May 2019 and a $78.8 million drawdown from the $200 million term loan facility entered in July 2018.
|
|
Total
|
|
Less Than
1 Year |
|
1 - 3 Years
|
|
4 - 5 Years
|
|
Greater Than
5 Years |
||||||||||
|
(In millions)
|
||||||||||||||||||
Contractual Obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchase obligations
|
$
|
3,706
|
|
|
$
|
3,706
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Bank borrowings, long-term debt and finance lease obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Bank borrowings and long-term debt
|
2,852
|
|
|
149
|
|
|
1,080
|
|
|
363
|
|
|
1,259
|
|
|||||
Finance leases
|
29
|
|
|
12
|
|
|
16
|
|
|
1
|
|
|
—
|
|
|||||
Interest on long-term debt obligations
|
550
|
|
|
110
|
|
|
198
|
|
|
105
|
|
|
137
|
|
|||||
Operating leases, net of subleases
|
755
|
|
|
133
|
|
|
216
|
|
|
152
|
|
|
254
|
|
|||||
Restructuring costs
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total contractual obligations
|
$
|
7,915
|
|
|
$
|
4,133
|
|
|
$
|
1,510
|
|
|
$
|
621
|
|
|
$
|
1,650
|
|
•
|
We tested the effectiveness of internal controls over management’s goodwill impairment evaluation, including those over the forecasts of future revenue, EBITDA and capital expenditures, and selection of the discount rate.
|
•
|
We evaluated the reasonableness of management’s revenue, EBITDA and capital expenditures forecasts by comparing the forecasts to:
|
•
|
Historical revenues, EBITDA, and capital expenditures;
|
•
|
Internal communications to management and the Board of Directors;
|
•
|
Forecasted information included in Company press releases as well as in analyst and industry reports of the Company and companies in its peer group.
|
•
|
With the assistance of our fair value specialists, we evaluated the reasonableness of (1) the valuation methodology and (2) the discount rate by:
|
•
|
Testing the source information underlying the determination of the discount rate and the mathematical accuracy of the calculation;
|
•
|
Developing a range of independent estimates and comparing those to the discount rate selected by management.
|
•
|
We tested the effectiveness of controls the Company has in place relating to reviewing customer contracts to identify price adjustment clauses, estimating variable consideration and assessing the reasonableness of customer related accrual balances.
|
•
|
We evaluated the Company’s accounting policy with respect to variable consideration, as well as its process for identifying contracts that include potential price adjustment clauses.
|
•
|
We selected a sample of contracts with customers that included potential price adjustment clauses and performed the following:
|
•
|
We read the customer contracts to develop an understanding of clauses that could give rise to variable consideration and evaluated whether the Company’s accounting conclusions with respect to those clauses were reasonable.
|
•
|
We obtained and tested the mathematical accuracy of the Company’s calculations of customer related accruals and evaluated the Company’s judgments regarding the amount of variable consideration that should be deferred. In making this evaluation we considered both the terms included in the customer contract and the Company’s historical experience in settling amounts with the customer.
|
•
|
We tested the recognition of previous deferrals for variable consideration to determine whether the conditions that resulted in the prior deferral had been resolved to support recognition of revenues in the current year.
|
|
As of March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands, except
share amounts)
|
||||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
1,922,686
|
|
|
$
|
1,696,625
|
|
Accounts receivable, net of allowance for doubtful accounts (Note 2)
|
2,435,982
|
|
|
2,612,961
|
|
||
Contract assets
|
282,444
|
|
|
216,202
|
|
||
Inventories
|
3,785,073
|
|
|
3,722,854
|
|
||
Other current assets
|
660,085
|
|
|
854,790
|
|
||
Total current assets
|
9,086,270
|
|
|
9,103,432
|
|
||
Property and equipment, net
|
2,215,991
|
|
|
2,336,213
|
|
||
Operating lease right-of-use assets, net
|
605,070
|
|
|
—
|
|
||
Goodwill
|
1,064,553
|
|
|
1,073,055
|
|
||
Other intangible assets, net
|
262,418
|
|
|
330,995
|
|
||
Other assets
|
455,315
|
|
|
655,672
|
|
||
Total assets
|
$
|
13,689,617
|
|
|
$
|
13,499,367
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||
Current liabilities:
|
|
|
|
|
|
||
Bank borrowings and current portion of long-term debt
|
$
|
149,130
|
|
|
$
|
632,611
|
|
Accounts payable
|
5,108,251
|
|
|
5,147,236
|
|
||
Accrued payroll
|
363,644
|
|
|
391,591
|
|
||
Other current liabilities
|
1,590,060
|
|
|
1,426,075
|
|
||
Total current liabilities
|
7,211,085
|
|
|
7,597,513
|
|
||
Long-term debt, net of current portion
|
2,689,109
|
|
|
2,421,904
|
|
||
Operating lease liabilities, non-current
|
528,967
|
|
|
—
|
|
||
Other liabilities
|
429,303
|
|
|
507,590
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
||
Shareholders' equity
|
|
|
|
|
|
||
Shareholders' equity
|
|
|
|
|
|
||
Ordinary shares, no par value; 547,665,632 and 566,787,620 issued, and 497,426,277 and 516,548,265 outstanding as of March 31, 2020 and 2019, respectively
|
6,336,445
|
|
|
6,523,750
|
|
||
Treasury stock, at cost; 50,239,355 shares as of March 31, 2020 and 2019, respectively
|
(388,215
|
)
|
|
(388,215
|
)
|
||
Accumulated deficit
|
(2,902,410
|
)
|
|
(3,012,012
|
)
|
||
Accumulated other comprehensive loss
|
(214,667
|
)
|
|
(151,163
|
)
|
||
Total shareholders' equity
|
2,831,153
|
|
|
2,972,360
|
|
||
Total liabilities and shareholders' equity
|
$
|
13,689,617
|
|
|
$
|
13,499,367
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands, except per share amounts)
|
||||||||||
Net sales
|
$
|
24,209,870
|
|
|
$
|
26,210,511
|
|
|
$
|
25,441,131
|
|
Cost of sales
|
22,681,490
|
|
|
24,593,731
|
|
|
23,778,404
|
|
|||
Restructuring charges
|
190,424
|
|
|
99,005
|
|
|
66,845
|
|
|||
Gross profit
|
1,337,956
|
|
|
1,517,775
|
|
|
1,595,882
|
|
|||
Selling, general and administrative expenses
|
834,105
|
|
|
953,077
|
|
|
1,019,399
|
|
|||
Intangible amortization
|
64,106
|
|
|
74,396
|
|
|
78,640
|
|
|||
Restructuring charges
|
25,983
|
|
|
14,308
|
|
|
23,846
|
|
|||
Interest and other, net
|
163,727
|
|
|
183,454
|
|
|
122,823
|
|
|||
Other charges (income), net
|
91,550
|
|
|
110,414
|
|
|
(169,719
|
)
|
|||
Income before income taxes
|
158,485
|
|
|
182,126
|
|
|
520,893
|
|
|||
Provision for income taxes
|
70,906
|
|
|
88,727
|
|
|
92,359
|
|
|||
Net income
|
$
|
87,579
|
|
|
$
|
93,399
|
|
|
$
|
428,534
|
|
|
|
|
|
|
|
|
|
|
|||
Earnings per share:
|
|
|
|
|
|
|
|
|
|||
Basic
|
$
|
0.17
|
|
|
$
|
0.18
|
|
|
$
|
0.81
|
|
Diluted
|
$
|
0.17
|
|
|
$
|
0.18
|
|
|
$
|
0.80
|
|
Weighted-average shares used in computing per share amounts:
|
|
|
|
|
|
||||||
Basic
|
508,774
|
|
|
526,519
|
|
|
529,782
|
|
|||
Diluted
|
512,437
|
|
|
530,070
|
|
|
536,598
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands)
|
||||||||||
Net income
|
$
|
87,579
|
|
|
$
|
93,399
|
|
|
$
|
428,534
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|||
Foreign currency translation adjustments, net of zero tax
|
(23,397
|
)
|
|
(59,508
|
)
|
|
45,618
|
|
|||
Unrealized gain (loss) on derivative instruments and other, net of zero tax
|
(40,107
|
)
|
|
(5,810
|
)
|
|
(3,320
|
)
|
|||
Comprehensive income
|
$
|
24,075
|
|
|
$
|
28,081
|
|
|
$
|
470,832
|
|
|
Ordinary Shares
|
|
|
|
Accumulated Other Comprehensive Loss
|
|
|
|
|
|
Total
|
|||||||||||||||||||||||
|
Shares
Outstanding |
|
Amount
|
|
Accumulated
Deficit |
|
Unrealized
Gain (Loss) on Derivative Instruments And Other |
|
Foreign
Currency Translation Adjustments |
|
Total
Accumulated Other Comprehensive Loss |
|
Total Flex Ltd.
Shareholders' Equity |
|
Noncontrolling
Interests |
|
Shareholders'
Equity |
|||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||||||||||||
BALANCE AT MARCH 31, 2017
|
531,294
|
|
|
$
|
6,345,324
|
|
|
$
|
(3,572,648
|
)
|
|
$
|
(32,426
|
)
|
|
$
|
(95,717
|
)
|
|
$
|
(128,143
|
)
|
|
$
|
2,644,533
|
|
|
$
|
33,743
|
|
|
$
|
2,678,276
|
|
Repurchase of Flex Ltd. ordinary shares at cost
|
(10,829
|
)
|
|
(180,050
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(180,050
|
)
|
|
—
|
|
|
(180,050
|
)
|
||||||||
Exercise of stock options
|
667
|
|
|
2,774
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,774
|
|
|
256
|
|
|
3,030
|
|
||||||||
Issuance of Flex Ltd. vested shares under restricted share unit awards
|
6,946
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Issuance of subsidiary shares, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63,363
|
|
|
63,363
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
428,534
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
428,534
|
|
|
(7,573
|
)
|
|
420,961
|
|
||||||||
Stock-based compensation, net of tax
|
—
|
|
|
80,484
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,484
|
|
|
849
|
|
|
81,333
|
|
||||||||
Deconsolidation of subsidiary entity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(90,638
|
)
|
|
(90,638
|
)
|
||||||||
Total other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,320
|
)
|
|
45,618
|
|
|
42,298
|
|
|
42,298
|
|
|
—
|
|
|
42,298
|
|
||||||||
BALANCE AT MARCH 31, 2018
|
528,078
|
|
|
6,248,532
|
|
|
(3,144,114
|
)
|
|
(35,746
|
)
|
|
(50,099
|
)
|
|
(85,845
|
)
|
|
3,018,573
|
|
|
—
|
|
|
3,018,573
|
|
||||||||
Repurchase of Flex Ltd. ordinary shares at cost
|
(17,726
|
)
|
|
(188,978
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(188,978
|
)
|
|
—
|
|
|
(188,978
|
)
|
||||||||
Exercise of stock options
|
244
|
|
|
245
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
245
|
|
|
—
|
|
|
245
|
|
||||||||
Issuance of Flex Ltd. vested shares under restricted share unit awards
|
5,952
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
93,399
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93,399
|
|
|
—
|
|
|
