Additional Financial Information

The following tables present supplemental information related to the consolidated financial statements.

Cash, Cash Equivalents and Restricted Cash

Cash equivalents consist of investments that are readily convertible into cash. Cash equivalents are carried at cost, which approximates fair value. The Company classifies its cash equivalents within Level 1 of the fair value hierarchy because the Company uses quoted market prices to measure the fair value of these investments (see Note 10). The Company monitors concentrations of credit risk with respect to cash and cash equivalents by placing such balances with higher quality financial institutions or investing such amounts in liquid, short-term, highly-rated instruments or investment funds holding similar instruments. As of March 31, 2019, the majority of the Company’s cash and cash equivalents were held in bank depository accounts.

There was no restricted cash in the consolidated balance sheets as of March 31, 2019 or March 31, 2018.

Accounts Receivable, net

Accounts receivable are presented net of a provision for doubtful accounts of $5.4 million (March 31, 2018 - $7.5 million). Accounts receivable at March 31, 2018 are presented net of reserves for returns and allowances of $56.2 million. Under the new revenue recognition guidance, as of March 31, 2019, the Company presents sales returns and certain sales incentive allowances as refund liabilities instead of as contra asset allowances within accounts receivable (see Note 1).

Accounts Receivable Monetization

The Company has entered into agreements to monetize certain of its trade accounts receivable directly with third-party purchasers. The third-party purchasers have no recourse to other assets of the Company in the event of non-payment by the customers. Upon transfer of the receivables, the Company receives cash proceeds from the third-party purchaser, and the Company continues to service the receivables for the purchasers. The Company accounts for the transfers of these receivables as a sale, and classifies the proceeds as cash flows from operating activities in the statement of cash flows. During the year ended March 31, 2019, the Company monetized trade accounts receivable with a carrying value of $473.9 million with third-party purchasers, which were derecognized from the Company's consolidated balance sheet, in exchange for net cash proceeds of $469.2 million. The amount of proceeds received is based on the present value of the timing of the payment of the underlying trade accounts receivable transferred discounted at an average rate which is lower than the Company’s average borrowing rate under its Revolving Credit Facility. The Company recorded a loss of $4.7 million, which is included in the "other expense" line item on the consolidated statement of operations. The Company receives fees for servicing the accounts receivable for the purchasers, which represent the fair value of the services and were immaterial for the year ended March 31, 2019. At March 31, 2019, the outstanding amount of receivables derecognized from the Company's consolidated balance sheets, but which the Company continues to service, was $350.6 million.

Other Assets

The composition of the Company’s other assets is as follows as of March 31, 2019 and March 31, 2018:



	March 31, 2019		March 31, 2018
	(Amounts in millions)
Other current assets
Prepaid expenses and other	$	150.6	$	34.1
Product inventory	19.9		20.3
Tax credits receivable	96.7		141.4
	$	267.2	$	195.8
Other non-current assets
Prepaid expenses and other⁽¹⁾	$	109.2	$	23.8
Accounts receivable⁽¹⁾	176.1		325.2
Tax credits receivable	150.8		109.6
	$	436.1	$	458.6

_____________________


(1)	Unamortized discounts on contract assets included in prepaid expenses and other were $3.9 million at March 31, 2019, and unamortized discounts on long-term, non-interest bearing receivables were $9.7 million and $18.0 million at March 31, 2019 and 2018, respectively.

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss, net of tax:



	Foreign currency translation adjustments			Net unrealized gain (loss) on available-for-sale securities			Net unrealized gain (loss) on cash flow hedges			Total
	(Amounts in millions)
March 31, 2016	$	(11.3	)	$	(35.5	)	$	3.7		$	(43.1	)
Reclassification adjustment for gain on available-for-sale securities realized in net income	—			(17.8		)	—			(17.8		)
Other comprehensive income (loss)	(8.1		)	56.4			(3.4		)	44.9
March 31, 2017	(19.4		)	3.1			0.3			(16.0		)
Other comprehensive income (loss)	7.0			(0.5		)	(0.2		)	6.3
March 31, 2018	(12.4		)	2.6			0.1			(9.7		)
Cumulative effect of accounting changes	—			(2.6		)	—			(2.6		)
Other comprehensive loss	(5.8		)	—			(62.2		)	(68.0		)
March 31, 2019	$	(18.2	)	$	—		$	(62.1	)	$	(80.3	)

Supplemental Cash Flow Information

Interest paid during the fiscal year ended March 31, 2019 amounted to $146.7 million (2018 — $119.7 million; 2017 — $79.8 million).

Income taxes paid (refunded) during the fiscal year ended March 31, 2019 amounted to net tax paid of $13.5 million (2018 — net tax refunds received of $20.3 million; 2017 — net tax paid of $14.3 million).

The supplemental schedule of non-cash investing and financing activities is presented below:



	Year Ended March 31,
	2019		2018		2017
	(Amounts in millions)
Non-cash investing activities:
Issuance of common shares related to business acquisitions	$	83.7	$	—	$	1,327.7
Accrued purchase consideration for dissenting shareholders (see Note 17)	$	—	$	—	$	797.3
Issuance of Starz share-based payment replacement awards	$	—	$	—	$	186.5

Non-cash financing activities:
Accrued dividends (see Note 13)	$	—	$	19.1	$	—
Conversions of convertible senior subordinated notes	$	—	$	—	$	41.9