(Mark One) | ||
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
For the fiscal year ended March 31, 2009 | ||
or
|
||
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 |
Singapore
|
Not Applicable | |
(State or other jurisdiction
of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
|
One Marina Boulevard, #28-00
Singapore (Address of registrants principal executive offices) |
018989
(Zip Code) |
Title of Each Class
|
Name of Each Exchange on Which Registered
|
|
Ordinary Shares, No Par Value |
The NASDAQ Stock Market LLC
(NASDAQ Global Select Market) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
Class
|
Outstanding at May 14, 2009
|
|
Ordinary Shares, No Par Value
|
810,176,050 |
Document
|
Parts into Which Incorporated
|
|
Proxy Statement to be delivered to shareholders in connection with the Registrants 2009 Annual General Meeting of Shareholders | Part II Securities Authorized For Issuance Under Equity Compensation Plans and Part III |
2
FORWARD-LOOKING STATEMENTS
ITEM 1.
BUSINESS
Infrastructure, which includes networking and communications
equipment, such as base stations, core routers and switches,
optical and optical network terminal (ONT)
equipment, and connected home products, such as set-top boxes
and DSL/cable modems;
Mobile communication devices, which includes handsets operating
on a number of different platforms such as GSM, CDMA, TDMA and
WCDMA;
Computing, which includes products such as desktop, handheld and
notebook computers, electronic games and servers;
Consumer digital devices, which includes products such as home
entertainment equipment, printers, copiers and cameras;
Industrial, Semiconductor and White Goods, which includes
products such as home appliances, industrial meters, bar code
readers, self-service kiosks, solar market equipment and test
equipment;
Automotive, Marine and Aerospace, which includes products such
as navigation instruments, radar components, and instrument
panel and radio components; and
Medical devices, which includes products such as drug delivery,
diagnostic, telemedicine and disposable medical devices.
3
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Printed Circuit Board and Flexible Circuit Fabrication;
Systems Assembly and Manufacturing;
Logistics;
After-Sales Services;
Design and Engineering Services;
Original Design Manufacturing (ODM) Services; and
Components Design and Manufacturing.
Reduced production costs;
Reduced design and development costs;
Accelerated
time-to-market
and
time-to-volume
production;
Reduced capital investment requirements and fixed costs;
4
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Improved inventory management and purchasing power;
Access to worldwide design, engineering, manufacturing, and
logistics capabilities; and
Ability to focus on core branding and R&D initiatives.
5
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Enclosures
.
We offer a comprehensive
set of custom electronics enclosures and related products and
services worldwide. Our services include the design, manufacture
and integration 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 overall
improved supply chain management.
Testing Services
.
We also 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
offer design for test, design for manufacturing and design for
environment services to our customers to jointly improve
customer product design and manufacturing.
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 reduce total manufacturing cycle time for our OEM
customers. Materials procurement and management consist 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 resources planning system and enhanced electronic
data interchange capabilities to ensure inventory control and
optimization. Through our manufacturing resources planning
system, we have real-time visibility of material availability
and tracking of work in process. We utilize electronic data
interchange with our customers and suppliers to implement a
variety of supply chain management programs. Electronic data
interchange allows customers to share demand and product
forecasts and deliver purchase orders and assists suppliers with
satisfying
just-in-time
delivery and supplier-managed inventory requirements. This
enables us to implement vendor managed inventory
(VMI) solutions to increase flexibility and reduce overall
capital allocation in the supply chain.
Contract Design Services (CDS), where the customer
purchases engineering and development services on a time and
materials basis;
Joint Development Manufacturing (JDM) services where
Flextronics engineering and development teams work jointly with
our customers teams to ensure product development
integrity, seamless manufacturing handoffs, and faster time to
market; and
Original Design and Manufacturing (ODM) services,
where the customer purchases a product that we design, develop
and manufacture. ODM products are then sold by our OEM customers
under the
6
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OEMs brand names. We have ODM programs underway in various
market segments including Computing, Industrial/Automotive,
Medical, and Infrastructure.
System Architecture
,
User Interface and
Industrial Design
:
We help our
customers design and develop innovative and cost-effective
products that address the needs of the user and the market.
These services can include product definition, analysis and
optimization of performance and functional requirements,
2-D
sketch
level drawings,
3-D
mock-ups
and
proofs of concept, interaction and interface models, detailed
hard models and product packaging.
Mechanical Engineering, Technology, Enclosure Systems,
Thermal and Tooling Design
:
We offer detailed
enclosure mechanical, structural, and thermal design solutions
that encompass a wide range of plastic, metal and other material
technologies. These capabilities and technologies are
increasingly important to our customers product differentiation
goals and are increasingly required to be successful in
todays competitive marketplace. Additionally, we provide
design and development services for prototype and production
tooling equipment used in manufacturing.
Electronic System Design
:
We provide
complete electrical and hardware design for products ranging in
size from small handheld consumer devices to large high-speed,
carrier-grade, telecommunications equipment, which includes
embedded microprocessor, memory, digital signal processing
design, high-speed digital interfaces, analog circuit design,
power management solutions, wired and wireless communication
protocols, display imaging, audio/video, and radio frequency
(RF) system and antenna design.
DFM Reliability and Failure
Analysis
:
We provide comprehensive design for
manufacturing, test, and reliability services using robust tools
and data bases that have been developed internally. These
services are important in achieving our customers time to
revenue goals and leveraging the core manufacturing competencies
of the company.
Component Level Development
Engineering:
We have developed substantial
engineering competencies for product development and lifecycle
management in support of various component technologies. These
components also form a key part of our vertical integration
strategy and currently include power supplies and power
solutions, LCD and Touch Interface Modules, Camera Modules, and
PCB and Interconnection Technologies, both rigid and flexible.
Display Solutions.
Our Display group is a
product-driven organization focused on designing and
manufacturing complete products for our OEM customers. Our
capabilities include the design and manufacture of
technologically advanced display solutions for the electronics
market. This technology includes small and medium form factor
color super-twisted nematic (CSTN) and active thin
film transistor (TFT) display modules for mobile
phones, MP3 players, and industrial, commercial and digital
camera products. By combining innovative design capabilities
with a global manufacturing footprint, we provide our OEM
customers with market-leading display designs that are
cost-effective and manufactured at the highest quality levels.
Optomechatronics (Camera Modules):
Our
Optomechatronics group designs and manufacturers products that
combine optical, mechanical and electrical subsystems such as
miniaturized camera modules for mobile phone and notebook PC
applications. Our capabilities include system engineering (image
science), lens and optical system design and manufacturing ,
ultra-compact
3-d
semiconductor packaging, high manufacturing and sourcing. We
actively develop and invest in key technologies for next
generation product such as micro electro mechanical systems
(MEMs) for autofocus drive and actuation
applications. Building on our success in the mobile camera
module space, we are actively developing new product designs in
adjacent imaging markets including gaming and projection
applications.
Power Supplies:
We have a full service power
supply business (Flex Power) specializing in high
efficiency and high density power supplies and adaptors, ranging
from 1 to 3,000 watts, primarily in the
7
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mobile phone, consumer electronics, printer, notebook, desktop,
server, storage and telecommunications markets. Customers
typically engage with Flex Power for cost and physical size
savings as well as our ability to accelerate a products
time to market.
8
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9
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10
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Customer
End Products
Consumer electronics products
Digital cameras and self-service kiosks
Business telecommunications systems and GSM infrastructure
Inkjet printers and storage devices
Computer peripherals and consumer electronics gaming products
Cellular phones and telecommunications infrastructure
Optical, wireless and enterprise telecommunications
infrastructure
Smartphones and other mobile communication devices
Cellular phones
Network computing infrastructure products
*
In January 2009, Nortel Networks
Limited filed for restructuring protection in various
jurisdictions. Refer to the discussion under
Customer Credit
Risk
contained within Note 2, Summary of
Accounting Policies, of the Notes to Consolidated
Financial Statements in Item 8, Financial Statements
and Supplementary Data for further discussion of our
restructuring activities.
11
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12
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ITEM 1A.
RISK
FACTORS
13
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Infrastructure, which includes networking and communications
equipment, such as base stations, core routers and switches,
optical and ONT equipment, and connected home products, such as
set-top boxes and DSL/cable modems;
Mobile communication devices, which includes handsets operating
on a number of different platforms such as GSM, CDMA, TDMA and
WCDMA;
Computing, which includes products such as desktop, handheld and
notebook computers, electronic games and servers;
Consumer digital devices, which includes products such as home
entertainment equipment, printers, copiers and cameras;
Industrial, Semiconductor and White Goods, which includes
products such as home appliances, industrial meters, bar code
readers, self-service kiosks, solar market equipment and test
equipment;
Automotive, Marine and Aerospace, which includes products such
as navigation instruments, radar components, and instrument
panel and radio components; and
Medical devices, which includes products such as drug delivery,
diagnostic, telemedicine devices and disposable devices.
rapid changes in technology, evolving industry standards and
requirements for continuous improvement in products and services
result in short product life cycles;
14
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demand for our customers products may be seasonal;
our customers may fail to successfully market their products,
and our customers products may fail to gain widespread
commercial acceptance;
our customers may experience dramatic market share shifts in
demand which may cause them to exit the business; and
there may be recessionary periods in our customers
markets, such as the recent global economic downturn.
