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Other Financial Statement Details | 3 Months Ended
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Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Other Financial Statement Details | Other Financial Statement Details Accounts Receivable Accounts receivable consists of the following (in millions):
| June 30, |  | March 31,
| 2023 |  | 2023
Trade accounts receivable | $ | 1,460.3 |  |  | $ | 1,300.4 |
Other | 13.3 |  |  | 13.5 |
Total accounts receivable, gross | 1,473.6 |  |  | 1,313.9 |
Less: allowance for expected credit losses | 8.6 |  |  | 8.6 |
Total accounts receivable, net | $ | 1,465.0 |  |  | $ | 1,305.3 |
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 $64.9 million and $168.7 million in the three months ended June 30, 2023 and June 30, 2022, respectively. Factoring fees for the sales of receivables were recorded in other income, 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 June 30, 2023 and 2022. Inventories The components of inventories consist of the following (in millions):
| June 30, |  | March 31,
| 2023 |  | 2023
Raw materials | $ | 195.0 |  |  | $ | 192.6 |
Work in process | 854.7 |  |  | 809.8 |
Finished goods | 286.7 |  |  | 322.5 |
Total inventories | $ | 1,336.4 |  |  | $ | 1,324.9 |
Property, Plant and Equipment Property, plant and equipment consists of the following (in millions):
| June 30, |  | March 31,
| 2023 |  | 2023
Land | $ | 89.3 |  |  | $ | 89.3 |
Building and building improvements | 720.0 |  |  | 716.4 |
Machinery and equipment | 2,715.4 |  |  | 2,669.1 |
Projects in process | 359.9 |  |  | 354.3 |
Total property, plant and equipment, gross | 3,884.6 |  |  | 3,829.1 |
Less: accumulated depreciation and amortization | 2,698.9 |  |  | 2,651.2 |
Total property, plant and equipment, net | $ | 1,185.7 |  |  | $ | 1,177.9 |
Depreciation expense attributed to property, plant and equipment was $50.5 million for the three months ended June 30, 2023 compared to $71.7 million for the three months ended June 30, 2022. Depreciation expense in the three months ended June 30, 2022 included the impact of higher 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 each of the three months ended June 30, 2023 and 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):
| June 30, |  | March 31,
| 2023 |  | 2023
Accrued compensation and benefits | $ | 214.9 |  |  | $ | 193.5 |
Income taxes payable | 200.8 |  |  | 106.2 |
Deferred revenue | 151.9 |  |  | 121.4 |
Sales related reserves | 634.7 |  |  | 536.1 |
Current portion of lease liabilities | 31.7 |  |  | 31.5 |
Accrued expenses and other liabilities | 305.6 |  |  | 334.8 |
Total accrued liabilities | $ | 1,539.6 |  |  | $ | 1,323.5 |

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