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Financial Instruments (Tables)

12 Months Ended

Mar. 31, 2022

Derivative [Line Items]

Schedule of Derivative Instruments Outstanding

As of March 31, 2022, the Company had the following designated cash flow hedge pay-fixed interest rate swaps outstanding (all related to the Company's LIBOR-based debt, see Note 7 and Note 8):

Effective Date						Notional Amount						Fixed Rate Paid						Maturity Date(1)
						(in millions)
May 23, 2018						$300.0						2.915%						March 24, 2025
May 19, 2020						$700.0						1.923%						March 23, 2030			(2)
May 19, 2020						$350.0						2.531%						March 23, 2027			(2)
June 15, 2020						$150.0						2.343%						March 23, 2027			(2)
August 14, 2020						$200.0						1.840%						March 23, 2030			(2)
Total						$1,700.0

__________________

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

(2)These pay-fixed interest rate swaps are considered hybrid instruments with a financing component and an embedded at-market derivative that was designated as a cash flow hedge (see discussion of cash flow presentation above).

Not Designated. As of March 31, 2022, the Company had the following pay-fixed receive-variable and offsetting pay-variable receive-fixed interest rate swaps outstanding, which are not designated as cash flow hedges:

Pay-Fixed Receive-Variable(1)																		Offsetting Pay-Variable Receive-Fixed(1)
Effective Date						Notional Amount						Fixed Rate Paid						Effective Date						Notional Amount						Fixed Rate Received						Maturity Date
						(in millions)																		(in millions)
May 23, 2018						$700.0						2.915%						May 19, 2020						$700.0						2.915%						March 24, 2025
June 25, 2018						$200.0						2.723%						August 14, 2020						$200.0						2.723%						March 23, 2025
July 31, 2018						$300.0						2.885%						May 19, 2020						$300.0						2.885%						March 23, 2025
December 24, 2018						$50.0						2.744%						May 19, 2020						$50.0						2.744%						March 23, 2025
December 24, 2018						$100.0						2.808%						June 15, 2020						$100.0						2.808%						March 23, 2025
December 24, 2018						$50.0						2.728%						June 15, 2020						$50.0						2.728%						March 23, 2025
Total						$1,400.0												Total						$1,400.0

__________________

(1)During the fiscal year ended March 31, 2021, the Company completed a series of transactions to amend and extend certain interest rate swap agreements, and as part of these transactions, the $1.4 billion pay-fixed receive-variable interest rate swaps presented in the table above were de-designated, and the Company entered into $1.4 billion of pay-variable receive-fixed interest rate swaps, as presented in the table above, which are designed to offset the terms of the $1.4 billion of pay-fixed receive-variable swaps in the table above. At the time of the de-designation of the above $1.4 billion in pay-fixed receive-variable interest rate swaps, there was approximately $163.0 million of unrealized losses recorded in accumulated other comprehensive income (loss). This amount is being amortized to interest expense through the remaining term of the de-designated swaps unless it becomes probable that the cash flows originally hedged will not occur, in which case the proportionate amount of the loss will be recorded to interest expense at that time. The $1.4 billion of pay-fixed receive-variable interest rate swaps de-designated as cash flow hedges and the $1.4 billion of offsetting pay-variable receive-fixed swaps are marked to market with changes in fair value recognized, along with the fixed and variable payments on these swaps, in interest expense, which are expected to nearly offset each other.

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, 2022, 2021 and 2020:

			Year Ended
			March 31,
			2022						2021						2020
			(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts
Gain (loss) recognized in accumulated other comprehensive income (loss)			$	1.7					$	(1.0)					$	0.8
Gain (loss) reclassified from accumulated other comprehensive income (loss) into direct operating expense			(0.2)						0.2						1.6
Interest rate swaps
Gain (loss) recognized in accumulated other comprehensive income (loss)			$	66.5					$	72.0					$	(138.6)
Loss reclassified from accumulated other comprehensive income (loss) into interest expense			(15.0)						(20.0)						(14.3)
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 income (loss) into interest expense			$	(33.8)					$	(28.3)					$	—
Total direct operating expense on consolidated statements of operations			$	2,064.2					$	1,725.9					$	2,226.1
Total interest expense on consolidated statements of operations			$	176.0					$	181.5					$	191.3

Derivative Instruments by Balance Sheet Location

As of March 31, 2022 and 2021, the Company had the following amounts recorded in the accompanying consolidated balance sheets related to the Company's use of derivatives:

						March 31, 2022
						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						$	3.5					$	—					$	2.8					$	—
Interest rate swaps						—						109.1						—						(39.4)
Derivatives not designated as cash flow hedges:
Interest rate swaps(1)						—						(77.1)						—						56.8
Fair value of derivatives						$	3.5					$	32.0					$	2.8					$	17.4

________________

(1)Includes $88.1 million and $46.0 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 pay-variable receive-fixed interest rate swaps outstanding at March 31, 2022.

						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 pay-variable receive-fixed interest rate swaps outstanding at March 31, 2021.

Forward Foreign Exchange Contracts

Derivative [Line Items]

Schedule of Derivative Instruments Outstanding

As of March 31, 2022, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 30 months from March 31, 2022):

March 31, 2022

Foreign Currency

Foreign Currency Amount

US Dollar Amount

Weighted Average Exchange Rate Per $1 USD

(Amounts in millions)

(Amounts in millions)

British Pound Sterling

1.9

GBP

in exchange for

$2.5

0.75

GBP

Hungarian Forint

4,089.2

HUF

in exchange for

$13.5

303.41

HUF

Euro

18.0

EUR

in exchange for

$17.5

1.03

EUR

Canadian Dollar

7.6

CAD

in exchange for

$6.2

1.24

CAD

Polish Zloty

10.4

PLN

in exchange for

$2.5

4.15

PLN

Bulgarian Lev

5.5

BGN

in exchange for

$3.2

1.69

BGN

Mexican Peso

217.3

MXN

in exchange for

$10.6

20.47

MXN

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