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v3.23.1

Debt (Tables) | 12 Months Ended
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Mar. 31, 2023
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 |  |  | March 31,
|  |  | 2023 |  | 2022
Revolving Credit Facility |  |  |  |  |  | $ | 100.0 |  |  | $ | 1,399.1 |
4.333% 2023 Notes(1) | 4.333% |  | 4.7% |  |  | 1,000.0 |  |  | 1,000.0 |
2.670% 2023 Notes(1) | 2.670% |  | 2.8% |  |  | 1,000.0 |  |  | 1,000.0 |
0.972% 2024 Notes(1) | 0.972% |  | 1.1% |  |  | 1,400.0 |  |  | 1,400.0 |
0.983% 2024 Notes(1) | 0.983% |  | 1.1% |  |  | 1,000.0 |  |  | 1,000.0 |
4.250% 2025 Notes(1) | 4.250% |  | 4.6% |  |  | 1,200.0 |  |  | 1,200.0 |
Total Senior Indebtedness(2) |  |  |  |  |  | 5,700.0 |  |  | 6,999.1 |
Senior Subordinated Convertible Debt - Principal Outstanding |  |  |
2015 Senior Convertible Debt | 1.625% |  | 1.8% |  |  | 12.4 |  |  | 34.4 |
2017 Senior Convertible Debt | 1.625% |  | 1.8% |  |  | 82.2 |  |  | 128.1 |
2020 Senior Convertible Debt | 0.125% |  | 0.5% |  |  | 665.5 |  |  | 665.5 |
Junior Subordinated Convertible Debt - Principal Outstanding |  |  |
2017 Junior Convertible Debt | 2.250% |  | 2.3% |  |  | 6.5 |  |  | 10.1 |
Total Convertible Debt |  |  |  |  |  | 766.6 |  |  | 838.1 |
Gross long-term debt including current maturities |  |  |  |  |  | 6,466.6 |  |  | 7,837.2 |
Less: Debt discount(3) |  |  |  |  |  | (10.4) |  |  | (124.6) |
Less: Debt issuance costs(4) |  |  |  |  |  | (16.3) |  |  | (25.2) |
Net long-term debt including current maturities |  |  |  |  |  | 6,439.9 |  |  | 7,687.4 |
Less: Current maturities(5) |  |  |  |  |  | (1,398.2) |  |  | — |
Net long-term debt |  |  |  |  |  | $ | 5,041.7 |  |  | $ | 7,687.4 |
(1) 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. (2) 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. (3) The unamortized discount consists of the following (in millions):
|  |  |  |  | March 31,
|  |  |  |  | 2023 |  | 2022
4.333% 2023 Notes |  |  |  |  | (0.2) |  |  | (1.3) |
2.670% 2023 Notes |  |  |  |  | (0.4) |  |  | (1.3) |
0.972% 2024 Notes |  |  |  |  | (1.2) |  |  | (2.5) |
0.983% 2024 Notes |  |  |  |  | (1.3) |  |  | (2.2) |
4.250% 2025 Notes |  |  |  |  | (7.3) |  |  | (10.2) |
2015 Senior Convertible Debt |  |  |  |  | — |  |  | (3.7) |
2017 Senior Convertible Debt |  |  |  |  | — |  |  | (23.4) |
2020 Senior Convertible Debt |  |  |  |  | — |  |  | (75.3) |
2017 Junior Convertible Debt |  |  |  |  | — |  |  | (4.7) |
Total unamortized discount |  |  |  |  | $ | (10.4) |  |  | $ | (124.6) |
As of April 1, 2022, the unamortized debt discount of the Convertible Debt was eliminated upon the Company's adoption of ASU 2020-06 (see Note 1 for further information). (4) Debt issuance costs consist of the following (in millions):
| March 31, |  |  |  |
| 2023 |  | 2022 |  |  |  |
Revolving Credit Facility | $ | (8.6) |  |  | $ | (10.6) |  |  |  |  |
4.333% 2023 Notes | (0.4) |  |  | (2.9) |  |  |  |  |
2.670% 2023 Notes | (0.2) |  |  | (0.8) |  |  |  |  |
0.972% 2024 Notes | (0.6) |  |  | (1.3) |  |  |  |  |
0.983% 2024 Notes | (0.8) |  |  | (1.4) |  |  |  |  |
4.250% 2025 Notes | (0.9) |  |  | (1.3) |  |  |  |  |
2015 Senior Convertible Debt | — |  |  | (0.1) |  |  |  |  |
2017 Senior Convertible Debt | (0.4) |  |  | (0.6) |  |  |  |  |
2020 Senior Convertible Debt | (4.4) |  |  | (6.2) |  |  |  |  |
Total debt issuance costs | $ | (16.3) |  |  | $ | (25.2) |  |  |  |  |
(5) As of March 31, 2023, current maturities consisted of the 0.972% 2024 Notes which mature on February 15, 2024. As of March 31, 2023, the 2.670% 2023 Notes, which mature on September 1, 2023, and the 4.333% 2023 Notes, which mature on June 1, 2023, were excluded from current maturities as the Company has the intent and ability to utilize proceeds from its Revolving Credit Facility to refinance such notes on a long-term basis. As of March 31, 2023, and March 31, 2022, the 2015 Senior Convertible Debt, the 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt were convertible and were 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.
