Company Quick10K Filing
Flex Fuel Technologies
Price10.52 EPS-0
Shares513 P/E-30
MCap5,401 P/FCF-2
Net Debt1,188 EBIT-89
TEV6,590 TEV/EBIT-74
TTM 2019-09-27, in MM, except price, ratios
10-Q 2020-12-31 Filed 2021-01-29
10-Q 2020-09-25 Filed 2020-11-02
10-Q 2020-06-26 Filed 2020-08-05
10-K 2020-03-31 Filed 2020-05-28
10-Q 2019-12-31 Filed 2020-01-31
10-Q 2019-09-27 Filed 2019-10-30
10-Q 2019-06-28 Filed 2019-07-26
10-K 2019-03-31 Filed 2019-05-21
10-Q 2018-12-31 Filed 2019-02-06
10-Q 2018-09-28 Filed 2018-11-02
10-Q 2018-06-29 Filed 2018-08-02
10-K 2018-03-31 Filed 2018-06-14
10-Q 2017-12-31 Filed 2018-01-29
10-Q 2017-09-29 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-08-01
10-K 2017-03-31 Filed 2017-05-16
10-Q 2016-12-31 Filed 2017-01-27
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-07-01 Filed 2016-07-27
10-K 2016-03-31 Filed 2016-05-20
10-Q 2015-12-31 Filed 2016-02-01
10-Q 2015-09-25 Filed 2015-10-26
10-Q 2015-06-26 Filed 2015-07-27
10-K 2015-03-31 Filed 2015-05-21
10-Q 2014-12-31 Filed 2015-01-29
10-Q 2014-09-26 Filed 2014-10-30
10-Q 2014-06-27 Filed 2014-07-28
10-K 2014-03-31 Filed 2014-05-20
10-Q 2013-12-31 Filed 2014-01-31
10-Q 2013-06-28 Filed 2013-08-02
10-K 2013-03-31 Filed 2013-05-28
10-Q 2012-12-31 Filed 2013-02-04
10-Q 2012-10-27 Filed 2013-11-01
10-Q 2012-09-28 Filed 2012-10-26
10-Q 2012-06-29 Filed 2012-07-30
10-K 2012-03-31 Filed 2012-05-29
10-Q 2011-12-31 Filed 2012-02-02
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-07-01 Filed 2011-08-09
10-K 2011-03-31 Filed 2011-05-23
10-Q 2010-12-31 Filed 2011-02-02
10-Q 2010-10-01 Filed 2010-11-03
10-Q 2010-07-02 Filed 2010-08-05
10-K 2010-03-31 Filed 2010-05-24
10-Q 2009-12-31 Filed 2010-02-02
8-K 2021-01-28 Earnings, Exhibits
8-K 2021-01-07 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2020-11-23
8-K 2020-11-17
8-K 2020-10-29
8-K 2020-09-15
8-K 2020-09-15
8-K 2020-08-17
8-K 2020-08-07
8-K 2020-08-05
8-K 2020-07-30
8-K 2020-06-03
8-K 2020-06-03
8-K 2020-05-12
8-K 2020-05-07
8-K 2020-04-02
8-K 2020-03-29
8-K 2020-03-09
8-K 2020-01-30
8-K 2019-11-07
8-K 2019-10-24
8-K 2019-08-20
8-K 2019-08-08
8-K 2019-07-25
8-K 2019-06-06
8-K 2019-06-04
8-K 2019-05-30
8-K 2019-05-30
8-K 2019-05-30
8-K 2019-04-30
8-K 2019-03-05
8-K 2019-02-11
8-K 2019-02-05
8-K 2019-01-30
8-K 2019-01-17
8-K 2018-12-24
8-K 2018-12-07
8-K 2018-11-14
8-K 2018-10-25
8-K 2018-10-22
8-K 2018-08-16
8-K 2018-07-26
8-K 2018-07-02
8-K 2018-06-25
8-K 2018-04-26
8-K 2018-03-31
8-K 2018-03-26
8-K 2018-01-25
8-K 2018-01-08

FLEX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.01 flex-exx1001x12312020.htm
EX-10.02 flex-exx1002x12312020.htm
EX-15.01 flex-exx1501x12312020.htm
EX-31.01 flex-exx3101x12312020.htm
EX-31.02 flex-exx3102x12312020.htm
EX-32.01 flex-exx3201x12312020.htm

