Fair Value Measurements	9 Months Ended
Dec. 31, 2021
Fair Value Measurements [Abstract]
Fair Value Measurements	9. Fair Value MeasurementsAssets and Liabilities Measured at Fair Value on a Recurring BasisThe following table summarizes our assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted in Significant Other Significant Identical Markets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3)Balance at December 31, 2021: Interest rate cap agreements $ 2,545 $ — $ 2,545 $ —Total $ 2,545 $ — $ 2,545 $ —Balance at March 31, 2021: Interest rate cap agreements $ (22,725) $ — $ (22,725) $ —Total $ (22,725) $ — $ (22,725) $ — Derivative Financial InstrumentsThe valuation of our derivative financial instruments is determined using widely accepted valuation techniques, including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair value of the interest rate cap agreements is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we consider the impact of netting and any applicable credit enhancements. We measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments utilize Level 3 inputs to evaluate the likelihood of both our own default and counterparty default. As of December 31, 2021, we determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives and therefore, the valuations are classified in Level 2 of the fair value hierarchy.Contingent ConsiderationPrior to December 31, 2020, the valuation of our contingent consideration obligation was determined using a discounted cash flow method that involved a Monte Carlo simulation. This analysis reflects the contractual terms of the purchase agreements (i.e., minimum and maximum payments, length of earn-out periods, manner of calculating amounts due, etc.) and utilizes assumptions with regard to future cash flows that were determined using a Monte Carlo simulation which were then discounted to present value using an appropriate discount rate. Significant increases in future revenue assumptions would have resulted in a higher fair value measurement while an increase in the discount rate would have resulted in a lower fair value measurement. The measurement period ended December 31, 2020 at which point no obligations remained and the contingent consideration was reduced to zero.The table below presents a reconciliation of the fair value of the liabilities that use significant unobservable inputs (Level 3): Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020Balance at beginning of period $ — $ — $ — $ (3,000)Gain (loss) included in Other, net — — — 3,000Balance at end of period $ — $ — $ — $ — Assets and Liabilities Measured at Fair Value upon Initial RecognitionThe carrying amount and the fair value of financial instruments held as of December 31, 2021 and March 31, 2021 were as follows: December 31, 2021 March 31, 2021 Carrying Amount Fair Value Carrying Amount Fair ValueCash and cash equivalents $ 96,011 $ 96,011 $ 113,101 $ 113,101Senior Credit Facilities (Level 2) $ 3,250,555 $ 3,313,250 $ 3,405,552 $ 3,488,883Senior Notes (Level 2) $ 1,319,284 $ 1,331,625 $ 1,318,079 $ 1,351,500Debt component of tangible equity units (Level 2) $ 8,390 $ 8,588 $ 20,345 $ 21,435 As described in Note 4, Business Combinations, the assets acquired and liabilities assumed as part of business acquisitions were recorded at fair value upon initial recognition.

Fair Value Measurements

9 Months Ended

Dec. 31, 2021

9. Fair Value MeasurementsAssets and Liabilities Measured at Fair Value on a Recurring BasisThe following table summarizes our assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted in Significant Other Significant Identical Markets Observable Inputs Unobservable Inputs Total (Level 1) (Level 2) (Level 3)Balance at December 31, 2021: Interest rate cap agreements $ 2,545 $ — $ 2,545 $ —Total $ 2,545 $ — $ 2,545 $ —Balance at March 31, 2021: Interest rate cap agreements $ (22,725) $ — $ (22,725) $ —Total $ (22,725) $ — $ (22,725) $ — Derivative Financial InstrumentsThe valuation of our derivative financial instruments is determined using widely accepted valuation techniques, including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair value of the interest rate cap agreements is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we consider the impact of netting and any applicable credit enhancements. We measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments utilize Level 3 inputs to evaluate the likelihood of both our own default and counterparty default. As of December 31, 2021, we determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives and therefore, the valuations are classified in Level 2 of the fair value hierarchy.Contingent ConsiderationPrior to December 31, 2020, the valuation of our contingent consideration obligation was determined using a discounted cash flow method that involved a Monte Carlo simulation. This analysis reflects the contractual terms of the purchase agreements (i.e., minimum and maximum payments, length of earn-out periods, manner of calculating amounts due, etc.) and utilizes assumptions with regard to future cash flows that were determined using a Monte Carlo simulation which were then discounted to present value using an appropriate discount rate. Significant increases in future revenue assumptions would have resulted in a higher fair value measurement while an increase in the discount rate would have resulted in a lower fair value measurement. The measurement period ended December 31, 2020 at which point no obligations remained and the contingent consideration was reduced to zero.The table below presents a reconciliation of the fair value of the liabilities that use significant unobservable inputs (Level 3): Three Months Ended Nine Months Ended December 31, December 31, 2021 2020 2021 2020Balance at beginning of period $ — $ — $ — $ (3,000)Gain (loss) included in Other, net — — — 3,000Balance at end of period $ — $ — $ — $ — Assets and Liabilities Measured at Fair Value upon Initial RecognitionThe carrying amount and the fair value of financial instruments held as of December 31, 2021 and March 31, 2021 were as follows: December 31, 2021 March 31, 2021 Carrying Amount Fair Value Carrying Amount Fair ValueCash and cash equivalents $ 96,011 $ 96,011 $ 113,101 $ 113,101Senior Credit Facilities (Level 2) $ 3,250,555 $ 3,313,250 $ 3,405,552 $ 3,488,883Senior Notes (Level 2) $ 1,319,284 $ 1,331,625 $ 1,318,079 $ 1,351,500Debt component of tangible equity units (Level 2) $ 8,390 $ 8,588 $ 20,345 $ 21,435 As described in Note 4, Business Combinations, the assets acquired and liabilities assumed as part of business acquisitions were recorded at fair value upon initial recognition.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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