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Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2021

Derivative [Line Items]

Schedule of Derivative Instruments Outstanding

Key terms of the new offsetting pay-variable receive-fixed interest rate swaps outstanding at March 31, 2021 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 March 31, 2021 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, Effect on Statements of Operations And Comprehensive Income

The following table presents the pre-tax effect of the Company's derivatives on the accompanying consolidated statements of operations and comprehensive income (loss) for the years ended March 31, 2021, 2020 and 2019:

			Year Ended
			March 31,
			2021						2020						2019
			(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts
Gain (loss) recognized in accumulated other comprehensive income (loss)			$	(1.0)					$	0.8					$	1.1
Gain reclassified from accumulated other comprehensive income (loss) into direct operating expense			0.2						1.6						—
Interest rate swaps
Gain (loss) recognized in accumulated other comprehensive income (loss)			$	58.7					$	(138.6)					$	(71.3)
Loss reclassified from accumulated other comprehensive income (loss) into interest expense			(33.3)						(14.3)						(7.7)
Derivatives not designated as cash flow hedges:
Forward exchange contracts
Gain (loss) recognized in direct operating expense			$	0.3					$	(0.4)					$	—
Interest rate swaps
Loss reclassified from accumulated other comprehensive loss into interest expense			$	(28.3)					$	—					$	—
Total direct operating expense on consolidated statements of operations			$	1,725.9					$	2,226.1					$	2,028.2
Total interest expense on consolidated statements of operations(1)			$	181.5					$	191.3					$	163.6

________________

(1)Represents interest expense before interest on dissenting shareholders' liability.

Derivative Instruments by Balance Sheet Location

As of March 31, 2021 and 2020, the Company had the following amounts recorded in the accompanying consolidated balance sheets related to the Company's use of derivatives:

						March 31, 2021
						Other Current Assets						Other Non-Current Assets						Accounts Payable and Accrued Liabilities						Other Non-Current Liabilities
						(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts						$	1.5					$	—					$	2.6					$	—
Interest rate swaps						—						72.7						—						5.6
Derivatives not designated as cash flow hedges:
Interest rate swaps(1)						—						(21.9)						—						127.1
Fair value of derivatives						$	1.5					$	50.8					$	2.6					$	132.7

________________

(1)Includes $98.2 million and $54.3 million included in other non-current assets and other non-current liabilities, respectively, representing the financing element of certain hybrid instruments, which is offset by the new pay-variable receive-fixed interest rate swaps outstanding at March 31, 2021.

						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

Forward Foreign Exchange Contracts

Derivative [Line Items]

Schedule of Derivative Instruments Outstanding

As of March 31, 2021, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 18 months from March 31, 2021):

March 31, 2021

Foreign Currency

Foreign Currency Amount

US Dollar Amount

Weighted Average Exchange Rate Per $1 USD

(Amounts in millions)

(Amounts in millions)

British Pound Sterling

£2.3

in exchange for

$2.9

£0.77

Hungarian Forint

HUF 4,807.0

in exchange for

$16.1

HUF 298.87

Euro

€18.5

in exchange for

$22.2

€0.83

Canadian Dollar

C$13.9

in exchange for

$10.8

C$1.29

Czech Koruna

CZK482.0

in exchange for

$21.9

CZK21.97

Interest Rate Swap

Derivative [Line Items]

Schedule of Derivative Instruments Outstanding

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 7 and Note 10):

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

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