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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

12 Months Ended

Dec. 31, 2024

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule of Derivative Instruments Outstanding

As of

December 31

, 2024, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 16 months from

December 31

, 2024):

December 31, 2024

Foreign Currency

Foreign Currency
Amount

US Dollar
Amount

Weighted Average
Exchange Rate
Per $1 USD

(Amounts in
millions)

British Pound Sterling

0.2 GBP

in exchange for

0.3

0.77 GBP

Czech Koruna

180.0 CZK

in exchange for

7.7

23.29 CZK

Euro

13.9

EUR

in exchange for

14.6

0.94 EUR

Canadian Dollar

8.5 CAD

in exchange for

6.2

1.37 CAD

Mexican Peso

20.7 MXN

in exchange for

1.0

20.43 MXN

Hungarian Forint

5,612.8 HUF

in exchange for

15.0

373.74 HUF

New Zealand Dollar

2.7 NZD

in exchange for

1.7

1.67 NZD

Designated Cash Flow Hedges.

As of March 31, 2024, the Company had the following

pay-fixed

interest rate swaps, which were designated as cash flow hedges outstanding (all related to the Company’s SOFR-based debt, see Note 7 and Note 8) and were terminated in December 2024, as further described below.

Designated Cash Flow Hedges at March

31, 2024:


Effective Date	Notional Amount		Fixed Rate Paid		Maturity Date
	(in millions)
May 23, 2018	$	300.0		2.915%	March 24, 2025
May 23, 2018	$	700.0		2.915%	March 24, 2025
June 25, 2018	$	200.0		2.723%	March 23, 2025
July 31, 2018	$	300.0		2.885%	March 23, 2025
December 24, 2018	$	50.0		2.744%	March 23, 2025
December 24, 2018	$	100.0		2.808%	March 23, 2025
December 24, 2018	$	50.0		2.728%	March 23, 2025

Total	$	1,700.0

During the nine months ended December 31, 2024, the Company entered into the following

pay-fixed

interest rate swaps, which have been designated as cash flow hedges outstanding (all related to the Company’s SOFR-based debt, see Note 7 and Note 8).

Designated Cash Flow Hedges at December

31, 2024:


Effective Date	Notional Amount		Fixed Rate Paid		Maturity Date
	(in millions)
August 15, 2024	$	65.0		4.045%	September 15, 2026
August 15, 2024	$	77.5		3.803%	August 15, 2026
August 15, 2024	$	77.5		3.810%	September 15, 2026
December 15, 2024	$	125.0		3.970%	December 15, 2026

Total	$	345.0

As of March 31, 2024, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 25 months from March 31, 2024):

March 31, 2024

Foreign Currency

Foreign Currency
Amount

US Dollar
Amount

Weighted Average
Exchange Rate Per
$1 USD

(Amounts in
millions)

British Pound Sterling

0.5 GBP

in exchange for

0.6

0.79 GBP

Czech Koruna

180.0 CZK

in exchange for

7.7

23.29 CZK

Euro

0.6 EUR

in exchange for

0.5

0.91 EUR

Canadian Dollar

21.4 CAD

in exchange for

15.9

1.34 CAD

Mexican Peso

56.7 MXN

in exchange for

3.0

18.95 PLN

Hungarian Forint

1,450.0 HUF

in exchange for

4.0

360.17 HUF

New Zealand Dollar

73.9 NZD

in exchange for

45.3

1.64 NZD

Designated Cash Flow Hedges.

As of March 31, 2024 and March 31, 2023, the Company had the following

pay-fixed

interest rate swaps, which have been designated as cash flow hedges outstanding (all related to the Company’s SOFR-based debt, see Note 7 and Note 8).


