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Debt (Tables)

12 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt Instruments

Debt obligations included in the consolidated balance sheets consisted of the following (in millions):

			Coupon Interest Rate						Effective Interest Rate						Fair Value of Liability Component at Issuance(1)
																											March 31,
																																	2022						2021
Revolving Credit Facility																																	$	1,399.1					$	2,346.6
3.922% 2021 Notes(2)			3.922%						4.5%																								—						1,000.0
4.333% 2023 Notes(2)			4.333%						4.7%																								1,000.0						1,000.0
2.670% 2023 Notes(2)			2.670%						2.8%																								1,000.0						1,000.0
0.972% 2024 Notes(2)			0.972%						1.1%																								1,400.0						1,400.0
0.983% 2024 Notes(2)			0.983%						1.1%																								1,000.0						—
4.250% 2025 Notes(2)			4.250%						4.6%																								1,200.0						1,200.0
Total Senior Indebtedness(3)																																	6,999.1						7,946.6
Senior Subordinated Convertible Debt - Principal Outstanding
2015 Senior Convertible Debt			1.625%						5.9%						$	30.4																	34.4						141.4
2017 Senior Convertible Debt			1.625%						6.0%						$	104.2																	128.1						333.3
2020 Senior Convertible Debt			0.125%						5.1%						$	555.5																	665.5						665.5
Junior Subordinated Convertible Debt - Principal Outstanding
2017 Junior Convertible Debt			2.250%						7.4%						$	5.4																	10.1						122.6
Total Convertible Debt																																	838.1						1,262.8
Gross long-term debt including current maturities																																	7,837.2						9,209.4
Less: Debt discount(4)																																	(124.6)						(273.0)
Less: Debt issuance costs(5)																																	(25.2)						(32.3)
Net long-term debt including current maturities																																	7,687.4						8,904.1
Less: Current maturities(6)																																	—						(1,322.9)
Net long-term debt																																	$	7,687.4					$	7,581.2

(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.  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.  As of March 31, 2022, the amount allocated to the equity component is $11.3 million, $41.7 million, $110.0 million, and $5.4 million for the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, 2020 Senior Convertible Debt, and 2017 Junior Convertible Debt, respectively. 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 3.922% 2021 Notes matured on June 1, 2021 and interest accrued at a rate of 3.922% per annum, payable semi-annually in arrears on June 1 and December 1 of each year. The 4.333% 2023 Notes mature on June 1, 2023 and interest accrues at a rate of 4.333% per annum, payable semi-annually in arrears on June 1 and December 1 of each year. The 2.670% 2023 Notes mature on September 1, 2023 and interest accrues at a rate of 2.670% per annum, payable semi-annually in arrears on March 1 and September 1 of each year. The 0.972% 2024 Notes mature on February 15, 2024 and interest accrues at a rate of 0.972% per annum, payable semi-annually in arrears on February 15 and August 15 of each year. The 0.983% 2024 Notes mature on September 1, 2024, and interest is payable semi-annually in arrears on March 1 and September 1 of each year. The 4.250% 2025 Notes mature on September 1, 2025 and interest accrues at a rate of 4.250% per annum, payable semi-annually in arrears on March 1 and September 1 of each year.

(3) All outstanding Senior Notes and the Revolving Credit Facility are senior unsecured debt. Prior to the December 2021 amendment, these debt obligations, with the exception of the 4.250% 2025 Notes, were senior secured debt.

(4) The unamortized discount consists of the following (in millions):

									March 31,
															2022						2021
3.922% 2021 Notes															$	—					$	(0.3)
4.333% 2023 Notes															(1.3)						(2.4)
2.670% 2023 Notes															(1.3)						(2.3)
0.972% 2024 Notes															(2.5)						(3.8)
0.983% 2024 Notes															(2.2)						—
4.250% 2025 Notes															(10.2)						(12.8)
2015 Senior Convertible Debt															(3.7)						(20.1)
2017 Senior Convertible Debt															(23.4)						(71.3)
2020 Senior Convertible Debt															(75.3)						(101.6)
2017 Junior Convertible Debt															(4.7)						(58.4)
Total unamortized discount															$	(124.6)					$	(273.0)

(5) Debt issuance costs consist of the following (in millions):

