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Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Mar. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
Certain quarterly information is presented below:
 
 
First
Quarter
 
Second
 Quarter
 
Third
Quarter
 
Fourth
 Quarter
 
 
(Amounts in millions, except per share amounts)
2020
 
 
 
 
 
 
 
 
Revenues
 
$
963.6

 
$
983.5

 
$
998.5

 
$
944.3

Operating income (loss)(1)
 
$
(3.2
)
 
$
57.6

 
$
(39.5
)
 
$
(12.0
)
Net loss(1)(2)
 
$
(58.4
)
 
$
(1.2
)
 
$
(97.8
)
 
$
(48.9
)
Net income (loss) attributable to Lions Gate Entertainment Corp. shareholders
 
$
(54.0
)
 
$
1.8

 
$
(91.2
)
 
$
(44.9
)
Per share information attributable to Lions Gate Entertainment Corp. shareholders:
 
 
 
 
 
 
 
 
Basic net income (loss) per common share
 
$
(0.25
)
 
$
0.01

 
$
(0.42
)
 
$
(0.20
)
Diluted net income (loss) per common share
 
$
(0.25
)
 
$
0.01

 
$
(0.42
)
 
$
(0.20
)
 
 
First
Quarter
 
Second
 Quarter
 
Third
Quarter
 
Fourth
Quarter
 
 
(Amounts in millions, except per share amounts)
2019
 
 
 
 
 
 
 
 
Revenues
 
$
932.7

 
$
901.0

 
$
933.2

 
$
913.7

Operating income (loss)(3)
 
$
38.2

 
$
39.1

 
$
86.8

 
$
(34.0
)
Net income (loss)(3)(4)
 
$
(11.4
)
 
$
(149.3
)
 
$
20.1

 
$
(159.1
)
Net income (loss) attributable to Lions Gate Entertainment Corp. shareholders
 
$
(7.9
)
 
$
(144.1
)
 
$
22.9

 
$
(155.2
)
Per share information attributable to Lions Gate Entertainment Corp. shareholders:
 
 
 
 
 
 
 
 
Basic net income (loss) per common share
 
$
(0.04
)
 
$
(0.67
)
 
$
0.11

 
$
(0.72
)
Diluted net income (loss) per common share
 
$
(0.04
)
 
$
(0.67
)
 
$
0.10

 
$
(0.72
)
________________________________________
(1)
During fiscal 2020, operating income (loss) and net loss included the following items:
•
Restructuring and Other. The first, second, third and fourth quarter of fiscal 2020 included restructuring and other items of $5.6 million, $7.6 million, $3.7 million and $7.5 million, respectively (after tax $4.3 million, $5.7 million, $2.7 million, and $5.7 million, respectively) (see Note 16).
•
COVID-19 Related Costs. As a direct result of the COVID-19 global pandemic, during the fourth quarter of fiscal 2020 the Company incurred $50.2 million in incremental direct operating and distribution and marketing expense (after tax $38.1 million) (see Note 16).
•
Programming and Content Charges. During the third quarter and fourth of fiscal 2020, in connection with recent management changes, the Company implemented changes to its programming and broadcasting strategy including programming acquired or produced under prior management. As a result, the Company recorded certain programming and content charges in the third and fourth quarter of fiscal 2020 of $74.0 million and $2.5 million, respectively (after tax $56.1 million and $1.9 million, respectively), which are included in direct operating expense in the consolidated statement of operations (see Note 16).
(2)
During fiscal 2020, net loss also included the following items:
•
Gain (Loss) on Extinguishment of Debt. The third and fourth quarter of fiscal 2020 included a loss on extinguishment of debt of $1.4 million and a gain on extinguishment of debt of $6.7 million, respectively (after tax loss of $1.0 million and gain of $5.1 million, respectively) (see Note 7).
•
Deferred Tax Valuation Allowance. The first, third and fourth quarters of fiscal 2020 included a charge of $11.1 million, $11.5 million, and $5.5 million, respectively, from a net increase in the valuation allowance for certain of the Company's deferred tax assets. The second quarter of fiscal 2020 included a benefit of $6.6 million representing the benefit realized for the net decrease in the valuation allowance for certain of the Company's deferred tax assets (see Note 15).
(3)
During fiscal 2019, operating income (loss) and net income (loss) included the following items:
•
Restructuring and Other. The first, second, third and fourth quarter of fiscal 2019 included restructuring and other items of $10.5 million, $15.0 million, $16.6 million, and $35.9 million, respectively (after tax $7.8 million, $11.5 million, $12.6 million, and $27.3 million, respectively) (see Note 16).
•
Programming and Content Charges. During the fourth quarter of fiscal 2019, in connection with recent management changes, the Company implemented changes to its programming strategy including programming that will no longer be broadcast on Starz networks. As a result, the Company recorded certain programming and content charges of $35.1 million (after tax $26.7 million), which are included in direct operating expense in the consolidated statement of operations in the fourth quarter of fiscal 2019 (see Note 16).
(4)
During fiscal 2019, net income also included the following items:
•
Shareholder Litigation Settlements. The second quarter of fiscal 2019 included shareholder litigation settlements of $114.1 million (after tax $104.7 million).
•
Loss on Extinguishment of Debt. The fourth quarter of fiscal 2019 included a loss on extinguishment of debt of $1.9 million (after tax $1.4 million) (see Note 7).
•
Loss on Investments. The first, second, third and fourth quarter of fiscal 2019 included a loss on investments of $0.9 million, $36.1 million, $6.2 million, and $44.4 million, respectively (after tax $0.7 million, $32.4 million, $4.7 million, and $33.7 million, respectively) (see Note 5).
•
Deferred Tax Valuation Allowance. The fourth quarter of fiscal 2019 included a charge of $53.7 million from an increase in the valuation allowance for certain of the Company's deferred tax assets (see Note 15).