Other Financial Statement Details

12 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in millions):



	March 31,
	2020		2019
Trade accounts receivable	$	924.1	$	875.8
Other	14.8		6.8
Total accounts receivable, gross	938.9		882.6
Less allowance for doubtful accounts	4.9		2.0
Total accounts receivable, net	$	934.0	$	880.6

Inventories

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



	March 31,
	2020		2019
Raw materials	$	92.3	$	74.5
Work in process	441.7		413.0
Finished goods	151.7		224.2
Total inventories	$	685.7	$	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):



	March 31,
	2020		2019
Land	$	83.4	$	83.4
Building and building improvements	659.5		647.6
Machinery and equipment	2,123.1		2,095.5
Projects in process	100.1		119.2
Total property, plant and equipment, gross	2,966.1		2,945.7
Less accumulated depreciation and amortization	2,090.0		1,949.0
Total property, plant and equipment, net	$	876.1	$	996.7

Depreciation expense attributed to property, plant and equipment was $168.9 million, $180.6 million and $123.7 million for the fiscal years ending March 31, 2020, 2019 and 2018, respectively.

Accrued Liabilities

Accrued liabilities consists of the following (in millions):



	March 31,
	2020		2019
Accrued compensation and benefits	$	137.5	$	133.2
Income taxes payable	38.0		46.9
Sales related reserves	353.0		366.9
Current portion of lease liabilities	44.5		—
Accrued expenses and other liabilities	208.8		240.3
Total accrued liabilities	$	781.8	$	787.3