XML 89 R45.htm IDEA: XBRL DOCUMENT v3.7.0.1

Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Components of Pre-Tax Income

The components of pretax income, net of intercompany eliminations, are as follows:

	Year Ended March 31,
	2017				2016				2015
	(Amounts in millions)
United States	$	(409.2	)		$	(244.2	)		$	67.4
International	274.8				210.4				146.0
	$	(134.4	)		$	(33.8	)		$	213.4

Current and Deferred Income Tax Provision (Benefits)

The Company’s current and deferred income tax provision (benefits) are as follows:

	Year Ended March 31,
	2017				2016				2015
Current provision (benefit):	(Amounts in millions)
Federal	$	7.8			$	6.2			$	12.0
States	2.2				2.5				0.6
International	4.5				(0.2		)		5.1
Total current provision	$	14.5			$	8.5			$	17.7
Deferred provision (benefit):
Federal	$	(143.3	)		$	(77.4	)		$	12.3
States	(9.9		)		(7.6		)		3.4
International	(10.2		)		—				(1.8		)
Total deferred provision (benefit)	(163.4		)		(85.0		)		13.9
Total provision (benefit) for income taxes	$	(148.9	)		$	(76.5	)		$	31.6

Effective Income Tax Rate Reconciliation

The differences between income taxes expected at U.S. statutory income tax rates and the income tax provision are as set forth below:

	Year Ended March 31,
	2017				2016				2015
	(Amounts in millions)
Income taxes computed at Federal statutory rate of 35%	$	(47.1	)		$	(11.8	)		$	74.7
Foreign affiliate dividends	(84.2		)		(59.4		)		(44.7		)
Foreign and provincial operations subject to different income tax rates	(14.6		)		(7.1		)		(1.8		)
State income tax	(6.0		)		(3.8		)		1.4
Transaction costs	7.3				—				—
Permanent differences	(0.5		)		6.5				3.0
Other	(2.3		)		(0.9		)		(1.0		)
Increase (decrease) in valuation allowance	(1.5		)		—				—
	$	(148.9	)		$	(76.5	)		$	31.6

Deferred Tax Assets and Liabilities

The income tax effects of temporary differences between the book value and tax basis of assets and liabilities are as follows:

	March 31, 2017				March 31, 2016
	(Amounts in millions)
Deferred tax assets:
Net operating losses	$	224.3			$	77.8
Foreign tax credits	57.5				44.7
Investment in film and television obligations	91.6				93.7
Accounts payable	112.1				42.2
Other assets	60.3				28.2
Reserves	41.2				17.1
Subordinated notes	8.2				—
Total deferred tax assets	595.2				303.7
Valuation allowance	(5.9		)		(10.1		)
Deferred tax assets, net of valuation allowance	589.3				293.6
Deferred tax liabilities:
Intangible assets	(780.8		)		(0.1		)
Fixed assets	(28.6		)		(0.6		)
Accounts receivable	(185.7		)		(141.0		)
Subordinated notes	—				(1.7		)
Other	(14.4		)		(15.8		)
Total deferred tax liabilities	$	(1,009.5	)		$	(159.2	)
Net deferred tax assets (liabilities)	$	(420.2	)		$	134.4

Summary of Income Tax Contingencies

The following table summarizes the changes to the gross unrecognized tax benefits for the years ended March 31, 2017, 2016, and 2015:

	Amounts in millions
Gross unrecognized tax benefits at March 31, 2014	$	2.2
Increases related to prior year tax positions	2.3
Decreases related to prior year tax positions	—
Settlements	—
Lapse in statute of limitations	—
Gross unrecognized tax benefits at March 31, 2015	4.5
Increases related to prior year tax positions	—
Decreases related to prior year tax positions	—
Settlements	—
Lapse in statute of limitations	—
Gross unrecognized tax benefits at March 31, 2016	4.5
Increases related to prior year tax positions	14.2
Decreases related to prior year tax positions	(4.5		)
Settlements	—
Lapse in statute of limitations	—
Gross unrecognized tax benefits at March 31, 2017	$	14.2

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=65882285&loc=SL6600010-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration