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Additional Financial Information | 9 Months Ended
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Dec. 31, 2023
Additional Financial Information [Abstract] |
Additional Financial Information | Additional Financial Information The following tables present supplemental information related to the unaudited condensed consolidated financial statements. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the unaudited condensed consolidated balance sheet to the total amounts reported in the unaudited condensed consolidated statement of cash flows at December 31, 2023 and March 31, 2023. At December 31, 2023 and March 31, 2023, restricted cash represents primarily amounts related to required cash reserves for interest payments associated with the Production Tax Credit Facility, IP Credit Facility, and Backlog Facility.
|  | December 31, 2023 |  | March 31, 2023
|  | (Amounts in millions)
Cash and cash equivalents |  | $ | 283.0 |  |  | $ | 272.1 |
Restricted cash included in other current assets |  | 36.3 |  |  | 27.9 |
Restricted cash included in other non-current assets |  | 13.9 |  |  | 13.0 |
Total cash, cash equivalents and restricted cash |  | $ | 333.2 |  |  | $ | 313.0 |
Other Assets The composition of the Company’s other assets is as follows as of December 31, 2023 and March 31, 2023:
| December 31, 2023 |  | March 31, 2023
| (Amounts in millions)
Other current assets |  |  |
Prepaid expenses and other | $ | 65.5 |  |  | $ | 43.3 |
Restricted cash | 36.3 |  |  | 27.9 |
Contract assets | 56.8 |  |  | 63.5 |
Tax credits receivable | 273.8 |  |  | 129.5 |
| $ | 432.4 |  |  | $ | 264.2 |
Other non-current assets |  |  |
Prepaid expenses and other | $ | 24.7 |  |  | $ | 8.4 |
Restricted cash | 13.9 |  |  | 13.0 |
Accounts receivable | 105.9 |  |  | 37.8 |
Contract assets | 3.3 |  |  | 5.1 |
Tax credits receivable | 312.8 |  |  | 341.7 |
Operating lease right-of-use assets(1) | 365.1 |  |  | 169.0 |
Interest rate swap assets | 34.2 |  |  | 41.1 |
| $ | 859.9 |  |  | $ | 616.1 |
____________ (1)During the three months ended December 31, 2023, the Company extended certain of its operating leases and entered into new operating leases. The Company recorded an increase to operating lease right-of-use assets of $211.9 million which is included in "other non-current assets". Additionally, the Company recorded a corresponding decrease to operating lease liability of $1.3 million and a corresponding increase of $213.2 million to "other accrued liabilities" and "other liabilities - non-current", respectively, at December 31, 2023 related to these leases. In addition, in connection with the December 27, 2023 acquisition of eOne, the Company recorded operating lease right-of-use assets of $21.3 million included in "other non-current assets", and a corresponding operating lease liability of $6.9 million and $17.3 million included in "other accrued liabilities" and "other liabilities - non-current", respectively, as of December 31, 2023 (see Note 2). Accounts Receivable Monetization Under the Company's accounts receivable monetization programs, the Company has entered into (1) individual agreements to monetize certain of its trade accounts receivable directly with third-party purchasers and (2) a revolving agreement to monetize designated pools of trade accounts receivable with various financial institutions, as further described below. Under these programs, the Company transfers receivables to purchasers in exchange for cash proceeds, and the Company continues to service the receivables for the purchasers. The Company accounts for the transfers of these receivables as a sale, removes (derecognizes) the carrying amount of the receivables from its balance sheets and classifies the proceeds received as cash flows from operating activities in the statements of cash flows. The Company records a loss on the sale of these receivables reflecting the net proceeds received (net of any obligations incurred), less the carrying amount of the receivables transferred. The loss is reflected in the "other expense" line item on the unaudited condensed consolidated statements of operations. The Company receives fees for servicing the accounts receivable for the purchasers, which represent the fair value of the services and were immaterial for the three and nine months ended December 31, 2023 and 2022. Individual Monetization Agreements. The Company enters into individual agreements to monetize trade accounts receivable. The third-party purchasers have no recourse to other assets of the Company in the event of non-payment by the customers. The following table sets forth a summary of the receivables transferred under individual agreements or purchases during the three and nine months ended December 31, 2023 and 2022:
| Three Months Ended |  | Nine Months Ended
| December 31, |  | December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (Amounts in millions)
Carrying value of receivables transferred and derecognized | $ | 305.9 |  |  | $ | 404.5 |  |  | $ | 1,065.9 |  |  | $ | 1,075.3 |
Net cash proceeds received | 300.7 |  |  | 394.5 |  |  | 1,045.6 |  |  | 1,056.5 |
Loss recorded related to transfers of receivables | 5.2 |  |  | 10.0 |  |  | 20.3 |  |  | 18.8 |
