SHARE-BASED COMPENSATION (Tables)
|
12 Months Ended |
Mar. 31, 2019 |
|---|
| Share-based Compensation, Allocation and Classification in Financial Statements [Abstract] |
|
| Schedule of share-based compensation expense |
The following table summarizes the Company's share-based compensation expense for all Equity Incentive Plans: | | | | | | | | | | | | | | Fiscal Year Ended March 31, | | 2019 | | 2018 | | 2017 | | (In thousands) | Cost of sales | $ | 19,554 |
| | $ | 19,102 |
| | $ | 10,023 |
| Selling, general and administrative expenses | 56,478 |
| | 66,142 |
| | 72,243 |
| Total share-based compensation expense | $ | 76,032 |
| | $ | 85,244 |
| | $ | 82,266 |
|
|
| Schedule of weighted-average assumptions |
The fair value of the Company's restricted share unit awards under the 2017 Plan, whereby vesting is contingent on meeting certain market conditions, for fiscal years 2019, 2018, and 2017 was estimated using the following weighted-average assumptions: | | | | | | | | | | | Fiscal Year Ended March 31, | | 2019 | | 2018 | | 2017 | Expected volatility | 27.4 | % | | 25.1 | % | | 25.8 | % | Average peer volatility | 25.6 | % | | 28.7 | % | | 25.1 | % | Average peer correlation | 0.5 |
| | 0.6 |
| | 0.6 |
| Expected dividends | 0.0 | % | | 0.0 | % | | 0.0 | % | Risk-free interest rate | 2.7 | % | | 1.5 | % | | 0.9 | % |
|
| Summary of option activity |
The following is a summary of option activity for all plans ("Price" reflects the weighted-average exercise price): | | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended March 31, | | 2019 | | 2018 | | 2017 | | Options | | Price | | Options | | Price | | Options | | Price | Outstanding, beginning of fiscal year | 1,189,550 |
| | $ | 3.28 |
| | 1,937,400 |
| | $ | 3.75 |
| | 5,111,490 |
| | $ | 5.70 |
| Granted | — |
| | — |
| | 288,386 |
| | 0.54 |
| | 159,057 |
| | 0.51 |
| Exercised | (244,393 | ) | | 1.00 |
| | (667,184 | ) | | 4.15 |
| | (2,283,201 | ) | | 5.44 |
| Forfeited | (71,927 | ) | | 3.37 |
| | (369,052 | ) | | 5.75 |
| | (1,049,946 | ) | | 9.47 |
| Outstanding, end of fiscal year | 873,230 |
| | $ | 3.93 |
| | 1,189,550 |
| | $ | 3.28 |
| | 1,937,400 |
| | $ | 3.75 |
| Options exercisable, end of fiscal year | 546,339 |
| | $ | 5.34 |
| | 373,950 |
| | $ | 4.99 |
| | 507,965 |
| | $ | 6.08 |
|
|
| Schedule of share bonus award activity |
The following table summarizes the Company's restricted share unit award activity under all plans ("Price" reflects the weighted-average grant-date fair value): | | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended March 31, | | 2019 | | 2018 | | 2017 | | Shares | | Price | | Shares | | Price | | Shares | | Price | Unvested restricted share unit awards outstanding, beginning of fiscal year | 14,619,692 |
|
| $ | 14.39 |
|
| 17,242,019 |
|
| $ | 12.24 |
|
| 19,309,172 |
| | $ | 10.71 |
| Granted (1) | 8,257,502 |
|
| 12.59 |
|
| 6,680,739 |
|
| 16.97 |
|
| 8,261,666 |
| | 13.46 |
| Vested (1) | (5,952,039 | ) |
| 13.12 |
|
| (6,945,393 | ) |
| 11.86 |
|
| (9,311,984 | ) | | 9.50 |
| Forfeited | (2,021,269 | ) |
| 14.51 |
|
| (2,357,673 | ) |
| 12.20 |
|
| (1,016,835 | ) | | 11.15 |
| Unvested restricted share unit awards outstanding, end of fiscal year | 14,903,886 |
|
| $ | 13.76 |
|
| 14,619,692 |
|
| $ | 14.39 |
|
| 17,242,019 |
| | $ | 12.24 |
|
| | (1) | Included in the fiscal years 2018 and 2017 amounts are 0.7 million and 1.7 million of restricted share unit awards, respectively, representing the number of awards achieved above target levels based on the achievement of certain market conditions, as further described in the table below. These awards were issued and immediately vested in accordance with the terms and conditions of the underlying awards. |
|
| Schedule of share bonus awards with market conditions |
Of the 14.9 million unvested restricted share unit awards outstanding under all plans as of the fiscal year ended March 31, 2019, approximately 2.5 million unvested restricted share unit awards represent the target amount of grants made to certain key employees whereby vesting is contingent on meeting certain market conditions summarized as follows: | | | | | | | | | | | | | | | | | | | Targeted
number of
awards as of
March 31, 2019
(in shares) | | | | Range of shares
that may be issued (1) | | | | | Average
grant date
fair value
(per share) | | | | | | Assessment dates | Year of grant | | | Minimum | | Maximum | | Fiscal 2019 | | 1,316,279 |
| | $ | 14.00 |
| | — |
| | 2,632,558 |
| | June 2021 | Fiscal 2018 | | 586,077 |
| | $ | 20.25 |
| | — |
| | 1,172,154 |
| | June 2020 | Fiscal 2017 | | 619,574 |
| | $ | 17.57 |
| | — |
| | 1,239,148 |
| | June 2019 | Totals | | 2,521,930 |
| | |
| | — |
| | 5,043,860 |
| | |
| | (1) | Vesting ranges from zero to 200% based on measurement of Flex's total shareholder return against the Standard and Poor's ("S&P") 500 Composite Index. |
|