Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Sep. 30, 2014 | Nov. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'LIONS GATE ENTERTAINMENT CORP /CN/ | ' |
Entity Central Index Key | '0000929351 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 139,841,540 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $26,269 | $25,692 |
Restricted cash | 7,535 | 8,925 |
Accounts receivable, net of reserves for returns and allowances of $60,132 (March 31, 2014 - $106,680) and provision for doubtful accounts of $2,748 (March 31, 2014 - $4,876) | 800,756 | 885,571 |
Investment in films and television programs, net | 1,553,042 | 1,274,573 |
Property and equipment, net | 16,965 | 14,552 |
Equity method investments | 198,680 | 181,941 |
Goodwill | 323,328 | 323,328 |
Other assets | 70,610 | 71,067 |
Deferred tax assets | 56,405 | 65,983 |
Total assets | 3,053,590 | 2,851,632 |
LIABILITIES | ' | ' |
Senior revolving credit facility | 139,500 | 97,619 |
5.25% Senior Notes | 225,000 | 225,000 |
Term Loan | 222,932 | 222,753 |
Accounts payable and accrued liabilities | 242,097 | 332,457 |
Participations and residuals | 491,892 | 469,390 |
Film obligations and production loans | 781,124 | 499,787 |
Convertible senior subordinated notes | 124,279 | 131,788 |
Deferred revenue | 272,604 | 288,300 |
Total liabilities | 2,499,428 | 2,267,094 |
Commitments and contingencies | ' | ' |
SHAREHOLDERS’ EQUITY | ' | ' |
Common shares, no par value, 500,000,000 shares authorized, 138,626,480 shares issued (March 31, 2014 - 141,007,461 shares) | 650,747 | 743,788 |
Accumulated deficit | -93,833 | -157,875 |
Accumulated other comprehensive loss | -2,752 | -1,375 |
Total shareholders’ equity | 554,162 | 584,538 |
Total liabilities and shareholders’ equity | $3,053,590 | $2,851,632 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Reserve for returns and allowances on accounts receivable | $60,132 | $106,680 |
Provision for doubtful accounts on accounts receivable | $2,748 | $4,876 |
Common stock, no par value | ' | ' |
Authorized common shares | 500,000,000 | 500,000,000 |
Common stock, shares issued | 138,626,480 | 141,007,461 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | $552,876 | $498,729 | $1,002,259 | $1,068,457 |
Expenses: | ' | ' | ' | ' |
Direct operating | 306,391 | 261,798 | 545,264 | 568,243 |
Distribution and marketing | 152,877 | 145,502 | 250,198 | 316,962 |
General and administration | 61,489 | 63,773 | 125,568 | 120,543 |
Depreciation and amortization | 1,631 | 1,611 | 2,977 | 3,236 |
Total expenses | 522,388 | 472,684 | 924,007 | 1,008,984 |
Operating income | 30,488 | 26,045 | 78,252 | 59,473 |
Interest expense | ' | ' | ' | ' |
Cash interest | 9,537 | 11,925 | 18,979 | 28,198 |
Amortization of debt discount and deferred financing costs | 3,534 | 4,247 | 7,064 | 8,788 |
Total interest expense | 13,071 | 16,172 | 26,043 | 36,986 |
Interest and other income | -547 | -1,483 | -1,565 | -2,979 |
Loss on extinguishment of debt | 586 | 36,187 | 586 | 36,653 |
Total other expenses, net | 13,110 | 50,876 | 25,064 | 70,660 |
Income (loss) before equity interests and income taxes | 17,378 | -24,831 | 53,188 | -11,187 |
Equity interests income | 8,245 | 6,502 | 26,455 | 14,479 |
Income (loss) before income taxes | 25,623 | -18,329 | 79,643 | 3,292 |
Income tax provision (benefit) | 4,842 | -18,834 | 15,601 | -10,830 |
Net income | $20,781 | $505 | $64,042 | $14,122 |
Basic net income per common share | $0.15 | $0 | $0.46 | $0.10 |
Diluted net income per common share | $0.15 | $0 | $0.44 | $0.10 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic | 137,380 | 137,147 | 137,942 | 136,671 |
Diluted | 146,667 | 140,681 | 151,788 | 139,870 |
Dividends declared per common share | $0.07 | $0 | $0.12 | $0 |
Unaudited_Condensed_Consolidat3
Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $20,781 | $505 | $64,042 | $14,122 |
Foreign currency translation adjustments | -3,275 | 3,038 | -1,793 | 3,587 |
Net unrealized gain (loss) on foreign exchange contracts, net of tax | 1,227 | -320 | 416 | -656 |
Comprehensive income | $18,733 | $3,223 | $62,665 | $17,053 |
Unaudited_Condensed_Consolidat4
Unaudited Condensed Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Shares [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | ||||
Beginning balance at Mar. 31, 2014 | $584,538 | $743,788 | ($157,875) | ($1,375) |
Beginning balance, shares at Mar. 31, 2014 | ' | 141,007,461 | ' | ' |
Exercise of stock options | 1,866 | 1,866 | ' | ' |
Exercise of stock options, shares | ' | 128,695 | ' | ' |
Share-based compensation, net of withholding tax obligations of $12,136 | 26,920 | 26,920 | ' | ' |
Share-based compensation, net of withholding tax obligations of $12,136, shares | ' | 519,006 | ' | ' |
Conversion of October 2004 2.9375% Notes and April 2009 3.625% Notes | 11,280 | 11,280 | ' | ' |
Conversion of October 2004 2.9375% Notes and April 2009 3.625% Notes, shares | ' | 1,379,029 | ' | ' |
Issuance of common shares to directors for services | 276 | 276 | ' | ' |
Issuance of common shares to directors for services, shares | ' | 10,646 | ' | ' |
Repurchase of common shares, no par value | -118,065 | -118,065 | ' | ' |
Repurchase of common shares, no par value, shares | ' | -4,418,357 | ' | ' |
Dividends declared | -16,468 | -16,468 | ' | ' |
Excess tax benefits on equity-based compensation awards | 1,150 | 1,150 | ' | ' |
Net income | 64,042 | ' | 64,042 | ' |
Foreign currency translation adjustments | -1,793 | ' | ' | -1,793 |
Net unrealized gain on foreign exchange contracts, net of tax | 416 | ' | ' | 416 |
Ending balance at Sep. 30, 2014 | $554,162 | $650,747 | ($93,833) | ($2,752) |
Ending balance, shares at Sep. 30, 2014 | ' | 138,626,480 | ' | ' |
Unaudited_Condensed_Consolidat5
Unaudited Condensed Consolidated Statement of Shareholders' Equity (Parenthetical) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Withholding tax obligations for share-based compensation | $12,136 |
Convertible Senior Subordinated Notes [Member] | October 2004 Notes [Member] | ' |
Coupon rate | 2.94% |
Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member] | ' |
Coupon rate | 3.63% |
Unaudited_Condensed_Consolidat6
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities: | ' | ' |
Net income | $64,042 | $14,122 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 2,977 | 3,236 |
Amortization of films and television programs | 359,092 | 376,500 |
Amortization of debt discount and deferred financing costs | 7,064 | 8,788 |
Non-cash share-based compensation | 33,549 | 28,182 |
Distribution from equity method investee | 7,788 | 9,849 |
Loss on extinguishment of debt | 586 | 36,653 |
Equity interests income | -26,455 | -14,479 |
Deferred income taxes | 9,316 | -9,981 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash | 1,390 | 2,554 |
Accounts receivable, net | 83,594 | 95,280 |
Investment in films and television programs | -639,019 | -338,296 |
Other assets | -896 | -9,197 |
Accounts payable and accrued liabilities | -78,990 | -77,493 |
Participations and residuals | 22,570 | 3,358 |
Film obligations | -38,913 | -33,402 |
Deferred revenue | -15,632 | 14,897 |
Net Cash Flows Provided By (Used In) Operating Activities | -207,937 | 110,571 |
Investing Activities: | ' | ' |
Proceeds from the sale of equity method investees | 14,575 | 9,000 |
Investment in equity method investees | -12,650 | -3,750 |
Distributions from equity method investee in excess of earnings | 0 | 4,169 |
Other investments | -2,000 | 0 |
Repayment of loans receivable | 0 | 3,000 |
Purchases of property and equipment | -4,495 | -3,395 |
Net Cash Flows Provided By (Used In) Investing Activities | -4,570 | 9,024 |
Financing Activities: | ' | ' |
Senior revolving credit facility - borrowings | 367,500 | 428,100 |
Senior revolving credit facility - repayments | -325,619 | -481,100 |
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $4,694 in 2013 | 0 | 442,806 |
10.25% Senior Notes - repurchases and redemptions | 0 | -470,584 |
Convertible senior subordinated notes - borrowings | 0 | 60,000 |
Convertible senior subordinated notes - repurchases | -16 | 0 |
Production loans - borrowings | 385,706 | 169,427 |
Production loans - repayments | -65,435 | -196,098 |
Pennsylvania Regional Center credit facility - repayments | 0 | -65,000 |
Repurchase of common shares | -126,404 | 0 |
Dividends paid | -13,946 | 0 |
Excess tax benefits on equity-based compensation awards | 1,150 | 0 |
Exercise of stock options | 1,663 | 9,120 |
Tax withholding required on equity awards | -12,136 | -11,257 |
Net Cash Flows Provided By (Used In) Financing Activities | 212,463 | -114,586 |
Net Change In Cash And Cash Equivalents | -44 | 5,009 |
Foreign Exchange Effects on Cash | 621 | -160 |
Cash and Cash Equivalents - Beginning Of Period | 25,692 | 62,363 |
Cash and Cash Equivalents - End Of Period | $26,269 | $67,212 |
Unaudited_Condensed_Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows (Parenthetical) (5.25% Senior Notes and Term Loan [Member], USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Deferred financing costs | $0 | $4,694 |
General
General | 6 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General | ' |
General | |
Nature of Operations | |
Lions Gate Entertainment Corp. (the “Company,” “Lionsgate,” “we,” “us” or “our”) is a leading global entertainment company with a strong and diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, family entertainment, digital distribution, new channel platforms and international distribution and sales. | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements include the accounts of Lionsgate and all of its majority-owned and controlled subsidiaries. | |
The unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to quarterly report on Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Operating results for the three and six months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2015. The balance sheet at March 31, 2014 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read together with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2014. | |
Certain amounts presented in prior years have been reclassified to conform to the current year’s presentation. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the financial statements relate to ultimate revenue and costs for investment in films and television programs; estimates of sales returns and other allowances and provisions for doubtful accounts; fair value of equity-based compensation; fair value of assets and liabilities for allocation of the purchase price of companies acquired; income taxes and accruals for contingent liabilities; and impairment assessments for investment in films and television programs, property and equipment, equity investments, goodwill and intangible assets. Actual results could differ from such estimates. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued an accounting standard update relating to the recognition of revenue from contracts with customers, which will supersede most current U.S. GAAP revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The guidance will be effective for the Company's fiscal year beginning April 1, 2017, and can be applied either retrospectively or under a cumulative-effect transition method. The Company is currently evaluating the impact that the adoption of this new guidance will have on its consolidated financial statements. |
Investment_In_Films_And_Televi
Investment In Films And Television Programs | 6 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Investment In Films And Television Programs [Abstract] | ' | ||||||||||||||
Investment In Films And Television Programs | ' | ||||||||||||||
Investment in Films and Television Programs | |||||||||||||||
September 30, | March 31, | ||||||||||||||
2014 | 2014 | ||||||||||||||
(Amounts in thousands) | |||||||||||||||
Motion Pictures Segment - Theatrical and Non-Theatrical Films | |||||||||||||||
Released, net of accumulated amortization | $ | 431,650 | $ | 509,831 | |||||||||||
Acquired libraries, net of accumulated amortization | 11,366 | 14,329 | |||||||||||||
Completed and not released | 79,147 | 50,785 | |||||||||||||
In progress | 623,237 | 351,047 | |||||||||||||
In development | 28,683 | 22,336 | |||||||||||||
Product inventory | 25,138 | 31,248 | |||||||||||||
1,199,221 | 979,576 | ||||||||||||||
Television Production Segment - Direct-to-Television Programs | |||||||||||||||
Released, net of accumulated amortization | 235,416 | 212,929 | |||||||||||||
In progress | 112,859 | 76,459 | |||||||||||||
In development | 5,546 | 5,609 | |||||||||||||
353,821 | 294,997 | ||||||||||||||
$ | 1,553,042 | $ | 1,274,573 | ||||||||||||
The following table sets forth acquired libraries that represent titles released three years prior to the date of acquisition. These libraries are being amortized over their expected revenue stream from the acquisition date over a period up to 20 years: | |||||||||||||||
Total | Remaining | Unamortized Costs | |||||||||||||
Amortization | Amortization | ||||||||||||||
Acquired Library | Acquisition Date | Period | Period | September 30, | March 31, | ||||||||||
2014 | 2014 | ||||||||||||||
(In years) | (Amounts in thousands) | ||||||||||||||
Artisan Entertainment | December 2003 | 20 | 9.25 | $ | 8,143 | $ | 10,236 | ||||||||
Summit Entertainment | Jan-12 | 20 | 17.25 | 3,223 | 4,093 | ||||||||||
Total acquired libraries | $ | 11,366 | $ | 14,329 | |||||||||||
The Company expects approximately 46% of completed films and television programs, net of accumulated amortization, will be amortized during the one-year period ending September 30, 2015. Additionally, the Company expects approximately 81% of completed and released films and television programs, net of accumulated amortization and excluding acquired libraries, will be amortized during the three-year period ending September 30, 2017. |
Equity_Method_Investments
Equity Method Investments | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Equity Method Investments | ' | |||||||||||||||
Equity Method Investments | ||||||||||||||||
The carrying amount of significant equity method investments at September 30, 2014 and March 31, 2014 were as follows: | ||||||||||||||||
September 30, | ||||||||||||||||
2014 | ||||||||||||||||
Equity Method Investee | Ownership | September 30, | March 31, | |||||||||||||
Percentage | 2014 | 2014 | ||||||||||||||
(Amounts in thousands) | ||||||||||||||||
EPIX | 31.20% | $ | 87,201 | $ | 78,758 | |||||||||||
TVGN | 50.00% | 93,249 | 86,298 | |||||||||||||
Other equity method investments (1) | Various | 18,230 | 16,885 | |||||||||||||
$ | 198,680 | $ | 181,941 | |||||||||||||
Equity interests in equity method investments for the three and six months ended September 30, 2014 and 2013 were as follows (income (loss)): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Equity Method Investee | 2014 | 2013 | 2014 | 2013 | ||||||||||||
(Amounts in thousands) | ||||||||||||||||
EPIX | $ | 7,724 | $ | 8,881 | $ | 16,232 | $ | 15,622 | ||||||||
TVGN | (1,323 | ) | (807 | ) | (3,548 | ) | 2,057 | |||||||||
Other equity method investments (1) | 1,844 | (1,572 | ) | 13,771 | (3,200 | ) | ||||||||||
$ | 8,245 | $ | 6,502 | $ | 26,455 | $ | 14,479 | |||||||||
_________________________ | ||||||||||||||||
(1)The Company records its share of the net income or loss of other equity method investments on a one quarter lag and, accordingly, during the three and six months ended September 30, 2014 and 2013, the Company recorded its share of the income or loss generated by these entities for the three and six months ended June 30, 2014 and 2013, respectively. On April 14, 2014, the Company sold all of its 34.5% interest in FEARnet. The sales price was approximately $14.6 million. The Company has recorded a gain on the sale of $11.4 million within equity interest income in the six months ended September 30, 2014. As a result of this transaction, the Company's equity interest in FEARnet was reduced to zero as of June 30, 2014. | ||||||||||||||||
The Company licenses certain of its theatrical releases and other films and television programs to EPIX and TVGN. A portion of the profits of these licenses reflecting the Company's ownership share in the venture are eliminated through an adjustment to the equity interest income (loss) of the venture. These profits are recognized as they are realized by the equity method investee through the amortization of the related asset, recorded on the equity method investee's balance sheet, over the license period. | ||||||||||||||||
Distributions from equity method investees are recorded as a reduction of the Company's investment. Distributions received up to the Company's interest in the investee's retained earnings are considered returns on investments and are classified within cash flows from operating activities in the statement of cash flows. Distributions from equity method investments in excess of the Company's interest in the investee's retained earnings are considered returns of investments and are classified within cash flows provided by investing activities in the statement of cash flows. | ||||||||||||||||
EPIX. In April 2008, the Company formed a joint venture with Viacom, its Paramount Pictures unit and Metro-Goldwyn-Mayer Studios to create a premium television channel and subscription video-on-demand service named “EPIX”. The Company invested $80.4 million through September 30, 2010, and no additional amounts have been funded since. During the three and six months ended September 30, 2014, the Company received distributions from EPIX of $1.6 million and $7.8 million, respectively. During the three and six months ended September 30, 2013, the Company received distributions from EPIX of nil and $14.0 million, respectively. | ||||||||||||||||
EPIX Financial Information: | ||||||||||||||||
The following table presents summarized balance sheet data as of September 30, 2014 and March 31, 2014 for EPIX: | ||||||||||||||||
September 30, | March 31, | |||||||||||||||
2014 | 2014 | |||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Current assets | $ | 162,117 | $ | 184,471 | ||||||||||||
Non-current assets | $ | 283,163 | $ | 247,231 | ||||||||||||
Current liabilities | $ | 107,527 | $ | 126,217 | ||||||||||||
Non-current liabilities | $ | 11,338 | $ | 9,459 | ||||||||||||
The following table presents the summarized statement of operations for the three and six months ended September 30, 2014 and 2013 for EPIX and a reconciliation of the net income reported by EPIX to equity interest income recorded by the Company: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Revenues | $ | 95,851 | $ | 87,033 | $ | 187,300 | $ | 172,230 | ||||||||
Expenses: | ||||||||||||||||
Operating expenses | 61,959 | 59,144 | 119,466 | 121,286 | ||||||||||||
Selling, general and administrative expenses | 5,886 | 5,633 | 11,640 | 11,263 | ||||||||||||
Operating income | 28,006 | 22,256 | 56,194 | 39,681 | ||||||||||||
Interest and other income (expense) | (338 | ) | (268 | ) | (731 | ) | 162 | |||||||||
Net income | $ | 27,668 | $ | 21,988 | $ | 55,463 | $ | 39,843 | ||||||||
Reconciliation of net income reported by EPIX to equity interest income: | ||||||||||||||||
Net income reported by EPIX | $ | 27,668 | $ | 21,988 | $ | 55,463 | $ | 39,843 | ||||||||
Ownership interest in EPIX | 31.15 | % | 31.15 | % | 31.15 | % | 31.15 | % | ||||||||
The Company's share of net income | 8,619 | 6,849 | 17,277 | 12,411 | ||||||||||||
Eliminations of the Company’s share of profits on licensing sales to EPIX (1) | (3,204 | ) | (2,099 | ) | (5,071 | ) | (5,620 | ) | ||||||||
Realization of the Company’s share of profits on licensing sales to EPIX (2) | 2,309 | 4,131 | 4,026 | 8,831 | ||||||||||||
Total equity interest income recorded | $ | 7,724 | $ | 8,881 | $ | 16,232 | $ | 15,622 | ||||||||
__________________ | ||||||||||||||||
-1 | Represents the elimination of the gross profit recognized by the Company on licensing sales to EPIX in proportion to the Company's ownership interest in EPIX. The table below sets forth the revenues and gross profits recognized by the Company and the calculation of the profit eliminated for the three and six months ended September 30, 2014 and 2013: | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Revenue recognized on licensing sales to EPIX | $ | 18,995 | $ | 8,329 | $ | 25,931 | $ | 23,133 | ||||||||
Gross profit on licensing sales to EPIX | $ | 10,285 | $ | 6,738 | $ | 16,280 | $ | 18,042 | ||||||||
Ownership interest in EPIX | 31.15 | % | 31.15 | % | 31.15 | % | 31.15 | % | ||||||||
Elimination of the Company's share of profits on licensing sales to EPIX | $ | 3,204 | $ | 2,099 | $ | 5,071 | $ | 5,620 | ||||||||
-2 | Represents the realization of a portion of the profits previously eliminated. This profit remains eliminated until realized by EPIX. EPIX initially records the license fee for the title as inventory on its balance sheet and amortizes the inventory over the license period. Accordingly, the profit is realized as the inventory on EPIX's books is amortized. | |||||||||||||||
TVGN. The Company’s investment interest in TVGN consists of an equity investment in its common stock units and mandatorily redeemable preferred stock units. The Company has determined that it is not the primary beneficiary of TVGN because the power to direct the activities that most significantly impact the economic performance of TVGN is shared with the other 50% owner of TVGN. Accordingly, the Company's interest in TVGN is being accounted for under the equity method of accounting. During the three and six months ended September 30, 2014, the Company contributed to TVGN $3.0 million and $10.5 million, respectively. | ||||||||||||||||
