Other Financial Statement Details

9 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in millions):


	December 31,		March 31,
	2021		2021
Trade accounts receivable	$	922.3	$	991.6
Other	13.8		11.3
Total accounts receivable, gross	936.1		1,002.9
Less: allowance for expected credit losses	6.0		5.2
Total accounts receivable, net	$	930.1	$	997.7

Inventories

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


	December 31,		March 31,
	2021		2021
Raw materials	$	150.5	$	115.7
Work in process	429.9		412.8
Finished goods	187.8		136.5
Total inventories	$	768.2	$	665.0

Property, Plant and Equipment

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


	December 31,		March 31,
	2021		2021
Land	$	82.5	$	83.2
Building and building improvements	666.7		659.7
Machinery and equipment	2,442.8		2,251.1
Projects in process	117.4		102.7
Total property, plant and equipment, gross	3,309.4		3,096.7
Less: accumulated depreciation and amortization	2,379.5		2,242.0
Total property, plant and equipment, net	$	929.9	$	854.7

Depreciation expense attributed to property, plant and equipment was $64.9 million and $149.8 million for the three and nine months ended December 31, 2021, respectively, compared to $40.3 million and $120.4 million for the three and nine months ended December 31, 2020, respectively. The increase in depreciation expense during the three months ended December 31, 2021 includes the impact of current production levels, manufacturing expansion activities and moving and repurposing floor space and equipment.

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 nine months ended December 31, 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):


	December 31,		March 31,
	2021		2021
Accrued compensation and benefits	$	203.7	$	166.7
Income taxes payable	80.1		43.4
Sales related reserves	339.1		350.7
Current portion of lease liabilities	35.0		39.8
Accrued expenses and other liabilities	259.5		193.7
Total accrued liabilities	$	917.4	$	794.3