93,399
|
|
||||||||
Stock-based compensation, net of tax
|
—
|
|
|
76,032
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76,032
|
|
|
—
|
|
|
76,032
|
|
||||||||
Cumulative effect on opening equity of adopting accounting standards and other
|
—
|
|
|
(296
|
)
|
|
38,703
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,407
|
|
|
—
|
|
|
38,407
|
|
||||||||
Total other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,810
|
)
|
|
(59,508
|
)
|
|
(65,318
|
)
|
|
(65,318
|
)
|
|
—
|
|
|
(65,318
|
)
|
||||||||
BALANCE AT MARCH 31, 2019
|
516,548
|
|
|
6,135,535
|
|
|
(3,012,012
|
)
|
|
(41,556
|
)
|
|
(109,607
|
)
|
|
(151,163
|
)
|
|
2,972,360
|
|
|
—
|
|
|
2,972,360
|
|
||||||||
Repurchase of Flex Ltd. ordinary shares at cost
|
(23,672
|
)
|
|
(259,913
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(259,913
|
)
|
|
—
|
|
|
(259,913
|
)
|
||||||||
Exercise of stock options
|
327
|
|
|
1,502
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,502
|
|
|
—
|
|
|
1,502
|
|
||||||||
Issuance of Flex Ltd. vested shares under restricted share unit awards
|
4,223
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
87,579
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87,579
|
|
|
—
|
|
|
87,579
|
|
||||||||
Stock-based compensation, net of tax
|
—
|
|
|
71,546
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71,546
|
|
|
—
|
|
|
71,546
|
|
||||||||
Cumulative effect on opening equity of adopting accounting standards and other
|
—
|
|
|
(440
|
)
|
|
22,023
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,583
|
|
|
—
|
|
|
21,583
|
|
||||||||
Total other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(40,107
|
)
|
|
(23,397
|
)
|
|
(63,504
|
)
|
|
(63,504
|
)
|
|
—
|
|
|
(63,504
|
)
|
||||||||
BALANCE AT MARCH 31, 2020
|
497,426
|
|
|
$
|
5,948,230
|
|
|
$
|
(2,902,410
|
)
|
|
$
|
(81,663
|
)
|
|
$
|
(133,004
|
)
|
|
$
|
(214,667
|
)
|
|
$
|
2,831,153
|
|
|
$
|
—
|
|
|
$
|
2,831,153
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|||
Net income
|
$
|
87,579
|
|
|
$
|
93,399
|
|
|
$
|
428,534
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation
|
422,407
|
|
|
433,413
|
|
|
434,432
|
|
|||
Amortization and other impairment charges
|
325,643
|
|
|
331,539
|
|
|
120,932
|
|
|||
Provision for doubtful accounts (Note 2)
|
23,732
|
|
|
41,977
|
|
|
8,225
|
|
|||
Non-cash other loss (income)
|
(38,914
|
)
|
|
12,655
|
|
|
(58,223
|
)
|
|||
Stock-based compensation
|
71,546
|
|
|
76,032
|
|
|
81,346
|
|
|||
Gain from deconsolidation of subsidiary (Note 2)
|
—
|
|
|
(86,614
|
)
|
|
(151,574
|
)
|
|||
Deferred income taxes
|
6,476
|
|
|
(13,856
|
)
|
|
43,187
|
|
|||
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
|
|||
Accounts receivable
|
(2,126,355
|
)
|
|
(3,628,129
|
)
|
|
(4,916,843
|
)
|
|||
Contract assets
|
(66,297
|
)
|
|
215,877
|
|
|
—
|
|
|||
Inventories
|
(66,462
|
)
|
|
(360,152
|
)
|
|
(354,319
|
)
|
|||
Other current and noncurrent assets
|
(19,345
|
)
|
|
(7,541
|
)
|
|
(138,184
|
)
|
|||
Accounts payable
|
(14,554
|
)
|
|
68,070
|
|
|
623,148
|
|
|||
Other current and noncurrent liabilities
|
(138,732
|
)
|
|
(147,694
|
)
|
|
13,004
|
|
|||
Net cash used in operating activities
|
(1,533,276
|
)
|
|
(2,971,024
|
)
|
|
(3,866,335
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Purchases of property and equipment
|
(461,745
|
)
|
|
(725,606
|
)
|
|
(561,997
|
)
|
|||
Proceeds from the disposition of property and equipment
|
105,750
|
|
|
94,219
|
|
|
44,780
|
|
|||
Acquisitions of businesses, net of cash acquired
|
(1,390
|
)
|
|
(12,796
|
)
|
|
(268,377
|
)
|
|||
Proceeds from divestiture of businesses, net of cash held in divested businesses
|
3,402
|
|
|
267,147
|
|
|
(2,949
|
)
|
|||
Cash collections of deferred purchase price
|
2,565,555
|
|
|
3,585,901
|
|
|
4,619,933
|
|
|||
Other investing activities, net
|
67,458
|
|
|
44,032
|
|
|
(120,442
|
)
|
|||
Net cash provided by investing activities
|
2,279,030
|
|
|
3,252,897
|
|
|
3,710,948
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|||
Proceeds from bank borrowings and long-term debt
|
1,069,578
|
|
|
3,199,460
|
|
|
1,366,000
|
|
|||
Repayments of bank borrowings and long-term debt
|
(1,315,691
|
)
|
|
(3,059,828
|
)
|
|
(1,420,977
|
)
|
|||
Payments for repurchases of ordinary shares
|
(259,912
|
)
|
|
(188,979
|
)
|
|
(180,050
|
)
|
|||
Other financing activities, net
|
(2,435
|
)
|
|
19,643
|
|
|
47,242
|
|
|||
Net cash used in financing activities
|
(508,460
|
)
|
|
(29,704
|
)
|
|
(187,785
|
)
|
|||
Effect of exchange rates on cash
|
(11,233
|
)
|
|
(27,968
|
)
|
|
(15,079
|
)
|
|||
Net change in cash and cash equivalents
|
226,061
|
|
|
224,201
|
|
|
(358,251
|
)
|
|||
Cash and cash equivalents, beginning of year
|
1,696,625
|
|
|
1,472,424
|
|
|
1,830,675
|
|
|||
Cash and cash equivalents, end of year
|
$
|
1,922,686
|
|
|
$
|
1,696,625
|
|
|
$
|
1,472,424
|
|
•
|
High Reliability Solutions ("HRS"), which is comprised of our health solutions business, including surgical equipment, drug delivery, diagnostics, telemedicine, disposable devices, imaging and monitoring, patient mobility and ophthalmology; and our automotive business, including vehicle electrification, connectivity, autonomous, and smart technologies;
|
•
|
Industrial and Emerging Industries ("IEI"), which is comprised of energy including advanced metering infrastructure, energy storage, smart lighting, smart solar energy; and industrial, including semiconductor and capital equipment, office solutions, household industrial and lifestyle, industrial automation and kiosks;
|
•
|
Communications & Enterprise Compute ("CEC"), which includes our telecom business of radio access base stations, remote radio heads and small cells for wireless infrastructure; our networking business, which includes optical, routing, and switching products for data and video networks; our server and storage platforms for both enterprise and cloud-based deployments; next generation storage and security appliance products; and rack-level solutions, converged infrastructure and software-defined product solutions; and
|
•
|
Consumer Technologies Group ("CTG"), which includes our consumer-related businesses in IoT enabled devices, audio and consumer power electronics, mobile devices; and various supply chain solutions for consumer, computing and printing devices.
|
|
Balance at
Beginning of Year |
|
Charged to
Costs and Expenses |
|
Deductions/
Write-Offs |
|
Balance at
End of Year |
||||||||
|
(In thousands)
|
||||||||||||||
Allowance for doubtful accounts:
|
|
|
|
|
|
|
|
||||||||
Year ended March 31, 2018
|
$
|
57,302
|
|
|
$
|
8,225
|
|
|
$
|
(5,476
|
)
|
|
$
|
60,051
|
|
Year ended March 31, 2019 (1)
|
60,051
|
|
|
41,977
|
|
|
(10,632
|
)
|
|
91,396
|
|
||||
Year ended March 31, 2020 (1)
|
91,396
|
|
|
23,732
|
|
|
(19,198
|
)
|
|
95,930
|
|
(1)
|
Charges incurred during fiscal years 2020 and 2019 are primarily for costs and expenses related to various distressed customers.
|
|
As of March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Cash and bank balances
|
$
|
1,519,029
|
|
|
$
|
1,222,737
|
|
Money market funds and time deposits
|
403,657
|
|
|
473,888
|
|
||
|
$
|
1,922,686
|
|
|
$
|
1,696,625
|
|
|
As of March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Raw materials
|
$
|
2,835,582
|
|
|
$
|
2,922,101
|
|
Work-in-progress
|
373,513
|
|
|
366,135
|
|
||
Finished goods
|
575,978
|
|
|
434,618
|
|
||
|
$
|
3,785,073
|
|
|
$
|
3,722,854
|
|
|
Depreciable
Life (In Years) |
|
As of March 31,
|
||||||
|
|
2020
|
|
2019
|
|||||
|
|
|
(In thousands)
|
||||||
Machinery and equipment
|
3 - 10
|
|
$
|
3,265,387
|
|
|
$
|
3,305,335
|
|
Buildings
|
30
|
|
1,085,887
|
|
|
1,111,708
|
|
||
Leasehold improvements
|
up to 30
|
|
510,404
|
|
|
453,119
|
|
||
Furniture, fixtures, computer equipment and software
|
3 - 7
|
|
491,959
|
|
|
501,994
|
|
||
Land
|
—
|
|
112,016
|
|
|
121,976
|
|
||
Construction-in-progress
|
—
|
|
271,026
|
|
|
291,458
|
|
||
|
|
|
5,736,679
|
|
|
5,785,590
|
|
||
Accumulated depreciation and amortization
|
|
|
(3,520,688
|
)
|
|
(3,449,377
|
)
|
||
Property and equipment, net
|
|
|
$
|
2,215,991
|
|
|
$
|
2,336,213
|
|
|
HRS
|
|
IEI
|
|
CEC
|
|
CTG
|
|
Total
|
||||||||||
Balance, as of March 31, 2018
|
$
|
550,983
|
|
|
$
|
337,707
|
|
|
$
|
124,732
|
|
|
$
|
107,748
|
|
|
$
|
1,121,170
|
|
Additions (1)
|
—
|
|
|
—
|
|
|
10,984
|
|
|
—
|
|
|
10,984
|
|
|||||
Divestitures (2)
|
(5,303
|
)
|
|
(4,450
|
)
|
|
(6,391
|
)
|
|
(4,484
|
)
|
|
(20,628
|
)
|
|||||
Foreign currency translation adjustments (3)
|
(38,471
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38,471
|
)
|
|||||
Balance, as of March 31, 2019
|
507,209
|
|
|
333,257
|
|
|
129,325
|
|
|
103,264
|
|
|
1,073,055
|
|
|||||
Divestitures (2)
|
(1,102
|
)
|
|
(137
|
)
|
|
—
|
|
|
—
|
|
|
(1,239
|
)
|
|||||
Foreign currency translation adjustments (3)
|
(7,263
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,263
|
)
|
|||||
Balance, as of March 31, 2020
|
$
|
498,844
|
|
|
$
|
333,120
|
|
|
$
|
129,325
|
|
|
$
|
103,264
|
|
|
$
|
1,064,553
|
|
(1)
|
The goodwill generated from the Company's business combinations completed during the fiscal year 2019 are primarily related to value placed on the employee workforce, service offerings, capabilities and expected synergies. The goodwill is not deductible for income tax purposes. Refer to the discussion of the Company's business acquisitions in note 18.
|
(2)
|
During the fiscal year ended March 31, 2019, the Company divested its China-based Multek operations along with another non-strategic immaterial business, and as a result, recorded an aggregate reduction of goodwill of $20.6 million.
|
(3)
|
During the fiscal years ended March 31, 2020 and 2019, the Company recorded $7.3 million and $38.5 million, respectively, of foreign currency translation adjustments primarily related to historical acquisitions, as the U.S. Dollar fluctuated against foreign currencies.
