Additional Financial Information

12 Months Ended

Mar. 31, 2020

Additional Financial Information [Abstract]

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

Cash, Cash Equivalents and Restricted Cash

Cash equivalents consist of investments that are readily convertible into cash. Cash equivalents are carried at cost, which approximates fair value. The Company classifies its cash equivalents within Level 1 of the fair value hierarchy because the Company uses quoted market prices to measure the fair value of these investments (see Note 11). The Company monitors concentrations of credit risk with respect to cash and cash equivalents by placing such balances with higher quality financial institutions or investing such amounts in liquid, short-term, highly-rated instruments or investment funds holding similar instruments. As of March 31, 2020, the majority of the Company’s cash and cash equivalents were held in bank depository accounts.

There was no restricted cash in the consolidated balance sheets as of March 31, 2020 or 2019.

Accounts Receivable, net

Accounts receivable are presented net of a provision for doubtful accounts of $9.3 million (March 31, 2019 - $5.4 million).

Accounts Receivable Monetization

Under the Company's accounts receivable monetization programs, the Company has entered into (1) individual agreements to monetize certain of its trade accounts receivable directly with third-party purchasers and (2) a revolving agreement to monetize designated pools of trade accounts receivable with various financial institutions, as further described below. Under these programs, the Company transfers receivables to purchasers in exchange for cash proceeds, and the Company continues to service the receivables for the purchasers. The Company accounts for the transfers of these receivables as a sale, removes (derecognizes) the carrying amount of the receivables from its balance sheets and classifies the proceeds received as cash flows from operating activities in the statements of cash flows. The Company records a loss on the sale of these receivables reflecting the net proceeds received (net of any obligations incurred), less the carrying amount of the receivables transferred. The loss is reflected in the "other expense" line item on the consolidated statements 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 years ended March 31, 2020 and 2019 (2018 - none).

Individual Monetization Agreements. The Company enters into individual agreements to monetize trade accounts receivable. The third-party purchasers have no recourse to other assets of the Company in the event of non-payment by the customers. The following table sets forth a summary of the receivables transferred under individual agreements or purchases during the years ended March 31, 2020 and 2019 (2018 - none):



	Year Ended
	March 31,
	2020		2019


Carrying value of receivables transferred and derecognized	$	1,603.2	$	473.9
Net cash proceeds received	1,593.9		469.2
Loss recorded related to transfers of receivables	9.3		4.7

At March 31, 2020, the outstanding amount of receivables derecognized from the Company's consolidated balance sheets, but which the Company continues to service, related to the Company's individual agreements to monetize trade accounts receivable was $529.8 million (March 31, 2019 - $350.6 million).

Pooled Monetization Agreement. In December 2019, the Company entered into a revolving agreement to transfer up to $150.0 million of certain receivables to various financial institutions on a recurring basis in exchange for cash equal to the gross receivables transferred. As customers pay their balances, the Company transfers additional receivables into the program. The transferred receivables are fully guaranteed by a bankruptcy-remote wholly-owned subsidiary of the Company, which holds additional receivables in the amount of $56.3 million as of March 31, 2020 that are pledged as collateral under this agreement. The third-party purchasers have no recourse to other assets of the Company in the event of non-payment by the customers.

The following table sets forth a summary of the receivables transferred under the pooled monetization agreement during the year ended March 31, 2020 (2019 and 2018 - none):



	Year Ended
	March 31,
	2020


Gross cash proceeds received for receivables transferred and derecognized	$	192.6
Less amounts from collections reinvested under revolving agreement	(84.5		)
Proceeds from new transfers	108.1
Collections not reinvested and remitted or to be remitted	(15.6		)
Net cash proceeds received	$	92.5

Carrying value of receivables transferred and derecognized ⁽¹⁾	$	191.9
Obligations recorded	$	2.5
Loss recorded related to transfers of receivables	$	1.7

___________________


(1)	Receivables net of unamortized discounts on long-term, non-interest bearing receivables.

At March 31, 2020, the outstanding amount of receivables derecognized from the Company's consolidated balance sheet, but which the Company continues to service, related to the pooled monetization agreement was approximately $92.5 million.

Other Assets

The composition of the Company’s other assets is as follows as of March 31, 2020 and March 31, 2019:



	March 31, 2020		March 31, 2019
	(Amounts in millions)
Other current assets
Prepaid expenses and other	$	65.7	$	150.6
Product inventory	13.4		19.9
Tax credits receivable	78.3		96.7
	$	157.4	$	267.2
Other non-current assets
Prepaid expenses and other⁽¹⁾	$	34.3	$	109.2
Accounts receivable⁽¹⁾	53.6		176.1
Tax credits receivable	166.7		150.8
Operating lease right-of-use assets	136.9		—
	$	391.5	$	436.1

_____________________


(1)	Unamortized discounts on contract assets included in prepaid expenses and other were $0.7 million and $3.9 million at March 31, 2020 and 2019, respectively, and unamortized discounts on long-term, non-interest bearing receivables were $3.3 million and $9.7 million at March 31, 2020 and 2019, respectively.

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 gain (loss) on available-for-sale securities			Net unrealized gain (loss) on cash flow hedges			Total
	(Amounts in millions)
March 31, 2017	$	(19.4	)	$	3.1		$	0.3		$	(16.0	)
Other comprehensive income (loss)	7.0			(0.5		)	(0.2		)	6.3
March 31, 2018	(12.4		)	2.6			0.1			(9.7		)
Cumulative effect of accounting changes	—			(2.6		)	—			(2.6		)
Other comprehensive loss	(5.8		)	—			(62.2		)	(68.0		)
March 31, 2019	(18.2		)	—			(62.1		)	(80.3		)
Other comprehensive income (loss)	(0.6		)	—			(125.1		)	(125.7		)
March 31, 2020	$	(18.8	)	$	—		$	(187.2	)	$	(206.0	)

Supplemental Cash Flow Information

Interest paid during the fiscal year ended March 31, 2020 amounted to $173.8 million (2019 — $146.7 million; 2018 — $119.7 million).

Income taxes paid (refunded) during the fiscal year ended March 31, 2020 amounted to net tax refunds received of $5.3 million (2019 — net tax paid of $13.5 million; 2018 — net tax refunds received of $20.3 million).

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



	Year Ended March 31,
	2020		2019		2018
	(Amounts in millions)
Non-cash investing activities:
Issuance of common shares related to business acquisitions	$	—	$	83.7	$	—

Non-cash financing activities:
Accrued dividends (see Note 14)	$	—	$	—	$	19.1