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Debt
 12 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt obligations included in the consolidated balance sheets consisted of the following (in millions)(1):
Coupon Interest RateEffective Interest Rate
March 31,
20252024
2025 Term Loan Facility$— $750.0 
Commercial Paper175.0 1,359.0 
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 
4.900% 2028 Notes(2)
4.900%5.1%1,000.0 — 
5.050% 2029 Notes(2)
5.050%5.2%1,000.0 1,000.0 
5.050% 2030 Notes(2)
5.050%5.2%1,000.0 — 
Total Senior Indebtedness(3)
4,375.0 5,309.0 
Senior Subordinated Convertible Debt - Principal Outstanding
2015 Senior Convertible Debt1.625%1.8%— 6.7 
2017 Senior Convertible Debt1.625%1.8%38.0 38.0 
2020 Senior Convertible Debt0.125%0.5%— 665.5 
2024 Senior Convertible Debt0.750%1.0%1,250.0 — 
Total Convertible Debt1,288.0 710.2 
Gross long-term debt including current maturities5,663.0 6,019.2 
Less: Debt discount(4)
(13.1)(13.9)
Less: Debt issuance costs(5)
(19.5)(5.5)
Net long-term debt including current maturities5,630.4 5,999.8 
Less: Current maturities(6)
— (999.4)
Net long-term debt$5,630.4 $5,000.4 
(1) The Company had no outstanding borrowings under the Revolving Credit Facility at March 31, 2025 and at March 31, 2024.
(2) The 0.983% 2024 Notes matured on September 1, 2024, and prior to maturity interest accrued at a rate of 0.983% per annum, 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. The 4.900% 2028 Notes mature on March 15, 2028 and interest accrues at a rate of 4.900% per annum, payable semi-annually in arrears on March 15 and September 15 of each year. The 5.050% 2029 Notes mature on March 15, 2029 and interest accrues at a rate of 5.050% per annum, payable semi-annually in arrears on March 15 and September 15 of each year. The 5.050% 2030 Notes mature on February 15, 2030 and interest accrues at a rate of 5.050% per annum, payable semi-annually in arrears on February 15 and August 15 of each year.
(3) All outstanding Senior Notes and the Revolving Credit Facility are senior unsecured debt.

(4) The unamortized discount consists of the following (in millions):
March 31,
20252024
Commercial Paper$(0.1)$(3.9)
0.983% 2024 Notes— (0.4)
4.250% 2025 Notes(1.3)(4.4)
4.900% 2028 Notes(3.3)— 
5.050% 2029 Notes(4.3)(5.2)
5.050% 2030 Notes(4.1)— 
Total unamortized discount$(13.1)$(13.9)
(5) Debt issuance costs consist of the following (in millions):
March 31,
20252024
2025 Term Loan Facility$— $(0.7)
0.983% 2024 Notes— (0.2)
4.250% 2025 Notes(0.2)(0.6)
4.900% 2028 Notes(1.7)— 
5.050% 2029 Notes(1.8)(2.2)
5.050% 2030 Notes(1.7)— 
2017 Senior Convertible Debt(0.1)(0.1)
2020 Senior Convertible Debt— (1.7)
2024 Senior Convertible Debt(14.0)— 
Total debt issuance costs$(19.5)$(5.5)

(6) As of March 31, 2025, the outstanding Commercial Paper which matures within the three months ending June 30, 2025, and the 4.250% 2025 Notes which matures on September 1, 2025, 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, 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.

Expected maturities relating to the Company’s debt obligations based on the contractual maturity dates as of March 31, 2025, are as follows (in millions):

Fiscal year ending March 31,Amount
2026$1,375.0 
202738.0 
20281,000.0 
20291,000.0 
20301,000.0 
Thereafter1,250.0 
Total$5,663.0 

Ranking of Convertible Debt - Each series of Convertible Debt is an unsecured obligation which is subordinated in right of payment to the amounts outstanding under the Company's Senior Indebtedness. The Senior Subordinated Convertible Debt is subordinated to the Senior Indebtedness; ranks senior to the Company's indebtedness that is expressly subordinated in right of payment to it; ranks equal in right of payment to any of the Company's unsubordinated indebtedness that does not provide that it is senior to the Senior Subordinated Convertible Debt; ranks junior in right of payment to any of the Company's secured and unsecured unsubordinated indebtedness to the extent of the value of the assets securing such indebtedness; and is structurally subordinated to all indebtedness and other liabilities of the Company's subsidiaries.

