Debt (Tables)

6 Months Ended

Sep. 30, 2022

Debt obligations included in the condensed consolidated balance sheets consisted of the following (in millions):


	Coupon Interest Rate	Effective Interest Rate
			September 30, 2022			March 31, 2022

Revolving Credit Facility				$	972.1		$	1,399.1



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	0.983%	1.1%		1,000.0			1,000.0
4.250% 2025 Notes	4.250%	4.6%		1,200.0			1,200.0
Total Senior Indebtedness				6,572.1			6,999.1
Senior Subordinated Convertible Debt - Principal Outstanding
2015 Senior Convertible Debt	1.625%	1.8%		12.4			34.4
2017 Senior Convertible Debt	1.625%	1.8%		82.2			128.1
2020 Senior Convertible Debt	0.125%	0.5%		665.5			665.5
Junior Subordinated Convertible Debt - Principal Outstanding
2017 Junior Convertible Debt	2.250%	2.3%		6.5			10.1

Total Convertible Debt				766.6			838.1

Gross long-term debt including current maturities				7,338.7			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 maturities				7,303.5			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,
	2022		2022


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,
		2022		2022
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.

Schedule of Maturities of Long-term Debt

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	$	—
2024	3,400.0
2025	1,677.9
2026	1,200.0
2027	1,054.3
Thereafter	6.5
Total	$	7,338.7

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 September 30, 2022
	Conversion Rate	Approximate Conversion Price		Incremental Share Factor	Maximum 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.

Schedule of Interest Expense

Interest expense consists of the following (in millions):


	Three Months Ended September 30,	Six Months Ended September 30,
		2022		2021		2022		2021
Debt issuance cost amortization		$	1.7	$	2.3	$	3.4	$	5.2
Debt discount amortization		1.8		1.7		3.6		3.6
Interest expense		47.2		46.9		91.0		99.6
Total interest expense on Senior Indebtedness		50.7		50.9		98.0		108.4
Debt issuance cost amortization		0.7		0.6		1.3		1.2
Debt discount amortization		—		9.9		—		20.6
Coupon interest expense		0.7		2.2		1.7		5.0
Total interest expense on Convertible Debt		1.4		12.7		3.0		26.8
Other interest expense		1.2		1.2		2.6		1.9
Total interest expense		$	53.3	$	64.8	$	103.6	$	137.1

Schedule of Settlement Transactions

The Company's debt settlement transactions consists of the following (in millions)(1):


	Principal Amount Settled		Total Cash Consideration		Net 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.