									March 31,
															2022						2021
Revolving Credit Facility															$	(10.6)					$	(10.0)
3.922% 2021 Notes															—						(0.7)
4.333% 2023 Notes															(2.9)						(5.3)
2.670% 2023 Notes															(0.8)						(1.3)
0.972% 2024 Notes															(1.3)						(2.0)
0.983% 2024 Notes															(1.4)						—
4.250% 2025 Notes															(1.3)						(1.7)
2015 Senior Convertible Debt															(0.1)						(0.7)
2017 Senior Convertible Debt															(0.6)						(1.8)
2020 Senior Convertible Debt															(6.2)						(8.3)
2017 Junior Convertible Debt															—						(0.5)
Total debt issuance costs															$	(25.2)					$	(32.3)

(6) As of March 31, 2022, the liability component of the 2015 Senior Convertible Debt, the 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt are excluded from current maturities as the Company has the intent and ability to utilize proceeds from its Revolving Credit Facility to settle the principal portion of its Convertible Debt upon conversion. As of March 31, 2021, current maturities consisted of the liability component of the 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt, and the 3.922% 2021 Notes which matured on June 1, 2021.

Schedule of Maturities of Long-term Debt

Expected maturities relating to the Company’s debt obligations as of March 31, 2022 are as follows (in millions):

Fiscal year ending March 31,						Amount
2023						$	—
2024						3,400.0
2025						1,700.0
2026						1,200.0
2027						1,527.1
Thereafter						10.1
Total						$	7,837.2

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 March 31, 2022
			Conversion Rate						Approximate Conversion Price						Incremental Share Factor						Maximum Conversion Rate
2015 Senior Convertible Debt(1)			33.4459						$	29.90					16.7229						46.8241
2017 Senior Convertible Debt(1)			21.4475						$	46.63					10.7237						30.5627
2020 Senior Convertible Debt(1)			10.7292						$	93.20					—						15.0208
2017 Junior Convertible Debt(1)			21.8305						$	45.81					10.9154						30.5627

(1) As of March 31, 2022, the 2020 Senior Convertible Debt was not convertible. As of March 31, 2022, the holders of each of the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt have the right to convert their notes between April 1, 2022 and June 30, 2022 because the Company's common stock price has exceeded the applicable conversion price for such series by 130% for the specified period of time during the quarter ended March 31, 2022. As of March 31, 2022, the adjusted conversion rate for the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt would be increased to 43.5146 shares of common stock, 25.5170 shares of common stock, and 26.0916 shares of common stock, respectively, per $1,000 principal amount of notes based on the closing price of $75.14 per share of common stock to include an additional maximum incremental share rate per the terms of the applicable indenture. As of March 31, 2022, each of the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt had a conversion value in excess of par of $78.2 million, $117.5 million, and $9.8 million, respectively.

Schedule of Interest Expense

Interest expense consists of the following (in millions):

			Fiscal Year Ended March 31,
			2022						2021						2020
Debt issuance cost amortization			$	9.1					$	14.7					$	13.2
Debt discount amortization			7.0						6.6						2.9
Interest expense			187.1						227.4						277.6
Total interest expense on Senior Indebtedness			203.2						248.7						293.7
Debt issuance cost amortization			2.4						2.4						3.9
Debt discount amortization			37.9						64.5						118.8
Coupon interest expense			8.1						37.6						77.2
Total interest expense on Convertible Debt			48.4						104.5						199.9
Other interest expense			5.4						3.7						3.7
Total interest expense			$	257.0					$	356.9					$	497.3

Schedule of Settlement Transactions

The Company's debt settlement transactions consists of the following (in millions)(1):

