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Debt
 6 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
Debt obligations included in the condensed consolidated balance sheets consisted of the following (in millions):
Coupon Interest RateEffective Interest Rate
September 30, 2022March 31, 2022
Revolving Credit Facility$972.1 $1,399.1 
4.333% 2023 Notes4.333%4.7%1,000.0 1,000.0 
2.670% 2023 Notes2.670%2.8%1,000.0 1,000.0 
0.972% 2024 Notes0.972%1.1%1,400.0 1,400.0 
0.983% 2024 Notes0.983%1.1%1,000.0 1,000.0 
4.250% 2025 Notes4.250%4.6%1,200.0 1,200.0 
Total Senior Indebtedness6,572.1 6,999.1 
Senior Subordinated Convertible Debt - Principal Outstanding
2015 Senior Convertible Debt1.625%1.8%12.4 34.4 
2017 Senior Convertible Debt1.625%1.8%82.2 128.1 
2020 Senior Convertible Debt0.125%0.5%665.5 665.5 
Junior Subordinated Convertible Debt - Principal Outstanding
2017 Junior Convertible Debt2.250%2.3%6.5 10.1 
Total Convertible Debt766.6 838.1 
Gross long-term debt including current maturities7,338.7 7,837.2 
Less: Debt discount(1)
(14.1)(124.6)
Less: Debt issuance costs(2)
(21.1)(25.2)
Net long-term debt including current maturities7,303.5 7,687.4 
Less: Current maturities(3)
(998.6)— 
Net long-term debt$6,304.9 $7,687.4 
(1) The unamortized discount consists of the following (in millions):
September 30,March 31,
20222022
4.333% 2023 Notes$(0.8)$(1.3)
2.670% 2023 Notes(0.9)(1.3)
0.972% 2024 Notes(1.8)(2.5)
0.983% 2024 Notes(1.8)(2.2)
4.250% 2025 Notes(8.8)(10.2)
2015 Senior Convertible Debt— (3.7)
2017 Senior Convertible Debt— (23.4)
2020 Senior Convertible Debt— (75.3)
2017 Junior Convertible Debt— (4.7)
Total unamortized discount$(14.1)$(124.6)

As of April 1, 2022, the unamortized debt discount of the Convertible Debt was eliminated upon the Company's adoption of ASU 2020-06 (See Note 2 for further information).

(2) Debt issuance costs consist of the following (in millions):
September 30,March 31,
20222022
Revolving Credit Facility$(9.4)$(10.6)
4.333% 2023 Notes(1.6)(2.9)
2.670% 2023 Notes(0.5)(0.8)
0.972% 2024 Notes(0.9)(1.3)
0.983% 2024 Notes(1.1)(1.4)
4.250% 2025 Notes(1.1)(1.3)
2015 Senior Convertible Debt(0.1)(0.1)
2017 Senior Convertible Debt(0.5)(0.6)
2020 Senior Convertible Debt(5.8)(6.2)
2017 Junior Convertible Debt(0.1)— 
Total debt issuance costs$(21.1)$(25.2)

(3) As of September 30, 2022, the 2.670% 2023 Notes, which mature on September 1, 2023, are included as current maturities because they mature within 12 months and there is not sufficient availability in the Revolving Credit Facility to refinance these notes on a long-term basis. As of September 30, 2022, the 4.333% 2023 Notes, which mature on June 1, 2023, are excluded from current maturities as the Company has the intent and ability to utilize proceeds from its Revolving Credit Facility to refinance such notes on a long-term basis. As of September 30, 2022 and March 31, 2022, the 2015 Senior Convertible Debt, the 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt were convertible and are excluded from current maturities as the Company has the intent and ability to utilize proceeds from its Revolving Credit Facility to settle the principal portion of its Convertible Debt upon conversion.

Expected maturities relating to the Company’s debt obligations as of September 30, 2022 are as follows (in millions):
Fiscal year ending March 31,Amount
2023$— 
20243,400.0 
20251,677.9 
20261,200.0 
20271,054.3 
Thereafter6.5 
Total$7,338.7 

Ranking of Convertible Debt - Each series of Convertible Debt is an unsecured obligation which is subordinated in right of payment to the amounts outstanding under the Company's Senior Indebtedness. The 2017 Junior Convertible Debt is expressly subordinated in right of payment to any existing and future senior debt of the Company (including the Senior
Indebtedness and the Senior Subordinated Convertible Debt) and is structurally subordinated in right of payment to the liabilities of the Company's subsidiaries.  The Senior Subordinated Convertible Debt is subordinated to the Senior Indebtedness; ranks senior to the Company's indebtedness that is expressly subordinated in right of payment to it, including the 2017 Junior Convertible Debt; ranks equal in right of payment to any of the Company's unsubordinated indebtedness that does not provide that it is senior to the Senior Subordinated Convertible Debt; ranks junior in right of payment to any of the Company's secured and unsecured unsubordinated indebtedness to the extent of the value of the assets securing such indebtedness; and is structurally subordinated to all indebtedness and other liabilities of the Company's subsidiaries.

