XML 47 R38.htm IDEA: XBRL DOCUMENT v3.23.2
Additional Financial Information (Tables)
 3 Months Ended
Jun. 30, 2023
Additional Financial Information [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the unaudited condensed consolidated balance sheet to the total amounts reported in the unaudited condensed consolidated statement of cash flows at June 30, 2023 and March 31, 2023. At June 30, 2023 and March 31, 2023, restricted cash represents primarily amounts related to required cash reserves for interest payments associated with the Production Tax Credit Facility, IP Credit Facility, Backlog Facility, and Distribution Loans.
June 30,
2023		March 31,
2023
 (Amounts in millions)
Cash and cash equivalents$322.7 $272.1 
Restricted cash included in other current assets51.7 27.9 
Restricted cash included in other non-current assets19.7 13.0 
Total cash, cash equivalents and restricted cash$394.1 $313.0 
Schedule of Other Assets
The composition of the Company’s other assets is as follows as of June 30, 2023 and March 31, 2023:
 
June 30,
2023		March 31,
2023
 (Amounts in millions)
Other current assets
Prepaid expenses and other$50.5 $43.3 
Restricted cash51.7 27.9 
Contract assets53.5 63.5 
Tax credits receivable122.0 129.5 
$277.7 $264.2 
Other non-current assets
Prepaid expenses and other$9.1 $8.4 
Restricted cash19.7 13.0 
Accounts receivable27.8 37.8 
Contract assets6.6 5.1 
Tax credits receivable348.5 341.7 
Operating lease right-of-use assets158.6 169.0 
Interest rate swap assets59.0 41.1 
$629.3 $616.1 
Summary of Receivables Transferred The following table sets forth a summary of the receivables transferred under individual agreements or purchases during the three months ended June 30, 2023 and 2022:
Three Months Ended
June 30,
20232022
 (Amounts in millions)
Carrying value of receivables transferred and derecognized$341.3 $337.3 
Net cash proceeds received336.6 333.7 
Loss recorded related to transfers of receivables4.7 3.6 
The following table sets forth a summary of the receivables transferred under the pooled monetization agreement during the three months ended June 30, 2023 and 2022:
Three Months Ended
June 30,
20232022
 (Amounts in millions)
Gross cash proceeds received for receivables transferred and derecognized$5.8 $60.8 
Less amounts from collections reinvested under revolving agreement(2.9)(24.1)
Proceeds from new transfers2.9 36.7 
Collections not reinvested and remitted or to be remitted0.5 (16.8)
Net cash proceeds received (paid or to be paid)(1)
$3.4 $19.9 
Carrying value of receivables transferred and derecognized (2)
$5.8 $59.1 
Obligations recorded$1.1 $3.0 
Loss recorded related to transfers of receivables$1.0 $1.3 
___________________
(1)In addition, during the three months ended June 30, 2022, the Company repurchased $20.9 million of receivables previously transferred, as separately agreed upon with the third-party purchasers, in order to monetize such receivables under the individual monetization program discussed above without being subject to the collateral requirements under the pooled monetization program.
(2)Receivables net of unamortized discounts on long-term, non-interest bearing receivables.
Schedule of Accumulated Other Comprehensive Income
The following table summarizes the changes in the components of accumulated other comprehensive income, net of tax. During the three months ended June 30, 2023 and 2022, there was no income tax expense or benefit reflected in other comprehensive income due to the income tax impact being offset by changes in the Company’s deferred tax valuation allowance.
Foreign currency translation adjustmentsNet unrealized gain (loss) on cash flow hedgesTotal
(Amounts in millions)
March 31, 2023$(21.6)$142.5 $120.9 
Other comprehensive income0.8 24.5 25.3 
Reclassifications to net loss(1)
— (7.6)(7.6)
June 30, 2023$(20.8)$159.4 $138.6 
March 31, 2022$(19.7)$49.0 $29.3 
Other comprehensive income (loss)(3.0)36.3 33.3 
Reclassifications to net loss(1)
— 12.6 12.6 
June 30, 2022$(22.7)$97.9 $75.2 
___________________
(1)Represents a gain of $0.4 million included in direct operating expense and a gain of $7.2 million included in interest expense on the unaudited condensed consolidated statement of operations in the three months ended June 30, 2023 (three months ended June 30, 2022 - loss of $0.9 million included in direct operating expense and loss of $11.7 million included in interest expense) (see Note 15).