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Financial Instruments (Tables) | 12 Months Ended
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Mar. 31, 2023
Derivative [Line Items] |
Schedule of Derivative Instruments Outstanding | Designated Cash Flow Hedges at March 31, 2022:
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)(3)
May 19, 2020 |  | $350.0 |  |  | 2.531% |  | March 23, 2027 | (2)(3)
June 15, 2020 |  | $150.0 |  |  | 2.343% |  | March 23, 2027 | (2)(3)
August 14, 2020 |  | $200.0 |  |  | 1.840% |  | March 23, 2030 | (2)(3)
Total |  | $1,700.0 |  |  |  |  |  |
__________________ (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 (debt host) and an embedded at-market derivative that was designated as a cash flow hedge. (3)Terminated in May 2022, see May 2022 Transactions description below. Not Designated Cash Flow Hedges at March 31, 2022:
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% | (3) | May 19, 2020 |  | $700.0 |  |  | 2.915% | (2) | March 24, 2025
June 25, 2018 |  | $200.0 |  |  | 2.723% | (3) | August 14, 2020 |  | $200.0 |  |  | 2.723% | (2) | March 23, 2025
July 31, 2018 |  | $300.0 |  |  | 2.885% | (3) | May 19, 2020 |  | $300.0 |  |  | 2.885% | (2) | March 23, 2025
December 24, 2018 |  | $50.0 |  |  | 2.744% | (3) | May 19, 2020 |  | $50.0 |  |  | 2.744% | (2) | March 23, 2025
December 24, 2018 |  | $100.0 |  |  | 2.808% | (3) | June 15, 2020 |  | $100.0 |  |  | 2.808% | (2) | March 23, 2025
December 24, 2018 |  | $50.0 |  |  | 2.728% | (3) | June 15, 2020 |  | $50.0 |  |  | 2.728% | (2) | 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 were marked to market with changes in fair value recognized, along with the fixed and variable payments on these swaps, in interest expense, which netted to an immaterial amount (2)Terminated in May 2022, see May 2022 Transactions description below. (3)Re-designated in May 2022, see May 2022 Transactions description below. May 2022 Transactions: In May 2022, the Company terminated certain of its interest rate swap contracts with effective dates of May 19, 2020, June 15, 2020 and August 14, 2020, (the "Terminated Swaps"), as presented in the tables above. As a result of the terminations, the Company received approximately $56.4 million. Simultaneously with the termination of the Terminated Swaps, the Company re-designated all other swaps previously not designated (i.e., swaps with effective dates of May 23, 2018, June 25, 2018, July 31, 2018 and December 24, 2018 (the "Re-designated Swaps")) as cash flow hedges of variable rate debt with an aggregate notional amount of $1.4 billion. In addition to the $1.4 billion Re-designated Swaps, the Company also has $300.0 million of other interest rate swaps designated as cash flow hedges as of March 31, 2023. Accordingly, at March 31, 2023, the Company has a total of $1.7 billion of interest rate swaps designated as cash flow hedges (see Designated Cash Flow Hedges at March 31, 2023 table below). 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 at March 31, 2023 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 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). Outstanding at March 31, 2023. As of March 31, 2023, the Company had the following pay-fixed interest rate swaps which have been designated as cash flow hedges outstanding (all related to the Company's LIBOR-based debt, see Note 7 and Note 8): Designated Cash Flow Hedges at March 31, 2023:
Effective Date |  | Notional Amount |  | Fixed Rate Paid |  | Maturity 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, 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, 2023, 2022 and 2021:
| Year Ended
| March 31,
| 2023 |  | 2022 |  | 2021
| (Amounts in millions)
Derivatives designated as cash flow hedges: |  |  |  |  |
Forward exchange contracts |  |  |  |  |
Gain (loss) recognized in accumulated other comprehensive income (loss) | $ | 1.7 |  |  | $ | 1.7 |  |  | $ | (1.0) |
Gain (loss) reclassified from accumulated other comprehensive income (loss) into direct operating expense | (0.3) |  |  | (0.2) |  |  | 0.2 |
Interest rate swaps |  |  |  |  |
Gain recognized in accumulated other comprehensive income (loss) | $ | 81.1 |  |  | $ | 66.5 |  |  | $ | 72.0 |
Gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense | 1.4 |  |  | (15.0) |  |  | (20.0) |
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 income (loss) into interest expense | $ | (11.8) |  |  | $ | (33.8) |  |  | $ | (28.3) |
Total direct operating expense on consolidated statements of operations | $ | 2,312.5 |  |  | $ | 2,064.2 |  |  | $ | 1,725.9 |
Total interest expense on consolidated statements of operations | $ | 221.2 |  |  | $ | 176.0 |  |  | $ | 181.5 |
Derivative Instruments by Balance Sheet Location | As of March 31, 2023 and 2022, the Company had the following amounts recorded in the accompanying consolidated balance sheets related to the Company's use of derivatives:
|  | March 31, 2023
|  | Other Current Assets |  | Other Non-Current Assets |  | Other Accrued Liabilities |  | Other Non-Current Liabilities
|  | (Amounts in millions)
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |  |
Forward exchange contracts |  | $ | 2.9 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |
Interest rate swaps |  | — |  |  | 41.1 |  |  | — |  |  | — |
Fair value of derivatives |  | $ | 2.9 |  |  | $ | 41.1 |  |  | $ | 0.1 |  |  | $ | — |
|  | March 31, 2022
|  | Other Current Assets |  | Other Non-Current Assets |  | Other 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 (debt host) of certain hybrid instruments, which was offset by the pay-variable receive-fixed interest rate swaps outstanding at March 31, 2022.
Forward Foreign Exchange Contracts |
Derivative [Line Items] |
Schedule of Derivative Instruments Outstanding | As of March 31, 2023, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 30 months from March 31, 2023):
March 31, 2023
Foreign Currency |  | Foreign Currency Amount |  | US Dollar Amount |  | Weighted Average Exchange Rate Per $1 USD
|  | (Amounts in millions) |  | (Amounts in millions) |  |
British Pound Sterling |  | 3.1 | GBP | in exchange for | $2.3 |  |  | 1.33 | GBP
Czech Koruna |  | 180.0 | CZK | in exchange for | $8.6 |  |  | 20.88 | CZK
Euro |  | 11.0 | EUR | in exchange for | $10.0 |  |  | 1.10 | EUR
Canadian Dollar |  | 5.1 | CAD | in exchange for | $3.6 |  |  | 1.42 | CAD
Polish Zloty |  | 8.0 | PLN | in exchange for | $1.8 |  |  | 4.33 | PLN
Mexican Peso |  | 237.8 | MXN | in exchange for | $12.6 |  |  | 18.86 | MXN

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