			Principal Amount Settled						Consideration																								Fair Value Settled(2)						Equity Component(2)						Net Loss on Inducements and Settlements
									Cash Paid												Value of Shares Issued						Debt Issued									Total
February 2022(3)
2017 Senior Convertible Debt			$	64.9					$	64.9											$	74.6					$	—					$	139.5					$	60.0					$	75.5					$	11.8
December 2021
2015 Senior Convertible Debt(3)			$	36.6					$	36.6											$	103.9					$	—					$	140.5					$	36.2					$	104.2					$	4.1
2017 Senior Convertible Debt(3)			$	39.7					$	39.7											$	61.4					$	—					$	101.1					$	37.4					$	63.0					$	6.3
2017 Junior Convertible Debt(3)			$	19.9					$	19.9											$	31.6					$	—					$	51.5					$	15.7					$	35.9					$	5.1
Revolving Credit Facility(4)			$	—					$	—											$	—					$	—					$	—					$	—					$	—					$	0.6
August 2021(5)
2015 Senior Convertible Debt			$	70.4					$	70.4											$	159.9					$	—					$	230.3					$	71.0					$	158.9					$	10.6
2017 Senior Convertible Debt			$	100.7					$	100.7											$	123.5					$	—					$	224.2					$	100.0					$	113.0					$	31.5
2017 Junior Convertible Debt			$	92.5					$	92.5											$	115.8					$	—					$	208.3					$	87.7					$	116.6					$	43.1
June 2021(6)
3.922% 2021 Notes			$	1,000.0					$	1,000.0											$	—					$	—					$	1,000.0					$	—					$	—					$	0.3
February 2021(5)
2015 Senior Convertible Debt			$	81.0					$	81.0											$	206.5					$	—					$	287.5					$	79.2					$	208.1					$	10.7
2017 Senior Convertible Debt			$	122.2					$	122.2											$	166.4					$	—					$	288.6					$	115.9					$	168.2					$	25.5
2017 Junior Convertible Debt			$	156.0					$	156.0											$	217.9					$	—					$	373.9					$	129.8					$	243.9					$	49.4
December 2020(7)
2015 Senior Convertible Debt			$	90.0					$	48.5											$	221.0					$	—					$	269.5					$	79.4					$	184.5					$	9.4
2017 Senior Convertible Debt			$	588.8					$	155.4											$	408.7					$	601.5					$	1,165.6					$	486.7					$	655.3					$	57.0
2017 Junior Convertible Debt			$	407.7					$	225.0											$	530.4					$	64.0					$	819.4					$	246.3					$	547.1					$	62.8
Term Loan Facility			$	1,705.7					$	1,705.7											$	—					$	—					$	1,705.7					$	—					$	—					$	12.9
August 2020(5)
2015 Senior Convertible Debt			$	414.3					$	414.3											$	547.6					$	—					$	961.9					$	351.7					$	592.3					$	25.0
2017 Senior Convertible Debt			$	381.8					$	381.8											$	221.1					$	—					$	602.9					$	299.0					$	292.2					$	20.1
June 2020(8)
2015 Senior Convertible Debt			$	383.3					$	383.3											$	405.1					$	—					$	788.4					$	314.4					$	464.4					$	7.8
2017 Senior Convertible Debt			$	643.9					$	643.9											$	246.4					$	—					$	890.3					$	481.0					$	390.9					$	13.7
Term Loan Facility			$	17.8					$	17.8											$	—					$	—					$	17.8					$	—					$	—					$	—
Bridge Loan Facility			$	615.0					$	615.0											$	—					$	—					$	615.0					$	—					$	—					$	5.3
March 2020(9)
2015 Senior Convertible Debt			$	615.0					$	615.0											$	351.8					$	—					$	966.8					$	460.4					$	461.1					$	3.4

(1) The Company settled portions of its convertible debt in privately negotiated transactions that are accounted for as induced conversions.

(2) The total consideration for the convertible debt settlements was allocated to the liability and equity components using the equivalent rate that reflected the borrowing rate for a similar non-convertible debt instrument prior to the settlement.

(3) The Company used cash generated from operations to finance a portion of such settlement.

(4) In connection with the amendment and restatement of its Credit Agreement, the Company recognized a loss on settlement of debt of $0.6 million.

(5) The Company used borrowings under its Revolving Credit Facility to finance a portion of such settlement.

(6) The Company used proceeds from the issuance of the 0.983% 2024 Notes to finance a portion of such settlement.

(7) The Company used proceeds from the issuance of $665.5 million principal amount of 2020 Senior Convertible Debt and used borrowings under its Revolving Credit Facility to finance a portion of such settlement. The Company also issued $1.40 billion aggregate principal amount of 0.972% 2024 Notes and used the proceeds in addition to $213.0 million in borrowings under its Revolving Credit Facility, and cash on hand to repay all amounts outstanding under its Term Loan Facility.

(8) The Company used a portion of the proceeds from the issuance of the 2.670% 2023 Notes and the 4.250% 2025 Notes to (i) finance a portion of such settlement, and (ii) repay a portion of the amount outstanding under the Company's existing Revolving Credit Facility as well as for general corporate purposes.

(9) The Company entered into a Bridge Loan Facility (which has since been repaid in full), for an aggregate principal amount of $615.0 million to finance a portion of such settlement.

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