2014 Q4 Form 10-Q Financial Statement

#000110465914075227 Filed on October 30, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q1
Revenue $7.025B $6.529B $6.724B
YoY Change -2.2% 1.85% 26.98%
Cost Of Revenue $6.616B $6.151B $6.303B
YoY Change -2.48% 1.82% 26.51%
Gross Profit $408.7M $377.1M $362.1M
YoY Change 2.53% 2.35% 85.09%
Gross Profit Margin 5.82% 5.78% 5.39%
Selling, General & Admin $216.0M $204.6M $208.1M
YoY Change -3.82% -6.37% -3.43%
% of Gross Profit 52.85% 54.26% 57.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $144.0M $138.8M $119.5M
YoY Change 22.45% 28.16% -12.26%
% of Gross Profit 35.23% 36.81% 33.0%
Operating Expenses $229.1M $204.6M $275.2M
YoY Change 2.01% -6.37% 73.41%
Operating Profit $179.6M $172.5M $86.94M
YoY Change 3.19% 15.05% 135.26%
Interest Expense -$6.700M $19.00M $151.1M
YoY Change -133.67% -6.4% -1449.11%
% of Operating Profit -3.73% 11.02% 173.79%
Other Income/Expense, Net -$2.300M -$12.51M -$162.9M
YoY Change -84.4% -14.35% 163.59%
Pretax Income $170.5M $154.3M $58.60M
YoY Change 10.91% 20.01% -235.65%
Income Tax $17.60M $15.43M $15.60M
% Of Pretax Income 10.32% 10.0% 26.62%
Net Earnings $152.9M $138.9M $42.98M
YoY Change 5.33% 17.51% -187.14%
Net Earnings / Revenue 2.18% 2.13% 0.64%
Basic Earnings Per Share $0.24 $0.07
Diluted Earnings Per Share $260.4K $0.23 $0.07
COMMON SHARES
Basic Shares Outstanding 579.0M shares 585.8M shares 602.4M shares
Diluted Shares Outstanding 595.9M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.707B $1.514B $1.594B
YoY Change 5.57% 34.34% 0.44%
Cash & Equivalents $1.707B $1.514B $1.594B
Short-Term Investments
Other Short-Term Assets $1.417B $1.211B $1.510B
YoY Change -8.73% -21.54% 11.84%
Inventory $3.560B $3.627B $3.599B
Prepaid Expenses
Receivables $2.450B $2.527B $2.698B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.133B $8.879B $9.400B
YoY Change -5.78% -0.71% 20.96%
LONG-TERM ASSETS
Property, Plant & Equipment $2.115B $2.194B $2.289B
YoY Change -11.16% -7.72% 5.25%
Goodwill $321.1M $292.8M
YoY Change 18.5% 11.74%
Intangibles
YoY Change
Long-Term Investments $77.40M
YoY Change 188.81%
Other Assets $425.0M $433.6M $434.0M
YoY Change 17.54% 27.9% 43.69%
Total Long-Term Assets $2.957B $3.041B $3.100B
YoY Change -5.35% -0.68% 9.92%
TOTAL ASSETS
Total Short-Term Assets $9.133B $8.879B $9.400B
Total Long-Term Assets $2.957B $3.041B $3.100B
Total Assets $12.09B $11.92B $12.50B
YoY Change -5.67% -0.7% 18.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.851B $4.694B $4.748B
YoY Change -2.37% -8.19% 28.13%
Accrued Expenses $346.0M $381.0M $355.0M
YoY Change -10.36% -6.62% 0.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $45.00M $45.58M $32.58M
YoY Change -18.11% 4.96% -92.18%
Total Short-Term Liabilities $7.209B $7.056B $7.657B
YoY Change -10.61% -4.35% 24.04%
LONG-TERM LIABILITIES
Long-Term Debt $2.046B $2.063B $2.070B
YoY Change 2.26% 2.44% 25.38%
Other Long-Term Liabilities $447.0M $457.8M $571.8M
YoY Change -10.11% -7.51% 9.74%
Total Long-Term Liabilities $2.493B $2.521B $2.642B
YoY Change -0.2% 0.48% 21.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.209B $7.056B $7.657B
Total Long-Term Liabilities $2.493B $2.521B $2.642B
Total Liabilities $9.739B $9.577B $10.30B
YoY Change -7.8% -3.13% 23.41%
SHAREHOLDERS EQUITY
Retained Earnings -$4.624B -$4.937B
YoY Change -9.77% -6.89%
Common Stock $7.445B $7.615B
YoY Change -3.81% -5.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $388.2M $388.2M
YoY Change 0.0% 0.0%
Treasury Stock Shares 50.24M shares 50.24M shares
Shareholders Equity $2.351B $2.305B $2.163B
YoY Change
Total Liabilities & Shareholders Equity $12.09B $11.92B $12.50B
YoY Change -5.67% -0.7% 18.02%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q1
OPERATING ACTIVITIES
Net Income $152.9M $138.9M $42.98M
YoY Change 5.33% 17.51% -187.14%
Depreciation, Depletion And Amortization $144.0M $138.8M $119.5M
YoY Change 22.45% 28.16% -12.26%
Cash From Operating Activities $363.2M $387.4M $98.20M
YoY Change -52.49% 149.61% -10.16%
INVESTING ACTIVITIES
Capital Expenditures -$87.80M -$80.10M -$83.60M
YoY Change -57.09% -54.67% -24.75%
Acquisitions
YoY Change
Other Investing Activities $59.00M -$25.30M $6.300M
YoY Change -591.67% 73.29% -303.23%
Cash From Investing Activities -$28.70M -$105.4M -$77.20M
YoY Change -86.75% -44.93% -32.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -134.6M -119.6M -55.40M
YoY Change 174.69% 9.93% -51.02%
NET CHANGE
Cash From Operating Activities 363.2M 387.4M 98.20M
Cash From Investing Activities -28.70M -105.4M -77.20M
Cash From Financing Activities -134.6M -119.6M -55.40M
Net Change In Cash 199.9M 162.4M -34.40M
YoY Change -59.93% -212.0% -70.85%
FREE CASH FLOW
Cash From Operating Activities $363.2M $387.4M $98.20M
Capital Expenditures -$87.80M -$80.10M -$83.60M
Free Cash Flow $451.0M $467.5M $181.8M
YoY Change -53.46% 40.86% -17.51%

