Debt (Tables)

12 Months Ended

Mar. 31, 2021

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)
					March 31,
					2021		2020
Senior Secured Indebtedness
Revolving Credit Facility					$	2,346.6	$	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					7,946.6		6,727.0
Senior Subordinated Convertible Debt - Principal Outstanding
2015 Senior Convertible Debt	1.625%	5.9%	$	120.9	141.4		1,110.0
2017 Senior Convertible Debt	1.625%	6.0%	$	260.9	333.3		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%	$	64.0	122.6		686.3

Total Convertible Debt					1,262.8		3,866.3

Gross long-term debt including current maturities					9,209.4		10,593.3
Less: Debt discount (2)					(273.0)		(1,043.2)
Less: Debt issuance costs (3)					(32.3)		(67.9)
Net long-term debt including current maturities					8,904.1		9,482.2
Less: Current maturities (4)					(1,322.9)		(608.8)
Net long-term debt					$	7,581.2	$	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. 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):


	March 31,
	2021		2020
Bridge Loan Facility	$	—	$	(3.1)
3.922% 2021 Notes	(0.3)		(2.1)
4.333% 2023 Notes	(2.4)		(3.5)
2.670% 2023 Notes	(2.3)		—
0.972% 2024 Notes	(3.8)		—
4.250% 2025 Notes	(12.8)		—
2015 Senior Convertible Debt	(20.1)		(192.9)
2017 Senior Convertible Debt	(71.3)		(504.2)
2020 Senior Convertible Debt	(101.6)		—
2017 Junior Convertible Debt	(58.4)		(337.4)
Total unamortized discount	$	(273.0)	$	(1,043.2)

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


	March 31,
	2021		2020
Revolving Credit Facility	$	(10.0)	$	(14.6)
Term Loan Facility	—		(14.6)
Bridge Loan Facility	—		(3.1)
3.922% 2021 Notes	(0.7)		(4.8)
4.333% 2023 Notes	(5.3)		(7.7)
2.670% 2023 Notes	(1.3)		—
0.972% 2024 Notes	(2.0)		—
4.250% 2025 Notes	(1.7)		—
2015 Senior Convertible Debt	(0.7)		(7.0)
2017 Senior Convertible Debt	(1.8)		(13.0)
2020 Senior Convertible Debt	(8.3)		—
2017 Junior Convertible Debt	(0.5)		(3.1)
Total debt issuance costs	$	(32.3)	$	(67.9)

(4) As of March 31, 2021, 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 March 31, 2021 are as follows (in millions):


Fiscal year ending March 31,	Expected Maturities
2022	$	1,000.0
2023	—
2024	5,746.6
2025	806.9
2026	1,200.0
Thereafter	455.9
Total	$	9,209.4

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 March 31, 2021
	Conversion Rate	Approximate Conversion Price		Incremental Share Factor	Maximum Conversion Rate
2015 Senior Convertible Debt (1)	16.5197	$	60.53	8.2599	23.1276
2017 Senior Convertible Debt (1)	10.5934	$	94.40	5.2967	15.0957
2020 Senior Convertible Debt (1)	5.3521	$	186.84	—	7.4929
2017 Junior Convertible Debt (1)	10.7826	$	92.74	5.3914	15.0957

(1) As of March 31, 2021, the 2020 Senior Convertible Debt was not convertible. As of March 31, 2021, the holders of each of the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt have the right to convert their notes between April 1, 2021 and June 30, 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 March 31, 2021. As of March 31, 2021, the adjusted conversion rate for the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt would be increased to 21.5583 shares of common stock, 12.6689 shares of common stock, and 12.9527 shares of common stock, respectively, per $1,000 principal amount of notes based on the closing price of $155.22 per share of common stock to include an additional maximum incremental share rate per the terms of the applicable indenture. As of March 31, 2021, each of the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt had a conversion value in excess of par of $331.9 million, $322.2 million, and $123.9 million, respectively.