The mandatorily redeemable preferred stock units carry a dividend rate of 10% compounded annually and are mandatorily redeemable in May 2019 at the stated value plus the dividend return and any additional capital contributions less previous distributions. The mandatorily redeemable preferred stock units were initially recorded based on their estimated fair value, as determined using an option pricing model. The mandatorily redeemable preferred stock units and the 10% dividend are being accreted up to their redemption amount over the ten-year period to the redemption date, which is recorded as income within equity interest. | ||||||||||||||||
TVGN Financial Information: | ||||||||||||||||
The following table presents summarized balance sheet data as of September 30, 2014 and March 31, 2014 for TVGN: | ||||||||||||||||
September 30, | March 31, | |||||||||||||||
2014 | 2014 | |||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Current assets | $ | 33,840 | $ | 27,150 | ||||||||||||
Non-current assets | $ | 191,654 | $ | 196,011 | ||||||||||||
Current liabilities | $ | 27,973 | $ | 30,653 | ||||||||||||
Non-current liabilities | $ | 7,885 | $ | 12,334 | ||||||||||||
Redeemable preferred stock | $ | 364,601 | $ | 325,204 | ||||||||||||
The following table presents the summarized statement of operations for the three and six months ended September 30, 2014 and 2013 for TVGN and a reconciliation of the net loss reported by TVGN to equity interest income (loss) recorded by the Company: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Revenues | $ | 19,738 | $ | 18,173 | $ | 38,566 | $ | 34,965 | ||||||||
Expenses: | ||||||||||||||||
Cost of services | 9,803 | 6,757 | 18,293 | 14,003 | ||||||||||||
Selling, marketing, and general and administration | 10,122 | 10,749 | 22,593 | 20,477 | ||||||||||||
Depreciation and amortization | 1,941 | 1,986 | 3,938 | 3,994 | ||||||||||||
Operating loss | (2,128 | ) | (1,319 | ) | (6,258 | ) | (3,509 | ) | ||||||||
Other income | 252 | (14 | ) | 362 | (1,390 | ) | ||||||||||
Interest expense, net | 181 | 335 | 391 | 682 | ||||||||||||
Accretion of redeemable preferred stock units (1) | 11,968 | 9,843 | 22,900 | 19,151 | ||||||||||||
Total interest expense, net | 12,401 | 10,164 | 23,653 | 18,443 | ||||||||||||
Loss from continuing operations | $ | (14,529 | ) | $ | (11,483 | ) | $ | (29,911 | ) | $ | (21,952 | ) | ||||
Loss from discontinued operations | — | — | — | (1,114 | ) | |||||||||||
Net loss | $ | (14,529 | ) | $ | (11,483 | ) | $ | (29,911 | ) | $ | (23,066 | ) | ||||
Reconciliation of net loss reported by TVGN to equity interest loss: | ||||||||||||||||
Net loss reported by TVGN | $ | (14,529 | ) | $ | (11,483 | ) | $ | (29,911 | ) | $ | (23,066 | ) | ||||
Ownership interest in TVGN | 50 | % | 50 | % | 50 | % | 50 | % | ||||||||
The Company's share of net loss | (7,265 | ) | (5,742 | ) | (14,956 | ) | (11,533 | ) | ||||||||
Gain on sale of the Company's 50% share of TVGuide.com (2) | — | — | — | 3,960 | ||||||||||||
Accretion of dividend and interest income on redeemable preferred stock units (1) | 5,984 | 4,923 | 11,450 | 9,576 | ||||||||||||
Elimination of the Company's share of profits on licensing sales to TVGN | (367 | ) | — | (367 | ) | — | ||||||||||
Realization of the Company’s share of profits on licensing sales to TVGN | 325 | 12 | 325 | 54 | ||||||||||||
Total equity interest income (loss) recorded | $ | (1,323 | ) | $ | (807 | ) | $ | (3,548 | ) | $ | 2,057 | |||||
___________________ | ||||||||||||||||
-1 | Accretion of mandatorily redeemable preferred stock units represents TVGN’s 10% dividend and the amortization of discount on its mandatorily redeemable preferred stock units held by the Company and the other interest holder. The Company recorded its share of this expense as income from the accretion of dividend and discount on mandatorily redeemable preferred stock units within equity interest income (loss). | |||||||||||||||
-2 | Represents the gain on the May 31, 2013 sale of the Company's 50% interest in TVGuide.com. As a result of the sale, TVGuide.com is considered a discontinued operation by TVGN, and accordingly, the revenues and expenses of TVGuide.com prior to the transaction for all periods presented, are reflected net within the discontinued operations section of the summarized statement of operations for TVGN. | |||||||||||||||
Other Equity Method Investments | ||||||||||||||||
Break Media and Defy Media (together the "Defy Media Group"). Break Media was a multi-platform digital media company and a leader in male-targeted content creation and distribution. In May 2013, the Company contributed $0.8 million to Break Media and combined with the losses recorded for the nine months ended December 31, 2013, reduced the investment in Break Media to zero as of December 31, 2013. In October 2013, the assets of Break Media were merged with Alloy Digital, a multi-platform digital media company with a strong presence in the youth market, to create a newly formed company, Defy Media. Lions Gate invested $10 million in Defy Media in exchange for certain preferred units, representing an interest in Defy Media of approximately 3.5%. The Company's effective economic interest in Defy Media through its investment in Break Media and its direct investment in Defy Media is approximately 16.1%. The Company is accounting for its investment in Defy Media, a limited liability company, under the equity method of accounting due to the Company's board representation that provides significant influence over the investee. | ||||||||||||||||
Roadside Attractions. Roadside Attractions is an independent theatrical distribution company. The Company owns a 43.0% interest in Roadside Attractions. | ||||||||||||||||
Pantelion Films. Pantelion Films is a joint venture with Videocine, an affiliate of Televisa, which produces, acquires and distributes a slate of English and Spanish language feature films that target Hispanic moviegoers in the U.S. The Company owns a 49.0% interest in Pantelion Films. | ||||||||||||||||
MovieFriends. MovieFriends is a theatrical movie discovery service. The Company made an initial investment of $2.2 million in MovieFriends during the three months ended June 30, 2014. The Company owns a 12.3% interest in MovieFriends. The Company is accounting for its investment in MovieFriends, a limited liability company, under the equity method of accounting due to the Company's board representation that provides significant influence over the investee. |
Other_Assets
Other Assets | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Assets, Unclassified [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other Assets | ||||||||
The composition of the Company’s other assets is as follows as of September 30, 2014 and March 31, 2014: | ||||||||
September 30, | March 31, | |||||||
2014 | 2014 | |||||||
(Amounts in thousands) | ||||||||
Deferred financing costs, net of accumulated amortization | $ | 31,048 | $ | 34,722 | ||||
Prepaid expenses and other | 37,470 | 33,347 | ||||||
Finite-lived intangible assets | 2,092 | 2,998 | ||||||
$ | 70,610 | $ | 71,067 | |||||
Deferred Financing Costs. Deferred financing costs primarily include costs incurred in connection with the Company's various debt issuances (see Note 5). | ||||||||
Prepaid Expenses and Other. Prepaid expenses and other primarily include prepaid expenses, security deposits, and other investments. | ||||||||
Finite-lived Intangible Assets. Finite-lived intangibles consist primarily of sales agency relationships and trademarks. |
Corporate_Debt
Corporate Debt | 6 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Corporate Debt | ' | ||||||||||||||||||||||||||||||||
Corporate Debt | |||||||||||||||||||||||||||||||||
The total carrying values of corporate debt of the Company, excluding film obligations and production loans, were as follows as of September 30, 2014 and March 31, 2014: | |||||||||||||||||||||||||||||||||
September 30, 2014 | March 31, 2014 | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||
Senior revolving credit facility | $ | 139,500 | $ | 97,619 | |||||||||||||||||||||||||||||
5.25% Senior Notes | 225,000 | 225,000 | |||||||||||||||||||||||||||||||
Term Loan, net of unamortized discount of $2,068 (March 31, 2014 - $2,247) | 222,932 | 222,753 | |||||||||||||||||||||||||||||||
Convertible senior subordinated notes, net of unamortized discount of $6,540 (March 31, 2014 - $10,397) | 124,279 | 131,788 | |||||||||||||||||||||||||||||||
$ | 711,711 | $ | 677,160 | ||||||||||||||||||||||||||||||
The following table sets forth future annual contractual principal payment commitments of corporate debt as of September 30, 2014: | |||||||||||||||||||||||||||||||||
Conversion Price Per Share at September 30, 2014 | Maturity Date or Next Holder Redemption Date (1) | Year Ended March 31, | |||||||||||||||||||||||||||||||
Debt Type | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||
Senior revolving credit facility | N/A | Sep-17 | $ | — | $ | — | $ | — | $ | 139,500 | $ | — | $ | — | $ | 139,500 | |||||||||||||||||
5.25% Senior Notes | N/A | Aug-18 | — | — | — | — | 225,000 | — | 225,000 | ||||||||||||||||||||||||
Term Loan | N/A | Jul-20 | — | — | — | — | — | 225,000 | 225,000 | ||||||||||||||||||||||||
Principal amounts of convertible senior subordinated notes: | |||||||||||||||||||||||||||||||||
April 2009 3.625% Notes | $8.19 | Mar-15 | 28,969 | — | — | — | — | — | 28,969 | ||||||||||||||||||||||||
January 2012 4.00% Notes | $10.42 | Jan-17 | — | — | 41,850 | — | — | — | 41,850 | ||||||||||||||||||||||||
April 2013 1.25% Notes | $29.78 | Apr-18 | — | — | — | — | 60,000 | — | 60,000 | ||||||||||||||||||||||||
$ | 28,969 | $ | — | $ | 41,850 | $ | 139,500 | $ | 285,000 | $ | 225,000 | 720,319 | |||||||||||||||||||||
Less aggregate unamortized discount | (8,608 | ) | |||||||||||||||||||||||||||||||
$ | 711,711 | ||||||||||||||||||||||||||||||||
-1 | The future repayment dates of the convertible senior subordinated notes represent the next redemption date by holders for each series of notes respectively, as described below. | ||||||||||||||||||||||||||||||||
Senior Revolving Credit Facility | |||||||||||||||||||||||||||||||||
Availability of Funds. At September 30, 2014, there was $660.4 million available (March 31, 2014 — $702.3 million) under the senior revolving credit facility. The senior revolving credit facility provides for borrowings and letters of credit up to an aggregate of $800 million. The availability of funds is limited by a borrowing base and also reduced by outstanding letters of credit which amounted to less than $0.1 million at September 30, 2014 (March 31, 2014 — $0.1 million). | |||||||||||||||||||||||||||||||||
Maturity Date. The senior revolving credit facility expires September 27, 2017. | |||||||||||||||||||||||||||||||||
Interest. Interest is payable at an alternative base rate, as defined, plus 1.5%, or LIBOR plus 2.5% as designated by the Company. As of September 30, 2014, the senior revolving credit facility bore interest of 2.5% over the LIBOR rate (effective interest rate of 2.65% and 2.65% on borrowings outstanding as of September 30, 2014 and March 31, 2014, respectively). | |||||||||||||||||||||||||||||||||
Commitment Fee. The Company is required to pay a quarterly commitment fee of 0.375% to 0.5% per annum, depending on the average balance of borrowings outstanding during the period, on the total senior revolving credit facility of $800 million less the amount drawn. | |||||||||||||||||||||||||||||||||
Security. Obligations under the senior revolving credit facility are secured by collateral (as defined in the credit agreement) granted by the Company and certain subsidiaries of the Company, as well as a pledge of equity interests in certain of the Company’s subsidiaries. | |||||||||||||||||||||||||||||||||
Covenants. The senior revolving credit facility contains a number of covenants that, among other things, require the Company to satisfy certain financial covenants and restrict the ability of the Company to incur additional debt, pay dividends, make certain investments and acquisitions, repurchase its stock, prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of its business, enter into sale-leaseback transactions, transfer and sell material assets and merge or consolidate. As of September 30, 2014, the Company was in compliance with all applicable covenants. | |||||||||||||||||||||||||||||||||
Change in Control. Under the senior revolving credit facility, the Company may also be subject to an event of default upon a change in control (as defined in the credit agreement) which, among other things, includes a person or group acquiring ownership or control in excess of 50% of the Company’s common shares. | |||||||||||||||||||||||||||||||||
5.25% Senior Notes and Term Loan | |||||||||||||||||||||||||||||||||
In July 2013, contemporaneous with the redemption of the 10.25% Senior Secured Second-Priority Notes (the "10.25% Senior Notes") discussed below, Lions Gate Entertainment Corp. issued $225.0 million aggregate principal amount of 5.25% Senior Secured Second-Priority Notes (the "5.25% Senior Notes"), and entered into a seven-year term loan (the "Term Loan"), for an aggregate amount of $222.5 million, net of an original issue discount of $2.5 million (collectively, the "New Issuances"). Transaction costs of $4.2 million relating to these borrowings were capitalized as deferred financing costs and are being amortized to interest expense using the effective interest method over the terms of the respective borrowings. Transaction costs of $2.6 million relating to the portion of these borrowings deemed to be a modification of terms with creditors participating in both the New Issuances and the 10.25% Senior Notes redemption were expensed as an early extinguishment of debt in the quarter ended September 30, 2013. | |||||||||||||||||||||||||||||||||
Interest: | |||||||||||||||||||||||||||||||||
(i) | 5.25% Senior Notes: Interest is payable semi-annually on February 1 and August 1 of each year at a rate of 5.25% per year, and commenced on February 1, 2014. | ||||||||||||||||||||||||||||||||
(ii) | Term Loan: Bears interest by reference to a base rate or the LIBOR rate, plus an applicable margin of 3.00% or 4.00%, respectively. The base rate is subject to a floor of 2.00%, and the LIBOR rate is subject to a floor of 1.00%. In the case of LIBOR loans, interest is paid according to the respective LIBOR maturity, and in the case of base rate loans, interest is paid quarterly on the last business day of the quarter. The effective interest rate on borrowings outstanding as of September 30, 2014 was approximately 5.00% (March 31, 2014 - 5.00%). | ||||||||||||||||||||||||||||||||
Maturity: | |||||||||||||||||||||||||||||||||
(i) | 5.25% Senior Notes: August 1, 2018 | ||||||||||||||||||||||||||||||||
(ii) | Term Loan: July 19, 2020 | ||||||||||||||||||||||||||||||||
Guarantees. The respective borrowings are guaranteed by all of the restricted subsidiaries of the Company that guarantee any material indebtedness of the Company or any other guarantor, subject, in the case of certain special purpose producers, to receipt of certain consents. | |||||||||||||||||||||||||||||||||
Security Interest and Ranking. The respective borrowings and the guarantees are secured by second-priority liens on substantially all of the Company’s and the guarantors’ tangible and intangible personal property, subject to certain exceptions and permitted liens. The 5.25% Senior Notes rank equally in right of payment with all of the Company’s existing and future debt that is not subordinated in right of payment to the 5.25% Senior Notes and Term Loan, including the Company’s existing convertible senior subordinated notes. The respective borrowings are structurally subordinated to all existing and future liabilities (including trade payables) of the subsidiaries that do not guarantee the 5.25% Senior Notes and Term Loan. | |||||||||||||||||||||||||||||||||
Optional Redemption or Prepayment: | |||||||||||||||||||||||||||||||||
(i) | 5.25% Senior Notes: Redeemable by the Company, in whole or in part, at a price equal to 100% of the principal amount, plus the Applicable Premium, as defined in the indenture governing the 5.25% Senior Notes, plus accrued and unpaid interest, if any, to the date of redemption. The Applicable Premium amounts to the greater of (i) 1.0% of the principal amount redeemed and (ii) the excess of the present value of the principal amount of the notes redeemed plus interest through the maturity date over the principal amount of the notes redeemed on the redemption date. | ||||||||||||||||||||||||||||||||
(ii) | Term Loan: The Company may voluntarily prepay at any time, provided that if prepaid (i) on or before July 19, 2015, the Company shall pay to the lenders a prepayment premium of 2.0% on the principal amount prepaid; (ii) after July 19, 2015 and on or before July 19, 2016, the Company shall pay to the lenders a prepayment premium of 1.0% on the principal amount prepaid; and (iii) after July 19, 2016, no prepayment premium shall be payable. | ||||||||||||||||||||||||||||||||
Change of Control. The occurrence of a change of control will be a triggering event requiring the Company to offer to purchase from holders some or all of the 5.25% Senior Notes, or prepay some or all of the Term Loan, at a price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase or prepayment. In addition, certain asset dispositions will be triggering events that may require the Company to use the excess proceeds from such dispositions to make an offer to purchase the 5.25% Senior Notes, or prepay the Term Loan, at 100% of their principal amount, plus accrued and unpaid interest, if any to the date of purchase or prepayment. | |||||||||||||||||||||||||||||||||
Covenants. The 5.25% Senior Notes and Term Loan contain certain restrictions and covenants that, subject to certain exceptions, limit the Company’s ability to incur additional indebtedness, pay dividends or repurchase the Company’s common shares, make certain loans or investments, and sell or otherwise dispose of certain assets subject to certain conditions, among other limitations. As of September 30, 2014, the Company was in compliance with all applicable covenants. | |||||||||||||||||||||||||||||||||
10.25% Senior Notes | |||||||||||||||||||||||||||||||||
In June 2013, Lions Gate Entertainment, Inc. ("LGEI"), the Company's wholly-owned subsidiary, paid $4.3 million to repurchase $4.0 million of aggregate principal amount (carrying value - $4.0 million) of the 10.25% Senior Notes. The Company recorded a loss on extinguishment in the quarter ended June 30, 2013 of $0.5 million, which included $0.2 million of deferred financing costs written off. | |||||||||||||||||||||||||||||||||
In July 2013, the Company called for early redemption of the $432.0 million remaining outstanding principal amount of the 10.25% Senior Notes. The 10.25% Senior Notes were due November 1, 2016, but were redeemable by the Company at any time prior to November 1, 2013 at a redemption price of 100% of the principal amount plus the Applicable Premium, as defined in the indenture, and accrued and unpaid interest to the date of redemption. In July 2013, the proceeds from the issuance of the 5.25% Senior Notes and the Term Loan discussed above, whose principal amount collectively totaled $450.0 million, together with cash on hand and borrowings under the Company's senior revolving credit facility, were used to fund the discharge of the 10.25% Senior Notes. In conjunction with the early redemption of the 10.25% Senior Notes, the Company paid $34.3 million, representing the present value of interest through the first call date of November 1, 2013 and related call premium pursuant to the terms of the indenture governing the 10.25% Senior Notes. This, along with $19.8 million of deferred financing costs and unamortized debt discount related to the redeemed notes, will be amortized over the life of the New Issuances to the extent deemed to be a modification of terms with creditors participating in both the New Issuances and the 10.25% Senior Notes redemption. The remaining amount of those costs plus certain New Issuance costs (as discussed above) amounting to $35.9 million in aggregate was expensed as an early extinguishment of debt in the quarter ended September 30, 2013. | |||||||||||||||||||||||||||||||||
Convertible Senior Subordinated Notes | |||||||||||||||||||||||||||||||||
Outstanding Amount. The following table sets forth the convertible senior subordinated notes outstanding at September 30, 2014 and March 31, 2014: | |||||||||||||||||||||||||||||||||
Conversion Price Per Share as of September 30, 2014 | September 30, 2014 | March 31, 2014 | |||||||||||||||||||||||||||||||
Principal | Unamortized | Net Carrying | Principal | Unamortized | Net Carrying | ||||||||||||||||||||||||||||
Discount | Amount | Discount | Amount | ||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||
Convertible Senior Subordinated Notes | |||||||||||||||||||||||||||||||||
October 2004 2.9375% Notes (1) | N/A | $ | — | $ | — | $ | — | $ | 115 | $ | — | $ | 115 | ||||||||||||||||||||
April 2009 3.625% Notes (1) | $8.19 | 28,969 | (1,676 | ) | 27,293 | 40,220 | (4,605 | ) | 35,615 | ||||||||||||||||||||||||
January 2012 4.00% Notes (1) | $10.42 | 41,850 | (4,864 | ) | 36,986 | 41,850 | (5,792 | ) | 36,058 | ||||||||||||||||||||||||
April 2013 1.25% Notes (2) | $29.78 | 60,000 | — | 60,000 | 60,000 | — | 60,000 | ||||||||||||||||||||||||||
$ | 130,819 | $ | (6,540 | ) | $ | 124,279 | $ | 142,185 | $ | (10,397 | ) | $ | 131,788 | ||||||||||||||||||||
