BALANCE SHEET ITEMS

9 Months Ended

Dec. 31, 2019

Balance Sheet Related Disclosures [Abstract]

Inventories

The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows:



	As of December 31, 2019		As of March 31, 2019
	(In thousands)
Raw materials	$	2,723,041	$	2,922,101
Work-in-progress	382,881		366,135
Finished goods	578,251		434,618
	$	3,684,173	$	3,722,854

Goodwill and Other Intangible Assets

The following table summarizes the activity in the Company’s goodwill account for each of its four reporting units (which align to the Company's reportable segments) during the nine-month period ended December 31, 2019:



	HRS			IEI			CEC		CTG		Total
	(In thousands)
Balance, beginning of the year	$	507,209		$	333,257		$	129,325	$	103,264	$	1,073,055
Divestitures	(1,102		)	(137		)	—		—		(1,239		)
Foreign currency translation adjustments	(2,004		)	—			—		—		(2,004		)
Balance, end of the period	$	504,103		$	333,120		$	129,325	$	103,264	$	1,069,812

The components of acquired intangible assets are as follows:



	As of December 31, 2019							As of March 31, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Intangible assets:
Customer-related intangibles	$	277,422	$	(120,812	)	$	156,610	$	297,306	$	(113,627	)	$	183,679
Licenses and other intangibles	247,097		(123,779		)	123,318		274,604		(127,288		)	147,316
Total	$	524,519	$	(244,591	)	$	279,928	$	571,910	$	(240,915	)	$	330,995

Goodwill is tested for impairment on an annual basis and whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying value. Recoverability of goodwill is measured at the reporting unit level by comparing the reporting unit's carrying value, including goodwill, to the fair value of the reporting unit, which typically is measured based upon, among other factors, market multiples for comparable companies as well as a discounted cash flow analysis. As previously disclosed, at the date of its most recent annual impairment test the fair value of the CTG reporting unit exceeded its carrying value by 22%. The Company has assessed whether an interim impairment test should be performed on the CTG reporting unit in light of recent CTG’s financial performance. Management has concluded that it is more likely than not that CTG’s fair value exceeds its carrying value as of December 31, 2019, thus a full interim impairment test was not completed. The Company shall perform its next annual impairment test on January 1, 2020. As the Company continues to refine its long-term strategy for the CTG reporting unit, it is reasonably possible that changes in circumstances could require management to perform additional impairment tests for CTG. In the event that CTG is determined to be impaired during the annual impairment test, the resulting charge could be material to the consolidated results of operations.

The gross carrying amounts of intangible assets are removed when fully amortized. The estimated future annual amortization expense for intangible assets is as follows:



Fiscal Year Ending March 31,	Amount
	(In thousands)
2020 (1)	$	15,351
2021	60,289
2022	51,846
2023	44,193
2024	42,572
Thereafter	65,677
Total amortization expense	$	279,928

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(1)	Represents estimated amortization for the remaining three-month period ending March 31, 2020.

Other Current Assets

Other current assets include approximately $292.5 million as of March 31, 2019 for the deferred purchase price receivable from the Company's Asset-Backed Securitization programs. Effective November 2019, the Company amended its Asset-Backed Securitization programs and removed the requirement for the deferred purchase price receivable. Approximately $55 million of the repurchased deferred purchase price receivable under the old Asset-Backed Securitization programs remains uncollected and outstanding as of December 31, 2019, and was included in other current assets and carried at the expected recovery amount. See note 12 for additional information.

Other Current Liabilities

Other current liabilities include customer working capital advances of $239.9 million and $266.3 million, customer-related accruals of $212.4 million and $260.1 million, and contract liabilities, identified as deferred revenue of $523.2 million and $271.8 million, as of December 31, 2019 and March 31, 2019, respectively. The customer working capital advances are not interest-bearing, do not have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production. Following the adoption of ASC 842, current operating lease liabilities were $121.0 million as of December 31, 2019.