Flex Fuel Technologies Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
40322416802012201420172020
Assets, Equity
10.08.05.93.91.8-0.22012201420172020
Rev, G Profit, Net Income
3.02.01.00.1-0.9-1.92012201420172020
Ops, Inv, Fin

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
Form 10-Q
(Mark One)
 
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2020
 
Or
 
         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                   to                  
 
Commission file number 0-23354
 
FLEX LTD.
(Exact name of registrant as specified in its charter)
Singapore Not Applicable
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2 Changi South Lane,  
Singapore 486123
(Address of registrant’s principal executive offices) (Zip Code)
 Registrant’s telephone number, including area code
(656876-9899
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary Shares, No Par ValueFLEXThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.:
Large Accelerated FilerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
 
The number of shares of the registrant’s ordinary shares outstanding as of January 25, 2021 was 499,172,368.


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FLEX LTD.
 
INDEX
 
  Page
   
 
 
 
 
 
 
   
   
 

2

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PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Board of Directors and Shareholders of Flex Ltd.
Singapore

Results of Review of Interim Financial Information
 
We have reviewed the accompanying condensed consolidated balance sheet of Flex Ltd. and its subsidiaries (the “Company”) as of December 31, 2020, the related condensed consolidated statements of operations, comprehensive income and shareholders' equity for the three-month and nine-month periods ended December 31, 2020 and December 31, 2019, and the condensed consolidated statements of cash flows for the nine-month periods ended December 31, 2020 and December 31, 2019, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of Flex Ltd. and subsidiaries as of March 31, 2020 and the related consolidated statements of operations, comprehensive income, shareholders’ equity, and cash flows for the year then ended (not presented herein); and in our report dated May 28, 2020, we expressed an unqualified opinion on those consolidated financial statements and included an explanatory paragraph regarding changes in accounting principles. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of March 31, 2020 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

The interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP 
San Jose, California 
January 29, 2021 

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FLEX LTD.
 
CONDENSED CONSOLIDATED BALANCE SHEETS
 
As of December 31, 2020As of March 31, 2020
(In millions, except share amounts)
(Unaudited)
ASSETS
Current assets:  
Cash and cash equivalents$2,611 $1,923 
Accounts receivable, net of allowance of $77 and $96, respectively
4,070 2,436 
Contract assets121 282 
Inventories3,699 3,785 
Other current assets610 660 
Total current assets11,111 9,086 
Property and equipment, net2,097 2,216 
Operating lease right-of-use assets, net609 605 
Goodwill1,109 1,065 
Other intangible assets, net233 262 
Other assets509 456 
Total assets$15,668 $13,690 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:  
Bank borrowings and current portion of long-term debt$72 $149 
Accounts payable5,159 5,108 
Accrued payroll475 364 
Other current liabilities1,813 1,590 
Total current liabilities7,519 7,211 
Long-term debt, net of current portion3,740 2,689 
Operating lease liabilities, non-current544 529 
Other liabilities484 430 
Shareholders’ equity  
Ordinary shares, no par value; 549,211,158 and 547,665,632 issued, and 498,971,803 and 497,426,277 outstanding, respectively
6,360 6,336 
Treasury stock, at cost; 50,239,355 shares as of December 31, 2020 and March 31, 2020
(388)(388)
Accumulated deficit(2,529)(2,902)
Accumulated other comprehensive loss(62)(215)
Total shareholders’ equity3,381 2,831 
Total liabilities and shareholders’ equity$15,668 $13,690 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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FLEX LTD.
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
 Three-Month Periods EndedNine-Month Periods Ended
 December 31, 2020December 31, 2019December 31, 2020December 31, 2019
(In millions, except per share amounts)
(Unaudited)
Net sales$6,720 $6,461 $17,858 $18,725 
Cost of sales6,212 6,017 16,618 17,578 
Restructuring charges29 14 63 175 
Gross profit479 430 1,177 972 
Selling, general and administrative expenses222 218 606 633 
Intangible amortization16 16 47 49 
Restructuring charges1 1 12 24 
Interest and other, net7 50 58 153 
Income before income taxes233 145 454 113 
Provision for income taxes25 34 81 74 
Net income$208 $111 $373 $39 
Earnings per share:    
Basic$0.42 $0.22 $0.75 $0.08 
Diluted$0.41 $0.22 $0.74 $0.08 
Weighted-average shares used in computing per share amounts:    
Basic500 507 500 511 
Diluted508 510 505 515 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

