Debt (Tables)

3 Months Ended

Jun. 30, 2021

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)
					June 30, 2021	March 31, 2021

Senior Secured Indebtedness
Revolving Credit Facility						$	1,958.6	$	2,346.6


3.922% 2021 Notes	3.922%	4.5%				—		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		1,000.0
0.972% 2024 Notes	0.972%	1.1%				1,400.0		1,400.0
0.983% 2024 Notes(2)	0.983%	1.1%				1,000.0		—
Senior Unsecured Indebtedness
4.250% 2025 Notes	4.250%	4.6%				1,200.0		1,200.0
Total Senior Indebtedness						7,558.6		7,946.6
Senior Subordinated Convertible Debt - Principal Outstanding
2015 Senior Convertible Debt	1.625%	5.9%	$	120.9		141.4		141.4
2017 Senior Convertible Debt	1.625%	6.0%	$	260.9		333.3		333.3
2020 Senior Convertible Debt	0.125%	5.1%	$	555.5		665.5		665.5
Junior Subordinated Convertible Debt - Principal Outstanding
2017 Junior Convertible Debt	2.250%	7.4%	$	64.0		122.6		122.6

Total Convertible Debt						1,262.8		1,262.8

Gross long-term debt including current maturities						8,821.4		9,209.4
Less: Debt discount(3)						(263.4)		(273.0)
Less: Debt issuance costs(4)						(30.6)		(32.3)
Net long-term debt including current maturities						8,527.4		8,904.1
Less: Current maturities(5)						—		(1,322.9)
Net long-term debt						$	8,527.4	$	7,581.2

(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. 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 0.983% 2024 Notes mature on September 1, 2024, and interest is payable semi-annually in arrears on March 1 and September 1 of each year.

(3) The unamortized discount consists of the following (in millions):


	June 30,	March 31,
				2021	2021

3.922% 2021 Notes		$	—		$	(0.3)
4.333% 2023 Notes		(2.2)			(2.4)
2.670% 2023 Notes		(2.0)			(2.3)
0.972% 2024 Notes		(3.5)			(3.8)
0.983% 2024 Notes		(2.9)			—
4.250% 2025 Notes		(12.2)			(12.8)
2015 Senior Convertible Debt		(18.9)			(20.1)
2017 Senior Convertible Debt		(68.7)			(71.3)
2020 Senior Convertible Debt		(95.1)			(101.6)
2017 Junior Convertible Debt		(57.9)			(58.4)
Total unamortized discount		$	(263.4)		$	(273.0)

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


	June 30,	March 31,
				2021	2021
Revolving Credit Facility		$	(8.8)		$	(10.0)


3.922% 2021 Notes		—			(0.7)
4.333% 2023 Notes		(4.7)			(5.3)
2.670% 2023 Notes		(1.2)			(1.3)
0.972% 2024 Notes		(1.8)			(2.0)
0.983% 2024 Notes		(1.8)			—
4.250% 2025 Notes		(1.6)			(1.7)
2015 Senior Convertible Debt		(0.7)			(0.7)
2017 Senior Convertible Debt		(1.7)			(1.8)
2020 Senior Convertible Debt		(7.8)			(8.3)
2017 Junior Convertible Debt		(0.5)			(0.5)
Total debt issuance costs		$	(30.6)		$	(32.3)

(5) As of March 31, 2021, current maturities consisted of the liability component of the 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt, and the 3.922% 2021 Notes which were due June 1, 2021.

Schedule of Maturities of Long-term Debt

Expected maturities relating to the Company’s debt obligations as of June 30, 2021 are as follows (in millions):


Fiscal year ending March 31,	Expected Maturities
2022	$	—
2023	—
2024	5,358.6
2025	1,806.9
2026	1,200.0
Thereafter	455.9
Total	$	8,821.4

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 June 30, 2021
	Conversion Rate	Approximate Conversion Price		Incremental Share Factor	Maximum Conversion Rate
2015 Senior Convertible Debt(1)	16.5663	$	60.36	8.2831	23.1927
2017 Senior Convertible Debt(1)	10.6233	$	94.13	5.3116	15.1382
2020 Senior Convertible Debt(1)	5.3538	$	186.78	—	7.4952
2017 Junior Convertible Debt(1)	10.8130	$	92.48	5.4066	15.1382

(1) As of June 30, 2021, the 2020 Senior Convertible Debt was not convertible. As of June 30, 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 July 1, 2021 and September 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 June 30, 2021. As of June 30, 2021, the adjusted conversion rate for the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt would be increased to 21.5103 shares of common stock, 12.5958 shares of common stock, and 12.8804 shares of common stock, respectively, per $1,000 principal amount of notes based on the closing price of $149.74 per share of common stock to include an additional maximum incremental share rate per the terms of the applicable indenture. As of June 30, 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 $314.2 million, $295.4 million, and $113.8 million, respectively.

Schedule of Interest Expense

Interest expense consists of the following (in millions):


	Three Months Ended June 30,
		2021		2020
Debt issuance cost amortization		$	2.9	$	4.1
Debt discount amortization		1.9		1.5
Interest expense		52.7		52.7
Total interest expense on Senior Indebtedness		57.5		58.3
Debt issuance cost amortization		0.6		0.7
Debt discount amortization		10.7		23.8
Coupon interest expense		2.8		15.3
Total interest expense on Convertible Debt		14.1		39.8
Other interest expense		0.7		1.0
Total interest expense		$	72.3	$	99.1

Schedule of Settlement Transactions

The Company's settlement transactions consist of the following (in millions):


	Principal Amount Settled		Consideration								Net Loss on Inducements and Settlements
			Cash Paid		Value of Shares Issued		Debt Issued		Total
June 2021(1)
3.922% 2021 Notes	$	1,000.0	$	1,000.0	$	—	$	—	$	1,000.0		$	0.3

(1) The Company used proceeds from the issuance of the 0.983% 2024 Notes to finance such settlement.