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IncomeTaxExpenseBenefit
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CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
6410106000 USD
CY2013Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
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CY2013Q3 us-gaap Gross Profit
GrossProfit
368423000 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
218500000 USD
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7718000 USD
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
128604000 USD
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10399000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
12201231000 USD
us-gaap Gross Profit
GrossProfit
679458000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
442119000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15920000 USD
flex Other Nonoperating And General Income Expense
OtherNonoperatingAndGeneralIncomeExpense
33285000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
188134000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10672000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
13171262000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
12413396000 USD
us-gaap Gross Profit
GrossProfit
757866000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
413867000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
15183000 USD
flex Other Nonoperating And General Income Expense
OtherNonoperatingAndGeneralIncomeExpense
-15450000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
344266000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-9828000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-29497000 USD
CY2014Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
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CY2013Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
9553000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
8292000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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dei Entity Registrant Name
EntityRegistrantName
FLEXTRONICS INTERNATIONAL LTD.
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
130787000 USD
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
147384000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
306245000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
353758000 USD
flex Purchases Of Property And Equipment Net Of Proceeds
PurchasesOfPropertyAndEquipmentNetOfProceeds
138395000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
32589000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
-5493000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
9486000 USD
CY2014Q2 flex Fiscal Period Duration
FiscalPeriodDuration
P88D
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-17283000 USD
CY2013Q2 flex Fiscal Period Duration
FiscalPeriodDuration
P89D
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-490088000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
11387000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
933447000 USD
CY2013Q3 flex Fiscal Period Duration
FiscalPeriodDuration
P91D
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
9185000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
404801000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
206771000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
324594000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11412000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
19637000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
3382000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
14743000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-189775000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2014Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2014Q3 us-gaap Common Stock Value
CommonStockValue
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CY2014Q3 us-gaap Treasury Stock Value
TreasuryStockValue
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CY2014Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-4624304000 USD
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-12506000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-31143000 USD
CY2014Q3 us-gaap Other General Expense
OtherGeneralExpense
-2584000 USD
us-gaap Other General Expense
OtherGeneralExpense
-46593000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
51814000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-79376000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-460021000 USD
CY2014Q1 us-gaap Common Stock Value
CommonStockValue
7614515000 USD
CY2014Q1 us-gaap Treasury Stock Value
TreasuryStockValue
388215000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-4937094000 USD
CY2014Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-126156000 USD
dei Entity Central Index Key
EntityCentralIndexKey
0000866374
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-09-26
CY2014Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5529000 USD
CY2014Q1 us-gaap Common Stock No Par Value
CommonStockNoParValue
CY2014Q3 us-gaap Common Stock No Par Value
CommonStockNoParValue
CY2014Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
641666347 shares
CY2014Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2014Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2014Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
50239355 shares
CY2014Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
630671476 shares
CY2014Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2014Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
7735000 USD
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2013Q3 us-gaap Other General Expense
OtherGeneralExpense
-1000000 USD
us-gaap Other General Expense
OtherGeneralExpense
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CY2014Q3 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
0 USD
CY2014Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
0 USD
CY2013Q3 us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
0 USD
CY2013Q3 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParent
0 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
227407000 USD
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
51111000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
321449000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
10468000 USD
us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
1000000 USD
flex Payments For Early Retirement Of Long Term Debt
PaymentsForEarlyRetirementOfLongTermDebt
544840000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2013Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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flex Debt Instrument Number Of Tranches
DebtInstrumentNumberOfTranches
2 tranches
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
266873000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
167204000 USD
flex Term Debt Weighted Average Interest Rate
TermDebtWeightedAverageInterestRate
0.032 pure
flex Term Debt Weighted Average Interest Rate
TermDebtWeightedAverageInterestRate
0.033 pure
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
21707000 USD
flex Business Acquisition Contingent Consideration Accrual Additions
BusinessAcquisitionContingentConsiderationAccrualAdditions
4500000 USD
us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
500000000 USD
CY2014Q3 flex Maximum Time To Complete Final Allocation Of Purchase Price
MaximumTimeToCompleteFinalAllocationOfPurchasePrice
P12M
us-gaap Early Repayment Of Senior Debt
EarlyRepaymentOfSeniorDebt
544840000 USD
CY2014Q3 flex Fiscal Period Duration
FiscalPeriodDuration
P91D
flex Purchases Of Property And Equipment Net Of Proceeds
PurchasesOfPropertyAndEquipmentNetOfProceeds
310981000 USD

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