________________ | |||||||||||||||||||||||||||||||||
-1 | The convertible senior subordinated notes provide, with the exception of the 1.25% Convertible Senior Subordinated Notes issued in April 2013 (the "April 2013 1.25% Notes"), at the Company's option, that the conversion of the notes may be settled in cash rather than in the Company's common shares, or a combination of cash and the Company's common shares. Accounting rules require that convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) are recorded by separately accounting for the liability and equity component (i.e., conversion feature), thereby reducing the principal amount with a debt discount that is amortized as interest expense over the expected life of the note using the effective interest method. The effective interest rate on the liability component of the 3.625% Convertible Senior Subordinated Notes issued in April 2009 (the "April 2009 3.625% Notes") is 17.26%, and the effective interest rate on the liability component of the 4.00% Convertible Senior Subordinated Notes issued in January 2012 (the "January 2012 4.00% Notes") is 9.56%. | ||||||||||||||||||||||||||||||||
-2 | The April 2013 1.25% Notes are convertible only into the Company's common shares, and do not carry an option to be settled in cash upon conversion. Accordingly, the April 2013 1.25% Notes have been recorded at their principal amount and are not reduced by a debt discount for the equity component. | ||||||||||||||||||||||||||||||||
Interest Expense. The amount of interest expense recognized for the convertible senior subordinated notes, which includes both the contractual interest coupon and amortization of the discount on the liability component, for the three and six months ended September 30, 2014 and 2013 is presented below. | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||||||||||||
Contractual interest coupon | $ | 956 | $ | 1,194 | $ | 1,929 | $ | 2,390 | |||||||||||||||||||||||||
Amortization of discount on liability component and debt issuance costs | 1,642 | 2,141 | 3,261 | 4,237 | |||||||||||||||||||||||||||||
$ | 2,598 | $ | 3,335 | $ | 5,190 | $ | 6,627 | ||||||||||||||||||||||||||
Convertible Senior Subordinated Notes Conversions | |||||||||||||||||||||||||||||||||
In the six months ended September 30, 2014, $11.2 million of the principal amount of the April 2009 3.625% Notes were converted into common shares at a conversion price of approximately $8.21 per share for an aggregate of 1,370,395 common shares. Additionally, $0.1 million of the principal amount of the October 2004 2.9375% Notes were converted into common shares at a conversion price of approximately $11.46 per share for an aggregate of 8,634 common shares. The Company recorded a loss on extinguishment of debt in the three months ended September 30, 2014 of $0.6 million, representing the excess of the fair value of the liability component of the April 2009 3.625% Notes converted over their carrying values, plus the deferred financing costs written off. | |||||||||||||||||||||||||||||||||
Convertible Senior Subordinated Notes Terms | |||||||||||||||||||||||||||||||||
April 2009 3.625% Notes. In April 2009, LGEI issued approximately $66.6 million of April 2009 3.625% Notes, of which $16.2 million was allocated to the equity component. | |||||||||||||||||||||||||||||||||
Outstanding Amount: As of September 30, 2014, $29.0 million of aggregate principal amount (carrying value — $27.3 million) remains outstanding. | |||||||||||||||||||||||||||||||||
Interest: Interest is payable at 3.625% per annum semi-annually on March 15 and September 15 of each year. | |||||||||||||||||||||||||||||||||
Maturity Date: March 15, 2025. | |||||||||||||||||||||||||||||||||
Redeemable by LGEI: Redeemable by the Company on or after March 15, 2015, in whole or in part, at a price equal to 100% of the principal amount of the April 2009 3.625% Notes to be redeemed, plus accrued and unpaid interest through the date of redemption. | |||||||||||||||||||||||||||||||||
Repurchase Events: The holder may require LGEI to repurchase the April 2009 3.625% Notes on March 15, 2015, 2018 and 2023 or upon a “designated event,” (as defined in the governing indenture), at a price equal to 100% of the principal amount of the April 2009 3.625% Notes to be repurchased plus accrued and unpaid interest. | |||||||||||||||||||||||||||||||||
Conversion Features: Convertible into common shares of the Company at any time before maturity, redemption or repurchase by the Company, at an initial conversion price of approximately $8.25 per share, subject to adjustment in certain circumstances, as specified in the governing indenture (September 30, 2014 - $8.19). Upon conversion, the Company has the option to deliver, in lieu of common shares, cash or a combination of cash and common shares of the Company. | |||||||||||||||||||||||||||||||||
Make Whole Premium: Under certain circumstances, if the holder requires LGEI to repurchase all or a portion of their notes upon a change in control, they will be entitled to receive a make whole premium. The amount of the make whole premium, if any, will be based on the price of the Company’s common shares on the effective date of the change in control. No make whole premium will be paid if the price of the Company’s common shares at such time is less than $5.36 per share or exceeds $50.00 per share. | |||||||||||||||||||||||||||||||||
January 2012 4.00% Notes. In January 2012, LGEI issued approximately $45.0 million of January 2012 4.00% Notes, of which $10.1 million was allocated to the equity component. | |||||||||||||||||||||||||||||||||
Outstanding Amount: As of September 30, 2014, $41.9 million of aggregate principal amount (carrying value — $37.0 million) remains outstanding. | |||||||||||||||||||||||||||||||||
Interest: Interest is payable at 4.00% per annum semi-annually on January 15 and July 15 of each year. | |||||||||||||||||||||||||||||||||
Maturity Date: January 11, 2017. | |||||||||||||||||||||||||||||||||
Conversion Features: Convertible into common shares of the Company at any time prior to maturity or repurchase by the Company, at an initial conversion price of approximately $10.50 per share, subject to adjustment in certain circumstances as specified in the governing indenture (September 30, 2014 - $10.42). Upon conversion, the Company has the option to deliver, in lieu of common shares, cash or a combination of cash and common shares of the Company. | |||||||||||||||||||||||||||||||||
April 2013 1.25% Notes. In April 2013, LGEI issued approximately $60.0 million in aggregate principal amount of April 2013 1.25% Notes. | |||||||||||||||||||||||||||||||||
Outstanding Amount: As of September 30, 2014, $60.0 million of aggregate principal amount (carrying value - $60.0 million) remains outstanding. | |||||||||||||||||||||||||||||||||
Interest: Interest is payable at 1.25% per annum semi-annually on April 15 and October 15 of each year, and commenced on October 15, 2013. | |||||||||||||||||||||||||||||||||
Maturity Date: April 15, 2018. | |||||||||||||||||||||||||||||||||
Conversion Features: Convertible into common shares of the Company at any time prior to maturity or repurchase by the Company, at an initial conversion price of approximately $30.00 per share, subject to adjustment in certain circumstances, as specified in the governing indenture (September 30, 2014 - $29.78). |
Participations_and_Residuals
Participations and Residuals | 6 Months Ended |
Sep. 30, 2014 | |
Participations And Residuals [abstract] | ' |
Participations And Residuals | ' |
Participations and Residuals | |
The Company expects approximately 57% of accrued participations and residuals will be paid during the one-year period ending September 30, 2015. |
Film_Obligations_and_Productio
Film Obligations and Production Loans | 6 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Film Obligations And Production Loans [Abstract] | ' | |||||||||||||||||||||||||||
Film Obligations And Production Loans | ' | |||||||||||||||||||||||||||
Film Obligations and Production Loans | ||||||||||||||||||||||||||||
September 30, | March 31, | |||||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Film obligations | $ | 41,970 | $ | 80,904 | ||||||||||||||||||||||||
Production loans | 739,154 | 418,883 | ||||||||||||||||||||||||||
Total film obligations and production loans | $ | 781,124 | $ | 499,787 | ||||||||||||||||||||||||
The following table sets forth future annual repayment of film obligations and production loans as of September 30, 2014: | ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
March 31, | Year Ended March 31, | |||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Film obligations | $ | 19,989 | $ | 16,680 | $ | 2,964 | $ | 2,000 | $ | 1,000 | $ | — | $ | 42,633 | ||||||||||||||
Production loans | 77,734 | 539,974 | 121,446 | — | — | — | 739,154 | |||||||||||||||||||||
$ | 97,723 | $ | 556,654 | $ | 124,410 | $ | 2,000 | $ | 1,000 | $ | — | 781,787 | ||||||||||||||||
Less imputed interest on film obligations | (663 | ) | ||||||||||||||||||||||||||
$ | 781,124 | |||||||||||||||||||||||||||
Film Obligations | ||||||||||||||||||||||||||||
Film obligations include minimum guarantees, which represent amounts payable for film rights that the Company has acquired and certain theatrical marketing obligations for amounts received from third parties that are contractually committed for theatrical marketing expenditures associated with specific titles. | ||||||||||||||||||||||||||||
Production Loans | ||||||||||||||||||||||||||||
Production loans represent individual loans for the production of film and television programs that the Company produces. The majority of production loans have contractual repayment dates either at or near the expected completion date, with the exception of certain loans containing repayment dates on a longer term basis, and incur interest at rates ranging from 3.24% to 3.49%. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Fair Value | ||||||||||||||||
Accounting guidance and standards about fair value define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | ||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||
Accounting guidance and standards about fair value establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value: | ||||||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | |||||||||||||||
• | Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 liabilities that are not required to be measured at fair value on a recurring basis include the Company’s convertible senior subordinated notes, production loans, 5.25% Senior Notes, and Term Loan, which are priced using discounted cash flow techniques that use observable market inputs, such as LIBOR-based yield curves, three- and seven-year swap rates, and credit ratings. | |||||||||||||||
• | Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. The Company measures the fair value of its investment in TVGN's Mandatorily Redeemable Preferred Stock Units using primarily a discounted cash flow analysis based on the expected cash flows of the investment. The analysis reflects the contractual terms of the investment, including the period to maturity, and uses a discount rate commensurate with the risk associated with the investment. | |||||||||||||||
The following table sets forth the carrying values and fair values of the Company’s investment in TVGN's mandatorily redeemable preferred stock units and outstanding debt at September 30, 2014 and March 31, 2014: | ||||||||||||||||
September 30, 2014 | March 31, 2014 | |||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Carrying | Fair Value | Carrying Value | Fair Value | |||||||||||||
Value | ||||||||||||||||
(Level 3) | (Level 3) | |||||||||||||||
Assets: | ||||||||||||||||
Investment in TVGN's Mandatorily Redeemable Preferred Stock Units | $ | 93,249 | $ | 116,938 | $ | 86,298 | $ | 99,907 | ||||||||
Carrying | Fair Value | Carrying Value | Fair Value | |||||||||||||
Value | ||||||||||||||||
(Level 2) | (Level 2) | |||||||||||||||
Liabilities: | ||||||||||||||||
October 2004 2.9375% Notes | $ | — | $ | — | $ | 115 | $ | 111 | ||||||||
April 2009 3.625% Notes | 27,293 | 28,842 | 35,615 | 40,140 | ||||||||||||
January 2012 4.00% Notes | 36,986 | 40,816 | 36,058 | 41,401 | ||||||||||||
April 2013 1.25% Notes | 60,000 | 51,260 | 60,000 | 51,411 | ||||||||||||
Production loans | 739,154 | 739,154 | 418,883 | 418,883 | ||||||||||||
5.25% Senior Notes | 225,000 | 231,750 | 225,000 | 223,313 | ||||||||||||
Term Loan | 222,932 | 225,563 | 222,753 | 225,844 | ||||||||||||
$ | 1,311,365 | $ | 1,317,385 | $ | 998,424 | $ | 1,001,103 | |||||||||
Direct_Operating_Expenses
Direct Operating Expenses | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Direct Operating Costs [Abstract] | ' | |||||||||||||||
Direct Operating Expenses | ' | |||||||||||||||
Direct Operating Expenses | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Amortization of films and television programs | $ | 200,284 | $ | 157,136 | $ | 359,092 | $ | 376,500 | ||||||||
Participations and residual expense | 101,670 | 105,300 | 184,541 | 191,126 | ||||||||||||
Other direct operating expenses | 4,437 | (638 | ) | 1,631 | 617 | |||||||||||
$ | 306,391 | $ | 261,798 | $ | 545,264 | $ | 568,243 | |||||||||
Net_Income_Per_Share
Net Income Per Share | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income Per Share | ' | |||||||||||||||
Net Income Per Share | ||||||||||||||||
Basic net income per share is calculated based on the weighted average common shares outstanding for the period. Basic net income per share for the three and six months ended September 30, 2014 and 2013 is presented below: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands, except per share amounts) | ||||||||||||||||
Basic Net Income Per Common Share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 20,781 | $ | 505 | $ | 64,042 | $ | 14,122 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding | 137,380 | 137,147 | 137,942 | 136,671 | ||||||||||||
Basic Net Income Per Common Share | $ | 0.15 | $ | 0 | $ | 0.46 | $ | 0.1 | ||||||||
Diluted net income per common share reflects the potential dilutive effect, if any, of the conversion of convertible senior subordinated notes under the "if converted" method. Diluted net income per common share also reflects share purchase options, including equity-settled share appreciation rights and restricted share units ("RSUs") using the treasury stock method when dilutive, and any contingently issuable shares when dilutive. Diluted net income per common share for the three and six months ended September 30, 2014 and 2013 is presented below: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands, except per share amounts) | ||||||||||||||||
Diluted Net Income Per Common Share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 20,781 | $ | 505 | $ | 64,042 | $ | 14,122 | ||||||||
Add: | ||||||||||||||||
Interest on convertible notes, net of tax | 691 | — | 3,292 | — | ||||||||||||
Numerator for Diluted Net Income Per Common Share | $ | 21,472 | $ | 505 | $ | 67,334 | $ | 14,122 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding | 137,380 | 137,147 | 137,942 | 136,671 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Conversion of notes | 6,020 | — | 10,816 | — | ||||||||||||
Share purchase options | 2,818 | 2,854 | 2,592 | 2,530 | ||||||||||||
Restricted share units | 449 | 680 | 438 | 669 | ||||||||||||
Adjusted weighted average common shares outstanding | 146,667 | 140,681 | 151,788 | 139,870 | ||||||||||||
Diluted Net Income Per Common Share | $ | 0.15 | $ | 0 | $ | 0.44 | $ | 0.1 | ||||||||
For the three and six months ended September 30, 2014 and 2013, the Company's outstanding common shares issuable presented below were excluded from diluted net income per common share because their inclusion would have had an anti-dilutive effect. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Anti-dilutive shares issuable | ||||||||||||||||
Conversion of notes | 3,537 | 13,891 | — | 13,856 | ||||||||||||
Share purchase options | 5,327 | 2,206 | 5,217 | 1,990 | ||||||||||||
Restricted share units | 47 | 12 | 168 | 20 | ||||||||||||
Contingently issuable shares | 284 | 444 | 279 | 443 | ||||||||||||
Total weighted average anti-dilutive shares issuable excluded from Diluted Net Income Per Common Share | 9,195 | 16,553 | 5,664 | 16,309 | ||||||||||||
Capital_Stock
Capital Stock | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity and Share-based Compensation [Abstract] | ' | |||||||||||||||
Capital Stock | ' | |||||||||||||||
Capital Stock | ||||||||||||||||
(a) Common Shares | ||||||||||||||||
The Company had 500 million authorized common shares at September 30, 2014 and March 31, 2014. The table below outlines common shares reserved for future issuance: | ||||||||||||||||
September 30, | March 31, | |||||||||||||||
2014 | 2014 | |||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Stock options outstanding, average exercise price $21.41 (March 31, 2014 - $20.83) | 11,613 | 10,894 | ||||||||||||||
Restricted share units — unvested | 1,771 | 2,139 | ||||||||||||||
Share purchase options and restricted share units available for future issuance | 9,140 | 3,471 | ||||||||||||||
Shares issuable upon conversion of October 2004 2.9375% Notes at conversion price of $11.46 per share at March 31, 2014 | — | 10 | ||||||||||||||
Shares issuable upon conversion of April 2009 3.625% Notes at conversion price of $8.19 per share (March 31, 2014 - $8.22) | 3,537 | 4,893 | ||||||||||||||
Shares issuable upon conversion of January 2012 4.00% Notes at conversion price of $10.42 per share (March 31, 2014 - $10.46) | 4,016 | 4,001 | ||||||||||||||
Shares issuable upon conversion of April 2013 1.25% Notes at conversion price of $29.78 per share (March 31, 2014 - $29.89) | 2,015 | 2,007 | ||||||||||||||
Shares reserved for future issuance | 32,092 | 27,415 | ||||||||||||||
In September 2012, the Company adopted the 2012 Performance Incentive Plan, as amended on September 9, 2014 (the "2012 Plan"). The 2012 Plan provides for the issuance of up to 27.6 million common shares of the Company, stock options, share appreciation rights, restricted shares, stock bonuses and other forms of awards granted or denominated in common shares or units of common shares of the Company, as well as certain cash bonus awards to eligible directors of the Company, officers or employees of the Company or any of its subsidiaries, and certain consultants and advisors to the Company or any of its subsidiaries. | ||||||||||||||||
(b) Share-based Compensation | ||||||||||||||||
The Company recognized the following share-based compensation expense during the three and six months ended September 30, 2014, and 2013: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Compensation Expense: | ||||||||||||||||
Stock Options | $ | 9,366 | $ | 5,971 | $ | 18,009 | $ | 9,738 | ||||||||
Restricted Share Units and Other Share-based Compensation | 6,989 | 8,032 | 13,038 | 15,435 | ||||||||||||
Share Appreciation Rights | 967 | 8,385 | 2,696 | 14,962 | ||||||||||||
17,322 | 22,388 | 33,743 | 40,135 | |||||||||||||
Impact of accelerated vesting on stock options and restricted share units (1) | — | — | 1,194 | — | ||||||||||||
Total share-based compensation expense | $ | 17,322 | $ | 22,388 | $ | 34,937 | $ | 40,135 | ||||||||
Tax impact (2) | (6,350 | ) | (8,284 | ) | (12,808 | ) | (14,850 | ) | ||||||||
Reduction in net income | $ | 10,972 | $ | 14,104 | $ | 22,129 | $ | 25,285 | ||||||||
____________________________ | ||||||||||||||||
-1 | Represents the impact of the acceleration of certain vesting schedules for stock options and restricted share units pursuant to the severance arrangements related to the integration of the marketing operations of the Company's Lionsgate and Summit film labels. | |||||||||||||||
-2 | Represents the income tax benefit recognized in the statements of income for share-based compensation arrangements. | |||||||||||||||
The following table sets forth the number and weighted average grant-date fair value of equity awards granted during the six months ended September 30, 2014 and 2013: | ||||||||||||||||
Six Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Number Granted | Weighted-Average Grant-Date Fair Value | Number Granted | Weighted-Average Grant-Date Fair Value | |||||||||||||
Stock options | 861,563 | $9.71 | 2,595,213 | $12.57 | ||||||||||||
Restricted share units | 574,569 | $27.95 | 891,270 | $27.07 | ||||||||||||
During the six months ended September 30, 2014, 75,000 cash-settled share appreciation rights ("SARs") were exercised resulting in a cash payment of $1.7 million. During the six months ended September 30, 2013, 150,000 cash-settled SARs were exercised, resulting in a cash payment of $4.0 million. Additionally, during the six months ended September 30, 2013, 733,334 cash-settled SARs were converted to stock options, carrying the same exercise price and other terms as the cash-settled SARs, resulting in a reduction of the related liability and an increase to equity of $17.2 million. | ||||||||||||||||
During the six months ended September 30, 2014 and 2013, 128,695 and 1,125,491 options, respectively, were exercised. The total intrinsic value of options exercised as of each exercise date during the six months ended September 30, 2014 and 2013 was $2.1 million and $27.1 million, respectively. | ||||||||||||||||
The excess tax benefits realized from tax deductions associated with option exercises and RSU activity were $1.2 million and nil for the six months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||
Total unrecognized compensation cost related to unvested stock options and restricted share unit awards at September 30, 2014 are $59.3 million and $29.8 million, respectively, and are expected to be recognized over a weighted average period of 2.2 and 1.7 years, respectively. | ||||||||||||||||
(c) Share Repurchases | ||||||||||||||||
On December 17, 2013, our Board of Directors authorized the Company to increase our previously announced share repurchase plan from a total authorization of $150 million to $300 million. Since the December 17, 2013 increase in share repurchase authorization, through September 30, 2014, the Company has repurchased a total of 4.7 million common shares for an aggregate price of $126.4 million (weighted average repurchase price of $26.70 per share). Of these repurchases, 4.4 million common shares were repurchased for an aggregate price of $118.1 million (weighted average repurchase price of $26.72 per share) during the six months ended September 30, 2014. As a result of these repurchases, the Company has $108.4 million of remaining capacity in its $300 million share repurchase plan as of September 30, 2014. | ||||||||||||||||
(d) Dividends | ||||||||||||||||
On June 13, 2014, the Company's Board of Directors declared a quarterly cash dividend of $0.05 per common share payable on August 8, 2014, to shareholders of record as of June 30, 2014. On September 5, 2014, the Company's Board of Directors declared a quarterly cash dividend of $0.07 per common share payable on November 7, 2014, to shareholders of record as of September 30, 2014. As the Company had an accumulated deficit at the time these dividends were declared, these dividends were recorded as a reduction to common shares on the unaudited consolidated statement of shareholders' equity at September 30, 2014. As of September 30, 2014, the Company had $9.6 million of cash dividends payable included in accounts payable and accrued liabilities on the unaudited consolidated balance sheet. |
Income_Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The income tax provision for the three and six months ended September 30, 2014 and 2013 is calculated by estimating the Company's annual effective tax rate (estimated annual tax provision divided by estimated annual income before income taxes), and then applying the effective tax rate to income before income taxes for the quarter, plus or minus the tax effects of items that relate discretely to the quarter, if any. | |
For the three months ended September 30, 2014, the tax provision included certain net discrete and other charges of $0.8 million, and for the six months ended September 30, 2014 the tax provision included the discrete tax effect at the applicable statutory rate from the gain on sale of the Company's interest in FEARnet and other discrete items. For the three and six months ended September 30, 2013, the tax benefit included a discrete benefit of $12.0 million from the reversal of a valuation allowance related to the Company's net deferred tax assets in the Canadian tax jurisdiction and other discrete items. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||
Accounting guidance requires the Company to make certain disclosures about each reportable segment. The Company’s reportable segments are determined based on the distinct nature of their operations and each segment is a strategic business unit that offers different products and services and is managed separately. The Company has two reportable business segments as of September 30, 2014: Motion Pictures and Television Production. | ||||||||||||||||||||||||
Motion Pictures consists of the development and production of feature films, acquisition of North American and worldwide distribution rights, North American theatrical, home entertainment and television distribution of feature films produced and acquired, and worldwide licensing of distribution rights to feature films produced and acquired. | ||||||||||||||||||||||||
Television Production consists of the development, production and worldwide distribution of television productions including television series, television movies and mini-series and non-fiction programming. | ||||||||||||||||||||||||
Segment information by business unit is as follows: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Segment revenues | ||||||||||||||||||||||||
Motion Pictures | $ | 398,026 | $ | 434,397 | $ | 729,941 | $ | 873,042 | ||||||||||||||||
Television Production | 154,850 | 64,332 | 272,318 | 195,415 | ||||||||||||||||||||
$ | 552,876 | $ | 498,729 | $ | 1,002,259 | $ | 1,068,457 | |||||||||||||||||
Direct operating expenses | ||||||||||||||||||||||||
Motion Pictures | $ | 176,662 | $ | 209,893 | $ | 323,887 | $ | 413,173 | ||||||||||||||||
Television Production | 129,729 | 51,905 | 221,377 | 155,070 | ||||||||||||||||||||
$ | 306,391 | $ | 261,798 | $ | 545,264 | $ | 568,243 | |||||||||||||||||
Distribution and marketing | ||||||||||||||||||||||||
Motion Pictures | $ | 145,183 | $ | 139,698 | $ | 233,787 | $ | 304,799 | ||||||||||||||||
Television Production | 7,694 | 5,804 | 16,411 | 12,163 | ||||||||||||||||||||
$ | 152,877 | $ | 145,502 | $ | 250,198 | $ | 316,962 | |||||||||||||||||
Gross segment contribution | ||||||||||||||||||||||||
Motion Pictures | $ | 76,181 | $ | 84,806 | $ | 172,267 | $ | 155,070 | ||||||||||||||||
Television Production | 17,427 | 6,623 | 34,530 | 28,182 | ||||||||||||||||||||
$ | 93,608 | $ | 91,429 | $ | 206,797 | $ | 183,252 | |||||||||||||||||
Segment general and administration | ||||||||||||||||||||||||
Motion Pictures | $ | 18,228 | $ | 15,993 | $ | 35,590 | $ | 32,425 | ||||||||||||||||
Television Production | 3,497 | 3,543 | 6,909 | 6,551 | ||||||||||||||||||||
$ | 21,725 | $ | 19,536 | $ | 42,499 | $ | 38,976 | |||||||||||||||||
Segment profit | ||||||||||||||||||||||||
Motion Pictures | $ | 57,953 | $ | 68,813 | $ | 136,677 | $ | 122,645 | ||||||||||||||||
Television Production | 13,930 | 3,080 | 27,621 | 21,631 | ||||||||||||||||||||
$ | 71,883 | $ | 71,893 | $ | 164,298 | $ | 144,276 | |||||||||||||||||
Gross segment contribution is defined as segment revenue less segment direct operating and distribution and marketing expenses. | ||||||||||||||||||||||||
Segment profit is defined as segment revenue less segment direct operating, distribution and marketing, and general and administration expenses. The reconciliation of total segment profit to the Company’s income before income taxes is as follows: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Company’s total segment profit | $ | 71,883 | $ | 71,893 | $ | 164,298 | $ | 144,276 | ||||||||||||||||
Shared services and corporate expenses: | ||||||||||||||||||||||||
Share-based compensation expense | (17,322 | ) | (22,388 | ) | (33,743 | ) | (40,135 | ) | ||||||||||||||||
Restructuring charges (1) | (1,354 | ) | — | (6,242 | ) | — | ||||||||||||||||||
Other shared services and corporate expenses | (21,088 | ) | (21,849 | ) | (43,084 | ) | (41,432 | ) | ||||||||||||||||
Total shared services and corporate expenses | (39,764 | ) | (44,237 | ) | (83,069 | ) | (81,567 | ) | ||||||||||||||||
Depreciation and amortization | (1,631 | ) | (1,611 | ) | (2,977 | ) | (3,236 | ) | ||||||||||||||||
Operating income | 30,488 | 26,045 | 78,252 | 59,473 | ||||||||||||||||||||
Interest expense | (13,071 | ) | (16,172 | ) | (26,043 | ) | (36,986 | ) | ||||||||||||||||
Interest and other income | 547 | 1,483 | 1,565 | 2,979 | ||||||||||||||||||||
Loss on extinguishment of debt | (586 | ) | (36,187 | ) | (586 | ) | (36,653 | ) | ||||||||||||||||
Equity interests income | 8,245 | 6,502 | 26,455 | 14,479 | ||||||||||||||||||||
Income (loss) before income taxes | $ | 25,623 | $ | (18,329 | ) | $ | 79,643 | $ | 3,292 | |||||||||||||||
________________________ | ||||||||||||||||||||||||
-1 | Restructuring charges in the six months ended September 30, 2014 primarily consist of severance costs associated with the integration of the marketing operations of the Company's Lionsgate and Summit film labels and costs related to the move of our international sales and distribution organization to the United Kingdom. Approximately $1.2 million of the costs are non-cash charges resulting from the acceleration of vesting of stock awards (see Note 11). | |||||||||||||||||||||||
The following table sets forth significant assets as broken down by segment and other unallocated assets as of September 30, 2014 and March 31, 2014: | ||||||||||||||||||||||||
September 30, 2014 | March 31, 2014 | |||||||||||||||||||||||
Motion | Television | Total | Motion | Television | Total | |||||||||||||||||||
Pictures | Production | Pictures | Production | |||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Significant assets by segment | ||||||||||||||||||||||||
Accounts receivable | $ | 459,856 | $ | 340,900 | $ | 800,756 | $ | 580,906 | $ | 304,665 | $ | 885,571 | ||||||||||||
Investment in films and television programs, net | 1,199,221 | 353,821 | 1,553,042 | 979,576 | 294,997 | 1,274,573 | ||||||||||||||||||
Goodwill | 294,367 | 28,961 | 323,328 | 294,367 | 28,961 | 323,328 | ||||||||||||||||||
$ | 1,953,444 | $ | 723,682 | $ | 2,677,126 | $ | 1,854,849 | $ | 628,623 | $ | 2,483,472 | |||||||||||||
Other unallocated assets (primarily cash, other assets, and equity method investments) | 376,464 | 368,160 | ||||||||||||||||||||||
Total assets | $ | 3,053,590 | $ | 2,851,632 | ||||||||||||||||||||
The following table sets forth acquisition of investment in films and television programs as broken down by segment for the three and six months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Acquisition of investment in films and television programs | ||||||||||||||||||||||||
Motion Pictures | $ | 275,923 | $ | 97,371 | $ | 428,344 | $ | 219,610 | ||||||||||||||||
Television Production | 99,245 | 79,992 | 210,675 | 118,686 | ||||||||||||||||||||
$ | 375,168 | $ | 177,363 | $ | 639,019 | $ | 338,296 | |||||||||||||||||
Purchases of property and equipment amounted to $3.1 million and $4.5 million for the three and six months ended September 30, 2014, respectively, and $2.0 million and $3.4 million for the three and six months ended September 30, 2013, respectively, primarily pertaining to purchases for the Company’s corporate headquarters. |
Contingencies
Contingencies | 6 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Two purported Lions Gate stockholders have initiated legal proceedings in the United States District Court for the Southern District of New York relating to the March 13, 2014 announcement that the Company had entered into an administrative order with the United States Securities and Exchange Commission (the "SEC") that resolved the SEC’s investigation into transactions that the Company announced on July 20, 2010. These actions are captioned Laborers Pension Trust Fund-Detroit & Vicinity v. Lions Gate Entertainment Corp., et al., Case No. 14 CV 5197 (filed July 11, 1014) and Barger v. Lions Gate Entertainment Corp., Case No. 14 CV 5477 (filed July 21, 2014). The actions allege, among other things, that the Company and certain of its current and former officers and directors violated the federal securities laws by failing to disclose the SEC’s investigation prior to March 13, 2014. On October 28, 2014, the court consolidated the actions under the caption In re Lions Gate Entertainment Corp. Securities Litigation, Case No. 1:14-cv-05197-JGK, and appointed lead plaintiff and lead counsel. The Company does not believe these actions have any merit and intends to vigorously defend against them. | |
In addition, on May 16, 2014, the Company received a letter from another purported stockholder, Arkansas Teachers Retirement System, demanding that the Company seek to recover the costs of the SEC investigation, including the fine paid, from the directors who were on the board at the time the July 20, 2010 transactions occurred. The board is considering the demand as provided by law. On October 1, 2014, Arkansas Retirement System filed a petition in the Supreme Court of British Columbia seeking an order granting it leave to prosecute the claims in the name and on behalf of Lions Gate. | |
From time to time, the Company is involved in other claims and legal proceedings arising in the normal course of business. While the resolution of these matters cannot be predicted with certainty, we do not believe, based on current knowledge, that the outcome of any currently pending legal proceedings in which the Company is currently involved will have a material adverse effect on the Company's consolidated financial position, results of operations or cash flow. |
Consolidating_Financial_Inform
Consolidating Financial Information - Convertible Senior Subordinated Notes (Convertible Senior Subordinated Notes [Member]) | 6 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Convertible Senior Subordinated Notes [Member] | ' | |||||||||||||||||||
Consolidating Financial Information [Line Items] | ' | |||||||||||||||||||
Consolidating Financial Information - Convertible Senior Subordinated Notes | ' | |||||||||||||||||||
Consolidating Financial Information — Convertible Senior Subordinated Notes | ||||||||||||||||||||
The April 2009 3.625% Notes, the January 2012 4.00% Notes, and the April 2013 1.25% Notes by their terms, are fully and unconditionally guaranteed by the Company. LGEI, the issuer of the April 2009 3.625% Notes, the January 2012 4.00% Notes, and the April 2013 1.25% Notes that are guaranteed by the Company, is 100% owned by the parent company guarantor, Lions Gate Entertainment Corp. | ||||||||||||||||||||
The following tables present condensed consolidating financial information as of September 30, 2014 and March 31, 2014, and for the six months ended September 30, 2014 and 2013 for (1) the Company, on a stand-alone basis, (2) LGEI, on a stand-alone basis, (3) the non-guarantor subsidiaries of the Company (including the subsidiaries of LGEI), on a combined basis (collectively, the “Non-guarantor Subsidiaries”) and (4) the Company, on a consolidated basis. | ||||||||||||||||||||
As of | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
BALANCE SHEET | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 968 | $ | 17,714 | $ | 7,587 | $ | — | $ | 26,269 | ||||||||||
Restricted cash | — | 7,535 | — | — | 7,535 | |||||||||||||||
Accounts receivable, net | 740 | 2,343 | 797,673 | — | 800,756 | |||||||||||||||
Investment in films and television programs, net | — | 6,394 | 1,545,068 | 1,580 | 1,553,042 | |||||||||||||||
Property and equipment, net | — | 16,425 | 540 | — | 16,965 | |||||||||||||||
Equity method investments | — | 5,926 | 192,754 | — | 198,680 | |||||||||||||||
Goodwill | 10,172 | — | 313,156 | — | 323,328 | |||||||||||||||
Other assets | 3,787 | 67,419 | 5,521 | (6,117 | ) | 70,610 | ||||||||||||||
Deferred tax assets | 7,787 | 39,337 | 9,281 | — | 56,405 | |||||||||||||||
Subsidiary investments and advances | 1,132,741 | 1,111,337 | 2,045,839 | (4,289,917 | ) | — | ||||||||||||||
$ | 1,156,195 | $ | 1,274,430 | $ | 4,917,419 | $ | (4,294,454 | ) | $ | 3,053,590 | ||||||||||
Liabilities and Shareholders’ Equity (Deficiency) | ||||||||||||||||||||
Senior revolving credit facility | $ | 139,500 | $ | — | $ | — | $ | — | $ | 139,500 | ||||||||||
5.25% Senior Notes | 225,000 | — | — | — | 225,000 | |||||||||||||||
Term Loan | 222,932 | — | — | — | 222,932 | |||||||||||||||
Accounts payable and accrued liabilities | 14,601 | 61,626 | 165,870 | — | 242,097 | |||||||||||||||
Participations and residuals | — | 3,417 | 488,475 | — | 491,892 | |||||||||||||||
Film obligations and production loans | — | — | 781,124 | — | 781,124 | |||||||||||||||
Convertible senior subordinated notes | — | 124,279 | — | — | 124,279 | |||||||||||||||
Deferred revenue | — | 9,350 | 263,254 | — | 272,604 | |||||||||||||||
Intercompany payable | — | 1,306,316 | 1,996,723 | (3,303,039 | ) | — | ||||||||||||||
Shareholders’ equity (deficiency) | 554,162 | (230,558 | ) | 1,221,973 | (991,415 | ) | 554,162 | |||||||||||||
$ | 1,156,195 | $ | 1,274,430 | $ | 4,917,419 | $ | (4,294,454 | ) | $ | 3,053,590 | ||||||||||
Six Months Ended | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
STATEMENT OF INCOME | ||||||||||||||||||||
Revenues | $ | — | $ | 16,829 | $ | 985,668 | $ | (238 | ) | $ | 1,002,259 | |||||||||
EXPENSES: | ||||||||||||||||||||
Direct operating | 2 | 1,118 | 544,095 | 49 | 545,264 | |||||||||||||||
Distribution and marketing | — | 1,119 | 249,079 | — | 250,198 | |||||||||||||||
General and administration | 1,254 | 78,365 | 46,212 | (263 | ) | 125,568 | ||||||||||||||
Depreciation and amortization | — | 1,651 | 1,326 | — | 2,977 | |||||||||||||||
Total expenses | 1,256 | 82,253 | 840,712 | (214 | ) | 924,007 | ||||||||||||||
OPERATING INCOME (LOSS) | (1,256 | ) | (65,424 | ) | 144,956 | (24 | ) | 78,252 | ||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 15,265 | 90,079 | 64,496 | (143,797 | ) | 26,043 | ||||||||||||||
Interest and other income | (81,936 | ) | (86 | ) | (63,106 | ) | 143,563 | (1,565 | ) | |||||||||||
Loss on extinguishment of debt | — | 586 | — | — | 586 | |||||||||||||||
Total other expenses (income) | (66,671 | ) | 90,579 | 1,390 | (234 | ) | 25,064 | |||||||||||||
INCOME (LOSS) BEFORE EQUITY INTERESTS AND INCOME TAXES | 65,415 | (156,003 | ) | 143,566 | 210 | 53,188 | ||||||||||||||
Equity interests income (loss) | (790 | ) | 155,021 | 26,346 | (154,122 | ) | 26,455 | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 64,625 | (982 | ) | 169,912 | (153,912 | ) | 79,643 | |||||||||||||
Income tax provision (benefit) | 583 | (192 | ) | 32,349 | (17,139 | ) | 15,601 | |||||||||||||
NET INCOME (LOSS) | 64,042 | (790 | ) | 137,563 | (136,773 | ) | 64,042 | |||||||||||||
Foreign currency translation adjustments | (1,377 | ) | (2,491 | ) | 241 | 1,834 | (1,793 | ) | ||||||||||||
Net unrealized gain on foreign exchange contracts, net of tax | — | — | 416 | — | 416 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 62,665 | $ | (3,281 | ) | $ | 138,220 | $ | (134,939 | ) | $ | 62,665 | ||||||||
Six Months Ended | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
STATEMENT OF CASH FLOWS | ||||||||||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 101,782 | $ | 18,602 | $ | (328,321 | ) | $ | — | $ | (207,937 | ) | ||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from the sale of equity method investees | — | — | 14,575 | — | 14,575 | |||||||||||||||
Investment in equity method investees | — | (2,150 | ) | (10,500 | ) | — | (12,650 | ) | ||||||||||||
Other investments | — | (2,000 | ) | — | — | (2,000 | ) | |||||||||||||
Purchases of property and equipment | — | (3,871 | ) | (624 | ) | — | (4,495 | ) | ||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | — | (8,021 | ) | 3,451 | — | (4,570 | ) | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Senior revolving credit facility - borrowings | 367,500 | — | — | — | 367,500 | |||||||||||||||
Senior revolving credit facility - repayments | (325,619 | ) | — | — | — | (325,619 | ) | |||||||||||||
Convertible senior subordinated notes - repurchases | — | (16 | ) | — | — | (16 | ) | |||||||||||||
Production loans - borrowings | — | — | 385,706 | — | 385,706 | |||||||||||||||
Production loans - repayments | — | — | (65,435 | ) | — | (65,435 | ) | |||||||||||||
Repurchase of common shares | (126,404 | ) | — | — | — | (126,404 | ) | |||||||||||||
Dividends paid | (13,946 | ) | — | — | — | (13,946 | ) | |||||||||||||
Excess tax benefits on equity-based compensation awards | — | 1,150 | — | — | 1,150 | |||||||||||||||
Exercise of stock options | 1,663 | — | — | — | 1,663 | |||||||||||||||
Tax withholding required on equity awards | (12,136 | ) | — | — | — | (12,136 | ) | |||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | (108,942 | ) | 1,134 | 320,271 | — | 212,463 | ||||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (7,160 | ) | 11,715 | (4,599 | ) | — | (44 | ) | ||||||||||||
FOREIGN EXCHANGE EFFECTS ON CASH | — | — | 621 | — | 621 | |||||||||||||||
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD | 8,128 | 5,999 | 11,565 | — | 25,692 | |||||||||||||||
CASH AND CASH EQUIVALENTS — END OF PERIOD | $ | 968 | $ | 17,714 | $ | 7,587 | $ | — | $ | 26,269 | ||||||||||
As of | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
BALANCE SHEET | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 8,128 | $ | 5,999 | $ | 11,565 | $ | — | $ | 25,692 | ||||||||||
Restricted cash | — | 8,925 | — | — | 8,925 | |||||||||||||||
Accounts receivable, net | 688 | 2,514 | 882,369 | — | 885,571 | |||||||||||||||
Investment in films and television programs, net | (18 | ) | 6,394 | 1,266,703 | 1,494 | 1,274,573 | ||||||||||||||
Property and equipment, net | — | 14,185 | 367 | — | 14,552 | |||||||||||||||
Equity method investments | — | 3,668 | 178,273 | — | 181,941 | |||||||||||||||
Goodwill | 10,172 | — | 313,156 | — | 323,328 | |||||||||||||||
Other assets | 4,113 | 67,612 | 5,682 | (6,340 | ) | 71,067 | ||||||||||||||
Deferred tax assets | 8,417 | 48,125 | 9,441 | — | 65,983 | |||||||||||||||
Subsidiary investments and advances | 1,118,356 | 1,065,274 | 1,532,070 | (3,715,700 | ) | — | ||||||||||||||
$ | 1,149,856 | $ | 1,222,696 | $ | 4,199,626 | $ | (3,720,546 | ) | $ | 2,851,632 | ||||||||||
Liabilities and Shareholders’ Equity (Deficiency) | ||||||||||||||||||||
Senior revolving credit facility | $ | 97,619 | $ | — | $ | — | $ | — | $ | 97,619 | ||||||||||
5.25% Senior Notes | 225,000 | — | — | — | 225,000 | |||||||||||||||
Term Loan | 222,753 | — | — | — | 222,753 | |||||||||||||||
Accounts payable and accrued liabilities | 19,946 | 73,045 | 239,466 | — | 332,457 | |||||||||||||||
Participations and residuals | — | 3,417 | 465,973 | — | 469,390 | |||||||||||||||
Film obligations and production loans | — | — | 499,787 | — | 499,787 | |||||||||||||||
Convertible senior subordinated notes | — | 131,788 | — | — | 131,788 | |||||||||||||||
Deferred revenue | — | 11,689 | 276,611 | — | 288,300 | |||||||||||||||
Intercompany payable | — | 1,232,310 | 1,480,273 | (2,712,583 | ) | — | ||||||||||||||
