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Income Taxes (Tables) | 12 Months Ended
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Mar. 31, 2024
Summary Of Components Of Pretax Income (Loss) | The components of pretax income (loss), net of intercompany eliminations, are as follows:
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Amounts in millions) |
United States |  | $ | (143.8 | ) |  | $ | (33.5 | ) |  | $ | 20.4 |
International |  |  | 71.1 |  |  |  | 38.9 |  |  |  | (9.2 | )
|  | $ | (72.7 | ) |  | $ | 5.4 |  |  | $ | 11.2 |
Summary Of Company's Current And Deferred Income Tax Provision | The Company’s current and deferred income tax provision are as follows:
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Amounts in millions) |
Current provision: |  |  |  |
Federal |  | $ | 20.4 |  |  | $ | 3.2 |  |  | $ | 5.7 |
States |  |  | 5.6 |  |  |  | (0.5 | ) |  |  | 3.2 |
International |  |  | 12.6 |  |  |  | 10.0 |  |  |  | 7.2 |
Total current provision |  |  | 38.6 |  |  | $ | 12.7 |  |  | $ | 16.1 |
Deferred provision: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (3.4 | ) |  |  | 0.4 |  |  |  | 0.9 |
States |  |  | 0.3 |  |  |  | (0.1 | ) |  |  | 0.3 |
International |  |  | (1.3 | ) |  |  | 1.3 |  |  |  | — |
Total deferred provision |  |  | (4.4 | ) |  |  | 1.6 |  |  |  | 1.2 |
Total provision for income taxes |  | $ | 34.2 |  |  | $ | 14.3 |  |  | $ | 17.3 |
Summary Of Differences Between Income Tax Rates And The Income Tax Provision | 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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Amounts in millions) |
Income taxes computed at Federal statutory rate |  | $ | (15.3 | ) |  | $ | 1.1 |  |  | $ | 2.4 |
Foreign operations subject to different income tax rates |  |  | 6.8 |  |  |  | 5.0 |  |  |  | 7.1 |
State income tax |  |  | 5.9 |  |  |  | (0.6 | ) |  |  | 3.5 |
Remeasurements of originating deferred tax assets and liabilities |  |  | 4.7 |  |  |  | (4.7 | ) |  |  | (9.2 | )
Permanent differences |  |  | 0.1 |  |  |  | 2.1 |  |  |  | — |
Nondeductible share-based compensation |  |  | 1.2 |  |  |  | 1.8 |  |  |  | (2.7 | )
Nondeductible officers compensation |  |  | 7.7 |  |  |  | 9.8 |  |  |  | 5.1 |
Non-controlling interest in partnerships |  |  | 18.6 |  |  |  | 1.8 |  |  |  | 3.7 |
Foreign derived intangible income |  |  | (2.4 | ) |  |  | (1.4 | ) |  |  | — |
Other |  |  | 2.7 |  |  |  | 1.7 |  |  |  | 1.5 |
Changes in valuation allowance |  |  | 4.2 |  |  |  | (2.3 | ) |  |  | 5.9 |
Total provision for income taxes |  | $ | 34.2 |  |  | $ | 14.3 |  |  | $ | 17.3 |
Summary Of Income Tax Effects Of Temporary Differences Between The Book Value And Tax Basis Of 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, 2024 |  |  | March 31, 2023 |
|  | (Amounts in millions) |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating losses |  | $ | 241.9 |  |  | $ | 94.1 |
Foreign tax credits |  |  | — |  |  |  | 7.2 |
Intangible assets |  |  | 9.5 |  |  |  | — |
Accrued compensation |  |  | 42.9 |  |  |  | 50.7 |
Operating leases- liabilities |  |  | 83.5 |  |  |  | 24.4 |
Other assets |  |  | 50.7 |  |  |  | 14.5 |
Reserves |  |  | 21.1 |  |  |  | 8.0 |
Interest |  |  | 68.0 |  |  |  | 21.8 |
Total deferred tax assets |  |  | 517.6 |  |  |  | 220.7 |
Valuation allowance |  |  | (341.6 | ) |  |  | (152.2 | )
