Other Financial Statement Details

3 Months Ended

Jun. 30, 2019

Receivables [Abstract]

Other Financial Statement Details

Other Financial Statement Details

Accounts Receivable

Accounts receivable consists of the following (in millions):

	June 30, 2019		March 31, 2019
Trade accounts receivable	$	932.1	$	875.8
Other	7.7		6.8
Total accounts receivable, gross	939.8		882.6
Less allowance for doubtful accounts	3.0		2.0
Total accounts receivable, net	$	936.8	$	880.6

Inventories

The components of inventories consist of the following (in millions):

	June 30, 2019		March 31, 2019
Raw materials	$	78.7	$	74.5
Work in process	439.7		413.0
Finished goods	214.7		224.2
Total inventories	$	733.1	$	711.7

Inventories are valued at the lower of cost and net realizable value using the first-in, first-out method. Inventory impairment charges establish a new cost basis for inventory and charges are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable.

Property, Plant and Equipment

Property, plant and equipment consists of the following (in millions):

	June 30, 2019		March 31, 2019
Land	$	83.4	$	83.4
Building and building improvements	638.6		647.6
Machinery and equipment	2,108.5		2,095.5
Projects in process	125.5		119.2
Total property, plant and equipment, gross	2,956.0		2,945.7
Less accumulated depreciation and amortization	1,993.0		1,949.0
Total property, plant and equipment, net	$	963.0	$	996.7

Depreciation expense attributed to property, plant and equipment was $46.2 million and $38.0 million for the three months ended June 30, 2019 and 2018, respectively.

Accrued Liabilities

Accrued liabilities consists of the following (in millions):

	June 30, 2019		March 31, 2019
Accrued compensation and benefits	$	132.6	$	133.2
Income taxes payable	28.7		46.9
Sales related reserves	359.0		366.9
Current portion of lease liabilities	38.7		—
Accrued expenses and other liabilities	272.2		240.3
Total accrued liabilities	$	831.2	$	787.3