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FLEX LTD.
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 Three-Month Periods EndedNine-Month Periods Ended
 December 31, 2020December 31, 2019December 31, 2020December 31, 2019
(In millions)
(Unaudited)
Net income$208 $111 $373 $39 
Other comprehensive income (loss):    
Foreign currency translation adjustments, net of zero tax
42 10 87 (11)
Unrealized gain (loss) on derivative instruments and other, net of zero tax
29 14 66 (3)
Comprehensive income$279 $135 $526 $25 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

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FLEX LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY


Ordinary SharesAccumulated Other Comprehensive LossTotal
Three Months Ended December 31, 2020Shares
Outstanding
AmountAccumulated
Deficit
Unrealized
Gain (Loss) on
Derivative
Instruments
and Other
Foreign
Currency
Translation
Adjustments
Total
Accumulated
Other
Comprehensive
Loss
Shareholders'
Equity
(In millions)
Unaudited
BALANCE AT SEPTEMBER 25, 2020501 $5,985 $(2,737)$(45)$(88)$(133)$3,115 
Repurchase of Flex Ltd. ordinary shares at cost(2)(38)— — — — (38)
Net income— — 208 — — — 208 
Stock-based compensation— 25 — — — — 25 
Total other comprehensive income— — — 29 42 71 71 
BALANCE AT DECEMBER 31, 2020499 $5,972 $(2,529)$(16)$(46)$(62)$3,381 

Ordinary SharesAccumulated Other Comprehensive LossTotal
Nine Months Ended December 31, 2020Shares
Outstanding
AmountAccumulated
Deficit
Unrealized
Gain (Loss) on
Derivative
Instruments
and Other
Foreign
Currency
Translation
Adjustments
Total
Accumulated
Other
Comprehensive
Loss
Shareholders'
Equity
(In millions)
Unaudited
BALANCE AT MARCH 31, 2020497 $5,948 $(2,902)$(82)$(133)$(215)$2,831 
Repurchase of Flex Ltd. ordinary shares at cost(2)(38)— — — — (38)
Issuance of Flex Ltd. vested shares under restricted share unit awards4— — — — — — 
Net Income— — 373 — — — 373 
Stock-based compensation— 62 — — — — 62 
Total other comprehensive income— — — 66 87 153 153 
BALANCE AT DECEMBER 31, 2020499 $5,972 $(2,529)$(16)$(46)$(62)$3,381 
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FLEX LTD.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Continued)

Ordinary SharesAccumulated Other Comprehensive LossTotal
Three Months Ended December 31, 2019Shares
Outstanding
AmountAccumulated
Deficit
Unrealized
Gain (Loss) on
Derivative
Instruments
and Other
Foreign
Currency
Translation
Adjustments
Total
Accumulated
Other
Comprehensive
Loss
Shareholders'
Equity
(In millions)
Unaudited
BALANCE AT SEPTEMBER 27, 2019509 $6,058 $(3,062)$(59)$(131)$(190)$2,806 
Repurchase of Flex Ltd. ordinary shares at cost(5)(61)— — — — (61)
Exercise of stock options— — — — — — 
Net income— — 111 — — — 111 
Stock-based compensation— 19 — — — — 19 
Total other comprehensive income— — — 14 10 24 24 
BALANCE AT DECEMBER 31, 2019504 $6,016 $(2,951)$(45)$(121)$(166)$2,899 