Effective Date	Notional Amount		Fixed Rate Paid	Maturity Date
	(in millions)
May 23, 2018	$	300.0	2.915%	March 24, 2025
May 23, 2018	$	700.0	2.915%	March 24, 2025	(1)
June 25, 2018	$	200.0	2.723%	March 23, 2025	(1)
July 31, 2018	$	300.0	2.885%	March 23, 2025	(1)
December 24, 2018	$	50.0	2.744%	March 23, 2025	(1)
December 24, 2018	$	100.0	2.808%	March 23, 2025	(1)
December 24, 2018	$	50.0	2.728%	March 23, 2025	(1)

Total	$	1,700.0

(1)	Represents the re-designated swaps as described in the May 2022 Transactions section below that were previously not designated cash flow hedges at March 31, 2022

Schedule of Derivative Instruments, Statements of Financial Performance And Comprehensive Income (Loss), Location And Effect

The following table presents the

pre-tax

effect of the Company’s derivatives on the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended December 31, 2024 and 2023:


	Three Months Ended December 31,						Nine Months Ended December 31,
	2024			2023			2024			2023
	(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts
Gain (loss) recognized in accumulated other comprehensive income (loss)	$	2.4		$	(4.3	)	$	3.5		$	(7.3	)
Loss reclassified from accumulated other comprehensive income (loss) into direct operating expense	$	(0.1	)	$	(2.6	)	$	(1.2	)	$	(2.5	)
Interest rate swaps
Gain (loss) recognized in accumulated other comprehensive income (loss)	$	1.6		$	(11.7	)	$	(1.1	)	$	24.7
Gain reclassified from accumulated other comprehensive income (loss) into interest expense	$	2.0		$	11.4		$	24.3		$	31.5

Derivatives not designated as cash flow hedges:
Interest rate swaps
Gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense	$	1.4		$	(1.8	)	$	(1.7	)	$	(5.5	)

Total direct operating expense on consolidated statements of operations	$	457.1		$	433.6		$	1,440.9		$	1,306.0
Total interest expense on consolidated statements of operations	$	58.5		$	55.5		$	180.1		$	157.1

The following table presents the

pre-tax

effect of the Company’s derivatives on the accompanying combined statements of operations and comprehensive income (loss) for the years ended March 31, 2024, 2023 and 2022:


	Year Ended March 31,
	2024			2023			2022
	(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts
Gain (loss) recognized in accumulated other comprehensive income (loss)	$	(5.8	)	$	1.7		$	1.7
Loss reclassified from accumulated other comprehensive income (loss) into direct operating expense		(0.3	)		(0.3	)		(0.2	)
Interest rate swaps
Gain recognized in accumulated other comprehensive income (loss)	$	36.3		$	81.1		$	66.5
Gain (loss) reclassified from accumulated other comprehensive income (loss) into interest expense		41.8			1.4			(15.0	)

Derivatives not designated as cash flow hedges:
Interest rate swaps
Loss reclassified from accumulated other comprehensive income (loss) into interest expense	$	(7.2	)	$	(11.8	)	$	(33.8	)
Total direct operating expense on combined statements of operations	$	1,886.7		$	2,207.9		$	1,922.1
Total interest expense on combined statements of operations	$	222.5		$	162.6		$	115.0

Schedule of Amounts Recorded in Accompanying Unaudited Condensed Consolidated Balance Sheets Related to Company's use of Derivatives

As of

December 31

, 2024 and March 31, 2024, the Company had the following amounts recorded in the accompanying unaudited condensed consolidated balance sheets related to the Company’s use of derivatives:


	December 31, 2024
	Other Current Assets		Other Non-Current Assets		Other Accrued Liabilities (current)
	(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts	$	1.9	$	—	$	—
Interest rate swaps		—		0.7		—

Fair value of derivatives	$	1.9	$	0.7	$	—


	March 31, 2024
	Other Current Assets		Other Accrued Liabilities (current)
	(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts	$	—	$	2.8
Interest rate swaps		35.6		—

Fair value of derivatives	$	35.6	$	2.8

As of March 31, 2024 and 2023, the Company had the following amounts recorded in the accompanying combined balance sheets related to the Company’s use of derivati

ves:


	March 31, 2024
	Other Current Assets		Other Non- Current Assets		Other Accrued Liabilities
	(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts	$	—	$	—	$	2.8
Interest rate swaps		35.6		—		—

Fair value of derivatives	$	35.6	$	—	$	2.8


	March 31, 2023
	Other Current Assets		Other Non- Current Assets		Other Accrued Liabilities
	(Amounts in millions)
Derivatives designated as cash flow hedges:
Forward exchange contracts	$	2.9	$	—	$	0.1
Interest rate swaps		—		41.1		—

Fair value of derivatives	$	2.9	$	41.1	$	0.1

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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