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Debt (Tables) | 6 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt Instruments | Debt obligations included in the condensed consolidated balance sheets consisted of the following (in millions)(1):
| Coupon Interest Rate |  | Effective Interest Rate |  |  |  |  |
|  |  | September 30, |  | March 31,
|  |  | 2024 |  | 2024
2025 Term Loan Facility |  |  |  |  |  | $ | 750.0 |  |  | $ | 750.0 |
Commercial Paper |  |  |  |  |  | 1,544.0 |  |  | 1,359.0 |
0.983% 2024 Notes | 0.983% |  | 1.1% |  |  | — |  |  | 1,000.0 |
4.250% 2025 Notes | 4.250% |  | 4.6% |  |  | 1,200.0 |  |  | 1,200.0 |
5.050% 2029 Notes | 5.050% |  | 5.2% |  |  | 1,000.0 |  |  | 1,000.0 |
Total Senior Indebtedness |  |  |  |  |  | 4,494.0 |  |  | 5,309.0 |
Senior Subordinated Convertible Debt - Principal Outstanding |  |  |
2015 Senior Convertible Debt | 1.625% |  | 1.8% |  |  | 6.7 |  |  | 6.7 |
2017 Senior Convertible Debt | 1.625% |  | 1.8% |  |  | 38.0 |  |  | 38.0 |
2020 Senior Convertible Debt | 0.125% |  | 0.5% |  |  | 665.5 |  |  | 665.5 |
2024 Senior Convertible Debt | 0.750% |  | 1.0% |  |  | 1,250.0 |  |  | — |
Total Convertible Debt |  |  |  |  |  | 1,960.2 |  |  | 710.2 |
Gross long-term debt including current maturities |  |  |  |  |  | 6,454.2 |  |  | 6,019.2 |
Less: Debt discount(2) |  |  |  |  |  | (12.7) |  |  | (13.9) |
Less: Debt issuance costs(3) |  |  |  |  |  | (18.6) |  |  | (5.5) |
Net long-term debt including current maturities |  |  |  |  |  | 6,422.9 |  |  | 5,999.8 |
Less: Current maturities(4) |  |  |  |  |  | (1,946.3) |  |  | (999.4) |
Net long-term debt |  |  |  |  |  | $ | 4,476.6 |  |  | $ | 5,000.4 |
(1) The Company had no outstanding borrowings under the Revolving Credit Facility at September 30, 2024 and at March 31, 2024. (2) The unamortized discount consists of the following (in millions):
|  |  |  |  | September 30, |  | March 31,
|  |  |  |  | 2024 |  | 2024
Commercial Paper |  |  |  |  | $ | (5.0) |  |  | $ | (3.9) |
0.983% 2024 Notes |  |  |  |  | — |  |  | (0.4) |
4.250% 2025 Notes |  |  |  |  | (2.9) |  |  | (4.4) |
5.050% 2029 Notes |  |  |  |  | (4.8) |  |  | (5.2) |
Total unamortized discount |  |  |  |  | $ | (12.7) |  |  | $ | (13.9) |
(3) Debt issuance costs consist of the following (in millions):
| September 30, |  | March 31, |  |  |  |
| 2024 |  | 2024 |  |  |  |
2025 Term Loan Facility | $ | (0.4) |  |  | $ | (0.7) |  |  |  |  |
0.983% 2024 Notes | — |  |  | (0.2) |  |  |  |  |
4.250% 2025 Notes | (0.4) |  |  | (0.6) |  |  |  |  |
5.050% 2029 Notes | (2.0) |  |  | (2.2) |  |  |  |  |
2017 Senior Convertible Debt | (0.1) |  |  | (0.1) |  |  |  |  |
2020 Senior Convertible Debt | (0.3) |  |  | (1.7) |  |  |  |  |
2024 Senior Convertible Debt | (15.4) |  |  | — |  |  |  |  |
Total debt issuance costs | $ | (18.6) |  |  | $ | (5.5) |  |  |  |  |
(4) As of September 30, 2024, current maturities consisted of the 2025 Term Loan Facility which matures on August 31, 2025 and the 4.250% 2025 Notes which matures on September 1, 2025. As of September 30, 2024, the outstanding Commercial Paper which matures within the three months ending December 31, 2024, and the 2020 Senior Convertible Debt which matures on November 15, 2024, and became convertible on August 15, 2024, 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 September 30, 2024, the 2015 Senior Convertible Debt which matures on February 15, 2025, and the 2017 Senior Convertible Debt which matures on February 15, 2027, were convertible and 