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Debt (Tables)
 12 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Instruments
Debt obligations included in the consolidated balance sheets consisted of the following (in millions):
Coupon Interest RateEffective Interest Rate
March 31,
20242023
Revolving Credit Facility$— $100.0 
2025 Term Loan Facility750.0 — 
Commercial Paper1,359.0 — 
4.333% 2023 Notes(1)
4.333%4.7%— 1,000.0 
2.670% 2023 Notes(1)
2.670%2.8%— 1,000.0 
0.972% 2024 Notes(1)
0.972%1.1%— 1,400.0 
0.983% 2024 Notes(1)
0.983%1.1%1,000.0 1,000.0 
4.250% 2025 Notes(1)
4.250%4.6%1,200.0 1,200.0 
5.050% 2029 Notes(1)
5.050%5.2%1,000.0 — 
Total Senior Indebtedness(2)
5,309.0 5,700.0 
Senior Subordinated Convertible Debt - Principal Outstanding
2015 Senior Convertible Debt1.625%1.8%6.7 12.4 
2017 Senior Convertible Debt1.625%1.8%38.0 82.2 
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 
Total Convertible Debt710.2 766.6 
Gross long-term debt including current maturities6,019.2 6,466.6 
Less: Debt discount(3)
(13.9)(10.4)
Less: Debt issuance costs(4)
(5.5)(16.3)
Net long-term debt including current maturities5,999.8 6,439.9 
Less: Current maturities(5)
(999.4)(1,398.2)
Net long-term debt$5,000.4 $5,041.7 

(1) The 4.333% 2023 Notes matured on June 1, 2023 and prior to maturity interest accrued at a rate of 4.333% per annum, payable semi-annually in arrears on June 1 and December 1 of each year. The 2.670% 2023 Notes matured on September 1, 2023 and prior to maturity interest accrued at a rate of 2.670% per annum, payable semi-annually in arrears on March 1 and September 1 of each year. The 0.972% 2024 Notes matured on February 15, 2024 and prior to maturity interest accrued at a rate of 0.972% per annum, payable semi-annually in arrears on February 15 and August 15 of each year. 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. The 4.250% 2025 Notes mature on September 1, 2025 and interest accrues at a rate of 4.250% per annum, payable semi-annually in arrears on March 1 and September 1 of each year. The 5.050% 2029 Notes mature on March 15, 2029 and interest accrues at a rate of 5.050% per annum, payable semi-annually in arrears on March 15 and September 15 of each year.
(2) All outstanding Senior Notes and the Revolving Credit Facility are senior unsecured debt.
(3) The unamortized discount consists of the following (in millions):
March 31,
20242023
Commercial Paper$(3.9)$— 
4.333% 2023 Notes— (0.2)
2.670% 2023 Notes— (0.4)
0.972% 2024 Notes— (1.2)
0.983% 2024 Notes(0.4)(1.3)
4.250% 2025 Notes(4.4)(7.3)
5.050% 2029 Notes(5.2)— 
Total unamortized discount$(13.9)$(10.4)

(4) Debt issuance costs consist of the following (in millions):
March 31,
20242023
Revolving Credit Facility$— $(8.6)
2025 Term Loan Facility(0.7)— 
4.333% 2023 Notes— (0.4)
2.670% 2023 Notes— (0.2)
0.972% 2024 Notes— (0.6)
0.983% 2024 Notes(0.2)(0.8)
4.250% 2025 Notes(0.6)(0.9)
5.050% 2029 Notes(2.2)— 
2017 Senior Convertible Debt(0.1)(0.4)
2020 Senior Convertible Debt(1.7)(4.4)
Total debt issuance costs$(5.5)$(16.3)

