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FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Mar. 31, 2020
Fair Value Measurement [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value of a financial instrument is determined by reference to the available market information at the reporting date. When no active market exists for a financial instrument, the Company determines the fair value of that instrument based on valuation methodologies as discussed below. In determining assumptions required under a valuation model, the Company primarily uses external, readily observable market data inputs. Assumptions or inputs that are not based on observable market data incorporate the Company’s best estimates of market participant assumptions. Counterparty credit risk and the Company’s own credit risk are taken into account in estimating the fair value of financial assets and financial liabilities.
 
The following assumptions and valuation methodologies have been used to measure the fair value of financial instruments:
(i)
The fair value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their carrying values due to their short-term maturities;
(ii)
The fair value of derivative instruments, which include forward contracts, swap agreements and embedded derivatives accounted for separately and is calculated as the present value of the estimated future cash flows using an appropriate interest rate yield curve and forward foreign exchange rate. Assumptions are based on market conditions prevailing at each reporting date. The fair value of derivative instruments reflect the estimated amounts that the Company would receive or pay to settle the contracts at the reporting date;
(iii)
The fair value of the equity investments, which does not have a readily available market value, is estimated using a discounted cash flow model, which includes some assumptions that are not based on observable market prices or rates;
(iv)
The fair value of non-current receivables is estimated based on discounted cash flows using current interest rates for instruments with similar risks and remaining maturities;
(v)
The fair value of long-term debts, royalties obligations and other non-current liabilities are estimated based on discounted cash flows using current interest rates for instruments with similar risks and remaining maturities. Upon adoption of IFRS 16 on April 1, 2019, fair value disclosures are no longer required for lease liabilities;
(vi)
The fair value of the contingent considerations arising on business combinations are based on the estimated amount and timing of projected cash flows, the probability of the achievement of the criteria on which the contingency is based and the risk-adjusted discount rate used to present value the probability-weighted cash flows.

Fair value hierarchy
The fair value hierarchy reflects the significance of the inputs used in making the measurements and has the following levels:
 
Level 1:   Quoted prices (unadjusted) in active markets for identical assets or liabilities;
 
Level 2:   Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices in markets that are not active) or indirectly (i.e. quoted prices for similar assets or liabilities);
 
Level 3:   Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
 
Each type of fair value is categorized based on the lowest level input that is significant to the fair value measurement in its entirety.
The carrying values and fair values of financial instruments, by class, are as follows:
 
 
 
 
 
2020
 
 
 
2019
 
Level
Carrying Value
 
Fair value
 
Carrying Value
 
Fair value
 
 
 
 
Total

 
Total

 
Total

 
Total

Financial assets (liabilities) measured at FVTPL
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
Level 1
$
946.5

$
946.5

$
446.1

$
446.1

Restricted cash
Level 1
 
12.4

 
12.4

 
27.3

 
27.3

Embedded foreign currency derivatives
Level 2
 
—

 
—

 
0.1

 
0.1

Equity swap agreements
Level 2
 
(55.5
)
 
(55.5
)
 
10.4

 
10.4

Forward foreign currency contracts
Level 2
 
(7.2
)
 
(7.2
)
 
(2.5
)
 
(2.5
)
Contingent consideration arising on business combinations
Level 3
 
—

 
—

 
(11.9
)
 
(11.9
)
Derivatives assets (liabilities) designated in a hedge relationship
 
 
 
 
 
 
 
 
Foreign currency swap agreements
Level 2
 
(0.3
)
 
(0.3
)
 
11.1

 
11.1

Forward foreign currency contracts
Level 2
 
(31.6
)
 
(31.6
)
 
(6.5
)
 
(6.5
)
Financial assets (liabilities) measured at amortized cost
 
 
 
 
 
 
 
 
 
Accounts receivable(1)
Level 2
 
514.5

 
514.5

 
440.3

 
440.3

Investment in finance leases
Level 2
 
155.0

 
183.2

 
102.9

 
114.5

Advances to a portfolio investment
Level 2
 
29.7

 
29.7

 
29.5

 
29.5

Other assets(2)
Level 2
 
22.1

 
20.5

 
25.7

 
25.7

Accounts payable and accrued liabilities(3)
Level 2
 
(709.1
)
 
(709.1
)
 
(770.8
)
 
(770.8
)
Total long-term debt(4)
Level 2
 
(2,830.6
)
 
(2,960.4
)
 
(2,335.4
)
 
(2,470.7
)
Other non-current liabilities(5)
Level 2
 
(182.0
)
 
(167.9
)
 
(164.0
)
 
(184.6
)
Financial assets measured at FVOCI
 
 
 
 
 
 
 
 
 
Equity investments
Level 3
 
3.3

 
3.3

 
3.3

 
3.3

 
 
$
(2,132.8
)
$
(2,221.9
)
$
(2,194.4
)
$
(2,338.7
)
(1) Includes trade receivables and certain other receivables.
(2) Includes non-current receivables and certain other non-current assets.
(3) Includes trade accounts payable, accrued liabilities, interest payable, certain payroll-related liabilities and current royalty obligations.
(4) The carrying value excludes transaction costs.
(5) Includes non-current royalty obligations and other non-current liabilities.

Changes in level 3 financial instruments are as follows:
Balance as at March 31, 2019
 
 
$
(8.6
)
Total realized and unrealized gains included in income
 
 
11.9

Balance as at March 31, 2020
 
 
$
3.3