Debt (Tables)

9 Months Ended

Dec. 31, 2022

Debt obligations included in the condensed consolidated balance sheets consisted of the following (in millions):


	Coupon Interest Rate	Effective Interest Rate
			December 31, 2022			March 31, 2022

Revolving Credit Facility				$	253.0		$	1,399.1



4.333% 2023 Notes	4.333%	4.7%		1,000.0			1,000.0
2.670% 2023 Notes	2.670%	2.8%		1,000.0			1,000.0
0.972% 2024 Notes	0.972%	1.1%		1,400.0			1,400.0
0.983% 2024 Notes	0.983%	1.1%		1,000.0			1,000.0
4.250% 2025 Notes	4.250%	4.6%		1,200.0			1,200.0
Total Senior Indebtedness				5,853.0			6,999.1
Senior Subordinated Convertible Debt - Principal Outstanding
2015 Senior Convertible Debt	1.625%	1.8%		12.4			34.4
2017 Senior Convertible Debt	1.625%	1.8%		82.2			128.1
2020 Senior Convertible Debt	0.125%	0.5%		665.5			665.5
Junior Subordinated Convertible Debt - Principal Outstanding
2017 Junior Convertible Debt	2.250%	2.3%		6.5			10.1

Total Convertible Debt				766.6			838.1

Gross long-term debt including current maturities				6,619.6			7,837.2
Less: Debt discount(1)				(12.3)			(124.6)
Less: Debt issuance costs(2)				(18.6)			(25.2)
Net long-term debt including current maturities				6,588.7			7,687.4
Less: Current maturities(3)				—			—
Net long-term debt				$	6,588.7		$	7,687.4

(1) The unamortized discount consists of the following (in millions):


	December 31,		March 31,
	2022		2022


4.333% 2023 Notes	$	(0.5)	$	(1.3)
2.670% 2023 Notes	(0.6)		(1.3)
0.972% 2024 Notes	(1.5)		(2.5)
0.983% 2024 Notes	(1.6)		(2.2)
4.250% 2025 Notes	(8.1)		(10.2)
2015 Senior Convertible Debt	—		(3.7)
2017 Senior Convertible Debt	—		(23.4)
2020 Senior Convertible Debt	—		(75.3)
2017 Junior Convertible Debt	—		(4.7)
Total unamortized discount	$	(12.3)	$	(124.6)

As of April 1, 2022, the unamortized debt discount of the Convertible Debt was eliminated upon the Company's adoption of ASU 2020-06 (see Note 2 for further information).

(2) Debt issuance costs consist of the following (in millions):


	December 31,	March 31,
		2022		2022
Revolving Credit Facility		$	(8.9)	$	(10.6)



4.333% 2023 Notes		(1.0)		(2.9)
2.670% 2023 Notes		(0.4)		(0.8)
0.972% 2024 Notes		(0.7)		(1.3)
0.983% 2024 Notes		(0.9)		(1.4)
4.250% 2025 Notes		(1.0)		(1.3)
2015 Senior Convertible Debt		(0.1)		(0.1)
2017 Senior Convertible Debt		(0.4)		(0.6)
2020 Senior Convertible Debt		(5.1)		(6.2)
2017 Junior Convertible Debt		(0.1)		—
Total debt issuance costs		$	(18.6)	$	(25.2)

(3) As of December 31, 2022, the 2.670% 2023 Notes, which mature on September 1, 2023, and the 4.333% 2023 Notes, which mature on June 1, 2023, are excluded from current maturities as the Company has the intent and ability to utilize proceeds from its Revolving Credit Facility to refinance such notes on a long-term basis. As of December 31, 2022, and March 31, 2022, the 2015 Senior Convertible Debt, the 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt were convertible and are excluded from current maturities as the Company has the intent and ability to utilize proceeds from its Revolving Credit Facility to settle the principal portion of its Convertible Debt upon conversion.

Schedule of Maturities of Long-term Debt

Expected maturities relating to the Company’s debt obligations as of December 31, 2022, are as follows (in millions):


Fiscal year ending March 31,	Amount
2023	$	—
2024	3,400.0
2025	1,677.9
2026	1,200.0
2027	335.2
Thereafter	6.5
Total	$	6,619.6

Convertible Debt

The following table sets forth the applicable conversion rates adjusted for dividends declared since issuance of such series of Convertible Debt and the applicable incremental share factors and maximum conversion rates as adjusted for dividends paid since the applicable issuance date:


	Dividend adjusted rates as of December 31, 2022
	Conversion Rate	Approximate Conversion Price		Incremental Share Factor	Maximum Conversion Rate
2015 Senior Convertible Debt(1)	33.8782	$	29.52	16.9408	47.4285
2017 Senior Convertible Debt(1)	21.7240	$	46.03	10.8627	30.9569
2020 Senior Convertible Debt(1)	10.7826	$	92.74	—	15.0956
2017 Junior Convertible Debt(1)	22.1122	$	45.22	11.0572	30.9569

(1) As of December 31, 2022, the 2020 Senior Convertible Debt was not convertible. As of December 31, 2022, the holders of each of the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt have the right to convert their notes between January 1, 2023 and March 31, 2023 because the Company's common stock price has exceeded the applicable conversion price for such series by 130% for the specified period of time during the quarter ended December 31, 2022. As of December 31, 2022, the adjusted conversion rate for the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt would be increased to 43.7008 shares of common stock, 25.4688 shares of common stock, and 26.0513 shares of common stock, respectively, per $1,000 principal amount of notes based on the closing price of $70.25 per share of common stock to include an additional maximum incremental share rate per the terms of the applicable indenture. As of December 31, 2022, each of the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt had a conversion value in excess of par of $25.7 million, $64.9 million, and $5.4 million, respectively.

Schedule of Interest Expense

Interest expense consists of the following (in millions):


	Three Months Ended December 31,	Nine Months Ended December 31,
		2022		2021		2022		2021
Debt issuance cost amortization		$	1.7	$	2.2	$	5.1	$	7.4
Debt discount amortization		1.8		1.7		5.4		5.3
Interest expense		46.8		45.3		137.8		144.9
Total interest expense on Senior Indebtedness		50.3		49.2		148.3		157.6
Debt issuance cost amortization		0.7		0.6		2.0		1.8
Debt discount amortization		—		9.0		—		29.6
Coupon interest expense		0.6		1.5		2.3		6.5
Total interest expense on Convertible Debt		1.3		11.1		4.3		37.9
Other interest expense		1.2		1.8		3.8		3.7
Total interest expense		$	52.8	$	62.1	$	156.4	$	199.2

Schedule of Settlement Transactions

The Company's debt settlement transactions consists of the following (in millions)(1):


	Principal Amount Settled		Total Cash Consideration		Net Loss on Inducements and Settlements

August 2022
2015 Senior Convertible Debt	$	22.0	$	67.7	$	1.3
2017 Senior Convertible Debt	$	14.9	$	29.2	$	0.8
May 2022
2017 Senior Convertible Debt	$	31.0	$	65.3	$	5.9
2017 Junior Convertible Debt	$	3.6	$	8.2	$	0.3

(1) The Company settled portions of its convertible debt in privately negotiated transactions that are accounted for as induced conversions.