Other Financial Statement Details

12 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable

Accounts receivable consists of the following (in millions):


	March 31,
	2023		2022
Trade accounts receivable	$	1,300.4	$	1,069.5
Other	13.5		9.3
Total accounts receivable, gross	1,313.9		1,078.8
Less: allowance for expected credit losses	8.6		6.2
Total accounts receivable, net	$	1,305.3	$	1,072.6

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 $775.0 million and $485.5 million during fiscal 2023 and fiscal 2022, respectively. 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, 2023, and 2022.

Inventories

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


	March 31,
	2023		2022
Raw materials	$	192.6	$	163.0
Work in process	809.8		482.8
Finished goods	322.5		208.6
Total inventories	$	1,324.9	$	854.4

Property, Plant and Equipment

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


	March 31,
	2023		2022
Land	$	89.3	$	88.2
Building and building improvements	716.4		674.4
Machinery and equipment	2,669.1		2,471.6
Projects in process	354.3		182.4
Total property, plant and equipment, gross	3,829.1		3,416.6
Less: accumulated depreciation and amortization	2,651.2		2,448.7
Total property, plant and equipment, net	$	1,177.9	$	967.9

Depreciation expense attributed to property, plant and equipment was $244.7 million, $209.1 million and $160.6 million for the fiscal years ended March 31, 2023, 2022 and 2021, respectively. The increases in depreciation expense in the fiscal years ended March 31, 2023, and March 31, 2022, includes the impact of current production levels, manufacturing expansion activities and moving and repurposing floor space and equipment. As of March 31, 2023, the Company recorded $81.0 million of investment tax credits for qualifying capital expenditures under the CHIPS Act as a reduction to property, plant 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, 2023, 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,
	2023		2022
Accrued compensation and benefits	$	193.5	$	213.7
Income taxes payable	106.2		121.5
Deferred revenue	121.4		73.2
Sales related reserves	536.1		334.9
Current portion of lease liabilities	31.5		33.8
Accrued expenses and other liabilities	334.8		277.2
Total accrued liabilities	$	1,323.5	$	1,054.3