Other Financial Statement Details

12 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in millions):


	March 31,
	2022		2021
Trade accounts receivable	$	1,069.5	$	991.6
Other	9.3		11.3
Total accounts receivable, gross	1,078.8		1,002.9
Less: allowance for expected credit losses	6.2		5.2
Total accounts receivable, net	$	1,072.6	$	997.7

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 $485.5 million and $141.9 million during fiscal 2022 and fiscal 2021. Factoring fees for the sales of receivables were recorded in other income (loss), net and were not material for any of the periods presented. After the sale of its trade accounts receivable, the Company will collect payment from the customer and remit it to the third-party financial institution. The amount of trade accounts receivable sold for which cash has not been collected from the customer is immaterial as of March 31, 2022 and 2021.

Inventories

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


	March 31,
	2022		2021
Raw materials	$	163.0	$	115.7
Work in process	482.8		412.8
Finished goods	208.6		136.5
Total inventories	$	854.4	$	665.0

Property, Plant and Equipment

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


	March 31,
	2022		2021
Land	$	88.2	$	83.2
Building and building improvements	674.4		659.7
Machinery and equipment	2,471.6		2,251.1
Projects in process	182.4		102.7
Total property, plant and equipment, gross	3,416.6		3,096.7
Less: accumulated depreciation and amortization	2,448.7		2,242.0
Total property, plant and equipment, net	$	967.9	$	854.7

Depreciation expense attributed to property, plant and equipment was $209.1 million, $160.6 million and $168.9 million for the fiscal years ended March 31, 2022, 2021 and 2020, respectively. The increase in depreciation expense in the fiscal year ended March 31, 2022 includes the impact of current 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 the three years ended March 31, 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):


	March 31,
	2022		2021
Accrued compensation and benefits	$	213.7	$	166.7
Income taxes payable	121.5		43.4
Sales related reserves	408.1		350.7
Current portion of lease liabilities	33.8		39.8
Accrued expenses and other liabilities	277.2		193.7
Total accrued liabilities	$	1,054.3	$	794.3