15
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16
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17
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diversion of managements attention from the normal
operation of our business;
potential loss of key employees and customers of the acquired
companies, which is a particular concern in the acquisition of
companies engaged in product and software design;
difficulties managing and integrating operations in
geographically dispersed locations;
the potential for deficiencies in internal controls at acquired
companies;
increases in our expenses and working capital requirements,
which reduce our return on invested capital;
lack of experience operating in the geographic market or
industry sector of the acquired business; and
exposure to unanticipated liabilities of acquired companies.
18
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fluctuations in the value of local currencies;
labor unrest and difficulties in staffing;
longer payment cycles;
cultural differences;
increases in duties and taxation levied on our products;
imposition of restrictions on currency conversion or the
transfer of funds;
limitations on imports or exports of components or assembled
products, or other travel restrictions;
expropriation of private enterprises;
exposure to infectious disease and epidemics; and
a potential reversal of current favorable policies encouraging
foreign investment or foreign trade by our host countries.
19
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tax incentives have been extended to encourage foreign
investment; or
income tax rates are low.
20
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21
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significant changes in the macroeconomic environment and related
changes in consumer demand;
exposure to financially troubled customers;
our customers may not be successful in marketing their products,
their products may not gain widespread commercial acceptance,
and our customers products have short product life cycles;
our customers may cancel or delay orders or change production
quantities;
our customers may decide to choose internal manufacturing
instead of outsourcing for their product requirements;
22
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integration of acquired businesses and facilities;
our operating results vary significantly from period to period
due to the mix of the manufacturing services we are providing,
the number and size of new manufacturing programs, the degree to
which we utilize our manufacturing capacity, seasonal demand,
shortages of components and other factors;
our increased design services and components offerings may
reduce our profitability as we are required to make substantial
investments in the resources necessary to design and develop
these products without guarantee of cost recovery and margin
generation;
our ability to achieve commercially viable production yields and
to manufacture components in commercial quantities to the
performance specifications demanded by our OEM customers; and
managing changes in our operations.
we may need to pay a purchase price to the divesting OEMs that
exceeds the value we ultimately may realize from the future
business of the OEM;
the integration of the acquired assets and facilities into our
business may be time-consuming and costly, including the
incurrence of restructuring charges;
we, rather than the divesting OEM, bear the risk of excess
capacity at the facility;
we may not achieve anticipated cost reductions and efficiencies
at the facility;
we may be unable to meet the expectations of the OEM as to
volume, product quality, timeliness and cost reductions;
our supply agreements with the OEMs generally do not require any
minimum volumes of purchase by the OEMs, and the actual volume
of purchases may be less than anticipated; and
if demand for the OEMs products declines, the OEM 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 OEMs.
23
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ITEM 1B.
UNRESOLVED
STAFF COMMENTS
ITEM 2.
PROPERTIES
ITEM 3.
LEGAL
PROCEEDINGS
ITEM 4.
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS
24
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74
91
100
101
102
ITEM 5.
MARKET
FOR REGISTRANTS COMMON EQUITY, RELATED SHAREHOLDER MATTERS
AND ISSUER PURCHASES OF EQUITY SECURITIES
High
Low
$
3.23
$
1.86
7.08
1.60
9.60
7.41
11.23
9.28
$
11.91
$
9.26
13.28
11.19
12.02
10.80
11.72
10.80
25
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And A Peer Group
*
$100 invested on March 31,
2004 in stock or index, including reinvestment of dividends.
Fiscal year ending March 31.
3/04
3/05
3/06
3/07
3/08
3/09
$
100.00
$
70.45
$
60.56
$
64.01
$
54.94
$
16.91
100.00
106.69
119.20
133.31
126.54
78.34
100.00
76.74
90.49
54.01
32.53
17.09
26
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27
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ITEM 6.
SELECTED
FINANCIAL DATA
Fiscal Year Ended March 31,
2009
2008(1)
2007
2006
2005
(In thousands, except per share amounts)
$
30,948,575
$
27,558,135
$
18,853,688
$
15,287,976
$
15,730,717
29,513,011
25,972,787
17,777,859
14,354,461
14,720,532
155,134
408,945
146,831
185,631
78,381
1,280,430
1,176,403
928,998
747,884
931,804
979,060
807,029
547,538
463,946
525,607
135,872
112,317
37,089
37,160
33,541
5,949,977
24,651
38,743
5,026
30,110
16,978
83,439
61,078
(77,594
)
(17,200
)
(13,491
)
188,369
91,569
91,986
92,951
89,996
(23,819
)
16,328
(6,080,938
)
65,667
324,953
164,736
262,845
5,209
705,037
4,053
54,218
(68,652
)
(6,086,147
)
(639,370
)
320,900
110,518
331,497
187,738
30,644
8,374
$
(6,086,147
)
$
(639,370
)
$
508,638
$
141,162
$
339,871
$
(7.41
)
$
(0.89
)
$
0.54
$
0.18
$
0.57
$
$
$
0.31
$
0.05
$
0.01
$
(7.41
)
$
(0.89
)
$
0.85
$
0.24
$
0.58
As of March 31,
2009
2008(1)
2007
2006
2005
(In thousands)
$
1,520,280
$
2,911,922
$
1,102,979
$
938,632
$
906,971
11,317,480
19,524,915
12,341,374
10,958,407
11,009,766
2,755,282
3,388,337
1,493,805
1,489,366
1,709,570
1,834,151
8,164,444
6,176,659
5,354,647
5,224,048
28
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(1)
On October 1, 2007, the
Company completed its acquisition of 100% of the outstanding
common stock of Solectron, a provider of value-added electronics
manufacturing and supply chain services to OEMs. The results of
Solectrons operations were included in the Companys
consolidated financial results beginning on the acquisition date.
(2)
Restructuring charges incurred
during the 2009 fiscal year were primarily intended to
rationalize the Companys global manufacturing capacity and
infrastructure as a result of deteriorating macroeconomic
conditions and decline in demand from our OEM customers.
Restructuring charges incurred during the 2008 fiscal year were
primarily in connection with the acquisition and integration of
Solectron. Restructuring charges incurred during the 2007 fiscal
year and prior were primarily in connection with the
consolidation and closure of multiple manufacturing facilities.
(3)
The Company recognized a charge of
$30.0 million during fiscal year 2008 for the write-off of
certain intangible asset licenses due to technological
obsolescence.
(4)
The Company recognized a charge to
impair goodwill as a result of a significant decline in its
share value driven by deteriorating macroeconomic conditions
that contributed to a decrease in market multiples and estimated
discounted cash flows.
(5)
The Company recognized charges of
$111.5 million, $61.1 million and $8.2 million in
fiscal years 2009, 2008 and 2005, respectively, for the loss on
disposition,
other-than-temporary
impairment and other related charges on its investments in, and
notes receivable from, certain non-publicly traded companies.
The Company recognized a net gain of $28.1 million for the
partial extinguishment of its 1% Convertible Subordinated
Notes due August 1, 2010. The Company recognized
$79.8 million, $20.6 million and $29.3 million of
net foreign exchange gains primarily related to the liquidation
of certain international entities in fiscal years 2007, 2006 and
2005, respectively. The Company also recognized
$7.7 million and $7.6 million in executive separation
costs in fiscal years 2006 and 2005, respectively. In fiscal
year 2006, The Company recognized a net gain of
$4.3 million related to its investments in certain
non-publicly traded companies.
(6)
The Company recognized non-cash tax
expense of $661.3 million during fiscal year 2008, as we
determined the recoverability of certain deferred tax assets was
no longer more likely than not.
(7)
Includes continuing and
discontinued operations for the fiscal years ended
March 31, 2006 and prior.
ITEM 7.
MANAGEMENTS
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
29
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significant changes in the macroeconomic environment and related
changes in consumer demand;
exposure to financially troubled customers;
our customers may not be successful in marketing their products,
their products may not gain widespread commercial acceptance,
and our customers products have short product life cycles;
our customers may cancel or delay orders or change production
quantities;
our customers may decide to choose internal manufacturing
instead of outsourcing for their product requirements;
integration of acquired businesses and facilities;
our operating results vary significantly from period to period
due to the mix of the manufacturing services we are providing,
the number and size of new manufacturing programs, the degree to
which we utilize our manufacturing capacity, seasonal demand,
shortages of components and other factors;
our increased design services and components offerings may
reduce our profitability as we are required to make substantial
investments in the resources necessary to design and develop
these products without guarantee of cost recovery and margin
generation;
our ability to achieve commercially viable production yields and
to manufacture components in commercial quantities to the
performance specifications demanded by our OEM
customers; and
managing changes in our operations.
30
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31
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32
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33
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34
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Fiscal Year Ended March 31,
2009
2008
2007
100.0
%
100.0
%
100.0
%
95.4
94.2
94.3
0.5
1.5
0.8
4.1
4.3
4.9
3.2
2.9
2.9
0.4
0.4
0.2
19.2
0.1
0.1
0.3
0.2
(0.4
)
0.6
0.4
0.5
(19.7
)
0.3
1.7
2.6
(19.7
)
(2.3
)
1.7
1.0
(19.7
)%
(2.3
)%
2.7
%
35
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36
Table of Contents
37
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38
Table of Contents
39
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40
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41
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42
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Less Than
Greater Than
Total
1 Year
1 - 3 Years
4 - 5 Years
5 Years
(In thousands)
$
1,704,151
$
1,704,151
$
$
$
1,410,041
213,946
281,354
901,012
13,729
547,768
133,440
229,541
146,733
38,054
581,934
125,986
179,262
105,910
170,776
$
4,243,894
$
2,177,523
$
690,157
$
1,153,655
$
222,559
43
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ITEM 7A.