Deferred tax assets, net of valuation allowance |  |  | 176.0 |  |  |  | 68.5 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets |  |  | — |  |  |  | (8.0 | )
Investment in film and television programs |  |  | (56.9 | ) |  |  | (3.6 | )
Unrealized gains on derivative contracts |  |  | (32.9 | ) |  |  | (33.5 | )
Operating leases - assets |  |  | (78.2 | ) |  |  | (21.9 | )
Other |  |  | (21.7 | ) |  |  | (19.6 | )
Total deferred tax liabilities |  |  | (189.7 | ) |  |  | (86.6 | )
Net deferred tax liabilities |  | $ | (13.7 | ) |  | $ | (18.1 | )
Summary Of The Gross Unrecognized Tax Benefits, Exclusive Of Interest And Penalties | The following table summarizes the changes to the gross unrecognized tax benefits, exclusive of interest and penalties, for the years ended March 31, 2024, 2023 and 2022:
|  | Amounts in millions |
Gross unrecognized tax benefits at March 31, 2021 |  | $ | 0.6 |
Increases related to current year tax position |  |  | — |
Increases related to prior year tax positions |  |  | 0.4 |
Decreases related to prior year tax positions |  |  | — |
Settlements |  |  | — |
Lapse in statute of limitations |  |  | — |
Gross unrecognized tax benefits at March 31, 2022 |  |  | 1.0 |
Increases related to current year tax position |  |  | — |
Increases related to prior year tax positions |  |  | — |
Decreases related to prior year tax positions |  |  | — |
Settlements |  |  | — |
Lapse in statute of limitations |  |  | (0.7 | )
Gross unrecognized tax benefits at March 31, 2023 |  |  | 0.3 |
Increases related to current year tax position |  |  | — |
Increases related to prior year tax positions |  |  | 5.3 |
Decreases related to prior year tax positions |  |  | — |
Settlements |  |  | — |
Lapse in statute of limitations |  |  | (0.3 | )
Gross unrecognized tax benefits at March 31, 2024 |  | $ | 5.3 |
Starz Business of Lions Gate Entertainment Corp |
Summary Of Components Of Pretax Income (Loss) | The components of pretax income (loss) from continuing operations, net of intercompany eliminations, are as follows:
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Amounts in millions) |
United States |  | $ | (925.9 | ) |  | $ | (1,344.8 | ) |  | $ | (8.7 | )
International |  |  | (7.6 | ) |  |  | (9.4 | ) |  |  | (14.2 | )
|  | $ | (933.5 | ) |  | $ | (1,354.2 | ) |  | $ | (22.9 | )
Summary Of Company's Current And Deferred Income Tax Provision | The Starz Business’s current and deferred income tax provision (benefits) are as follows:
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current provision (benefit): |  |  | (Amounts in millions) |
Federal |  | $ | (69.6 | ) |  | $ | 5.8 |  |  | $ | 4.0 |
States |  |  | 0.1 |  |  |  | 0.4 |  |  |  | 4.9 |
International |  |  | 1.1 |  |  |  | 0.6 |  |  |  | — |
Total current provision (benefit) |  | $ | (68.4 | ) |  | $ | 6.8 |  |  | $ | 8.9 |
Deferred provision (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (45.4 | ) |  | $ | (22.5 | ) |  | $ | (2.7 | )
States |  |  | (15.1 | ) |  |  | (2.6 | ) |  |  | 0.9 |
International |  |  | — |  |  |  | — |  |  |  | — |
Total deferred provision (benefit) |  |  | (60.5 | ) |  |  | (25.1 | ) |  |  | (1.8 | )
Total (benefit) provision for income taxes |  | $ | (128.9 | ) |  | $ | (18.3 | ) |  | $ | 7.1 |
Summary Of Differences Between Income Tax Rates And The Income Tax Provision | The differences between income taxes expected at U.S. statutory income tax rates and the income tax provision (benefit) are as set forth below:
