2.125% Junior subordinated convertible debentures (Notes)	9 Months Ended
Dec. 31, 2016
Junior Subordinated Convertible Debentures Due 2037
Debt Instrument [Line Items]
Junior subordinated convertible debentures	2.125% Junior Subordinated Convertible Debentures The Company's remaining $575.0 million principal amount of 2.125% junior subordinated convertible debentures due December 15, 2037, are subordinated in right of payment to any future senior debt of the Company (including the Company's senior subordinated convertible debentures) and are effectively subordinated in right of payment to the liabilities of the Company's subsidiaries. The debentures are convertible, subject to certain conditions, into cash, shares of the Company's common stock or a combination thereof, at the Company's election, at an initial conversion rate of 29.2783 shares of common stock per $1,000 principal amount of debentures, representing an initial conversion price of approximately $34.16 per share of common stock. As of December 31, 2016, the holders of the debentures had the right to convert their debentures between January 1, 2017 and March 31, 2017 because for at least 20 trading days during the 30 consecutive trading day period ending on December 31, 2016, the Company's common stock had a last reported sale price greater than 130% of the conversion price. As of December 31, 2016, the Company has classified the junior subordinated convertible debentures as long-term on its consolidated balance sheets as the Company has the intent and ability to refinance the obligation on a long-term basis. As of December 31, 2016, a holder could realize more economic value by selling its debentures in the over the counter market than from converting its debentures. As a result of cash dividends paid since the issuance of the debentures, the conversion rate has been adjusted to 41.9197 shares of common stock per $1,000 of principal amount of debentures, representing a conversion price of approximately $23.86 per share of common stock. The if-converted value of the debentures exceeded the principal amount by $971.3 million at December 31, 2016. The debentures include a contingent interest mechanism that begins in December 2017. The terms of the contingent interest include a 0.25% additional interest rate if the debentures are trading at less than $400 and a 0.5% additional interest rate if the debentures are trading at greater than $1,500. Based on the current trading price of the debentures, the contingent interest rate beginning in December 2017 would be 0.5% of the average trading price. As the debentures can be settled in cash upon conversion, for accounting purposes, the debentures were bifurcated into a liability component and an equity component, which were both initially recorded at fair value. The carrying value of the equity component at December 31, 2016 and at March 31, 2016 was $411.2 million. The estimated fair value of the liability component of the debentures at the issuance date was $163.8 million, resulting in a debt discount of $411.2 million. The debt discount is being amortized to interest expense at the effective interest rate of 9.1% over the contractual term of the note. The unamortized debt discount was $373.9 million at December 31, 2016 and $378.3 million at March 31, 2016. The remaining period over which the unamortized debt discount will be recognized as non-cash interest expense is 20.96 years. In the three and nine months ended December 31, 2016, the Company recognized $1.5 million and $4.4 million, respectively, in non-cash interest expense related to the amortization of the debt discount compared to $1.4 million and $4.0 million for the three and nine months ended December 31, 2015, respectively. The Company recognized $3.1 million and $9.3 million of interest expense related to the 2.125% coupon on the debentures in each of the three and nine month periods ended December 31, 2016 and 2015, respectively.

2.125% Junior Subordinated Convertible Debentures

The Company's remaining $575.0 million principal amount of 2.125% junior subordinated convertible debentures due December 15, 2037, are subordinated in right of payment to any future senior debt of the Company (including the Company's senior subordinated convertible debentures) and are effectively subordinated in right of payment to the liabilities of the Company's subsidiaries. The debentures are convertible, subject to certain conditions, into cash, shares of the Company's common stock or a combination thereof, at the Company's election, at an initial conversion rate of 29.2783 shares of common stock per $1,000 principal amount of debentures, representing an initial conversion price of approximately $34.16 per share of common stock. As of December 31, 2016, the holders of the debentures had the right to convert their debentures between January 1, 2017 and March 31, 2017 because for at least 20 trading days during the 30 consecutive trading day period ending on December 31, 2016, the Company's common stock had a last reported sale price greater than 130% of the conversion price. As of December 31, 2016, the Company has classified the junior subordinated convertible debentures as long-term on its consolidated balance sheets as the Company has the intent and ability to refinance the obligation on a long-term basis. As of December 31, 2016, a holder could realize more economic value by selling its debentures in the over the counter market than from converting its debentures. As a result of cash dividends paid since the issuance of the debentures, the conversion rate has been adjusted to 41.9197 shares of common stock per $1,000 of principal amount of debentures, representing a conversion price of approximately $23.86 per share of common stock. The if-converted value of the debentures exceeded the principal amount by $971.3 million at December 31, 2016. The debentures include a contingent interest mechanism that begins in December 2017. The terms of the contingent interest include a 0.25% additional interest rate if the debentures are trading at less than $400 and a 0.5% additional interest rate if the debentures are trading at greater than $1,500. Based on the current trading price of the debentures, the contingent interest rate beginning in December 2017 would be 0.5% of the average trading price.

As the debentures can be settled in cash upon conversion, for accounting purposes, the debentures were bifurcated into a liability component and an equity component, which were both initially recorded at fair value. The carrying value of the equity component at December 31, 2016 and at March 31, 2016 was $411.2 million. The estimated fair value of the liability component of the debentures at the issuance date was $163.8 million, resulting in a debt discount of $411.2 million. The debt discount is being amortized to interest expense at the effective interest rate of 9.1% over the contractual term of the note. The unamortized debt discount was $373.9 million at December 31, 2016 and $378.3 million at March 31, 2016. The remaining

period over which the unamortized debt discount will be recognized as non-cash interest expense is 20.96 years. In the three and nine months ended December 31, 2016, the Company recognized $1.5 million and $4.4 million, respectively, in non-cash interest expense related to the amortization of the debt discount compared to $1.4 million and $4.0 million for the three and nine months ended December 31, 2015, respectively. The Company recognized $3.1 million and $9.3 million of interest expense related to the 2.125% coupon on the debentures in each of the three and nine month periods ended December 31, 2016 and 2015, respectively.