(5) As of March 31, 2024, current maturities consisted of the 0.983% 2024 Notes, which mature on September 1, 2024. As of March 31, 2024, the outstanding Commercial Paper which matures within the three months ending June 30, 2024, and the 2020 Senior Convertible Debt which matures on November 15, 2024, and will be convertible on August 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 March 31, 2024, the 2015 Senior Convertible Debt which mature on February 15, 2025, 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 matured 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 based on the contractual maturity dates as of March 31, 2024, are as follows (in millions):
Fiscal year ending March 31,Amount
2025$3,031.2 
20261,950.0 
202738.0 
2028— 
20291,000.0 
Total$6,019.2 
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 March 31, 2024
Conversion RateApproximate Conversion PriceIncremental Share FactorMaximum Conversion Rate
2015 Senior Convertible Debt(1)
34.7329 $28.79 17.3682 48.6252 
2017 Senior Convertible Debt(1)
22.2722 $44.90 11.1369 31.7380 
2020 Senior Convertible Debt(1)
10.9310 $91.48 — 15.3034 
(1) As of March 31, 2024, the 2020 Senior Convertible Debt was not convertible. As of March 31, 2024, the holders of each of the 2015 Senior Convertible Debt and 2017 Senior Convertible Debt have the right to convert their notes between April 1, 2024 and June 30, 2024 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 March 31, 2024. As of March 31, 2024, the adjusted conversion rate for the 2015 Senior Convertible Debt and the 2017 Senior Convertible Debt would be increased to 46.5270 shares of common stock and 27.8352 shares of common stock, respectively, per $1,000 principal amount of notes based on the closing price of $89.71 per share of common stock to include an additional maximum incremental share rate per the terms of the applicable indenture. As of March 31, 2024, each of the 2015 Senior Convertible Debt and 2017 Senior Convertible Debt had a conversion value in excess of par of $21.4 million and $56.9 million, respectively.
Schedule of Interest Expense
Interest expense consists of the following (in millions):
Fiscal Year Ended March 31,
202420232022
Debt issuance cost amortization$4.5 $6.8 $9.1 
Debt discount amortization37.5 7.2 7.0 
Interest expense147.3 179.3 187.1 
Total interest expense on Senior Indebtedness189.3 193.3 203.2 
Debt issuance cost amortization2.8 2.7 2.4 
Debt discount amortization— — 37.9 
Coupon interest expense1.7 2.9 8.1 
Total interest expense on Convertible Debt4.5 5.6 48.4 
Other interest expense4.5 5.0 5.4 
Total interest expense $198.3 $203.9 $257.0 
Schedule of Settlement Transactions
The Company's debt settlement transactions consists of the following (in millions)(1):
Principal Amount SettledConsideration
Fair Value Settled(2)
Equity Component(2)
Net Loss on Inducements and Settlements
Cash PaidValue of Shares IssuedDebt IssuedTotal
February 2024(3)
0.972% 2024 Notes$1,400.0 $1,400.0 $— $— $1,400.0 $— $— $— 
September 2023(4)
2.670% 2023 Notes$1,000.0 $1,000.0 $— $— $1,000.0 $— $— $— 
August 2023(1)
2017 Senior Convertible Debt$18.2 $42.7 $— $— $42.7 $— $— $3.1 
June 2023(5)
4.333% 2023 Notes$1,000.0 $1,000.0 $— $— $1,000.0 $— $— $— 
May 2023(1)
2015 Senior Convertible Debt$5.6 $18.9 $— $— $18.9 $— $— $0.4 
2017 Senior Convertible Debt$25.9 $56.3 $— $— $56.3 $— $— $6.6 
2017 Junior Convertible Debt$6.5 $14.9 $— $— $14.9 $— $— $2.1 
August 2022(6)
2015 Senior Convertible Debt$22.0 $67.7 $— $— $67.7 $— $— $1.3 
2017 Senior Convertible Debt$14.9 $29.2 $— $— $29.2 $— $— $0.8 
May 2022(6)
2017 Senior Convertible Debt$31.0 $65.3 $— $— $65.3 $— $— $5.9 
2017 Junior Convertible Debt$3.6 $8.2 $— $— $8.2 $— $— $0.3 
February 2022(6)
2017 Senior Convertible Debt$64.9 $64.9 $74.6 $— $139.5 $60.0 $75.5 $11.8 
December 2021
2015 Senior Convertible Debt(6)
$36.6 $36.6 $103.9 $— $140.5 $36.2 $104.2 $4.1 
2017 Senior Convertible Debt(6)
$39.7 $39.7 $61.4 $— $101.1 $37.4 $63.0 $6.3 
2017 Junior Convertible Debt(6)
$19.9 $19.9 $31.6 $— $51.5 $15.7 $35.9 $5.1 
Revolving Credit Facility(7)
$— $— $— $— $— $— $— $0.6 
August 2021(8)
Principal Amount SettledConsideration
Fair Value Settled(2)
Equity Component(2)
Net Loss on Inducements and Settlements
Cash PaidValue of Shares IssuedDebt IssuedTotal
2015 Senior Convertible Debt$70.4 $70.4 $159.9 $— $230.3 $71.0 $158.9 $10.6 
2017 Senior Convertible Debt$100.7 $100.7 $123.5 $— $224.2 $100.0 $113.0 $31.5 
2017 Junior Convertible Debt$92.5 $92.5 $115.8 $— $208.3 $87.7 $116.6 $43.1 
June 2021(9)
3.922% 2021 Notes$1,000.0 $1,000.0 $— $— $1,000.0 $— $— $0.3 

(1) The Company settled portions of its convertible debt in privately negotiated transactions that are accounted for as induced conversions.
(2) Prior to the adoption of ASU 2020-06, the total consideration for the convertible debt settlements was allocated to the liability and equity components using the equivalent rate that reflected the borrowing rate for a similar non-convertible debt instrument prior to the settlement.
(3) The Company used proceeds from the issuance of Commercial Paper and borrowings under its Revolving Credit Facility to finance such settlement.
(4) The Company used borrowings under its 2025 Term Loan Facility and its Revolving Credit Facility to finance the settlement.
(5) The Company used borrowings under its Revolving Credit Facility to finance a portion of such settlement.
(6) The Company used cash generated from operations to finance a portion of such settlement.
(7) In connection with the amendment and restatement of its Credit Agreement, the Company recognized a loss on settlement of debt of $0.6 million.
(8) The Company used borrowings under its Revolving Credit Facility to finance a portion of such settlement.
(9) The Company used proceeds from the issuance of the 0.983% 2024 Notes to finance a portion of such settlement.