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
44
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45
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46
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ITEM 8.
FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA
47
Table of Contents
As of March 31,
2009
2008
(In thousands, except share amounts)
$
1,821,886
$
1,719,948
2,316,939
3,550,942
2,996,785
4,118,550
799,396
923,497
7,935,006
10,312,937
2,333,781
2,465,656
36,776
5,559,351
254,715
317,390
757,202
869,581
$
11,317,480
$
19,524,915
LIABILITIES AND SHAREHOLDERS EQUITY
$
214,358
$
28,591
4,049,534
5,311,337
336,123
399,718
1,814,711
1,661,369
6,414,726
7,401,015
2,755,282
3,388,337
313,321
571,119
8,609,991
8,538,723
(260,074
)
(6,458,317
)
(372,170
)
(57,449
)
(2,109
)
1,834,151
8,164,444
$
11,317,480
$
19,524,915
48
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Fiscal Year Ended March 31,
2009
2008
2007
(In thousands, except per share amounts)
$
30,948,575
$
27,558,135
$
18,853,688
29,513,011
25,972,787
17,777,859
155,134
408,945
146,831
1,280,430
1,176,403
928,998
979,060
807,029
547,538
135,872
112,317
37,089
5,949,977
24,651
38,743
5,026
83,439
61,078
(77,594
)
188,369
91,569
91,986
(6,080,938
)
65,667
324,953
5,209
705,037
4,053
$
(6,086,147
)
$
(639,370
)
$
320,900
187,738
$
(6,086,147
)
$
(639,370
)
$
508,638
$
(7.41
)
$
(0.89
)
$
0.55
$
(7.41
)
$
(0.89
)
$
0.54
$
$
$
0.32
$
$
$
0.31
$
(7.41
)
$
(0.89
)
$
0.86
$
(7.41
)
$
(0.89
)
$
0.85
820,955
720,523
588,593
820,955
720,523
596,851
49
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Fiscal Year Ended March 31,
2009
2008
2007
(In thousands)
$
(6,086,147
)
$
(639,370
)
$
508,638
(32,357
)
24,935
(40,081
)
(22,983
)
(12,704
)
(1,824
)
$
(6,141,487
)
$
(627,139
)
$
466,733
50
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Ordinary Shares
Retained
Accumulated Other
Total
Shares
Earnings
Comprehensive
Deferred
Shareholders
Outstanding
Amount
(Deficit)
Income (Loss)
Compensation
Equity
(In thousands)
578,142
$
5,572,574
$
(241,438
)
$
27,565
$
(4,054
)
$
5,354,647
26,212
299,608
299,608
2,844
21,153
21,153
347
508,638
508,638
34,518
34,518
(4,054
)
4,054
net of taxes
(1,824
)
(1,824
)
(40,081
)
(40,081
)
607,545
5,923,799
267,200
(14,340
)
6,176,659
221,802
2,519,670
2,519,670
11,282
11,282
4,291
35,911
35,911
1,565
(639,370
)
(639,370
)
48,061
48,061
net of taxes
(12,704
)
(12,704
)
24,935
24,935
835,203
8,538,723
(372,170
)
(2,109
)
8,164,444
(29,780
)
(260,074
)
(260,074
)
141
270
270
2,243
13,848
13,848
1,826
(6,086,147
)
(6,086,147
)
57,150
57,150
net of taxes
(22,983
)
(22,983
)
(32,357
)
(32,357
)
809,633
$
8,349,917
$
(6,458,317
)
$
(57,449
)
$
$
1,834,151
51
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Fiscal Year Ended March 31,
2009
2008
2007
(In thousands)
$
(6,086,147
)
$
(639,370
)
$
508,638
693,597
712,840
421,740
5,949,977
(28,148
)
73,845
1,090
11,037
(6,862
)
(79,844
)
(49,914
)
(35,194
)
(27,947
)
56,914
47,641
32,325
(19,899
)
633,850
(26,492
)
(9,733
)
(181,228
)
1,025,434
(241,959
)
(199,498
)
1,128,936
205,584
(628,024
)
242,525
(82,506
)
34,586
(1,212,108
)
335,356
560,082
(451,371
)
115,234
(148,999
)
1,316,779
1,042,833
276,376
(462,079
)
(327,547
)
(569,424
)
(214,496
)
(629,182
)
(356,422
)
5,269
11,138
579,850
26,450
10,220
(45,499
)
(644,856
)
(935,371
)
(391,495
)
11,259,472
7,861,739
7,470,432
(11,433,848
)
(6,935,508
)
(7,592,550
)
(226,199
)
(260,074
)
13,848
35,911
21,153
(646,801
)
962,142
(100,965
)
76,816
(64,181
)
(12,250
)
101,938
1,005,423
(228,334
)
1,719,948
714,525
942,859
$
1,821,886
$
1,719,948
$
714,525
52
Table of Contents
1.
ORGANIZATION
OF THE COMPANY
2.
SUMMARY
OF ACCOUNTING POLICIES
53
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54
Table of Contents
Balance at
Charged to
Balance at
Beginning
Costs and
Deductions/
End of
of Year
Expenses
Write-Offs
Year
(In thousands)
$
17,749
$
12,709
$
(13,384
)
$
17,074
$
17,074
$
1,326
$
(1,668
)
$
16,732
$
16,732
$
73,845
$
(61,557
)
$
29,020
55
Table of Contents
As of March 31,
2009
2008
(In thousands)
$
1,024,694
$
1,213,285
797,192
506,663
$
1,821,886
$
1,719,948
As of March 31,
2009
2008
(In thousands)
$
1,907,584
$
2,435,066
524,038
764,860
565,163
918,624
$
2,996,785
$
4,118,550
56
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Depreciable
Life
As of March 31,
(In Years)
2009
2008
(In thousands)
3-10
$
2,335,273
$
2,119,590
30
1,019,454
1,066,791
up to 30
237,136
219,053
3-7
404,477
396,757
150,204
94,534
97,565
262,434
4,244,109
4,159,159
(1,910,328
)
(1,693,503
)
$
2,333,781
$
2,465,656
57
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58
Table of Contents
As of March 31,
2009
2008
(In thousands)
$
5,559,351
$
3,076,400
118,240
2,433,639
(5,949,978
)
385,276
(18,696
)
(76,113
)
68,008
$
36,776
$
5,559,351
(1)
For fiscal year 2009, additions
were attributable to certain acquisitions that were not
individually, nor in the aggregate, significant to the Company.
For fiscal year 2008, additions include approximately
$2.2 billion attributable to the Companys October
2007 acquisition of Solectron and $265.9 million
attributable to certain acquisitions that were not individually
significant to the Company. Refer to the discussion of the
Companys acquisitions in Note 12, Business and
Asset Acquisitions and Divestitures.
(2)
Includes adjustments and
reclassifications resulting from managements review and
finalization of the valuation of tangible and identifiable
intangible assets and liabilities acquired through certain
business combinations completed in a period subsequent to the
respective acquisition. Adjustments and reclassifications during
fiscal year 2009 included approximately $362.5 million
attributable to the Companys October 2007 acquisition of
Solectron, and other purchase accounting adjustments for certain
acquisitions that were not individually significant to the
Company. Adjustments and reclassifications during fiscal year
2008 included approximately $13.7 million attributable to
the Companys November 2006 acquisition of IDW, and other
purchase accounting adjustments for certain acquisitions that
were not individually significant to the Company. Refer to the
discussion of the Companys acquisitions in Note 12,
Business and Asset Acquisitions and Divestitures.
59
Table of Contents
As of March 31, 2009
As of March 31, 2008
Gross
Net
Gross
Net
Carrying
Accumulated
Carrying
Carrying
Accumulated
Carrying
Amount
Amortization
Amount
Amount
Amortization
Amount
(In thousands)
(In thousands)
$
506,449
$
(280,046
)
$
226,403
$
449,623
$
(160,971
)
$
288,652
54,559
(26,247
)
28,312
39,797
(11,059
)
28,738
$
561,008
$
(306,293
)
$
254,715
$
489,420
$
(172,030
)
$
317,390
Amount
(In thousands)
$
88,038
63,007
41,526
28,103
18,314
15,727
$
254,715
60
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61
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The 2001 Plan provides for grants of up to 62.0 million
ordinary shares (plus shares available under prior Company plans
and assumed plans consolidated into the 2001 Plan), after the
Companys shareholders approved a 20.0 million share
increase on September 30, 2008. The 2001 Plan provides for
grants of incentive and nonqualified stock options and share
bonus awards to employees, officers and non-employee directors,
and also contains an automatic option grant program for
non-employee directors. Options issued to employees under the
2001 Plan generally vest over four years and generally expire
either seven or ten years from the date of grant. Options
granted to non-employee directors expire five years from the
date of grant.
