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Debt and Credit Facility (Tables)
 9 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule 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, 2019
 
March 31, 2019
 
 
 
 
 
Senior Secured Indebtedness
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
 
 
 
 
 
 
$
2,624.5

 
$
3,266.5

Term Loan Facility
 
 
 
 
 
 
1,723.5

 
1,911.5

2023 Notes, maturing June 1, 2023 ("2023 Notes")
4.333%
 
4.7%
 
 
 
1,000.0

 
1,000.0

2021 Notes, maturing June 1, 2021 ("2021 Notes")
3.922%
 
4.5%
 
 
 
1,000.0

 
1,000.0

Total Senior Secured Indebtedness
 
 
 
 
 
 
6,348.0

 
7,178.0

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

 
2,070.0

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

 
1,725.0

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

 
686.3

Total Convertible Debt
 
 
 
 
 
 
4,481.3

 
4,481.3

 
 
 
 
 
 
 
 
 
 
Gross long-term debt including current maturities
 
 
 
 
 
 
10,829.3

 
11,659.3

Less: Debt discount (2)
 
 
 
 
 
 
(1,177.9
)
 
(1,268.7
)
Less: Debt issuance costs (3)
 
 
 
 
 
 
(70.9
)
 
(83.6
)
Net long-term debt including current maturities
 
 
 
 
 
 
9,580.5

 
10,307.0

Less: Current maturities (4)
 
 
 
 
 
 
(1,400.8
)
 
(1,360.8
)
Net long-term debt
 
 
 
 
 
 
$
8,179.7

 
$
8,946.2

 
 
 
 
 
 
 
 
 
 

(1) As each of the convertible debt 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 consists of the following (in millions):  
 
December 31,
 
March 31,
 
2019
2019
2023 Notes
$
(3.7
)
 
$
(4.4
)
2021 Notes
(2.6
)
 
(3.8
)
2017 Senior Convertible Debt
(518.9
)
 
(561.9
)
2015 Senior Convertible Debt
(312.8
)
 
(351.4
)
2017 Junior Convertible Debt
(339.9
)
 
(347.2
)
Total unamortized discount
$
(1,177.9
)
 
$
(1,268.7
)

(3) Debt issuance costs consist of the following (in millions):
 
December 31,
 
March 31,
 
2019
2019
Revolving Credit Facility
$
(13.6
)
 
$
(14.7
)
Term Loan Facility
(15.3
)
 
(19.4
)
2023 Notes
(8.3
)
 
(10.2
)
2021 Notes
(5.8
)
 
(8.8
)
2017 Senior Convertible Debt
(13.4
)
 
(14.5
)
2015 Senior Convertible Debt
(11.4
)
 
(12.8
)
2017 Junior Convertible Debt
(3.1
)
 
(3.2
)
Total debt issuance costs
$
(70.9
)
 
$
(83.6
)


(4) Current maturities consist of the liability component of the 2015 Senior Convertible Debt as the debentures were convertible as of December 31, 2019 and March 31, 2019.
Schedule of Maturities of Long-term Debt
Expected maturities relating to the Company’s long-term debt as of December 31, 2019 are as follows (in millions):
Fiscal year ending March 31,
 
Expected Maturities
2020
 
$
—

2021
 
—

2022
 
1,000.0

2023
 
—

2024
 
3,624.5

Thereafter
 
6,204.8

Total
 
$
10,829.3
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, 2019
 
Conversion Rate
 
Approximate Conversion Price
 
Incremental Share Factor
 
Maximum Conversion Rate
2017 Senior Convertible Debt (1)
10.4213

 
$
95.96

 
5.2106

 
14.8503

2015 Senior Convertible Debt (1)
16.2513

 
$
61.53

 
8.1256

 
22.7517

2017 Junior Convertible Debt (1)
10.6074

 
$
94.27

 
5.3038

 
14.8503



(1) As of December 31, 2019, the 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt were not convertible. As of December 31, 2019, the holders of the 2015 Senior Convertible Debt have the right to convert their debentures between January 1, 2020 and March 31, 2020 because the Company's common stock price has exceeded the Conversion Price by 130% for the specified period of time during the quarter ended December 31, 2019. If a holder of 2015 Senior Convertible Debt converted their debentures on October 1, 2019, the adjusted Conversion Rate would be increased to 18.9958 to include an additional maximum incremental share rate per the terms of the indenture. As of December 31, 2019, the 2017 Senior Convertible Debt, 2015 Senior Convertible Debt and 2017 Junior Convertible Debt had a value if converted above par of $283.5 million, $1.82 billion and $114.1 million, respectively.
Schedule of Interest Expense
Interest expense consists of the following (in millions):
 
Three Months Ended
December 31,
 
Nine Months Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Debt issuance amortization
$
3.3

 
$
3.6

 
$
9.9

 
$
9.4

Debt discount amortization
0.7

 
0.7

 
2.1

 
1.5

Interest expense
64.1

 
84.2

 
217.7

 
210.1

Total interest expense on Senior Secured Indebtedness
68.1

 
88.5

 
229.7

 
221.0

Debt issuance amortization
1.0

 
0.9

 
2.9

 
2.7

Debt discount amortization
30.0

 
28.3

 
88.8

 
83.7

Coupon interest expense
19.3

 
19.3

 
57.9

 
57.8

Total interest expense on Convertible Debt
50.3

 
48.5

 
149.6

 
144.2

Other interest expense
1.3

 
0.6

 
2.6

 
1.5

Total interest expense
$
119.7

 
$
137.6

 
$
381.9

 
$
366.7