Summary of Conversion Features - On April 1, 2022, the Company irrevocably elected cash settlement for the principal amount of its Convertible Debt. Each series of Convertible Debt is convertible, subject to certain conditions, into cash, shares of the Company's common stock or a combination thereof, at the Company's election, at specified conversion rates (see table below), adjusted for certain events including the declaration of cash dividends. Except during the three-month period immediately preceding the maturity date of the applicable series of Convertible Debt, each series of Convertible Debt is convertible only upon the occurrence of (i) such time as the closing price of the Company's common stock exceeds the applicable conversion price (see table below) by 130% for 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter, (ii) during the 5 business day period after any 10 consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of notes of a given series for each trading day of the measurement period was less than 98% of the product
of the last reported sale price of the Company's common stock and the applicable conversion rate on each such trading day, or (iii) upon the occurrence of certain corporate events specified in the indenture of such series of Convertible Debt. In addition, for each series, with the exception of the 2024 Senior Convertible Debt, if at the time of conversion the applicable price of the Company's common stock exceeds the applicable conversion price at such time, the applicable conversion rate will be increased by up to an additional maximum incremental shares rate, as determined pursuant to a formula specified in the indenture for the applicable series of Convertible Debt, and as adjusted for cash dividends paid since the issuance of such series of Convertible Debt. However, in no event will the applicable conversion rate exceed the applicable maximum conversion rate specified in the indenture for the applicable series of Convertible Debt (see table below).

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, 2025
Conversion RateApproximate Conversion PriceIncremental Share FactorMaximum Conversion Rate
2017 Senior Convertible Debt(1)
22.8256 $43.81 11.4137 32.5264 
2024 Senior Convertible Debt(1)
8.2086 $121.82 — 10.4659 
(1) As of March 31, 2025, the 2017 Senior Convertible Debt and the 2024 Senior Convertible Debt were not convertible.

With the exception of the 2024 Senior Convertible Debt, which may be redeemed by the Company on or after June 5, 2027, the Company may not redeem any series of Convertible Debt prior to the relevant maturity date and no sinking fund is provided for any series of Convertible Debt. Under the terms of the applicable indenture, the Company may repurchase any series of Convertible Debt in the open market or through privately negotiated exchange offers. Upon the occurrence of a fundamental change, as defined in the applicable indenture of such series of Convertible Debt, holders of such series may require the Company to purchase all or a portion of their Convertible Debt for cash at a price equal to 100% of the principal amount plus any accrued and unpaid interest.

