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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2022
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,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
United States | $ | (359.2) |  |  | $ | (246.3) |  |  | $ | (453.3) |
International | 182.2 |  |  | 228.9 |  |  | 250.2 |
| $ | (177.0) |  |  | $ | (17.4) |  |  | $ | (203.1) |
Current and Deferred Income Tax Provision (Benefits) | The Company’s current and deferred income tax provision (benefits) are as follows:
| Year Ended March 31,
| 2022 |  | 2021 |  | 2020
Current provision (benefit): | (Amounts in millions)
Federal | $ | 11.0 |  |  | $ | 5.0 |  |  | $ | (0.6) |
States | 10.7 |  |  | 2.9 |  |  | 3.0 |
International | 8.4 |  |  | 5.8 |  |  | 1.8 |
Total current provision (benefit) | $ | 30.1 |  |  | $ | 13.7 |  |  | $ | 4.2 |
Deferred provision (benefit): |  |  |  |  |
Federal | $ | 0.9 |  |  | $ | 1.1 |  |  | $ | (18.5) |
States | (2.6) |  |  | 2.3 |  |  | (1.8) |
International | — |  |  | — |  |  | 19.4 |
Total deferred provision (benefit) | (1.7) |  |  | 3.4 |  |  | (0.9) |
Total provision for income taxes | $ | 28.4 |  |  | $ | 17.1 |  |  | $ | 3.3 |
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,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
Income taxes computed at Federal statutory rate | $ | (37.2) |  |  | $ | (3.7) |  |  | $ | (42.6) |
Foreign affiliate dividends | (35.2) |  |  | (35.2) |  |  | (35.2) |
Foreign operations subject to different income tax rates | 50.0 |  |  | 47.4 |  |  | 51.4 |
State income tax | 8.1 |  |  | 5.2 |  |  | 1.2 |
Gain on sale of Pantaya | — |  |  | 13.8 |  |  | — |
Remeasurements of originating deferred tax assets and liabilities | (1.3) |  |  | 4.2 |  |  | (6.9) |
Permanent differences | 0.8 |  |  | 0.9 |  |  | 1.6 |
Nondeductible share based compensation | (3.3) |  |  | 27.1 |  |  | 15.0 |
Nondeductible officers compensation | 5.6 |  |  | 7.3 |  |  | 2.6 |
Non-controlling interest in partnerships | 3.7 |  |  | 3.3 |  |  | 3.8 |
Nondeductible interest expense | — |  |  | 3.5 |  |  | — |
Uncertain tax benefits | 3.6 |  |  | 0.6 |  |  | (3.2) |
Other | 1.2 |  |  | (0.3) |  |  | (2.4) |
Changes in valuation allowance | 32.4 |  |  | (57.0) |  |  | 18.0 |
Total provision for income taxes | $ | 28.4 |  |  | $ | 17.1 |  |  | $ | 3.3 |
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, 2022 |  | March 31, 2021
| (Amounts in millions)
Deferred tax assets: |  |  |
Net operating losses | $ | 496.9 |  |  | $ | 451.2 |
Foreign tax credits | 76.8 |  |  | 77.3 |
Investment in film and television programs | 14.5 |  |  | 41.8 |
Accrued compensation | 56.7 |  |  | 65.0 |
Operating leases - liabilities | 39.2 |  |  | 29.0 |
Other assets | 19.6 |  |  | 47.8 |
Reserves | 10.2 |  |  | 16.5 |
Accrued interest | 10.6 |  |  | 33.1 |
Total deferred tax assets | 724.5 |  |  | 761.7 |
Valuation allowance | (362.8) |  |  | (350.9) |
Deferred tax assets, net of valuation allowance | 361.7 |  |  | 410.8 |
Deferred tax liabilities: |  |  |
Intangible assets | (351.9) |  |  | (385.6) |
Fixed assets | — |  |  | (0.1) |
Accounts receivable | — |  |  | (40.5) |
Operating leases - assets | (34.5) |  |  | (22.8) |
Other | (14.1) |  |  | (2.1) |
Total deferred tax liabilities | $ | (400.5) |  |  | $ | (451.1) |
Net deferred tax liabilities | $ | (38.8) |  |  | $ | (40.3) |
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, 2022, 2021, and 2020:
| Amounts in millions
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 |
Increases related to current year tax position | — |
Increases related to prior year tax positions | 2.6 |
Decreases related to prior year tax positions | — |
Settlements | — |
Lapse in statute of limitations | (0.4) |
Gross unrecognized tax benefits at March 31, 2022 | $ | 70.2 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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