The 2002 Plan provides for grants of up to 20.0 million
ordinary shares. The 2002 Plan provides for grants of
nonqualified stock options and share bonus awards to employees
and officers. Options issued under the 2002 Plan generally vest
over four years and generally expire either seven or ten years
from the date of grant.
The 2004 Plan provides for grants of up to 10.0 million
ordinary shares. The 2004 Plan provides for grants of
nonqualified stock options and share bonus awards to new
employees. Options issued under the 2004 Plan generally vest
over four years and generally expire either seven or ten years
from the date of grant.
In connection with the acquisition of Solectron (see
Note 12), the Company assumed the Solectron corporation
2002 Stock Plan (the SLR Plan), including all
options to purchase Solectron common stock with exercise prices
equal to, or less than, $5.00 per share of Solectron common
stock outstanding under such plan. Each option assumed was
converted into an option to acquire the Companys ordinary
shares and the Company assumed approximately 7.4 million
vested and unvested options with exercise prices ranging between
$5.45 and $14.41 per Flextronics ordinary share. Further, there
were approximately 19.4 million shares available for grant
under the SLR Plan when it was assumed by the Company.
Fiscal Year Ended March 31,
2009
2008
2007
(In thousands)
$
9,283
$
6,850
$
3,884
47,631
40,791
27,884
2,264
$
56,914
$
47,641
$
34,032
62
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63
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Fiscal Year Ended March 31,
2009
2008
2007
4.2 years
4.6 years
4.7 years
51.0
%
36.2
%
38.0
%
0.0
%
0.0
%
0.0
%
2.2
%
4.2
%
4.6
%
$
2.22
$
4.29
$
4.64
As of March 31, 2009
As of March 31, 2008
As of March 31, 2007
Options
Price
Options
Price
Options
Price
52,541,413
$
11.67
51,821,915
$
11.63
55,042,556
$
12.04
43,586,251
6.21
5,391,475
11.66
10,039,250
11.09
7,355,133
10.68
(2,242,639
)
6.13
(4,291,426
)
8.39
(2,842,770
)
7.44
(11,957,146
)
10.16
(7,735,684
)
12.31
(10,417,121
)
14.42
81,927,879
$
9.13
52,541,413
$
11.67
51,821,915
$
11.63
34,329,956
$
12.51
39,931,387
$
11.80
35,692,029
$
12.12
64
Table of Contents
Options Outstanding
Options Exercisable
Weighted
Average
Remaining
Weighted
Weighted
Number of
Contractual
Average
Number of
Average
Shares
Life
Exercise
Shares
Exercise
Outstanding
(In Years)
Price
Exercisable
Price
22,465,648
6.71
$
2.23
1,000
$
2.26
9,112,907
5.00
8.87
7,465,960
8.72
20,235,527
6.22
10.59
541,285
10.53
8,301,337
6.76
11.13
6,244,011
11.09
9,538,091
6.34
12.09
8,133,056
12.08
9,036,557
4.39
14.79
8,706,832
14.85
3,237,812
3.38
19.10
3,237,812
19.10
81,927,879
5.97
$
9.13
34,329,956
$
12.51
79,292,751
5.95
$
9.23
As of March 31, 2009
As of March 31, 2008
As of March 31, 2007
Shares
Price
Shares
Price
Shares
Price
8,866,364
$
10.70
4,332,500
$
8.11
646,000
$
8.40
4,364,194
9.30
6,540,197
11.42
4,281,512
8.28
(1,825,252
)
9.41
(1,564,733
)
6.71
(347,012
)
8.90
(948,401
)
11.08
(441,600
)
10.24
(248,000
)
10.57
10,456,905
$
10.31
8,866,364
$
10.70
4,332,500
$
8.11
65
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66
Table of Contents
Fiscal Year Ended March 31,
2009
2008
2007
(In thousands, except per share amounts)
$
(6,086,147
)
$
(639,370
)
$
320,900
820,955
720,523
588,593
$
(7.41
)
$
(0.89
)
$
0.55
$
(6,086,147
)
$
(639,370
)
$
320,900
820,955
720,523
588,593
6,739
1,519
820,955
720,523
596,851
$
(7.41
)
$
(0.89
)
$
0.54
(1)
As a result of the Companys
net loss from continuing operations, ordinary share equivalents
from approximately 1.6 million and 5.7 million options
and share bonus awards were excluded from the calculation of
diluted earnings (loss) from continuing operations per share
during the twelve-month period ended March 31, 2009 and
2008, respectively. Additionally, ordinary share equivalents
from stock options to purchase approximately 61.5 million,
39.4 million and 39.5 million shares during fiscal
years 2009, 2008 and 2007, respectively, were excluded from the
computation of diluted earnings per share primarily because the
exercise price of these options was greater than the average
market price of the Companys ordinary shares during the
respective periods.
(2)
As the Company has the positive
intent and ability to settle the principal amount of its Zero
Coupon Convertible Junior Subordinated Notes due July 31,
2009 in cash, approximately 18.6 million ordinary share
equivalents related to the principal portion of these notes are
excluded from the computation of diluted earnings per share,
during fiscal years 2009, 2008 and 2007. The Company intends to
settle any conversion spread (excess of the conversion value
over face value) in stock. During fiscal year 2009, the
conversion obligation was less than the principal portion of the
these notes and accordingly, no additional shares were included
as ordinary share equivalents. As a result of the Companys
reported net loss from continuing operations, ordinary share
equivalents from the conversion spread of approximately
1.2 million shares were excluded from the calculation of
diluted earnings (loss) from continuing operations per share
during the twelve-month period ended March 31, 2008.
Approximately 1.5 million ordinary share equivalents from
the conversion spread have been included as common stock
equivalents during fiscal year 2007.
As discussed below in Note 4,
Bank Borrowings and Long-Term Debt, during December
2008 the Company purchased an aggregate principal amount of
$260.0 million of its outstanding 1% Convertible
Subordinated Notes due August 1, 2010. The repurchase of
these notes resulted in a reduction of the ordinary share
equivalents into which such notes were convertible from
approximately 32.2 million to approximately
15.5 million. As the Company has the positive intent and
ability to settle the principal amount of these notes in cash,
all ordinary share equivalents related to the principal portion
of these notes are excluded from the computation of diluted
earnings per share for fiscal years 2009, 2008 and 2007. The
Company intends to settle any conversion spread (excess of the
conversion value over face value) in stock. During fiscal years
2009, 2008 and 2007 the conversion obligation was less than the
principal portion of these notes and accordingly, no additional
shares were included as ordinary share equivalents.
67
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68
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3.
SUPPLEMENTAL
CASH FLOW DISCLOSURES
Fiscal Year Ended March 31,
2009
2008
2007
(In thousands)
$
178,641
$
126,975
$
109,729
$
(56,315
)
$
59,553
$
34,248
$
$
$
204,920
$
270
$
2,519,670
$
299,608
$
$
11,282
$
4.
BANK
BORROWINGS AND LONG-TERM DEBT
As of March 31,
2009
2008
(In thousands)
$
1,854
$
10,766
161,000
195,000
195,000
239,993
500,000
399,622
399,622
402,090
402,090
1,709,116
1,726,456
21,416
19,626
2,969,091
3,414,560
(213,946
)
(27,966
)
$
2,755,145
$
3,386,594
69
Table of Contents
Amount
(In thousands)
$
213,946
264,602
16,752
489,702
411,310
1,559,050
13,729
$
2,969,091
70
Table of Contents
71
Table of Contents
72
Table of Contents
5.
FINANCIAL
INSTRUMENTS
Foreign
Notional
Currency
Contract Value
Buy/Sell
Amount
in USD
(In thousands)
Sell
19,312
$
26,380
Buy
3,522,050
35,848
Buy
4,647,000
20,852
Buy
428,000
30,214
Buy
N/A
6,905
120,199
Buy
117,665
57,000
Sell
125,923
53,896
Sell
125,431
99,276
Buy
58,165
46,830
Sell
361,724
485,089
Buy
166,012
221,374
73
Table of Contents
Foreign
Notional
Currency
Contract Value
Buy/Sell
Amount
in USD
(In thousands)
Sell
30,784
44,222
Buy
11,683
16,904
Buy
9,152,200
41,067
Sell
5,618,000
25,209
Buy
3,836,484
39,058
Sell
3,616,954
37,027
Buy
463,205
32,700
Sell
314,100
22,174
Buy
190,746
52,623
Buy
240,088
35,000
Buy
1,121,118
138,638
Buy
N/A
132,414
1,580,501
$
1,700,700
Table of Contents
Notional Amount
Fixed Interest
Interest Payment
Rate Payable
Received
Term
Expiration Date
$
100.0
1.94
%
1-Month
Libor
12 month
January 2010
$
100.0
2.45
%
3-Month
Libor
12 month
January 2010
$
100.0
1.00
%
1-Month
Libor
12 month
March 2010
$
100.0
1.00
%
1-Month
Libor
12 month
April 2010
$
250.0
3.61
%
1-Month
Libor
34 months
October 2010
$
250.0
3.61
%
1-Month
Libor
34 months
October 2010
$
175.0
3.60
%
3-Month
Libor
36 months
January 2011
$
72.0
3.57
%
3-Month
Libor
36 months
January 2011
$
1,147.0
6.
TRADE
RECEIVABLES SECURITIZATION
75
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76
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7.
