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Income Taxes (Tables)

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Components of Pre-Tax Income (Loss)

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

			Year Ended March 31,
			2021						2020						2019
			(Amounts in millions)
United States			$	(246.3)					$	(453.3)					$	(505.7)
International			228.9						250.2						197.6
			$	(17.4)					$	(203.1)					$	(308.1)

Current and Deferred Income Tax Provision (Benefits)

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

			Year Ended March 31,
			2021						2020						2019
Current provision (benefit):			(Amounts in millions)
Federal			$	5.0					$	(0.6)					$	9.1
States			2.9						3.0						(0.7)
International			5.8						1.8						6.7
Total current provision (benefit)			$	13.7					$	4.2					$	15.1
Deferred provision (benefit):
Federal			$	1.1					$	(18.5)					$	(48.2)
States			2.3						(1.8)						5.8
International			—						19.4						18.8
Total deferred provision (benefit)			3.4						(0.9)						(23.6)
Total provision (benefit) for income taxes			$	17.1					$	3.3					$	(8.5)

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,
			2021						2020(1)						2019(1)
			(Amounts in millions)
Income taxes computed at Federal statutory rate			$	(3.7)					$	(42.6)					$	(64.7)
Foreign affiliate dividends			(35.2)						(35.2)						(37.5)
Foreign operations subject to different income tax rates			47.4						51.4						(235.7)
State income tax			5.2						1.2						(8.5)
Gain on sale of Pantaya			13.8						—						—
Remeasurements of originating deferred tax assets and liabilities			4.2						(6.9)						(7.4)
Permanent differences			0.9						1.6						1.2
Nondeductible settlement costs			—						—						16.9
Nondeductible share based compensation			27.1						15.0						4.1
Nondeductible officers compensation			7.3						2.6						2.4
Non-controlling interest in partnerships			3.3						3.8						3.2
Nondeductible interest expense			3.5						—						—
Examination settlements			0.6						(3.2)						1.7
Other			(0.3)						(2.4)						1.9
Changes in valuation allowance			(57.0)						18.0						313.9
Total provision (benefit) for income taxes			$	17.1					$	3.3					$	(8.5)

__________________

(1)Certain amounts presented in fiscal 2020 and fiscal 2019 have been reclassified from "permanent differences" and "other" in order to conform to the current year presentation.

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, 2021						March 31, 2020
			(Amounts in millions)
Deferred tax assets:
Net operating losses			$	451.2					$	608.6
Foreign tax credits			77.3						76.2
Investment in film and television obligations			41.8						35.1
Accrued compensation			65.0						72.1
Operating leases - liabilities			29.0						30.0
Other assets			47.8						86.9
Reserves			16.5						14.6
Accrued interest			33.1						—
Total deferred tax assets			761.7						923.5
Valuation allowance			(350.9)						(435.8)
Deferred tax assets, net of valuation allowance			410.8						487.7
Deferred tax liabilities:
Intangible assets			(385.6)						(413.3)
Fixed assets			(0.1)						(4.4)
Accounts receivable			(40.5)						(79.9)
Operating leases - assets			(22.8)						(24.8)
Other			(2.1)						(1.9)
Total deferred tax liabilities			$	(451.1)					$	(524.3)
Net deferred tax liabilities			$	(40.3)					$	(36.6)

Summary of Income Tax Contingencies

The following table summarizes the changes to the gross unrecognized tax benefits, exclusive of interest and penalties, for the years ended March 31, 2021, 2020, and 2019:

			Amounts in millions
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
Increases related to current year tax position			60.7
Increases related to prior year tax positions			3.1
Decreases related to prior year tax positions			—
Settlements			(1.9)
Lapse in statute of limitations			(5.4)
Gross unrecognized tax benefits at March 31, 2021			$	68.0

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