At December 31, 2023, the outstanding amount of receivables derecognized from the Company's unaudited condensed consolidated balance sheets, but which the Company continues to service, related to the Company's individual agreements to monetize trade accounts receivable was $587.1 million (March 31, 2023 - $520.4 million). Pooled Monetization Agreement. In December 2019, the Company entered into a revolving agreement, as amended in July 2023, to transfer up to $100.0 million of certain receivables to various financial institutions on a recurring basis in exchange for cash equal to the gross receivables transferred, which matured on October 1, 2023. As customers paid their balances, the Company would transfer additional receivables into the program. The transferred receivables were fully guaranteed by a bankruptcy-remote wholly-owned subsidiary of the Company. The third-party purchasers had no recourse to other assets of the Company in the event of non-payment by the customers. The following table sets forth a summary of the receivables transferred under the pooled monetization agreement during the three and nine months ended December 31, 2023 and 2022:
| Three Months Ended |  | Nine Months Ended
| December 31, |  | December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (Amounts in millions)
Gross cash proceeds received for receivables transferred and derecognized | $ | — |  |  | $ | 57.3 |  |  | $ | 22.2 |  |  | $ | 156.0 |
Less amounts from collections reinvested under revolving agreement | — |  |  | (33.3) |  |  | (9.1) |  |  | (83.3) |
Proceeds from new transfers | — |  |  | 24.0 |  |  | 13.1 |  |  | 72.7 |
Collections not reinvested and remitted or to be remitted | — |  |  | (24.2) |  |  | (13.4) |  |  | (48.0) |
Net cash proceeds received (paid or to be paid)(1) | $ | — |  |  | $ | (0.2) |  |  | $ | (0.3) |  |  | $ | 24.7 |
Carrying value of receivables transferred and derecognized (2) | $ | — |  |  | $ | 57.0 |  |  | $ | 22.1 |  |  | $ | 154.2 |
Obligations recorded | $ | — |  |  | $ | 1.0 |  |  | $ | 2.1 |  |  | $ | 4.4 |
Loss recorded related to transfers of receivables | $ | — |  |  | $ | 0.7 |  |  | $ | 2.0 |  |  | $ | 2.6 |
___________________ (1)During the three and nine months ended December 31, 2023, the Company voluntarily repurchased $46.0 million of receivables previously transferred. In addition, during the three and nine months ended December 31, 2022, the Company repurchased $6.5 million and $27.4 million, respectively, of receivables previously transferred, as separately agreed upon with the third-party purchasers, in order to monetize such receivables under the individual monetization program discussed above without being subject to the collateral requirements under the pooled monetization program. (2)Receivables net of unamortized discounts on long-term, non-interest bearing receivables. At December 31, 2023, there were no outstanding receivables derecognized from the Company's unaudited condensed consolidated balance sheet, for which the Company continues to service, related to the pooled monetization agreement (March 31, 2023 - $52.3 million). Content related payables Content related payables include minimum guarantees and accrued licensed program rights obligations, which represent amounts payable for film or television rights that the Company has acquired or licensed. Other Accrued Liabilities Other accrued liabilities include employee related liabilities (such as accrued bonuses and salaries and wages) of $135.9 million and $128.7 million at December 31, 2023 and March 31, 2023, respectively. Accumulated Other Comprehensive Income The following table summarizes the changes in the components of accumulated other comprehensive income, net of tax. During the nine months ended December 31, 2023 and 2022, there was no income tax expense or benefit reflected in other comprehensive income due to the income tax impact being offset by changes in the Company’s deferred tax valuation allowance.
| Foreign currency translation adjustments |  |  |  | Net unrealized gain (loss) on cash flow hedges |  | Total
| (Amounts in millions)
March 31, 2023 | $ | (21.6) |  |  |  |  | $ | 142.5 |  |  | $ | 120.9 |
Other comprehensive income (loss) | 1.6 |  |  |  |  | 17.4 |  |  | 19.0 |
Reclassifications to net loss(1) | — |  |  |  |  | (23.5) |  |  | (23.5) |
December 31, 2023 | $ | (20.0) |  |  |  |  | $ | 136.4 |  |  | $ | 116.4 |
March 31, 2022 | $ | (19.7) |  |  |  |  | $ | 49.0 |  |  | $ | 29.3 |
Other comprehensive income (loss) | (3.4) |  |  |  |  | 92.2 |  |  | 88.8 |
Reclassifications to net loss(1) | — |  |  |  |  | 16.3 |  |  | 16.3 |
December 31, 2022 | $ | (23.1) |  |  |  |  | $ | 157.5 |  |  | $ | 134.4 |
___________________ (1)Represents a loss of $2.5 million included in direct operating expense and a gain of $26.0 million included in interest expense on the unaudited condensed consolidated statement of operations in the nine months ended December 31, 2023 (nine months ended December 31, 2022 - loss of $0.7 million included in direct operating expense and loss of $15.6 million included in interest expense) (see Note 17). Supplemental Cash Flow Information Significant non-cash transactions during the nine months ended December 31, 2023 and 2022 include certain interest rate swap agreements, which are discussed in Note 17, "Derivative Instruments and Hedging Activities". There were no significant non-cash financing or investing activities for the nine months ended December 31, 2023 and 2022.

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