Interest expense consists of the following (in millions):
Fiscal Year Ended March 31,
202520242023
Debt issuance cost amortization$3.6 $4.5 $6.8 
Debt discount amortization64.8 37.5 7.2 
Interest expense172.2 147.3 179.3 
Total interest expense on Senior Indebtedness240.6 189.3 193.3 
Debt issuance cost amortization4.2 2.8 2.7 
Coupon interest expense8.9 1.7 2.9 
Total interest expense on Convertible Debt13.1 4.5 5.6 
Other interest expense5.5 4.5 5.0 
Total interest expense $259.2 $198.3 $203.9 
The Company's debt settlement transactions consist of the following (in millions):
Principal Amount SettledTotal Cash ConsiderationNet Loss on Inducements and Settlements
March 2025(1)
Revolving Credit Facility$— $— $1.4 
February 2025(2)
2015 Senior Convertible Debt$0.4 $0.4 $— 
December 2024(3)
2025 Term Loan Facility$750.0 $750.0 $0.3 
November 2024(4)
2020 Senior Convertible Debt$665.5 $665.5 $— 
September 2024(4)
0.983% 2024 Notes$1,000.0 $1,000.0 $— 
February 2024(5)
0.972% 2024 Notes$1,400.0 $1,400.0 $— 
September 2023(6)
2.670% 2023 Notes$1,000.0 $1,000.0 $— 
August 2023(7)
2017 Senior Convertible Debt$18.2 $42.7 $3.1 
June 2023(8)
4.333% 2023 Notes$1,000.0 $1,000.0 $— 
May 2023(7)
2015 Senior Convertible Debt$5.6 $18.9 $0.4 
2017 Senior Convertible Debt$25.9 $56.3 $6.6 
2017 Junior Convertible Debt$6.5 $14.9 $2.1 
August 2022(2)(7)
2015 Senior Convertible Debt$22.0 $67.7 $1.3 
2017 Senior Convertible Debt$14.9 $29.2 $0.8 
May 2022(2)(7)
2017 Senior Convertible Debt$31.0 $65.3 $5.9 
2017 Junior Convertible Debt$3.6 $8.2 $0.3 
(1) In connection with the amendment and restatement of its Credit Agreement, the Company recognized a loss on settlement of debt of $1.4 million.
(2) The Company used cash generated from operations to finance a portion of such settlement.
(3) The Company used proceeds from the issuance of 4.900% 2028 Notes and 5.050% 2030 Notes to finance such settlement.
(4) The Company used proceeds from the issuance of Commercial Paper to finance such settlement.
(5) The Company used proceeds from the issuance of Commercial Paper and borrowings under its Revolving Credit Facility to finance such settlement.
(6) The Company used borrowings under its 2025 Term Loan Facility and its Revolving Credit Facility to finance the settlement.
(7) The Company settled portions of its convertible debt in privately negotiated transactions that are accounted for as induced conversions.
(8) The Company used borrowings under its Revolving Credit Facility to finance a portion of such settlement.
Senior Credit Facilities

In November 2024, the amended and restated Credit Agreement, dated as of December 16, 2021 (as amended by the first incremental term loan amendment, dated as of August 31, 2023), was amended to amend the maximum total leverage ratio financial covenant for the quarterly periods ending on December 31, 2024 through December 31, 2025 to 4.75 to 1.00.

In March 2025, the Company entered into a Second Amended and Restated Credit Agreement pursuant to which the Amended and Restated Credit Agreement, dated as of December 16, 2021, was amended and restated in its entirety. The Second Amended and Restated Credit Agreement provides for an unsecured revolving loan facility in an aggregate principal amount of up to $2.25 billion in addition to certain other sublimit loans that terminates on March 25, 2030. The Credit Agreement also permits the Company, subject to certain conditions, to add one or more incremental term loan facilities and/or increase the revolving loan commitments up to $1.00 billion subject, in each case, to the receipt of additional commitments from existing and/or new lenders and pro forma compliance with the financial covenants as set forth in the Second Amended and Restated Credit Agreement.

The Second Amended and Restated Credit Agreement amended the maximum total leverage ratio financial covenant to the following: 5.50 to 1.00 for period ending March 31, 2025, 5.50 to 1.00 for period ending June 30, 2025, 6.25 to 1.00 for period ending September 30, 2025, 5.75 to 1.00 for period ending December 31, 2025, 4.75 to 1.00 for period ending March 31, 2026, 4.00 to 1.00 for period ending June 30, 2026, 3.75 to 1.00 for period ending September 30, 2026, and 3.50 to 1.00 for any such period ended after the Restatement Effective Date that is not a period ending during the Covenant Relief Period. The Covenant Relief Period means the period following the Restatement Effective Date to (but excluding) the earlier of (a) December 31, 2026 and (b) the date in which the Total Leverage Ratio for the most recently ended fiscal quarter shall not exceed 3.50 to 1.00 and certain other conditions are satisfied.