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Amounts in millions) |
Income taxes computed at U.S. federal statutory rate |  | $ | (196.0 | ) |  | $ | (284.4 | ) |  | $ | (4.8 | )
Foreign operations subject to different income tax rates |  |  | 1.1 |  |  |  | 0.3 |  |  |  | (0.9 | )
State income tax |  |  | (15.0 | ) |  |  | (2.2 | ) |  |  | 5.7 |
Remeasurements of originating deferred tax assets and liabilities |  |  | 47.6 |  |  |  | (0.4 | ) |  |  | (1.0 | )
Permanent differences |  |  | 0.1 |  |  |  | (0.3 | ) |  |  | 1.6 |
Excess tax benefit on share-based compensation |  |  | — |  |  |  | — |  |  |  | (0.6 | )
Income tax effects of goodwill and intangible asset impairments |  |  | 64.5 |  |  |  | 196.5 |  |  |  | — |
Uncertain tax benefits |  |  | (70.3 | ) |  |  | 5.0 |  |  |  | 3.2 |
Other |  |  | — |  |  |  | 0.8 |  |  |  | — |
Changes in valuation allowance |  |  | 39.1 |  |  |  | 66.4 |  |  |  | 3.9 |
Total provision (benefit) for income taxes |  | $ | (128.9 | ) |  | $ | (18.3 | ) |  | $ | 7.1 |
Summary Of Income Tax Effects Of Temporary Differences Between The Book Value And Tax Basis Of 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, 2024 |  |  | March 31, 2023 |
|  | (Amounts in millions) |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating losses |  | $ | 207.6 |  |  | $ | 188.2 |
Foreign tax credits |  |  | 8.3 |  |  |  | 6.4 |
Programming content |  |  | 92.8 |  |  |  | 68.5 |
Accrued compensation |  |  | 11.7 |  |  |  | 11.3 |
Operating leases - liabilities |  |  | 15.5 |  |  |  | 17.2 |
Other assets |  |  | 7.7 |  |  |  | 9.3 |
Fixed assets |  |  | 4.5 |  |  |  | 0.9 |
Reserves |  |  | 1.8 |  |  |  | 1.3 |
Interest |  |  | 23.4 |  |  |  | 13.3 |
Total deferred tax assets |  |  | 373.3 |  |  |  | 316.4 |
Valuation allowance |  |  | (141.3 | ) |  |  | (92.2 | )
Deferred tax assets, net of valuation allowance |  |  | 232.0 |  |  |  | 224.2 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets |  |  | (229.2 | ) |  |  | (304.7 | )
Operating leases - assets |  |  | (10.7 | ) |  |  | (12.6 | )
Other |  |  | (3.1 | ) |  |  | (4.1 | )
Total deferred tax liabilities |  | $ | (243.0 | ) |  | $ | (321.4 | )
Net deferred tax liabilities |  | $ | (11.0 | ) |  | $ | (97.2 | )
Summary Of The Gross Unrecognized Tax Benefits, Exclusive Of Interest And Penalties | The following table summarizes the changes to the gross unrecognized tax benefits, exclusive of interest and penalties, for the years ended March 31, 2024, 2023 and 2022:
|  | Amounts in millions |
Gross unrecognized tax benefits at March 31, 2021 |  | $ | 67.4 |
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 |  |  | (0.9 | )
Gross unrecognized tax benefits at March 31, 2022 |  |  | 69.1 |
Increases related to current year tax position |  |  | — |
Increases related to prior year tax positions |  |  | 0.2 |
Decreases related to prior year tax positions |  |  | — |
Settlements |  |  | (4.3 | )
Lapse in statute of limitations |  |  | (0.4 | )
Gross unrecognized tax benefits at March 31, 2023 |  |  | 64.6 |
Increases related to current year tax position |  |  | — |
Increases related to prior year tax positions |  |  | — |
Decreases related to prior year tax positions |  |  | — |
Settlements |  |  | (60.7 | )
Lapse in statute of limitations |  |  | (0.8 | )
Gross unrecognized tax benefits at March 31, 2024 |  | $ | 3.1 |

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