Shareholders’ equity (deficiency) | 584,538 | (229,553 | ) | 1,237,516 | (1,007,963 | ) | 584,538 | |||||||||||||
$ | 1,149,856 | $ | 1,222,696 | $ | 4,199,626 | $ | (3,720,546 | ) | $ | 2,851,632 | ||||||||||
Six Months Ended | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
STATEMENT OF INCOME | ||||||||||||||||||||
Revenues | $ | 6,748 | $ | 15,078 | $ | 1,055,142 | $ | (8,511 | ) | $ | 1,068,457 | |||||||||
EXPENSES: | ||||||||||||||||||||
Direct operating | (255 | ) | (1,524 | ) | 570,022 | — | 568,243 | |||||||||||||
Distribution and marketing | — | 1,936 | 315,026 | — | 316,962 | |||||||||||||||
General and administration | 805 | 79,986 | 40,057 | (305 | ) | 120,543 | ||||||||||||||
Depreciation and amortization | — | 1,072 | 2,164 | — | 3,236 | |||||||||||||||
Total expenses | 550 | 81,470 | 927,269 | (305 | ) | 1,008,984 | ||||||||||||||
OPERATING INCOME (LOSS) | 6,198 | (66,392 | ) | 127,873 | (8,206 | ) | 59,473 | |||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 5,340 | 37,191 | 2,454 | (7,999 | ) | 36,986 | ||||||||||||||
Interest and other income | (7,614 | ) | (2,161 | ) | (1,203 | ) | 7,999 | (2,979 | ) | |||||||||||
Loss on extinguishment of debt | 2,600 | 34,053 | — | — | 36,653 | |||||||||||||||
Total other expenses (income) | 326 | 69,083 | 1,251 | — | 70,660 | |||||||||||||||
INCOME (LOSS) BEFORE EQUITY INTERESTS AND INCOME TAXES | 5,872 | (135,475 | ) | 126,622 | (8,206 | ) | (11,187 | ) | ||||||||||||
Equity interests income (loss) | (4,672 | ) | 128,059 | 18,008 | (126,916 | ) | 14,479 | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,200 | (7,416 | ) | 144,630 | (135,122 | ) | 3,292 | |||||||||||||
Income tax provision (benefit) | (12,922 | ) | (2,744 | ) | 53,049 | (48,213 | ) | (10,830 | ) | |||||||||||
NET INCOME (LOSS) | 14,122 | (4,672 | ) | 91,581 | (86,909 | ) | 14,122 | |||||||||||||
Foreign currency translation adjustments | 2,931 | 18,247 | 11,974 | (29,565 | ) | 3,587 | ||||||||||||||
Net unrealized loss on foreign exchange contracts, net of tax | — | — | (656 | ) | — | (656 | ) | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 17,053 | $ | 13,575 | $ | 102,899 | $ | (116,474 | ) | $ | 17,053 | |||||||||
Six Months Ended | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
STATEMENT OF CASH FLOWS | ||||||||||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (439,477 | ) | $ | 466,030 | $ | 84,018 | $ | — | $ | 110,571 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from the sale of equity method investees | — | — | 9,000 | — | 9,000 | |||||||||||||||
Investment in equity method investees | — | (750 | ) | (3,000 | ) | — | (3,750 | ) | ||||||||||||
Distributions from equity method investee in excess of earnings | — | — | 4,169 | — | 4,169 | |||||||||||||||
Repayment of loans receivable | — | — | 3,000 | — | 3,000 | |||||||||||||||
Purchases of property and equipment | — | (3,199 | ) | (196 | ) | — | (3,395 | ) | ||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | — | (3,949 | ) | 12,973 | — | 9,024 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Senior revolving credit facility - borrowings | — | 428,100 | — | — | 428,100 | |||||||||||||||
Senior revolving credit facility - repayments | — | (481,100 | ) | — | — | (481,100 | ) | |||||||||||||
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $4,694 | 442,806 | — | — | — | 442,806 | |||||||||||||||
10.25% Senior Notes - repurchases and redemptions | — | (470,584 | ) | — | — | (470,584 | ) | |||||||||||||
Convertible senior subordinated notes - borrowings | — | 60,000 | — | — | 60,000 | |||||||||||||||
Production loans - borrowings | — | — | 169,427 | — | 169,427 | |||||||||||||||
Production loans - repayments | — | — | (196,098 | ) | — | (196,098 | ) | |||||||||||||
Pennsylvania Regional Center credit facility - repayments | — | — | (65,000 | ) | — | (65,000 | ) | |||||||||||||
Exercise of stock options | 9,120 | — | — | — | 9,120 | |||||||||||||||
Tax withholding required on equity awards | (11,257 | ) | — | — | — | (11,257 | ) | |||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | 440,669 | (463,584 | ) | (91,671 | ) | — | (114,586 | ) | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 1,192 | (1,503 | ) | 5,320 | — | 5,009 | ||||||||||||||
FOREIGN EXCHANGE EFFECTS ON CASH | (9 | ) | — | (151 | ) | — | (160 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD | 592 | 36,834 | 24,937 | — | 62,363 | |||||||||||||||
CASH AND CASH EQUIVALENTS — END OF PERIOD | $ | 1,775 | $ | 35,331 | $ | 30,106 | $ | — | $ | 67,212 | ||||||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 6 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||
Derivative Instruments and Hedging Activities | |||||||||||
The Company enters into forward foreign exchange contracts to hedge its foreign currency exposures on future production expenses denominated in various foreign currencies. As of September 30, 2014, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 26 months from September 30, 2014): | |||||||||||
30-Sep-14 | |||||||||||
Foreign Currency | Foreign Currency Amount | US Dollar Amount | Weighted Average Exchange Rate Per $1 USD | ||||||||
(Amounts in millions) | (Amounts in millions) | ||||||||||
British Pound Sterling | £1.3 | in exchange for | $2.40 | £0.55 | |||||||
Australian Dollar | (A$23.2 | ) | in exchange for | ($21.3 | ) | A$1.09 | |||||
Canadian Dollar | C$0.6 | in exchange for | $0.60 | C$1.09 | |||||||
Changes in the fair value representing a net unrealized fair value gain (loss) on foreign exchange contracts that qualified as effective hedge contracts outstanding during the three and six months ended September 30, 2014 were gains of $1.2 million and $0.4 million, respectively (2013 - losses of $0.3 million and $0.7 million, respectively), and are included in accumulated other comprehensive loss, a separate component of shareholders’ equity. Changes in the fair value representing a net unrealized fair value gain on foreign exchange contracts that did not qualify as effective hedge contracts outstanding during the three and six months ended September 30, 2014 were $0.4 million (2013 - nil) and are included in direct operating expenses in the consolidated statement of operations. The Company monitors its positions with, and the credit quality of, the financial institutions that are party to its financial transactions. | |||||||||||
As of September 30, 2014, $3.7 million was included in other assets and $0.8 million in accounts payable and accrued liabilities (March 31, 2014 - $1.8 million in other assets) in the accompanying consolidated balance sheets related to the Company's use of foreign currency derivatives. The Company classifies its forward foreign exchange contracts within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. | |||||||||||
During the three and six months ended September 30, 2014, the Company did not have any significant amounts reclassified out of accumulated other comprehensive loss. |
Supplementary_Cash_Flow_Statem
Supplementary Cash Flow Statement Information | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplementary Cash Flow Statement Information | ' | |||||||
Supplementary Cash Flow Statement Information | ||||||||
The supplemental schedule of non-cash investing and financing activities for the six months ended September 30, 2014 and 2013 is presented below. | ||||||||
Six Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(Amounts in thousands) | ||||||||
Non-cash financing activities: | ||||||||
Accrued dividends (see Note 11) | $ | 9,590 | $ | — | ||||
Conversions of convertible senior subordinated notes (see Note 5) | 11,350 | 3,150 | ||||||
$ | 20,940 | $ | 3,150 | |||||
There were no non-cash investing activities for the six months ended September 30, 2014 and 2013. |
Net_Income_Per_Share_Policies
Net Income Per Share (Policies) | 6 Months Ended |
Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Net Income Per Share | ' |
Diluted net income per common share reflects the potential dilutive effect, if any, of the conversion of convertible senior subordinated notes under the "if converted" method. Diluted net income per common share also reflects share purchase options, including equity-settled share appreciation rights and restricted share units ("RSUs") using the treasury stock method when dilutive, and any contingently issuable shares when dilutive. | |
Basic net income per share is calculated based on the weighted average common shares outstanding for the period. |
Investment_In_Films_And_Televi1
Investment In Films And Television Programs (Tables) | 6 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Investment In Films And Television Programs [Abstract] | ' | ||||||||||||||
Investment In Films And Television Programs | ' | ||||||||||||||
September 30, | March 31, | ||||||||||||||
2014 | 2014 | ||||||||||||||
(Amounts in thousands) | |||||||||||||||
Motion Pictures Segment - Theatrical and Non-Theatrical Films | |||||||||||||||
Released, net of accumulated amortization | $ | 431,650 | $ | 509,831 | |||||||||||
Acquired libraries, net of accumulated amortization | 11,366 | 14,329 | |||||||||||||
Completed and not released | 79,147 | 50,785 | |||||||||||||
In progress | 623,237 | 351,047 | |||||||||||||
In development | 28,683 | 22,336 | |||||||||||||
Product inventory | 25,138 | 31,248 | |||||||||||||
1,199,221 | 979,576 | ||||||||||||||
Television Production Segment - Direct-to-Television Programs | |||||||||||||||
Released, net of accumulated amortization | 235,416 | 212,929 | |||||||||||||
In progress | 112,859 | 76,459 | |||||||||||||
In development | 5,546 | 5,609 | |||||||||||||
353,821 | 294,997 | ||||||||||||||
$ | 1,553,042 | $ | 1,274,573 | ||||||||||||
Schedule of Acquired Libraries Unamortized Costs | ' | ||||||||||||||
The following table sets forth acquired libraries that represent titles released three years prior to the date of acquisition. These libraries are being amortized over their expected revenue stream from the acquisition date over a period up to 20 years: | |||||||||||||||
Total | Remaining | Unamortized Costs | |||||||||||||
Amortization | Amortization | ||||||||||||||
Acquired Library | Acquisition Date | Period | Period | September 30, | March 31, | ||||||||||
2014 | 2014 | ||||||||||||||
(In years) | (Amounts in thousands) | ||||||||||||||
Artisan Entertainment | December 2003 | 20 | 9.25 | $ | 8,143 | $ | 10,236 | ||||||||
Summit Entertainment | Jan-12 | 20 | 17.25 | 3,223 | 4,093 | ||||||||||
Total acquired libraries | $ | 11,366 | $ | 14,329 | |||||||||||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||
Carrying Amount Of Significant Equity Method Investments | ' | |||||||||||||||
The carrying amount of significant equity method investments at September 30, 2014 and March 31, 2014 were as follows: | ||||||||||||||||
September 30, | ||||||||||||||||
2014 | ||||||||||||||||
Equity Method Investee | Ownership | September 30, | March 31, | |||||||||||||
Percentage | 2014 | 2014 | ||||||||||||||
(Amounts in thousands) | ||||||||||||||||
EPIX | 31.20% | $ | 87,201 | $ | 78,758 | |||||||||||
TVGN | 50.00% | 93,249 | 86,298 | |||||||||||||
Other equity method investments (1) | Various | 18,230 | 16,885 | |||||||||||||
$ | 198,680 | $ | 181,941 | |||||||||||||
Equity Method Investee, Income (Loss) | ' | |||||||||||||||
Equity interests in equity method investments for the three and six months ended September 30, 2014 and 2013 were as follows (income (loss)): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Equity Method Investee | 2014 | 2013 | 2014 | 2013 | ||||||||||||
(Amounts in thousands) | ||||||||||||||||
EPIX | $ | 7,724 | $ | 8,881 | $ | 16,232 | $ | 15,622 | ||||||||
TVGN | (1,323 | ) | (807 | ) | (3,548 | ) | 2,057 | |||||||||
Other equity method investments (1) | 1,844 | (1,572 | ) | 13,771 | (3,200 | ) | ||||||||||
$ | 8,245 | $ | 6,502 | $ | 26,455 | $ | 14,479 | |||||||||
_________________________ | ||||||||||||||||
(1)The Company records its share of the net income or loss of other equity method investments on a one quarter lag and, accordingly, during the three and six months ended September 30, 2014 and 2013, the Company recorded its share of the income or loss generated by these entities for the three and six months ended June 30, 2014 and 2013, respectively. On April 14, 2014, the Company sold all of its 34.5% interest in FEARnet. The sales price was approximately $14.6 million. The Company has recorded a gain on the sale of $11.4 million within equity interest income in the six months ended September 30, 2014. As a result of this transaction, the Company's equity interest in FEARnet was reduced to zero as of June 30, 2014. | ||||||||||||||||
EPIX [Member] | ' | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||
Summarized Balance Sheet | ' | |||||||||||||||
The following table presents summarized balance sheet data as of September 30, 2014 and March 31, 2014 for EPIX: | ||||||||||||||||
September 30, | March 31, | |||||||||||||||
2014 | 2014 | |||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Current assets | $ | 162,117 | $ | 184,471 | ||||||||||||
Non-current assets | $ | 283,163 | $ | 247,231 | ||||||||||||
Current liabilities | $ | 107,527 | $ | 126,217 | ||||||||||||
Non-current liabilities | $ | 11,338 | $ | 9,459 | ||||||||||||
Summarized Statement Of Operations | ' | |||||||||||||||
The following table presents the summarized statement of operations for the three and six months ended September 30, 2014 and 2013 for EPIX and a reconciliation of the net income reported by EPIX to equity interest income recorded by the Company: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Revenues | $ | 95,851 | $ | 87,033 | $ | 187,300 | $ | 172,230 | ||||||||
Expenses: | ||||||||||||||||
Operating expenses | 61,959 | 59,144 | 119,466 | 121,286 | ||||||||||||
Selling, general and administrative expenses | 5,886 | 5,633 | 11,640 | 11,263 | ||||||||||||
Operating income | 28,006 | 22,256 | 56,194 | 39,681 | ||||||||||||
Interest and other income (expense) | (338 | ) | (268 | ) | (731 | ) | 162 | |||||||||
Net income | $ | 27,668 | $ | 21,988 | $ | 55,463 | $ | 39,843 | ||||||||
Reconciliation of net income reported by EPIX to equity interest income: | ||||||||||||||||
Net income reported by EPIX | $ | 27,668 | $ | 21,988 | $ | 55,463 | $ | 39,843 | ||||||||
Ownership interest in EPIX | 31.15 | % | 31.15 | % | 31.15 | % | 31.15 | % | ||||||||
The Company's share of net income | 8,619 | 6,849 | 17,277 | 12,411 | ||||||||||||
Eliminations of the Company’s share of profits on licensing sales to EPIX (1) | (3,204 | ) | (2,099 | ) | (5,071 | ) | (5,620 | ) | ||||||||
Realization of the Company’s share of profits on licensing sales to EPIX (2) | 2,309 | 4,131 | 4,026 | 8,831 | ||||||||||||
Total equity interest income recorded | $ | 7,724 | $ | 8,881 | $ | 16,232 | $ | 15,622 | ||||||||
__________________ | ||||||||||||||||
-1 | Represents the elimination of the gross profit recognized by the Company on licensing sales to EPIX in proportion to the Company's ownership interest in EPIX. The table below sets forth the revenues and gross profits recognized by the Company and the calculation of the profit eliminated for the three and six months ended September 30, 2014 and 2013: | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Revenue recognized on licensing sales to EPIX | $ | 18,995 | $ | 8,329 | $ | 25,931 | $ | 23,133 | ||||||||
Gross profit on licensing sales to EPIX | $ | 10,285 | $ | 6,738 | $ | 16,280 | $ | 18,042 | ||||||||
Ownership interest in EPIX | 31.15 | % | 31.15 | % | 31.15 | % | 31.15 | % | ||||||||
Elimination of the Company's share of profits on licensing sales to EPIX | $ | 3,204 | $ | 2,099 | $ | 5,071 | $ | 5,620 | ||||||||
-2 | Represents the realization of a portion of the profits previously eliminated. This profit remains eliminated until realized by EPIX. EPIX initially records the license fee for the title as inventory on its balance sheet and amortizes the inventory over the license period. Accordingly, the profit is realized as the inventory on EPIX's books is amortized. | |||||||||||||||
TVGN [Member] | ' | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||
Summarized Balance Sheet | ' | |||||||||||||||
The following table presents summarized balance sheet data as of September 30, 2014 and March 31, 2014 for TVGN: | ||||||||||||||||
September 30, | March 31, | |||||||||||||||
2014 | 2014 | |||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Current assets | $ | 33,840 | $ | 27,150 | ||||||||||||
Non-current assets | $ | 191,654 | $ | 196,011 | ||||||||||||
Current liabilities | $ | 27,973 | $ | 30,653 | ||||||||||||
Non-current liabilities | $ | 7,885 | $ | 12,334 | ||||||||||||
Redeemable preferred stock | $ | 364,601 | $ | 325,204 | ||||||||||||
Summarized Statement Of Operations | ' | |||||||||||||||
The following table presents the summarized statement of operations for the three and six months ended September 30, 2014 and 2013 for TVGN and a reconciliation of the net loss reported by TVGN to equity interest income (loss) recorded by the Company: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Revenues | $ | 19,738 | $ | 18,173 | $ | 38,566 | $ | 34,965 | ||||||||
Expenses: | ||||||||||||||||
Cost of services | 9,803 | 6,757 | 18,293 | 14,003 | ||||||||||||
Selling, marketing, and general and administration | 10,122 | 10,749 | 22,593 | 20,477 | ||||||||||||
Depreciation and amortization | 1,941 | 1,986 | 3,938 | 3,994 | ||||||||||||
Operating loss | (2,128 | ) | (1,319 | ) | (6,258 | ) | (3,509 | ) | ||||||||
Other income | 252 | (14 | ) | 362 | (1,390 | ) | ||||||||||
Interest expense, net | 181 | 335 | 391 | 682 | ||||||||||||
Accretion of redeemable preferred stock units (1) | 11,968 | 9,843 | 22,900 | 19,151 | ||||||||||||
Total interest expense, net | 12,401 | 10,164 | 23,653 | 18,443 | ||||||||||||
Loss from continuing operations | $ | (14,529 | ) | $ | (11,483 | ) | $ | (29,911 | ) | $ | (21,952 | ) | ||||
Loss from discontinued operations | — | — | — | (1,114 | ) | |||||||||||
Net loss | $ | (14,529 | ) | $ | (11,483 | ) | $ | (29,911 | ) | $ | (23,066 | ) | ||||
Reconciliation of net loss reported by TVGN to equity interest loss: | ||||||||||||||||
Net loss reported by TVGN | $ | (14,529 | ) | $ | (11,483 | ) | $ | (29,911 | ) | $ | (23,066 | ) | ||||
Ownership interest in TVGN | 50 | % | 50 | % | 50 | % | 50 | % | ||||||||
The Company's share of net loss | (7,265 | ) | (5,742 | ) | (14,956 | ) | (11,533 | ) | ||||||||
Gain on sale of the Company's 50% share of TVGuide.com (2) | — | — | — | 3,960 | ||||||||||||
Accretion of dividend and interest income on redeemable preferred stock units (1) | 5,984 | 4,923 | 11,450 | 9,576 | ||||||||||||
Elimination of the Company's share of profits on licensing sales to TVGN | (367 | ) | — | (367 | ) | — | ||||||||||
Realization of the Company’s share of profits on licensing sales to TVGN | 325 | 12 | 325 | 54 | ||||||||||||
Total equity interest income (loss) recorded | $ | (1,323 | ) | $ | (807 | ) | $ | (3,548 | ) | $ | 2,057 | |||||
___________________ | ||||||||||||||||
-1 | Accretion of mandatorily redeemable preferred stock units represents TVGN’s 10% dividend and the amortization of discount on its mandatorily redeemable preferred stock units held by the Company and the other interest holder. The Company recorded its share of this expense as income from the accretion of dividend and discount on mandatorily redeemable preferred stock units within equity interest income (loss). | |||||||||||||||
-2 | Represents the gain on the May 31, 2013 sale of the Company's 50% interest in TVGuide.com. As a result of the sale, TVGuide.com is considered a discontinued operation by TVGN, and accordingly, the revenues and expenses of TVGuide.com prior to the transaction for all periods presented, are reflected net within the discontinued operations section of the summarized statement of operations for TVGN. |
Other_Assets_Tables
Other Assets (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Other Assets, Unclassified [Abstract] | ' | |||||||
Other Assets | ' | |||||||
The composition of the Company’s other assets is as follows as of September 30, 2014 and March 31, 2014: | ||||||||
September 30, | March 31, | |||||||
2014 | 2014 | |||||||
(Amounts in thousands) | ||||||||
Deferred financing costs, net of accumulated amortization | $ | 31,048 | $ | 34,722 | ||||
Prepaid expenses and other | 37,470 | 33,347 | ||||||
Finite-lived intangible assets | 2,092 | 2,998 | ||||||
$ | 70,610 | $ | 71,067 | |||||
Corporate_Debt_Tables
Corporate Debt (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Carrying Values of Corporate Debt, Excluding Film Obligations and Production Loans | ' | ||||||||||||||||||||||||||||||||
The total carrying values of corporate debt of the Company, excluding film obligations and production loans, were as follows as of September 30, 2014 and March 31, 2014: | |||||||||||||||||||||||||||||||||
September 30, 2014 | March 31, 2014 | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||
Senior revolving credit facility | $ | 139,500 | $ | 97,619 | |||||||||||||||||||||||||||||
5.25% Senior Notes | 225,000 | 225,000 | |||||||||||||||||||||||||||||||
Term Loan, net of unamortized discount of $2,068 (March 31, 2014 - $2,247) | 222,932 | 222,753 | |||||||||||||||||||||||||||||||
Convertible senior subordinated notes, net of unamortized discount of $6,540 (March 31, 2014 - $10,397) | 124,279 | 131,788 | |||||||||||||||||||||||||||||||
$ | 711,711 | $ | 677,160 | ||||||||||||||||||||||||||||||
Future Annual Contractual Principal Payment Commitments Under Corporate Debt | ' | ||||||||||||||||||||||||||||||||
The following table sets forth future annual contractual principal payment commitments of corporate debt as of September 30, 2014: | |||||||||||||||||||||||||||||||||