Schedule of Interest Expense

Interest expense consists of the following (in millions):


	Fiscal Year Ended March 31,
	2021		2020		2019
Debt issuance cost amortization	$	14.7	$	13.2	$	12.9
Debt discount amortization	6.6		2.9		2.2
Interest expense	227.4		277.6		291.8
Total interest expense on Senior Indebtedness	248.7		293.7		306.9
Debt issuance cost amortization	2.4		3.9		3.6
Debt discount amortization	64.5		118.8		112.4
Coupon interest expense	37.6		77.2		77.1
Total interest expense on Convertible Debt	104.5		199.9		193.1
Other interest expense	3.7		3.7		2.9
Total interest expense	$	356.9	$	497.3	$	502.9

Schedule of Settlement Transactions

ettlement transactions consists of the following (in millions)(1):


	Principal Amount Settled		Consideration						Fair Value Settled(2)			Equity Component(2)		Net Loss on Inducements and Settlements
			Cash Paid		Value of Shares Issued		Debt Issued				Total
February 2021(3)
2015 Senior Convertible Debt	$	81.0	$	81.0	$	206.5	$	—	$	287.5		$	79.2	$	208.1	$	10.7
2017 Senior Convertible Debt	$	122.2	$	122.2	$	166.4	$	—	$	288.6		$	115.9	$	168.2	$	25.5
2017 Junior Convertible Debt	$	156.0	$	156.0	$	217.9	$	—	$	373.9		$	129.8	$	243.9	$	49.4
December 2020(4)
2015 Senior Convertible Debt	$	90.0	$	48.5	$	221.0	$	—	$	269.5		$	79.4	$	184.5	$	9.4
2017 Senior Convertible Debt	$	588.8	$	155.4	$	408.7	$	601.5	$	1,165.6		$	486.7	$	655.3	$	57.0
2017 Junior Convertible Debt	$	407.7	$	225.0	$	530.4	$	64.0	$	819.4		$	246.3	$	547.1	$	62.8
Term Loan Facility	$	1,705.7	$	1,705.7	$	—	$	—	$	1,705.7		$	—	$	—	$	12.9
August 2020(5)
2015 Senior Convertible Debt	$	414.3	$	414.3	$	547.6	$	—	$	961.9		$	351.7	$	592.3	$	25.0
2017 Senior Convertible Debt	$	381.8	$	381.8	$	221.1	$	—	$	602.9		$	299.0	$	292.2	$	20.1
June 2020(6)
2015 Senior Convertible Debt	$	383.3	$	383.3	$	405.1	$	—	$	788.4		$	314.4	$	464.4	$	7.8
2017 Senior Convertible Debt	$	643.9	$	643.9	$	246.4	$	—	$	890.3		$	481.0	$	390.9	$	13.7
Term Loan Facility	$	17.8	$	17.8	$	—	$	—	$	17.8		$	—	$	—	$	—
Bridge Loan Facility	$	615.0	$	615.0	$	—	$	—	$	615.0		$	—	$	—	$	5.3
March 2020(7)
2015 Senior Convertible Debt	$	615.0	$	615.0	$	351.8	$	—	$	966.8		$	460.4	$	461.1	$	3.4

(1) The Company settled portions of its convertible debt in privately negotiated transactions that are accounted for as induced conversions.

(2) The total consideration for the convertible debt settlements was allocated to the liability and equity components using the equivalent rate that reflected the borrowing rate for a similar non-convertible debt instrument prior to the settlement.

(3) The Company used borrowings under its Revolving Credit Facility to finance a portion of such settlement.

(4) The Company used proceeds from the issuance of $665.5 million principal amount of 2020 Senior Convertible Debt and used borrowings under its Revolving Credit Facility to finance a portion of such settlement. The Company also issued $1.40 billion aggregate principal amount of 0.972% 2024 Notes and used the proceeds in addition to $213.0 million in borrowings under its Revolving Credit Facility, and cash on hand to repay all amounts outstanding under its Term Loan Facility.

(5) The Company used borrowings under its Revolving Credit Facility to finance a portion of such settlement.

(6) The Company used a portion of the proceeds from the issuance of the 2.670% 2023 Notes and the 4.250% 2025 Notes to (i) finance a portion of such settlement, and (ii) repay a portion of the amount outstanding under the Company's existing Revolving Credit Facility as well as for general corporate purposes.

(7) The Company entered into a Bridge Loan Facility (which has since been repaid in full), for an aggregate principal amount of $615.0 million to finance a portion of such settlement.