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Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2018
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,
 
2018
 
2017
 
2016
 
(Amounts in millions)
United States
$
(824.1
)
 
$
(409.2
)
 
$
(244.2
)
International
972.8

 
274.8

 
210.4

 
$
148.7

 
$
(134.4
)
 
$
(33.8
)
Current and Deferred Income Tax Provision (Benefits)
The Company’s current and deferred income tax provision (benefits) are as follows:
 
Year Ended March 31,
 
2018
 
2017
 
2016
Current provision (benefit):
(Amounts in millions)
Federal
$
(17.6
)
 
$
7.8

 
$
6.2

States
(4.3
)
 
2.2

 
2.5

International
2.0

 
4.5

 
(0.2
)
Total current provision (benefit)
$
(19.9
)
 
$
14.5

 
$
8.5

Deferred benefit:
 
 
 
 
 
Federal
$
(269.0
)
 
$
(143.3
)
 
$
(77.4
)
States
(18.5
)
 
(9.9
)
 
(7.6
)
International
(12.0
)
 
(10.2
)
 
—

Total deferred benefit
(299.5
)
 
(163.4
)
 
(85.0
)
Total benefit for income taxes
$
(319.4
)
 
$
(148.9
)
 
$
(76.5
)
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,
 
2018
 
2017
 
2016
 
(Amounts in millions)
Income taxes computed at Federal statutory rate
$
46.8

 
$
(47.1
)
 
$
(11.8
)
Foreign affiliate dividends
(329.1
)
 
(84.2
)
 
(59.4
)
Foreign and provincial operations subject to different income tax rates
7.1

 
(14.6
)
 
(7.1
)
State income tax
(21.2
)
 
(6.0
)
 
(3.8
)
Remeasurement of opening U.S. deferred tax liabilities due to the Tax Act
(165.0
)
 
—

 
—

Additional remeasurements of originating deferred tax assets and liabilities
75.6

 
—

 
—

Transaction costs
—

 
7.3

 
—

Permanent differences
3.5

 
(0.5
)
 
6.5

Other
(5.3
)
 
(2.3
)
 
(0.9
)
Increase (decrease) in valuation allowance
68.2

 
(1.5
)
 
—

Total benefit for income taxes
$
(319.4
)
 
$
(148.9
)
 
$
(76.5
)
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, 2018
 
March 31, 2017
 
(Amounts in millions)
Deferred tax assets:
 
 
 
Net operating losses
$
336.7

 
$
224.3

Foreign tax credits
68.3

 
57.5

Investment in film and television obligations
101.5

 
91.6

Accounts payable
96.4

 
112.1

Other assets
59.0

 
60.3

Reserves
21.4

 
41.2

Subordinated notes
—

 
8.2

Total deferred tax assets
683.3

 
595.2

Valuation allowance
(73.2
)
 
(5.9
)
Deferred tax assets, net of valuation allowance
610.1

 
589.3

Deferred tax liabilities:
 
 
 
Intangible assets
(475.5
)
 
(780.8
)
Fixed assets
(19.5
)
 
(28.6
)
Accounts receivable
(150.7
)
 
(185.7
)
Subordinated notes
—

 
—

Other
(17.5
)
 
(14.4
)
Total deferred tax liabilities
$
(663.2
)
 
$
(1,009.5
)
 
 
 
 
Net deferred tax liabilities
$
(53.1
)
 
$
(420.2
)
Summary of Income Tax Contingencies
The following table summarizes the changes to the gross unrecognized tax benefits for the years ended March 31, 2018, 2017, and 2016:
 
Amounts
in millions
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

Increases related to current year tax position
0.1

Increases related to prior year tax positions
11.5

Decreases related to prior year tax positions
(8.2
)
Settlements
—

Lapse in statute of limitations
—

 
 
Gross unrecognized tax benefits at March 31, 2018
$
17.6