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Income Taxes (Tables)

12 Months Ended

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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