Ordinary SharesAccumulated Other Comprehensive LossTotal
Nine Months Ended December 31, 2019Shares
Outstanding
AmountAccumulated
Deficit
Unrealized
Gain (Loss) on
Derivative
Instruments
and Other
Foreign
Currency
Translation
Adjustments
Total
Accumulated
Other
Comprehensive
Loss
Shareholders'
Equity
(In millions)
Unaudited
BALANCE AT MARCH 31, 2019517 $6,136 $(3,012)$(42)$(110)$(152)$2,972 
Repurchase of Flex Ltd. ordinary shares at cost(16)(173)— — — — (173)
Exercise of stock options— 1 — — — — 1 
Issuance of Flex Ltd. vested shares under restricted share unit awards3 — — — — — — 
Net income— — 39 — — — 39 
Stock-based compensation— 53 — — — — 53 
Cumulative effect on opening equity of adopting accounting standards and other— (1)22 — — — 21 
Total other comprehensive loss— — — (3)(11)(14)(14)
BALANCE AT DECEMBER 31, 2019504 $6,016 $(2,951)$(45)$(121)$(166)$2,899 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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FLEX LTD.
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
 Nine-Month Periods Ended
 December 31, 2020December 31, 2019
(In millions)
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$373 $39 
Depreciation, amortization and other impairment charges526 526 
Changes in working capital and other, net(916)(2,264)
Net cash used in operating activities(17)(1,699)
CASH FLOWS FROM INVESTING ACTIVITIES:  
Purchases of property and equipment(261)(376)
Proceeds from the disposition of property and equipment25 102 
Cash collections of deferred purchase price 2,511 
Other investing activities, net10 24 
Net cash provided by (used in) investing activities(226)2,261 
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from bank borrowings and long-term debt1,944 1,017 
Repayments of bank borrowings and long-term debt(1,012)(1,308)
Payments for repurchases of ordinary shares(38)(173)
Other financing activities, net(1)2 
Net cash provided by (used in) financing activities893 (462)
Effect of exchange rates on cash and cash equivalents38 (8)
Net increase in cash and cash equivalents688 92 
Cash and cash equivalents, beginning of period1,923 1,697 
Cash and cash equivalents, end of period$2,611 $1,789 
Non-cash investing activities:  
Unpaid purchases of property and equipment$73 $64 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1.  ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION
Organization of the Company
Flex Ltd. ("Flex" or the "Company") was incorporated in the Republic of Singapore in May 1990. The Company's operations have expanded over the years through a combination of organic growth and acquisitions. The Company is the manufacturing partner of choice that helps a diverse customer base design and build products that improve the world. Through the collective strength of a global workforce across approximately 30 countries and responsible, sustainable operations, the Company delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets. In the first quarter of fiscal year 2021, the Company made certain changes in its organizational structure as part of its strategy to further drive growth and productivity with two focused delivery models. As a result, beginning in the first quarter of fiscal year 2021, the Company reports its financial performance based on two operating and reportable segments:
Flex Agility Solutions ("FAS"), which is comprised of the following end markets:
Communications, Enterprise and Cloud ("CEC"), including data infrastructure, edge infrastructure and communication infrastructure;
Lifestyle, including appliances, consumer packaging, floorcare, micro mobility and audio; and
Consumer Devices, including mobile and high velocity consumer devices.
Flex Reliability Solutions ("FRS"), which is comprised of the following end markets:
Automotive, including autonomous, connectivity, electrification, and smart technologies;
Health Solutions, including medical devices, medical equipment and drug delivery; and
Industrial, including capital equipment, industrial devices, renewable and grid edge, and power systems.
The Company's service offerings include a comprehensive range of value-added design and engineering services that are tailored to the various markets and needs of its customers. Other focused service offerings relate to manufacturing (including enclosures, metals, plastic injection molding, precision plastics, machining, and mechanicals), system integration and assembly and test services, materials procurement, inventory management, logistics and after-sales services (including product repair, warranty services, re-manufacturing and maintenance), supply chain management software solutions, and component product offerings (including flexible printed circuit boards and power adapters and chargers).
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the fiscal year ended March 31, 2020 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine-month periods ended December 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2021. Beginning in the second quarter of fiscal year 2021, the Company began reporting all dollar amounts in millions. In certain circumstances, this change in rounding resulted in line items being removed within prior year disclosures. Certain prior period amounts in the condensed consolidated financial statements, as well as in the Notes thereto, have been reclassified to conform to the current presentation.
