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Debt (Tables)
 3 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Debt Instruments

Debt obligations included in the condensed consolidated balance sheets consisted of the following (in millions):
 
Coupon Interest Rate
 
Effective Interest Rate
 
Fair Value of Liability Component at Issuance (1)
 
 
 
 
 
 
 
 
June 30,
 
March 31,
 
 
 
 
2020
 
2020
Senior Secured Indebtedness
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
 
 
 
 
 
 
$
1,454.6

 
$
2,388.5

Term Loan Facility
 
 
 
 
 
 
1,705.7

 
1,723.5

Bridge Loan Facility
 
 
 
 
 
 
—

 
615.0

2023 Notes, maturing June 1, 2023 ("4.333% 2023 Notes")
4.333%
 
4.7%
 
 
 
1,000.0

 
1,000.0

2021 Notes, maturing June 1, 2021 ("3.922% 2021 Notes")
3.922%
 
4.5%
 
 
 
1,000.0

 
1,000.0

2023 Notes, maturing September 1, 2023 ("2.670% 2023 Notes")
2.670%
 
2.8%
 
 
 
1,000.0

 
—

Senior Unsecured Indebtedness
 
 
 
 
 
 
 
 
 
2025 Notes, maturing September 1, 2025 ("4.250% 2025 Notes")
4.250%
 
4.6%
 
 
 
1,200.0

 
—

Total Senior Indebtedness
 
 
 
 
 
 
7,360.3

 
6,727.0

Senior Subordinated Convertible Debt - Principal Outstanding
 
 
 
 
2017 Senior Convertible Debt, maturing February 15, 2027 ("2017 Senior Convertible Debt")
1.625%
 
6.0%
 
$1,085.8
 
1,426.1

 
2,070.0

2015 Senior Convertible Debt, maturing February 15, 2025 ("2015 Senior Convertible Debt")
1.625%
 
5.9%
 
$604.2
 
726.7

 
1,110.0

Junior Subordinated Convertible Debt - Principal Outstanding
 
 
 
 
2017 Junior Convertible Debt, maturing February 15, 2037 ("2017 Junior Convertible Debt")
2.250%
 
7.4%
 
$321.1
 
686.3

 
686.3

Total Convertible Debt
 
 
 
 
 
 
2,839.1

 
3,866.3

 
 
 
 
 
 
 
 
 
 
Gross long-term debt including current maturities
 
 
 
 
 
 
10,199.4

 
10,593.3

Less: Debt discount (2)
 
 
 
 
 
 
(815.0
)
 
(1,043.2
)
Less: Debt issuance costs (3)
 
 
 
 
 
 
(58.1
)
 
(67.9
)
Net long-term debt including current maturities
 
 
 
 
 
 
9,326.3

 
9,482.2

Less: Current maturities (4)
 
 
 
 
 
 
(1,596.3
)
 
(608.8
)
Net long-term debt
 
 
 
 
 
 
$
7,730.0

 
$
8,873.4

 
 
 
 
 
 
 
 
 
 

(1) As each of the convertible debt instruments may be settled in cash upon conversion, for accounting purposes, they were bifurcated into a liability component and an equity component, which are both initially recorded at fair value.  The amount allocated to the equity component is the difference between the principal value of the instrument and the fair value of the liability component at issuance.  The resulting debt discount is being amortized to interest expense at the respective effective interest rate over the contractual term of the debt.

