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Other Financial Statement Details
 12 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Financial Statement Details Other Financial Statement Details
Accounts Receivable
 
Accounts receivable consists of the following (in millions):
 March 31,
20242023
Trade accounts receivable$1,141.7 $1,300.4 
Other10.1 13.5 
Total accounts receivable, gross1,151.8 1,313.9 
Less: allowance for expected credit losses8.1 8.6 
Total accounts receivable, net$1,143.7 $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. Total trade accounts receivable sold under the factoring arrangement were $64.9 million and $775.0 million during fiscal 2024 and fiscal 2023, respectively. The Company paused this program in the second quarter of fiscal 2024. Factoring fees for the sales of receivables were recorded in other (loss) income, net and were not material for any of the periods presented.

Inventories

The components of inventories consist of the following (in millions):
 March 31,
20242023
Raw materials$184.0 $192.6 
Work in process797.5 809.8 
Finished goods334.5 322.5 
Total inventories$1,316.0 $1,324.9 
Property, Plant and Equipment

Property, plant and equipment consists of the following (in millions):
 March 31,
20242023
Land$89.3 $89.3 
Building and building improvements796.3 716.4 
Machinery and equipment2,778.1 2,669.1 
Projects in process349.6 354.3 
Total property, plant and equipment, gross4,013.3 3,829.1 
Less: accumulated depreciation and amortization2,818.7 2,651.2 
Total property, plant and equipment, net$1,194.6 $1,177.9 
 
Depreciation expense attributed to property, plant and equipment was $190.4 million, $244.7 million and $209.1 million for the fiscal years ended March 31, 2024, 2023 and 2022, respectively. The changes in depreciation expense in the fiscal years ended March 31, 2024, and 2023, includes the impact of higher production levels, manufacturing expansion activities and moving and repurposing floor space and equipment. As of March 31, 2024, the Company recorded $126.5 million of capital-related grants for qualifying capital expenditures as a reduction to property, plant and equipment, compared to $81.0 million as of March 31, 2023.

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, 2024, 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,
20242023
Accrued compensation and benefits$117.8 $193.5 
Income taxes payable90.8 106.2 
Deferred revenue261.8 121.4 
Sales related reserves580.6 536.1 
Current portion of lease liabilities32.6 31.5 
Accrued expenses and other liabilities223.4 334.8 
Total accrued liabilities$1,307.0 $1,323.5