Debt (Tables)

9 Months Ended

Dec. 31, 2020

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,		March 31,
				2020		2020
Senior Secured Indebtedness
Revolving Credit Facility				$	2,356.6	$	2,388.5
Term Loan Facility				—		1,723.5
Bridge Loan Facility				—		615.0
3.922% 2021 Notes	3.922%	4.5%		1,000.0		1,000.0
4.333% 2023 Notes	4.333%	4.7%		1,000.0		1,000.0
2.670% 2023 Notes	2.670%	2.8%		1,000.0		—
0.972% 2024 Notes	0.972%	1.1%		1,400.0		—

Senior Unsecured Indebtedness
4.250% 2025 Notes	4.250%	4.6%		1,200.0		—
Total Senior Indebtedness				7,956.6		6,727.0
Senior Subordinated Convertible Debt - Principal Outstanding
2015 Senior Convertible Debt	1.625%	5.9%	$188.5	222.4		1,110.0
2017 Senior Convertible Debt	1.625%	6.0%	$353.6	455.5		2,070.0
2020 Senior Convertible Debt	0.125%	5.1%	$555.5	665.5		—
Junior Subordinated Convertible Debt - Principal Outstanding
2017 Junior Convertible Debt	2.250%	7.4%	$144.5	278.6		686.3

Total Convertible Debt				1,622.0		3,866.3

Gross long-term debt including current maturities				9,578.6		10,593.3
Less: Debt discount (2)				(399.6)		(1,043.2)
Less: Debt issuance costs (3)				(38.0)		(67.9)
Net long-term debt including current maturities				9,141.0		9,482.2
Less: Current maturities (4)				(1,493.2)		(608.8)
Net long-term debt				$	7,647.8	$	8,873.4

(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,
	2020		2020
Bridge Loan Facility	$	—	$	(3.1)
3.922% 2021 Notes	(0.8)		(2.1)
4.333% 2023 Notes	(2.7)		(3.5)
2.670% 2023 Notes	(2.5)		—
0.972% 2024 Notes	(4.1)		—
4.250% 2025 Notes	(13.5)		—
2015 Senior Convertible Debt	(33.3)		(192.9)
2017 Senior Convertible Debt	(100.9)		(504.2)
2020 Senior Convertible Debt	(108.0)		—
2017 Junior Convertible Debt	(133.8)		(337.4)
Total unamortized discount	$	(399.6)	$	(1,043.2)

(3) Debt issuance costs consist of the following (in millions):


	December 31,		March 31,
	2020		2020
Revolving Credit Facility	$	(11.1)	$	(14.6)
Term Loan Facility	—		(14.6)
Bridge Loan Facility	—		(3.1)
3.922% 2021 Notes	(1.7)		(4.8)
4.333% 2023 Notes	(5.9)		(7.7)
2.670% 2023 Notes	(1.4)		—
0.972% 2024 Notes	(2.2)		—
4.250% 2025 Notes	(1.8)		—
2015 Senior Convertible Debt	(1.2)		(7.0)
2017 Senior Convertible Debt	(2.6)		(13.0)
2020 Senior Convertible Debt	(8.9)		—
2017 Junior Convertible Debt	(1.2)		(3.1)
Total debt issuance costs	$	(38.0)	$	(67.9)

(4) As of December 31, 2020, current maturities consist of the liability component of the 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt, and the 3.922% 2021 Notes which are due June 1, 2021. As of March 31, 2020, current maturities included the Bridge Loan Facility.

Schedule of Maturities of Long-term Debt

Expected maturities relating to the Company’s debt obligations as of December 31, 2020 are as follows (in millions):


Fiscal year ending March 31,	Expected Maturities
2021	$	—
2022	1,000.0
2023	—
2024	5,756.6
2025	887.9
Thereafter	1,934.1
Total	$	9,578.6

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, 2020
	Conversion Rate	Approximate Conversion Price		Incremental Share Factor	Maximum Conversion Rate
2015 Senior Convertible Debt (1)	16.4786	$	60.68	8.2393	23.0700
2017 Senior Convertible Debt (1)	10.5670	$	94.63	5.2835	15.0581
2020 Senior Convertible Debt (1)	5.3514	$	186.87	—	7.4919
2017 Junior Convertible Debt (1)	10.7558	$	92.97	5.3779	15.0581

(1) As of December 31, 2020, the 2020 Senior Convertible Debt was not convertible. As of December 31, 2020, the holders of the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt have the right to convert their notes between January 1, 2021 and March 31, 2021 because the Company's common stock price has exceeded the applicable conversion price for such series by 130% for the specified period of time during the quarter ended December 31, 2020. As of December 31, 2020, the adjusted conversion rate for the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt would be increased to 21.0976 shares of common stock, 12.2303 shares of common stock, and 12.5134 shares of common stock, respectively, per $1,000 principal amount of notes based on the closing common stock price of $138.11 to include an additional maximum incremental share rate per the terms of the applicable indenture. As of December 31, 2020, the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt had a conversion value in excess of par of $425.6 million, $313.9 million, and $202.9 million, respectively.

Schedule of Interest Expense

Interest expense consists of the following (in millions):


	Three Months Ended December 31,	Nine Months Ended December 31,
		2020		2019		2020		2019
Debt issuance amortization		$	3.7	$	3.3	$	11.5	$	9.9
Debt discount amortization		1.6		0.7		4.7		2.1
Interest expense		59.2		64.1		171.3		217.7
Total interest expense on Senior Indebtedness		64.5		68.1		187.5		229.7
Debt issuance amortization		0.5		1.0		1.7		2.9
Debt discount amortization		12.8		30.0		52.8		88.8
Coupon interest expense		7.8		19.3		33.9		57.9
Total interest expense on Convertible Debt		21.1		50.3		88.4		149.6
Other interest expense		0.9		1.3		3.0		2.6
Total interest expense		$	86.5	$	119.7	$	278.9	$	381.9