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Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments Outstanding | As of June 30, 2023, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 27 months from June 30, 2023):
June 30, 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 |  | 0.2 | GBP | in exchange for | $0.2 |  |  | 0.84 | GBP
Czech Koruna |  | 180.0 | CZK | in exchange for | $7.5 |  |  | 23.11 | CZK
Euro |  | 3.6 | EUR | in exchange for | $4.6 |  |  | 0.94 | EUR
Canadian Dollar |  | 18.7 | CAD | in exchange for | $14.0 |  |  | 1.34 | CAD
Polish Zloty |  | 8.0 | PLN | in exchange for | $1.9 |  |  | 4.24 | PLN
Hungarian Forint |  | 41.2 | HUF | in exchange for | $0.1 |  |  | 341.56 | HUF
Mexican Peso |  | 6.1 | MXN | in exchange for | $0.2 |  |  | 19.77 | MXN
Designated Cash Flow Hedges. As of June 30, 2023 and 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 SOFR-based debt, see Note 4 and Note 5):
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 below that were previously not designated cash flow hedges at March 31, 2022. May 2022 Transactions: In May 2022, the Company terminated certain of its previous interest rate swap contracts (the "Terminated Swaps"). 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 as cash flow hedges of variable rate debt. 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 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).
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, 2023 and 2022:
|  |  | Three Months Ended
|  |  | June 30,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (Amounts in millions)
Derivatives designated as cash flow hedges: |  |  |  |  |  |  |
Forward exchange contracts |  |  |  |  |  |  |
Loss recognized in accumulated other comprehensive income (loss) |  |  |  |  | $ | (2.5) |  |  | $ | (0.4) |
Gain (loss) reclassified from accumulated other comprehensive income (loss) into direct operating expense |  |  |  |  | $ | 0.4 |  |  | $ | (0.9) |
Interest rate swaps |  |  |  |  |  |  |
Gain recognized in accumulated other comprehensive income (loss) |  |  |  |  | $ | 27.1 |  |  | $ | 36.7 |
Gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense |  |  |  |  | $ | 9.1 |  |  | $ | (6.1) |
Derivatives not designated as cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |  |
Loss reclassified from accumulated other comprehensive income (loss) into interest expense |  |  |  |  | $ | (1.9) |  |  | $ | (5.6) |
Total direct operating expense on consolidated statements of operations |  |  |  |  | $ | 481.2 |  |  | $ | 596.5 |
Total interest expense on consolidated statements of operations |  |  |  |  | $ | 62.0 |  |  | $ | 46.1 |
Derivative Instruments by Balance Sheet Location | As of June 30, 2023 and March 31, 2023, 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, 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 |  | $ | 0.2 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |
Interest rate swaps |  | — |  |  | 59.0 |  |  | — |  |  | — |
Fair value of derivatives |  | $ | 0.2 |  |  | $ | 59.0 |  |  | $ | 0.4 |  |  | $ | — |
|  | 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 |  |  | — |
.

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- 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. + References No definition available. + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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