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Revenue (Tables)

9 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The table below presents revenues by segment, market or product line for the three and nine months ended December 31, 2018 and 2017. As a result of the segment reorganization described in Note 15, the Company has presented prior period segment data in a manner that conforms to the current period presentation. The prior year information in the below table has not been adjusted under the modified retrospective method of adoption of the new revenue recognition guidance.

	Three Months Ended								Nine Months Ended
	December 31,								December 31,
	2018				2017				2018				2017
	(Amounts in millions)
Revenue by Type:
Motion Picture
Theatrical(1)	$	28.5			$	117.4			$	147.9			$	226.1
Home Entertainment
Digital Media	81.7				85.0				253.0				277.1
Packaged Media(1)	68.0				104.0				209.0				311.5
Total Home Entertainment	149.7				189.0				462.0				588.6
Television(1)	74.8				90.5				207.6				222.3
International	104.7				134.4				254.3				336.9
Other(1)	4.9				7.8				35.1				23.1
Total Motion Picture revenues	$	362.6			$	539.1			1,106.9				1,397.0
Television Production
Television	$	151.5			$	184.6			454.4				515.5
International	35.9				51.1				94.7				118.8
Home Entertainment
Digital Media	10.9				25.7				54.1				92.4
Packaged Media	2.5				4.1				5.9				10.0
Total Home Entertainment	13.4				29.8				60.0				102.4
Other	15.7				0.7				39.0				2.0
Total Television Production revenues	$	216.5			$	266.2			648.1				738.7
Media Networks - Programming Revenues	$	366.8			$	353.5			1,099.0				1,057.8
Intersegment eliminations	(12.7		)		(16.1		)		(87.1		)		(104.7		)
Total revenues	$	933.2			$	1,142.7			$	2,766.9			$	3,088.8

___________________

(1) Certain amounts in the prior period have been reclassified in order to conform to the current period presentation. In particular, in the three and nine months ended December 31, 2017, within the Motion Picture segment $16.9 million was reclassified from Other revenue to Theatrical revenue ($8.1 million), Home Entertainment Packaged Media revenue ($3.7 million), and Television revenue ($5.1 million).

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at December 31, 2018 are as follows:

		Rest of Year Ending March 31, 2019				Year Ended March 31,
						2020				2021				Thereafter				Total
		(Amounts in millions)
Remaining Performance Obligations		$	490.0			$	783.7			$	240.7			$	279.0			$	1,793.4

The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenues included in the above table include all fixed fee contracts regardless of duration.

Contract with Customer, Asset and Liability

At December 31, 2018 and April 1, 2018, accounts receivable, contract assets and deferred revenue are as follows:

	December 31, 2018				April 1, 2018				Addition (Reduction)
	(Amounts in millions)
Accounts receivable, net - current	$	833.1			$	1,042.2			$	(209.1	)
Accounts receivable, net - non-current(1)	228.7				257.7				(29.0		)
Contract asset - current(2)	69.0				78.3				(9.3		)
Contract asset - non-current(3)	28.0				71.5				(43.5		)
Deferred revenue - current	173.0				183.8				(10.8		)
Deferred revenue - non-current	70.0				70.5				(0.5		)

__________________

(1) Included in accounts receivable within non-current other assets in the unaudited condensed consolidated balance sheets.

(2) Included in prepaid expenses and other within other current assets in the unaudited condensed consolidated balance sheets.

(3) Included in prepaid expenses and other within non-current other assets in the unaudited condensed consolidated balance sheets.

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Changes to the opening balances of current assets, total assets, current liabilities and total liabilities resulting from the adoption of the new guidance were as follows:

		March 31, 2018				Impact of Adoption				April 1, 2018
		(Amounts in millions)
Current assets		$	1,773.1			$	174.4			$	1,947.5
Total assets		$	8,967.6			$	143.6			$	9,111.2
Current liabilities		$	2,412.4			$	104.1			$	2,516.5
Total liabilities		$	5,708.9			$	124.9			$	5,833.8

The following table presents the line items impacted by the adoption of the new revenue recognition guidance (described in Note 1) on the unaudited condensed consolidated balance sheet and statement of operations:

		December 31, 2018
		As Reported				Impact of Adoption				Without Adoption of New Revenue Guidance
Balance Sheet Information:		(Amounts in millions)
Assets
Accounts receivable, net - current		$	833.1			$	(109.2	)		$	723.9
Other assets - current		227.7				(69.1		)		158.6
Other assets - non-current		453.6				(2.1		)		451.5
Investment in films and television programs and program rights, net		1,670.0				38.0				1,708.0
Liabilities
Accounts payable and accrued liabilities		432.5				(95.7		)		336.8
Participations and residuals - current		499.6				(26.0		)		473.6
Deferred revenue - current		173.0				(0.5		)		172.5
Deferred revenue - non-current		70.0				0.7				70.7
Deferred tax liabilities		46.8				(4.2		)		42.6
Equity
Retained earnings		346.0				(16.7		)		329.3

		Three Months Ended December 31, 2018
		As Reported				Impact of Adoption				Without Adoption of New Revenue Guidance
Statement of Operations Information:		(Amounts in millions)
Revenues		$	933.2			$	(7.4	)		$	925.8
Direct operating		502.0				(2.3		)		499.7
Operating income		86.8				(5.1		)		81.7
Interest and other income		2.9				0.1				3.0
Income before income taxes		25.4				(5.0		)		20.4
Income tax provision		(5.3		)		1.1				(4.2		)
Net income		20.1				(3.9		)		16.2

		Nine Months Ended December 31, 2018
		As Reported				Impact of Adoption				Without Adoption of New Revenue Guidance
Statement of Operations Information:		(Amounts in millions)
Revenues		$	2,766.9			$	5.7			$	2,772.6
Direct operating		1,495.2				2.4				1,497.6
Operating income		164.0				3.3				167.3
Interest and other income		9.0				(0.2		)		8.8
Loss before income taxes		(167.1		)		3.1				(164.0		)
Income tax benefit		26.6				(1.1		)		25.5
Net loss		(140.5		)		2.0				(138.5		)

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