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Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments Outstanding As of December 31, 2023, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 20 months from December 31, 2023):
December 31, 2023
Foreign CurrencyForeign Currency AmountUS Dollar AmountWeighted Average Exchange Rate Per $1 USD
 (Amounts in millions)(Amounts in millions)
British Pound Sterling0.4 GBPin exchange for$0.4 0.82 GBP
Czech Koruna180.0 CZKin exchange for$8.1 22.13 CZK
Euro15.3 EURin exchange for$15.4 1.10 EUR
Canadian Dollar29.5 CADin exchange for$1.0 1.34 CAD
Mexican Peso35.9 MXNin exchange for$1.7 20.52 MXN
South African Rand53.2 ZARin exchange for$2.9 18.95 ZAR
Designated Cash Flow Hedges. As of December 31, 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 6 and Note 7):
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 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 $3.2 million).
Schedule of Derivative Instruments, Statements of Financial Performance And Comprehensive Income (Loss), Location And Effect The following table presents the pre-tax effect of the Company's derivatives on the accompanying unaudited condensed consolidated statements of operations and comprehensive loss for the three and nine months ended December 31, 2023 and 2022:
Three Months EndedNine Months Ended
December 31,December 31,
2023202220232022
 (Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts
Gain (loss) recognized in accumulated other comprehensive income (loss)$(4.3)$2.7 $(7.3)$4.4 
Loss reclassified from accumulated other comprehensive income (loss) into direct operating expense$(2.6)$(0.6)$(2.5)$(0.7)
Interest rate swaps
Gain recognized in accumulated other comprehensive income (loss)$(11.7)$6.5 $24.7 $87.8 
Gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense$11.4 $3.6 $31.5 $(5.7)
Derivatives not designated as cash flow hedges:
Interest rate swaps
Loss reclassified from accumulated other comprehensive income (loss) into interest expense$(1.8)$(2.1)$(5.5)$(9.9)
Total direct operating expense on consolidated statements of operations$510.8 $584.7 $1,549.1 $1,744.7 
Total interest expense on consolidated statements of operations$67.1 $59.6 $192.9 $163.0 
Derivative Instruments by Balance Sheet Location
As of December 31, 2023 and March 31, 2023, the Company had the following amounts recorded in the accompanying unaudited condensed consolidated balance sheets related to the Company's use of derivatives:
December 31, 2023
Other Current AssetsOther Non-Current AssetsOther Accrued LiabilitiesOther Non-Current Liabilities
 (Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts$— $— $2.1 $— 
Interest rate swaps— 34.2 — — 
Fair value of derivatives$— $34.2 $2.1 $— 


March 31, 2023
Other Current AssetsOther Non-Current AssetsOther Accrued LiabilitiesOther 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 — 
.