Additional Financial Information

6 Months Ended

Sep. 30, 2019

Additional Financial Information [Abstract]

The following tables present supplemental information related to the unaudited condensed consolidated financial statements.

Other Assets

The composition of the Company’s other assets is as follows as of September 30, 2019 and March 31, 2019:



	September 30, 2019		March 31, 2019
	(Amounts in millions)
Other current assets
Prepaid expenses and other	$	69.7	$	150.6
Product inventory	19.0		19.9
Tax credits receivable	90.3		96.7
	$	179.0	$	267.2
Other non-current assets
Prepaid expenses and other	$	45.6	$	109.2
Accounts receivable	148.6		176.1
Tax credits receivable	176.6		150.8
Operating lease right-of-use assets	146.3		—
	$	517.1	$	436.1

Accounts Receivable Monetization

The Company has entered into agreements to monetize certain of its trade accounts receivable directly with third-party purchasers. The third-party purchasers have no recourse to other assets of the Company in the event of non-payment by the customers. Upon transfer of the receivables, the Company receives cash proceeds from the third-party purchaser, and the Company continues to service the receivables for the purchasers. The Company accounts for the transfers of these receivables as a sale, and classifies the proceeds as cash flows from operating activities in the statement of cash flows. During the three and six months ended September 30, 2019, the Company monetized trade accounts receivable with a carrying value of $455.9 million and $830.4 million, respectively, with third-party purchasers, which were derecognized from the Company's unaudited condensed consolidated balance sheet, in exchange for net cash proceeds of $452.1 million and $824.3 million, respectively. The amount of proceeds received is based on the present value of the timing of the payment of the underlying trade accounts receivable transferred discounted at an average rate which is lower than the Company’s average borrowing rate under its revolving credit facility. The Company recorded a loss of $3.8 million and $6.1 million in the three and six months ended September 30, 2019, respectively, which is included in the "other expense" line item on the unaudited condensed consolidated statement of operations. The Company receives fees for servicing the accounts receivable for the purchasers, which represent the fair value of the services and were immaterial for the three and six months ended September 30, 2019. At September 30, 2019, the outstanding amount of receivables derecognized from the Company's unaudited condensed consolidated balance sheets, but which the Company continues to service, was $511.9 million (March 31, 2019 - $350.6 million).

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss, net of tax:



	Foreign currency translation adjustments			Net unrealized loss on cash flow hedges			Total
	(Amounts in millions)
March 31, 2019	$	(18.2	)	$	(62.1	)	$	(80.3	)
Other comprehensive income (loss)	1.4			(66.7		)	(65.3		)
September 30, 2019	$	(16.8	)	$	(128.8	)	$	(145.6	)

Cash, Cash Equivalents and Restricted Cash

There was no restricted cash in the unaudited condensed consolidated balance sheets as of September 30, 2019 or March 31, 2019.

Supplemental Cash Flow Information

The supplemental schedule of non-cash investing and financing activities is presented below:



	Six Months Ended September 30,
	2019		2018
	(Amounts in millions)
Non-cash investing activities:
Common shares related to business acquisitions (see Note 2)	$	28.1	$	83.7

Non-cash financing activities:
Accrued dividends	$	—	$	19.4