(2) The unamortized discount consists of the following (in millions):  
 
June 30,
 
March 31,
 
2020
 
2020
Bridge Loan Facility
$
—

 
$
(3.1
)
4.333% 2023 Notes
(3.2
)
 
(3.5
)
3.922% 2021 Notes
(1.7
)
 
(2.1
)
2.670% 2023 Notes
(2.9
)
 
—

4.250% 2025 Notes
(14.8
)
 
—

2017 Senior Convertible Debt
(337.0
)
 
(504.2
)
2015 Senior Convertible Debt
(120.6
)
 
(192.9
)
2017 Junior Convertible Debt
(334.8
)
 
(337.4
)
Total unamortized discount
$
(815.0
)
 
$
(1,043.2
)

(3) Debt issuance costs consist of the following (in millions):
 
June 30,
 
March 31,
 
2020
 
2020
Revolving Credit Facility
$
(13.5
)
 
$
(14.6
)
Term Loan Facility
(13.9
)
 
(14.6
)
Bridge Loan Facility
—

 
(3.1
)
4.333% 2023 Notes
(7.1
)
 
(7.7
)
3.922% 2021 Notes
(3.7
)
 
(4.8
)
2.670% 2023 Notes
(1.7
)
 
—

4.250% 2025 Notes
(2.0
)
 
—

2017 Senior Convertible Debt
(8.7
)
 
(13.0
)
2015 Senior Convertible Debt
(4.4
)
 
(7.0
)
2017 Junior Convertible Debt
(3.1
)
 
(3.1
)
Total debt issuance costs
$
(58.1
)
 
$
(67.9
)


(4) As of June 30, 2020, current maturities consist of the liability component of the 2015 Senior Convertible Debt, as the notes were convertible and the 3.922% 2021 Notes which are due June 1, 2021. As of March 31, 2020, current maturities included the Bridge Loan Facility (as defined below).
Schedule of Maturities of Long-term Debt
Expected maturities relating to the Company’s debt obligations as of June 30, 2020 are as follows (in millions):
Fiscal year ending March 31,
 
Expected Maturities
2021
 
$
—

2022
 
1,000.0

2023
 
—

2024
 
3,454.6

2025
 
726.7

Thereafter
 
5,018.1

Total
 
$
10,199.4
Convertible Debt
The following table sets forth the applicable Conversion Rates adjusted for dividends declared since issuance of such series of Convertible Debt and the applicable Incremental Share Factors and Maximum Conversion Rates as adjusted for dividends paid since the applicable issuance date:
 
Dividend adjusted rates as of June 30, 2020
 
Conversion Rate
 
Approximate Conversion Price
 
Incremental Share Factor
 
Maximum Conversion Rate
2017 Senior Convertible Debt (1)
10.5000

 
$
95.24

 
5.2500

 
14.9625

2015 Senior Convertible Debt (1)
16.3740

 
$
61.07

 
8.1870

 
22.9236

2017 Junior Convertible Debt (1)
10.6875

 
$
93.57

 
5.3438

 
14.9625



(1) As of June 30, 2020, the 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt were not convertible. As of June 30, 2020, the holders of the 2015 Senior Convertible Debt have the right to convert their notes between July 1, 2020 and September 30, 2020 because the Company's common stock price has exceeded the Conversion Price by 130% for the specified period of time during the quarter ended June 30, 2020. As of June 30, 2020, the adjusted conversion rate for the 2015 Senior Convertible Debt would be increased to 19.8131 shares of common stock per $1,000 principal amount of notes based on the closing common stock price of $105.31 to include an additional maximum incremental share rate per the terms of the indenture. As of June 30, 2020, the 2017 Senior Convertible Debt, 2015 Senior Convertible Debt and 2017 Junior Convertible Debt had a value if converted above par of $226.2 million, $789.5 million and $129.2 million, respectively.
Schedule of Interest Expense

Interest expense consists of the following (in millions):
 
Three Months Ended
June 30,
 
2020
 
2019
Debt issuance amortization
$
4.1

 
$
3.3

Debt discount amortization
1.5

 
0.7

Interest expense
52.7

 
78.7

Total interest expense on Senior Indebtedness
58.3

 
82.7

Debt issuance amortization
0.7

 
0.9

Debt discount amortization
23.8

 
29.2

Coupon interest expense
15.3

 
19.3

Total interest expense on Convertible Debt
39.8

 
49.4

Other interest expense
1.0

 
0.5

Total interest expense
$
99.1

 
$
132.6