COMMITMENTS
AND CONTINGENCIES
Operating
Lease
(In thousands)
$
125,986
100,578
78,684
54,916
50,994
170,776
$
581,934
77
Table of Contents
8.
INCOME
TAXES
78
Table of Contents
Fiscal Year Ended March 31,
2009
2008
2007
(In thousands)
$
(1,033,760
)
$
11,821
$
64,992
38,440
(314,108
)
(155,290
)
23,098
12,924
7,949
1,011,496
(50,225
)
986,338
73,160
16,160
8,062
13,242
$
5,209
$
705,037
$
4,053
79
Table of Contents
As of March 31,
2009
2008
(In thousands)
$
(2,211
)
$
(2,211
)
19,076
246,001
275,625
9,616
4,803
28,365
40,092
11,834
5,616
2,857,640
3,231,735
188,254
34,852
3,341,710
3,611,799
(3,308,966
)
(3,578,628
)
32,744
33,171
$
30,533
$
33,171
$
66
$
573
30,467
32,598
$
30,533
$
33,171
80
Table of Contents
Fiscal Year Ended March 31,
2009
2008
(In thousands)
$
191,147
$
87,115
15,089
6,259
37,298
124,325
(972
)
(7,079
)
(3,276
)
(2,748
)
(15,547
)
(24,643
)
(2,338
)
7,918
$
221,401
$
191,147
81
Table of Contents
9.
RESTRUCTURING
CHARGES
82
Table of Contents
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
(In thousands)
$
10,540
$
$
$
28,878
$
39,418
11,699
11,699
5,559
5,559
10,540
46,136
56,676
12,496
32,893
45,389
121
40,239
40,360
775
10,425
11,200
13,392
83,557
96,949
5,283
18,866
24,149
1,174
1,174
837
837
5,283
20,877
26,160
28,319
80,637
108,956
121
53,112
53,233
775
16,821
17,596
$
29,215
$
$
$
150,570
$
179,785
83
Table of Contents
Long-Lived
Asset
Other
Severance
Impairment
Exit Costs
Total
(In thousands)
$
166,254
$
$
119,439
$
285,693
108,956
53,233
17,596
179,785
(42,355
)
(2,646
)
(45,001
)
(124,736
)
(64,624
)
(189,360
)
(6,906
)
(6,993
)
(13,899
)
(53,233
)
(2,518
)
(55,751
)
101,213
60,254
161,467
(97,088
)
(30,621
)
(127,709
)
$
4,125
$
$
29,633
$
33,758
84
Table of Contents
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
(In thousands)
$
$
$
14,405
$
67,670
$
82,075
11,802
6,876
18,678
17,538
28,189
45,727
43,745
102,735
146,480
23,286
3,701
26,987
71,471
37,702
109,173
33,027
9,704
42,731
127,784
51,107
178,891
10,674
44,137
41,191
96,002
6,796
2,931
9,727
23,370
46,142
69,512
10,674
74,303
90,264
175,241
10,674
81,828
112,562
205,064
90,069
47,509
137,578
73,935
84,035
157,970
10,674
245,832
244,106
500,612
(52,924
)
(52,924
)
$
10,674
$
$
245,832
$
191,182
$
447,688
85
Table of Contents
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
(In thousands)
$
$
130
$
$
$
130
38,320
38,320
20,554
20,554
59,004
59,004
2,484
2,484
6,869
13,532
20,401
15,620
11,039
26,659
22,489
27,055
49,544
409
23,236
23,645
2,496
3,190
5,686
11,850
2,128
13,978
14,755
28,554
43,309
539
25,720
26,259
47,685
16,722
64,407
48,024
13,167
61,191
$
$
96,248
$
$
55,609
$
151,857
86
Table of Contents
10.
OTHER
CHARGES (INCOME), NET
11.
RELATED
PARTY TRANSACTIONS
12.
BUSINESS
AND ASSET ACQUISITIONS AND DIVESTITURES
87
Table of Contents
$
2,518,664
1,060,943
11,282
26,292
$
3,617,181
(1)
Direct transaction costs consist of
legal, accounting, financial advisory and other costs relating
to the acquisition.
88
Table of Contents
$
637,481
1,491,232
1,716,055
255,704
4,100,472
545,791
2,529,945
191,600
129,723
7,497,531
1,521,654
1,492,722
3,014,376
630,837
235,137
$
3,617,181
89
Table of Contents
Weighted Average
Preliminary
Useful Life
Fair Value
(in Years)
$
182,000
2.4
9,600
1.5
$
191,600
2.4
synergies, which are expected to result from anticipated
operating efficiencies and cost savings, including expected
gross margin improvement in future quarters due to scale and
leveraging of Flextronics and Solectrons
manufacturing platforms;
potential losses in gross profit due to revenue attrition
resulting from combining the two companies; and
any costs of restructuring, integration, and retention bonuses
associated with the closing of the acquisition.
90
Table of Contents
Fiscal Year Ended March 31,
2008
2007
(In thousands, except per share amounts)
$
33,605,140
$
30,093,968
$
(680,606
)
$
278,930
$
(680,606
)
$
464,268
$
(0.82
)
$
0.34
$
(0.82
)
$
0.34
$
(0.82
)
$
0.57
$
(0.82
)
$
0.57
Table of Contents
92
Table of Contents
13.
SHARE
REPURCHASE PLAN
14.
SEGMENT
REPORTING
Fiscal Year Ended March 31,
2009
2008
2007
(In thousands)
$
15,220,157
$
15,517,113
$
11,576,646
10,315,794
7,688,701
4,101,511
5,412,624
4,352,321
3,175,531
$
30,948,575
$
27,558,135
$
18,853,688
93
Table of Contents
As of March 31,
2009
2008
(In thousands)
$
1,232,978
$
1,388,840
657,125
652,444
443,678
424,372
$
2,333,781
$
2,465,656
15.
DISCONTINUED
OPERATIONS
94
Table of Contents
$
114,305
72,648
41,657
20,707
5,201
(4,112
)
(181,228
)
201,089
13,351
$
187,738
16.
QUARTERLY
FINANCIAL DATA (UNAUDITED)
Fiscal Year Ended March 31, 2009
Fiscal Year Ended March 31, 2008
First
Second
Third
Fourth
First
Second
Third
Fourth
(In thousands, except per share amounts)
$
8,350,246
$
8,862,516
$
8,153,289
$
5,582,524
$
5,157,026
$
5,557,099
$
9,068,658
$
7,775,352
456,767
417,461
297,339
108,863
280,819
313,781
317,920
263,883
140,373
48,531
(6,012,187
)
(257,655
)
110,376
131,350
(96,775
)
(79,284
)
10,061
10,059
2,947
(17,858
)
3,429
10,412
677,636
13,560
130,312
38,472
(6,015,134
)
(239,797
)
106,947
120,938
(774,411
)
(92,844
)
$
0.16
$
0.05
$
(7.43
)
$
(0.30
)
$
0.18
$
0.20
$
(0.94
)
$
(0.11
)
$
0.16
$
0.05
$
(7.43
)
$
(0.30
)
$
0.17
$
0.20
$
(0.94
)
$
(0.11
)
95
Table of Contents
ITEM 9.
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
ITEM 9A.
CONTROLS
AND PROCEDURES
96
Table of Contents
Flextronics International Ltd.
Singapore
May 20, 2009
97
Table of Contents
ITEM 9B.
OTHER
INFORMATION
ITEM 10.
DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 11.
EXECUTIVE
COMPENSATION
ITEM 12.
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED SHAREHOLDER MATTERS
ITEM 13.
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE
ITEM 14.
PRINCIPAL
ACCOUNTANT FEES AND SERVICES
98
Table of Contents
ITEM 15.
EXHIBITS AND
FINANCIAL STATEMENT SCHEDULES
Incorporated by Reference
Exhibit
Filing
Exhibit
Filed
No.
2
.01
Share Purchase Agreement, dated as of April 13, 2006, by
and among the Registrant, Software Development Group and Saras
Software Systems Ltd.
8-K
000-23354
04-19-06
2
.01
2
.02
Amendment, dated August 28, 2006, to the Share Purchase
Agreement dated April 13, 2006, by and among Flextronics
International Ltd., Software Development Group and Saras
Software Systems Ltd.
10-Q
000-23354
11-08-06
10
.04
2
.03
Agreement and Plan of Merger, dated June 4, 2007, between
Flextronics International Ltd., Saturn Merger Corp. and
Solectron Corporation
8-K
000-23354
06-04-07
2
.01
3
.01
Memorandum of Association, as amended
10-K
000-23354
05-29-07
3
.01
3
.02
Amended and Restated Articles of Association of Flextronics
International Ltd.
8-K
000-23354
10-11-06
3
.01
4
.01
U.S. Dollar Indenture dated June 29, 2000 between the
Registrant and U.S. Bank National Association, as successor
trustee.
10-Q
000-23354
08-14-00
4
.1
4
.02
Indenture dated as of May 8, 2003 between Registrant and
U.S. Bank National Association, as successor trustee.
10-K
000-23354
06-06-03
4
.04
4
.03
Amendment to Indenture (relating to the Registrants
6.5% Senior Subordinated Notes due 2013), dated as of
July 14, 2005.
10-Q
000-23354
08-10-05
4
.03
4
.04
Indenture dated as of August 5, 2003 between Registrant and
U.S. Bank National Association, as successor trustee.
