Other Financial Statement Details

3 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in millions):


	June 30,		March 31,
	2021		2021
Trade accounts receivable	$	994.1	$	991.6
Other	11.6		11.3
Total accounts receivable, gross	1,005.7		1,002.9
Less: allowance for expected credit losses	5.0		5.2
Total accounts receivable, net	$	1,000.7	$	997.7

Inventories

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


	June 30,		March 31,
	2021		2021
Raw materials	$	129.1	$	115.7
Work in process	410.3		412.8
Finished goods	144.4		136.5
Total inventories	$	683.8	$	665.0

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,		March 31,
	2021		2021
Land	$	83.2	$	83.2
Building and building improvements	661.6		659.7
Machinery and equipment	2,313.7		2,251.1
Projects in process	123.0		102.7
Total property, plant and equipment, gross	3,181.5		3,096.7
Less: accumulated depreciation and amortization	2,289.3		2,242.0
Total property, plant and equipment, net	$	892.2	$	854.7

Depreciation expense attributed to property, plant and equipment was $41.2 million for the three months ended June 30, 2021 compared to $41.1 million for the three months ended June 30, 2020.

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 each of the three months ended June 30, 2021 and 2020, 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):


	June 30,		March 31,
	2021		2021
Accrued compensation and benefits	$	177.6	$	166.7
Income taxes payable	50.9		43.4
Sales related reserves	321.6		350.7
Current portion of lease liabilities	38.0		39.8
Accrued expenses and other liabilities	216.6		193.7
Total accrued liabilities	$	804.7	$	794.3