Conversion Price Per Share at September 30, 2014 | Maturity Date or Next Holder Redemption Date (1) | Year Ended March 31, | |||||||||||||||||||||||||||||||
Debt Type | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||
Senior revolving credit facility | N/A | Sep-17 | $ | — | $ | — | $ | — | $ | 139,500 | $ | — | $ | — | $ | 139,500 | |||||||||||||||||
5.25% Senior Notes | N/A | Aug-18 | — | — | — | — | 225,000 | — | 225,000 | ||||||||||||||||||||||||
Term Loan | N/A | Jul-20 | — | — | — | — | — | 225,000 | 225,000 | ||||||||||||||||||||||||
Principal amounts of convertible senior subordinated notes: | |||||||||||||||||||||||||||||||||
April 2009 3.625% Notes | $8.19 | Mar-15 | 28,969 | — | — | — | — | — | 28,969 | ||||||||||||||||||||||||
January 2012 4.00% Notes | $10.42 | Jan-17 | — | — | 41,850 | — | — | — | 41,850 | ||||||||||||||||||||||||
April 2013 1.25% Notes | $29.78 | Apr-18 | — | — | — | — | 60,000 | — | 60,000 | ||||||||||||||||||||||||
$ | 28,969 | $ | — | $ | 41,850 | $ | 139,500 | $ | 285,000 | $ | 225,000 | 720,319 | |||||||||||||||||||||
Less aggregate unamortized discount | (8,608 | ) | |||||||||||||||||||||||||||||||
$ | 711,711 | ||||||||||||||||||||||||||||||||
-1 | The future repayment dates of the convertible senior subordinated notes represent the next redemption date by holders for each series of notes respectively, as described below. | ||||||||||||||||||||||||||||||||
Convertible Senior Subordinated Notes Outstanding | ' | ||||||||||||||||||||||||||||||||
The following table sets forth the convertible senior subordinated notes outstanding at September 30, 2014 and March 31, 2014: | |||||||||||||||||||||||||||||||||
Conversion Price Per Share as of September 30, 2014 | September 30, 2014 | March 31, 2014 | |||||||||||||||||||||||||||||||
Principal | Unamortized | Net Carrying | Principal | Unamortized | Net Carrying | ||||||||||||||||||||||||||||
Discount | Amount | Discount | Amount | ||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||
Convertible Senior Subordinated Notes | |||||||||||||||||||||||||||||||||
October 2004 2.9375% Notes (1) | N/A | $ | — | $ | — | $ | — | $ | 115 | $ | — | $ | 115 | ||||||||||||||||||||
April 2009 3.625% Notes (1) | $8.19 | 28,969 | (1,676 | ) | 27,293 | 40,220 | (4,605 | ) | 35,615 | ||||||||||||||||||||||||
January 2012 4.00% Notes (1) | $10.42 | 41,850 | (4,864 | ) | 36,986 | 41,850 | (5,792 | ) | 36,058 | ||||||||||||||||||||||||
April 2013 1.25% Notes (2) | $29.78 | 60,000 | — | 60,000 | 60,000 | — | 60,000 | ||||||||||||||||||||||||||
$ | 130,819 | $ | (6,540 | ) | $ | 124,279 | $ | 142,185 | $ | (10,397 | ) | $ | 131,788 | ||||||||||||||||||||
________________ | |||||||||||||||||||||||||||||||||
-1 | The convertible senior subordinated notes provide, with the exception of the 1.25% Convertible Senior Subordinated Notes issued in April 2013 (the "April 2013 1.25% Notes"), at the Company's option, that the conversion of the notes may be settled in cash rather than in the Company's common shares, or a combination of cash and the Company's common shares. Accounting rules require that convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) are recorded by separately accounting for the liability and equity component (i.e., conversion feature), thereby reducing the principal amount with a debt discount that is amortized as interest expense over the expected life of the note using the effective interest method. The effective interest rate on the liability component of the 3.625% Convertible Senior Subordinated Notes issued in April 2009 (the "April 2009 3.625% Notes") is 17.26%, and the effective interest rate on the liability component of the 4.00% Convertible Senior Subordinated Notes issued in January 2012 (the "January 2012 4.00% Notes") is 9.56%. | ||||||||||||||||||||||||||||||||
-2 | The April 2013 1.25% Notes are convertible only into the Company's common shares, and do not carry an option to be settled in cash upon conversion. Accordingly, the April 2013 1.25% Notes have been recorded at their principal amount and are not reduced by a debt discount for the equity component. | ||||||||||||||||||||||||||||||||
Interest Expense on Convertible Senior Subordinated Notes | ' | ||||||||||||||||||||||||||||||||
The amount of interest expense recognized for the convertible senior subordinated notes, which includes both the contractual interest coupon and amortization of the discount on the liability component, for the three and six months ended September 30, 2014 and 2013 is presented below. | |||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||||||||||||
Contractual interest coupon | $ | 956 | $ | 1,194 | $ | 1,929 | $ | 2,390 | |||||||||||||||||||||||||
Amortization of discount on liability component and debt issuance costs | 1,642 | 2,141 | 3,261 | 4,237 | |||||||||||||||||||||||||||||
$ | 2,598 | $ | 3,335 | $ | 5,190 | $ | 6,627 | ||||||||||||||||||||||||||
Film_Obligations_and_Productio1
Film Obligations and Production Loans (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Film Obligations And Production Loans [Abstract] | ' | |||||||||||||||||||||||||||
Films Obligations And Production Loans | ' | |||||||||||||||||||||||||||
September 30, | March 31, | |||||||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Film obligations | $ | 41,970 | $ | 80,904 | ||||||||||||||||||||||||
Production loans | 739,154 | 418,883 | ||||||||||||||||||||||||||
Total film obligations and production loans | $ | 781,124 | $ | 499,787 | ||||||||||||||||||||||||
Future Annual Repayment of Film Obligations and Production Loans | ' | |||||||||||||||||||||||||||
The following table sets forth future annual repayment of film obligations and production loans as of September 30, 2014: | ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
March 31, | Year Ended March 31, | |||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | ||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||
Film obligations | $ | 19,989 | $ | 16,680 | $ | 2,964 | $ | 2,000 | $ | 1,000 | $ | — | $ | 42,633 | ||||||||||||||
Production loans | 77,734 | 539,974 | 121,446 | — | — | — | 739,154 | |||||||||||||||||||||
$ | 97,723 | $ | 556,654 | $ | 124,410 | $ | 2,000 | $ | 1,000 | $ | — | 781,787 | ||||||||||||||||
Less imputed interest on film obligations | (663 | ) | ||||||||||||||||||||||||||
$ | 781,124 | |||||||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Investment in Mandatorily Redeemable Preferred Stock and Outstanding Debt | ' | |||||||||||||||
The following table sets forth the carrying values and fair values of the Company’s investment in TVGN's mandatorily redeemable preferred stock units and outstanding debt at September 30, 2014 and March 31, 2014: | ||||||||||||||||
September 30, 2014 | March 31, 2014 | |||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Carrying | Fair Value | Carrying Value | Fair Value | |||||||||||||
Value | ||||||||||||||||
(Level 3) | (Level 3) | |||||||||||||||
Assets: | ||||||||||||||||
Investment in TVGN's Mandatorily Redeemable Preferred Stock Units | $ | 93,249 | $ | 116,938 | $ | 86,298 | $ | 99,907 | ||||||||
Carrying | Fair Value | Carrying Value | Fair Value | |||||||||||||
Value | ||||||||||||||||
(Level 2) | (Level 2) | |||||||||||||||
Liabilities: | ||||||||||||||||
October 2004 2.9375% Notes | $ | — | $ | — | $ | 115 | $ | 111 | ||||||||
April 2009 3.625% Notes | 27,293 | 28,842 | 35,615 | 40,140 | ||||||||||||
January 2012 4.00% Notes | 36,986 | 40,816 | 36,058 | 41,401 | ||||||||||||
April 2013 1.25% Notes | 60,000 | 51,260 | 60,000 | 51,411 | ||||||||||||
Production loans | 739,154 | 739,154 | 418,883 | 418,883 | ||||||||||||
5.25% Senior Notes | 225,000 | 231,750 | 225,000 | 223,313 | ||||||||||||
Term Loan | 222,932 | 225,563 | 222,753 | 225,844 | ||||||||||||
$ | 1,311,365 | $ | 1,317,385 | $ | 998,424 | $ | 1,001,103 | |||||||||
Direct_Operating_Expenses_Tabl
Direct Operating Expenses (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Direct Operating Costs [Abstract] | ' | |||||||||||||||
Direct Operating Expenses | ' | |||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Amortization of films and television programs | $ | 200,284 | $ | 157,136 | $ | 359,092 | $ | 376,500 | ||||||||
Participations and residual expense | 101,670 | 105,300 | 184,541 | 191,126 | ||||||||||||
Other direct operating expenses | 4,437 | (638 | ) | 1,631 | 617 | |||||||||||
$ | 306,391 | $ | 261,798 | $ | 545,264 | $ | 568,243 | |||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Basic Net Income Per Common Share | ' | |||||||||||||||
Basic net income per share for the three and six months ended September 30, 2014 and 2013 is presented below: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands, except per share amounts) | ||||||||||||||||
Basic Net Income Per Common Share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 20,781 | $ | 505 | $ | 64,042 | $ | 14,122 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding | 137,380 | 137,147 | 137,942 | 136,671 | ||||||||||||
Basic Net Income Per Common Share | $ | 0.15 | $ | 0 | $ | 0.46 | $ | 0.1 | ||||||||
Diluted Net Income Per Common Share | ' | |||||||||||||||
Diluted net income per common share for the three and six months ended September 30, 2014 and 2013 is presented below: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands, except per share amounts) | ||||||||||||||||
Diluted Net Income Per Common Share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 20,781 | $ | 505 | $ | 64,042 | $ | 14,122 | ||||||||
Add: | ||||||||||||||||
Interest on convertible notes, net of tax | 691 | — | 3,292 | — | ||||||||||||
Numerator for Diluted Net Income Per Common Share | $ | 21,472 | $ | 505 | $ | 67,334 | $ | 14,122 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding | 137,380 | 137,147 | 137,942 | 136,671 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Conversion of notes | 6,020 | — | 10,816 | — | ||||||||||||
Share purchase options | 2,818 | 2,854 | 2,592 | 2,530 | ||||||||||||
Restricted share units | 449 | 680 | 438 | 669 | ||||||||||||
Adjusted weighted average common shares outstanding | 146,667 | 140,681 | 151,788 | 139,870 | ||||||||||||
Diluted Net Income Per Common Share | $ | 0.15 | $ | 0 | $ | 0.44 | $ | 0.1 | ||||||||
Anti-dilutive Shares Issuable | ' | |||||||||||||||
For the three and six months ended September 30, 2014 and 2013, the Company's outstanding common shares issuable presented below were excluded from diluted net income per common share because their inclusion would have had an anti-dilutive effect. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Anti-dilutive shares issuable | ||||||||||||||||
Conversion of notes | 3,537 | 13,891 | — | 13,856 | ||||||||||||
Share purchase options | 5,327 | 2,206 | 5,217 | 1,990 | ||||||||||||
Restricted share units | 47 | 12 | 168 | 20 | ||||||||||||
Contingently issuable shares | 284 | 444 | 279 | 443 | ||||||||||||
Total weighted average anti-dilutive shares issuable excluded from Diluted Net Income Per Common Share | 9,195 | 16,553 | 5,664 | 16,309 | ||||||||||||
Capital_Stock_Tables
Capital Stock (Tables) | 6 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity and Share-based Compensation [Abstract] | ' | |||||||||||||||
Common Shares Reserved For Future Issuance | ' | |||||||||||||||
The table below outlines common shares reserved for future issuance: | ||||||||||||||||
September 30, | March 31, | |||||||||||||||
2014 | 2014 | |||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Stock options outstanding, average exercise price $21.41 (March 31, 2014 - $20.83) | 11,613 | 10,894 | ||||||||||||||
Restricted share units — unvested | 1,771 | 2,139 | ||||||||||||||
Share purchase options and restricted share units available for future issuance | 9,140 | 3,471 | ||||||||||||||
Shares issuable upon conversion of October 2004 2.9375% Notes at conversion price of $11.46 per share at March 31, 2014 | — | 10 | ||||||||||||||
Shares issuable upon conversion of April 2009 3.625% Notes at conversion price of $8.19 per share (March 31, 2014 - $8.22) | 3,537 | 4,893 | ||||||||||||||
Shares issuable upon conversion of January 2012 4.00% Notes at conversion price of $10.42 per share (March 31, 2014 - $10.46) | 4,016 | 4,001 | ||||||||||||||
Shares issuable upon conversion of April 2013 1.25% Notes at conversion price of $29.78 per share (March 31, 2014 - $29.89) | 2,015 | 2,007 | ||||||||||||||
Shares reserved for future issuance | 32,092 | 27,415 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Share-Based Compensation Expense | ' | |||||||||||||||
The Company recognized the following share-based compensation expense during the three and six months ended September 30, 2014, and 2013: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||||
Compensation Expense: | ||||||||||||||||
Stock Options | $ | 9,366 | $ | 5,971 | $ | 18,009 | $ | 9,738 | ||||||||
Restricted Share Units and Other Share-based Compensation | 6,989 | 8,032 | 13,038 | 15,435 | ||||||||||||
Share Appreciation Rights | 967 | 8,385 | 2,696 | 14,962 | ||||||||||||
17,322 | 22,388 | 33,743 | 40,135 | |||||||||||||
Impact of accelerated vesting on stock options and restricted share units (1) | — | — | 1,194 | — | ||||||||||||
Total share-based compensation expense | $ | 17,322 | $ | 22,388 | $ | 34,937 | $ | 40,135 | ||||||||
Tax impact (2) | (6,350 | ) | (8,284 | ) | (12,808 | ) | (14,850 | ) | ||||||||
Reduction in net income | $ | 10,972 | $ | 14,104 | $ | 22,129 | $ | 25,285 | ||||||||
____________________________ | ||||||||||||||||
-1 | Represents the impact of the acceleration of certain vesting schedules for stock options and restricted share units pursuant to the severance arrangements related to the integration of the marketing operations of the Company's Lionsgate and Summit film labels. | |||||||||||||||
-2 | Represents the income tax benefit recognized in the statements of income for share-based compensation arrangements. | |||||||||||||||
Schedule of Number and Weighted Average Grant-Date Fair Value of Equity Awards | ' | |||||||||||||||
Six Months Ended | ||||||||||||||||
September 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Number Granted | Weighted-Average Grant-Date Fair Value | Number Granted | Weighted-Average Grant-Date Fair Value | |||||||||||||
Stock options | 861,563 | $9.71 | 2,595,213 | $12.57 | ||||||||||||
Restricted share units | 574,569 | $27.95 | 891,270 | $27.07 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information By Business Unit | ' | |||||||||||||||||||||||
Segment information by business unit is as follows: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Segment revenues | ||||||||||||||||||||||||
Motion Pictures | $ | 398,026 | $ | 434,397 | $ | 729,941 | $ | 873,042 | ||||||||||||||||
Television Production | 154,850 | 64,332 | 272,318 | 195,415 | ||||||||||||||||||||
$ | 552,876 | $ | 498,729 | $ | 1,002,259 | $ | 1,068,457 | |||||||||||||||||
Direct operating expenses | ||||||||||||||||||||||||
Motion Pictures | $ | 176,662 | $ | 209,893 | $ | 323,887 | $ | 413,173 | ||||||||||||||||
Television Production | 129,729 | 51,905 | 221,377 | 155,070 | ||||||||||||||||||||
$ | 306,391 | $ | 261,798 | $ | 545,264 | $ | 568,243 | |||||||||||||||||
Distribution and marketing | ||||||||||||||||||||||||
Motion Pictures | $ | 145,183 | $ | 139,698 | $ | 233,787 | $ | 304,799 | ||||||||||||||||
Television Production | 7,694 | 5,804 | 16,411 | 12,163 | ||||||||||||||||||||
$ | 152,877 | $ | 145,502 | $ | 250,198 | $ | 316,962 | |||||||||||||||||
Gross segment contribution | ||||||||||||||||||||||||
Motion Pictures | $ | 76,181 | $ | 84,806 | $ | 172,267 | $ | 155,070 | ||||||||||||||||
Television Production | 17,427 | 6,623 | 34,530 | 28,182 | ||||||||||||||||||||
$ | 93,608 | $ | 91,429 | $ | 206,797 | $ | 183,252 | |||||||||||||||||
Segment general and administration | ||||||||||||||||||||||||
Motion Pictures | $ | 18,228 | $ | 15,993 | $ | 35,590 | $ | 32,425 | ||||||||||||||||
Television Production | 3,497 | 3,543 | 6,909 | 6,551 | ||||||||||||||||||||
$ | 21,725 | $ | 19,536 | $ | 42,499 | $ | 38,976 | |||||||||||||||||
Segment profit | ||||||||||||||||||||||||
Motion Pictures | $ | 57,953 | $ | 68,813 | $ | 136,677 | $ | 122,645 | ||||||||||||||||
Television Production | 13,930 | 3,080 | 27,621 | 21,631 | ||||||||||||||||||||
$ | 71,883 | $ | 71,893 | $ | 164,298 | $ | 144,276 | |||||||||||||||||
Reconciliation Of Total Segment Profit To The Company's Income Before Income Taxes | ' | |||||||||||||||||||||||
The reconciliation of total segment profit to the Company’s income before income taxes is as follows: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Company’s total segment profit | $ | 71,883 | $ | 71,893 | $ | 164,298 | $ | 144,276 | ||||||||||||||||
Shared services and corporate expenses: | ||||||||||||||||||||||||
Share-based compensation expense | (17,322 | ) | (22,388 | ) | (33,743 | ) | (40,135 | ) | ||||||||||||||||
Restructuring charges (1) | (1,354 | ) | — | (6,242 | ) | — | ||||||||||||||||||
Other shared services and corporate expenses | (21,088 | ) | (21,849 | ) | (43,084 | ) | (41,432 | ) | ||||||||||||||||
Total shared services and corporate expenses | (39,764 | ) | (44,237 | ) | (83,069 | ) | (81,567 | ) | ||||||||||||||||
Depreciation and amortization | (1,631 | ) | (1,611 | ) | (2,977 | ) | (3,236 | ) | ||||||||||||||||
Operating income | 30,488 | 26,045 | 78,252 | 59,473 | ||||||||||||||||||||
Interest expense | (13,071 | ) | (16,172 | ) | (26,043 | ) | (36,986 | ) | ||||||||||||||||
Interest and other income | 547 | 1,483 | 1,565 | 2,979 | ||||||||||||||||||||
Loss on extinguishment of debt | (586 | ) | (36,187 | ) | (586 | ) | (36,653 | ) | ||||||||||||||||
Equity interests income | 8,245 | 6,502 | 26,455 | 14,479 | ||||||||||||||||||||
Income (loss) before income taxes | $ | 25,623 | $ | (18,329 | ) | $ | 79,643 | $ | 3,292 | |||||||||||||||
________________________ | ||||||||||||||||||||||||
-1 | Restructuring charges in the six months ended September 30, 2014 primarily consist of severance costs associated with the integration of the marketing operations of the Company's Lionsgate and Summit film labels and costs related to the move of our international sales and distribution organization to the United Kingdom. Approximately $1.2 million of the costs are non-cash charges resulting from the acceleration of vesting of stock awards (see Note 11). | |||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated | ' | |||||||||||||||||||||||
The following table sets forth significant assets as broken down by segment and other unallocated assets as of September 30, 2014 and March 31, 2014: | ||||||||||||||||||||||||
September 30, 2014 | March 31, 2014 | |||||||||||||||||||||||
Motion | Television | Total | Motion | Television | Total | |||||||||||||||||||
Pictures | Production | Pictures | Production | |||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Significant assets by segment | ||||||||||||||||||||||||
Accounts receivable | $ | 459,856 | $ | 340,900 | $ | 800,756 | $ | 580,906 | $ | 304,665 | $ | 885,571 | ||||||||||||
Investment in films and television programs, net | 1,199,221 | 353,821 | 1,553,042 | 979,576 | 294,997 | 1,274,573 | ||||||||||||||||||
Goodwill | 294,367 | 28,961 | 323,328 | 294,367 | 28,961 | 323,328 | ||||||||||||||||||
$ | 1,953,444 | $ | 723,682 | $ | 2,677,126 | $ | 1,854,849 | $ | 628,623 | $ | 2,483,472 | |||||||||||||
Other unallocated assets (primarily cash, other assets, and equity method investments) | 376,464 | 368,160 | ||||||||||||||||||||||
Total assets | $ | 3,053,590 | $ | 2,851,632 | ||||||||||||||||||||
Acquisition of Investment in Films and Television Programs by Segment | ' | |||||||||||||||||||||||
The following table sets forth acquisition of investment in films and television programs as broken down by segment for the three and six months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Acquisition of investment in films and television programs | ||||||||||||||||||||||||
Motion Pictures | $ | 275,923 | $ | 97,371 | $ | 428,344 | $ | 219,610 | ||||||||||||||||
Television Production | 99,245 | 79,992 | 210,675 | 118,686 | ||||||||||||||||||||
$ | 375,168 | $ | 177,363 | $ | 639,019 | $ | 338,296 | |||||||||||||||||
Consolidating_Financial_Inform1
Consolidating Financial Information - Convertible Senior Subordinated Notes (Tables) (Convertible Senior Subordinated Notes [Member]) | 6 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Convertible Senior Subordinated Notes [Member] | ' | |||||||||||||||||||
Consolidating Financial Information [Line Items] | ' | |||||||||||||||||||
Consolidated Financial Information - Balance Sheet | ' | |||||||||||||||||||
As of | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
BALANCE SHEET | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 968 | $ | 17,714 | $ | 7,587 | $ | — | $ | 26,269 | ||||||||||
Restricted cash | — | 7,535 | — | — | 7,535 | |||||||||||||||
Accounts receivable, net | 740 | 2,343 | 797,673 | — | 800,756 | |||||||||||||||
Investment in films and television programs, net | — | 6,394 | 1,545,068 | 1,580 | 1,553,042 | |||||||||||||||
Property and equipment, net | — | 16,425 | 540 | — | 16,965 | |||||||||||||||
Equity method investments | — | 5,926 | 192,754 | — | 198,680 | |||||||||||||||
Goodwill | 10,172 | — | 313,156 | — | 323,328 | |||||||||||||||
Other assets | 3,787 | 67,419 | 5,521 | (6,117 | ) | 70,610 | ||||||||||||||
Deferred tax assets | 7,787 | 39,337 | 9,281 | — | 56,405 | |||||||||||||||
Subsidiary investments and advances | 1,132,741 | 1,111,337 | 2,045,839 | (4,289,917 | ) | — | ||||||||||||||
$ | 1,156,195 | $ | 1,274,430 | $ | 4,917,419 | $ | (4,294,454 | ) | $ | 3,053,590 | ||||||||||
Liabilities and Shareholders’ Equity (Deficiency) | ||||||||||||||||||||
