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Debt and Credit Facility (Tables)
 3 Months Ended
Jun. 30, 2017
Convertible Debt [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Debt obligations included in the consolidated balance sheets consisted of the following (in millions):
 
 
Coupon Interest Rate
 
Effective Interest Rate
 
Fair Value of Liability Component at Issuance (1)
 
 
 
 
 
 
 
June 30, 2017
 
March 31, 2017
Senior Indebtedness
 
 
 
 
 
 
 
 
 
 
Credit Facility
 
 
 
 
 
 
 
$
—

 
$
—

Senior Subordinated Convertible Debt - Principal Outstanding
 
 
 
 
 
 
2017 Senior Debt, maturing February 15, 2027 (2017 Senior Debt)
 
1.625%
 
6.0%
 
$1,396.3
 
$
2,070.0

 
$
2,070.0

2015 Senior Debt, maturing February 15, 2025 (2015 Senior Debt)
 
1.625%
 
5.9%
 
1,160.1
 
1,725.0

 
1,725.0

Junior Subordinated Convertible Debt - Principal Outstanding
 
 
 
 
 
 
2017 Junior Debt, maturing February 15, 2037 (2017 Junior Debt)
 
2.250%
 
7.4%
 
321.1
 
686.3

 
575

2007 Junior Debt, maturing December 15, 2037 (2007 Junior Debt)
 
2.125%
 
9.1%
 
11.5
 
32.5

 
143.8

Total Convertible Debt
 
 
 
 
 
 
 
4,513.8

 
4,513.8

 
 
 
 
 
 
 
 
 
 
 
Gross long-term debt including current maturities
 
 
 
 
 
 
 
4,513.8

 
4,513.8

Less: Debt discount (2)
 
 
 
 
 
 
 
(1,473.9
)
 
(1,516.5
)
Less: Debt issuance costs (3)
 
 
 
 
 
 
 
(44.7
)
 
(46.8
)
Net long-term debt including current maturities
 
 
 
 
 
 
 
2,995.2

 
2,950.5

Less: Current maturities (4)
 
 
 
 
 
 
 
(11.3
)
 
(50.0
)
Net long-term debt
 
 
 
 
 
 
 
$
2,983.9

 
$
2,900.5

 
 
 
 
 
 
 
 
 
 
 

(1) As each of the convertible instruments may be settled in cash upon conversion, for accounting purposes, they were bifurcated into a liability component and an equity component, which are both initially recorded at fair value.  The amount allocated to the equity component is the difference between the principal value of the instrument and the fair value of the liability component at issuance.  The resulting debt discount is being amortized to interest expense at the respective effective interest rate over the contractual term of the debt.

(2) The unamortized discount includes the following (in millions):  
 
June 30,
 
March 31,
 
2017
 
2017
2017 Senior Debt
$
(654.9
)
 
$
(667.5
)
2015 Senior Debt
(435.3
)
 
(446.6
)
2017 Junior Debt
(362.6
)
 
(309.3
)
2007 Junior Debt
(21.1
)
 
(93.1
)
Total unamortized discount
$
(1,473.9
)
 
$
(1,516.5
)

(3) Debt issuance costs include the following (in millions):
 
June 30,
 
March 31,
 
2017
 
2017
Senior Credit Facility
$
(7.7
)
 
$
(8.5
)
2017 Senior Debt
(17.3
)
 
(17.6
)
2015 Senior Debt
(16.2
)
 
(16.6
)
2017 Junior Debt
(3.4
)
 
(3.4
)
2007 Junior Debt
(0.1
)
 
(0.7
)
Total debt issuance costs
$
(44.7
)
 
$
(46.8
)

(4) Current maturities include the full balance of the 2007 Junior Debt.
Schedule of Unamortized Discount and Debt Issuance Costs
(2) The unamortized discount includes the following (in millions):  
 
June 30,
 
March 31,
 
2017
 
2017
2017 Senior Debt
$
(654.9
)
 
$
(667.5
)
2015 Senior Debt
(435.3
)
 
(446.6
)
2017 Junior Debt
(362.6
)
 
(309.3
)
2007 Junior Debt
(21.1
)
 
(93.1
)
Total unamortized discount
$
(1,473.9
)
 
$
(1,516.5
)

(3) Debt issuance costs include the following (in millions):
 
June 30,
 
March 31,
 
2017
 
2017
Senior Credit Facility
$
(7.7
)
 
$
(8.5
)
2017 Senior Debt
(17.3
)
 
(17.6
)
2015 Senior Debt
(16.2
)
 
(16.6
)
2017 Junior Debt
(3.4
)
 
(3.4
)
2007 Junior Debt
(0.1
)
 
(0.7
)
Total debt issuance costs
$
(44.7
)
 
$
(46.8
)

(4) Current maturities include the full balance of the 2007 Junior Debt.
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 Maximum Incremental Share Rate (with the exception of the 2007 Junior Debt) and applicable Conversion Rates as adjusted for dividends paid since the applicable issuance date:
 
Dividend adjusted rates as of June 30, 2017
 
Conversion Rate, adjusted
 
Approximate Conversion Price, adjusted
 
Maximum Incremental Rate, adjusted
 
Maximum Conversion Rate, adjusted
2017 Senior Debt
9.9890

 
$
100.11

 
4.9945

 
14.2344

2015 Senior Debt
15.5772

 
$
64.20

 
7.7886

 
21.8081

2017 Junior Debt
10.1674

 
$
98.35

 
5.0838

 
14.2344

2007 Junior Debt
42.3241

 
$
23.63

 
NA

 
48.6727

The following is the weighted average conversion price per share used in calculating the dilutive effect (See Note 13 for details on the convertible debt):

 
June 30,
 
2017
 
2016
2007 Junior Debt
$
23.69

 
$
24.23

2015 Senior Debt
$
64.35

 
$
65.82

2017 Senior Debt
$
100.35

 
$
—

2017 Junior Debt
$
98.59

 
$
—
Schedule of Interest Expense
Interest expense includes the following (in millions):
 
Three Months Ended
June 30,
 
2017
 
2016
Debt issuance amortization
$
0.9

 
$
0.4

Amortization of debt discount - non cash interest expense
25.9

 
12.1

Coupon interest expense
19.4

 
10.1

Total
$
46.2

 
$
22.6