v3.26.1
Other Financial Statement Details
 12 Months Ended
Mar. 31, 2026
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,
20262025
Trade accounts receivable$889.7 $684.1 
Other10.3 11.5 
Total accounts receivable, gross900.0 695.6 
Less: allowance for expected credit losses5.3 5.9 
Total accounts receivable, net$894.7 $689.7 

Inventories

The components of inventories consist of the following (in millions):
 March 31,
20262025
Raw materials$135.1 $174.8 
Work in process731.4 857.6 
Finished goods168.9 261.1 
Total inventories$1,035.4 $1,293.5 

Property, Plant and Equipment

Property, plant and equipment consists of the following (in millions):
 March 31,
20262025
Land$99.7 $84.8 
Building and building improvements711.0 705.9 
Machinery and equipment2,470.3 2,311.3 
Projects in process429.5 424.1 
Total property, plant and equipment, gross3,710.5 3,526.1 
Less: accumulated depreciation and amortization2,603.8 2,342.4 
Total property, plant and equipment, net$1,106.7 $1,183.7 
 
Depreciation expense attributed to property, plant and equipment was $155.0 million, $165.8 million and $190.4 million for the fiscal years ended March 31, 2026, 2025 and 2024, respectively. The changes in depreciation expense in the fiscal years ended March 31, 2026, and 2025, includes the impact of lower production levels, slowing business activity and delays in placing assets into service. As of March 31, 2026, the Company recorded $52.2 million of capital-related grants for qualifying capital expenditures as a reduction to property, plant and equipment, compared to $46.4 million as of March 31, 2025.

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, 2026, 2025 and 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,
20262025
Accrued compensation and benefits$132.1 $108.1 
Income taxes payable24.3 99.1 
Deferred revenue179.2 213.4 
Sales related reserves and refund liabilities338.5 329.7 
Current portion of lease liabilities38.8 35.7 
Accrued expenses and other liabilities217.8 208.5 
Total accrued liabilities$930.7 $994.5