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, 2024, current maturities consisted of the 0.983% 2024 Notes. As of March 31, 2024, the outstanding Commercial Paper which matured within the three months ended June 30, 2024 and the 2020 Senior Convertible Debt were excluded from current maturities as the Company had 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, 2024, the 2015 Senior Convertible Debt and the 2017 Senior Convertible Debt were convertible and were excluded from current maturities as the Company had 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 based on the contractual maturity dates as of September 30, 2024, are as follows (in millions):
Fiscal year ending March 31, |  | Amount
2025 |  | $ | 2,216.2 |
2026 |  | 1,950.0 |
2027 |  | 38.0 |
2028 |  | — |
2029 |  | 1,000.0 |
Thereafter |  | 1,250.0 |
Total |  | $ | 6,454.2 |
Schedule of 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 September 30, 2024
| Conversion Rate |  | Approximate Conversion Price |  | Incremental Share Factor |  | Maximum Conversion Rate
2015 Senior Convertible Debt(1) | 35.0888 |  |  | $ | 28.50 |  |  | 17.5462 |  |  | 49.1234 |
2017 Senior Convertible Debt(1) | 22.5005 |  |  | $ | 44.44 |  |  | 11.2511 |  |  | 32.0632 |
2020 Senior Convertible Debt(1) | 10.9974 |  |  | $ | 90.93 |  |  | — |  |  | 15.3964 |
2024 Senior Convertible Debt(1) | 8.2078 |  |  | $ | 121.84 |  |  | — |  |  | 10.4649 |
(1) As of September 30, 2024, the 2024 Senior Convertible Debt was not convertible. The 2020 Senior Convertible Debt became convertible on August 15, 2024. As of September 30, 2024, the holders of each of the 2015 Senior Convertible Debt and 2017 Senior Convertible Debt have the right to convert their notes between October 1, 2024 and December 31, 2024 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 September 30, 2024.
Schedule of Interest Expense | Interest expense consists of the following (in millions):
|  |  | Three Months Ended September 30, |  | Six Months Ended September 30,
|  |  |  |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Debt issuance cost amortization |  |  |  |  |  |  | $ | 0.9 |  |  | $ | 1.1 |  |  | $ | 1.8 |  |  | $ | 2.6 |
Debt discount amortization |  |  |  |  |  |  | 11.5 |  |  | 3.1 |  |  | 28.1 |  |  | 4.8 |
Interest expense |  |  |  |  |  |  | 40.4 |  |  | 40.4 |  |  | 81.7 |  |  | 81.9 |
Total interest expense on Senior Indebtedness |  |  |  |  |  |  | 52.8 |  |  | 44.6 |  |  | 111.6 |  |  | 89.3 |
Debt issuance cost amortization |  |  |  |  |  |  | 1.4 |  |  | 0.7 |  |  | 2.5 |  |  | 1.4 |
Coupon interest expense |  |  |  |  |  |  | 2.7 |  |  | 0.4 |  |  | 3.8 |  |  | 0.9 |
Total interest expense on Convertible Debt |  |  |  |  |  |  | 4.1 |  |  | 1.1 |  |  | 6.3 |  |  | 2.3 |
Other interest expense |  |  |  |  |  |  | 2.2 |  |  | 1.1 |  |  | 3.0 |  |  | 2.4 |
Total interest expense |  |  |  |  |  |  | $ | 59.1 |  |  | $ | 46.8 |  |  | $ | 120.9 |  |  | $ | 94.0 |
Schedule of Debt Settlement | The Company's debt settlement transactions consist of the following (in millions):
| Principal Amount Settled |  | Total Cash Consideration |  |  |  |  |  |  |  |  |  |  |  |  | Net Loss on Inducements and Settlements
September 2024(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
0.983% 2024 Notes | $ | 1,000.0 |  |  | $ | 1,000.0 |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |
(1) The Company used proceeds from the issuance of Commercial Paper to finance such settlement.

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