Investments (Tables)

3 Months Ended

Jun. 30, 2017

Equity Method Investments, Cost Method Investments, and Investments in Debt and Equity [Abstract]

Carrying Amount of Investments, By Category

The carrying amounts of investments, by category, at June 30, 2017 and March 31, 2017 were as follows:



	June 30, 2017		March 31, 2017
	(Amounts in millions)
Equity method investments	$	131.5	$	322.9
Available-for-sale securities	7.1		8.0
Cost method investments	40.6		40.6
	$	179.2	$	371.5

Schedule of Equity Method Investments [Line Items]

Carrying Amount of Equity Method Investments

The carrying amounts of equity method investments at June 30, 2017 and March 31, 2017 were as follows:



	June 30, 2017
Equity Method Investee	Ownership Percentage	June 30, 2017		March 31, 2017
		(Amounts in millions)
EPIX⁽¹⁾	n/a⁽¹⁾	$	—	$	188.8
Pop	50.0%	96.3		96.8
Other	Various	35.2		37.3
		$	131.5	$	322.9

________________


(1)	In May 2017, the Company sold all of its 31.15% equity interest in EPIX to MGM (see further details below).

Equity Method Investee, Income (Loss)

Equity interests in equity method investments for the three months ended June 30, 2017 and 2016 were as follows (income (loss)):



	Three Months Ended
	June 30,
Equity Method Investee	2017			2016
	(Amounts in millions)
EPIX	$	4.0		$	11.0
Pop	(3.0		)	0.3
Other	(9.3		)	(0.5		)
	$	(8.3	)	$	10.8

Available-for-sale Securities [Abstract]

Available-for-sale Securities

The cost basis, unrealized gains and fair market value of available-for-sale securities were as set forth below:



	June 30, 2017		March 31, 2017
	(Amounts in millions)
Cost basis	$	2.6	$	2.6
Gross unrealized gain	4.5		5.4
Fair value	$	7.1	$	8.0

EPIX

Schedule of Equity Method Investments [Line Items]

Summarized Statement of Income

The following table presents the summarized statements of income for EPIX for the period from April 1, 2017 through the date of sale of May 11, 2017, and for the three months ended June 30, 2016 and a reconciliation of the net income reported by EPIX to equity interest income recorded by the Company:



	Period from			Three Months Ended
	April 1, 2017 to			Three Months Ended
	May 11, 2017			June 30, 2016
	(Amounts in millions)
Revenues	$	44.8		$	98.3
Expenses:
Operating expenses	32.3			49.2
Selling, general and administrative expenses	2.4			6.2
Operating income	10.1			42.9
Interest and other expense	—			—
Net income	$	10.1		$	42.9
Reconciliation of net income reported by EPIX to equity interest income:
Net income reported by EPIX	$	10.1		$	42.9
Ownership interest in EPIX	31.15		%	31.15		%
The Company's share of net income	3.1			13.4
Eliminations of the Company’s share of profits on licensing sales to EPIX⁽¹⁾	(0.1		)	(3.7		)
Realization of the Company’s share of profits on licensing sales to EPIX⁽²⁾	1.0			1.3
Total equity interest income recorded	$	4.0		$	11.0

_________________________


(1)	Represents the elimination of the gross profit recognized by the Company on licensing sales to EPIX in proportion to the Company's ownership interest in EPIX.


(2)	Represents the realization of a portion of the profits previously eliminated. This profit remains eliminated until realized by EPIX. EPIX initially records the license fee for the title as inventory on its balance sheet and amortizes the inventory over the license period. Accordingly, the profit is realized as the inventory on EPIX's books is amortized.

Pop

Schedule of Equity Method Investments [Line Items]

Summarized Statement of Income

The following table presents the summarized statements of operations for the three months ended June 30, 2017 and 2016 for Pop and a reconciliation of the net loss reported by Pop to equity interest income (loss) recorded by the Company:



	Three Months Ended
	June 30,
	2017			2016

Revenues	$	24.7		$	24.9
Expenses:
Cost of services	16.9			11.5
Selling, marketing, and general and administration	12.1			10.4
Depreciation and amortization	2.0			2.0
Operating income (loss)	(6.3		)	1.0
Interest expense, net	0.2			0.1
Accretion of redeemable preferred stock units⁽¹⁾	18.6			16.0
Total interest expense, net	18.8			16.1
Net loss	$	(25.1	)	$	(15.1	)
Reconciliation of net loss reported by Pop to equity interest loss:
Net loss reported by Pop	$	(25.1	)	$	(15.1	)
Ownership interest in Pop	50		%	50		%
The Company's share of net loss	(12.6		)	(7.5		)
Accretion of dividend and interest income on redeemable preferred stock units⁽¹⁾	9.3			8.0
Elimination of the Company's share of profits on licensing sales to Pop	(0.1		)	(0.2		)
Realization of the Company’s share of profits on licensing sales to Pop	0.4			—
Total equity interest income (loss) recorded	$	(3.0	)	$	0.3

___________________

(1)

Accretion of mandatorily redeemable preferred stock units represents Pop's 10% dividend and the amortization of discount on its mandatorily redeemable preferred stock units held by the Company and the other interest holder. The Company recorded its share of this expense as income from the accretion of dividend and discount on mandatorily redeemable preferred stock units within equity interest income (loss).