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Capital Stock (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2024
Equity and Share-based Compensation [Abstract] |
Common Shares Reserved For Future Issuance | The table below outlines common shares reserved for future issuance:
| March 31, 2024 |  | March 31, 2023
| (Amounts in millions)
Stock options and share appreciation rights (SARs) outstanding | 20.7 |  |  | 24.8 |
Restricted share units and restricted stock — unvested | 13.4 |  |  | 14.0 |
Common shares available for future issuance | 15.4 |  |  | 11.4 |
Shares reserved for future issuance | 49.5 |  |  | 50.2 |
Share-Based Compensation Expense | The Company recognized the following share-based compensation expense during the years ended March 31, 2024, 2023 and 2022:
| Year Ended
| March 31,
| 2024 |  | 2023 |  | 2022
| (Amounts in millions)
Compensation Expense: |  |  |  |  |
Stock options | $ | 2.2 |  |  | $ | 7.0 |  |  | $ | 19.2 |
Restricted share units and other share-based compensation | 77.5 |  |  | 86.8 |  |  | 73.4 |
Share appreciation rights | 1.5 |  |  | 4.0 |  |  | 7.4 |
| 81.2 |  |  | 97.8 |  |  | 100.0 |
Impact of accelerated vesting on equity awards(1) | 9.4 |  |  | 4.2 |  |  | — |
Total share-based compensation expense | $ | 90.6 |  |  | $ | 102.0 |  |  | $ | 100.0 |
Tax impact(2) | (18.6) |  |  | (18.4) |  |  | (19.7) |
Reduction in net income | $ | 72.0 |  |  | $ | 83.6 |  |  | $ | 80.3 |
___________________ (1)Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements. (2)Represents the income tax benefit recognized in the statements of operations for share-based compensation arrangements prior to the effects of changes in the valuation allowance. Share-based compensation expense, by expense category, consisted of the following:
| Year Ended
| March 31,
| 2024 |  | 2023 |  | 2022
| (Amounts in millions)
Share-Based Compensation Expense: |  |  |  |  |
Direct operating | $ | 2.8 |  |  | $ | 1.7 |  |  | $ | 1.2 |
Distribution and marketing | 0.8 |  |  | 0.7 |  |  | 0.5 |
General and administration | 77.6 |  |  | 95.4 |  |  | 98.3 |
Restructuring and other | 9.4 |  |  | 4.2 |  |  | — |
| $ | 90.6 |  |  | $ | 102.0 |  |  | $ | 100.0 |
Stock Options Activity | The following table sets forth the stock option, and share appreciation rights ("SARs") activity during the year ended March 31, 2024:
| Stock Options and SARs
| Class A Voting Shares |  | Class B Non-Voting Shares
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value |  | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
| (Amounts in millions, except for weighted-average exercise price and years)
Outstanding at March 31, 2023 | 4.3 |  |  | $26.35 |  |  |  |  |  | 20.5 |  |  | $15.23 |  |  |  |
Granted | — |  |  | — |  |  |  |  |  |  | 0.3 |  |  | $8.88 |  |  |  |
Exercised | — |  | (1) | $7.70 |  |  |  |  |  | (0.1) |  |  | $7.11 |  |  |  |
Forfeited or expired | (1.9) |  |  | $30.81 |  |  |  |  |  | (2.4) |  |  | $26.32 |  |  |  |
Outstanding at March 31, 2024 | 2.4 |  |  | $22.96 |  | 2.51 |  | $ | 0.1 |  |  | 18.3 |  |  | $13.73 |  | 5.10 |  | $ | 6.4 |
Vested or expected to vest at March 31, 2024 | 2.4 |  |  | $22.96 |  | 2.51 |  | $ | 0.1 |  |  | 18.3 |  |  | $13.75 |  | 5.09 |  | $ | 6.3 |
Exercisable at March 31, 2024 | 2.4 |  |  | $22.96 |  | 2.51 |  | $ | 0.1 |  |  | 17.6 |  |  | $13.95 |  | 4.95 |  | $ | 6.1 |
_____________________ (1)Represents less than 0.1 million shares.
Stock Options Granted Valuation Assumptions | The following table presents the weighted average grant-date fair value of options granted in the years ended March 31, 2024, 2023 and 2022, and the weighted average applicable assumptions used in the Black-Scholes option-pricing model for stock options and share-appreciation rights granted during the years then ended:
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Weighted average fair value of grants | $4.63 |  | $4.56 |  | $6.27
Weighted average assumptions: |  |  |  |  |
Risk-free interest rate(1) | 4.3% - 4.5% |  | 2.8% - 3.7% |  | 0.8% - 2.5%
Expected option lives (in years)(2) | 3.3 - 7 years |  | 3.5 - 7 years |  | 3.3 - 7 years
Expected volatility for options(3) | 46% - 47% |  | 44% |  | 42% - 44%
Expected dividend yield(4) | 0% |  | 0% |  | 0%
____________________________ (1)The risk-free rate assumed in valuing the options is based on the U.S. Treasury Yield curve in effect applied against the expected term of the option at the time of the grant. (2)The expected term of options granted represents the period of time that options granted are expected to be outstanding. (3)Expected volatilities are based on implied volatilities from traded options on the Company’s shares, historical volatility of the Company’s shares and other factors. (4)The expected dividend yield is estimated by dividing the expected annual dividend by the market price of the Company's shares at the date of grant.
Restricted Share Units Award Activity | The following table sets forth the restricted share unit and restricted stock activity during the year ended March 31, 2024:
| Restricted Share Units and Restricted Stock
| Class A Voting Shares |  | Weighted-Average Grant-Date Fair Value |  | Class B Non-Voting Shares |  | Weighted-Average Grant-Date Fair Value
| (Amounts in millions, except for weighted-average grant date fair value)
Outstanding at March 31, 2023 | — |  | (1) | $10.95 |  | 14.0 |  |  | $9.48
Granted | 0.1 |  |  | $8.87 |  | 9.5 |  |  | $8.20
Vested | — |  | (1) | $10.89 |  | (9.4) |  |  | $9.34
Forfeited | — |  |  | — |  | (0.8) |  |  | $8.55
Outstanding at March 31, 2024 | 0.1 |  |  | $9.27 |  | 13.3 |  |  | $8.71
__________________ (1)Represents less than 0.1 million shares.
Unrecognized Compensation Cost, Nonvested Awards | The following table summarizes the total remaining unrecognized compensation cost as of March 31, 2024 related to non-vested stock options and restricted stock and restricted share units and the weighted average remaining years over which the cost will be recognized:
| Total Unrecognized Compensation Cost |  | Weighted Average Remaining Years
| (Amounts in millions) |  |
Stock Options | $ | 2.3 |  |  | 1.5
Restricted Share Units and Restricted Stock | 54.5 |  |  | 1.5
Total | $ | 56.8 |  |  |

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