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Other Financial Statement Details | 12 Months Ended
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Mar. 31, 2024
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):
| March 31,
| 2024 |  | 2023
Trade accounts receivable | $ | 1,141.7 |  |  | $ | 1,300.4 |
Other | 10.1 |  |  | 13.5 |
Total accounts receivable, gross | 1,151.8 |  |  | 1,313.9 |
Less: allowance for expected credit losses | 8.1 |  |  | 8.6 |
Total accounts receivable, net | $ | 1,143.7 |  |  | $ | 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 $775.0 million during fiscal 2024 and fiscal 2023, respectively. The Company paused this program in the second quarter of fiscal 2024. Factoring fees for the sales of receivables were recorded in other (loss) income, net and were not material for any of the periods presented. Inventories The components of inventories consist of the following (in millions):
| March 31,
| 2024 |  | 2023
Raw materials | $ | 184.0 |  |  | $ | 192.6 |
Work in process | 797.5 |  |  | 809.8 |
Finished goods | 334.5 |  |  | 322.5 |
Total inventories | $ | 1,316.0 |  |  | $ | 1,324.9 |
Property, Plant and Equipment Property, plant and equipment consists of the following (in millions):
| March 31,
| 2024 |  | 2023
Land | $ | 89.3 |  |  | $ | 89.3 |
Building and building improvements | 796.3 |  |  | 716.4 |
Machinery and equipment | 2,778.1 |  |  | 2,669.1 |
Projects in process | 349.6 |  |  | 354.3 |
Total property, plant and equipment, gross | 4,013.3 |  |  | 3,829.1 |
Less: accumulated depreciation and amortization | 2,818.7 |  |  | 2,651.2 |
Total property, plant and equipment, net | $ | 1,194.6 |  |  | $ | 1,177.9 |
Depreciation expense attributed to property, plant and equipment was $190.4 million, $244.7 million and $209.1 million for the fiscal years ended March 31, 2024, 2023 and 2022, respectively. The changes in depreciation expense in the fiscal years ended March 31, 2024, and 2023, includes the impact of higher production levels, manufacturing expansion activities and moving and repurposing floor space and equipment. As of March 31, 2024, the Company recorded $126.5 million of capital-related grants for qualifying capital expenditures as a reduction to property, plant and equipment, compared to $81.0 million as of March 31, 2023. 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, 2024, 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,
| 2024 |  | 2023
Accrued compensation and benefits | $ | 117.8 |  |  | $ | 193.5 |
Income taxes payable | 90.8 |  |  | 106.2 |
Deferred revenue | 261.8 |  |  | 121.4 |
Sales related reserves | 580.6 |  |  | 536.1 |
Current portion of lease liabilities | 32.6 |  |  | 31.5 |
Accrued expenses and other liabilities | 223.4 |  |  | 334.8 |
Total accrued liabilities | $ | 1,307.0 |  |  | $ | 1,323.5 |

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