10-Q
000-23354
08-11-03
4
.01
4
.05
Amendment to Indenture (relating to the Registrants
6.25% Senior Subordinated Notes due 2014), dated as of
July 14, 2005.
10-Q
000-23354
08-10-05
4
.04
4
.06
Note Purchase Agreement dated as of March 2, 2003 between
Registrant, acting through its branch office in Hong Kong, and
Silver Lake Partners Cayman, L.P., Silver Lake Investors Cayman,
L.P., Silver Lake Technology Investors Cayman, L.P. and Integral
Capital Partners VI, L.P.
10-K
000-23354
06-06-03
4
.05
99
Table of Contents
Incorporated by Reference
Exhibit
Filing
Exhibit
Filed
No.
4
.07
Credit Agreement, dated as of May 9, 2007, by and among
Flextronics International Ltd. and certain of its subsidiaries
as borrowers, Bank of America, N.A., as Administrative Agent and
Swing Line Lender, Bank of America, N.A. and The Bank of Nova
Scotia, as L/C Issuers, The Bank of Nova Scotia, as Syndication
Agent, Bank of China (Hong Kong) Limited, BNP Paribas, Fortis
Capital Corp., Keybank National Association, Mizuho Corporate
Bank, Ltd. and Sumitomo Mitsui Banking Corp., New York, as
Co-Documentation Agents, Banc of America Securities LLC and The
Bank of Nova Scotia, as Joint Lead Arrangers and Joint Book
Managers, and the other Lenders party thereto.
8-K
000-23354
05-15-07
10
.01
4
.08
Indenture, dated as of November 17, 2004, between
Flextronics International Ltd. and U.S. Bank National
Association, as successor trustee.
8-K
000-23354
11-19-04
4
.1
4
.09
Registration Rights Agreement, dated as of November 17,
2004, among Flextronics International Ltd. and Credit Suisse
First Boston LLC, Deutsche Bank Securities Inc., Banc of America
Securities LLC, Citigroup Global Markets Inc., Lehman Brothers
Inc., BNP Paribas Securities Corp., McDonald Investments Inc.,
RBC Capital Markets Corporation, Scotia Capital (USA) Inc., ABN
AMBRO Incorporated, HSBC Securities (USA) Inc. and UBS
Securities LLC, as Initial Purchasers.
8-K
000-23354
11-19-04
4
.2
4
.10
First Amendment to Note Purchase Agreement, dated as of
July 14, 2006, by and among Flextronics International Ltd.,
Silver Lake Partners Cayman, L.P., Silver Lake Investors Cayman,
L.P. and Silver Lake Technology Investors Cayman, L.P.
8-K
000-23354
07-18-06
4
.1
4
.11
Term Loan Agreement, dated as of October 1, 2007, among
Flextronics International Ltd., as a Borrower, Flextronics
International USA, Inc., as U.S. Borrower, Citicorp North
America, Inc., as Administrative Agent, Citigroup Global Markets
Inc., as Sole Lead Arranger, Bookrunner and Syndication Agent
and the Lenders from time to time party thereto.
8-K
000-23354
10-05-07
10
.1
4
.12
Amendment No. 1 to Term Loan Agreement, dated as of
October 22, 2007, among Flextronics International Ltd., as
a Borrower, Flextronics International USA, Inc., as U.S.
Borrower, Citicorp North America, Inc., as Administrative Agent,
and the Lenders party thereto
10-Q
000-23354
02-07-08
10
.01
4
.13
Amendment No. 2 to Term Loan Agreement, dated as of
October 22, 2007, among Flextronics International Ltd., as
a Borrower, Flextronics International USA, Inc., as U.S.
Borrower, Citicorp North America, Inc., as Administrative Agent,
and the Lenders party thereto
10-Q
000-23354
02-07-08
10
.02
Table of Contents
Incorporated by Reference
Exhibit
Filing
Exhibit
Filed
No.
10
.01
Form of Indemnification Agreement between the Registrant and its
Directors and certain officers.
X
10
.02
Form of Indemnification Agreement between Flextronics
Corporation and Directors and certain officers of the
Registrant.
X
10
.03
Registrants 1993 Share Option Plan.
S-8
333-55850
02-16-01
4
.2
10
.04
Registrants 1997 Interim Stock Plan.
S-8
333-42255
12-15-97
99
.2
10
.05
Registrants 1998 Interim Stock Plan.
S-8
333-71049
01-22-99
4
.5
10
.06
Registrants 1999 Interim Stock Plan.
S-8
333-71049
01-22-99
4
.6
10
.07
Flextronics International Ltd. 2001 Equity Incentive Plan, as
amended.
8-K
000-23354
10-02-08
10
.01
10
.08
Registrants 2002 Interim Incentive Plan.
S-8
333-103189
02-13-03
4
.02
10
.09
Flextronics International USA, Inc. 401(k) Plan.
S-1
33-74622
01-31-94
10
.52
10
.10
Registrants 2004 Award Plan for New Employees, as
amended.
10-K
000-23354
05-29-07
10
.09
10
.11
Asset Purchase Agreement, dated as of June 29, 2004, by and
among the Registrant and Nortel Networks Limited.
10-Q
000-23354
08-06-04
10
.01
10
.12
Award agreement for Michael McNamara
8-K
000-23354
07-13-05
10
.03
10
.13
Award agreement for Thomas J. Smach
8-K
000-23354
07-13-05
10
.04
10
.14
Flextronics International USA, Inc. Third Amended and Restated
2005 Senior Management Deferred Compensation Plan
10-Q
000-23354
02-05-09
10
.02
10
.15
Flextronics International USA, Inc. Third Amended and Restated
Senior Executive Deferred Compensation Plan
10-Q
000-23354
02-05-09
10
.01
10
.16
Summary of Directors Compensation
10-Q
000-23354
11-07-07
10
.04
10
.17
Solectron Corporation 2002 Stock Plan
S-8
333-146549
10-05-07
4
.03
10
.18
Award Agreement for Carrie L. Schiff under Senior Management
Deferred Compensation Plan, dated June 30, 2005
10-Q
000-23354
08-08-07
10
.03
10
.19
Amendment to Indemnification Agreement between Flextronics
International Ltd. and Thomas J. Smach
10-Q
000-23354
08-08-07
10
.04
10
.20
Description of Non-Executive Chairmans Compensation
10-K
000-23354
05-23-08
10
.30
10
.21
Award Agreement for Paul Read under Senior Management Deferred
Compensation Plan, dated June 30, 2005
10-Q
000-23354
08-05-08
10
.03
10
.22
Award Agreement for Paul Read under Senior Executive Deferred
Compensation Plan
10-Q
000-23354
02-05-09
10
.03
10
.23
Award Agreement for Michael J. Clarke under Senior Management
Deferred Compensation Plan, dated July 31, 2007
X
10
.24
Award Agreement for Sean P. Burke under Senior Management
Deferred Compensation Plan, dated November 10, 2006
X
Table of Contents
Incorporated by Reference
Exhibit
Filing
Exhibit
Filed
No.
10
.25
Amendment No. 2 to Indemnification Agreement between
Flextronics International Ltd. And Thomas J. Smach
10-Q
000-23354
08-05-08
10
.04
10
.26
Description of Three-Year Cash Incentive Bonus Plan Adopted in
Fiscal 2009
10-Q
000-23354
08-05-08
10
.02
10
.27
Separation Agreement, dated June 23, 2008, between
Flextronics International USA, Inc. and Thomas J. Smach
X
10
.28
Description of Annual Incentive Bonus Plan for Fiscal 2009
X
10
.29
Compensation Arrangements of Executive Officers of Flextronics
International Ltd.
X
21
.01
Subsidiaries of Registrant.
X
23
.01
Consent of Deloitte & Touche LLP.
X
24
.01
Power of Attorney (included on the signature page to this
Form 10-K)
X
31
.01
Certification of Chief Executive Officer pursuant to
Rule 13a-14(a)
of the Exchange Act
X
31
.02
Certification of Chief Financial Officer pursuant to
Rule 13a-14(a)
of the Exchange Act
X
32
.01
Certification of the Chief Executive Officer pursuant to
Rule 13a-14(b)
of the Exchange Act and 18 U.S.C. Section 1350
X
32
.02
Certification of the Chief Financial Officer pursuant to
Rule 13a-14(b)
of the Exchange Act and 18 U.S.C. Section 1350
X
Management contract, compensatory plan or arrangement.
Table of Contents
By:
Chief Executive Officer and Director (Principal Executive
Officer)
May 20, 2009
Chief Financial Officer
(Principal Financial Officer)
May 20, 2009
Senior Vice President, Finance
(Principal Accounting Officer)
May 20, 2009
Chairman of the Board
May 20, 2009
Director
May 20, 2009
Director
May 20, 2009
Director
May 20, 2009
Director
May 20, 2009
103
Table of Contents
Director
May 20, 2009
Director
May 20, 2009
Director
May 20, 2009
104
Table of Contents
Exhibit
Filing
Exhibit
Filed
No.
2
.01
Share Purchase Agreement, dated as of April 13, 2006, by
and among the Registrant, Software Development Group and Saras
Software Systems Ltd.
8-K
000-23354
04-19-06
2
.01
2
.02
Amendment, dated August 28, 2006, to the Share Purchase
Agreement dated April 13, 2006, by and among Flextronics
International Ltd., Software Development Group and Saras
Software Systems Ltd.
