Other Financial Statement Details

9 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in millions):


	December 31,		March 31,
	2020		2020
Trade accounts receivable	$	887.9	$	924.1
Other	11.1		14.8
Total accounts receivable, gross	899.0		938.9
Less allowance for expected credit losses	5.2		4.9
Total accounts receivable, net	$	893.8	$	934.0

Inventories

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


	December 31,		March 31,
	2020		2020
Raw materials	$	112.8	$	92.3
Work in process	413.6		441.7
Finished goods	139.7		151.7
Total inventories	$	666.1	$	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):


	December 31,		March 31,
	2020		2020
Land	$	79.9	$	83.4
Building and building improvements	643.7		659.5
Machinery and equipment	2,190.6		2,123.1
Projects in process	124.2		100.1
Total property, plant and equipment, gross	3,038.4		2,966.1
Less accumulated depreciation and amortization	2,211.0		2,090.0
Total property, plant and equipment, net	$	827.4	$	876.1

Depreciation expense attributed to property, plant and equipment was $40.3 million and $120.4 million for the three and nine months ended December 31, 2020, respectively, compared to $41.4 million and $127.1 million for the three and nine months ended December 31, 2019, respectively.

Accrued Liabilities

Accrued liabilities consists of the following (in millions):


	December 31,		March 31,
	2020		2020
Accrued compensation and benefits	$	166.6	$	137.5
Income taxes payable	12.8		38.0
Sales related reserves	332.2		353.0
Current portion of lease liabilities	40.2		44.5
Accrued expenses and other liabilities	217.4		208.8
Total accrued liabilities	$	769.2	$	781.8