Summary of Conversion Features - Each series of Convertible Debt is convertible, subject to certain conditions, into cash, shares of the Company's common stock or a combination thereof, at the Company's election, at specified conversion rates (see table below), adjusted for certain events including the declaration of cash dividends. Except during the three-month period immediately preceding the maturity date of the applicable series of Convertible Debt, each series of Convertible Debt is convertible only upon the occurrence of (i) such time as the closing price of the Company's common stock exceeds the applicable conversion price (see table below) by 130% for 20 days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter, (ii) during the 5 business day period after any 10 consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of notes of a given series for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the applicable conversion rate on each such trading day or (iii) upon the occurrence of certain corporate events specified in the indenture of such series of Convertible Debt. In addition, for each series, with the exception of the 2020 Senior Convertible Debt, if at the time of conversion the applicable price of the Company's common stock exceeds the applicable conversion price at such time, the applicable conversion rate will be increased by up to an additional maximum incremental shares rate, as determined pursuant to a formula specified in the indenture for the applicable series of Convertible Debt, and as adjusted for cash dividends paid since the issuance of such series of Convertible Debt. However, in no event will the applicable conversion rate exceed the applicable maximum conversion rate specified in the indenture for the applicable series of Convertible Debt (see table below). On April 1, 2022, the Company irrevocably elected cash settlement for the principal amount of its Convertible Debt. See Note 2 for further information.

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 September 30, 2022
Conversion RateApproximate Conversion PriceIncremental Share FactorMaximum Conversion Rate
2015 Senior Convertible Debt(1)
33.7284 $29.65 16.8659 47.2188 
2017 Senior Convertible Debt(1)
21.6279 $46.24 10.8146 30.8200 
2020 Senior Convertible Debt(1)
10.7617 $92.92 — 15.0663 
2017 Junior Convertible Debt(1)
22.0144 $45.42 11.0083 30.8200 

(1) As of September 30, 2022, the 2020 Senior Convertible Debt was not convertible. As of September 30, 2022, 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 October 1, 2022 and December 31, 2022 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 September 30, 2022. As of September 30, 2022, the adjusted conversion rate for the 2015 Senior Convertible Debt, 2017 Senior Convertible Debt, and 2017 Junior Convertible Debt would be increased to 42.4008 shares of common stock, 24.2493 shares of common stock, and 24.8292 shares of common stock, respectively, per $1,000 principal amount of notes based on the closing price of $61.03 per share of common stock to include an additional maximum incremental share rate per the terms of the applicable indenture. As of September 30, 2022, 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 $19.7 million, $39.5 million, and $3.3 million, respectively.

With the exception of the 2020 Senior Convertible Debt, which may be redeemed by the Company on or after November 20, 2022, the Company may not redeem any series of Convertible Debt prior to the relevant maturity date and no sinking fund is provided for any series of Convertible Debt. Under the terms of the applicable indenture, the Company may repurchase any series of Convertible Debt in the open market or through privately negotiated exchange offers. Upon the occurrence of a fundamental change, as defined in the applicable indenture of such series of Convertible Debt, holders of such series may
require the Company to purchase all or a portion of their Convertible Debt for cash at a price equal to 100% of the principal amount plus any accrued and unpaid interest.

Interest expense consists of the following (in millions):
Three Months Ended September 30,Six Months Ended September 30,
2022202120222021
Debt issuance cost amortization$1.7 $2.3 $3.4 $5.2 
Debt discount amortization1.8 1.7 3.6 3.6 
Interest expense47.2 46.9 91.0 99.6 
Total interest expense on Senior Indebtedness50.7 50.9 98.0 108.4 
Debt issuance cost amortization0.7 0.6 1.3 1.2 
Debt discount amortization— 9.9 — 20.6 
Coupon interest expense0.7 2.2 1.7 5.0 
Total interest expense on Convertible Debt1.4 12.7 3.0 26.8 
Other interest expense1.2 1.2 2.6 1.9 
Total interest expense $53.3 $64.8 $103.6 $137.1 

The Company's debt settlement transactions consists of the following (in millions)(1):
Principal Amount SettledTotal Cash ConsiderationNet Loss on Inducements and Settlements
August 2022
2015 Senior Convertible Debt$22.0 $67.7 $1.3 
2017 Senior Convertible Debt$14.9 $29.2 $0.8 
May 2022
2017 Senior Convertible Debt$31.0 $65.3 $5.9 
2017 Junior Convertible Debt$3.6 $8.2 $0.3 

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