10-Q
000-23354
11-08-06
10
.04
2
.03
Agreement and Plan of Merger, dated June 4, 2007, between
Flextronics International Ltd., Saturn Merger Corp. and
Solectron Corporation
8-K
000-23354
06-04-07
2
.01
3
.01
Memorandum of Association, as amended
10-K
000-23354
05-29-07
3
.01
3
.02
Amended and Restated Articles of Association of Flextronics
International Ltd.
8-K
000-23354
10-11-06
3
.01
4
.01
U.S. Dollar Indenture dated June 29, 2000 between the
Registrant and U.S. Bank National Association, as successor
trustee.
10-Q
000-23354
08-14-00
4
.1
4
.02
Indenture dated as of May 8, 2003 between Registrant and
U.S. Bank National Association, as successor trustee.
10-K
000-23354
06-06-03
4
.04
4
.03
Amendment to Indenture (relating to the Registrants
6.5% Senior Subordinated Notes due 2013), dated as of
July 14, 2005.
10-Q
000-23354
08-10-05
4
.03
4
.04
Indenture dated as of August 5, 2003 between Registrant and
U.S. Bank National Association, as successor trustee.
10-Q
000-23354
08-11-03
4
.01
4
.05
Amendment to Indenture (relating to the Registrants
6.25% Senior Subordinated Notes due 2014), dated as of
July 14, 2005.
10-Q
000-23354
08-10-05
4
.04
4
.06
Note Purchase Agreement dated as of March 2, 2003 between
Registrant, acting through its branch office in Hong Kong, and
Silver Lake Partners Cayman, L.P., Silver Lake Investors Cayman,
L.P., Silver Lake Technology Investors Cayman, L.P. and Integral
Capital Partners VI, L.P.
10-K
000-23354
06-06-03
4
.05
4
.07
Credit Agreement, dated as of May 9, 2007, by and among
Flextronics International Ltd. and certain of its subsidiaries
as borrowers, Bank of America, N.A., as Administrative Agent and
Swing Line Lender, Bank of America, N.A. and The Bank of Nova
Scotia, as L/C Issuers, The Bank of Nova Scotia, as Syndication
Agent, Bank of China (Hong Kong) Limited, BNP Paribas, Fortis
Capital Corp., Keybank National Association, Mizuho Corporate
Bank, Ltd. and Sumitomo Mitsui Banking Corp., New York, as
Co-Documentation Agents, Banc of America Securities LLC and The
Bank of Nova Scotia, as Joint Lead Arrangers and Joint Book
Managers, and the other Lenders party thereto.
8-K
000-23354
05-15-07
10
.01
105
Table of Contents
Exhibit
Filing
Exhibit
Filed
No.
4
.08
Indenture, dated as of November 17, 2004, between
Flextronics International Ltd. and U.S. Bank National
Association, as successor trustee.
8-K
000-23354
11-19-04
4
.1
4
.09
Registration Rights Agreement, dated as of November 17,
2004, among Flextronics International Ltd. and Credit Suisse
First Boston LLC, Deutsche Bank Securities Inc., Banc of America
Securities LLC, Citigroup Global Markets Inc., Lehman Brothers
Inc., BNP Paribas Securities Corp., McDonald Investments Inc.,
RBC Capital Markets Corporation, Scotia Capital (USA) Inc., ABN
AMBRO Incorporated, HSBC Securities (USA) Inc. and UBS
Securities LLC, as Initial Purchasers.
8-K
000-23354
11-19-04
4
.2
4
.10
First Amendment to Note Purchase Agreement, dated as of
July 14, 2006, by and among Flextronics International Ltd.,
Silver Lake Partners Cayman, L.P., Silver Lake Investors Cayman,
L.P. and Silver Lake Technology Investors Cayman, L.P.
8-K
000-23354
07-18-06
4
.1
4
.11
Term Loan Agreement, dated as of October 1, 2007, among
Flextronics International Ltd., as a Borrower, Flextronics
International USA, Inc., as U.S. Borrower, Citicorp North
America, Inc., as Administrative Agent, Citigroup Global Markets
Inc., as Sole Lead Arranger, Bookrunner and Syndication Agent
and the Lenders from time to time party thereto.
8-K
000-23354
10-05-07
10
.1
4
.12
Amendment No. 1 to Term Loan Agreement, dated as of
October 22, 2007, among Flextronics International Ltd., as
a Borrower, Flextronics International USA, Inc., as U.S.
Borrower, Citicorp North America, Inc., as Administrative Agent,
and the Lenders party thereto
10-Q
000-23354
02-07-08
10
.01
4
.13
Amendment No. 2 to Term Loan Agreement, dated as of
October 22, 2007, among Flextronics International Ltd., as
a Borrower, Flextronics International USA, Inc., as U.S.
Borrower, Citicorp North America, Inc., as Administrative Agent,
and the Lenders party thereto
10-Q
000-23354
02-07-08
10
.02
10
.01
Form of Indemnification Agreement between the Registrant and its
Directors and certain officers.
X
10
.02
Form of Indemnification Agreement between Flextronics
Corporation and Directors and certain officers of the
Registrant.
X
10
.03
Registrants 1993 Share Option Plan.
S-8
333-55850
02-16-01
4
.2
10
.04
Registrants 1997 Interim Stock Plan.
S-8
333-42255
12-15-97
99
.2
10
.05
Registrants 1998 Interim Stock Plan.
S-8
333-71049
01-22-99
4
.5
10
.06
Registrants 1999 Interim Stock Plan.
S-8
333-71049
01-22-99
4
.6
10
.07
Flextronics International Ltd. 2001 Equity Incentive Plan, as
amended.
8-K
000-23354
10-02-08
10
.01
10
.08
Registrants 2002 Interim Incentive Plan.
S-8
333-103189
02-13-03
4
.02
10
.09
Flextronics International USA, Inc. 401(k) Plan.
S-1
33-74622
01-31-94
10
.52
106
Table of Contents
Exhibit
Filing
Exhibit
Filed
No.
10
.10
Registrants 2004 Award Plan for New Employees, as
amended.
10-K
000-23354
05-29-07
10
.09
10
.11
Asset Purchase Agreement, dated as of June 29, 2004, by and
among the Registrant and Nortel Networks Limited.
10-Q
000-23354
08-06-04
10
.01
10
.12
Award agreement for Michael McNamara
8-K
000-23354
07-13-05
10
.03
10
.13
Award agreement for Thomas J. Smach
8-K
000-23354
07-13-05
10
.04
10
.14
Flextronics International USA, Inc. Third Amended and Restated
2005 Senior Management Deferred Compensation Plan
10-Q
000-23354
02-05-09
10
.02
10
.15
Flextronics International USA, Inc. Third Amended and Restated
Senior Executive Deferred Compensation Plan
10-Q
000-23354
02-05-09
10
.01
10
.16
Summary of Directors Compensation
10-Q
000-23354
11-07-07
10
.04
10
.17
Solectron Corporation 2002 Stock Plan
S-8
333-146549
10-05-07
4
.03
10
.18
Award Agreement for Carrie L. Schiff under Senior Management
Deferred Compensation Plan, dated June 30, 2005
10-Q
000-23354
08-08-07
10
.03
10
.19
Amendment to Indemnification Agreement between Flextronics
International Ltd. and Thomas J. Smach
10-Q
000-23354
08-08-07
10
.04
10
.20
Description of Non-Executive Chairmans Compensation
10-K
000-23354
05-23-08
10
.30
10
.21
Award Agreement for Paul Read under Senior Management Deferred
Compensation Plan, dated June 30, 2005
10-Q
000-23354
08-05-08
10
.03
10
.22
Award Agreement for Paul Read under Senior Executive Deferred
Compensation Plan
10-Q
000-23354
02-05-09
10
.03
10
.23
Award Agreement for Michael J. Clarke under Senior Management
Deferred Compensation Plan, dated July 31, 2007
X
10
.24
Award Agreement for Sean P. Burke under Senior Management
Deferred Compensation Plan, dated November 10, 2006
X
10
.25
Amendment No. 2 to Indemnification Agreement between
Flextronics International Ltd. And Thomas J. Smach
10-Q
000-23354
08-05-08
10
.04
10
.26
Description of Three-Year Cash Incentive Bonus Plan Adopted in
Fiscal 2009
10-Q
000-23354
08-05-08
10
.02
10
.27
Separation Agreement, dated June 23, 2008, between
Flextronics International USA, Inc. and Thomas J. Smach
X
10
.28
Description of Annual Incentive Bonus Plan for Fiscal 2009
X
10
.29
Compensation Arrangements of Executive Officers of Flextronics
International Ltd.
X
21
.01
Subsidiaries of Registrant.
X
23
.01
Consent of Deloitte & Touche LLP.
X
24
.01
Power of Attorney (included on the signature page to this
Form 10-K)
X
107
Table of Contents
Exhibit
Filing
Exhibit
Filed
No.
