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Debt and Credit Facility (Tables)
 9 Months Ended
Dec. 31, 2017
Convertible Debt [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Debt obligations included in the condensed consolidated balance sheets consisted of the following (in millions):
 
 
Coupon Interest Rate
 
Effective Interest Rate
 
Fair Value of Liability Component at Issuance (1)
 
 
 
 
 
 
 
December 31, 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

 
575.0

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

 
143.8

Total Convertible Debt
 
 
 
 
 
 
 
4,481.3

 
4,513.8

 
 
 
 
 
 
 
 
 
 
 
Gross long-term debt including current maturities
 
 
 
 
 
 
 
4,481.3

 
4,513.8

Less: Debt discount (2)
 
 
 
 
 
 
 
(1,399.8
)
 
(1,516.5
)
Less: Debt issuance costs (3)
 
 
 
 
 
 
 
(41.9
)
 
(46.8
)
Net long-term debt including current maturities
 
 
 
 
 
 
 
3,039.6

 
2,950.5

Less: Current maturities (4)
 
 
 
 
 
 
 
—

 
(50.0
)
Net long-term debt
 
 
 
 
 
 
 
$
3,039.6

 
$
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):  
 
December 31,
 
March 31,
 
2017
 
2017
2017 Senior Debt
$
(629.3
)
 
$
(667.5
)
2015 Senior Debt
(412.1
)
 
(446.6
)
2017 Junior Debt
(358.4
)
 
(309.3
)
2007 Junior Debt
—

 
(93.1
)
Total unamortized discount
$
(1,399.8
)
 
$
(1,516.5
)
(3) Debt issuance costs include the following (in millions):
 
December 31,
 
March 31,
 
2017
 
2017
Senior Credit Facility
$
(6.7
)
 
$
(8.5
)
2017 Senior Debt
(16.5
)
 
(17.6
)
2015 Senior Debt
(15.3
)
 
(16.6
)
2017 Junior Debt
(3.4
)
 
(3.4
)
2007 Junior Debt
—

 
(0.7
)
Total debt issuance costs
$
(41.9
)
 
$
(46.8
)

(4) Current maturities include the full balance of the 2007 Junior Debt as of March 31, 2017.
Schedule of Unamortized Discount and Debt Issuance Costs
(2) The unamortized discount includes the following (in millions):  
 
December 31,
 
March 31,
 
2017
 
2017
2017 Senior Debt
$
(629.3
)
 
$
(667.5
)
2015 Senior Debt
(412.1
)
 
(446.6
)
2017 Junior Debt
(358.4
)
 
(309.3
)
2007 Junior Debt
—

 
(93.1
)
Total unamortized discount
$
(1,399.8
)
 
$
(1,516.5
)
(3) Debt issuance costs include the following (in millions):
 
December 31,
 
March 31,
 
2017
 
2017
Senior Credit Facility
$
(6.7
)
 
$
(8.5
)
2017 Senior Debt
(16.5
)
 
(17.6
)
2015 Senior Debt
(15.3
)
 
(16.6
)
2017 Junior Debt
(3.4
)
 
(3.4
)
2007 Junior Debt
—

 
(0.7
)
Total debt issuance costs
$
(41.9
)
 
$
(46.8
)

(4) Current maturities include the full balance of the 2007 Junior Debt as of March 31, 2017.
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, 2017
 
Conversion Rate, adjusted
 
Approximate Conversion Price, adjusted
 
Incremental Share Factor, adjusted
 
Maximum Conversion Rate, adjusted
2017 Senior Debt
10.0722

 
$
99.28

 
5.0361

 
14.3529

2015 Senior Debt
15.7069

 
$
63.67

 
7.8534

 
21.9896

2017 Junior Debt
10.2521

 
$
97.54

 
5.1261

 
14.3529

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):

 
Three Months Ended
 
Nine Months Ended
 
December 31,
 
December 31,
 
2017
 
2016
 
2017
 
2016
2007 Junior Debt
$
23.49

 
$
23.93

 
$
23.59

 
$
24.08

2015 Senior Debt
$
63.80

 
$
65.00

 
$
64.07

 
$
65.40

2017 Senior Debt
$
99.50

 
$
—

 
$
99.92

 
$
—

2017 Junior Debt
$
97.75

 
$
—

 
$
98.16

 
$
—
Schedule of Interest Expense
Interest expense related to convertible debt includes the following (in millions):
 
Three Months Ended
December 31,
 
Nine Months Ended December 31,
 
2017
 
2016
 
2017
 
2016
Debt issuance amortization
$
0.9

 
$
0.5

 
$
2.7

 
$
1.3

Amortization of debt discount - non cash interest expense
26.7

 
12.5

 
79.0

 
36.9

Coupon interest expense
19.3

 
10.1

 
58.1

 
30.3

Total
$
46.9

 
$
23.1

 
$
139.8

 
$
68.5