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SHARE-BASED COMPENSATION (Tables)
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12 Months Ended |
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Mar. 31, 2015
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| Share-based compensation |
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| Schedule of share-based compensation expense |
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Fiscal Year Ended March 31,
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2015
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2014
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2013
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(In thousands)
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|
Cost of sales
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$
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7,503
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|
$
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6,540
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$
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5,163
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Selling, general and administrative expenses
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42,767
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33,899
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29,366
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Total share-based compensation expense
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$
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50,270
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$
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40,439
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$
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34,529
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| Summary of option activity |
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Fiscal Year Ended March 31,
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2015
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2014
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|
2013
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Options
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Price
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Options
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Price
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Options
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Price
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Outstanding, beginning of fiscal year
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|
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23,612,872
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$
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8.57
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34,405,564
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$
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8.29
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43,933,660
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$
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7.78
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Granted
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15,000
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11.11
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—
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—
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19,000
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|
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6.57
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Exercised
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(3,600,900
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)
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6.53
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(6,572,383
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)
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4.28
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(5,398,331
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)
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4.12
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Forfeited
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(4,034,078
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)
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13.17
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(4,220,309
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)
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12.93
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(4,148,765
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)
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8.32
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Outstanding, end of fiscal year
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15,992,894
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$
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7.81
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23,612,872
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$
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8.57
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34,405,564
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$
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8.29
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Options exercisable, end of fiscal year
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15,959,173
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$
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7.81
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23,373,101
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$
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8.58
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33,662,480
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$
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8.31
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| Schedule of composition of options outstanding and exercisable |
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Options Outstanding
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Options Exercisable
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Range of Exercise Prices
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Number of
Shares
Outstanding
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Weighted
Average
Remaining
Contractual
Life
(In Years)
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Weighted
Average
Exercise
Price
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Number of
Shares
Exercisable
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Weighted
Average
Exercise
Price
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$1.94 - $2.26
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4,665,815
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0.79
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$
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2.12
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4,665,815
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$
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2.12
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$3.39 - $5.75
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2,236,960
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1.36
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5.56
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2,233,938
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5.56
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$5.87 - $7.07
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79,118
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2.03
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6.42
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68,217
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6.43
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$7.08 - $10.59
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4,357,646
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0.42
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10.34
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4,349,848
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10.35
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$10.67 - $11.41
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831,555
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1.19
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11.22
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819,555
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11.22
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$11.53 - $13.98
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3,786,800
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0.22
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12.45
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3,786,800
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12.45
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$14.34 - $23.02
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35,000
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1.42
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15.95
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35,000
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15.95
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$1.94 - $23.02
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15,992,894
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0.66
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$
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7.81
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15,959,173
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$
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7.81
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Options vested and expected to vest
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15,989,753
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0.66
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$
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7.81
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| Schedule of share bonus award activity |
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Fiscal Year Ended March 31,
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2015
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|
2014
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|
2013
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Shares
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Price
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Shares
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Price
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Shares
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Price
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Unvested share bonus awards outstanding, beginning of fiscal year
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21,848,120
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$
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7.32
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21,807,069
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$
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6.80
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15,965,268
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$
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6.91
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Granted
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6,963,125
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11.75
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8,978,941
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8.07
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9,582,867
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6.74
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Vested
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(7,246,056
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)
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6.97
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(5,481,153
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)
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6.66
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(1,506,234
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)
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7.51
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Forfeited
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(2,571,937
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)
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7.70
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(3,456,737
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)
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7.07
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(2,234,832
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)
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6.86
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Unvested share bonus awards outstanding, end of fiscal year
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18,993,252
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$
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9.01
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21,848,120
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$
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7.32
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21,807,069
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$
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6.80
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| Schedule of share bonus awards with market conditions |
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Targeted
number of
awards as of
March 31, 2015
(in shares)
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Range of shares
that may be issued
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Average
grant date
fair value
(per share)
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Assessment dates
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Year of grant
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Market condition
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Minimum
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Maximum
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Fiscal 2015
|
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|
962,083
|
|
$
|
14.77
|
|
Vesting ranges from zero to 200% based on measurement of Flextronics' total shareholder return against both the Standard and Poor's ("S&P") 500 Composite Index and an Extended Electronics Manufacturing Services ("EMS") Group Index.
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|
—
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1,924,166
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May 2017
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Fiscal 2014
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|
1,932,000
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$
|
9.36
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Vesting ranges from zero to 200% based on measurement of Flextronics' total shareholder return against both the Standard and Poor's ("S&P") 500 Composite Index and an Extended Electronics Manufacturing Services ("EMS") Group Index.
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—
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3,864,000
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May 2016
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Fiscal 2013
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|
1,591,000
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$
|
7.60
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Vesting ranges from zero to 200% based on measurement of Flextronics' total shareholder return against the S&P 500 Composite Index.
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—
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3,182,000
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May 2015
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Fiscal 2012
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|
380,000
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$
|
7.83
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Vesting ranges from zero to 150% based on measurement of Flextronics' total shareholder return against the S&P 500 Composite Index.
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—
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570,000
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June 2015 (50%)
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Totals
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4,865,083
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9,540,166
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| Options |
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| Share-based compensation |
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| Schedule of weighted-average assumptions |
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|
Fiscal Year Ended
March 31,
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|
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2015
|
|
2013
|
|
Expected term
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6.3 years
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|
4.1 years
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Expected volatility
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46.9%
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46.9%
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Expected dividends
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0.0%
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0.0%
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Risk-free interest rate
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2.3%
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0.9%
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Weighted-average fair value
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$4.85
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$2.48
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| Share Bonus Awards with Market Conditions |
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| Share-based compensation |
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| Schedule of weighted-average assumptions |
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Fiscal Year Ended
March 31,
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2015
|
|
2014
|
|
2013
|
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Expected volatility
|
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|
29.4
|
%
|
|
35.9
|
%
|
|
41.7
|
%
|
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Average peer volatility
|
|
|
25.9
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%
|
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35.7
|
%
|
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19.2
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%
|
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Average peer correlation
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0.6
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0.4
|
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0.7
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Expected dividends
|
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|
0.0
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%
|
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0.0
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%
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0.0
|
%
|
|
Risk-free interest rate
|
|
|
0.9
|
%
|
|
0.4
|
%
|
|
0.4
|
%
|
|