Other Financial Statement Details

12 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in millions):


	March 31,
	2021		2020
Trade accounts receivable	$	991.6	$	924.1
Other	11.3		14.8
Total accounts receivable, gross	1,002.9		938.9
Less: allowance for expected credit losses	5.2		4.9
Total accounts receivable, net	$	997.7	$	934.0

Inventories

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


	March 31,
	2021		2020
Raw materials	$	115.7	$	92.3
Work in process	412.8		441.7
Finished goods	136.5		151.7
Total inventories	$	665.0	$	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):


	March 31,
	2021		2020
Land	$	83.2	$	83.4
Building and building improvements	659.7		659.5
Machinery and equipment	2,251.1		2,123.1
Projects in process	102.7		100.1
Total property, plant and equipment, gross	3,096.7		2,966.1
Less: accumulated depreciation and amortization	2,242.0		2,090.0
Total property, plant and equipment, net	$	854.7	$	876.1

Depreciation expense attributed to property, plant and equipment was $160.6 million, $168.9 million and $180.6 million for the fiscal years ended March 31, 2021, 2020 and 2019, respectively.

As discussed in Note 1, the Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amount of such assets may not be recoverable. For the three years ended March 31, 2021, the Company’s evaluation of its property, plant and equipment did not result in any material impairments.

Accrued Liabilities

Accrued liabilities consists of the following (in millions):


	March 31,
	2021		2020
Accrued compensation and benefits	$	166.7	$	137.5
Income taxes payable	43.4		38.0
Sales related reserves	350.7		353.0
Current portion of lease liabilities	39.8		44.5
Accrued expenses and other liabilities	193.7		208.8
Total accrued liabilities	$	794.3	$	781.8