The revolving loans bear interest, at the Company’s option, at the base rate plus a spread of 0.00% to 0.50%, an adjusted daily simple SOFR rate (or SONIA rate in the case of loans denominated in pounds sterling) plus a spread of 0.875% to 1.50%, or an adjusted term SOFR or adjusted EURIBOR rate (based on one, three or six-month interest periods) plus a spread of 0.875% to 1.50%, in each case, with such spread being determined based on the credit ratings for certain of the Company’s senior, unsecured debt. The base rate means the highest of the prime rate, the federal funds rate plus a margin equal to 0.50% and the adjusted term SOFR rate for a one-month interest period plus a margin equal to 1.00%. Interest is due and payable in arrears quarterly for loans bearing interest at the base rate and at the end of an interest period (or at each three-month interval in the case of loans with interest periods greater than three months) in the case of loans bearing interest at the adjusted term SOFR or adjusted EURIBOR rates.

The Company's obligations under the Second Amended and Restated Credit Agreement are guaranteed by certain of its subsidiaries meeting materiality thresholds. The Second Amended and Restated Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries' ability to, among other things, incur subsidiary indebtedness, grant liens, merge or consolidate, dispose of substantially all assets of the Company and its subsidiaries, taken as a whole, make investments, make acquisitions, enter into certain transactions with affiliates, pay dividends or make distributions, repurchase stock and enter into restrictive agreements, in each case subject to customary exceptions for a credit facility of this size and type. Upon satisfaction of certain conditions specified in the Second Amended and Restated Credit Agreement and at the Company's election, certain of such negative covenants in the Second Amended and Restated Credit Agreement shall no longer apply. The Company is also required to maintain compliance with a total leverage ratio and an interest coverage ratio, all measured quarterly and calculated on a consolidated basis. As of March 31, 2025, the Company was in compliance with these financial covenants.

In August 2023, the Amended and Restated Credit Agreement, dated as of December 16, 2021, was amended by the first incremental term loan amendment, dated as of August 31, 2023. Pursuant to this amendment, the Company borrowed an aggregate principal amount of $750.0 million under the new 2025 Term Loan Facility bearing interest at the Adjusted Term SOFR Rate, plus a margin of 1.125% to 1.5%, or Alternate Base Rate, plus a margin of 0.125% to 0.5%, with a maturity date of August 31, 2025, which was fully repaid in December 2024.

Convertible Debt

In May 2024, the Company issued $1.25 billion aggregate principal amount of 2024 Senior Convertible Debt and incurred issuance costs of $16.5 million. Interest on the 2024 Senior Convertible Debt is payable semi-annually in arrears on June 1 and December 1. The 2024 Senior Convertible Debt will mature on June 1, 2030 unless redeemed, repurchased or converted.
In connection with the issuance of the 2024 Senior Convertible Debt, the Company entered into capped call option transactions with several financial institutions at a cost of $105.0 million. The capped call options cover, subject to anti-dilution adjustments, the number of shares of the Company's common stock initially underlying the 2024 Senior Convertible Debt. Upon conversion of the 2024 Senior Convertible Debt, the Company may exercise the capped call options subject to a cap price of $167.23 per share, subject to certain adjustments under the terms of the capped call options, which are generally expected to reduce the potential dilution to the Company's common stock upon conversion of the 2024 Senior Convertible Debt and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2024 Senior Convertible Debt. Upon conversion of the 2024 Senior Convertible Debt, there will be no economic dilution from the 2024 Senior Convertible Debt until the average market price of the Company's common stock exceeds the cap price of $167.23 per share as the exercise of the capped call options will offset any dilution from the 2024 Senior Convertible Debt from the conversion price up to the cap price. As these transactions meet certain accounting criteria, the capped call options are recorded as a reduction of stockholders' equity and are not accounted for as derivatives.

Commercial Paper

In September 2023, the Company established a Commercial Paper program under which the Company may issue short-term unsecured promissory notes up to a maximum principal amount outstanding at any time of $2.75 billion with a maturity of up to 397 days from the date of issue. The Company's obligations with respect to the payment of the Commercial Paper are guaranteed by certain of its subsidiaries. The Commercial Paper will be sold at a discount from par or alternatively, will be sold at par and bear interest rates that will vary based on market conditions and the time of issuance. The Company's intention is to reduce the amounts that would otherwise be available to borrow under the Company's Revolving Credit Facility by the outstanding amount of Commercial Paper. As of March 31, 2025, the Company had $175.0 million of principal amount of Commercial Paper outstanding. The weighted-average interest rate of the Company's outstanding Commercial Paper was 4.58% as of March 31, 2025. Pursuant to the Second Amended and Restated Credit Agreement in March 2025, the maximum principal amount outstanding at any time under the Commercial Paper program was updated to $2.25 billion.

