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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Outstanding

As of September 30, 2020, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 12 months from September 30, 2020):

September 30, 2020

Foreign Currency

Foreign Currency Amount

US Dollar Amount

Weighted Average Exchange Rate Per $1 USD

(Amounts in millions)

(Amounts in millions)

British Pound Sterling

£3.8

in exchange for

$5.1

£0.81

Hungarian Forint

HUF 274.1

in exchange for

$1.0

HUF 281.68

Euro

€1.0

in exchange for

$1.2

€0.80

Canadian Dollar

C$2.8

in exchange for

$2.0

C$1.42

Croatian Kuna

HRK2.5

in exchange for

$0.4

HRK6.32

As of March 31, 2020, the Company had the following pay-fixed interest rate swaps outstanding (all related to the Company's LIBOR-based debt, see Note 4 and Note 6):

Effective Date						Notional Amount (in millions)						Fixed Rate Paid						Maturity Date
May 23, 2018						$1,000.0						2.915%						March 24, 2025
June 25, 2018						$200.0						2.723%						March 23, 2025
July 31, 2018						$300.0						2.885%						March 23, 2025
December 24, 2018						$50.0						2.744%						March 23, 2025
December 24, 2018						$100.0						2.808%						March 23, 2025
December 24, 2018						$50.0						2.728%						March 23, 2025
Total						$1,700.0

Key terms of the new offsetting pay-variable receive-fixed interest rate swaps outstanding at September 30, 2020 are presented below (not designated as hedges):

Effective Date						Notional Amount (in millions)						Fixed Rate Received						Maturity Date
May 19, 2020						$700.0						2.915%						March 24, 2025
May 19, 2020						$300.0						2.885%						March 23, 2025
May 19, 2020						$50.0						2.744%						March 23, 2025
June 15, 2020						$100.0						2.808%						March 23, 2025
June 15, 2020						$50.0						2.728%						March 23, 2025
August 14, 2020						$200.0						2.723%						March 23, 2025
Total						$1,400.0

Key terms of the new designated cash flow hedge pay-fixed interest rate swaps outstanding at September 30, 2020 are presented below:

Effective Date						Notional Amount (in millions)						Fixed Rate Paid						Maturity Date(1)
May 19, 2020						$700.0						1.923%						March 23, 2030
May 19, 2020						$350.0						2.531%						March 23, 2027
June 15, 2020						$150.0						2.343%						March 23, 2027
August 14, 2020						$200.0						1.840%						March 23, 2030
Total						$1,400.0

__________________

(1)Subject to a mandatory early termination date of March 23, 2025.

Schedule of Derivative Instruments, Statements of Financial Performance And Comprehensive Income, Location And Effect

The following table presents the pre-tax effect of the Company's derivatives on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss for the three and six months ended September 30, 2020 and 2019:

			Three Months Ended												Six Months Ended
			September 30,												September 30,
			2020						2019						2020						2019
			(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts
Loss recognized in accumulated other comprehensive loss			$	(0.4)					$	0.4					$	(0.6)					$	1.6
Gain (loss) reclassified from accumulated other comprehensive loss into direct operating expense			$	—					$	0.4					$	(0.1)					$	1.6
Interest rate swaps
Loss recognized in accumulated other comprehensive loss			$	(10.5)					$	(23.6)					$	(28.2)					$	(71.1)
Loss reclassified from accumulated other comprehensive loss into interest expense			$	(9.6)					$	(2.7)					$	(17.0)					$	(4.4)
Derivatives not designated as cash flow hedges:
Forward exchange contracts
Gain recognized in direct operating expense			$	—					$	—					$	0.3					$	—
Interest rate swaps
Loss reclassified from accumulated other comprehensive loss into interest expense			$	(8.0)					$	—					$	(11.4)					$	—
Total direct operating expense on consolidated statements of operations			$	366.8					$	499.4					$	789.8					$	1,067.4
Total interest expense on consolidated statements of operations			$	45.7					$	48.0					$	90.2					$	97.0

Derivative Instruments by Balance Sheet Location

As of September 30, 2020 and March 31, 2020, the Company had the following amounts recorded in the accompanying unaudited condensed consolidated balance sheets related to the Company's use of derivatives:

						September 30, 2020
						Other Current Assets												Accounts Payable and Accrued Liabilities						Other Non-Current Liabilities
						(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts						$	0.4											$	0.7					$	—
Interest rate swaps						—												—						36.0
Derivatives not designated as cash flow hedges:
Interest rate swaps(1)						—												—						156.6
Fair value of derivatives						$	0.4											$	0.7					$	192.6

________________

(1)Includes $161.5 million representing the financing element of certain hybrid instruments, which is offset by the new pay-variable receive-fixed interest rate swaps outstanding at September 30, 2020.

						March 31, 2020
						Other Current Assets												Accounts Payable and Accrued Liabilities						Other Non-Current Liabilities
						(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts						$	0.6											$	0.5					$	—
Interest rate swaps						—												—						187.9
Derivatives not designated as cash flow hedges:
Forward exchange contracts						—												0.4						—
Fair value of derivatives						$	0.6											$	0.9					187.9

X

- Definition

Tabular disclosure of (1) the location and amount of gains and losses reported in the statement of financial performance for derivative instruments not designated as hedging activities (2) the effective portion of the gains and losses on derivative instruments designated as hedging activities recognized in other comprehensive income (loss) during the period and (3) the amount and location of the amount reclassified from accumulated other comprehensive income (loss) during the period to the statement of financial performance.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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