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DEBT
 3 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
The components of Long-term debt, net on our Condensed Consolidated Balance Sheet were as follows:
Annual Interest RateMaturity DateJune 30, 2026Fair Value (Level 2)
2028 Notes4.95%March 28, 2028800.0 804.1 
2029 Notes5.40%June 12, 2029300.0 305.7 
2032 Notes4.00%April 14, 2032500.0 477.0 
2034 Notes5.60%June 12, 2034300.0 307.1 
Total$1,900.0 $1,893.9 
Unamortized discount and issuance cost(10.2)
Long-term debt, net$1,889.8 
Annual Interest RateMaturity DateMarch 31, 2026Fair Value (Level 2)
2027 Notes3.70%April 14, 2027600.0 594.6 
2028 Notes4.95%March 28, 2028800.0 807.3 
2029 Notes5.40%June 12, 2029300.0 306.6 
2032 Notes4.00%April 14, 2032500.0 477.0 
2034 Notes5.60%June 12, 2034300.0 305.3 
Total$2,500.0 $2,490.8 
Unamortized discount and issuance cost(12.0)
Long-term debt, net$2,488.0 
The components of Short-term debt, net on our Condensed Consolidated Balance Sheet were as follows:
Annual Interest RateMaturity DateJune 30, 2026Fair Value (Level 2)
2027 Notes3.70%April 14, 2027$600.0 $597.0 
2026 Convertible Notes0.00%December 15, 202630.7 30.7 
Total$630.7 $627.7 
Unamortized discount and issuance cost(0.8)
Short-term debt, net$629.9 
Annual Interest RateMaturity DateMarch 31, 2026Fair Value (Level 2)
2026 Convertible Notes—%December 15, 202630.0 30.0 
Total$30.0 $30.0 
Unamortized discount and issuance cost— 
Short-term debt, net$30.0 
The interest expense as it relates to our debt is recorded within Interest and other, net in our Condensed Consolidated Statements of Operations for the three months ended June 30, 2026 and 2025, respectively, and was as follows:
Three Months Ended June 30,
20262025
2025 Notes— 0.8 
2026 Notes— 6.9 
2027 Notes5.6 5.6 
2028 Notes9.9 9.9 
2029 Notes4.1 4.1 
2032 Notes5.0 5.0 
2034 Notes4.2 4.2 
Total$28.8 $36.5 
The following table outlines the aggregate amount of maturities of our borrowings, as of June 30, 2026:
Fiscal Year Ending March 31,Maturities
2027 (remaining)$29.4 
20281,400.0 
2029— 
2030300.0 
2031— 
Thereafter800.0 
Total2,529.4 
Fair value adjustments1.3 
Total face value$2,530.7 
For a complete description of the terms, conditions, and covenants governing our Senior Notes, Credit Agreement and Convertible Notes, refer to Note 11 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026.
Senior Notes
The Senior Notes are the Company’s senior unsecured obligations and rank equally with all of our other existing and future unsubordinated obligations. Interest is payable semi-annually. During the three months ended June 30, 2026, we made interest payments of $37.6.
During the three months ended June 30, 2026 and 2025, we recognized $0.9 and $1.3, respectively, of amortization of debt issuance costs and $0.1 and $0.1, respectively, of amortization of the original issuance discount, within Interest and other, net.
On March 28, 2026, we repaid our 2026 Notes with a principal amount of $550.0, with proceeds from our May 2025 equity issuance.
On April 14, 2025, we repaid our 2025 Notes with a principal amount of $600.0, with proceeds from our June 2024 note offering.
Credit Agreement
Our credit agreement dated as of May 23, 2022, (as amended on May 19, 2025, the "2022 Credit Agreement"), provides a $1,000.0 unsecured five-year revolving credit facility that matures on May 19, 2030, subject to certain extension options.
Loans under the 2022 Credit Agreement will bear interest at a rate of (a) 0.000% to 0.625% above an alternate base rate (6.75% at June 30, 2026) or (b) 1.000% to 1.625% above Secured Overnight Financing Rate ("SOFR"), approximately 3.65% at June 30, 2026, which rates are determined by the Company's credit rating.
As of June 30, 2026, there were no borrowings under the 2022 Credit Agreement, and we had approximately $997.5 available for additional borrowings.
Information related to availability on our 2022 Credit Agreement for each period was as follows:
June 30, 2026March 31, 2026
Available borrowings$997.5 $997.7 
Outstanding letters of credit2.5 2.3 
Convertible Notes
In conjunction with the acquisition of Zynga on May 23, 2022, we assumed Zynga's outstanding 0.25% Convertible Senior Notes due 2024 (the “2024 Convertible Notes”) and 0.00% Convertible Senior Notes due 2026 (the “2026 Convertible Notes” and, together with the 2024 Convertible Notes, the “Convertible Notes”). We have elected to account for these Convertible Notes, which are considered derivatives, using the fair value option (Level 2) under ASC 825, as the Convertible Notes were initially recognized at fair value under the acquisition method of accounting in connection with the acquisition of Zynga and we do not expect significant fluctuations in fair value through maturity. Any subsequent adjustments are recorded within Interest and other, net.
2026 Convertible Notes. The 2026 Convertible Notes mature on December 15, 2026, unless earlier converted, redeemed, or repurchased in accordance with their terms, prior to the maturity date. The 2026 Convertible Notes do not bear regular interest, and the principal amount does not accrete. An aggregate principal amount of $29.4 of the 2026 Convertible Notes remained outstanding at June 30, 2026. We recorded $30.7 as the fair value of the remaining outstanding 2026 Convertible Notes, within Short-term debt, net, in our Condensed Consolidated Balance Sheet as of June 30, 2026. During the three months ended June 30, 2026 and 2025, we recognized a loss of $0.7 and a loss of $2.6, respectively, within Interest and other, net in our Condensed Consolidated Statements of Operations.