Investments (Tables)

12 Months Ended

Mar. 31, 2021

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, 2021		March 31, 2020
	(Amounts in millions)
Investments in equity method investees	$	30.1	$	34.3
Other investments(1)	1.8		6.0
	$	31.9	$	40.3

________________

(1)Includes investments in equity securities without readily determinable fair values of nil and $5.4 million at March 31, 2021 and 2020, respectively.

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 investee, Pop, which is separately presented further below):


	March 31, 2021		March 31, 2020
	(Amounts in millions)
Current assets	$	135.2	$	138.3
Non-current assets	$	177.7	$	162.0
Current liabilities	$	201.1	$	167.3
Non-current liabilities	$	91.7	$	102.2

Summarized Statement of Operations


	Year Ended
	March 31,
	2021		2020		2019
	(Amounts in millions)
Revenues	$	84.6	$	131.9	$	107.5
Gross profit	$	32.0	$	51.1	$	36.9
Net loss	$	(62.6)	$	(64.4)	$	(102.6)

The following table presents the summarized statement of operations for Pop for the period from April 1, 2018 through the date of sale of March 15, 2019, 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)



Revenues	$	96.9
Expenses:
Cost of services	55.0
Selling, marketing, and general and administration	49.9
Depreciation and amortization	7.4
Operating loss	(15.4)
Interest expense, net	2.2
Accretion of redeemable preferred stock units(1)	89.4
Total interest expense, net	91.6
Net loss	$	(107.0)
Reconciliation of net loss reported by Pop to equity interest loss:
Net loss reported by Pop	$	(107.0)
Ownership interest in Pop	50		%
The Company's share of net loss	(53.5)
Accretion of dividend and interest income on redeemable preferred stock units(1)	44.7
Elimination of the Company's share of profits on licensing sales to Pop	(0.2)
Realization of the Company’s share of profits on licensing sales to Pop	0.6
Total equity interest loss recorded	$	(8.4)

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(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.

Gain (Loss) on Investments

The following table summarizes the components of the gain (loss) on investments:


	Year Ended
	March 31,
	2021		2020		2019
	(Amounts in millions)
Impairments of investments(1)	$	(5.7)	$	—	$	(36.8)
Unrealized gains (losses) on equity securities	1.6		(0.5)		(6.2)
Gain (loss) on sale of equity method investees and other investments(2)	4.6		—		(44.6)
	$	0.5	$	(0.5)	$	(87.6)

_________________

(1)In fiscal 2021 and fiscal 2019, amounts include impairments of $5.0 million and $34.2 million, respectively, on equity securities without readily determinable fair values that were written down to their estimated fair value, with the remainder representing charges for other-than-temporary impairments on equity method investees.

(2)In the fiscal year ended March 31, 2019, represents the loss on the sale of the Company's 50.0% equity interest in Pop in March 2019.