The first quarters for fiscal years 2021 and 2020 ended on June 26, 2020, which is comprised of 87 days in the period, and June 28, 2019, which is comprised of 89 days in the period, respectively. The second quarters for fiscal years 2021 and 2020 ended on September 25, 2020 and September 27, 2019, which are comprised of 91 days in both periods. The Company's third quarters for fiscal years 2021 and 2020 ended on December 31 of each year, which are comprised of 97 days and 95 days, respectively.
The accompanying unaudited condensed consolidated financial statements include the accounts of Flex and its majority-owned subsidiaries, after elimination of intercompany accounts and transactions. The Company consolidates its majority-owned subsidiaries and investments in entities in which the Company has a controlling interest. For the consolidated majority-owned subsidiaries in which the Company owns less than 100%, the Company recognizes a noncontrolling interest for the ownership
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of the noncontrolling owners. The associated noncontrolling owners' interest in the income or losses of these companies is not material to the Company's results of operations for all periods presented, and is classified as a component of interest and other, net, in the condensed consolidated statements of operations.
The changes to the Company’s organizational structure noted above had no impact on the condensed consolidated financial statements. For comparability purposes, segment reporting for prior periods have been restated to conform to the current presentation. Refer to note 14, “Segment Reporting,” for additional information on the changes in operating and reportable segments.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, and intangible assets; valuation of goodwill; valuation of investments in privately-held companies; asset impairments; fair values of financial instruments, including highly liquid investments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rates in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations; and the fair values of stock options and restricted share unit awards granted under the Company's stock-based compensation plans. Due to the COVID-19 pandemic, there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to COVID-19. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.
Recently Adopted Accounting Pronouncement
In March 2020, the FASB issued ASU 2020-04 "Facilitation of the Effects of Reference Rate Reform on Financial Reporting", which temporarily simplifies the accounting for contract modifications, including hedging relationships, due to the transition from LIBOR and other interbank offered rates to alternative reference interest rates. For example, entities can elect not to remeasure the contracts at the modification date or reassess a previous accounting determination if certain conditions are met. Additionally, entities can elect to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain conditions are met. The Company adopted the guidance during the first quarter of fiscal year 2021 with an immaterial impact on its consolidated financial statements.
In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” and also issued subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, and ASU 2019-11, which replace the existing incurred loss impairment model with an expected credit loss model and require a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The Company adopted the guidance during the first quarter of fiscal year 2021 with an immaterial impact on its consolidated financial statements.
Recently Issued Accounting Pronouncements
In October 2020, the FASB issued ASU 2020-10 "Codification Improvements", which improves consistency by amending the Codification to include all disclosure guidance in the appropriate disclosure sections and clarifies application of various provisions in the Codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2022.
In October 2020, the FASB issued ASU 2020-09 "Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762." which amends and supersedes SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Release No. 33-10762 related to financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affiliates whose securities are pledged as collateral for registered securities. The guidance is effective for the Company beginning in the fourth quarter of fiscal year 2021 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the fourth quarter of fiscal year 2021.
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In January 2020, the FASB issued ASU 2020-01 "Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 — a consensus of the FASB Emerging Issues Task Force," which makes improvements related to the following two topics: (1) accounting for certain equity securities when the equity method of accounting is applied or discontinued, and (2) scope considerations related to forward contracts and purchased options on certain securities. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2022.
In December 2019, the FASB issued ASU 2019-12 "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company expects the new guidance will have an immaterial impact on its consolidated financial statements, and intends to adopt the guidance when it becomes effective in the first quarter of fiscal year 2022.

