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Segment Information (Tables) | 12 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Segment Information | Segment information is presented in the table below:
| Year Ended
| March 31,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
Segment revenues |  |  |  |  |
Studio Business: |  |  |  |  |
Motion Picture | $ | 1,185.3 |  |  | $ | 1,081.1 |  |  | $ | 1,670.9 |
Television Production | 1,531.0 |  |  | 831.8 |  |  | 1,001.3 |
Total Studio Business | 2,716.3 |  |  | 1,912.9 |  |  | 2,672.2 |
Media Networks | 1,536.2 |  |  | 1,562.7 |  |  | 1,486.8 |
Intersegment eliminations | (648.2) |  |  | (204.1) |  |  | (269.0) |
| $ | 3,604.3 |  |  | $ | 3,271.5 |  |  | $ | 3,890.0 |
Intersegment revenues |  |  |  |  |
Studio Business: |  |  |  |  |
Motion Picture | $ | 38.0 |  |  | $ | 19.8 |  |  | $ | 17.7 |
Television Production | 610.2 |  |  | 184.3 |  |  | 248.9 |
Total Studio Business | 648.2 |  |  | 204.1 |  |  | 266.6 |
Media Networks | — |  |  | — |  |  | 2.4 |
| $ | 648.2 |  |  | $ | 204.1 |  |  | $ | 269.0 |
Gross contribution |  |  |  |  |
Studio Business: |  |  |  |  |
Motion Picture | $ | 356.0 |  |  | $ | 401.8 |  |  | $ | 313.5 |
Television Production | 124.1 |  |  | 126.3 |  |  | 90.7 |
Total Studio Business | 480.1 |  |  | 528.1 |  |  | 404.2 |
Media Networks | 243.2 |  |  | 383.4 |  |  | 380.5 |
Intersegment eliminations | (2.7) |  |  | (14.1) |  |  | 6.8 |
| $ | 720.6 |  |  | $ | 897.4 |  |  | $ | 791.5 |
Segment general and administration |  |  |  |  |
Studio Business: |  |  |  |  |
Motion Picture | $ | 93.1 |  |  | $ | 106.2 |  |  | $ | 104.8 |
Television Production | 40.2 |  |  | 42.7 |  |  | 37.3 |
Total Studio Business | 133.3 |  |  | 148.9 |  |  | 142.1 |
Media Networks | 88.0 |  |  | 93.9 |  |  | 87.5 |
| $ | 221.3 |  |  | $ | 242.8 |  |  | $ | 229.6 |
Segment profit |  |  |  |  |
Studio Business: |  |  |  |  |
Motion Picture | $ | 262.9 |  |  | $ | 295.6 |  |  | $ | 208.7 |
Television Production | 83.9 |  |  | 83.6 |  |  | 53.4 |
Total Studio Business | 346.8 |  |  | 379.2 |  |  | 262.1 |
Media Networks | 155.2 |  |  | 289.5 |  |  | 293.0 |
Intersegment eliminations | (2.7) |  |  | (14.1) |  |  | 6.8 |
| $ | 499.3 |  |  | $ | 654.6 |  |  | $ | 561.9 |
Reconciliation Of Total Segment Profit To The Company's Loss Before Income Taxes | The reconciliation of total segment profit to the Company’s loss before income taxes is as follows:
| Year Ended
| March 31,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
Company’s total segment profit | $ | 499.3 |  |  | $ | 654.6 |  |  | $ | 561.9 |
Corporate general and administrative expenses | (97.1) |  |  | (113.7) |  |  | (99.7) |
Gain on sale of Pantaya(1) | — |  |  | 44.1 |  |  | — |
Adjusted depreciation and amortization(2) | (43.0) |  |  | (44.3) |  |  | (41.8) |
Restructuring and other(3) | (16.8) |  |  | (24.7) |  |  | (24.3) |
COVID-19 related benefit (charges) included in direct operating expense and distribution and marketing expense(4) | 3.4 |  |  | (67.5) |  |  | (50.2) |
Programming and content charges(5) | (36.9) |  |  | — |  |  | (76.5) |
Charges related to Russia's invasion of Ukraine(6) | (5.9) |  |  | — |  |  | — |
Adjusted share-based compensation expense(7) | (100.0) |  |  | (85.5) |  |  | (50.0) |
Purchase accounting and related adjustments(8) | (194.0) |  |  | (192.4) |  |  | (216.6) |
Operating income | 9.0 |  |  | 170.6 |  |  | 2.8 |
Interest expense | (176.0) |  |  | (181.5) |  |  | (191.3) |
Interest and other income | 30.8 |  |  | 5.8 |  |  | 8.8 |
Other expense | (10.9) |  |  | (6.7) |  |  | (11.1) |
Gain (loss) on extinguishment of debt | (28.2) |  |  | — |  |  | 5.4 |
Gain (loss) on investments | 1.3 |  |  | 0.5 |  |  | (0.5) |
Equity interests loss | (3.0) |  |  | (6.1) |  |  | (17.2) |
Loss before income taxes | $ | (177.0) |  |  | $ | (17.4) |  |  | $ | (203.1) |