Senior Notes

The Company may, at its option, redeem some or all of the applicable series of Senior Notes in the manner set forth in the indenture governing the applicable series of Senior Notes. If the Company experiences a specific change of control triggering event set forth in the indenture governing the applicable series of Senior Notes, the Company must offer to repurchase each of the notes of such series at a price equal to 101% of the principal amount of each of the notes of such series repurchased, plus accrued and unpaid interest, if any, but excluding, the repurchase date.

Each indenture governing the applicable series of Senior Notes contain certain customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries' ability to, among other things, create or incur certain liens, and enter into sale and leaseback transactions, and consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its assets, to another person. These covenants are subject to a number of limitations and exceptions set forth in the indenture governing the applicable series of Senior Notes.

Each series of Senior Notes is guaranteed by certain of the Company's subsidiaries that have also guaranteed the obligation under the Second Amended and Restated Credit Agreement and the Company's existing Senior Indebtedness. In the future, each subsidiary of the Company that is a guarantor or other obligor of the Second Amended and Restated Credit Agreement is required to guarantee each series of Senior Notes.

4.900% 2028 Notes and 5.050% 2030 Notes

In December 2024, the Company issued $1.00 billion aggregate principal amount of 4.900% 2028 Notes and $1.00 billion aggregate principal amount of 5.050% 2030 Notes in a public offering. In connection with the issuance of the 4.900% 2028 Notes and 5.050% 2030 Notes, the Company incurred issuance costs of approximately $1.8 million for each series of notes and recorded a debt discount of $3.6 million and $4.3 million, respectively, which includes fees deducted from the proceeds, which will both be amortized using the effective interest method over the term of the debts.

The Company may, at its option, redeem some or all of the 4.900% 2028 Notes at any time, at a redemption price equal to the greater of (a) the sum of the present values of the remaining scheduled payments of principal and interest discounted as defined in the indenture governing the terms of the 4.900% 2028 Notes (the 4.900% 2028 Notes Indenture), plus 15 basis points less interest accrued to the date of redemption, and (b) 100% of the principal amount of the 4.900% 2028 Notes to be redeemed, plus, in either case, accrued and unpaid interest to, but excluding, the redemption date.
Prior to January 15, 2030 (Par Call Date) the Company may, at its option, redeem some or all of the 5.050% 2030 Notes at a redemption price equal to the greater of (a) the sum of the present values of the remaining scheduled payments of principal and interest discounted as defined in the indenture governing the terms of the 5.050% 2030 Notes (the 5.050% 2030 Notes Indenture), plus 15 basis points less interest accrued to the date of redemption, and (b) 100% of the principal amount of the 5.050% 2030 Notes to be redeemed, plus, in either case, accrued and unpaid interest, but excluding, the redemption date. On or after the Par Call Date, the Company may redeem the 5.050% 2030 Notes, in whole or in part, at any time at a redemption price equal to 100% of the principal amount of the 5.050% 2030 Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

If the Company experiences a specific change of control triggering event with respect to the 4.900% 2028 Notes or the 5.050% 2030 Notes, as applicable, the Company must offer to repurchase such 4.900% 2028 Notes or 5.050% 2030 Notes at a price equal to 101% of the principal amount of the Notes repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date.

The 4.900% 2028 Notes Indenture and the 5.050% 2030 Notes Indenture contain certain customary affirmative and negative covenants, including covenants that limit or restrict the Company and its subsidiaries' ability to, among other things, create or incur certain liens, enter into sale and leaseback transactions, and consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its assets. These covenants are subject to a number of limitations and exceptions set forth in the 4.900% 2028 Notes Indenture and the 5.050% 2030 Notes Indenture.

The 4.900% 2028 Notes and 5.050% 2030 Notes are guaranteed by certain of the Company's subsidiaries that have also guaranteed the obligation under the Second Amended and Restated Credit Agreement.