Senior revolving credit facility | $ | 139,500 | $ | — | $ | — | $ | — | $ | 139,500 | ||||||||||
5.25% Senior Notes | 225,000 | — | — | — | 225,000 | |||||||||||||||
Term Loan | 222,932 | — | — | — | 222,932 | |||||||||||||||
Accounts payable and accrued liabilities | 14,601 | 61,626 | 165,870 | — | 242,097 | |||||||||||||||
Participations and residuals | — | 3,417 | 488,475 | — | 491,892 | |||||||||||||||
Film obligations and production loans | — | — | 781,124 | — | 781,124 | |||||||||||||||
Convertible senior subordinated notes | — | 124,279 | — | — | 124,279 | |||||||||||||||
Deferred revenue | — | 9,350 | 263,254 | — | 272,604 | |||||||||||||||
Intercompany payable | — | 1,306,316 | 1,996,723 | (3,303,039 | ) | — | ||||||||||||||
Shareholders’ equity (deficiency) | 554,162 | (230,558 | ) | 1,221,973 | (991,415 | ) | 554,162 | |||||||||||||
$ | 1,156,195 | $ | 1,274,430 | $ | 4,917,419 | $ | (4,294,454 | ) | $ | 3,053,590 | ||||||||||
As of | ||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
BALANCE SHEET | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 8,128 | $ | 5,999 | $ | 11,565 | $ | — | $ | 25,692 | ||||||||||
Restricted cash | — | 8,925 | — | — | 8,925 | |||||||||||||||
Accounts receivable, net | 688 | 2,514 | 882,369 | — | 885,571 | |||||||||||||||
Investment in films and television programs, net | (18 | ) | 6,394 | 1,266,703 | 1,494 | 1,274,573 | ||||||||||||||
Property and equipment, net | — | 14,185 | 367 | — | 14,552 | |||||||||||||||
Equity method investments | — | 3,668 | 178,273 | — | 181,941 | |||||||||||||||
Goodwill | 10,172 | — | 313,156 | — | 323,328 | |||||||||||||||
Other assets | 4,113 | 67,612 | 5,682 | (6,340 | ) | 71,067 | ||||||||||||||
Deferred tax assets | 8,417 | 48,125 | 9,441 | — | 65,983 | |||||||||||||||
Subsidiary investments and advances | 1,118,356 | 1,065,274 | 1,532,070 | (3,715,700 | ) | — | ||||||||||||||
$ | 1,149,856 | $ | 1,222,696 | $ | 4,199,626 | $ | (3,720,546 | ) | $ | 2,851,632 | ||||||||||
Liabilities and Shareholders’ Equity (Deficiency) | ||||||||||||||||||||
Senior revolving credit facility | $ | 97,619 | $ | — | $ | — | $ | — | $ | 97,619 | ||||||||||
5.25% Senior Notes | 225,000 | — | — | — | 225,000 | |||||||||||||||
Term Loan | 222,753 | — | — | — | 222,753 | |||||||||||||||
Accounts payable and accrued liabilities | 19,946 | 73,045 | 239,466 | — | 332,457 | |||||||||||||||
Participations and residuals | — | 3,417 | 465,973 | — | 469,390 | |||||||||||||||
Film obligations and production loans | — | — | 499,787 | — | 499,787 | |||||||||||||||
Convertible senior subordinated notes | — | 131,788 | — | — | 131,788 | |||||||||||||||
Deferred revenue | — | 11,689 | 276,611 | — | 288,300 | |||||||||||||||
Intercompany payable | — | 1,232,310 | 1,480,273 | (2,712,583 | ) | — | ||||||||||||||
Shareholders’ equity (deficiency) | 584,538 | (229,553 | ) | 1,237,516 | (1,007,963 | ) | 584,538 | |||||||||||||
$ | 1,149,856 | $ | 1,222,696 | $ | 4,199,626 | $ | (3,720,546 | ) | $ | 2,851,632 | ||||||||||
Consolidated Financial Information - Statement of Income | ' | |||||||||||||||||||
Six Months Ended | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
STATEMENT OF INCOME | ||||||||||||||||||||
Revenues | $ | — | $ | 16,829 | $ | 985,668 | $ | (238 | ) | $ | 1,002,259 | |||||||||
EXPENSES: | ||||||||||||||||||||
Direct operating | 2 | 1,118 | 544,095 | 49 | 545,264 | |||||||||||||||
Distribution and marketing | — | 1,119 | 249,079 | — | 250,198 | |||||||||||||||
General and administration | 1,254 | 78,365 | 46,212 | (263 | ) | 125,568 | ||||||||||||||
Depreciation and amortization | — | 1,651 | 1,326 | — | 2,977 | |||||||||||||||
Total expenses | 1,256 | 82,253 | 840,712 | (214 | ) | 924,007 | ||||||||||||||
OPERATING INCOME (LOSS) | (1,256 | ) | (65,424 | ) | 144,956 | (24 | ) | 78,252 | ||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 15,265 | 90,079 | 64,496 | (143,797 | ) | 26,043 | ||||||||||||||
Interest and other income | (81,936 | ) | (86 | ) | (63,106 | ) | 143,563 | (1,565 | ) | |||||||||||
Loss on extinguishment of debt | — | 586 | — | — | 586 | |||||||||||||||
Total other expenses (income) | (66,671 | ) | 90,579 | 1,390 | (234 | ) | 25,064 | |||||||||||||
INCOME (LOSS) BEFORE EQUITY INTERESTS AND INCOME TAXES | 65,415 | (156,003 | ) | 143,566 | 210 | 53,188 | ||||||||||||||
Equity interests income (loss) | (790 | ) | 155,021 | 26,346 | (154,122 | ) | 26,455 | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 64,625 | (982 | ) | 169,912 | (153,912 | ) | 79,643 | |||||||||||||
Income tax provision (benefit) | 583 | (192 | ) | 32,349 | (17,139 | ) | 15,601 | |||||||||||||
NET INCOME (LOSS) | 64,042 | (790 | ) | 137,563 | (136,773 | ) | 64,042 | |||||||||||||
Foreign currency translation adjustments | (1,377 | ) | (2,491 | ) | 241 | 1,834 | (1,793 | ) | ||||||||||||
Net unrealized gain on foreign exchange contracts, net of tax | — | — | 416 | — | 416 | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 62,665 | $ | (3,281 | ) | $ | 138,220 | $ | (134,939 | ) | $ | 62,665 | ||||||||
Six Months Ended | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
STATEMENT OF INCOME | ||||||||||||||||||||
Revenues | $ | 6,748 | $ | 15,078 | $ | 1,055,142 | $ | (8,511 | ) | $ | 1,068,457 | |||||||||
EXPENSES: | ||||||||||||||||||||
Direct operating | (255 | ) | (1,524 | ) | 570,022 | — | 568,243 | |||||||||||||
Distribution and marketing | — | 1,936 | 315,026 | — | 316,962 | |||||||||||||||
General and administration | 805 | 79,986 | 40,057 | (305 | ) | 120,543 | ||||||||||||||
Depreciation and amortization | — | 1,072 | 2,164 | — | 3,236 | |||||||||||||||
Total expenses | 550 | 81,470 | 927,269 | (305 | ) | 1,008,984 | ||||||||||||||
OPERATING INCOME (LOSS) | 6,198 | (66,392 | ) | 127,873 | (8,206 | ) | 59,473 | |||||||||||||
Other expenses (income): | ||||||||||||||||||||
Interest expense | 5,340 | 37,191 | 2,454 | (7,999 | ) | 36,986 | ||||||||||||||
Interest and other income | (7,614 | ) | (2,161 | ) | (1,203 | ) | 7,999 | (2,979 | ) | |||||||||||
Loss on extinguishment of debt | 2,600 | 34,053 | — | — | 36,653 | |||||||||||||||
Total other expenses (income) | 326 | 69,083 | 1,251 | — | 70,660 | |||||||||||||||
INCOME (LOSS) BEFORE EQUITY INTERESTS AND INCOME TAXES | 5,872 | (135,475 | ) | 126,622 | (8,206 | ) | (11,187 | ) | ||||||||||||
Equity interests income (loss) | (4,672 | ) | 128,059 | 18,008 | (126,916 | ) | 14,479 | |||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 1,200 | (7,416 | ) | 144,630 | (135,122 | ) | 3,292 | |||||||||||||
Income tax provision (benefit) | (12,922 | ) | (2,744 | ) | 53,049 | (48,213 | ) | (10,830 | ) | |||||||||||
NET INCOME (LOSS) | 14,122 | (4,672 | ) | 91,581 | (86,909 | ) | 14,122 | |||||||||||||
Foreign currency translation adjustments | 2,931 | 18,247 | 11,974 | (29,565 | ) | 3,587 | ||||||||||||||
Net unrealized loss on foreign exchange contracts, net of tax | — | — | (656 | ) | — | (656 | ) | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 17,053 | $ | 13,575 | $ | 102,899 | $ | (116,474 | ) | $ | 17,053 | |||||||||
Consolidated Financial Information - Statement of Cash Flows | ' | |||||||||||||||||||
Six Months Ended | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
STATEMENT OF CASH FLOWS | ||||||||||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 101,782 | $ | 18,602 | $ | (328,321 | ) | $ | — | $ | (207,937 | ) | ||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from the sale of equity method investees | — | — | 14,575 | — | 14,575 | |||||||||||||||
Investment in equity method investees | — | (2,150 | ) | (10,500 | ) | — | (12,650 | ) | ||||||||||||
Other investments | — | (2,000 | ) | — | — | (2,000 | ) | |||||||||||||
Purchases of property and equipment | — | (3,871 | ) | (624 | ) | — | (4,495 | ) | ||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | — | (8,021 | ) | 3,451 | — | (4,570 | ) | |||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Senior revolving credit facility - borrowings | 367,500 | — | — | — | 367,500 | |||||||||||||||
Senior revolving credit facility - repayments | (325,619 | ) | — | — | — | (325,619 | ) | |||||||||||||
Convertible senior subordinated notes - repurchases | — | (16 | ) | — | — | (16 | ) | |||||||||||||
Production loans - borrowings | — | — | 385,706 | — | 385,706 | |||||||||||||||
Production loans - repayments | — | — | (65,435 | ) | — | (65,435 | ) | |||||||||||||
Repurchase of common shares | (126,404 | ) | — | — | — | (126,404 | ) | |||||||||||||
Dividends paid | (13,946 | ) | — | — | — | (13,946 | ) | |||||||||||||
Excess tax benefits on equity-based compensation awards | — | 1,150 | — | — | 1,150 | |||||||||||||||
Exercise of stock options | 1,663 | — | — | — | 1,663 | |||||||||||||||
Tax withholding required on equity awards | (12,136 | ) | — | — | — | (12,136 | ) | |||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | (108,942 | ) | 1,134 | 320,271 | — | 212,463 | ||||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (7,160 | ) | 11,715 | (4,599 | ) | — | (44 | ) | ||||||||||||
FOREIGN EXCHANGE EFFECTS ON CASH | — | — | 621 | — | 621 | |||||||||||||||
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD | 8,128 | 5,999 | 11,565 | — | 25,692 | |||||||||||||||
CASH AND CASH EQUIVALENTS — END OF PERIOD | $ | 968 | $ | 17,714 | $ | 7,587 | $ | — | $ | 26,269 | ||||||||||
Six Months Ended | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Lions Gate | Lions Gate | Non-guarantor | Consolidating | Lions Gate | ||||||||||||||||
Entertainment | Entertainment | Subsidiaries | Adjustments | Consolidated | ||||||||||||||||
Corp. | Inc. | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
STATEMENT OF CASH FLOWS | ||||||||||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (439,477 | ) | $ | 466,030 | $ | 84,018 | $ | — | $ | 110,571 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from the sale of equity method investees | — | — | 9,000 | — | 9,000 | |||||||||||||||
Investment in equity method investees | — | (750 | ) | (3,000 | ) | — | (3,750 | ) | ||||||||||||
Distributions from equity method investee in excess of earnings | — | — | 4,169 | — | 4,169 | |||||||||||||||
Repayment of loans receivable | — | — | 3,000 | — | 3,000 | |||||||||||||||
Purchases of property and equipment | — | (3,199 | ) | (196 | ) | — | (3,395 | ) | ||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | — | (3,949 | ) | 12,973 | — | 9,024 | ||||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Senior revolving credit facility - borrowings | — | 428,100 | — | — | 428,100 | |||||||||||||||
Senior revolving credit facility - repayments | — | (481,100 | ) | — | — | (481,100 | ) | |||||||||||||
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $4,694 | 442,806 | — | — | — | 442,806 | |||||||||||||||
10.25% Senior Notes - repurchases and redemptions | — | (470,584 | ) | — | — | (470,584 | ) | |||||||||||||
Convertible senior subordinated notes - borrowings | — | 60,000 | — | — | 60,000 | |||||||||||||||
Production loans - borrowings | — | — | 169,427 | — | 169,427 | |||||||||||||||
Production loans - repayments | — | — | (196,098 | ) | — | (196,098 | ) | |||||||||||||
Pennsylvania Regional Center credit facility - repayments | — | — | (65,000 | ) | — | (65,000 | ) | |||||||||||||
Exercise of stock options | 9,120 | — | — | — | 9,120 | |||||||||||||||
Tax withholding required on equity awards | (11,257 | ) | — | — | — | (11,257 | ) | |||||||||||||
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | 440,669 | (463,584 | ) | (91,671 | ) | — | (114,586 | ) | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 1,192 | (1,503 | ) | 5,320 | — | 5,009 | ||||||||||||||
FOREIGN EXCHANGE EFFECTS ON CASH | (9 | ) | — | (151 | ) | — | (160 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD | 592 | 36,834 | 24,937 | — | 62,363 | |||||||||||||||
CASH AND CASH EQUIVALENTS — END OF PERIOD | $ | 1,775 | $ | 35,331 | $ | 30,106 | $ | — | $ | 67,212 | ||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Outstanding Forward Foreign Exchange Contracts | ' | ||||||||||
As of September 30, 2014, the Company had the following outstanding forward foreign exchange contracts (all outstanding contracts have maturities of less than 26 months from September 30, 2014): | |||||||||||
30-Sep-14 | |||||||||||
Foreign Currency | Foreign Currency Amount | US Dollar Amount | Weighted Average Exchange Rate Per $1 USD | ||||||||
(Amounts in millions) | (Amounts in millions) | ||||||||||
British Pound Sterling | £1.3 | in exchange for | $2.40 | £0.55 | |||||||
Australian Dollar | (A$23.2 | ) | in exchange for | ($21.3 | ) | A$1.09 | |||||
Canadian Dollar | C$0.6 | in exchange for | $0.60 | C$1.09 | |||||||
Supplementary_Cash_Flow_Statem1
Supplementary Cash Flow Statement Information (Tables) | 6 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | ' | |||||||
Six Months Ended | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(Amounts in thousands) | ||||||||
Non-cash financing activities: | ||||||||
Accrued dividends (see Note 11) | $ | 9,590 | $ | — | ||||
Conversions of convertible senior subordinated notes (see Note 5) | 11,350 | 3,150 | ||||||
$ | 20,940 | $ | 3,150 | |||||
Investment_In_Films_And_Televi2
Investment In Films And Television Programs (Narrative) (Details) | 6 Months Ended |
Sep. 30, 2014 | |
Investment In Films And Television Programs [Abstract] | ' |
Percentage of unamortized film costs, one year | 46.00% |
Percentage of unamortized film costs, three years | 81.00% |
Investment_In_Films_And_Televi3
Investment In Films And Television Programs (Schedule of Investment In Films And Television Programs) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment in Films and Television Programs [Line Items] | ' | ' |
Acquired libraries, net of accumulated amortization | $11,366 | $14,329 |
Total investment in film and television programs | 1,553,042 | 1,274,573 |
Motion Pictures Segment - Theatrical and Non-Theatrical Films [Member] | ' | ' |
Investment in Films and Television Programs [Line Items] | ' | ' |
Released, net of accumulated amortization | 431,650 | 509,831 |
Acquired libraries, net of accumulated amortization | 11,366 | 14,329 |
Completed and not released | 79,147 | 50,785 |
In progress | 623,237 | 351,047 |
In development | 28,683 | 22,336 |
Product inventory | 25,138 | 31,248 |
Total investment in film and television programs | 1,199,221 | 979,576 |
Television Production Segment - Direct-to-Television Programs [Member] | ' | ' |
Investment in Films and Television Programs [Line Items] | ' | ' |
Released, net of accumulated amortization | 235,416 | 212,929 |
In progress | 112,859 | 76,459 |
In development | 5,546 | 5,609 |
Total investment in film and television programs | $353,821 | $294,997 |
Investment_In_Films_And_Televi4
Investment In Films And Television Programs (Schedule Of Acquired Libraries) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 |
Total acquired libraries | $11,366 | $14,329 |
Artisan Entertainment [Member] | ' | ' |
Total amortization period (in years) | '20 years | ' |
Remaining amortization period (in years) | '9 years 3 months | ' |
Total acquired libraries | 8,143 | 10,236 |
Summit Entertainment [Member] | ' | ' |
Total amortization period (in years) | '20 years | ' |
Remaining amortization period (in years) | '17 years 3 months | ' |
Total acquired libraries | $3,223 | $4,093 |
Maximum [Member] | ' | ' |
Total amortization period (in years) | '20 years | ' |
Equity_Method_Investments_Narr
Equity Method Investments (Narrative) (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 30 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2010 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | 31-May-13 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
EPIX [Member] | EPIX [Member] | EPIX [Member] | EPIX [Member] | EPIX [Member] | EPIX [Member] | TVGN [Member] | TVGN [Member] | TVGN [Member] | TVGN [Member] | TVGuide.com [Member] | Break Media [Member] | Break Media [Member] | Defy Media [Member] | Defy Media [Member] | Roadside Attractions [Member] | Pantelion Films [Member] | MovieFriends [Member] | MovieFriends [Member] | Redeemable Preferred Stock [Member] | ||||
TVGN [Member] | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in equity method investees | $12,650,000 | $3,750,000 | ' | ' | ' | ' | ' | $80,400,000 | ' | $3,000,000 | $10,500,000 | ' | ' | ' | $800,000 | ' | $10,000,000 | ' | ' | ' | $2,200,000 | ' | ' |
Equity method investment distributions received | ' | ' | ' | 1,600,000 | 0 | 7,800,000 | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other equity holders, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of dividend on preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Total accretion period to redemption date of mandatorily redeemable preferred stock units and dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years |
Percentage sold of equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, carrying amount | $198,680,000 | ' | $181,941,000 | $87,201,000 | ' | $87,201,000 | ' | ' | $78,758,000 | $93,249,000 | $93,249,000 | $86,298,000 | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' |
Effective economic interest in Defy Media | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.10% | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | 31.15% | 31.15% | 31.15% | 31.15% | ' | ' | 50.00% | 50.00% | ' | 50.00% | ' | ' | ' | ' | 3.50% | 43.00% | 49.00% | ' | 12.30% | ' |
Equity_Method_Investments_Carr
Equity Method Investments (Carrying Amount Of Significant Equity Method Investments) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Equity method investments | $198,680 | $181,941 | ' | ||
EPIX [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Equity method investment, ownership percentage | 31.15% | ' | 31.15% | ||
Equity method investments | 87,201 | 78,758 | ' | ||
TVGN [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Equity method investment, ownership percentage | 50.00% | ' | 50.00% | ||
Equity method investments | 93,249 | 86,298 | ' | ||
Other equity method investments [Member] | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ||
Equity method investments | $18,230 | [1] | $16,885 | [1] | ' |
[1] | The Company records its share of the net income or loss of other equity method investments on a one quarter lag and, accordingly, during the three and six months ended September 30, 2014 and 2013, the Company recorded its share of the income or loss generated by these entities for the three and six months ended June 30, 2014 and 2013, respectively. On April 14, 2014, the Company sold all of its 34.5% interest in FEARnet. The sales price was approximately $14.6 million. The Company has recorded a gain on the sale of $11.4 million within equity interest income in the six months ended September 30, 2014. As a result of this transaction, the Company's equity interest in FEARnet was reduced to zero as of June 30, 2014. |
Equity_Method_Investments_Equi
Equity Method Investments (Equity Method Investee, Income (Loss)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Apr. 14, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | ||||||||||
EPIX [Member] | EPIX [Member] | EPIX [Member] | EPIX [Member] | EPIX [Member] | TVGN [Member] | TVGN [Member] | TVGN [Member] | TVGN [Member] | TVGN [Member] | Other equity method investments [Member] | Other equity method investments [Member] | Other equity method investments [Member] | Other equity method investments [Member] | Other equity method investments [Member] | FEARnet [Member] | FEARnet [Member] | FEARnet [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Equity interests income (loss) | $8,245,000 | $6,502,000 | $26,455,000 | $14,479,000 | ' | $7,724,000 | $8,881,000 | $16,232,000 | $15,622,000 | ' | ($1,323,000) | ($807,000) | ($3,548,000) | $2,057,000 | ' | $1,844,000 | [1] | ($1,572,000) | [1] | $13,771,000 | [1] | ($3,200,000) | [1] | ' | ' | ' | ' | |||||
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | 31.15% | 31.15% | 31.15% | 31.15% | ' | 50.00% | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | 34.50% | ' | ' | |||||||||
Equity method investment, sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,600,000 | ' | ' | |||||||||
Gain on sale of equity method investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | 0 | [2] | 0 | [2] | 3,960,000 | [2] | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | |||||
Equity method investments, carrying amount | $198,680,000 | ' | $198,680,000 | ' | $181,941,000 | $87,201,000 | ' | $87,201,000 | ' | $78,758,000 | $93,249,000 | ' | $93,249,000 | ' | $86,298,000 | $18,230,000 | [1] | ' | $18,230,000 | [1] | ' | $16,885,000 | [1] | ' | ' | $0 | ||||||
[1] | The Company records its share of the net income or loss of other equity method investments on a one quarter lag and, accordingly, during the three and six months ended September 30, 2014 and 2013, the Company recorded its share of the income or loss generated by these entities for the three and six months ended June 30, 2014 and 2013, respectively. On April 14, 2014, the Company sold all of its 34.5% interest in FEARnet. The sales price was approximately $14.6 million. The Company has recorded a gain on the sale of $11.4 million within equity interest income in the six months ended September 30, 2014. As a result of this transaction, the Company's equity interest in FEARnet was reduced to zero as of June 30, 2014. | |||||||||||||||||||||||||||||||
[2] | Represents the gain on the May 31, 2013 sale of the Company's 50% interest in TVGuide.com. As a result of the sale, TVGuide.com is considered a discontinued operation by TVGN, and accordingly, the revenues and expenses of TVGuide.com prior to the transaction for all periods presented, are reflected net within the discontinued operations section of the summarized statement of operations for TVGN. |
