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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Components of Pre-Tax Income

The components of pretax income (loss), net of intercompany eliminations, are as follows:

	Year Ended March 31,
	2020				2019				2018
	(Amounts in millions)
United States	$	(453.3	)		$	(505.7	)		$	(824.1	)
International	250.2				197.6				972.8
	$	(203.1	)		$	(308.1	)		$	148.7

Current and Deferred Income Tax Provision (Benefits)

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

	Year Ended March 31,
	2020				2019				2018
Current provision (benefit):	(Amounts in millions)
Federal	$	(0.6	)		$	9.1			$	(17.6	)
States	3.0				(0.7		)		(4.3		)
International	1.8				6.7				2.0
Total current provision (benefit)	$	4.2			$	15.1			$	(19.9	)
Deferred provision (benefit):
Federal	$	(18.5	)		$	(48.2	)		$	(269.0	)
States	(1.8		)		5.8				(18.5		)
International	19.4				18.8				(12.0		)
Total deferred benefit	(0.9		)		(23.6		)		(299.5		)
Total provision (benefit) for income taxes	$	3.3			$	(8.5	)		$	(319.4	)

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,
	2020				2019				2018
	(Amounts in millions)
Income taxes computed at Federal statutory rate	$	(42.6	)		$	(64.7	)		$	46.8
Foreign affiliate dividends	(35.2		)		(37.5		)		(329.1		)
Foreign operations subject to different income tax rates	51.4				(235.7		)		7.1
State income tax	1.2				(8.5		)		(21.2		)
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
Permanent differences	8.0				6.8				3.5
Nondeductible settlement costs	—				16.9				—
Other	2.5				0.3				(5.3		)
Increase in valuation allowance	18.0				313.9				68.2
Total provision (benefit) for income taxes	$	3.3			$	(8.5	)		$	(319.4	)

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, 2020				March 31, 2019
	(Amounts in millions)
Deferred tax assets:
Net operating losses	$	608.6			$	609.5
Foreign tax credits	76.2				74.2
Investment in film and television obligations	35.1				79.0
Accounts payable	72.1				78.9
Operating leases - liabilities	30.0				—
Other assets	86.9				71.7
Reserves	14.6				13.9
Total deferred tax assets	923.5				927.2
Valuation allowance	(435.8		)		(401.1		)
Deferred tax assets, net of valuation allowance	487.7				526.1
Deferred tax liabilities:
Intangible assets	(413.3		)		(438.4		)
Fixed assets	(4.4		)		(8.6		)
Accounts receivable	(79.9		)		(110.6		)
Operating leases - assets	(24.8		)		—
Other	(1.9		)		(5.2		)
Total deferred tax liabilities	$	(524.3	)		$	(562.8	)
Net deferred tax liabilities	$	(36.6	)		$	(36.7	)

Summary of Income Tax Contingencies

The following table summarizes the changes to the gross unrecognized tax benefits for the years ended March 31, 2020, 2019, and 2018:

	Amounts in millions
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
Increases related to current year tax position	—
Increases related to prior year tax positions	—
Decreases related to prior year tax positions	(4.0		)
Settlements	(0.5		)
Lapse in statute of limitations	(0.8		)
Gross unrecognized tax benefits at March 31, 2020	$	11.5

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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