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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Outstanding

As of June 30, 2024, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 22 months from June 30, 2024):

June 30, 2024

Foreign Currency

Foreign Currency Amount

US Dollar Amount

Weighted Average Exchange Rate Per $1 USD

(Amounts in millions)

(Amounts in millions)

British Pound Sterling

2.2

GBP

in exchange for

$2.9

0.78

GBP

Czech Koruna

180.0

CZK

in exchange for

$7.7

23.29

CZK

Euro

9.6

EUR

in exchange for

$9.2

0.96

EUR

Canadian Dollar

9.8

CAD

in exchange for

$7.3

1.34

CAD

Mexican Peso

18.7

MXN

in exchange for

$0.9

20.70

MXN

Hungarian Forint

4,571.3

HUF

in exchange for

$12.6

370.84

HUF

New Zealand Dollar

43.6

NZD

in exchange for

$26.7

1.64

NZD

Designated Cash Flow Hedges. As of June 30, 2024 and March 31, 2024, 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 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
June 25, 2018						$200.0						2.723%						March 23, 2025
July 31, 2018						$300.0						2.885%						March 23, 2025
December 24, 2018						$50.0						2.744%						March 23, 2025
December 24, 2018						$100.0						2.808%						March 23, 2025
December 24, 2018						$50.0						2.728%						March 23, 2025
Total						$1,700.0

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, 2024 and 2023:

									Three Months Ended
									June 30,
															2024						2023
															(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts
Gain (loss) recognized in accumulated other comprehensive income (loss)															$	0.2					$	(2.5)
Gain (loss) reclassified from accumulated other comprehensive income (loss) into direct operating expense															$	(1.0)					$	0.4
Interest rate swaps
Gain recognized in accumulated other comprehensive income (loss)															$	3.5					$	27.1
Gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense															$	10.9					$	9.1
Derivatives not designated as cash flow hedges:
Interest rate swaps
Loss reclassified from accumulated other comprehensive income (loss) into interest expense															$	(1.6)					$	(1.9)
Total direct operating expense on consolidated statements of operations															$	429.2					$	481.2
Total interest expense on consolidated statements of operations															$	68.8					$	62.0

Derivative Instruments by Balance Sheet Location

As of June 30, 2024 and March 31, 2024, 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, 2024
						Other Current Assets												Other Accrued Liabilities
						(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts						$	—											$	1.6
Interest rate swaps						28.1												—
Fair value of derivatives						$	28.1											$	1.6

						March 31, 2024
						Other Current Assets												Other Accrued Liabilities
						(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts						$	—											$	2.8
Interest rate swaps						35.6												—
Fair value of derivatives						$	35.6											$	2.8

X

- 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.

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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.

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