BALANCE SHEET ITEMS

9 Months Ended

Dec. 31, 2021

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, 2021		As of March 31, 2021
	(In millions)
Raw materials	$	4,742	$	2,831
Work-in-progress	546		459
Finished goods	670		605
	$	5,958	$	3,895

Goodwill and Other Intangible Assets

The Company completed its acquisition of Anord Mardix in December 2021. The acquisition generated $271.3 million of goodwill in the Industrial reporting unit and primarily related to value placed on the acquired employee workforce, service offerings and capabilities of the acquired business. The goodwill is not deductible for income tax purposes. Refer to Note 12 for more information.

The following table summarizes the goodwill allocation as of April 1, 2021 and the activity during the nine-month period ended December 31, 2021:


		FAS						FRS
		Communications, Enterprise and Cloud		Lifestyle		Consumer Devices		Automotive		Health Solutions		Industrial		Total
	(In millions)
Balance at March 31, 2021		$	189	$	131	$	51	$	196	$	194	$	329	$	1,090
Additions		—		—		—		—		—		271		271


Foreign currency translation adjustments		—		—				(14)		—		(1)		(15)
Balance at December 31, 2021		$	189	$	131	$	51	$	182	$	194	$	599	$	1,346

The components of acquired intangible assets are as follows:


	As of December 31, 2021						As of March 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(In millions)
Intangible assets:
Customer-related intangibles	$	388	$	(148)	$	240	$	276	$	(154)	$	122
Licenses and other intangibles	318		(130)		188		250		(159)		91
Total	$	706	$	(278)	$	428	$	526	$	(313)	$	213

The gross carrying amounts of intangible assets are removed when fully amortized. During the nine-month period ended December 31, 2021, the total value of intangible assets increased by $263.0 million as a result of the Company's initial estimated value of intangible assets from the Anord Mardix acquisition. This acquisition contributed an additional $143.0 million in customer-related intangible assets, and $120.0 million in licenses and other intangibles assets such as trade names and patented technology. The assigned values are subject to change as the Company completes the valuation. Refer to Note 12 for additional information.

The estimated future annual amortization expense for intangible assets is as follows:


Fiscal Year Ending March 31,	Amount
	(In millions)
2022 (1)	$	22
2023	88
2024	72
2025	64
2026	43
Thereafter	139
Total amortization expense	$	428

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(1)Represents estimated amortization for the remaining fiscal three-month period ending March 31, 2022.

Customer Working Capital Advances

Customer working capital advances was $1.0 billion and $471.5 million, as of December 31, 2021 and March 31, 2021, respectively. The customer working capital advances are not interest-bearing, do not generally have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production.