31
.01
Certification of Chief Executive Officer pursuant to
Rule 13a-14(a)
of the Exchange Act
X
31
.02
Certification of Chief Financial Officer pursuant to
Rule 13a-14(a)
of the Exchange Act
X
32
.01
Certification of the Chief Executive Officer pursuant to
Rule 13a-14(b)
of the Exchange Act and 18 U.S.C. Section 1350
X
32
.02
Certification of the Chief Financial Officer pursuant to
Rule 13a-14(b)
of the Exchange Act and 18 U.S.C. Section 1350
X
Management contract, compensatory plan or arrangement.
108
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FLEXTRONICS INTERNATIONAL LTD.
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By: | ||||
Name: | ||||
Title: | ||||
INDEMNITEE
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By: | ||||
Name: | ||||
Address:
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FLEXTRONICS CORPORATION
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By: | ||||
Name: | ||||
Title: | ||||
INDEMNITEE
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By: | ||||
Name: | ||||
Address:
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14
(1) | Flextronics International USA, Inc. Amended and Restated 2005 Senior Management Deferred Compensation Plan; | ||
(2) | Deferral Agreement Form for 2006 and Beneficiary Form; and | ||
(3) | Summary of the 2005 Amended and Restated Deferred Compensation Plan. |
Thomas J. Smach,
Chief Financial Officer |
(1) | Flextronics International USA, Inc. Amended and Restated 2005 Senior Management Deferred Compensation Plan; | ||
(2) | Deferral Agreement Form for 2005 and Beneficiary Form; and | ||
(3) | Summary of the Amended and Restated 2005 Deferred Compensation Plan. |
Thomas J. Smach,
Chief Financial Officer |
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Dated: 6/23/08 | /s/ Thomas J. Smach | |||
Thomas J. Smach | ||||
10
/s/ Thomas J. Smach | ||||
Thomas J. Smach | ||||
11
Grant | Plan/ | Shares | Shares | Shares | Shares | |||||||||||||||||||||||
Number | Date | Type | Price | Granted | Released | Accelerated | Cancelled | |||||||||||||||||||||
028041
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4/17/2006 | 2002/RSA | $ | 0.0000 | 100,000 | 66,667 | 33,333 | 0 | ||||||||||||||||||||
028049
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4/17/2006 | 2002/RSA | $ | 0.0000 | 100,000 | 66,667 | 33,333 | 0 | ||||||||||||||||||||
29357
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5/1/2007 | 2001/RSA | $ | 0.0000 | 150,000 | 37,500 | 75,000 | 37,500 | ||||||||||||||||||||
P29378
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5/1/2007 | 2001/RSA | $ | 0.0000 | 150,000 | 37,500 | 75,000 | 37,500 | ||||||||||||||||||||
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TOTALS | 500,000 | 208,334 | 216,666 | 75,000 |
| performance targets are based on key company and business unit financial metrics | ||
| performance targets are measured on a quarterly basis in the cases of the first two fiscal quarters and a quarterly and/or six month basis in the cases of the third and fourth fiscal quarters | ||
| the financial goals vary based on each executives responsibilities, with a substantial weighting on business unit financial metrics for business unit executives | ||
| certain performance measures are calculated on a non-GAAP basis and exclude after-tax intangible amortization, stock-based compensation expense, gains and losses from divestitures, and certain restructuring and other charges, subject to approval of the Committee. We exclude these items in order to arrive at more meaningful period-to-period comparisons of our ongoing operating results | ||
| bonuses are based entirely on achievement of financial performance objectives; there is no individual performance component | ||
| each executives target bonus is set at a percentage of base salary, based on the level of the executives responsibilities |
| the CEOs target bonus is set at 150% of base salary and the CFOs target bonus is set at 100% of base salary | ||
| for executives other than the CEO and CFO, the target bonus is set at a range of between 60% and 80% of base salary |
| actual payouts for each bonus component generally range from 50% of target to a maximum of 300% of target (200% in the cases of the CEO and CFO) | ||
| for the third and fourth fiscal quarters, the plan provided a minimum payout of 50% of target for certain company financial metrics |
Name of Subsidiary | Jurisdiction of Organization | |||
Solectron Argentina Distribution S.R.L.
|
Argentina | |||
Solectron Australia Pty Limited
|
Australia | |||
Solectron Global Services Australia Pty Limited
|
Australia | |||
Flextronics Holding GmbH
|
Austria | |||
Flextronics International GmbH
|
Austria | |||
Flextronics International GmbH & Co. Nfg. KG
|
Austria | |||
Hotman Handelsgesellschaft mbH
|
Austria | |||
Solectron Belgium NV
|
Belgium | |||
Flextronics Bermuda Ltd.
|
Bermuda | |||
Flextronics Global Procurement Ltd.
|
Bermuda | |||
Chatham Technologies Do Brasil Ltda
|
Brazil | |||
C-MAC do Brasil Ltda.
|
Brazil | |||
Flextronics Fabricação de Equipamentos do Brasil Ltda.
|
Brazil | |||
Flextronics Industrial, Comercial, Servicos e Exportadora do Brasil Ltda.
|
Brazil | |||
Flextronics Instituto de Tecnologia de Amazonia
|
Brazil | |||
Flextronics international Da Amazonia Ltda.
|
Brazil | |||
Flextronics International Equipamentos E Servicos Ltda.
|
Brazil | |||
Flextronics International Tecnologia Ltda
|
Brazil | |||
Masa da Amazônia Ltda.
|
Brazil | |||
Masa FlexPower Ltda.
|
Brazil | |||
Multek Brasil Ltda.
|
Brazil | |||
Patch Serviços Ltda.
|
Brazil | |||
Portus Participacoes Ltda
|
Brazil | |||
International Displayworks Ltd.
|
British Virgin Islands | |||
Flextronics Computing (California) Corporation
|
California | |||
Flextronics Design PDG, Inc.
|
California | |||
Flextronics Distribution, Inc.
|
California | |||
Flextronics Foundation
|
California | |||
Flextronics International Distribution US Inc.
|
California | |||
Flextronics International Holding LLC.
|
California | |||
Flextronics International PA, Inc.
|
California | |||
Flextronics International USA, Inc.
|
California | |||
Flextronics Logistics USA, Inc.
|
California | |||
Flextronics Photonics Wave Optics, Inc.
|
California | |||
Flextronics SA Inc.
|
California | |||
Horizon Medical, Inc.
|
California | |||
KMOS Semiconductor, Inc.
|
California | |||
Multilayer Technology, Inc.
|
California | |||
Peripheral Imaging Corporation
|
California | |||
C-MAC Kanata Inc.
|
Canada | |||
Flextronics Automotive Inc.
|
Canada | |||
Flextronics Canada Holdings Inc.
|
Canada | |||
Flextronics Canada ULC
|
Canada | |||
Flextronics EMS Canada Inc.
|
Canada | |||
Flextronics Global Services Canada Inc.
|
Canada |
Name of Subsidiary
Jurisdiction of Organization
Canada
Cayman Islands
Cayman Islands
Cayman Islands
Cayman Islands
Cayman Islands
Cayman Islands
Cayman Islands
Cayman Islands
Cayman Islands
Cayman Islands
Cayman Islands
Cayman Islands
Chile
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
Name of Subsidiary
Jurisdiction of Organization
China
China
China
China
China
China
China
China
China
China
China
China
China
China
Colorado
Colorado
Colorado
Colorado
Colorado
Cyprus
Cyprus
Czech Republic
Czech Republic
Czech Republic
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Delaware
Name of Subsidiary
Jurisdiction of Organization
Delaware
Delaware
Denmark
Finland
Finland
Finland
Finland
France
France
France
France
France
France
France
France
Germany
Germany
Germany
Germany
Germany
Germany
Germany
Germany
Germany
Germany
Germany
Germany
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hong Kong
Hungary
Hungary
Name of Subsidiary
Jurisdiction of Organization
Hungary
Hungary
Hungary
Hungary
Illinois
Illinois
India
India
India
India
India
India
India
Indonesia
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Israel
Israel
Israel
Italy
Italy
Italy
Japan
Japan
Japan
Japan
Japan
Japan
Japan
Korea, Republic of
Labuan
Labuan
Labuan
Labuan
Labuan
Labuan
Name of Subsidiary
Jurisdiction of Organization
Labuan
Labuan
Labuan
Luxembourg
Luxembourg
Luxembourg
Luxembourg
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia
Malaysia
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Name of Subsidiary
Jurisdiction of Organization
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mauritius
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands Antilles
Nevada
New Jersey
Norway
Ontario
Ontario
Name of Subsidiary
Jurisdiction of Organization
Oregon
Philippines
Poland
Poland
Romania
Russian Federation
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
South Africa
Spain
Sweden
Sweden
Sweden
Sweden
Sweden
Sweden
Sweden
Sweden
Switzerland
Taiwan, Province Of China
Tennessee
Tennessee
Texas
Texas
Thailand
Ukraine
Ukraine
Ukraine
United Kingdom
United Kingdom
United Kingdom
Name of Subsidiary
Jurisdiction of Organization
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
Virgin Islands (British)
Virgin Islands (British)
Virgin Islands (British)
Virgin Islands (British)
Virgin Islands (British)
1. | I have reviewed this Annual Report on Form 10-K of Flextronics International 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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
1. | I have reviewed this Annual Report on Form 10-K of Flextronics International 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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
| the Annual Report on Form 10-K of the Company for the fiscal year ended March 31, 2009, 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. |
| the Annual Report on Form 10-K of the Company for the fiscal year ended March 31, 2009, 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. |