|
|
As of March 31, 2020
|
|
As of March 31, 2019
|
||||||||||||||||||||
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Carrying Amount |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Carrying Amount |
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer-related intangibles
|
$
|
275,678
|
|
|
$
|
(128,155
|
)
|
|
$
|
147,523
|
|
|
$
|
297,306
|
|
|
$
|
(113,627
|
)
|
|
$
|
183,679
|
|
Licenses and other intangibles
|
244,917
|
|
|
(130,022
|
)
|
|
114,895
|
|
|
274,604
|
|
|
(127,288
|
)
|
|
147,316
|
|
||||||
Total
|
$
|
520,595
|
|
|
$
|
(258,177
|
)
|
|
$
|
262,418
|
|
|
$
|
571,910
|
|
|
$
|
(240,915
|
)
|
|
$
|
330,995
|
|
Fiscal Year Ending March 31,
|
Amount
|
||
|
(In thousands)
|
||
2021
|
$
|
59,798
|
|
2022
|
51,422
|
|
|
2023
|
43,797
|
|
|
2024
|
42,262
|
|
|
2025
|
37,343
|
|
|
Thereafter
|
27,796
|
|
|
Total amortization expense
|
$
|
262,418
|
|
Lease cost
|
Year Ended
|
||
|
March 31, 2020
|
||
Operating lease cost
|
$
|
162,749
|
|
|
As of March 31, 2020
|
||
Operating Leases:
|
|
||
Operating lease right of use assets
|
$
|
605,070
|
|
Operating lease liabilities
|
643,054
|
|
|
|
|
||
Weighted-average remaining lease term (In years)
|
|
||
Operating leases
|
7.9
|
|
|
|
|
||
Weighted-average discount rate
|
|
||
Operating leases
|
4.1
|
%
|
|
Year Ended
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
March 31, 2020
|
||
Operating cash flows from operating leases
|
$
|
149,948
|
|
Fiscal Year Ended March 31,
|
Operating Leases
|
||
2021
|
$
|
134,817
|
|
2022
|
115,465
|
|
|
2023
|
100,779
|
|
|
2024
|
84,374
|
|
|
2025
|
67,772
|
|
|
Thereafter
|
253,768
|
|
|
Total undiscounted lease payments
|
756,975
|
|
|
Less: imputed interest
|
113,921
|
|
|
Total lease liabilities
|
$
|
643,054
|
|
Fiscal Year Ending March 31,
|
Operating Leases
|
||
|
(In thousands)
|
||
2020
|
$
|
155,391
|
|
2021
|
113,245
|
|
|
2022
|
93,777
|
|
|
2023
|
81,335
|
|
|
2024
|
67,341
|
|
|
Thereafter
|
171,828
|
|
|
Total minimum lease payments
|
$
|
682,917
|
|
|
Year Ended March 31, 2020
|
||||||||||||||||||
|
HRS
|
|
IEI
|
|
CEC
|
|
CTG
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Timing of Transfer
|
|
|
|
|
|
|
|
|
|
||||||||||
Point in time
|
$
|
3,705,387
|
|
|
$
|
5,045,270
|
|
|
$
|
5,503,322
|
|
|
$
|
4,196,530
|
|
|
$
|
18,450,509
|
|
Over time
|
1,037,037
|
|
|
2,232,080
|
|
|
1,482,347
|
|
|
1,007,897
|
|
|
5,759,361
|
|
|||||
Total segment
|
$
|
4,742,424
|
|
|
$
|
7,277,350
|
|
|
$
|
6,985,669
|
|
|
$
|
5,204,427
|
|
|
$
|
24,209,870
|
|
|
Year Ended March 31, 2019
|
||||||||||||||||||
|
HRS
|
|
IEI
|
|
CEC
|
|
CTG
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Timing of Transfer
|
|
|
|
|
|
|
|
|
|
||||||||||
Point in time
|
$
|
3,773,735
|
|
|
$
|
4,395,773
|
|
|
$
|
6,126,454
|
|
|
$
|
4,744,911
|
|
|
$
|
19,040,873
|
|
Over time
|
1,055,215
|
|
|
1,786,864
|
|
|
2,209,876
|
|
|
2,117,683
|
|
|
7,169,638
|
|
|||||
Total segment
|
$
|
4,828,950
|
|
|
$
|
6,182,637
|
|
|
$
|
8,336,330
|
|
|
$
|
6,862,594
|
|
|
$
|
26,210,511
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands)
|
||||||||||
Cost of sales
|
$
|
15,174
|
|
|
$
|
19,554
|
|
|
$
|
19,102
|
|
Selling, general and administrative expenses
|
56,372
|
|
|
56,478
|
|
|
66,142
|
|
|||
Total share-based compensation expense
|
$
|
71,546
|
|
|
$
|
76,032
|
|
|
$
|
85,244
|
|
|
Fiscal Year Ended March 31,
|
|||||||
|
2020
|
|
2019
|
|
2018
|
|||
Expected volatility
|
38.8
|
%
|
|
27.4
|
%
|
|
25.1
|
%
|
Average peer volatility
|
24.9
|
%
|
|
25.6
|
%
|
|
28.7
|
%
|
Average peer correlation
|
0.5
|
|
|
0.5
|
|
|
0.6
|
|
Expected dividends
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Risk-free interest rate
|
1.8
|
%
|
|
2.7
|
%
|
|
1.5
|
%
|
|
Fiscal Year Ended March 31,
|
|||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|||||||||||||||
|
Shares
|
|
Price
|
|
Shares
|
|
Price
|
|
Shares
|
|
Price
|
|||||||||
Unvested RSU awards outstanding, beginning of fiscal year
|
14,903,886
|
|
|
$
|
13.76
|
|
|
14,619,692
|
|
|
$
|
14.39
|
|
|
17,242,019
|
|
|
$
|
12.24
|
|
Granted (1)
|
8,259,272
|
|
|
9.81
|
|
|
8,257,502
|
|
|
12.59
|
|
|
6,680,739
|
|
|
16.97
|
|
|||
Vested (1)
|
(4,222,524
|
)
|
|
13.33
|
|
|
(5,952,039
|
)
|
|
13.12
|
|
|
(6,945,393
|
)
|
|
11.86
|
|
|||
Forfeited
|
(2,889,994
|
)
|
|
12.89
|
|
|
(2,021,269
|
)
|
|
14.51
|
|
|
(2,357,673
|
)
|
|
12.20
|
|
|||
Unvested RSU awards outstanding, end of fiscal year
|
16,050,640
|
|
|
$
|
11.87
|
|
|
14,903,886
|
|
|
$
|
13.76
|
|
|
14,619,692
|
|
|
$
|
14.39
|
|
(1)
|
Included in the fiscal years 2018 amounts are 0.7 million of RSU awards, representing the number of awards achieved above target levels based on the achievement of certain market conditions, as further described in the table below. These awards were issued and immediately vested in accordance with the terms and conditions of the underlying awards.
|
|
|
Targeted
number of awards as of March 31, 2020 (in shares) |
|
|
|
Range of shares
that may be issued (1) |
|
|
|||||||
|
|
Average
grant date fair value (per share) |
|
|
|||||||||||
|
|
|
Assessment dates
|
||||||||||||
Year of grant
|
|
|
Minimum
|
|
Maximum
|
|
|||||||||
Fiscal 2020
|
|
1,721,031
|
|
|
$
|
11.92
|
|
|
—
|
|
|
3,442,062
|
|
|
June 2022
|
Fiscal 2019
|
|
1,103,198
|
|
|
$
|
14.00
|
|
|
—
|
|
|
2,206,396
|
|
|
June 2021
|
Fiscal 2018 (2)
|
|
491,417
|
|
|
$
|
20.25
|
|
|
—
|
|
|
982,834
|
|
|
June 2020
|
Totals
|
|
3,315,646
|
|
|
|
|
|
—
|
|
|
6,631,292
|
|
|
|
(1)
|
Vesting ranges from zero to 200% based on measurement of Flex's total shareholder return against the Standard and Poor's ("S&P") 500 Composite Index.
|
(2)
|
As of March 31, 2020, the Company deemed the vesting of RSU awards with market conditions granted in fiscal year 2018 as not probable.
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands, except
per share amounts)
|
||||||||||
Basic earnings per share:
|
|
|
|
|
|
||||||
Net income
|
$
|
87,579
|
|
|
$
|
93,399
|
|
|
$
|
428,534
|
|
Shares used in computation:
|
|
|
|
|
|
||||||
Weighted-average ordinary shares outstanding
|
508,774
|
|
|
526,519
|
|
|
529,782
|
|
|||
Basic earnings per share
|
$
|
0.17
|
|
|
$
|
0.18
|
|
|
$
|
0.81
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share:
|
|
|
|
|
|
||||||
Net income
|
$
|
87,579
|
|
|
$
|
93,399
|
|
|
$
|
428,534
|
|
Shares used in computation:
|
|
|
|
|
|
||||||
Weighted-average ordinary shares outstanding
|
508,774
|
|
|
526,519
|
|
|
529,782
|
|
|||
Weighted-average ordinary share equivalents from stock options and RSU awards (1) (2)
|
3,663
|
|
|
3,551
|
|
|
6,816
|
|
|||
Weighted-average ordinary shares and ordinary share equivalents outstanding
|
512,437
|
|
|
530,070
|
|
|
536,598
|
|
|||
Diluted earnings per share
|
$
|
0.17
|
|
|
$
|
0.18
|
|
|
$
|
0.80
|
|
(1)
|
An immaterial amount of options to purchase ordinary shares during fiscal years 2020, 2019, and 2018 were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted average ordinary shares equivalents.
|
(2)
|
RSU awards of 3.6 million and 6.8 million during fiscal years 2020 and 2019 were excluded from the computation of diluted earnings per share due to their anti-dilutive impact on the weighted average ordinary shares equivalents. Less than 0.1 million of anti-dilutive RSU awards were excluded from the computation of diluted earnings per share during fiscal year 2018.
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands)
|
||||||||||
Net cash paid for:
|
|
|
|
|
|
||||||
Interest
|
$
|
171,719
|
|
|
$
|
190,204
|
|
|
$
|
152,750
|
|
Income taxes
|
98,943
|
|
|
134,178
|
|
|
91,846
|
|
|||
Non-cash investing and financing activity:
|
|
|
|
|
|
||||||
Unpaid purchases of property and equipment
|
$
|
104,260
|
|
|
$
|
111,989
|
|
|
$
|
128,044
|
|
Non-cash investment in Elementum (Note 2)
|
—
|
|
|
—
|
|
|
132,679
|
|
|||
Non-cash proceeds from sales of a non-strategic cost basis investment
|
—
|
|
|
—
|
|
|
59,000
|
|
|||
Non-cash investment in Bright Machines (Note 2)
|
—
|
|
|
127,641
|
|
|
—
|
|
|||
Finance lease for Bright Machines assets (Note 2)
|
22,806
|
|
|
34,828
|
|
|
—
|
|
|
As of March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
4.625% Notes due February 2020
|
$
|
—
|
|
|
$
|
500,000
|
|
Term Loan, including current portion, due in installments through November 2021
|
—
|
|
|
671,563
|
|
||
Term Loan, including current portion, due in installments through June 2022
|
433,406
|
|
|
458,531
|
|
||
5.000% Notes due February 2023
|
500,000
|
|
|
500,000
|
|
||
Term Loan due April 2024 - three-month Yen LIBOR plus 0.50%
|
310,115
|
|
|
—
|
|
||
4.750% Notes due June 2025
|
597,265
|
|
|
596,815
|
|
||
4.875% Notes due June 2029
|
661,908
|
|
|
—
|
|
||
India Facilities (1)
|
138,238
|
|
|
170,206
|
|
||
Other
|
210,684
|
|
|
168,039
|
|
||
Debt issuance costs
|
(13,377
|
)
|
|
(10,639
|
)
|
||
|
2,838,239
|
|
|
3,054,515
|
|
||
Current portion, net of debt issuance costs
|
(149,130
|
)
|
|
(632,611
|
)
|
||
Non-current portion
|
$
|
2,689,109
|
|
|
$
|
2,421,904
|
|
(1)
|
India Facilities as of March 31, 2019 include an approximately $91.4 million drawdown from a short-term bank borrowings facility entered in February 2019 which was repaid in May 2019 and a $78.8 million drawdown from the $200 million term loan facility entered in July 2018.
