v3.25.4
Debt (Tables)
 9 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Instruments
Debt obligations included in the condensed consolidated balance sheets consisted of the following (in millions)(1):
Coupon Interest RateEffective Interest Rate
December 31,March 31,
20252025
Commercial Paper$1,106.0 $175.0 
4.250% 2025 Notes4.250%4.6%— 1,200.0 
4.900% 2028 Notes4.900%5.1%1,000.0 1,000.0 
5.050% 2029 Notes5.050%5.2%1,000.0 1,000.0 
5.050% 2030 Notes5.050%5.2%1,000.0 1,000.0 
Total Senior Indebtedness4,106.0 4,375.0 
2017 Senior Convertible Debt1.625%1.8%37.9 38.0 
2024 Senior Convertible Debt0.750%1.0%1,250.0 1,250.0 
Total Convertible Debt1,287.9 1,288.0 
Gross long-term debt including current maturities5,393.9 5,663.0 
Less: Debt discount(2)
(11.7)(13.1)
Less: Debt issuance costs(3)
(16.2)(19.5)
Net long-term debt including current maturities5,366.0 5,630.4 
Less: Current maturities(4)
— — 
Net long-term debt$5,366.0 $5,630.4 
(1) The Company had no outstanding borrowings under the Revolving Credit Facility at December 31, 2025 and at March 31, 2025.

(2) The unamortized discount consists of the following (in millions):
December 31,March 31,
20252025
Commercial Paper$(2.2)$(0.1)
4.250% 2025 Notes— (1.3)
4.900% 2028 Notes(2.5)(3.3)
5.050% 2029 Notes(3.5)(4.3)
5.050% 2030 Notes(3.5)(4.1)
Total unamortized discount$(11.7)$(13.1)

(3) Debt issuance costs consist of the following (in millions):
December 31,March 31,
20252025
4.250% 2025 Notes$— $(0.2)
4.900% 2028 Notes(1.3)(1.7)
5.050% 2029 Notes(1.3)(1.8)
5.050% 2030 Notes(1.5)(1.7)
2017 Senior Convertible Debt(0.1)(0.1)
2024 Senior Convertible Debt(12.0)(14.0)
Total debt issuance costs$(16.2)$(19.5)
(4) As of December 31, 2025, the outstanding Commercial Paper which matures within the three months ending March 31, 2026, and the 2017 Senior Convertible Debt which is convertible, were excluded from current maturities as the Company has the intent and ability to utilize proceeds from its Revolving Credit Facility to refinance such notes and settle the principal portion of its Convertible Debt upon conversion. As of March 31, 2025, the outstanding Commercial Paper which matured within the three months ending June 30, 2025, and the 4.250% 2025 Notes which matured on September 1, 2025, were excluded from current maturities as the Company had the intent and ability to utilize proceeds from its Revolving Credit Facility to refinance such notes on a long-term basis.
Schedule of Maturities of Long-term Debt
Expected maturities relating to the Company’s debt obligations based on the contractual maturity dates as of December 31, 2025, are as follows (in millions):

Fiscal year ending March 31,Amount
2026$1,106.0 
202737.9 
20281,000.0 
20291,000.0 
20301,000.0 
Thereafter1,250.0 
Total$5,393.9 
Schedule of 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, 2025
Conversion RateApproximate Conversion PriceIncremental Share FactorMaximum Conversion Rate
2017 Senior Convertible Debt(1)
23.3705 $42.79 11.6862 33.3030 
2024 Senior Convertible Debt(1)
8.2099 $121.80 — 10.4675 
(1) As of December 31, 2025, the 2024 Senior Convertible Debt was not convertible. As of December 31, 2025, the holders of the 2017 Senior Convertible Debt have the right to convert their notes between January 1, 2026 and March 31, 2026 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, 2025.
Schedule of Interest Expense
Interest expense consists of the following (in millions):
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Debt issuance cost amortization$0.6 $0.8 $1.9 $2.6 
Debt discount amortization12.9 23.5 19.6 51.6 
Interest expense38.2 39.5 135.9 121.2 
Total interest expense on Senior Indebtedness51.7 63.8 157.4 175.4 
Debt issuance cost amortization0.7 1.0 2.1 3.5 
Coupon interest expense2.5 2.6 7.5 6.4 
Total interest expense on Convertible Debt3.2 3.6 9.6 9.9 
Other interest expense1.0 1.3 2.6 4.3 
Total interest expense $55.9 $68.7 $169.6 $189.6