___________________ (1)Represents the gain before income taxes on the sale of the Company's majority interest in Pantaya on March 31, 2021. This gain amount is net of $69.0 million of goodwill allocated from the Media Networks segment as required under the applicable accounting guidance. Pantaya was previously reflected in the Company's Media Networks segment. See Note 2 for further information. (2)Adjusted depreciation and amortization represents depreciation and amortization as presented on our consolidated statements of operations less the depreciation and amortization related to the non-cash fair value adjustments to property and equipment and intangible assets acquired in recent acquisitions which are included in the purchase accounting and related adjustments line item above, as shown in the table below:
| Year Ended
| March 31,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
Depreciation and amortization | $ | 177.9 |  |  | $ | 188.5 |  |  | $ | 197.7 |
Less: Amount included in purchase accounting and related adjustments | (134.9) |  |  | (144.2) |  |  | (155.9) |
Adjusted depreciation and amortization | $ | 43.0 |  |  | $ | 44.3 |  |  | $ | 41.8 |
(3)Restructuring and other includes restructuring and severance costs, certain transaction and related costs, and certain unusual items, when applicable (see Note 15). (4)In connection with the disruptions associated with the COVID-19 global pandemic and measures to prevent its spread and mitigate its effects both domestically and internationally, during fiscal 2022, the Company has incurred a benefit of $3.4 million, net of insurance recoveries, in incremental direct operating and distribution and marketing expense (2021 - charges of $67.5 million; 2020 - charges of $50.2 million) (see Note 15). These charges are excluded from segment operating results. (5)Programming and content charges represent certain charges included in direct operating expense in the consolidated statements of operations, and excluded from segment operating results (see Note 3 and Note 15 for further information). (6)Amounts represent charges related to Russia's invasion of Ukraine, primarily related to bad debt reserves for accounts receivable from customers in Russia, included in direct operating expense in the consolidated statements of operations, and excluded from segment operating results. (7)The following table reconciles total share-based compensation expense to adjusted share-based compensation expense:
| Year Ended
| March 31,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
Total share-based compensation expense | $ | 100.0 |  |  | $ | 89.0 |  |  | $ | 50.6 |
Less: |  |  |  |  |
Amount included in restructuring and other(i) | — |  |  | (3.5) |  |  | (0.6) |
Adjusted share-based compensation | $ | 100.0 |  |  | $ | 85.5 |  |  | $ | 50.0 |
(i)Represents share-based compensation expense included in restructuring and other expenses reflecting the impact of the acceleration of certain vesting schedules for equity awards pursuant to certain severance arrangements. (8)Purchase accounting and related adjustments primarily represent the amortization of non-cash fair value adjustments to certain assets acquired in recent acquisitions. These adjustments include the accretion of the noncontrolling interest discount related to Pilgrim Media Group and 3 Arts Entertainment, the amortization of the recoupable portion of the purchase price and the expense associated with the earned distributions related to 3 Arts Entertainment, all of which are accounted for as compensation and are included in general and administrative expense. The following sets forth the amounts included in each line item in the financial statements:
| Year Ended
| March 31,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
Purchase accounting and related adjustments: |  |  |  |  |
Direct operating | $ | 0.4 |  |  | $ | 1.0 |  |  | $ | 8.1 |
General and administrative expense | 58.7 |  |  | 47.2 |  |  | 52.6 |
