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Debt (Tables)

3 Months Ended

Jun. 30, 2025

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
															June 30,						March 31,
															2025						2025
Commercial Paper																		$	—					$	175.0
4.250% 2025 Notes			4.250%						4.6%									1,200.0						1,200.0
4.900% 2028 Notes			4.900%						5.1%									1,000.0						1,000.0
5.050% 2029 Notes			5.050%						5.2%									1,000.0						1,000.0
5.050% 2030 Notes			5.050%						5.2%									1,000.0						1,000.0
Total Senior Indebtedness																		4,200.0						4,375.0
Senior Subordinated Convertible Debt - Principal Outstanding
2017 Senior Convertible Debt			1.625%						1.8%									38.0						38.0
2024 Senior Convertible Debt			0.750%						1.0%									1,250.0						1,250.0
Total Convertible Debt																		1,288.0						1,288.0
Gross long-term debt including current maturities																		5,488.0						5,663.0
Less: Debt discount(2)																		(11.4)						(13.1)
Less: Debt issuance costs(3)																		(18.5)						(19.5)
Net long-term debt including current maturities																		5,458.1						5,630.4
Less: Current maturities(4)																		—						—
Net long-term debt																		$	5,458.1					$	5,630.4

(1) The Company had no outstanding borrowings under the Revolving Credit Facility at June 30, 2025 and at March 31, 2025.

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

															June 30,						March 31,
															2025						2025
Commercial Paper															$	—					$	(0.1)
4.250% 2025 Notes															(0.5)						(1.3)
4.900% 2028 Notes															(3.0)						(3.3)
5.050% 2029 Notes															(4.0)						(4.3)
5.050% 2030 Notes															(3.9)						(4.1)
Total unamortized discount															$	(11.4)					$	(13.1)

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

			June 30,						March 31,
			2025						2025
4.250% 2025 Notes			$	(0.1)					$	(0.2)
4.900% 2028 Notes			(1.5)						(1.7)
5.050% 2029 Notes			(1.7)						(1.8)
5.050% 2030 Notes			(1.7)						(1.7)
2017 Senior Convertible Debt			(0.1)						(0.1)
2024 Senior Convertible Debt			(13.4)						(14.0)
Total debt issuance costs			$	(18.5)					$	(19.5)

(4) As of June 30, 2025, the 4.250% 2025 Notes which mature 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 June 30, 2025, the 2017 Senior Convertible Debt was convertible and was 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, 2025, the outstanding Commercial Paper which matures within the three months ending June 30, 2025, and the 4.250% 2025 Notes which mature on September 1, 2025, 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.

Schedule of Maturities of Long-term Debt

Expected maturities relating to the Company’s debt obligations based on the contractual maturity dates as of June 30, 2025, are as follows (in millions):

Fiscal year ending March 31,						Amount
2026						$	1,200.0
2027						38.0
2028						1,000.0
2029						1,000.0
2030						1,000.0
Thereafter						1,250.0
Total						$	5,488.0

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 June 30, 2025
			Conversion Rate						Approximate Conversion Price						Incremental Share Factor						Maximum Conversion Rate
2017 Senior Convertible Debt(1)			23.0022						$	43.47					11.5020						32.7781
2024 Senior Convertible Debt(1)			8.2090						$	121.82					—						10.4664

(1) As of June 30, 2025, the 2024 Senior Convertible Debt was not convertible. As of June 30, 2025, the holders of the 2017 Convertible Debt have the right to convert their notes between July 1, 2025 and September 30, 2025 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 June 30, 2025.

Schedule of Interest Expense

Interest expense consists of the following (in millions):

									Three Months Ended June 30,
																					2025						2024
Debt issuance cost amortization																					$	0.7					$	0.9
Debt discount amortization																					1.4						16.6
Interest expense																					51.0						41.3
Total interest expense on Senior Indebtedness																					53.1						58.8
Debt issuance cost amortization																					0.7						1.1
Coupon interest expense																					2.5						1.1
Total interest expense on Convertible Debt																					3.2						2.2
Other interest expense																					1.1						0.8
Total interest expense																					$	57.4					$	61.8

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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