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Debt (Tables)
 12 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Instruments
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.
Schedule of Maturities of Long-term Debt
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 
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 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.
Schedule of Interest Expense
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 $203.9 
Schedule of Debt Settlement
The Company's debt settlement transactions consist of the following (in millions):
Principal Amount SettledTotal Cash ConsiderationNet Loss on Inducements and Settlements
March 2025(1)
Revolving Credit Facility$— $— $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.