|
Fiscal Year Ending March 31,
|
Amount
|
||
|
(In thousands)
|
||
2021
|
$
|
149,456
|
|
2022
|
209,586
|
|
|
2023
|
870,178
|
|
|
2024
|
53,109
|
|
|
2025
|
310,115
|
|
|
Thereafter
|
1,259,172
|
|
|
Total
|
$
|
2,851,616
|
|
|
Foreign Currency
Amount |
|
Notional Contract
Value in USD |
||||||||||
Currency
|
Buy
|
|
Sell
|
|
Buy
|
|
Sell
|
||||||
|
(In thousands)
|
||||||||||||
Cash Flow Hedges
|
|
|
|
|
|
|
|
||||||
CNY
|
1,430,500
|
|
|
—
|
|
|
$
|
201,755
|
|
|
$
|
—
|
|
EUR
|
45,679
|
|
|
38,009
|
|
|
50,075
|
|
|
43,078
|
|
||
ILS
|
344,500
|
|
|
—
|
|
|
96,283
|
|
|
—
|
|
||
JPY
|
33,525,000
|
|
|
—
|
|
|
300,000
|
|
|
|
|||
MXN
|
5,111,000
|
|
|
—
|
|
|
218,442
|
|
|
—
|
|
||
Other
|
N/A
|
|
|
N/A
|
|
|
239,421
|
|
|
9,524
|
|
||
|
|
|
|
|
1,105,976
|
|
|
52,602
|
|
||||
Other Foreign Currency Contracts
|
|
|
|
|
|
|
|
||||||
BRL
|
—
|
|
|
603,000
|
|
|
—
|
|
|
117,999
|
|
||
CNY
|
4,250,664
|
|
|
331,088
|
|
|
604,494
|
|
|
46,749
|
|
||
EUR
|
2,080,415
|
|
|
2,203,938
|
|
|
2,278,226
|
|
|
2,413,824
|
|
||
GBP
|
55,892
|
|
|
78,988
|
|
|
68,333
|
|
|
96,952
|
|
||
HUF
|
55,435,797
|
|
|
59,591,932
|
|
|
171,813
|
|
|
184,694
|
|
||
ILS
|
271,500
|
|
|
134,500
|
|
|
75,880
|
|
|
37,591
|
|
||
INR
|
5,685,000
|
|
|
5,931,167
|
|
|
75,957
|
|
|
79,185
|
|
||
JPY
|
3,705,195
|
|
|
34,778,855
|
|
|
34,287
|
|
|
321,655
|
|
||
MXN
|
4,839,428
|
|
|
3,576,516
|
|
|
206,835
|
|
|
152,859
|
|
||
MYR
|
2,919,100
|
|
|
2,653,490
|
|
|
661,927
|
|
|
601,698
|
|
||
SEK
|
649,418
|
|
|
711,823
|
|
|
65,373
|
|
|
70,713
|
|
||
Other
|
N/A
|
|
|
N/A
|
|
|
179,509
|
|
|
114,956
|
|
||
|
|
|
|
|
4,422,634
|
|
|
4,238,875
|
|
||||
Total Notional Contract Value in USD
|
|
|
|
|
$
|
5,528,610
|
|
|
$
|
4,291,477
|
|
|
Fair Values of Derivative Instruments
|
||||||||||||||||||
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
|
|
Fair Value
|
|
|
|
Fair Value
|
||||||||||||
|
Balance Sheet
Location |
|
March 31,
2020 |
|
March 31,
2019 |
|
Balance Sheet
Location |
|
March 31,
2020 |
|
March 31,
2019 |
||||||||
|
(In thousands)
|
||||||||||||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
Other current assets
|
|
$
|
7,257
|
|
|
$
|
10,503
|
|
|
Other current liabilities
|
|
$
|
46,645
|
|
|
$
|
10,282
|
|
Foreign currency contracts
|
Other assets
|
|
$
|
13,849
|
|
|
$
|
—
|
|
|
Other liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
Other current assets
|
|
$
|
83,086
|
|
|
$
|
16,774
|
|
|
Other current liabilities
|
|
$
|
102,709
|
|
|
$
|
17,144
|
|
|
|||||||||||
|
Unrealized loss on
derivative instruments and other |
|
Foreign currency
translation adjustments |
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Beginning balance on April 1, 2017
|
$
|
(32,426
|
)
|
|
$
|
(95,717
|
)
|
|
$
|
(128,143
|
)
|
Other comprehensive gain before reclassifications
|
15,667
|
|
|
46,022
|
|
|
61,689
|
|
|||
Net gains reclassified from accumulated other comprehensive loss
|
(18,987
|
)
|
|
(404
|
)
|
|
(19,391
|
)
|
|||
Net current-period other comprehensive gain (loss)
|
(3,320
|
)
|
|
45,618
|
|
|
42,298
|
|
|||
Ending balance on March 31, 2018
|
$
|
(35,746
|
)
|
|
$
|
(50,099
|
)
|
|
$
|
(85,845
|
)
|
Other comprehensive loss before reclassifications
|
(48,302
|
)
|
|
(59,508
|
)
|
|
(107,810
|
)
|
|||
Net losses reclassified from accumulated other comprehensive loss
|
42,492
|
|
|
—
|
|
|
42,492
|
|
|||
Net current-period other comprehensive loss
|
(5,810
|
)
|
|
(59,508
|
)
|
|
(65,318
|
)
|
|||
Ending balance on March 31, 2019
|
$
|
(41,556
|
)
|
|
$
|
(109,607
|
)
|
|
$
|
(151,163
|
)
|
Other comprehensive loss before reclassifications
|
(42,837
|
)
|
|
(21,951
|
)
|
|
(64,788
|
)
|
|||
Net (gains) losses reclassified from accumulated other comprehensive loss
|
2,730
|
|
|
(1,446
|
)
|
|
1,284
|
|
|||
Net current-period other comprehensive loss
|
(40,107
|
)
|
|
(23,397
|
)
|
|
(63,504
|
)
|
|||
Ending balance on March 31, 2020
|
$
|
(81,663
|
)
|
|
$
|
(133,004
|
)
|
|
$
|
(214,667
|
)
|
|
Fair Value Measurements as of March 31, 2020
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds and time deposits (Note 2)
|
$
|
—
|
|
|
$
|
403,657
|
|
|
$
|
—
|
|
|
$
|
403,657
|
|
Foreign currency contracts (Note 9)
|
—
|
|
|
104,192
|
|
|
—
|
|
|
104,192
|
|
||||
Deferred compensation plan assets:
|
|
|
|
|
|
|
|
||||||||
Mutual funds, money market accounts and equity securities
|
—
|
|
|
49,086
|
|
|
—
|
|
|
49,086
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts (Note 9)
|
$
|
—
|
|
|
$
|
(149,354
|
)
|
|
$
|
—
|
|
|
$
|
(149,354
|
)
|
|
Fair Value Measurements as of March 31, 2019
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Money market funds and time deposits (Note 2)
|
$
|
—
|
|
|
$
|
473,888
|
|
|
$
|
—
|
|
|
$
|
473,888
|
|
Foreign currency contracts (Note 9)
|
—
|
|
|
27,277
|
|
|
—
|
|
|
27,277
|
|
||||
Deferred compensation plan assets:
|
|
|
|
|
|
|
|
||||||||
Mutual funds, money market accounts and equity securities
|
2,845
|
|
|
76,852
|
|
|
—
|
|
|
79,697
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts (Note 9)
|
$
|
—
|
|
|
$
|
(27,426
|
)
|
|
$
|
—
|
|
|
$
|
(27,426
|
)
|
|
As of March 31, 2020
|
|
As of March 31, 2019
|
|
|
||||||||||||
|
Carrying
Amount |
|
Fair
Value |
|
Carrying
Amount |
|
Fair
Value |
|
Fair Value
Hierarchy |
||||||||
|
(In thousands)
|
|
(In thousands)
|
|
|
||||||||||||
Term Loan, including current portion, due in installments through June 2022
|
$
|
433,406
|
|
|
$
|
413,903
|
|
|
$
|
458,531
|
|
|
$
|
457,958
|
|
|
Level 1
|
5.000% Notes due February 2023
|
500,000
|
|
|
499,710
|
|
|
500,000
|
|
|
499,950
|
|
|
Level 1
|
||||
Term Loan due April 2024 - three-month Yen LIBOR plus 0.50%
|
310,115
|
|
|
310,115
|
|
|
—
|
|
|
—
|
|
|
Level 2
|
||||
4.750% Notes due June 2025
|
597,265
|
|
|
613,152
|
|
|
596,815
|
|
|
599,940
|
|
|
Level 1
|
||||
4.875% Notes due June 2029
|
661,908
|
|
|
628,419
|
|
|
—
|
|
|
—
|
|
|
Level 1
|
||||
Euro Term Loans
|
207,646
|
|
|
207,646
|
|
|
165,270
|
|
|
165,270
|
|
|
Level 2
|
||||
India Facilities
|
138,238
|
|
|
138,238
|
|
|
170,206
|
|
|
170,206
|
|
|
Level 2
|
Fiscal Year Ending March 31,
|
Operating Lease
|
||
|
(In thousands)
|
||
2021
|
$
|
134,817
|
|
2022
|
115,465
|
|
|
2023
|
100,779
|
|
|
2024
|
84,374
|
|
|
2025
|
67,772
|
|
|
Thereafter
|
253,768
|
|
|
Total minimum lease payments
|
$
|
756,975
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands)
|
||||||||||
Domestic
|
$
|
(2,903
|
)
|
|
$
|
(10,498
|
)
|
|
$
|
323,522
|
|
Foreign
|
161,388
|
|
|
192,624
|
|
|
197,371
|
|
|||
Total
|
$
|
158,485
|
|
|
$
|
182,126
|
|
|
$
|
520,893
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands)
|
||||||||||
Current:
|
|
|
|
|
|
||||||
Domestic
|
$
|
1,781
|
|
|
$
|
1,517
|
|
|
$
|
2,894
|
|
Foreign
|
62,558
|
|
|
99,894
|
|
|
50,889
|
|
|||
|
64,339
|
|
|
101,411
|
|
|
53,783
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Domestic
|
(38
|
)
|
|
(40
|
)
|
|
422
|
|
|||
Foreign
|
6,605
|
|
|
(12,644
|
)
|
|
38,154
|
|
|||
|
6,567
|
|
|
(12,684
|
)
|
|
38,576
|
|
|||
Provision for income taxes
|
$
|
70,906
|
|
|
$
|
88,727
|
|
|
$
|
92,359
|
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands)
|
||||||||||
Income taxes based on domestic statutory rates
|
$
|
26,943
|
|
|
$
|
30,961
|
|
|
$
|
88,552
|
|
Effect of tax rate differential
|
(81,213
|
)
|
|
(135,033
|
)
|
|
(244,128
|
)
|
|||
Change in unrecognized tax benefit
|
(896
|
)
|
|
(15,381
|
)
|
|
22,180
|
|
|||
Change in valuation allowance
|
92,543
|
|
|
191,896
|
|
|
297,330
|
|
|||
Recognition of prior year taxes recoverable
|
13,305
|
|
|
5,439
|
|
|
(53,757
|
)
|
|||
Expiration of tax attributes
|
—
|
|
|
4,277
|
|
|
—
|
|
|||
APB23 tax liability
|
8,653
|
|
|
2,047
|
|
|
1,741
|
|
|||
Other
|
11,571
|
|
|
4,521
|
|
|
(19,559
|
)
|
|||
Provision for income taxes
|
$
|
70,906
|
|
|
$
|
88,727
|
|
|
$
|
92,359
|
|
|
As of March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Deferred tax liabilities:
|
|
|
|
||||
Fixed assets
|
$
|
(36,789
|
)
|
|
$
|
(39,376
|
)
|
Intangible assets
|
(49,637
|
)
|
|
(57,939
|
)
|
||
Others
|
(25,818
|
)
|
|
(14,879
|
)
|
||
Total deferred tax liabilities
|
(112,244
|
)
|
|
(112,194
|
)
|
||
Deferred tax assets:
|
|
|
|
||||
Fixed assets
|
58,623
|
|
|
67,980
|
|
||
Intangible assets
|
6,568
|
|
|
7,442
|
|
||
Deferred compensation
|
17,456
|
|
|
13,864
|
|
||
Inventory valuation
|
26,742
|
|
|
11,082
|
|
||
Provision for doubtful accounts
|
5,120
|
|
|
4,797
|
|
||
Net operating loss and other carryforwards
|
1,820,980
|
|
|
1,944,782
|
|
||
Others
|
207,910
|
|
|
243,016
|
|
||
Total deferred tax assets
|
2,143,399
|
|
|
2,292,963
|
|
||
Valuation allowances
|
(1,939,279
|
)
|
|
(2,083,082
|
)
|
||
Total deferred tax assets, net of valuation allowances
|
204,120
|
|
|
209,881
|
|
||
Net deferred tax asset
|
$
|
91,876
|
|
|
$
|
97,687
|
|
The net deferred tax asset is classified as follows:
|
|
|
|
||||
Long-term asset
|
$
|
162,737
|
|
|
$
|
164,611
|
|
Long-term liability
|
(70,861
|
)
|
|
(66,924
|
)
|
||
Total
|
$
|
91,876
|
|
|
$
|
97,687
|
|
Expiration dates of deferred tax assets related to operating losses and other carryforwards
|
|
||
|
(In thousands)
|
||
2021 - 2026
|
$
|
613,769
|
|
2027 - 2032
|
476,336
|
|
|
2033 and post
|
199,327
|
|
|
Indefinite
|
629,835
|
|
|
|
$
|
1,919,267
|
|
|
Fiscal Year Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
|
(In thousands)
|
||||||
Balance, beginning of fiscal year
|
$
|
251,722
|
|
|
$
|
227,590
|
|
Additions based on tax position related to the current year
|
24,052
|
|
|
82,966
|
|
||
Additions for tax positions of prior years
|
4,137
|
|
|
5,575
|
|
||
Reductions for tax positions of prior years
|
(3,162
|
)
|
|
(15,432
|
)
|
||
Reductions related to lapse of applicable statute of limitations
|
(18,355
|
)
|
|
(14,786
|
)
|
||
Settlements
|
—
|
|
|
(22,174
|
)
|
||
Impact from foreign exchange rates fluctuation
|
(12,386
|
)
|
|
(12,017
|
)
|
||
Balance, end of fiscal year
|
$
|
246,008
|
|
|
$
|
251,722
|
|
|
Severance
|
|
Long-Lived
Asset Impairment |
|
Other
Exit Costs |
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Balance as of March 31, 2017
|
$
|
16,359
|
|
|
$
|
—
|
|
|
$
|
7,142
|
|
|
$
|
23,501
|
|
Provision for charges incurred in fiscal year 2018
|
69,439
|
|
|
9,417
|
|
|
11,835
|
|
|
90,691
|
|
||||
Cash payments for charges incurred in fiscal year 2017 and prior
|
(13,237
|
)
|
|
—
|
|
|
(3,671
|
)
|
|
(16,908
|
)
|
||||
Cash payments for charges incurred in fiscal year 2018
|
(24,555
|
)
|
|
—
|
|
|
—
|
|
|
(24,555
|
)
|
||||
Non-cash charges incurred in fiscal year 2018
|
—
|
|
|
(9,417
|
)
|
|
(1,968
|
)
|
|
(11,385
|
)
|
||||
Balance as of March 31, 2018
|
48,006
|
|
|
—
|
|
|
13,338
|
|
|
61,344
|
|
||||
Provision for charges incurred in fiscal year 2019
|
38,634
|
|
|
46,365
|
|
|
28,314
|
|
|
113,313
|
|
||||
Cash payments for charges incurred in fiscal year 2018 and prior
|
(40,623
|
)
|
|
—
|
|
|
(4,293
|
)
|
|
(44,916
|
)
|
||||
Cash payments for charges incurred in fiscal year 2019
|
(22,783
|
)
|
|
—
|
|
|
(1,330
|
)
|
|
(24,113
|
)
|
||||
Non-cash charges incurred in fiscal year 2019
|
—
|
|
|
(46,365
|
)
|
|
(26,829
|
)
|
|
(73,194
|
)
|
||||
Balance as of March 31, 2019
|
23,234
|
|
|
—
|
|
|
9,200
|
|
|
32,434
|
|
||||
Provision for charges incurred in fiscal year 2020
|
123,341
|
|
|
45,623
|
|
|
47,443
|
|
|
216,407
|
|
||||
Cash payments for charges incurred in fiscal year 2019 and prior
|
(14,610
|
)
|
|
—
|
|
|
(2,800
|
)
|
|
(17,410
|
)
|
||||
Cash payments for charges incurred in fiscal year 2020
|
(112,463
|
)
|
|
—
|
|
|
(34,647
|
)
|
|
(147,110
|
)
|
||||
Non-cash charges incurred in fiscal year 2020
|
—
|
|
|
(45,623
|
)
|
|
(15,296
|
)
|
|
(60,919
|
)
|
||||
Balance as of March 31, 2020
|
19,502
|
|
|
—
|
|
|
3,900
|
|
|
23,402
|
|
||||
Less: Current portion (classified as other current liabilities)
|
19,502
|
|
|
—
|
|
|
3,900
|
|
|
23,402
|
|
||||
Accrued restructuring costs, net of current portion (classified as other liabilities)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fiscal Year Ended March 31
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands)
|
||||||||||
Gain on deconsolidation of subsidiary (1)
|
$
|
—
|
|
|
$
|
(87,348
|
)
|
|
$
|
(151,574
|
)
|
Gain on sale of non-strategic business (2)
|
—
|
|
|
—
|
|
|
(38,689
|
)
|
|||
Investment impairments and dispositions (3)
|
97,691
|
|
|
193,063
|
|
|
21,895
|
|
(1)
|
During fiscal year 2019, the Company recognized other income of approximately $87 million from the deconsolidation of Bright Machines. The fiscal year ended March 31, 2018 includes a $151.6 million gain from the deconsolidation of Elementum. See note 2 for additional information on the deconsolidations of Bright Machines and Elementum.
