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Fair Value of Financial Instruments
6 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
 
The carrying amount of cash equivalents approximates fair value because their maturity is less than three months. Management believes the carrying amount of the equity and cost-method investments materially approximated fair value at September 30, 2019 based upon unobservable inputs. The fair values of these investments have been determined as Level 3 fair value measurements. The fair values of the Company's line of credit borrowings are estimated using discounted cash flow analyses, based on the Company's current incremental borrowing rates for similar types of borrowing arrangements and approximate carrying value excluding debt issuance costs. Based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities, the fair value of the Company's line of credit borrowings at September 30, 2019 approximated the carrying value and are considered Level 2 in the fair value hierarchy described in Note 8. The carrying amount of accounts receivable, accounts payable and accrued liabilities approximates fair value due to the short-term maturity of the amounts and are considered Level 2 in the fair value hierarchy.  

Fair Value of Subordinated Convertible Debt, Senior Secured Notes, and Term Loan Facility

The Company measures the fair value of its senior and junior subordinated convertible debt and senior secured notes for disclosure purposes. These fair values are based on observable market prices for this debt, which is traded in less active markets and are therefore classified as a Level 2 fair value measurement.

The following table shows the carrying amounts and fair values of the Company's senior and junior subordinated convertible debt, senior secured notes, and term loan facility as of September 30, 2019 and March 31, 2019 (in millions).

 
September 30,
 
March 31,
 
2019
 
2019
 
Carrying Amount (1)
 
Fair Value
 
Carrying Amount (1)
 
Fair Value
2023 Senior Secured Notes
$
987.1

 
$
1,055.0

 
$
985.4

 
$
1,020.1

2021 Senior Secured Notes
$
990.2

 
$
1,022.5

 
$
987.4

 
$
1,008.1

Term Loan Facility
$
1,707.5

 
$
1,723.5

 
$
1,892.1

 
$
1,911.5

2017 Senior Convertible Debt
$
1,522.8

 
$
2,666.5

 
$
1,493.6

 
$
2,285.4

2015 Senior Convertible Debt
$
1,387.3

 
$
3,270.2

 
$
1,360.8

 
$
2,810.6

2017 Junior Convertible Debt
$
340.8

 
$
888.6

 
$
335.9

 
$
740.8


(1) The carrying amounts presented are net of debt discounts and debt issuance costs (see Note 14 Debt and Credit Facility for further information).