Other Financial Statement Details

3 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in millions):



	June 30,		March 31,
	2020		2020
Trade accounts receivable	$	888.6	$	924.1
Other	9.6		14.8
Total accounts receivable, gross	898.2		938.9
Less allowance for expected credit losses	3.9		4.9
Total accounts receivable, net	$	894.3	$	934.0

Inventories

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



	June 30,		March 31,
	2020		2020
Raw materials	$	99.3	$	92.3
Work in process	401.4		441.7
Finished goods	156.5		151.7
Total inventories	$	657.2	$	685.7

Inventories are valued at the lower of cost and net realizable value using the first-in, first-out method. Inventory impairment charges establish a new cost basis for inventory and charges are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable.

Property, Plant and Equipment

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



	June 30,		March 31,
	2020		2020
Land	$	83.4	$	83.4
Building and building improvements	658.6		659.5
Machinery and equipment	2,144.4		2,123.1
Projects in process	89.4		100.1
Total property, plant and equipment, gross	2,975.8		2,966.1
Less accumulated depreciation and amortization	2,131.8		2,090.0
Total property, plant and equipment, net	$	844.0	$	876.1

Depreciation expense attributed to property, plant and equipment was $41.1 million for the three months ended June 30, 2020 compared to $46.2 million for the three months ended June 30, 2019.

Accrued Liabilities

Accrued liabilities consists of the following (in millions):



	June 30,		March 31,
	2020		2020
Accrued compensation and benefits	$	147.4	$	137.5
Income taxes payable	40.3		38.0
Sales related reserves	359.2		353.0
Current portion of lease liabilities	40.2		44.5
Accrued expenses and other liabilities	191.3		208.8
Total accrued liabilities	$	778.4	$	781.8