|
(2)
|
The Company recognized other income of $38.7 million from the sale of a non-strategic cost basis investment during fiscal year 2018.
|
(3)
|
During fiscal year 2020, and in connection with the Company’s ongoing assessment of its investment portfolio strategy, the Company concluded that the carrying amounts of certain non-core investments were other than temporarily impaired and recognized a $97.7 million total impairment charge (See note 2 for additional information). During fiscal year 2019, the Company recognized investment impairments of $193.1 million, under other charges, which is primarily driven by an $84 million impairment in its investment in Elementum, coupled with a $76 million loss for the portion of its investment in an unrelated third-party venture backed company, also determined to be impaired. The Company recognized $21.9 million of impairment during fiscal year 2018 for certain non-core investments.
|
|
Fiscal Year Ended March 31
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands)
|
||||||||||
Interest expenses on debt obligations (1)
|
$
|
145,978
|
|
|
$
|
145,658
|
|
|
$
|
123,098
|
|
ABS and AR sales programs related expenses
|
42,807
|
|
|
46,344
|
|
|
25,002
|
|
|||
Interest income
|
(19,382
|
)
|
|
(19,496
|
)
|
|
(18,840
|
)
|
|||
Gain on foreign exchange transactions
|
(9,677
|
)
|
|
(1,175
|
)
|
|
(15,222
|
)
|
(1)
|
Interest expense on debt obligations for the fiscal year 2020 include debt extinguishment costs of $7.2 million, related to the full repayments of the Notes due February 2020 and the Term Loan due November 2021. There were no debt extinguishment costs incurred during the fiscal years 2019 or 2018.
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands)
|
||||||||||
Net sales:
|
|
|
|
|
|
||||||
High Reliability Solutions
|
$
|
4,742,424
|
|
|
$
|
4,828,950
|
|
|
$
|
4,769,464
|
|
Industrial & Emerging Industries
|
7,277,350
|
|
|
6,182,637
|
|
|
5,972,496
|
|
|||
Communications & Enterprise Compute
|
6,985,669
|
|
|
8,336,330
|
|
|
7,729,350
|
|
|||
Consumer Technologies Group
|
5,204,427
|
|
|
6,862,594
|
|
|
6,969,821
|
|
|||
|
$
|
24,209,870
|
|
|
$
|
26,210,511
|
|
|
$
|
25,441,131
|
|
Segment income and reconciliation of income before tax:
|
|
|
|
|
|
||||||
High Reliability Solutions
|
$
|
316,007
|
|
|
$
|
371,003
|
|
|
$
|
380,878
|
|
Industrial & Emerging Industries
|
465,707
|
|
|
269,172
|
|
|
235,422
|
|
|||
Communications & Enterprise Compute
|
142,347
|
|
|
214,723
|
|
|
186,335
|
|
|||
Consumer Technologies Group
|
87,518
|
|
|
121,336
|
|
|
111,629
|
|
|||
Corporate and Other
|
(113,548
|
)
|
|
(104,471
|
)
|
|
(127,810
|
)
|
|||
Total income
|
898,031
|
|
|
871,763
|
|
|
786,454
|
|
|||
Reconciling items:
|
|
|
|
|
|
||||||
Intangible amortization
|
64,106
|
|
|
74,396
|
|
|
78,640
|
|
|||
Stock-based compensation
|
71,546
|
|
|
76,032
|
|
|
85,244
|
|
|||
Customer related asset impairments (1)
|
105,940
|
|
|
87,093
|
|
|
6,251
|
|
|||
Restructuring charges (Note 15)
|
216,407
|
|
|
113,313
|
|
|
90,691
|
|
|||
New revenue standard adoption impact (Note 4)
|
—
|
|
|
9,291
|
|
|
—
|
|
|||
Legal and other (2)
|
26,270
|
|
|
35,644
|
|
|
51,631
|
|
|||
Interest and other, net
|
163,727
|
|
|
183,454
|
|
|
122,823
|
|
|||
Other charges (income), net (Note 16)
|
91,550
|
|
|
110,414
|
|
|
(169,719
|
)
|
|||
Income before income taxes
|
$
|
158,485
|
|
|
$
|
182,126
|
|
|
$
|
520,893
|
|
(1)
|
Customer related asset impairments for fiscal year 2020, primarily relate to non-cash impairments of certain property and equipment for customers we have disengaged or are in the process of disengaging, additional provision for doubtful accounts receivable, charges for other asset impairments, and reserves for excess and obsolete inventory for certain customers experiencing financial difficulties and/or related to inventory that will not be recovered due to significant reductions in future customer demand.
|
(2)
|
Legal and other during fiscal year 2020, primarily consists of direct and incremental costs associated with certain wind-down activities related to the disengagement of a certain customer primarily in China and India, offset by certain gains resulting from the recognition of prior year expenses paid to the government now considered probable of recovery and reasonably estimable due to a favorable tax ruling.
|
|
Fiscal Year Ended March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2018
|
||||||
|
(In thousands)
|
||||||||||
Depreciation expense:
|
|
|
|
|
|
||||||
High Reliability Solutions
|
$
|
103,266
|
|
|
$
|
96,854
|
|
|
$
|
97,114
|
|
Industrial & Emerging Industries
|
85,273
|
|
|
92,606
|
|
|
75,366
|
|
|||
Communication & Enterprise Compute
|
89,286
|
|
|
103,162
|
|
|
118,150
|
|
|||
Consumer Technologies Group
|
112,813
|
|
|
104,298
|
|
|
110,276
|
|
|||
Corporate and Other
|
31,769
|
|
|
36,493
|
|
|
33,526
|
|
|||
Total depreciation expense
|
$
|
422,407
|
|
|
$
|
433,413
|
|
|
$
|
434,432
|
|
|
Fiscal Year Ended March 31,
|
|||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Asia
|
$
|
9,362,089
|
|
|
39
|
%
|
|
$
|
11,469,617
|
|
|
44
|
%
|
|
$
|
11,210,793
|
|
|
44
|
%
|
Americas
|
10,065,568
|
|
|
42
|
%
|
|
9,893,072
|
|
|
38
|
%
|
|
9,880,626
|
|
|
39
|
%
|
|||
Europe
|
4,782,213
|
|
|
19
|
%
|
|
4,847,822
|
|
|
18
|
%
|
|
4,349,712
|
|
|
17
|
%
|
|||
|
$
|
24,209,870
|
|
|
|
|
$
|
26,210,511
|
|
|
|
|
$
|
25,441,131
|
|
|
|
|
Fiscal Year Ended March 31,
|
|||||||||||||||||||
|
2020
|
|
2019
|
|
2018
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
China
|
$
|
5,664,742
|
|
|
23
|
%
|
|
$
|
6,648,549
|
|
|
25
|
%
|
|
$
|
7,449,591
|
|
|
29
|
%
|
Mexico
|
4,449,266
|
|
|
18
|
%
|
|
4,538,720
|
|
|
17
|
%
|
|
4,361,814
|
|
|
17
|
%
|
|||
U.S.
|
3,719,095
|
|
|
15
|
%
|
|
3,106,222
|
|
|
12
|
%
|
|
2,860,242
|
|
|
11
|
%
|
|||
Brazil
|
1,831,214
|
|
|
8
|
%
|
|
2,181,025
|
|
|
8
|
%
|
|
2,578,466
|
|
|
10
|
%
|
|
As of March 31,
|
||||||||||||
|
2020
|
|
2019
|
||||||||||
|
(In thousands)
|
||||||||||||
Property and equipment, net:
|
|
|
|
|
|
|
|
||||||
Americas
|
$
|
1,037,018
|
|
|
47
|
%
|
|
$
|
1,003,708
|
|
|
43
|
%
|
Asia
|
737,551
|
|
|
33
|
%
|
|
903,288
|
|
|
39
|
%
|
||
Europe
|
441,422
|
|
|
20
|
%
|
|
429,217
|
|
|
18
|
%
|
||
|
$
|
2,215,991
|
|
|
|
|
$
|
2,336,213
|
|
|
|
|
Fiscal Year Ended March 31,
|
||||||||||||
|
2020
|
|
2019
|
||||||||||
|
(In thousands)
|
||||||||||||
Property and equipment, net:
|
|
|
|
|
|
|
|
||||||
Mexico
|
$
|
555,077
|
|
|
25
|
%
|
|
$
|
537,396
|
|
|
23
|
%
|
China
|
396,179
|
|
|
18
|
%
|
|
523,124
|
|
|
22
|
%
|
||
U.S.
|
377,800
|
|
|
17
|
%
|
|
361,098
|
|
|
15
|
%
|
|
Fiscal Year Ended March 31, 2020
|
|
Fiscal Year Ended March 31, 2019
|
||||||||||||||||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||||||||||
|
(In thousands, except per share amounts)
|
||||||||||||||||||||||||||||||
Net sales
|
$
|
6,175,939
|
|
|
$
|
6,088,054
|
|
|
$
|
6,461,387
|
|
|
$
|
5,484,490
|
|
|
$
|
6,398,956
|
|
|
$
|
6,662,604
|
|
|
$
|
6,922,827
|
|
|
$
|
6,226,124
|
|
Gross profit (1)
|
352,759
|
|
|
189,093
|
|
|
430,477
|
|
|
365,627
|
|
|
377,854
|
|
|
402,301
|
|
|
357,325
|
|
|
380,295
|
|
||||||||
Net income (loss) (2)
|
44,872
|
|
|
(116,940
|
)
|
|
111,388
|
|
|
48,259
|
|
|
116,035
|
|
|
86,885
|
|
|
(45,169
|
)
|
|
(64,352
|
)
|
||||||||
Earnings (loss) per share (3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
$
|
0.09
|
|
|
$
|
(0.23
|
)
|
|
$
|
0.22
|
|
|
$
|
0.10
|
|
|
$
|
0.22
|
|
|
$
|
0.16
|
|
|
$
|
(0.09
|
)
|
|
$
|
(0.12
|
)
|
Diluted
|
$
|
0.09
|
|
|
$
|
(0.23
|
)
|
|
$
|
0.22
|
|
|
$
|
0.10
|
|
|
$
|
0.22
|
|
|
$
|
0.16
|
|
|
$
|
(0.09
|
)
|
|
$
|
(0.12
|
)
|
(1)
|
The Company recorded a total of $128.3 million of restructuring charges during the second quarter of fiscal year 2020. The Company classified approximately $114.0 million of these charges as a component of cost of sales and $14.4 million as a component of selling, general and administrative expenses. Refer to note 15 for additional information on these charges. The Company recorded a total of $56.2 million of restructuring charges during the first quarter of fiscal year 2020. The Company classified approximately $47.4 million of these charges as a component of cost of sales and $8.8 million as a component of selling, general and administrative expenses. The Company recorded a total of $65.8 million of restructuring charges during the third quarter of fiscal year 2019. The Company classified $60.4 million of these charges as a component of cost of sales and approximately $5.4 million as a component of selling, general and administrative expenses.
|
(2)
|
During the fourth quarter of fiscal year 2020, and in connection with the Company’s ongoing assessment of its investment portfolio strategy, the Company concluded that the carrying amounts of certain non-core investments were other than temporarily impaired and recognized a $74.8 million total impairment charge. Refer to note 2 to the consolidated financial statements in Item 8, "Financial Statements and Supplementary Data" for additional information on investment impairment. Net income for the fourth quarter of fiscal year 2019 was primarily affected by an $84 million charge for the impairment of the Company's investment in Elementum. Net income for the third quarter of fiscal year 2019 was primarily affected by a $70 million charge for the impairment of the Company's investment in an unrelated third-party company. Net income for the first quarter of fiscal year 2019 was affected by a $91.8 million gain on the deconsolidation of Bright Machines.
|
(3)
|
Earnings per share are computed independently for each quarter presented and basic shares are used in the quarters with losses; therefore, the sum of the quarterly earnings per share may not equal the total earnings per share amounts for the fiscal year.
