v3.26.1
Fair Value of Financial Instruments
 12 Months Ended
Mar. 31, 2026
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, which include money market funds, approximates fair value because their maturity is less than three months. There were no cash and cash equivalents held by the Company in the form of money-market funds as of March 31, 2026. The amount of cash and cash equivalents held by the Company in the form of money-market funds as of March 31, 2025 was $491.1 million. 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 Commercial Paper is estimated using discounted cash flow analysis, based on the Company's current incremental borrowing rates for similar types of borrowing arrangements. The fair value of the Company's Commercial Paper approximates 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):
March 31,
20262025
Carrying Amount(1)
Fair Value
Carrying Amount(1)
Fair Value
Commercial Paper$348.5 $349.0 $174.9 $175.0 
4.250% 2025 Notes— — 1,198.5 1,196.9 
4.900% 2028 Notes996.7 1,006.0 995.0 1,002.5 
5.050% 2029 Notes995.5 1,013.6 993.9 1,005.8 
5.050% 2030 Notes995.3 1,009.0 994.2 996.9 
2017 Senior Convertible Debt37.9 62.6 37.9 57.7 
2024 Senior Convertible Debt1,238.6 1,243.8 1,236.0 1,173.4 
2026 Senior Convertible Debt883.9 875.0 — — 
Total$5,496.4 $5,559.0 $5,630.4 $5,608.2 
(1) The carrying amounts presented are net of debt discounts and debt issuance costs (see Note 6 for further information).