2.  BALANCE SHEET ITEMS 
Inventories 
The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows: 
As of December 31, 2020As of March 31, 2020
 (In millions)
Raw materials$2,625 $2,836 
Work-in-progress472 373 
Finished goods602 576 
 $3,699 $3,785 
Goodwill and Other Intangible Assets 
In accordance with accounting guidance on goodwill and other intangible assets, the Company evaluates goodwill for impairment at the reporting unit level annually, and in certain circumstances such as a change in reporting units or whenever there are indications that goodwill might be impaired. As described in note 1, the Company made certain changes in its organizational structure during the first quarter of fiscal year 2021 as part of its strategy to further drive growth and productivity through two separate delivery models that represent reportable segments, FAS and FRS. With these changes, the Company also revised its reporting units. Accordingly, the Company completed an interim test as of April 1, 2020. Recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit's carrying amount, including goodwill, to the fair value of the reporting unit, which typically is measured based upon, among other factors, market multiples for comparable companies as well as a discounted cash flow analysis. These approaches use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy and require management to make various judgmental assumptions about sales, operating margins, growth rates and discount rates which consider the Company's budgets, business plans and economic projections, and are believed to reflect market participant views. Some of the inherent estimates and assumptions used in determining fair value of the reporting units are outside the control of management, including interest rates, cost of capital, tax rates, market EBITDA comparables and credit ratings. While the Company believes it has made reasonable estimates and assumptions to calculate the fair value of the reporting units, it is possible a material change could occur. If the actual results are not consistent with management's estimates and assumptions used to calculate fair value, it could result in material impairments of the Company's goodwill.
Based on the latest assessment of its goodwill as of April 1, 2020, the Company determined that no impairment existed as of the date of the impairment test, because the fair value of each one of its reporting units exceeds its respective carrying value. In addition, goodwill was reallocated among each of the Company's six reporting units based on each reporting unit’s relative fair value as of April 1, 2020. The Company considered whether an interim impairment test should be performed as of December 31, 2020 and concluded that there were no events or changes in circumstances that indicated the carrying amount of goodwill may not be recoverable. It will perform its next annual impairment test with a valuation date of January 1, 2021 to be completed in the period ending March 31, 2021. The following table summarizes the goodwill allocation as of April 1, 2020 and the activity during the nine-month period ended December 31, 2020: 
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FASFRS
 Communications,
Enterprise
and Cloud
LifestyleConsumer DevicesAutomotiveHealth SolutionsIndustrialTotal
 (In millions)
Balance at April 1, 2020$188 $131 $51 $174 $192 $329 $1,065 
Foreign currency translation adjustments1   39 4  44 
Balance at December 31, 2020$189 $131 $51 $213 $196 $329 $1,109 

