Debt (Tables)

6 Months Ended

Sep. 30, 2023

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


	Coupon Interest Rate	Effective Interest Rate
			September 30,			March 31,
			2023			2023
Revolving Credit Facility				$	39.0		$	100.0
2025 Term Loan Facility				750.0			—
Commercial Paper				1,000.0			—



4.333% 2023 Notes	4.333%	4.7%		—			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			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				5,389.0			5,700.0
Senior Subordinated Convertible Debt - Principal Outstanding
2015 Senior Convertible Debt	1.625%	1.8%		6.7			12.4
2017 Senior Convertible Debt	1.625%	1.8%		38.0			82.2
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

Total Convertible Debt				710.2			766.6

Gross long-term debt including current maturities				6,099.2			6,466.6
Less: Debt discount(1)				(10.6)			(10.4)
Less: Debt issuance costs(2)				(12.8)			(16.3)
Net long-term debt including current maturities				6,075.8			6,439.9
Less: Current maturities(3)				(1,661.1)			(1,398.2)
Net long-term debt				$	4,414.7		$	5,041.7

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


	September 30,		March 31,
	2023		2023


Commercial Paper	$	(3.3)	$	—
4.333% 2023 Notes	—		(0.2)
2.670% 2023 Notes	—		(0.4)
0.972% 2024 Notes	(0.5)		(1.2)
0.983% 2024 Notes	(0.9)		(1.3)
4.250% 2025 Notes	(5.9)		(7.3)




Total unamortized discount	$	(10.6)	$	(10.4)

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


	September 30,		March 31,
	2023		2023
Revolving Credit Facility	$	(7.1)	$	(8.6)



2025 Term Loan Facility	(0.9)		—
4.333% 2023 Notes	—		(0.4)
2.670% 2023 Notes	—		(0.2)
0.972% 2024 Notes	(0.3)		(0.6)
0.983% 2024 Notes	(0.4)		(0.8)
4.250% 2025 Notes	(0.8)		(0.9)

2017 Senior Convertible Debt	(0.2)		(0.4)
2020 Senior Convertible Debt	(3.1)		(4.4)

Total debt issuance costs	$	(12.8)	$	(16.3)

(3) As of September 30, 2023, current maturities consisted of the 2020 Senior Convertible Debt which will be convertible on August 15, 2024, and the 0.983% 2024 Notes which mature on September 1, 2024. As of September 30, 2023, the outstanding Commercial Paper, and the 0.972% 2024 Notes which mature on February 15, 2024 were 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, 2023, the 2015 Senior Convertible Debt and the 2017 Senior 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. As of March 31, 2023, current maturities consisted of the 0.972% 2024 Notes which mature on February 15, 2024. As of March 31, 2023, the 2.670% 2023 Notes, which matured on September 1, 2023, and the 4.333% 2023 Notes, which matured on June 1, 2023 were excluded from current maturities as the Company had the intent and ability to utilize proceeds from its Revolving Credit Facility to refinance such notes on a long-term basis. As of March 31, 2023, the 2015 Senior Convertible Debt, the 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt were excluded from current maturities as the Company had 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, 2023, are as follows (in millions):


Fiscal year ending March 31,	Amount
2024	$	2,400.0
2025	1,672.2
2026	1,950.0
2027	77.0


Total	$	6,099.2

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, 2023
	Conversion Rate	Approximate Conversion Price		Incremental Share Factor	Maximum Conversion Rate
2015 Senior Convertible Debt(1)	34.3667	$	29.10	17.1851	48.1125
2017 Senior Convertible Debt(1)	22.0373	$	45.38	11.0194	31.4033
2020 Senior Convertible Debt(1)	10.8633	$	92.05	—	15.2086

(1) As of September 30, 2023, the 2020 Senior Convertible Debt was not convertible. As of September 30, 2023, the holders of each of the 2015 Senior Convertible Debt and 2017 Senior Convertible Debt have the right to convert their notes between October 1, 2023 and December 31, 2023 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, 2023. As of September 30, 2023, the adjusted conversion rate for the 2015 Senior Convertible Debt and the 2017 Senior Convertible Debt would be increased to 45.1450 shares of common stock and 26.6501 shares of common stock, respectively, per $1,000 principal amount of notes based on the closing price of $78.05 per share of common stock to include an additional maximum incremental share rate per the terms of the applicable indenture. As of September 30, 2023, each of the 2015 Senior Convertible Debt and 2017 Senior Convertible Debt had a conversion value in excess of par of $17.0 million and $41.1 million, respectively.

Schedule of Interest Expense

Interest expense consists of the following (in millions):


	Three Months Ended September 30,	Six Months Ended September 30,
		2023		2022		2023		2022
Debt issuance cost amortization		$	1.1	$	1.7	$	2.6	$	3.4
Debt discount amortization		3.1		1.8		4.8		3.6
Interest expense		40.4		47.2		81.9		91.0
Total interest expense on Senior Indebtedness		44.6		50.7		89.3		98.0
Debt issuance cost amortization		0.7		0.7		1.4		1.3

Coupon interest expense		0.4		0.7		0.9		1.7
Total interest expense on Convertible Debt		1.1		1.4		2.3		3.0
Other interest expense		1.1		1.2		2.4		2.6
Total interest expense		$	46.8	$	53.3	$	94.0	$	103.6

Schedule of Settlement Transactions

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


	Principal Amount Settled		Total Cash Consideration		Net Loss on Inducements and Settlements

September 2023(1)
2.670% 2023 Notes	$	1,000.0	$	1,000.0	$	—
August 2023(2)
2017 Senior Convertible Debt	$	18.2	$	42.7	$	3.1
June 2023(3)
4.333% 2023 Notes	$	1,000.0	$	1,000.0	$	—
May 2023(4)
2015 Senior Convertible Debt	$	5.6	$	18.9	$	0.4
2017 Senior Convertible Debt	$	25.9	$	56.3	$	6.6
2017 Junior Convertible Debt	$	6.5	$	14.9	$	2.1

(1) The Company used borrowings under its 2025 Term Loan Facility and its Revolving Credit Facility to finance the settlement.

(2) The Company settled portions of its 2017 Senior Convertible Debt in privately negotiated transactions that are accounted for as induced conversions.

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

(4) The Company settled portions of its 2015 Senior Convertible Debt and 2017 Senior Convertible Debt, and the outstanding principal amount of its 2017 Junior Convertible Debt in privately negotiated transactions that are accounted for as induced conversions.