BALANCE SHEET ITEMS

3 Months Ended

Jun. 26, 2026

Balance Sheet Related Disclosures [Abstract]

Inventories

The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows:


	As of June 26, 2026		As of March 31, 2026
	(In millions)
Raw materials	$	5,471	$	4,834
Work-in-progress	457		474
Finished goods	525		537
	$	6,453	$	5,845

In addition to the Flex controlled inventory shown above, the Company held inventory controlled by customers of $1.5 billion and $1.3 billion as of June 26, 2026 and March 31, 2026, respectively. These amounts are reported in other current assets in the condensed consolidated balance sheets.

Goodwill and Other Intangible Assets

During the three-month period ended June 26, 2026, goodwill increased by $462 million with $473 million from an acquisition completed in the first quarter of fiscal year 2027. This was slightly offset by $6 million of goodwill derecognized in the sale of a site in North America and currency impacts of $5 million. See note 12 for further details of the acquisition and disposition completed in the quarter.

The components of acquired intangible assets are as follows:


	June 26, 2026							March 31, 2026
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount			Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Intangible assets:
Customer-related intangibles		$	616	$	(171)	$	445		$	317	$	(156)	$	161
Licenses and other intangibles		374		(83)		291			198		(76)		122
Total		$	990	$	(254)	$	736		$	515	$	(232)	$	283

The gross carrying amounts of intangible assets are removed when fully amortized.

The estimated future annual amortization expense for intangible assets is as follows:


Fiscal Year Ending March 31,	Amount
	(In millions)
2027 (1)	$	79
2028	93
2029	69
2030	62
2031	58
Thereafter	375
Total amortization expense	$	736

(1)Represents estimated amortization for the remaining nine-month period of the fiscal year ending March 31, 2027.

Customer Working Capital Advances

Customer working capital advances were $1.7 billion and $1.8 billion as of June 26, 2026 and March 31, 2026, respectively. The customer working capital advances are not interest-bearing, do not generally have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production or the customer working capital advance agreement is terminated.

Other Non-Current Assets

Other non-current assets include deferred tax assets of $544 million and $538 million as of June 26, 2026 and March 31, 2026, respectively.

Other Current Liabilities

Other current liabilities include customer-related accruals of $498 million and $355 million as of June 26, 2026 and March 31, 2026, respectively.

Supplier Finance Programs

The Company has six supplier finance programs, all of which have substantially similar characteristics, with various financial institutions that act as the paying agent for certain payables of the Company. The Company established these programs through agreements with the financial institutions to enable more efficient payment processing to our suppliers while also providing our suppliers a potential source of liquidity to the extent they choose to sell their receivables to the financial institutions in advance of the due dates. Our suppliers’ participation in the programs is voluntary, the Company is not involved in negotiations of the suppliers’ arrangements with the financial institutions to sell their receivables, and our rights and

obligations to our suppliers are not impacted by our suppliers’ decisions to sell amounts under these programs. Under these supplier finance programs, the Company pays the financial institutions the stated amount of confirmed invoices from its participating suppliers on the original maturity dates of the invoices. All payment terms are short-term in nature and are not dependent on whether the suppliers participate in the supplier finance programs or if the suppliers elect to receive early payment from the financial institutions. No guarantees are provided by the Company under the supplier finance programs and the Company incurs no costs related to the programs. The Company has no economic interest in a supplier’s decision to participate in the supplier finance programs.

Obligations under these programs are classified within accounts payable on the condensed consolidated balance sheets, with the associated payments reflected in the operating activities section of the condensed consolidated statement of cash flows. The Company's outstanding obligations confirmed as valid under its supplier finance programs as of June 26, 2026 and March 31, 2026 were $134 million and $154 million, respectively.