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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Summary of Carrying Amount and Fair Values
The following table shows the carrying amounts and fair values of the Company's senior and junior subordinated convertible debt, senior secured notes, and term loan facility as of September 30, 2019 and March 31, 2019 (in millions).

 
September 30,
 
March 31,
 
2019
 
2019
 
Carrying Amount (1)
 
Fair Value
 
Carrying Amount (1)
 
Fair Value
2023 Senior Secured Notes
$
987.1

 
$
1,055.0

 
$
985.4

 
$
1,020.1

2021 Senior Secured Notes
$
990.2

 
$
1,022.5

 
$
987.4

 
$
1,008.1

Term Loan Facility
$
1,707.5

 
$
1,723.5

 
$
1,892.1

 
$
1,911.5

2017 Senior Convertible Debt
$
1,522.8

 
$
2,666.5

 
$
1,493.6

 
$
2,285.4

2015 Senior Convertible Debt
$
1,387.3

 
$
3,270.2

 
$
1,360.8

 
$
2,810.6

2017 Junior Convertible Debt
$
340.8

 
$
888.6

 
$
335.9

 
$
740.8


(1) The carrying amounts presented are net of debt discounts and debt issuance costs (see Note 14 Debt and Credit Facility for further information).

Debt obligations included in the condensed consolidated balance sheets consisted of the following (in millions):
 
 
Coupon Interest Rate
 
Effective Interest Rate
 
Fair Value of Liability Component at Issuance (1)
 
September 30, 2019
 
March 31, 2019
 
 
 
 
 
 
Senior Secured Indebtedness
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
 
 
 
 
 
 
 
$
2,881.5

 
$
3,266.5

Term Loan Facility
 
 
 
 
 
 
 
1,723.5

 
1,911.5

2023 Notes, maturing June 1, 2023 ("2023 Notes")
 
4.333%
 
4.7%
 
 
 
1,000.0

 
1,000.0

2021 Notes, maturing June 1, 2021 ("2021 Notes")
 
3.922%
 
4.5%
 
 
 
1,000.0

 
1,000.0

Total Senior Secured Indebtedness
 
 
 
 
 
 
 
6,605.0

 
7,178.0

Senior Subordinated Convertible Debt - Principal Outstanding
 
 
 
 
2017 Senior Convertible Debt, maturing February 15, 2027 ("2017 Senior Convertible Debt")
 
1.625%
 
6.0%
 
$1,396.3
 
2,070.0

 
2,070.0

2015 Senior Convertible Debt, maturing February 15, 2025 ("2015 Senior Convertible Debt")
 
1.625%
 
5.9%
 
$1,160.1
 
1,725.0

 
1,725.0

Junior Subordinated Convertible Debt - Principal Outstanding
 
 
 
 
2017 Junior Convertible Debt, maturing February 15, 2037 ("2017 Junior Convertible Debt")
 
2.250%
 
7.4%
 
$321.1
 
686.3

 
686.3

Total Convertible Debt
 
 
 
 
 
 
 
4,481.3

 
4,481.3

 
 
 
 
 
 
 
 
 
 
 
Gross long-term debt including current maturities
 
 
 
 
 
 
 
11,086.3

 
11,659.3

Less: Debt discount (2)
 
 
 
 
 
 
 
(1,208.6
)
 
(1,268.7
)
Less: Debt issuance costs (3)
 
 
 
 
 
 
 
(75.1
)
 
(83.6
)
Net long-term debt including current maturities
 
 
 
 
 
 
 
9,802.6

 
10,307.0

Less: Current maturities (4)
 
 
 
 
 
 
 
(1,387.3
)
 
(1,360.8
)
Net long-term debt
 
 
 
 
 
 
 
$
8,415.3

 
$
8,946.2

 
 
 
 
 
 
 
 
 
 
 

(1) As each of the convertible debt instruments may be settled in cash upon conversion, for accounting purposes, they were bifurcated into a liability component and an equity component, which are both initially recorded at fair value.  The amount allocated to the equity component is the difference between the principal value of the instrument and the fair value of the liability component at issuance.  The resulting debt discount is being amortized to interest expense at the respective effective interest rate over the contractual term of the debt.

(2) The unamortized discount consists of the following (in millions):  
 
September 30,
 
March 31,
 
2019
2019
2023 Notes
$
(4.0
)
 
$
(4.4
)
2021 Notes
(3.0
)
 
(3.8
)
2017 Senior Convertible Debt
(533.4
)
 
(561.9
)
2015 Senior Convertible Debt
(325.8
)
 
(351.4
)
2017 Junior Convertible Debt
(342.4
)
 
(347.2
)
Total unamortized discount
$
(1,208.6
)
 
$
(1,268.7
)

(3) Debt issuance costs consist of the following (in millions):
 
September 30,
 
March 31,
 
2019
2019
Revolving Credit Facility
$
(14.6
)
 
$
(14.7
)
Term Loan Facility
(16.0
)
 
(19.4
)
2023 Notes
(8.9
)
 
(10.2
)
2021 Notes
(6.8
)
 
(8.8
)
2017 Senior Convertible Debt
(13.8
)
 
(14.5
)
2015 Senior Convertible Debt
(11.9
)
 
(12.8
)
2017 Junior Convertible Debt
(3.1
)
 
(3.2
)
Total debt issuance costs
$
(75.1
)
 
$
(83.6
)


(4) Current maturities consist of the liability component of the 2015 Senior Convertible Debt as the debentures were convertible as of September 30, 2019 and March 31, 2019