Noncontrolling Interests

9 Months Ended

Dec. 31, 2019

Redeemable Noncontrolling Interests

The table below presents the reconciliation of changes in redeemable noncontrolling interests:



	Nine Months Ended
	December 31,
	2019			2018
	(Amounts in millions)
Beginning balance	$	127.6		$	101.8
Initial fair value of redeemable noncontrolling interest of 3 Arts Entertainment	—			15.8
Net loss attributable to redeemable noncontrolling interests	(14.1		)	(11.6		)
Noncontrolling interests discount accretion	19.1			15.7
Adjustments to redemption value	20.8			24.4
Cash distributions	(3.3		)	(1.8		)
Ending balance	$	150.1		$	144.3

Redeemable noncontrolling interests (included in temporary equity on the unaudited condensed consolidated balance sheets) relate to the November 12, 2015 acquisition of a controlling interest in Pilgrim Media Group and the May 29, 2018 acquisition of a controlling interest in 3 Arts Entertainment.

Redeemable noncontrolling interests are measured at the greater of (i) the redemption amount that would be paid if settlement occurred at the balance sheet date less the amount attributed to unamortized noncontrolling interest discount if applicable, or (ii) the historical value resulting from the original acquisition date value plus or minus any earnings or loss attribution, plus the amount of amortized noncontrolling interest discount, less the amount of cash distributions that are not accounted for as compensation, if any. The amount of the redemption value in excess of the historical values of the noncontrolling interest, if any, is recognized as an increase to redeemable noncontrolling interest and a charge to retained earnings.

Other Noncontrolling Interests

The Company has other noncontrolling interests that are not redeemable. These noncontrolling interests primarily relate to Pantaya (a joint venture between the Company and Hemisphere Media Group), a premium Spanish-language streaming service in which the Company owns a controlling interest.