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Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Recurring Fair Value Measurements

The financial instruments measured at fair value in the accompanying condensed consolidated balance sheets consist of the following:

			Recurring Fair Value Measurements as of June 30, 2023
			Level 1						Level 2						Level 3						Total
Assets:
Current derivative instruments (2)			$	—					$	14,190					$	—					$	14,190
Long-term derivative instruments (2)			—						4,281						—						4,281
Long-term deferred compensation plan asset (1)			27,405						—						—						27,405
Total Assets			$	27,405					$	18,471					$	—					$	45,876
Liabilities:
Long-term deferred compensation plan liability (1)			27,405						—						—						27,405
Total Liabilities			$	27,405					$	—					$	—					$	27,405

			Recurring Fair Value Measurements as of March 31, 2023
			Level 1						Level 2						Level 3						Total
Assets:
Current derivative instruments (2)			$	—					$	11,245					$	—					$	11,245
Long-term derivative instruments (2)			—						3,530						—						3,530
Long-term deferred compensation plan asset (1)			20,090						—						—						20,090
Total Assets			$	20,090					$	14,775					$	—					$	34,865
Liabilities:
Long-term derivative instruments (2)			—						1,369						—						1,369
Long-term deferred compensation plan liability (1)			20,090						—						—						20,090
Total Liabilities			$	20,090					$	1,369					$	—					$	21,459

(1) Investments in this category consist primarily of mutual funds whose fair values are determined by reference to the quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs. These assets and liabilities represent investments held in a consolidated trust to fund the Company's non-qualified deferred compensation plan and are recorded in other long-term assets and other long-term liabilities on our condensed consolidated balance sheets.

(2) The Company’s interest rate swaps are considered over-the-counter derivatives and fair value is estimated based on the present value of future cash flows using a model-derived valuation that uses Level 2 observable inputs such as interest rate yield curves. See Note 9, “Derivatives,” to the condensed consolidated financial statements for further discussion on the Company’s derivative instruments designated as cash flow hedges.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying amount and estimated fair value of long-term debt consists of the following:

			June 30, 2023												March 31, 2023
			Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Term Loan A			$	1,619,063					$	1,588,706					$	1,629,375					$	1,600,861
3.88% Senior Notes due 2028			700,000						637,896						700,000						638,540
4.00% Senior Notes due 2029			500,000						450,255						500,000						451,930

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

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