Other Financial Statement Details

9 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in millions):


	December 31,		March 31,
	2023		2023
Trade accounts receivable	$	1,392.6	$	1,300.4
Other	13.5		13.5
Total accounts receivable, gross	1,406.1		1,313.9
Less: allowance for expected credit losses	8.0		8.6
Total accounts receivable, net	$	1,398.1	$	1,305.3

The Company sells certain of its trade accounts receivable on a non-recourse basis to a third-party financial institution pursuant to a factoring arrangement. The Company accounts for these transactions as sales of receivables and presents cash proceeds as cash provided by operating activities in the consolidated statements of cash flows. The Company did not sell its trade accounts receivable in the three months ended December 31, 2023. Total trade accounts receivable sold under the

factoring arrangement in the nine months ended December 31, 2023 were $64.9 million, compared to $208.9 million and $563.8 million for the three and nine months ended December 31, 2022, respectively.

Inventories

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


	December 31,		March 31,
	2023		2023
Raw materials	$	188.6	$	192.6
Work in process	799.6		809.8
Finished goods	322.9		322.5
Total inventories	$	1,311.1	$	1,324.9

Property, Plant and Equipment

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


	December 31,		March 31,
	2023		2023
Land	$	89.3	$	89.3
Building and building improvements	760.6		716.4
Machinery and equipment	2,760.4		2,669.1
Projects in process	377.3		354.3
Total property, plant and equipment, gross	3,987.6		3,829.1
Less: accumulated depreciation and amortization	2,779.3		2,651.2
Total property, plant and equipment, net	$	1,208.3	$	1,177.9

Depreciation expense attributed to property, plant and equipment was $47.1 million and $144.6 million for the three and nine months ended December 31, 2023, respectively, compared to $55.3 million and $190.6 million for the three and nine months ended December 31, 2022, respectively. Depreciation expense in the three and nine months ended December 31, 2022 included the impact of higher 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, 2023 and 2022, 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,
	2023		2023
Accrued compensation and benefits	$	161.1	$	193.5
Income taxes payable	65.1		106.2
Deferred revenue	203.2		121.4
Sales related reserves	677.3		536.1
Current portion of lease liabilities	32.2		31.5
Accrued expenses and other liabilities	250.0		334.8
Total accrued liabilities	$	1,388.9	$	1,323.5