Other Financial Statement Details

6 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in millions):


	September 30,		March 31,
	2021		2021
Trade accounts receivable	$	979.3	$	991.6
Other	11.9		11.3
Total accounts receivable, gross	991.2		1,002.9
Less: allowance for expected credit losses	5.6		5.2
Total accounts receivable, net	$	985.6	$	997.7

Inventories

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


	September 30,		March 31,
	2021		2021
Raw materials	$	138.1	$	115.7
Work in process	421.7		412.8
Finished goods	153.8		136.5
Total inventories	$	713.6	$	665.0

Property, Plant and Equipment

Property, plant and equipment consists of the following (in millions):


	September 30,		March 31,
	2021		2021
Land	$	82.5	$	83.2
Building and building improvements	659.4		659.7
Machinery and equipment	2,404.7		2,251.1
Projects in process	100.7		102.7
Total property, plant and equipment, gross	3,247.3		3,096.7
Less: accumulated depreciation and amortization	2,323.6		2,242.0
Total property, plant and equipment, net	$	923.7	$	854.7

Depreciation expense attributed to property, plant and equipment was $43.7 million and $84.9 million for the three and six months ended September 30, 2021, respectively, compared to $39.0 million and $80.1 million for the three and six months ended September 30, 2020, respectively.

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 and six months ended September 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):


	September 30,		March 31,
	2021		2021
Accrued compensation and benefits	$	205.3	$	166.7
Income taxes payable	47.2		43.4
Sales related reserves	295.6		350.7
Current portion of lease liabilities	34.8		39.8
Accrued expenses and other liabilities	236.3		193.7
Total accrued liabilities	$	819.2	$	794.3