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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

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,
	2019				2018				2017
	(Amounts in millions)
United States	$	(505.7	)		$	(824.1	)		$	(409.2	)
International	197.6				972.8				274.8
	$	(308.1	)		$	148.7			$	(134.4	)

Current and Deferred Income Tax Provision (Benefits)

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

	Year Ended March 31,
	2019				2018				2017
Current provision (benefit):	(Amounts in millions)
Federal	$	9.1			$	(17.6	)		$	7.8
States	(0.7		)		(4.3		)		2.2
International	6.7				2.0				4.5
Total current provision (benefit)	$	15.1			$	(19.9	)		$	14.5
Deferred benefit:
Federal	$	(48.2	)		$	(269.0	)		$	(143.3	)
States	5.8				(18.5		)		(9.9		)
International	18.8				(12.0		)		(10.2		)
Total deferred benefit	(23.6		)		(299.5		)		(163.4		)
Total benefit for income taxes	$	(8.5	)		$	(319.4	)		$	(148.9	)

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,
	2019				2018				2017
	(Amounts in millions)
Income taxes computed at Federal statutory rate	$	(64.7	)		$	46.8			$	(47.1	)
Foreign affiliate dividends	(37.5		)		(329.1		)		(84.2		)
Foreign operations subject to different income tax rates	(235.7		)		7.1				(14.6		)
State income tax	(8.5		)		(21.2		)		(6.0		)
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	6.8				3.5				(0.5		)
Nondeductible settlement costs	16.9				—				—
Other	0.3				(5.3		)		(2.3		)
Increase (decrease) in valuation allowance	313.9				68.2				(1.5		)
Total benefit for income taxes	$	(8.5	)		$	(319.4	)		$	(148.9	)

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, 2019				March 31, 2018
	(Amounts in millions)
Deferred tax assets:
Net operating losses	$	609.5			$	336.7
Foreign tax credits	74.2				68.3
Investment in film and television obligations	79.0				101.5
Accounts payable	78.9				96.4
Other assets	71.7				59.0
Reserves	13.9				21.4
Total deferred tax assets	927.2				683.3
Valuation allowance	(401.1		)		(73.2		)
Deferred tax assets, net of valuation allowance	526.1				610.1
Deferred tax liabilities:
Intangible assets	(438.4		)		(475.5		)
Fixed assets	(8.6		)		(19.5		)
Accounts receivable	(110.6		)		(150.7		)
Other	(5.2		)		(17.5		)
Total deferred tax liabilities	$	(562.8	)		$	(663.2	)
Net deferred tax liabilities	$	(36.7	)		$	(53.1	)

Summary of Income Tax Contingencies

The following table summarizes the changes to the gross unrecognized tax benefits for the years ended March 31, 2019, 2018, and 2017:

	Amounts in millions
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
Increases related to current year tax position	0.3
Increases related to prior year tax positions	2.5
Decreases related to prior year tax positions	(1.0		)
Settlements	(1.8		)
Lapse in statute of limitations	(0.8		)
Gross unrecognized tax benefits at March 31, 2019	$	16.8

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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.

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