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Debt (Tables)

6 Months Ended

Sep. 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
															September 30,						March 31,
															2025						2025
Commercial Paper																		$	1,118.0					$	175.0
4.250% 2025 Notes			4.250%						4.6%									—						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																		4,118.0						4,375.0
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																		5,406.0						5,663.0
Less: Debt discount(2)																		(12.7)						(13.1)
Less: Debt issuance costs(3)																		(17.4)						(19.5)
Net long-term debt including current maturities																		5,375.9						5,630.4
Less: Current maturities(4)																		—						—
Net long-term debt																		$	5,375.9					$	5,630.4

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

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

															September 30,						March 31,
															2025						2025
Commercial Paper															$	(2.5)					$	(0.1)
4.250% 2025 Notes															—						(1.3)
4.900% 2028 Notes															(2.7)						(3.3)
5.050% 2029 Notes															(3.8)						(4.3)
5.050% 2030 Notes															(3.7)						(4.1)
Total unamortized discount															$	(12.7)					$	(13.1)

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

			September 30,						March 31,
			2025						2025
4.250% 2025 Notes			$	—					$	(0.2)
4.900% 2028 Notes			(1.4)						(1.7)
5.050% 2029 Notes			(1.6)						(1.8)
5.050% 2030 Notes			(1.6)						(1.7)
2017 Senior Convertible Debt			(0.1)						(0.1)
2024 Senior Convertible Debt			(12.7)						(14.0)
Total debt issuance costs			$	(17.4)					$	(19.5)

(4) As of September 30, 2025, the outstanding Commercial Paper which matures within the three months ending December 31, 2025, and the 2017 Senior Convertible Debt which is convertible, 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 and settle the principal portion of its Convertible Debt upon conversion. As of March 31, 2025, the outstanding Commercial Paper which matured within the three months ending June 30, 2025, and the 4.250% 2025 Notes which matured 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 September 30, 2025, are as follows (in millions):

Fiscal year ending March 31,						Amount
2026						$	1,118.0
2027						38.0
2028						1,000.0
2029						1,000.0
2030						1,000.0
Thereafter						1,250.0
Total						$	5,406.0

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 September 30, 2025
			Conversion Rate						Approximate Conversion Price						Incremental Share Factor						Maximum Conversion Rate
2017 Senior Convertible Debt(1)			23.1616						$	43.17					11.5817						33.0053
2024 Senior Convertible Debt(1)			8.2094						$	121.81					—						10.4669

(1) As of September 30, 2025, the 2024 Senior Convertible Debt was not convertible. As of September 30, 2025, the holders of the 2017 Senior Convertible Debt have the right to convert their notes between October 1, 2025 and December 31, 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 September 30, 2025.

Schedule of Interest Expense

Interest expense consists of the following (in millions):

									Three Months Ended September 30,												Six Months Ended September 30,
																					2025						2024						2025						2024
Debt issuance cost amortization																					$	0.6					$	0.9					$	1.3					$	1.8
Debt discount amortization																					5.3						11.5						6.7						28.1
Interest expense																					46.7						40.4						97.7						81.7
Total interest expense on Senior Indebtedness																					52.6						52.8						105.7						111.6
Debt issuance cost amortization																					0.7						1.4						1.4						2.5
Coupon interest expense																					2.5						2.7						5.0						3.8
Total interest expense on Convertible Debt																					3.2						4.1						6.4						6.3
Other interest expense																					0.5						2.2						1.6						3.0
Total interest expense																					$	56.3					$	59.1					$	113.7					$	120.9

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 2025(1)
4.250% 2025 Notes			$	1,200.0					$	1,200.0																																						$	—

(1) The Company used proceeds from the issuance of Commercial Paper and cash generated from operations to finance such settlement

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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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