Schedule of Maturities of Long-term Debt | Expected maturities relating to the Company’s debt obligations as of March 31, 2023, are as follows (in millions):
Fiscal year ending March 31, |  | Amount
2024 |  | $ | 3,400.0 |
2025 |  | 1,677.9 |
2026 |  | 1,200.0 |
2027 |  | 182.2 |
2028 |  | — |
Thereafter |  | 6.5 |
Total |  | $ | 6,466.6 |
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, 2023
| Conversion Rate |  | Approximate Conversion Price |  | Incremental Share Factor |  | Maximum Conversion Rate
2015 Senior Convertible Debt(1) | 34.0221 |  |  | $ | 29.39 |  |  | 17.0128 |  |  | 47.6300 |
2017 Senior Convertible Debt(1) | 21.8163 |  |  | $ | 45.84 |  |  | 10.9089 |  |  | 31.0884 |
2020 Senior Convertible Debt(1) | 10.8048 |  |  | $ | 92.55 |  |  | — |  |  | 15.1267 |
2017 Junior Convertible Debt(1) | 22.2061 |  |  | $ | 45.03 |  |  | 11.1042 |  |  | 31.0884 |
(1) As of March 31, 2023, the 2020 Senior Convertible Debt was not convertible. As of March 31, 2023, 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, 2023 and June 30, 2023 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, 2023. As of March 31, 2023, the adjusted conversion rate for the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt would be increased to 45.0663 shares of common stock, 26.7568 shares of common stock, and 27.3417 shares of common stock, respectively, per $1,000 principal amount of notes based on the closing price of $83.78 per share of common stock to include an additional maximum incremental share rate per the terms of the applicable indenture. As of March 31, 2023, 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 $34.5 million, $102.1 million, and $8.4 million, respectively.
Schedule of Interest Expense | Interest expense consists of the following (in millions):
| Fiscal Year Ended March 31, |  |  |  |
| 2023 |  | 2022 |  | 2021 |  |  |  |  |  |  |  |
Debt issuance cost amortization | $ | 6.8 |  |  | $ | 9.1 |  |  | $ | 14.7 |  |  |  |  |  |  |  |  |
Debt discount amortization | 7.2 |  |  | 7.0 |  |  | 6.6 |  |  |  |  |  |  |  |  |
Interest expense | 179.3 |  |  | 187.1 |  |  | 227.4 |  |  |  |  |  |  |  |  |
Total interest expense on Senior Indebtedness | 193.3 |  |  | 203.2 |  |  | 248.7 |  |  |  |  |  |  |  |  |
Debt issuance cost amortization | 2.7 |  |  | 2.4 |  |  | 2.4 |  |  |  |  |  |  |  |  |
Debt discount amortization | — |  |  | 37.9 |  |  | 64.5 |  |  |  |  |  |  |  |  |
Coupon interest expense | 2.9 |  |  | 8.1 |  |  | 37.6 |  |  |  |  |  |  |  |  |
Total interest expense on Convertible Debt | 5.6 |  |  | 48.4 |  |  | 104.5 |  |  |  |  |  |  |  |  |
Other interest expense | 5.0 |  |  | 5.4 |  |  | 3.7 |  |  |  |  |  |  |  |  |
Total interest expense | $ | 203.9 |  |  | $ | 257.0 |  |  | $ | 356.9 |  |  |  |  |  |  |  |  |
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 |  |  |  |
August 2022(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 Senior Convertible Debt | $ | 22.0 |  |  | $ | 67.7 |  |  | — |  |  | — |  |  | $ | 67.7 |  |  | — |  |  | — |  |  |  | $ | 1.3 |
2017 Senior Convertible Debt | $ | 14.9 |  |  | $ | 29.2 |  |  | — |  |  | — |  |  | $ | 29.2 |  |  | — |  |  | — |  |  |  | $ | 0.8 |
May 2022(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2017 Senior Convertible Debt | $ | 31.0 |  |  | $ | 65.3 |  |  | — |  |  | — |  |  | $ | 65.3 |  |  | — |  |  | — |  |  |  | $ | 5.9 |
2017 Junior Convertible Debt | $ | 3.6 |  |  | $ | 8.2 |  |  | — |  |  | — |  |  | $ | 8.2 |  |  | — |  |  | — |  |  |  | $ | 0.3 |
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 |
| 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 |  |  |  |
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 |
(1) The Company settled portions of its convertible debt in privately negotiated transactions that are accounted for as induced conversions. (2) Prior to adoption of ASU 2020-06, 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.

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