v3.26.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Mar. 31, 2026
Segment Reporting, Measurement Disclosures [Abstract]  
Schedule of Segment Reporting Information by Operating Segment
Selected financial information by segment is in the tables below.
Fiscal Year Ended March 31, 2026ITSRMSCPITotal
Net Sales$11,109 $10,191 $6,614 $27,914 
Segment cost of sales(10,231)(9,225)(5,810)
Segment selling, general and administrative expenses(282)(355)(194)
Segment income$596 $611 $610 $1,817 
Reconciling items:
Corporate and other$53 
Intangible amortization68 
Stock-based compensation142 
Restructuring and impairment charges (1)135 
Customer-related asset recoveries (2)(2)
Legal and other (3)53 
Interest expense215 
Interest income51 
Other charges (income), net30 
Equity in earnings (losses) of unconsolidated affiliates(31)
Income from continuing operations before income taxes$1,143 
(1)Certain restructuring charges of $3 million are excluded from the reconciling amount of $135 million as they are included within segment income.
(2)Customer-related asset impairments may consist of non-cash impairments of property and equipment to estimated fair value for customers from whom we have disengaged or are in the process of disengaging as well as additional provisions for doubtful accounts receivable for customers that are experiencing financial difficulties and inventory that is considered non-recoverable that is written down to net realizable value. In subsequent periods, the Company may recover a portion of the costs previously incurred related to assets impaired or reduced to net realizable value. During fiscal year 2026, the Company recovered approximately $2 million of prior year customer-related asset impairments.
(3)Legal and other consists of costs not directly related to core business results including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition related costs and asset impairment. During fiscal year 2026, $53 million in Legal and other costs primarily related to temporary and incremental costs associated with the Company's intent to separate its CPI segment from Flex.
Fiscal Year Ended March 31, 2025ITSRMSCPITotal
Net Sales$11,336 $9,678 $4,799 $25,813 
Segment cost of sales(10,512)(8,851)(4,163)
Segment selling, general and administrative expenses(283)(322)(144)
Segment income$541 $505 $492 $1,538 
Reconciling items:
Corporate and other$79 
Intangible amortization70 
Stock-based compensation125 
Restructuring charges84 
Customer-related asset impairment (1)2 
Legal and other (2)9 
Interest expense218 
Interest income61 
Other charges (income), net(14)
Equity in earnings (losses) of unconsolidated affiliates(3)
Income from continuing operations before income taxes$1,023 
(1)Customer-related asset impairments may consist of non-cash impairments of property and equipment to estimated fair value for customers from whom we have disengaged or are in the process of disengaging as well as additional provisions for doubtful accounts receivable for customers that are experiencing financial difficulties and inventory that is considered non-recoverable that is written down to net realizable value. In subsequent periods, the Company may recover a portion of the costs previously incurred related to assets impaired or reduced to net realizable value. During fiscal year 2025, the Company recognized approximately $2 million of customer-related asset impairments.
(2)Legal and other consists of costs not directly related to core business results including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition related costs and customer-related asset impairment. During fiscal year 2025, the Company accrued for $5 million related to asset impairments and $4 million is related to acquisition costs.
Fiscal Year Ended March 31, 2024ITSRMSCPITotal
Net Sales$12,636 $10,535 $3,244 $26,415 
Segment cost of sales(11,846)(9,656)(2,835)
Segment selling, general and administrative expenses(301)(339)(103)
Segment income$489 $540 $306 $1,335 
Reconciling items:
Corporate and other$68 
Intangible amortization70 
Stock-based compensation113 
Restructuring charges172 
Customer-related asset impairment (1)14 
Legal and other (2)45 
Interest expense207 
Interest income56 
Other charges (income), net44 
Equity in earnings (losses) of unconsolidated affiliates8 
Income from continuing operations before income taxes$666 
(1)Customer-related asset impairments may consist of non-cash impairments of property and equipment to estimated fair value for customers from whom we have disengaged or are in the process of disengaging as well as additional provisions for doubtful accounts receivable for customers that are experiencing financial difficulties and inventory that is considered non-recoverable that is written down to net realizable value. In subsequent periods, the Company may recover a portion of the costs previously incurred related to assets impaired or reduced to net realizable value. During fiscal year 2024, the Company recognized approximately $14 million of customer-related asset impairments.
(2)Legal and other consists of costs not directly related to core business results including matters relating to commercial disputes, government regulatory and compliance, intellectual property, antitrust, tax, employment or shareholder issues, product liability claims and other issues on a global basis as well as acquisition related costs and customer-related asset recoveries. During fiscal year 2024, the Company recognized a $50 million loss contingency for a commercial dispute related to a construction matter with related production objectives.
During fiscal years 2026, 2025 and 2024, total depreciation expense, including amounts allocated to the reportable segments and Corporate and Other, was as follows:
Fiscal Year Ended March 31,
202620252024
(In millions)
Depreciation expense:
Integrated Technology Solutions$162 $180 $184 
Regulated Manufacturing Solutions221 209 204 
Cloud and Power Infrastructure62 39 24 
Corporate and Other12 11 16 
Total depreciation expense$457 $439 $428 
Schedule of Geographic Information by Segment Net Sales
Geographic information of net sales is as follows:
Fiscal Year Ended March 31,
202620252024
(In millions)
Net sales by region:
Americas$13,820 50 %$12,656 49 %$12,232 46 %
Asia8,401 30 %7,701 30 %8,540 32 %
Europe5,693 20 %5,456 21 %5,643 22 %
$27,914 $25,813 $26,415 
The following table summarizes the countries that accounted for more than 10% of net sales in fiscal years 2026, 2025, and 2024:
 Fiscal Year Ended March 31,
202620252024
 (In millions)
Net sales by country:
Mexico$6,994 25 %$6,854 27 %$6,935 26 %
U.S.5,186 19 %4,162 16 %3,598 14 %
China4,494 16 %4,319 17 %5,117 19 %
Malaysia2,967 11 %2,379 9 %2,122 8 %
Schedule of Geographic Information by Segment Long-lived Assets
Geographic information of property and equipment, net is as follows:
As of March 31,
20262025
(In millions)
Property and equipment, net:
Americas$1,419 57 %$1,292 55 %
Asia585 23 %555 24 %
Europe501 20 %483 21 %
$2,505 $2,330 
The following table summarizes the countries that accounted for more than 10% of property and equipment, net for the fiscal years ended March 31, 2026 and 2025:
Fiscal Year Ended March 31,
20262025
(In millions)
Property and equipment, net:
Mexico$891 36 %$815 35 %
U.S.443 18 %376 16 %
China306 12 %293 13 %