Depreciation and amortization | 134.9 |  |  | 144.2 |  |  | 155.9 |
| $ | 194.0 |  |  | $ | 192.4 |  |  | $ | 216.6 |
Reconciliation of Segment General and Administration to Consolidated General and Administration | The following table reconciles segment general and administration to the Company’s total consolidated general and administration expense:
| Year Ended
| March 31,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
General and administration |  |  |  |  |
Segment general and administrative expenses | $ | 221.3 |  |  | $ | 242.8 |  |  | $ | 229.6 |
Corporate general and administrative expenses | 97.1 |  |  | 113.7 |  |  | 99.7 |
Share-based compensation expense included in general and administrative expense | 98.3 |  |  | 82.9 |  |  | 48.5 |
Purchase accounting and related adjustments | 58.7 |  |  | 47.2 |  |  | 52.6 |
| $ | 475.4 |  |  | $ | 486.6 |  |  | $ | 430.4 |
Reconciliation of Assets from Segment to Consolidated | The reconciliation of total segment assets to the Company’s total consolidated assets is as follows:
| March 31, 2022 |  | March 31, 2021
| (Amounts in millions)
Assets |  |  |
Motion Picture | $ | 1,622.6 |  |  | $ | 1,212.4 |
Television Production | 1,978.9 |  |  | 1,757.9 |
Media Networks | 4,706.7 |  |  | 4,399.3 |
Other unallocated assets(1) | 683.0 |  |  | 936.6 |
| $ | 8,991.2 |  |  | $ | 8,306.2 |
_____________________ (1)Other unallocated assets primarily consist of cash, other assets and investments.
Acquisition of Investment in Films and Television Programs and Program Rights by Segment | The following table sets forth acquisition of investment in films and television programs and program rights, as broken down by segment for the years ended March 31, 2022, 2021 and 2020:
| Year Ended
| March 31,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
Acquisition of investment in films and television programs and program rights |  |  |  |  |
Motion Picture | $ | 465.0 |  |  | $ | 339.8 |  |  | $ | 349.8 |
Television Production | 1,287.0 |  |  | 856.1 |  |  | 743.3 |
Media Networks | 1,134.6 |  |  | 625.1 |  |  | 640.7 |
Intersegment eliminations | (674.9) |  |  | (204.3) |  |  | (188.5) |
| $ | 2,211.7 |  |  | $ | 1,616.7 |  |  | $ | 1,545.3 |
Capital Expenditures By Segment | The following table sets forth capital expenditures, as broken down by segment for the years ended March 31, 2022, 2021 and 2020:
| Year Ended
| March 31,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
Capital expenditures |  |  |  |  |
Motion Picture | $ | — |  |  | $ | — |  |  | $ | — |
Television Production | 0.4 |  |  | 0.4 |  |  | 1.2 |
Media Networks | 27.0 |  |  | 24.9 |  |  | 22.4 |
Corporate(1) | 5.7 |  |  | 9.7 |  |  | 7.5 |
| $ | 33.1 |  |  | $ | 35.0 |  |  | $ | 31.1 |
_____________________ (1)Represents unallocated capital expenditures primarily related to the Company's corporate headquarters.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Revenue by geographic location, based on the location of the customers, with no other foreign country individually comprising greater than 10% of total revenue, is as follows:
| Year Ended
| March 31,
| 2022 |  | 2021 |  | 2020
| (Amounts in millions)
Revenue |  |  |  |  |
Canada | $ | 56.8 |  |  | $ | 43.3 |  |  | $ | 43.9 |
United States | 3,016.8 |  |  | 2,863.3 |  |  | 3,321.9 |
Other foreign | 530.7 |  |  | 364.9 |  |  | 524.2 |
| $ | 3,604.3 |  |  | $ | 3,271.5 |  |  | $ | 3,890.0 |
Long-lived assets by geographic location are as follows:
| March 31, 2022 |  | March 31, 2021
| (Amounts in millions)
Long-lived assets(1) |  |  |
United States | $ | 3,101.3 |  |  | $ | 2,279.7 |
Other foreign | 164.2 |  |  | 162.2 |
| $ | 3,265.5 |  |  | $ | 2,441.9 |
_____________ (1)Long-lived assets represents total assets less the following: current assets, investments, long-term receivables, interest rate swaps, intangible assets, goodwill and deferred tax assets.

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