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Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments Outstanding As of June 30, 2022, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 27 months from June 30, 2022):
June 30, 2022
Foreign CurrencyForeign Currency AmountUS Dollar AmountWeighted Average Exchange Rate Per $1 USD
 (Amounts in millions)(Amounts in millions)
British Pound Sterling3.0 GBPin exchange for$4.0 0.74 GBP
Hungarian Forint798.9 HUFin exchange for$2.7 300.22 HUF
Euro6.9 EURin exchange for$5.1 1.35 EUR
Canadian Dollar8.5 CADin exchange for$6.7 1.26 CAD
Polish Zloty1.8 PLNin exchange for$0.5 3.32 PLN
Bulgarian Lev4.4 BGNin exchange for$2.7 1.66 BGN
Mexican Peso61.1 MXNin exchange for$3.0 20.52 MXN
Terminated Swaps:

Designated Cash Flow Hedges at March 31, 2022:
Effective DateNotional AmountFixed Rate Paid
Maturity Date(1)
(in millions)
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$1,400.0 
__________________
(1)Subject to a mandatory early termination date of March 23, 2025.
(2)These pay-fixed interest rate swaps were considered hybrid instruments with a financing component and an embedded at-market derivative that was designated as a cash flow hedge.

Not Designated Cash Flow Hedges at March 31, 2022:
Effective DateNotional AmountFixed Rate ReceivedMaturity Date
(in millions)
May 19, 2020$700.0 2.915%March 24, 2025
August 14, 2020$200.0 2.723%March 23, 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
Total$1,400.0 

The receipt of approximately $56.4 million as a result of the termination was recorded as a reduction of the asset values of the derivatives amounting to $188.7 million and a reduction of the financing component (debt host) of the Terminated Swaps amounting to $131.3 million. At the time of the termination of the Terminated Swaps, there was approximately $180.4 million of unrealized gains recorded in accumulated other comprehensive income (loss) related to these Terminated Swaps. This amount will be amortized as a reduction of interest expense through the remaining term of the swaps unless it becomes probable that the cash flows originally hedged will not occur, in which case the proportionate amount of the gain will be recorded as a reduction to interest expense at that time. In addition, the liability amount of $6.8 million for the Re-designated Swaps (see Designated Cash Flow Hedges table below) at the re-designation date will be amortized as a reduction of interest expense throughout the remaining term of the Re-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 receipt of approximately $56.4 million was classified in the unaudited condensed consolidated statement of cash flows as cash provided by operating activities of $188.7 million reflecting the amount received for the derivative portion of the termination of swaps, and a use of cash in financing activities of $134.5 million reflecting the pay down of the financing component of the Terminated Swaps (inclusive of payments made between April 1, 2022 and the termination date amounting to $3.2 million).
Designated Cash Flow Hedges. As of June 30, 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 5 and Note 6):
Effective DateNotional AmountFixed Rate PaidMaturity Date
(in millions)
May 23, 2018$300.0 2.915%March 24, 2025
May 23, 2018$700.0 2.915%March 24, 2025
(1)
June 25, 2018$200.0 2.723%March 23, 2025
(1)
July 31, 2018$300.0 2.885%March 23, 2025
(1)
December 24, 2018$50.0 2.744%March 23, 2025
(1)
December 24, 2018$100.0 2.808%March 23, 2025
(1)
December 24, 2018$50.0 2.728%March 23, 2025
(1)
Total$1,700.0 
__________________
(1)Represents the Re-designated Swaps as described in the May 2022 Transactions section above that were previously not designated cash flow hedges at March 31, 2022.
Schedule of Derivative Instruments, Statements of Financial Performance And Comprehensive Income (Loss), Location And Effect The following table presents the pre-tax effect of the Company's derivatives on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss for the three months ended June 30, 2022 and 2021:
Three Months Ended
June 30,
20222021
 (Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts
Loss recognized in accumulated other comprehensive income$(0.4)$(0.2)
Loss reclassified from accumulated other comprehensive income into direct operating expense$(0.9)$(0.3)
Interest rate swaps
Gain (loss) recognized in accumulated other comprehensive income$36.7 $(36.2)
Loss reclassified from accumulated other comprehensive income into interest expense$(6.1)$(3.7)
Derivatives not designated as cash flow hedges:
Interest rate swaps
Loss reclassified from accumulated other comprehensive income into interest expense$(5.6)$(8.4)
Total direct operating expense on consolidated statements of operations$596.5 $486.2 
Total interest expense on consolidated statements of operations$46.1 $41.7 
Derivative Instruments by Balance Sheet Location
As of June 30, 2022 and March 31, 2022, the Company had the following amounts recorded in the accompanying unaudited condensed consolidated balance sheets related to the Company's use of derivatives:
June 30, 2022
Other Current AssetsOther Non-Current AssetsAccounts Payable and Accrued LiabilitiesOther Non-Current Liabilities
 (Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts$6.3 $— $5.1 $— 
Interest rate swaps— 4.2 — — 
Fair value of derivatives$6.3 $4.2 $5.1 $— 


March 31, 2022
Other Current AssetsOther Non-Current AssetsAccounts Payable and Accrued LiabilitiesOther 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 was offset by the pay-variable receive-fixed interest rate swaps outstanding at March 31, 2022.