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v3.26.1

Long-Term Debt (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2026
Long-Term Debt |
Schedule of long-term debt | Our long-term debt consists of the following at the dates indicated:
|  | March 31, 2026 |  | March 31, 2025
|  | Face Amount |  | Unamortized Debt Issuance Costs (1) |  | Book Value |  | Face Amount |  | Unamortized Debt Issuance Costs (1) |  | Book Value
|  | (in thousands)
Asset-based revolving credit facility (“ABL Facility”) |  | $ | 135,000 |  |  |  |  | $ | 135,000 |  |  | $ | 109,000 |  |  |  |  | $ | 109,000 |
2024 senior secured term loan “B” credit facility (“2024 Term Loan B”) |  | — |  |  | $ | — |  |  | — |  |  | 693,000 |  |  | $ | (16,479) |  |  | 676,521 |
2026 senior secured term loan “B” credit facility (“2026 Term Loan B”) |  | 950,000 |  |  | (19,838) |  |  | 930,162 |  |  | — |  |  | — |  |  | — |
Senior secured notes: |  |  |  |  |  |  |  |  |  |  |  |
8.125% Notes due 2029 (“2029 Senior Secured Notes”) |  | 900,000 |  |  | (7,580) |  |  | 892,420 |  |  | 900,000 |  |  | (10,219) |  |  | 889,781 |
8.375% Notes due 2032 (“2032 Senior Secured Notes”) |  | 1,281,000 |  |  | (13,823) |  |  | 1,267,177 |  |  | 1,300,000 |  |  | (16,416) |  |  | 1,283,584 |
Other long-term debt |  | 9,847 |  |  | (23) |  |  | 9,824 |  |  | 11,652 |  |  | (30) |  |  | 11,622 |
Total long-term debt |  | 3,275,847 |  |  | (41,264) |  |  | 3,234,583 |  |  | 3,013,652 |  |  | (43,144) |  |  | 2,970,508 |
Less: Current maturities |  | 11,457 |  |  | — |  |  | 11,457 |  |  | 8,805 |  |  | — |  |  | 8,805 |
Long-term debt |  | $ | 3,264,390 |  |  | $ | (41,264) |  |  | $ | 3,223,126 |  |  | $ | 3,004,847 |  |  | $ | (43,144) |  |  | $ | 2,961,703 |
(1) Debt issuance costs related to the ABL Facility are reported within intangible assets, rather than as a reduction of the carrying amount of long-term debt. The unamortized debt issuance costs for the 2026 Term Loan B include a $4.7 million discount.
Schedule of maturities of long-term debt | The scheduled maturities of our long-term debt are as follows at March 31, 2026:
Year Ending March 31, |  | ABL Facility |  | 2026 Term Loan B |  | Senior Secured Notes |  | Other Long-Term Debt |  | Total
|  |  |  |  |  | (in thousands) |  |  |  |
2027 |  | $ | — |  |  | $ | 9,500 |  |  | $ | — |  |  | $ | 1,957 |  |  | $ | 11,457 |
2028 |  | — |  |  | 9,500 |  |  | — |  |  | 2,120 |  |  | 11,620 |
2029 |  | 135,000 |  |  | 9,500 |  |  | 900,000 |  |  | 2,300 |  |  | 1,046,800 |
2030 |  | — |  |  | 9,500 |  |  | — |  |  | 2,494 |  |  | 11,994 |
2031 |  | — |  |  | 9,500 |  |  | — |  |  | 976 |  |  | 10,476 |
Thereafter |  | — |  |  | 902,500 |  |  | 1,281,000 |  |  | — |  |  | 2,183,500 |
Total |  | $ | 135,000 |  |  | $ | 950,000 |  |  | $ | 2,181,000 |  |  | $ | 9,847 |  |  | $ | 3,275,847 |
Schedule of future amortization expense of debt issuance costs | The following table summarizes expected amortization of debt issuance costs at March 31, 2026 (in thousands):
Year Ending March 31, |  |
2027 |  | $ | 7,854 |
2028 |  | 7,854 |
2029 |  | 7,517 |
2030 |  | 5,215 |
2031 |  | 5,211 |
Thereafter |  | 7,613 |
Total |  | $ | 41,264 |
Redemptions | Senior Secured Notes |
Long-Term Debt |
Schedule of redemptions | The following table summarizes redemptions of Senior Secured Notes for the year ended March 31, 2024 (in thousands):
2026 Senior Secured Notes (1) |  |
Notes redeemed |  | $ | 2,050,000 |
Cash paid (excluding payments of accrued interest) |  | $ | 2,088,438 |
Loss on early extinguishment of debt |  | $ | 59,014 |
(1) On February 4, 2021, we closed on our private offering of $2.05 billion of 7.500% senior secured notes due 2026 (“2026 Senior Secured Notes”). On February 6, 2024, we redeemed all of the outstanding 2026 Senior Secured Notes. Loss on the early extinguishment of debt for the 2026 Senior Secured Notes during the year ended March 31, 2024 includes the write off of debt issuance costs and other expenses of $20.6 million and a call premium of $38.4 million. The loss is reported within loss on early extinguishment of liabilities, net within our consolidated statement of operations.
