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Other Financial Statement Details | 12 Months Ended
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Mar. 31, 2025
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, |  | March 31,
| 2025 |  | 2024
Trade accounts receivable | $ | 684.1 |  |  | $ | 1,141.7 |
Other | 11.5 |  |  | 10.1 |
Total accounts receivable, gross | 695.6 |  |  | 1,151.8 |
Less: allowance for expected credit losses | 5.9 |  |  | 8.1 |
Total accounts receivable, net | $ | 689.7 |  |  | $ | 1,143.7 |
The Company had a program to sell certain of its trade accounts receivable on a non-recourse basis to a third-party financial institution pursuant to a factoring arrangement. The Company accounted 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 in fiscal 2024. The Company terminated this program in September 2024. Inventories The components of inventories consist of the following (in millions):
| March 31, |  | March 31,
| 2025 |  | 2024
Raw materials | $ | 174.8 |  |  | $ | 184.0 |
Work in process | 857.6 |  |  | 797.5 |
Finished goods | 261.1 |  |  | 334.5 |
Total inventories | $ | 1,293.5 |  |  | $ | 1,316.0 |
Property, Plant and Equipment Property, plant and equipment consists of the following (in millions):
| March 31, |  | March 31,
| 2025 |  | 2024
Land | $ | 84.8 |  |  | $ | 89.3 |
Building and building improvements | 705.9 |  |  | 796.3 |
Machinery and equipment | 2,311.3 |  |  | 2,778.1 |
Projects in process | 424.1 |  |  | 349.6 |
Total property, plant and equipment, gross | 3,526.1 |  |  | 4,013.3 |
Less: accumulated depreciation and amortization | 2,342.4 |  |  | 2,818.7 |
Total property, plant and equipment, net | $ | 1,183.7 |  |  | $ | 1,194.6 |
Depreciation expense attributed to property, plant and equipment was $165.8 million, $190.4 million and $244.7 million for the fiscal years ended March 31, 2025, 2024 and 2023, respectively. The changes in depreciation expense in the fiscal years ended March 31, 2025, and 2024, includes the impact of lower production levels, slowing business activity and delays in placing assets into service. As of March 31, 2025, the Company recorded $46.4 million of capital-related grants for qualifying capital expenditures as a reduction to property, plant and equipment, compared to $126.5 million as of March 31, 2024. The change in the amounts recorded for capital-related grants in the fiscal year ended March 31, 2025 compared to fiscal year ended March 31, 2024 was because the credits are no longer reasonably assured of being earned based on the delays in placing assets into service. The release involved reclassifying balances from other assets to property, plant and equipment and the effect to the statement of operations was immaterial. 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 fiscal years ended March 31, 2025, 2024 and 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, |  | March 31,
| 2025 |  | 2024
Accrued compensation and benefits | $ | 108.1 |  |  | $ | 117.8 |
Income taxes payable | 99.1 |  |  | 90.8 |
Deferred revenue | 213.4 |  |  | 261.8 |
Sales related reserves | 329.7 |  |  | 580.6 |
Current portion of lease liabilities | 35.7 |  |  | 32.6 |
Accrued expenses and other liabilities | 208.5 |  |  | 223.4 |
Total accrued liabilities | $ | 994.5 |  |  | $ | 1,307.0 |

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