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Fair Value of Financial Instruments
9 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.  As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.  As a basis for considering such assumptions, the Company utilizes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1-Observable inputs such as quoted prices in active markets;
Level 2-Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
Level 3-Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
 
The carrying amount of cash equivalents approximates fair value because their maturity is less than three months. Management believes the carrying amount of the equity investments materially approximated fair value at December 31, 2023 based upon unobservable inputs. The fair values of these investments have been determined as Level 3 fair value measurements. The carrying amount of accounts receivable, accounts payable and accrued liabilities approximates fair value due to the short-term maturity of the amounts and are considered Level 2 in the fair value hierarchy.  

The fair value of the Company's Revolving Credit Facility, the 2025 Term Loan Facility, and the Commercial Paper, is estimated using discounted cash flow analysis, based on the Company's current incremental borrowing rates for similar types of borrowing arrangements. Based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities, the fair value of the Company's Revolving Credit Facility, the 2025 Term Loan Facility, and the Commercial Paper at December 31, 2023 approximated the carrying value excluding debt discounts and debt issuance costs and are considered Level 2 in the fair value hierarchy. The Company measures the fair value of its Convertible Debt and Senior Notes for disclosure purposes. These fair values are based on observable market prices for this debt, which is traded in less active markets and are therefore classified as a Level 2 fair value measurement.

The following table shows the carrying amounts and fair values of the Company's debt obligations (in millions):
December 31, 2023March 31, 2023
Carrying Amount(1)
Fair Value
Carrying Amount(1)
Fair Value
Revolving Credit Facility$— $— $91.4 $100.0 
2025 Term Loan Facility749.2 750.0 — — 
Commercial Paper645.8 647.0 — — 
4.333% 2023 Notes— — 999.4 997.1 
2.670% 2023 Notes— — 999.4 985.4 
0.972% 2024 Notes1,399.7 1,391.6 1,398.2 1,337.6 
0.983% 2024 Notes999.0 968.6 997.9 941.9 
4.250% 2025 Notes1,194.1 1,181.3 1,191.8 1,176.0 
2015 Senior Convertible Debt6.7 22.9 12.4 41.8 
2017 Senior Convertible Debt37.8 81.1 81.8 189.6 
2020 Senior Convertible Debt663.1 726.7 661.1 732.1 
2017 Junior Convertible Debt— — 6.5 14.5 
Total$5,695.4 $5,769.2 $6,439.9 $6,516.0 

(1) The carrying amounts presented are net of debt discounts and debt issuance costs (see Note 6 for further information).