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Management's Annual Report on Internal Control over Financial Reporting
|
(c)
|
Attestation Report of the Registered Public Accounting Firm
|
(d)
|
Changes in Internal Control Over Financial Reporting
|
(a)
|
Documents filed as part of this annual report on Form 10-K:
|
2.
|
Financial Statement Schedules. "Schedule II—Valuation and Qualifying Accounts" is included in the financial statements, see Concentration of Credit Risk in Note 2, "Summary of Accounting Policies" of the Notes to Consolidated Financial Statements in Item 8, "Financial Statements and Supplementary Data."
|
(b)
|
Exhibits. The Exhibit Index, which immediately precedes the signature page to this annual report on Form 10-K, is incorporated by reference into this annual report on Form 10-K.
|
(c)
|
Financial Statement Schedules. Reference is made to Item 15(a)(2) above.
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
|
|
||
Exhibit No.
|
|
Exhibit
|
|
Form
|
|
File No.
|
|
Filing Date
|
|
Exhibit No.
|
|
Filed Herewith
|
|
Constitution of the Registrant (incorporating all amendments as at August 20, 2019)
|
|
10-Q
|
|
000-23354
|
|
10/30/2019
|
|
3.01
|
|
|
|
|
Indenture, dated as of February 20, 2013, by and between the Registrant, the Guarantors party thereto and U.S. Bank National Association, as Trustee, related to the Registrant's 5.000% Notes due 2023
|
|
8-K
|
|
000-23354
|
|
2/22/2013
|
|
4.1
|
|
|
|
|
Form of 5.000% Note due 2023
|
|
8-K
|
|
000-23354
|
|
2/22/2013
|
|
4.1
|
|
|
|
|
First Supplemental Indenture, dated as of March 28, 2013, among the Registrant, the Guarantor party thereto and U.S. Bank National Association, as Trustee, to the Indenture, dated as of February 20, 2013, by and between the Registrant, the Guarantors party thereto and U.S. Bank National Association, as Trustee, related to the Registrant's 5.000% Notes due 2023
|
|
10-K
|
|
000-23354
|
|
5/28/2013
|
|
4.11
|
|
|
|
|
Second Supplemental Indenture, dated as of August 25, 2014, among the Registrant, the Guarantor party thereto and U.S. Bank National Association, as Trustee, to the Indenture, dated as of February 20, 2013, by and between the Registrant, the Guarantors party thereto and U.S. Bank National Association, as Trustee, related to the Registrant's 5.000% Notes due 2023
|
|
10-Q
|
|
000-23354
|
|
10/30/2014
|
|
4.01
|
|
|
|
|
Third Supplemental Indenture, dated as of September 11, 2015, among the Registrant, the Guarantor party thereto and U.S. Bank National Association, as Trustee, related to the Registrant’s 5.000% Notes due 2023
|
|
S-4
|
|
333-207067
|
|
9/22/2015
|
|
4.11
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
|
|
||
Exhibit No.
|
|
Exhibit
|
|
Form
|
|
File No.
|
|
Filing Date
|
|
Exhibit No.
|
|
Filed Herewith
|
|
Indenture, dated as of June 8, 2015, by and between the Registrant, the Guarantors party thereto and U.S. Bank National Association, as Trustee
|
|
8-K
|
|
000-23354
|
|
6/8/2015
|
|
4.1
|
|
|
|
|
Form of 4.750% Note due 2025
|
|
8-K
|
|
000-23354
|
|
6/8/2015
|
|
4.1
|
|
|
|
|
First Supplemental Indenture, dated as of September 11, 2015, among the Registrant, the Guarantor party thereto and U.S. Bank National Association, as Trustee, related to the Registrant’s 4.750% Notes due 2025
|
|
S-4
|
|
333-207067
|
|
9/22/2015
|
|
4.04
|
|
|
|
|
Indenture, dated as of June 6, 2019, by and between the Company and U.S. Bank National Association, as trustee
|
|
8-K
|
|
000-23354
|
|
6/6/2019
|
|
4.1
|
|
|
|
|
First Supplemental Indenture, dated as of June 6, 2019, by and between the Company and U.S. Bank National Association, as trustee
|
|
8-K
|
|
000-23354
|
|
6/6/2019
|
|
4.2
|
|
|
|
|
Form of 4.875% Global Note due 2029 (included in Exhibit 4.10)
|
|
8-K
|
|
000-23354
|
|
6/6/2019
|
|
4.3
|
|
|
|
|
Second Supplemental Indenture, dated as of November 7, 2019, by and between the Company and U.S. Bank National Association, as trustee
|
|
8-K
|
|
000-23354
|
|
11/7/2019
|
|
4.3
|
|
|
|
|
Form of 4.875% Global Note due 2029 (included in Exhibit 4.12)
|
|
8-K
|
|
000-23354
|
|
11/7/2019
|
|
4.4
|
|
|
|
|
Description of Registrant's Securities
|
|
|
|
|
|
|
|
|
|
X
|
|
|
Credit Agreement, dated as of June 30, 2017, among Flex Ltd. and certain of its subsidiaries, from time to time party thereto, as borrowers, Bank of America, N.A., as Administrative Agent and Swing Line Lender, and the other Lenders party thereto
|
|
8-K
|
|
000-23354
|
|
6/30/2017
|
|
10.01
|
|
|
|
|
First Amendment to Credit Agreement, dated as of January 28, 2020 among Flex Ltd., the lenders party thereto, and Bank of America, N.A., as Administrative Agent
|
|
|
|
|
|
|
|
|
|
X
|
|
|
Form of Indemnification Agreement between the Registrant and its Directors and certain officers†
|
|
10-K
|
|
000-23354
|
|
5/20/2009
|
|
10.01
|
|
|
|
|
Form of Indemnification Agreement between Flextronics Corporation and Directors and certain officers of the Registrant†
|
|
10-K
|
|
000-23354
|
|
5/20/2009
|
|
10.02
|
|
|
|
|
Flex Ltd. 2010 Equity Incentive Plan†
|
|
8-K
|
|
000-23354
|
|
7/28/2010
|
|
10.01
|
|
|
|
|
Form of Share Option Award Agreement under 2010 Equity Incentive Plan†
|
|
10-Q
|
|
000-23354
|
|
8/5/2010
|
|
10.02
|
|
|
|
|
Flex Ltd. 2017 Equity Incentive Plan†
|
|
DEF 14A
|
|
000-23354
|
|
7/5/2017
|
|
Annex A
|
|
|
|
|
Form of Restricted Share Unit Award Agreement under the 2017 Equity Incentive Plan for time-based vesting awards†
|
|
10-Q
|
|
000-23354
|
|
10/30/2017
|
|
10.05
|
|
|
|
|
Form of Restricted Share Unit Award Agreement under the 2017 Equity Incentive Plan for performance-based vesting awards†
|
|
10-Q
|
|
000-23354
|
|
10/30/2017
|
|
10.06
|
|
|
|
|
Flextronics International USA, Inc. Third Amended and Restated 2005 Senior Management Deferred Compensation Plan†
|
|
10-Q
|
|
000-23354
|
|
2/6/2009
|
|
10.02
|
|
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
|
|
||
Exhibit No.
|
|
Exhibit
|
|
Form
|
|
File No.
|
|
Filing Date
|
|
Exhibit No.
|
|
Filed Herewith
|
|
Flextronics International USA, Inc. Third Amended and Restated Senior Executive Deferred Compensation Plan†
|
|
10-Q
|
|
000-23354
|
|
2/6/2009
|
|
10.01
|
|
|
|
|
Summary of Directors' Compensation†
|
|
10-Q
|
|
000.23354
|
|
10/30/2017
|
|
10.02
|
|
|
|
|
Executive Incentive Compensation Recoupment Policy†
|
|
10-Q
|
|
000-23354
|
|
8/5/2010
|
|
10.06
|
|
|
|
|
2010 Flextronics International USA, Inc. Deferred Compensation Plan†
|
|
10-Q
|
|
000-23354
|
|
11/3/2010
|
|
10.04
|
|
|
|
|
Form of Award Agreement under 2010 Deferred Compensation Plan†
|
|
10-Q
|
|
000-23354
|
|
7/30/2012
|
|
10.01
|
|
|
|
|
Summary of Compensation Arrangements of Certain Executive Officers of Flex Ltd.†
|
|
|
|
|
|
|
|
|
|
X
|
|
|
Form of Restricted Share Unit Award Agreement under the 2010 Equity Incentive Plan for time-based vesting awards†
|
|
10-Q
|
|
000-23354
|
|
11/1/2013
|
|
10.02
|
|
|
|
|
Form of 2010 Deferred Compensation Plan Award Agreement (performance targets, cliff vesting)†
|
|
10-Q
|
|
000-23354
|
|
8/2/2013
|
|
10.02
|
|
|
|
|
Form of 2010 Deferred Compensation Plan Award Agreement (non-performance, periodic vesting, continuing Participant)†
|
|
10-Q
|
|
000-23354
|
|
8/2/2013
|
|
10.03
|
|
|
|
|
Award Agreement under the 2010 Deferred Compensation Plan†
|
|
10-Q
|
|
000-23354
|
|
7/28/2014
|
|
10.01
|
|
|
|
|
Form of Restricted Share Unit Award Agreement under the 2017 Equity Incentive Plan for retention performance-based vesting awards†
|
|
10-Q
|
|
000-23354
|
|
2/6/2019
|
|
10.01
|
|
|
|
|
Form of Restricted Share Unit Award Agreement under the 2017 Equity Incentive Plan for retention service-based vesting awards†
|
|
10-K
|
|
000-23354
|
|
5/21/2019
|
|
10.23
|
|
|
|
|
Form of Restricted Share Unit Award Agreement under the 2017 Equity Incentive Plan for performance-based vesting awards (20-day trading average)†
|
|
10-Q
|
|
000-23354
|
|
7/26/2019
|
|
10.02
|
|
|
|
|
Description of Annual Incentive Bonus Plan for Fiscal 2020†
|
|
10-Q
|
|
000-23354
|
|
7/26/2019
|
|
10.01
|
|
|
|
|
NEXTracker Inc. 2014 Equity Incentive Plan†
|
|
S-8
|
|
333-207325
|
|
10/7/2015
|
|
99.01
|
|
|
|
|
BrightBox Technologies, Inc. 2013 Stock Incentive Plan†
|
|
S-8
|
|
333-212267
|
|
6/27/2016
|
|
99.01
|
|
|
|
|
Flex Ltd. Executive Severance Plan†
|
|
10-K
|
|
000-23354
|
|
5/21/2019
|
|
10.27
|
|
|
|
|
Separation and Release of Claims dated December 24, 2018 between Flex Ltd. and Michael M. McNamara†
|
|
10-Q
|
|
000-23354
|
|
2/6/2019
|
|
10.02
|
|
|
|
|
Scott Offer Amended Offer Letter, dated as of January 27, 2019†
|
|
|
|
|
|
|
|
|
|
X
|
|
|
Revathi Advaithi Offer Letter, dated February 7, 2019†
|
|
10-K
|
|
000-23354
|
|
5/21/2019
|
|
10.29
|
|
|
|
|
Francois Barbier Relocation Expenses Addendum, dated as of July 8, 2019†
|
|
|
|
|
|
|
|
|
|
X
|
|
|
Subsidiaries of Registrant
|
|
|
|
|
|
|
|
|
|
X
|
|
|
Consent of Deloitte & Touche LLP
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
|
|
||
Exhibit No.
|
|
Exhibit
|
|
Form
|
|
File No.
|
|
Filing Date
|
|
Exhibit No.