Redemptions | Senior unsecured notes |
Long-Term Debt |
Schedule of redemptions | The following table summarizes redemptions of Senior Unsecured Notes for the year ended March 31, 2024 (in thousands):
2025 Notes (1) |  |
Notes redeemed |  | $ | 280,745 |
Cash paid (excluding payments of accrued interest) |  | $ | 280,745 |
Loss on early extinguishment of debt |  | $ | 978 |
2026 Notes (2) |  |
Notes redeemed |  | $ | 319,902 |
Cash paid (excluding payments of accrued interest) |  | $ | 319,902 |
Loss on early extinguishment of debt |  | $ | 2,159 |
(1) On February 20, 2024, we redeemed all of the remaining outstanding 2025 Notes. Loss on the early extinguishment of debt for the 2025 Notes during the year ended March 31, 2024 includes the write off of debt issuance costs and other expenses of $1.0 million. The loss is reported within loss on early extinguishment of liabilities, net within our consolidated statement of operations. (2) On February 2, 2024, we deposited $331.9 million with the trustee for the redemption of the 2026 Notes, which included the repayment of accrued and unpaid interest of $12.0 million. As we met the requirements of discharge under the 2026 indenture dated February 4, 2021, we no longer had this liability as of March 31, 2024. Loss on the early extinguishment of debt for the 2026 Notes during the year ended March 31, 2024 includes the write off of debt issuance costs and other expenses of $2.2 million. The loss is reported within loss on early extinguishment of liabilities, net within our consolidated statement of operations.
Repurchases | Senior Secured Notes |
Long-Term Debt |
Schedule of redemptions | The following table summarizes repurchases of Senior Secured Notes for the year ended March 31, 2026 (in thousands):
2032 Senior Secured Notes |  |
Notes repurchased |  | $ | 19,000 |
Cash paid (excluding payments of accrued interest) |  | $ | 17,274 |
Gain on early extinguishment of debt (1) |  | $ | 1,492 |
(1) Gain on early extinguishment of debt for the 2032 Senior Secured Notes during the year ended March 31, 2026 is inclusive of the write off of debt issuance costs of $0.2 million. The gain is reported within loss on early extinguishment of liabilities, net within our consolidated statement of operations.
Repurchases | Senior unsecured notes |
Long-Term Debt |
Schedule of redemptions | The following table summarizes repurchases of Senior Unsecured Notes for the year ended March 31, 2024 (in thousands):
2025 Notes |  |
Notes repurchased |  | $ | 99,275 |
Cash paid (excluding payments of accrued interest) |  | $ | 91,982 |
Gain on early extinguishment of debt (1) |  | $ | 6,906 |
(1) Gain on early extinguishment of debt for the 2025 Notes during the year ended March 31, 2024 is inclusive of the write off of debt issuance costs of $0.4 million. The gain is reported within loss on early extinguishment of liabilities, net within our consolidated statement of operations.
Repurchases | 2024 Term Loan B Credit Facility |
Long-Term Debt |
Schedule of redemptions | The following table summarizes the repayment of the existing 2024 Term Loan B for the year ended March 31, 2026 (in thousands):
2024 Term Loan B (1) |  |
2024 Term Loan B repayment |  | $ | 687,750 |
Cash paid (excluding payments of accrued interest) |  | $ | 687,750 |
Loss on early extinguishment of debt |  | $ | 15,508 |
(1) On March 12, 2026, as part of our debt refinancing transaction, we repaid our 2024 Term Loan B. Loss on the early extinguishment of debt for the 2024 Term Loan B during the year ended March 31, 2026, includes the write off of debt issuance costs and other expenses of $15.5 million. The loss is reported within loss on early extinguishment of liabilities, net within our consolidated statement of operations.

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