The components of acquired intangible assets are as follows:
 As of December 31, 2020As of March 31, 2020
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
 (In millions)
Intangible assets:      
Customer-related intangibles$280 $(149)$131 $275 $(128)$147 
Licenses and other intangibles258 (156)102 245 (130)115 
Total$538 $(305)$233 $520 $(258)$262 

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)
2021 (1)$16 
202255 
202347 
202445 
202540 
Thereafter30 
Total amortization expense$233 
____________________________________________________________
(1)Represents estimated amortization for the remaining fiscal three-month period ending March 31, 2021. 
Other Current Liabilities
Other current liabilities include customer working capital advances of $371.3 million and $264.2 million, customer-related accruals of $242.7 million and $195.1 million, and current operating lease liabilities of $125.2 million and $114.1 million as of December 31, 2020 and March 31, 2020, respectively. The customer working capital advances are not interest-bearing, do not have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production.

3.  REVENUE 
Revenue Recognition
The Company provides a comprehensive suite of services for its customers that range from advanced product design to manufacturing and logistics to after-sales services. The first step in its process for revenue recognition is to identify a contract with a customer. A contract is defined as an agreement between two parties that creates enforceable rights and obligations and can be written, verbal, or implied. The Company generally enters into master supply agreements (“MSA”) with its customers
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that provide the framework under which business will be conducted. This includes matters such as warranty, indemnification, transfer of title and risk of loss, liability for excess and obsolete inventory, pricing formulas, payment terms, etc., and the level of business under those agreements may not be guaranteed. In those instances, the Company bids on a program-by-program basis and typically receives customer purchase orders for specific quantities and timing of products. As a result, the Company considers its contract with a customer to be the combination of the MSA and the purchase order, or any other similar documents such as a statement of work, product addendum, emails or other communications that embody the commitment by the customer.
In determining the appropriate amount of revenue to recognize, the Company applies the following steps: (i) identifies the contracts with the customers; (ii) identifies performance obligations in the contracts; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations per the contracts; and (v) recognizes revenue when (or as) the Company satisfies a performance obligation. Further, the Company assesses whether control of the product or services promised under the contract is transferred to the customer at a point in time (PIT) or over time (OT). The Company is first required to evaluate whether its contracts meet the criteria for OT recognition. The Company has determined that for a portion of its contracts the Company is manufacturing products for which there is no alternative use (due to the unique nature of the customer-specific product and IP restrictions) and the Company has an enforceable right to payment including a reasonable profit for work-in-progress inventory with respect to these contracts. As a result, revenue is recognized under these contracts OT based on the cost-to-cost method as it best depicts the transfer of control to the customer measured based on the ratio of costs incurred to date as compared to the total estimated costs at completion of the performance obligation. For all other contracts that do not meet these criteria, the Company recognizes revenue when it has transferred control of the related manufactured products which generally occurs upon delivery and passage of title to the customer.
Customer Contracts and Related Obligations
Certain of the Company’s customer agreements include potential price adjustments which may result in variable consideration. These price adjustments include, but are not limited to, sharing of cost savings, committed price reductions, material margins earned over the period that are contractually required to be paid to the customers, rebates, refunds tied to performance metrics such as on-time delivery, and other periodic pricing resets that may be refundable to customers. The Company estimates the variable consideration related to these price adjustments as part of the total transaction price and recognizes revenue in accordance with the pattern applicable to the performance obligation, subject to a constraint. The Company constrains the amount of revenues recognized for these contractual provisions based on its best estimate of the amount which will not result in a significant reversal of revenue in a future period. The Company determines the amounts to be recognized based on the amount of potential refunds required by the contract, historical experience and other surrounding facts and circumstances. Often these obligations are settled with the customer in a period after shipment through various methods which include reduction of prices for future purchases, issuance of a payment to the customer, or issuance of a credit note applied against the customer’s accounts receivable balance. In many instances, the agreement is silent on the settlement mechanism. Any difference between the amount accrued upon shipment for potential refunds and the actual amount agreed to with the customer is recorded as an increase or decrease in revenue. These potential price adjustments are included as part of other current liabilities on the consolidated balance sheet and disclosed as part of customer-related accruals in note 2.
Performance Obligations
The Company derives its revenues primarily from manufacturing services, and to a lesser extent, from innovative design, engineering, and supply chain services and solutions.
A performance obligation is an implicitly or explicitly promised good or service that is material in the context of the contract and is both capable of being distinct (customer can benefit from the good or service on its own or together with other readily available resources) and distinct within the context of the contract (separately identifiable from other promises). The Company considers all activities typically included in its contracts, and identifies those activities representing a promise to transfer goods or services to a customer. These include, but are not limited to, design and engineering services, prototype products, tooling, etc. Each promised good or service with regards to these identified activities is accounted for as a separate performance obligation only if it is distinct - i.e., the customer can benefit from it on its own or together with other resources that are readily available to the customer. Certain activities on the other hand are determined not to constitute a promise to transfer goods or service, and therefore do not represent separate performance obligations for revenue recognition (e.g., procurement of materials and standard workmanship warranty).
A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of the Company's contracts have a single performance obligation as the promise to transfer the individual good or service is not separately identifiable from other promises in the contract and is, therefore, not distinct. Promised goods or services that are immaterial in the context of the contract are not separately assessed as performance obligations. In the event that more than one performance obligation is identified in a contract, the Company is required to allocate the transaction price between the performance obligations. The allocation would generally be performed on
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the basis of a relative standalone price for each distinct good or service. This standalone price most often represents the price that the Company would sell similar goods or services separately.
Contract Balances
A contract asset is recognized when the Company has recognized revenue, but not issued an invoice for payment. Contract assets are classified separately on the condensed consolidated balance sheets and transferred to receivables when rights to payment become unconditional.
A contract liability is recognized when the Company receives payments in advance of the satisfaction of performance and is included in other current liabilities on the condensed consolidated balance sheets. Contract liabilities, identified as deferred revenue, were $483.4 million and $361.5 million as of December 31, 2020 and March 31, 2020, respectively.
Disaggregation of Revenue
The following table presents the Company’s revenue disaggregated based on timing of transfer - point in time and over time - for the three and nine-month periods ended December 31, 2020 and December 31, 2019, respectively.

Three-Month Periods EndedNine-Month Periods Ended
December 31, 2020December 31, 2019December 31, 2020December 31, 2019
Timing of Transfer(In millions)
FAS
Point in time$3,544 $3,104 $8,813 $9,060 
Over time290 527 1,250 2,062 
Total 3,834 3,631 10,063 11,122 
FRS
Point in time2,189 2,050 5,292 5,101