|
|
Filed Herewith
|
|
Power of Attorney (included on the signature page to this Form 10-K)
|
|
|
|
|
|
|
|
|
|
X
|
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act
|
|
|
|
|
|
|
|
|
|
X
|
|
|
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act
|
|
|
|
|
|
|
|
|
|
X
|
|
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350*
|
|
|
|
|
|
|
|
|
|
X
|
|
101.INS
|
|
Inline XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
X
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Scheme Document
|
|
|
|
|
|
|
|
|
|
X
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
104
|
|
Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)
|
|
|
|
|
|
|
|
|
|
X
|
*
|
This exhibit is furnished with this Annual Report on Form 10-K, is not deemed filed with the Securities and Exchange Commission, and is not incorporated by reference into any filing of Flex Ltd. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing.
|
†
|
Management contract, compensatory plan or arrangement.
|
|
Flex Ltd.
|
||
|
By:
|
|
/s/ REVATHI ADVAITHI
|
|
|
|
Revathi Advaithi
Chief Executive Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ REVATHI ADVAITHI
|
|
Chief Executive Officer and Director (Principal Executive Officer)
|
|
May 28, 2020
|
Revathi Advaithi
|
|
|
|
|
|
|
|
|
|
/s/ CHRISTOPHER E. COLLIER
|
|
Chief Financial Officer (Principal Financial Officer)
|
|
May 28, 2020
|
Christopher E. Collier
|
|
|
|
|
|
|
|
|
|
/s/ DAVID P. BENNETT
|
|
Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
|
|
May 28, 2020
|
David P. Bennett
|
|
|
|
|
|
|
|
|
|
/s/ MICHAEL D. CAPELLAS
|
|
Chairman of the Board
|
|
May 28, 2020
|
Michael D. Capellas
|
|
|
|
|
|
|
|
|
|
/s/ JILL A. GREENTHAL
|
|
Director
|
|
May 28, 2020
|
Jill A. Greenthal
|
|
|
|
|
|
|
|
|
|
/s/ JENNIFER LI
|
|
Director
|
|
May 28, 2020
|
Jennifer Li
|
|
|
|
|
|
|
|
|
|
/s/ MARC A. ONETTO
|
|
Director
|
|
May 28, 2020
|
Marc A. Onetto
|
|
|
|
|
|
|
|
|
|
/s/ WILLY C. SHIH, PH.D.
|
|
Director
|
|
May 28, 2020
|
Willy C. Shih, Ph.D.
|
|
|
|
|
|
|
|
|
|
/s/ CHARLES K. STEVENS, III
|
|
Director
|
|
May 28, 2020
|
Charles K. Stevens, III
|
|
|
|
|
|
|
|
|
|
/s/ LAY KOON TAN
|
|
Director
|
|
May 28, 2020
|
Lay Koon Tan
|
|
|
|
|
|
|
|
|
|
/s/ WILLIAM D. WATKINS
|
|
Director
|
|
May 28, 2020
|
William D. Watkins
|
|
|
|
|
|
|
|
|
|
/s/ LAWRENCE A. ZIMMERMAN
|
|
Director
|
|
May 28, 2020
|
Lawrence A. Zimmerman
|
|
|
|
|
•
|
the conclusion of the next annual general meeting;
|
•
|
the expiration of the period within which the next annual general meeting is required by law to be held; or
|
•
|
the subsequent revocation or modification of approval by our shareholders acting at a duly convened meeting.
|
•
|
the chairman of the meeting;
|
•
|
not less than three shareholders who are entitled to vote at the meeting and who are present in person or by proxy or by attorney or in the case of a corporation by a representative;
|
•
|
any shareholder or shareholders present in person or by proxy or by attorney or in the case of a corporation by a representative and representing not less than five (5) percent of the total voting rights of all shareholders entitled to vote at the meeting; or
|
•
|
any shareholder or shareholders present in person or by proxy or by attorney or in the case of a corporation by a representative and holding shares conferring the right to vote where the aggregate sum paid up on such shares is not less than five (5) percent of the total sum paid up on all the shares conferring the right to vote.
|
•
|
issue bonus shares to the shareholders for which no consideration is payable to us, in proportion to their shareholdings; or
|
•
|
capitalize any reserves or profits as bonus shares to the shareholders in proportion to their shareholdings.
|
•
|
any person acquires whether by a series of transactions over a period of time or not, shares which (taken together with shares held or acquired by parties acting in concert with such person) carry 30% or more of the voting rights of a company; or
|
•
|
any person who, together with parties acting in concert with such person, holds not less than 30% but not more than 50% of the voting rights and such person, or any party acting in concert with such person, acquires in any period of six months additional shares carrying more than 1% of the voting rights,
|
/s/ Scott Offer
|
|
Jan 28th, 2019
|
|
N/A
|
Signature
|
|
Today’s Date
|
|
Start Date
|
Confidential
|
www.flex.com
|
Page 1
|
/s/ Francois Barbier
|
|
July 1, 2019
|
Francois Barbier
|
|
Date
|
Confidential
|
www.flex.com
|
Page 2
|
Name of Subsidiary
|
|
Country/State of Incorporation/Organization
|
Advance Mold & Manufacturing, Inc.
|
|
United States - Connecticut
|
AGM Automotive Costa Rica S.A.
|
|
Costa Rica
|
AGM Automotive Mexico, LLC
|
|
United States - Delaware
|
AGM Automotive, LLC
|
|
United States - Delaware
|
AGM Durmont Austria GmbH
|
|
Austria
|
AGM Durmont Mexico International, S. de R.L. de C.V.
|
|
Mexico
|
AGM Durmont Mexico, S. de R.L. de C.V.
|
|
Mexico
|
Avail Medical Products, Inc.
|
|
United States - Delaware
|
Availmed, S.A. de C.V.
|
|
Mexico
|
Ciii Ltd.
|
|
Federal Territory of Labuan
|
Commercial Company in the form of a limited liability company factory “Flextronics LLC”
|
|
Ukraine
|
Dongguan Flextronics Precision Metal Co., Ltd.
|
|
China
|
Elementum Holding Ltd
|
|
Cayman Islands
|
Esju Oy
|
|
Finland
|
Express Cargo Forwarding Limited
|
|
United Kingdom
|
Farm Design, Inc.
|
|
United States - New Hampshire
|
Finchley Trading Limited
|
|
Hong Kong
|
FIT Instituto de Tecnologia da Amazônia
|
|
Brazil
|
Flex Asia Investment Limited
|
|
Mauritius
|
Flex Automotive GmbH
|
|
Germany
|
Flex Electronics (Shanghai) Co., Ltd.
|
|
China
|
Flex Foundation
|
|
United States - California
|
Flex Home Products (M) Sdn. Bhd.
|
|
Malaysia
|
Flex Intelligent Technology Solutions Limited
|
|
Ireland
|
Flex International s.r.o.
|
|
Czech Republic
|
Flex IoT Technology (Shenzhen) Co., Ltd
|
|
China
|
Flex Lighting Solutions, Inc.
|
|
United States - Delaware
|
Flex Precision Plastics Solutions (Switzerland) AG
|
|
Switzerland
|
Flex Solutions Nordic AB
|
|
Sweden
|
Flex Solutions Poland sp. z o. o.
|
|
Poland
|
Flex Technology (Changsa) Co., Ltd.
|
|
China
|
Flextronics (Israel) Ltd.
|
|
Israel
|
Flextronics (Malaysia) Sdn. Bhd.
|
|
Malaysia
|
Flextronics (Shanghai) Co., Ltd
|
|
China
|
Flextronics Aerospace & Defense Services Inc
|
|
United States - Colorado
|
Flextronics America, LLC
|
|
United States - Delaware
|
Flextronics AP, LLC
|
|
United States - Colorado
|
FLEXTRONICS AUSTRALIA PTY LTD
|
|
Australia
|
Flextronics Automotive (Suzhou) Co., Ltd.
|
|
China
|
Flextronics Automotive de Juarez, S.A. de C.V.
|
|
Mexico
|
Name of Subsidiary
|
|
Country/State of Incorporation/Organization
|
Flextronics Automotive Sales and Marketing, Ltd.
|
|
Mauritius
|
Flextronics Automotive USA (Texas), LLC
|
|
United States - Texas
|
Flextronics Automotive USA Design and Development Corporation
|
|
Philippines
|
Flextronics Automotive USA Manufacturing Co.
|
|
United States - Ohio
|
Flextronics Automotive USA, Inc.
|
|
United States - Michigan
|
Flextronics Beerse N.V.
|
|
Belgium
|
Flextronics Bermuda Ltd.
|
|
Bermuda
|
Flextronics Canada Design Services, Inc.
|
|
Canada
|
Flextronics Cayman (SLR) Limited
|
|
Cayman Islands
|
Flextronics Central Europe B.V.
|
|
Netherlands
|
Flextronics China (Mauritius) Electronics Technology Co., Ltd.
|
|
Mauritius
|
Flextronics China Holding (Singapore) Pte. Ltd.
|
|
Singapore
|
Flextronics Computing (Suzhou) Co., Ltd
|
|
China
|
Flextronics Computing Mauritius Limited
|
|
Mauritius
|
Flextronics Computing Sales and Marketing (L) Ltd.
|
|
Federal Territory of Labuan
|
Flextronics Corporation
|
|
United States - Delaware
|
Flextronics da Amazônia Ltda.
|
|
Brazil
|
Flextronics Design Asia Pte. Ltd.
|
|
Singapore
|
Flextronics Design Korea Ltd.
|
|
Korea
|
Flextronics Design S.r.l.
|
|
Italy
|
Flextronics Electronics (Mauritius) Limited
|
|
Mauritius
|
Flextronics Electronics Technology (Shenzhen) Co., Ltd.
|
|
China
|
Flextronics Electronics Technology (Suzhou) Co., Ltd.
|
|
China
|
Flextronics Enclosure (Zhuhai) Co., Ltd
|
|
China
|
Flextronics Enclosure Zhuhai (Mauritius) Co., Ltd.
|
|
Mauritius
|
Flextronics Enclosures (Hong Kong) Limited
|
|
Hong Kong
|
Flextronics Europe Holdings C.V.
|
|
Netherlands
|
Flextronics Europe Holdings LLC
|
|
United States - Delaware
|
Flextronics Europe Limited
|
|
United Kingdom
|
Flextronics Funding LLC
|
|
United States - Delaware
|
Flextronics Global Enclosures (Shanghai) Co., Ltd.
|
|
China
|
Flextronics Global Enclosures (Singapore) Pte. Ltd.
|
|
Singapore
|
Flextronics Global Enclosures Shanghai (Mauritius) Co., Ltd
|
|
Mauritius
|
Flextronics Global Holdings II Ltd.
|
|
Cayman Islands
|
Flextronics Global Holdings L.P.
|
|
Cayman Islands
|
Flextronics Global Procurement Ltd.
|
|
Bermuda
|
Flextronics Global Services (Manchester) Limited
|
|
United Kingdom
|
Flextronics Global Services Canada Inc. Services Globaux Flextronics Canada Inc.
|
|
Canada
|
Flextronics Global Services Lojistik Hizmetleri Limited Sirketi
|
|
Turkey
|
Flextronics Guadalajara Group, S. de R.L. de C.V.
|
|
Mexico
|
Flextronics Holding (Singapore) Pte. Ltd.
|
|
Singapore
|
Flextronics Holding do Brasil Ltda.
|
|
Brazil
|
Flextronics Holding Finland Oy
|
|
Finland
|
Flextronics Holding France SAS
|
|
France
|
Flextronics Holding GmbH
|
|
Austria
|
Name of Subsidiary
|
|
Country/State of Incorporation/Organization
|
Flextronics Holding USA, Inc.
|
|
United States - Delaware
|
Flextronics Holdings Mexico Dos, S.A. de C.V.
|
|
Mexico
|
Flextronics Holdings Mexico, S.A. de C.V.
|
|
Mexico
|
Flextronics Holdings Spain, S.L.U.
|
|
Spain
|
Flextronics Ind. (Malaysia) Sdn. Bhd.
|
|
Malaysia
|
Flextronics Industrial (Shenzhen) Co Ltd
|
|
China
|
Flextronics Industrial (Suzhou) Co., Ltd.
|
|
China
|
Flextronics Industrial (Zhuhai) Co., Ltd.
|
|
China
|
Flextronics Industrial Ltd.
|
|
Mauritius
|
Flextronics Industrial Shenzhen (Mauritius) Co Ltd.
|
|
Mauritius
|
Flextronics Industrial Zhuhai (Mauritius) Co., Ltd.
|
|
Mauritius
|
Flextronics Industries Marketing (L) Ltd.
|
|
Federal Territory of Labuan
|
Flextronics Industries Singapore Ltd.
|
|
Singapore
|
Flextronics Information Technology (Shen Zhen) Co., Ltd
|
|
China
|
Flextronics Information Technology Shen Zhen (Mauritius) Co., Ltd.
|
|
Mauritius
|
Flextronics Instituto de Tecnologia - FIT
|
|
Brazil
|
Flextronics Integrated Services Mex, S. de R.L. de C.V.
