Other Financial Statement Details

6 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in millions):


	September 30,		March 31,
	2020		2020
Trade accounts receivable	$	897.4	$	924.1
Other	10.5		14.8
Total accounts receivable, gross	907.9		938.9
Less allowance for expected credit losses	4.2		4.9
Total accounts receivable, net	$	903.7	$	934.0

Inventories

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


	September 30,		March 31,
	2020		2020
Raw materials	$	104.9	$	92.3
Work in process	403.7		441.7
Finished goods	152.8		151.7
Total inventories	$	661.4	$	685.7

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):


	September 30,		March 31,
	2020		2020
Land	$	83.4	$	83.4
Building and building improvements	661.4		659.5
Machinery and equipment	2,169.5		2,123.1
Projects in process	80.3		100.1
Total property, plant and equipment, gross	2,994.6		2,966.1
Less accumulated depreciation and amortization	2,172.5		2,090.0
Total property, plant and equipment, net	$	822.1	$	876.1

Depreciation expense attributed to property, plant and equipment was $39.0 million and $80.1 million for the three and six months ended September 30, 2020, respectively, compared to $39.5 million and $85.7 million for the three and six months ended September 30, 2019 respectively.

Accrued Liabilities

Accrued liabilities consists of the following (in millions):


	September 30,		March 31,
	2020		2020
Accrued compensation and benefits	$	159.7	$	137.5
Income taxes payable	16.1		38.0
Sales related reserves	343.2		353.0
Current portion of lease liabilities	40.2		44.5
Accrued expenses and other liabilities	203.0		208.8
Total accrued liabilities	$	762.2	$	781.8