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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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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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.

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