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Investments (Tables) | 12 Months Ended
--- | ---
Mar. 31, 2020
Equity Method Investments, and Investments in Debt and Equity Securities [Abstract] |
Carrying Amount of Investments, By Category | The Company's investments consisted of the following:
|  | March 31, 2020 |  | March 31, 2019
|  | (Amounts in millions)
Investments in equity method investees |  | $ | 34.3 |  |  | $ | 23.1 |
Other investments(1) |  | 6.0 |  |  | 3.1 |
|  | $ | 40.3 |  |  | $ | 26.2 |
Gain (Loss) on Investments | The following table summarizes the components of the gain (loss) on investments:
| Year Ended
| March 31,
| 2020 |  | 2019 |  | 2018
| (Amounts in millions)
Impairments of investments(1) | $ | — |  |  | $ | (36.8 | ) |  | $ | (29.2 | )
Unrealized losses on equity securities held as of March 31, 2020 and 2019, respectively(2) | (0.5 | ) |  | (6.2 | ) |  | — |
Gain (loss) on sale of equity method investees(3) | — |  |  | (44.6 | ) |  | 201.0 |
| $ | (0.5 | ) |  | $ | (87.6 | ) |  | $ | 171.8 |
_________________
(1) | Included in impairments of investments in fiscal 2019 and fiscal 2018 were $34.2 million and $10.0 million, respectively, of impairments on investments in equity securities without readily determinable fair values, with the remainder representing charges for other-than-temporary impairments on equity method investees.
(2) | As a result of the adoption of new accounting guidance for Recognition and Measurement of Financial Instruments, effective April 1, 2018 changes in the fair value of the Company's equity securities with a readily determinable fair market value are recognized in net income.
(3) In the fiscal year ended March 31, 2019, represents the loss before income taxes recorded in connection with the March 2019 sale of the Company's 50.0% equity interest in Pop. In the fiscal year ended March 31, 2018, represents the gain before income taxes recorded in connection with the May 2017 sale of the Company's 31.15% equity interest in EPIX.
Summarized Balance Sheet Information | Summarized financial information for the Company's equity method investees on an aggregate basis is set forth below (excluding the Company's former equity method investees, Pop and EPIX, which are separately presented further below):
| March 31, 2020 |  | March 31, 2019
| (Amounts in millions)
Current assets | $ | 138.3 |  |  | $ | 189.8 |
Non-current assets | $ | 162.0 |  |  | $ | 55.7 |
Current liabilities | $ | 167.3 |  |  | $ | 167.8 |
Non-current liabilities | $ | 102.2 |  |  | $ | 46.7 |
Summarized Statement of Operations | 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 a reconciliation of the net income reported by EPIX to equity interest income recorded by the Company:
| Period from April 1, 2017 to May 11, 2017 (date of sale)
| (Amounts in millions)
Revenues | $ | 44.8 |
Expenses: |
Operating expenses | 32.3 |
Selling, general and administrative expenses | 2.4 |
Operating income | 10.1 |
Net income | $ | 10.1 |
Reconciliation of net income reported by EPIX to equity interest income: |
Net income reported by EPIX | $ | 10.1 |
Ownership interest in EPIX | 31.15 | %
The Company's share of net income | 3.1 |
Eliminations of the Company’s share of profits on licensing sales to EPIX(1) | (0.1 | )
Realization of the Company’s share of profits on licensing sales to EPIX(2) | 1.0 |
Total equity interest income recorded | $ | 4.0 |
_________________________
(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. The following table presents the summarized statements of operations for Pop for the period from April 1, 2018 through the date of sale of March 15, 2019, and for the year ended March 31, 2018, and a reconciliation of the net loss reported by Pop to the equity interest loss recorded by the Company:
| Period from April 1, 2018 to March 15, 2019 (date of sale) |  | Year Ended March 31, 2018
Revenues | $ | 96.9 |  |  | $ | 110.9 |
Expenses: |  |  |
Cost of services | 55.0 |  |  | 66.2 |
Selling, marketing, and general and administration | 49.9 |  |  | 54.1 |
Depreciation and amortization | 7.4 |  |  | 8.1 |
Operating loss | (15.4 | ) |  | (17.5 | )
Interest expense, net | 2.2 |  |  | 1.0 |
Accretion of redeemable preferred stock units(1) | 89.4 |  |  | 79.1 |
Total interest expense, net | 91.6 |  |  | 80.1 |
Net loss | $ | (107.0 | ) |  | $ | (97.6 | )
Reconciliation of net loss reported by Pop to equity interest loss: |  |  |
Net loss reported by Pop | $ | (107.0 | ) |  | $ | (97.6 | )
Ownership interest in Pop | 50 | % |  | 50 | %
The Company's share of net loss | (53.5 | ) |  | (48.8 | )
Accretion of dividend and interest income on redeemable preferred stock units(1) | 44.7 |  |  | 39.5 |
Elimination of the Company's share of profits on licensing sales to Pop | (0.2 | ) |  | (0.8 | )
Realization of the Company’s share of profits on licensing sales to Pop | 0.6 |  |  | 1.1 |
Total equity interest loss recorded | $ | (8.4 | ) |  | $ | (9.0 | )
___________________ (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 previously 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 loss.
| Year Ended
| March 31,
| 2020 |  | 2019 |  | 2018
| (Amounts in millions)
Revenues | $ | 131.9 |  |  | $ | 107.5 |  |  | $ | 178.8 |
Gross profit | $ | 51.1 |  |  | $ | 36.9 |  |  | $ | 42.6 |
Net loss | $ | (64.4 | ) |  | $ | (102.6 | ) |  | $ | (117.7 | )

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