|
|
Mexico
|
Flextronics International (Singapore Group) Pte. Ltd.
|
|
Singapore
|
Flextronics International (Taiwan) Ltd.
|
|
Taiwan
|
Flextronics International Asia-Pacific Ltd
|
|
Mauritius
|
Flextronics International Componentes Ltda.
|
|
Brazil
|
Flextronics International Cork B.V.
|
|
Netherlands
|
Flextronics International Europe B.V.
|
|
Netherlands
|
Flextronics International Gesellschaft m.b.H.
|
|
Austria
|
Flextronics International Holding LLC
|
|
United States - Delaware
|
Flextronics International Holdings Pte. Ltd.
|
|
Singapore
|
Flextronics International Ireland Limited
|
|
Ireland
|
Flextronics International Japan Co., Ltd
|
|
Japan
|
Flextronics International Lojýstýk Hýzmetler Týcaret Lýmýted Þýrketý
|
|
Turkey
|
Flextronics International Management Services Ltd.
|
|
Mauritius
|
Flextronics International N.V.
|
|
Curacao
|
Flextronics International Ostersund AB
|
|
Sweden
|
Flextronics International Poland Sp. z o.o.
|
|
Poland
|
Flextronics International Sweden AB
|
|
Sweden
|
Flextronics International Tecnologia Ltda
|
|
Brazil
|
Flextronics International Termelõ és Szolgáltató Vámszabadterületi Korlátolt Felelõsségû Társaság
|
|
Hungary
|
Flextronics International USA, Inc.
|
|
United States - California
|
Flextronics Investment Holding (Singapore) Pte. Ltd.
|
|
Singapore
|
Flextronics Italy S.p.A.
|
|
Italy
|
Flextronics Laval S.N.C.
|
|
France
|
Flextronics Logistics (Hong Kong) Limited
|
|
Hong Kong
|
Flextronics Logistics B.V.
|
|
Netherlands
|
Flextronics Logistics Poland Sp. z o.o.
|
|
Poland
|
Flextronics Logistics USA, Inc.
|
|
United States - California
|
Name of Subsidiary
|
|
Country/State of Incorporation/Organization
|
Flextronics Manufacturing (H.K.) Limited
|
|
Hong Kong
|
Flextronics Manufacturing (Singapore) Pte. Ltd.
|
|
Singapore
|
Flextronics Manufacturing (Tianjin) Co., Ltd.
|
|
China
|
Flextronics Manufacturing (Zhuhai) Co., Ltd.
|
|
China
|
Flextronics Manufacturing Aguascalientes, S.A. de C.V.
|
|
Mexico
|
Flextronics Manufacturing Europe B.V.
|
|
Netherlands
|
Flextronics Manufacturing Juarez, S. de R.L. de C.V.
|
|
Mexico
|
Flextronics Manufacturing Mex, S.A. de C.V.
|
|
Mexico
|
Flextronics Manufacturing S.r.l.
|
|
Italy
|
Flextronics Manufacturing Zhuhai (Mauritius) Co., Ltd.
|
|
Mauritius
|
Flextronics Marketing (L) Ltd.
|
|
Federal Territory of Labuan
|
Flextronics Mauritius Limited
|
|
Mauritius
|
Flextronics Mechanicals Marketing (L) Ltd.
|
|
Federal Territory of Labuan
|
Flextronics Mechanicals Singapore Pte. Ltd.
|
|
Singapore
|
Flextronics Medical Sales and Marketing, Ltd
|
|
Mauritius
|
Flextronics Mexico Holdings II LLC
|
|
United States - Delaware
|
FLEXTRONICS NEW ZEALAND PTY LIMITED
|
|
New Zealand
|
Flextronics ODM Luxembourg S.A.
|
|
Luxembourg
|
Flextronics Ostersund AB
|
|
Sweden
|
Flextronics Photonics PPT, Inc.
|
|
United States - Oregon
|
Flextronics Plastic (Asia Pacific) Limited
|
|
Hong Kong
|
Flextronics Plastic Technology (Chengdu) Co., Ltd.
|
|
China
|
Flextronics Plastic Technology (ShenZhen) Ltd.
|
|
China
|
Flextronics Plastic Technology ShenZhen (Mauritius) Ltd.
|
|
Mauritius
|
Flextronics Plastics (Shenzhen) Co., Ltd
|
|
China
|
Flextronics Plastics (Singapore) Pte. Ltd.
|
|
Singapore
|
Flextronics Plastics Gushu (Mauritius) Co., Ltd
|
|
Mauritius
|
Flextronics Plastics, S.A. de C.V.
|
|
Mexico
|
Flextronics Power Systems (Dongguan) Co., Ltd.
|
|
China
|
Flextronics Precision Metal (Hong Kong) Limited
|
|
Hong Kong
|
Flextronics Precision Plastics, Inc.
|
|
United States - Delaware
|
Flextronics Puerto Rico Limited
|
|
Cayman Islands
|
Flextronics R&D (Shenzhen) Co., Ltd
|
|
China
|
Flextronics R&D Shenzhen (Mauritius) Co., Ltd
|
|
Mauritius
|
Flextronics Romania S.R.L.
|
|
Romania
|
Flextronics S.R.L.
|
|
Italy
|
Flextronics Sales & Marketing (A-P) Ltd.
|
|
Mauritius
|
Flextronics Sales & Marketing North Asia (L) Ltd.
|
|
Federal Territory of Labuan
|
Flextronics Sales and Marketing Consumer Digital Ltd.
|
|
Mauritius
|
Flextronics Sárvár Logistics Korlátolt Felelõsségû Társaság
|
|
Hungary
|
Flextronics Scotland Limited
|
|
United Kingdom
|
Flextronics Shah Alam Sdn. Bhd.
|
|
Malaysia
|
Flextronics Shanghai (Mauritius) Co., Ltd.
|
|
Mauritius
|
Flextronics Systems (Penang) Sdn. Bhd.
|
|
Malaysia
|
Flextronics Technologies (India) Private Limited
|
|
India
|
Name of Subsidiary
|
|
Country/State of Incorporation/Organization
|
Flextronics Technologies Luxembourg S.a r.l.
|
|
Luxembourg
|
Flextronics Technologies Mexico, S. de R.L. de C.V.
|
|
Mexico
|
Flextronics Technologies San Luis, S.A. de C.V.
|
|
Mexico
|
Flextronics Technology (Malaysia) Sdn. Bhd.
|
|
Malaysia
|
Flextronics Technology (Nanjing) Co., Ltd
|
|
China
|
Flextronics Technology (Penang) Sdn. Bhd.
|
|
Malaysia
|
Flextronics Technology (Shah Alam) Sdn. Bhd.
|
|
Malaysia
|
Flextronics Technology (Shanghai) Co., Ltd.
|
|
China
|
Flextronics Technology (ShenZhen) Co., Ltd
|
|
China
|
Flextronics Technology (Singapore) Pte. Ltd.
|
|
Singapore
|
Flextronics Technology (Zhuhai) Co. Ltd.
|
|
China
|
Flextronics Technology Nanjing (Mauritius) Co., Ltd
|
|
Mauritius
|
Flextronics Technology Shanghai (Mauritius) Co., Ltd.
|
|
Mauritius
|
Flextronics Technology ShenZhen (Mauritius) Co., Ltd
|
|
Mauritius
|
Flextronics Technology Wujiang (Mauritius) Ltd
|
|
Mauritius
|
Flextronics Technology Zhuhai (Mauritius) Co., Ltd
|
|
Mauritius
|
Flextronics Tecnologia Do Brasil Ltd.
|
|
Cayman Islands
|
Flextronics Telecom Systems Ltd
|
|
Mauritius
|
Flextronics UK Limited
|
|
United Kingdom
|
Flextronics Vagyonkezelõ és Befektetési Korlátolt Felelõsségû Társaság
|
|
Hungary
|
Flextronics Verwaltungs GmbH
|
|
Germany
|
Glouple Ventures 2000-II, LLC
|
|
United States - Delaware
|
I E C Holdings Limited
|
|
Ireland
|
IDE8 Cayman
|
|
Cayman Islands
|
IDE8 Mauritius Limited
|
|
Mauritius
|
IDE8 Technology (Shanghai) Co., Ltd.
|
|
China
|
International Manufacturing Synergies, Ltd.
|
|
British Virgin Islands
|
Irish Express Cargo Limited
|
|
Ireland
|
Irumold Servicios, S.L.U.
|
|
Spain
|
Irumold, S.L.U.
|
|
Spain
|
Kunshan AGM Automotive Components Co., Ltd.
|
|
China
|
Kunshan AGM Trading Company Ltd.
|
|
China
|
Lab IX
|
|
Cayman Islands
|
Lighting Acquisition LLC
|
|
United States - Delaware
|
MCi (Mirror Controls International) Asia B.V.
|
|
Netherlands
|
MCi (Mirror Controls International) B.V.
|
|
Netherlands
|
MCi (Mirror Controls International) Inc.
|
|
United States - Delaware
|
MCi (Mirror Controls International) Ireland Limited
|
|
Ireland
|
MCi (Mirror Controls International) Ireland Operations Limited
|
|
Ireland
|
MCi (Mirror Controls International) Ltd.
|
|
Republic of Korea
|
MCi (Mirror Controls International) Netherlands B.V.
|
|
Netherlands
|
MCi (Mirror Controls International), S. de R.L. de C.V.
|
|
Mexico
|
MCi Mirror Controls (Suzhou) Co., Ltd.
|
|
China
|
MICOH B.V.
|
|
Netherlands
|
Multek Display Cayman Ltd.
|
|
Cayman Islands
|
Name of Subsidiary
|
|
Country/State of Incorporation/Organization
|
Multilayer Technology Geschäftsführungs GmbH
|
|
Germany
|
Multilayer Technology GmbH & Co. KG
|
|
Germany
|
Nanjing Flextronics Panda Mobile Terminals Co., Ltd
|
|
China
|
NEXTracker Argentina, S.A.
|
|
Argentina
|
NEXTracker Australia Pty. Ltd.
|
|
Australia
|
NEXTracker Chile SpA
|
|
Chile
|
NEXTracker Inc.
|
|
United States - Delaware
|
NEXTracker México, S. de R.L. de C.V.
|
|
Mexico
|
NEXTracker Spain, S.L.
|
|
Spain
|
Pacific Device, Inc.
|
|
United States - Delaware
|
Parque de Tecnologia Electronica, S.A. de C.V.
|
|
Mexico
|
Power Systems R&D (Singapore) Pte. Ltd.
|
|
Singapore
|
Power Systems Technologies Far East Limited
|
|
Hong Kong
|
Power Systems Technologies GmbH
|
|
Germany
|
Power Systems Technologies Ltd.
|
|
Mauritius
|
Private Joint Stock Company “Flextronics Service UA”
|
|
Ukraine
|
PT. Flextronics Technology Indonesia
|
|
Indonesia
|
Sheldahl Flexible Technologies, Inc.
|
|
United States - Delaware
|
Shiant Resource Service Co., Ltd
|
|
China
|
Solectron France SAS
|
|
France
|
Solectron Phillipines Inc.
|
|
Philippines
|
Sønderborg Værktøjsfabrik A/S
|
|
Denmark
|
Suzhou AGM Durmont Automotive Components Co., Ltd.
|
|
China
|
Swedform Enclosure Systems AB
|
|
Sweden
|
ThermoMend B.V.
|
|
The Netherlands
|
ThermoMend International Ltd.
|
|
Mauritius
|
Vim Technologies Ltd
|
|
Mauritius
|
Z124
|
|
Cayman Islands
|
Subsidiary
|
|
dba
|
Advance Mold & Manufacturing, Inc.
|
|
Vision Technical Molding, LLC
|
Advance Mold & Manufacturing, Inc.
|
|
Vision Technical Molding
|
Subsidiary
|
|
dba
|
Sheldahl Flexible Technologies, Inc.
|
|
Sheldahl
|
Subsidiary
|
|
dba
|
Pacific Device, Inc.
|
|
Avail Medical Products, Inc.
|
1.
|
I have reviewed this Annual Report on Form 10-K of Flex Ltd.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: May 28, 2020
|
|
|
|
|
|
|
|
/s/ REVATHI ADVAITHI
|
|
|
|
Revathi Advaithi
Chief Executive Officer |
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of Flex Ltd.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: May 28, 2020
|
|
|
|
|
|
|
|
/s/ CHRISTOPHER E. COLLIER
|
|
|
|
Christopher E. Collier
Chief Financial Officer
|
|
|
•
|
the Annual Report on Form 10-K of the Company for the fiscal year ended March 31, 2020, as filed with the Securities and Exchange Commission (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
•
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: May 28, 2020
|
/s/ REVATHI ADVAITHI
|
|
|
|
Revathi Advaithi
|
|
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
Date: May 28, 2020
|
/s/ CHRISTOPHER E. COLLIER
|
|
|
|
Christopher E. Collier
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|