Equity_Method_Investments_Summ
Equity Method Investments (Summarized Balance Sheet) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
EPIX [Member] | ' | ' |
Equity Method Investment, Summarized Financial Information [Abstract] | ' | ' |
Current assets | $162,117 | $184,471 |
Non-current assets | 283,163 | 247,231 |
Current liabilities | 107,527 | 126,217 |
Non-current liabilities | 11,338 | 9,459 |
TVGN [Member] | ' | ' |
Equity Method Investment, Summarized Financial Information [Abstract] | ' | ' |
Current assets | 33,840 | 27,150 |
Non-current assets | 191,654 | 196,011 |
Current liabilities | 27,973 | 30,653 |
Non-current liabilities | 7,885 | 12,334 |
Redeemable preferred stock | $364,601 | $325,204 |
Equity_Method_Investments_Summ1
Equity Method Investments (Summarized Statement Of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Reconciliation of net income (loss) reported by investee to equity interest income (loss): | ' | ' | ' | ' | ||||
Total equity interest income (loss) recorded | $8,245 | $6,502 | $26,455 | $14,479 | ||||
EPIX [Member] | ' | ' | ' | ' | ||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ' | ' | ' | ' | ||||
Revenues | 95,851 | 87,033 | 187,300 | 172,230 | ||||
Expenses: | ' | ' | ' | ' | ||||
Operating expenses | 61,959 | 59,144 | 119,466 | 121,286 | ||||
Selling, marketing, general and administrative expenses | 5,886 | 5,633 | 11,640 | 11,263 | ||||
Operating income (loss) | 28,006 | 22,256 | 56,194 | 39,681 | ||||
Interest and other income (expense) | -338 | -268 | -731 | 162 | ||||
Net income (loss) | 27,668 | 21,988 | 55,463 | 39,843 | ||||
Reconciliation of net income (loss) reported by investee to equity interest income (loss): | ' | ' | ' | ' | ||||
Net income (loss) | 27,668 | 21,988 | 55,463 | 39,843 | ||||
Ownership interest in investee | 31.15% | 31.15% | 31.15% | 31.15% | ||||
The Company's share of net income (loss) | 8,619 | 6,849 | 17,277 | 12,411 | ||||
Eliminations of the Company's share of profits on licensing sales to investee | -3,204 | [1] | -2,099 | [1] | -5,071 | [1] | -5,620 | [1] |
Realization of the Company's share of profits on licensing sales to investee | 2,309 | [2] | 4,131 | [2] | 4,026 | [2] | 8,831 | [2] |
Total equity interest income (loss) recorded | 7,724 | 8,881 | 16,232 | 15,622 | ||||
TVGN [Member] | ' | ' | ' | ' | ||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ' | ' | ' | ' | ||||
Revenues | 19,738 | 18,173 | 38,566 | 34,965 | ||||
Expenses: | ' | ' | ' | ' | ||||
Cost of services | 9,803 | 6,757 | 18,293 | 14,003 | ||||
Selling, marketing, general and administrative expenses | 10,122 | 10,749 | 22,593 | 20,477 | ||||
Depreciation and amortization | 1,941 | 1,986 | 3,938 | 3,994 | ||||
Operating income (loss) | -2,128 | -1,319 | -6,258 | -3,509 | ||||
Other income | 252 | -14 | 362 | -1,390 | ||||
Interest expense, net | 181 | 335 | 391 | 682 | ||||
Accretion of redeemable preferred stock units | 11,968 | [3] | 9,843 | [3] | 22,900 | [3] | 19,151 | [3] |
Total interest expense, net | 12,401 | 10,164 | 23,653 | 18,443 | ||||
Loss from continuing operations | -14,529 | -11,483 | -29,911 | -21,952 | ||||
Loss from discontinued operations | 0 | 0 | 0 | -1,114 | ||||
Net income (loss) | -14,529 | -11,483 | -29,911 | -23,066 | ||||
Reconciliation of net income (loss) reported by investee to equity interest income (loss): | ' | ' | ' | ' | ||||
Net income (loss) | -14,529 | -11,483 | -29,911 | -23,066 | ||||
Ownership interest in investee | 50.00% | 50.00% | 50.00% | 50.00% | ||||
The Company's share of net income (loss) | -7,265 | -5,742 | -14,956 | -11,533 | ||||
Gain on sale of the Company's 50% share of TVGuide.com | 0 | [4] | 0 | [4] | 0 | [4] | 3,960 | [4] |
Accretion of dividend and interest income on redeemable preferred stock units | 5,984 | [3] | 4,923 | [3] | 11,450 | [3] | 9,576 | [3] |
Eliminations of the Company's share of profits on licensing sales to investee | -367 | 0 | -367 | 0 | ||||
Realization of the Company's share of profits on licensing sales to investee | 325 | 12 | 325 | 54 | ||||
Total equity interest income (loss) recorded | ($1,323) | ($807) | ($3,548) | $2,057 | ||||
[1] | Represents the elimination of the gross profit recognized by the Company on licensing sales to EPIX in proportion to the Company's ownership interest in EPIX. The table below sets forth the revenues and gross profits recognized by the Company and the calculation of the profit eliminated for the three and six months ended September 30, 2014 and 2013: (Amounts in thousands) Three months ended September 30, 2014 and 2013: Revenue recognized on licensing sales to EPIX - $18,995 and $8,329, respectively; Gross profit on licensing sales to EPIX - $10,285 and $6,738, respectively; Ownership interest in EPIX - 31.15% and 31.15%, respectively; Elimination of the Company's share of profits on licensing sales to EPIX - $3,204 and $2,099, respectively. Six months ended September 30, 2014 and 2013: Revenue recognized on licensing sales to EPIX - $25,931 and $23,133, respectively; Gross profit on licensing sales to EPIX - $16,280 and $18,042, respectively; Ownership interest in EPIX - 31.15% and 31.15%, respectively; Elimination of the Company's share of profits on licensing sales to EPIX - $5,071 and $5,620, respectively. | |||||||
[2] | Represents the realization of a portion of the profits previously eliminated. This profit remains eliminated until realized by EPIX. EPIX initially records the license fee for the title as inventory on its balance sheet and amortizes the inventory over the license period. Accordingly, the profit is realized as the inventory on EPIX's books is amortized. | |||||||
[3] | Accretion of mandatorily redeemable preferred stock units represents TVGN’s 10% dividend and the amortization of discount on its mandatorily redeemable preferred stock units held by the Company and the other interest holder. The Company recorded its share of this expense as income from the accretion of dividend and discount on mandatorily redeemable preferred stock units within equity interest income (loss). | |||||||
[4] | Represents the gain on the May 31, 2013 sale of the Company's 50% interest in TVGuide.com. As a result of the sale, TVGuide.com is considered a discontinued operation by TVGN, and accordingly, the revenues and expenses of TVGuide.com prior to the transaction for all periods presented, are reflected net within the discontinued operations section of the summarized statement of operations for TVGN. |
Equity_Method_Investments_Inte
Equity Method Investments (Intercompany Revenue and Gross Profit and Calculation of Profit Eliminated) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Revenue recognized on licensing sales to investee | $552,876 | $498,729 | $1,002,259 | $1,068,457 | ||||
EPIX [Member] | ' | ' | ' | ' | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||||
Revenue recognized on licensing sales to investee | 18,995 | 8,329 | 25,931 | 23,133 | ||||
Gross profit on licensing sales to investee | 10,285 | 6,738 | 16,280 | 18,042 | ||||
Ownership interest in investee | 31.15% | 31.15% | 31.15% | 31.15% | ||||
Elimination of the Company's share of profit on licensing sales to investee | $3,204 | [1] | $2,099 | [1] | $5,071 | [1] | $5,620 | [1] |
[1] | Represents the elimination of the gross profit recognized by the Company on licensing sales to EPIX in proportion to the Company's ownership interest in EPIX. The table below sets forth the revenues and gross profits recognized by the Company and the calculation of the profit eliminated for the three and six months ended September 30, 2014 and 2013: (Amounts in thousands) Three months ended September 30, 2014 and 2013: Revenue recognized on licensing sales to EPIX - $18,995 and $8,329, respectively; Gross profit on licensing sales to EPIX - $10,285 and $6,738, respectively; Ownership interest in EPIX - 31.15% and 31.15%, respectively; Elimination of the Company's share of profits on licensing sales to EPIX - $3,204 and $2,099, respectively. Six months ended September 30, 2014 and 2013: Revenue recognized on licensing sales to EPIX - $25,931 and $23,133, respectively; Gross profit on licensing sales to EPIX - $16,280 and $18,042, respectively; Ownership interest in EPIX - 31.15% and 31.15%, respectively; Elimination of the Company's share of profits on licensing sales to EPIX - $5,071 and $5,620, respectively. |
Other_Assets_Composition_Of_Ot
Other Assets (Composition Of Other Assets) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Assets, Unclassified [Abstract] | ' | ' |
Deferred financing costs, net of accumulated amortization | $31,048 | $34,722 |
Prepaid expenses and other | 37,470 | 33,347 |
Finite-lived intangible assets | 2,092 | 2,998 |
Total other assets | $70,610 | $71,067 |
Corporate_Debt_Narrative_Senio
Corporate Debt (Narrative - Senior Revolving Credit Facility) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Millions, unless otherwise specified | Senior Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Minimum [Member] | Maximum [Member] | Base Rate [Member] | LIBOR [Member] |
Senior Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member] | Senior Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Senior revolving credit facility, available amount | $660.40 | $702.30 | ' | ' | ' | ' | ' | ' |
Senior revolving credit facility, maximum borrowing capacity | 800 | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding, amount | ' | ' | $0.10 | $0.10 | ' | ' | ' | ' |
Basis spread on variable interest rate | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% |
Effective interest rate | 2.65% | 2.65% | ' | ' | ' | ' | ' | ' |
Senior revolving credit facility, commitment fee annual percentage | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' |
Change in control, trigger percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Corporate_Debt_Narrative_525_S
Corporate Debt (Narrative - 5.25% Senior Notes and Term Loan) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Jul. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 31, 2013 |
5.25% Senior Notes [Member] | 5.25% Senior Notes [Member] | 5.25% Senior Notes [Member] | 5.25% Senior Notes [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | 5.25% Senior Notes and Term Loan [Member] | 5.25% Senior Notes and Term Loan [Member] | 10.25% Senior Notes [Member] | 10.25% Senior Notes [Member] | 10.25% Senior Notes [Member] | |||
Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Base Rate [Member] | LIBOR [Member] | Senior Secured Second-Priority Notes and Term Loan [Member] | Senior Secured Second-Priority Notes and Term Loan [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coupon rate | ' | ' | 5.25% | ' | 5.25% | 5.25% | ' | ' | ' | ' | ' | ' | ' | 10.25% | 10.25% | 10.25% |
Term Loan, term | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of notes | ' | ' | ' | ' | ' | $225,000,000 | ' | ' | ' | ' | ' | ' | $450,000,000 | ' | ' | ' |
Carrying value of debt outstanding | 711,711,000 | 677,160,000 | 225,000,000 | 225,000,000 | ' | ' | 222,932,000 | 222,753,000 | 222,500,000 | ' | ' | ' | ' | ' | ' | ' |
Unamortized Discount | -8,608,000 | ' | ' | ' | ' | ' | -2,068,000 | -2,247,000 | -2,500,000 | ' | ' | ' | ' | ' | ' | ' |
Transaction costs capitalized as deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' |
Transaction costs expensed as early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,600,000 | ' | ' | ' | ' |
Basis spread on variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 4.00% | ' | ' | ' | ' | ' |
Interest rate floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption price percentage | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Debt instrument redemption premium percentage | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan, prepayment premium on or before July 19, 2015 | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan, prepayment premium after July 19, 2015 and on or before July 19, 2016 | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan, prepayment premium after July 19, 2016 | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change of control, redemption or prepayment price percentage | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Certain asset dispositions, redemption or prepayment price percentage | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate_Debt_Narrative_1025_
Corporate Debt (Narrative - 10.25% Senior Notes) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | ||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | |
Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Term Loan [Member] | Senior Secured Second-Priority Notes and Term Loan [Member] | Senior Secured Second-Priority Notes and Term Loan [Member] | |||||
10.25% Senior Notes [Member] | 10.25% Senior Notes [Member] | 10.25% Senior Notes [Member] | 10.25% Senior Notes [Member] | 10.25% Senior Notes [Member] | 5.25% Senior Notes [Member] | 5.25% Senior Notes [Member] | 5.25% Senior Notes [Member] | 10.25% Senior Notes and New Issuances [Member] | 5.25% Senior Notes and Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts paid for repurchases | ' | ' | $0 | $470,584,000 | ' | $4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of notes repurchased or redeemed | ' | ' | ' | ' | 432,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of notes extinguished | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | 586,000 | 36,187,000 | 586,000 | 36,653,000 | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | 35,900,000 | ' |
Write-off of deferred debt financing costs | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Coupon rate | ' | ' | ' | ' | 10.25% | ' | 10.25% | ' | 10.25% | 5.25% | 5.25% | 5.25% | ' | ' | ' |
Term Loan, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' |
Principal amount of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | 450,000,000 |
Premium and interest paid for early redemption of 10.25% Senior Notes | ' | ' | ' | ' | 34,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs and unamortized discount related to redeemed notes | ' | ' | ' | ' | $19,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption price percentage | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' |
Corporate_Debt_Narrative_Conve
Corporate Debt (Narrative - Convertible Senior Subordinated Notes) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Apr. 30, 2009 | Sep. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2014 | Apr. 30, 2013 | Sep. 30, 2014 | Apr. 30, 2009 | Sep. 30, 2014 | Jan. 31, 2012 | Sep. 30, 2014 | Apr. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |||||||||
Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | April 2009 3.625% Notes, Redemption, On or after March 15, 2015 [Member] | On March 15, 2015, March 15, 2018, March 15, 2023 Or Upon A Designated Event [Member] | April 2009 Notes Conversion [Member] | April 2009 Notes Conversion [Member] | October 2004 Notes Conversion [Member] | ||||||||||||||
October 2004 Notes [Member] | October 2004 Notes [Member] | April 2009 Notes [Member] | April 2009 Notes [Member] | April 2009 Notes [Member] | January 2012 Notes [Member] | January 2012 Notes [Member] | January 2012 Notes [Member] | April 2013 Notes [Member] | April 2013 Notes [Member] | April 2013 Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Minimum [Member] | Maximum [Member] | Issuer [Member] | Holder [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | |||||||||||||||||
April 2009 Notes [Member] | April 2009 Notes [Member] | January 2012 Notes [Member] | January 2012 Notes [Member] | April 2013 Notes [Member] | April 2013 Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member] | April 2009 Notes [Member] | October 2004 Notes [Member] | ||||||||||||||||||||||||||||
April 2009 Notes [Member] | April 2009 Notes [Member] | April 2009 Notes [Member] | April 2009 Notes [Member] | |||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Coupon rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.94% | ' | 3.63% | ' | ' | 4.00% | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Effective interest rate of liability component | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.26% | ' | ' | 9.56% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Principal amount of notes converted into common shares | ' | ' | $11,350,000 | $3,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,200,000 | $100,000 | ||||||||
Conversion price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.19 | ' | ' | $10.42 | ' | ' | $29.78 | ' | ' | $8.19 | $8.25 | $10.42 | $10.50 | $29.78 | $30 | ' | ' | ' | ' | $8.21 | $8.21 | $11.46 | ||||||||
Common shares issued for convertible senior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,370,395 | 8,634 | ||||||||
Loss on extinguishment of debt | 586,000 | 36,187,000 | 586,000 | 36,653,000 | ' | 586,000 | 36,653,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ||||||||
Principal amount of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,600,000 | ' | ' | 45,000,000 | ' | ' | 60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Equity component | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,200,000 | ' | ' | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Principal amount of debt outstanding | 720,319,000 | ' | 720,319,000 | ' | ' | 130,819,000 | ' | 142,185,000 | 0 | [1] | 115,000 | [1] | 28,969,000 | [1] | 40,220,000 | [1] | ' | 41,850,000 | [1] | 41,850,000 | [1] | ' | 60,000,000 | [2] | 60,000,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of debt outstanding | $711,711,000 | ' | $711,711,000 | ' | $677,160,000 | $124,279,000 | ' | $131,788,000 | $0 | [1] | $115,000 | [1] | $27,293,000 | [1] | $35,615,000 | [1] | ' | $36,986,000 | [1] | $36,058,000 | [1] | ' | $60,000,000 | [2] | $60,000,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption price percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ||||||||
Applicable price range for make-whole premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.36 | $50 | ' | ' | ' | ' | ' | ||||||||
[1] | The convertible senior subordinated notes provide, with the exception of the 1.25% Convertible Senior Subordinated Notes issued in April 2013 (the "April 2013 1.25% Notes"), at the Company's option, that the conversion of the notes may be settled in cash rather than in the Company's common shares, or a combination of cash and the Company's common shares. Accounting rules require that convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) are recorded by separately accounting for the liability and equity component (i.e., conversion feature), thereby reducing the principal amount with a debt discount that is amortized as interest expense over the expected life of the note using the effective interest method. The effective interest rate on the liability component of the 3.625% Convertible Senior Subordinated Notes issued in April 2009 (the "April 2009 3.625% Notes") is 17.26%, and the effective interest rate on the liability component of the 4.00% Convertible Senior Subordinated Notes issued in January 2012 (the "January 2012 4.00% Notes") is 9.56%. | |||||||||||||||||||||||||||||||||||||||
[2] | The April 2013 1.25% Notes are convertible only into the Company's common shares, and do not carry an option to be settled in cash upon conversion. Accordingly, the April 2013 1.25% Notes have been recorded at their principal amount and are not reduced by a debt discount for the equity component. |
Corporate_Debt_Carrying_Values
Corporate Debt (Carrying Values of Corporate Debt) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Corporate debt | $711,711 | $677,160 | ' | ' |
Unamortized discount | 8,608 | ' | ' | ' |
Senior Revolving Credit Facility [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Senior revolving credit facility | 139,500 | 97,619 | ' | ' |
Convertible Senior Subordinated Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Corporate debt | 124,279 | 131,788 | ' | ' |
Unamortized discount | 6,540 | 10,397 | ' | ' |
5.25% Senior Notes [Member] | Senior Secured Second-Priority Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Corporate debt | 225,000 | 225,000 | ' | ' |
Coupon rate | 5.25% | ' | 5.25% | 5.25% |
Term Loan [Member] | Term Loan [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Corporate debt | 222,932 | 222,753 | ' | 222,500 |
Unamortized discount | $2,068 | $2,247 | ' | 2,500 |
Corporate_Debt_Future_Annual_C
Corporate Debt (Future Annual Contractual Principal Payment Commitments) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | ||
In Thousands, except Per Share data, unless otherwise specified | ||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ||
Year Ended March 31, 2015 | $28,969 | ' | ' | ' | ||
Year Ended March 31, 2016 | 0 | ' | ' | ' | ||
Year Ended March 31, 2017 | 41,850 | ' | ' | ' | ||
Year Ended March 31, 2018 | 139,500 | ' | ' | ' | ||
Year Ended March 31, 2019 | 285,000 | ' | ' | ' | ||
Thereafter | 225,000 | ' | ' | ' | ||
Total | 720,319 | ' | ' | ' | ||
Less aggregate unamortized discount | -8,608 | ' | ' | ' | ||
Carrying value of debt outstanding | 711,711 | 677,160 | ' | ' | ||
Senior Revolving Credit Facility [Member] | ' | ' | ' | ' | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ||
Year Ended March 31, 2015 | 0 | ' | ' | ' | ||
Year Ended March 31, 2016 | 0 | ' | ' | ' | ||
Year Ended March 31, 2017 | 0 | ' | ' | ' | ||
Year Ended March 31, 2018 | 139,500 | ' | ' | ' | ||
Year Ended March 31, 2019 | 0 | ' | ' | ' | ||
Thereafter | 0 | ' | ' | ' | ||
Total | 139,500 | ' | ' | ' | ||
Convertible Senior Subordinated Notes [Member] | ' | ' | ' | ' | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ||
Total | 130,819 | 142,185 | ' | ' | ||
Less aggregate unamortized discount | -6,540 | -10,397 | ' | ' | ||
Carrying value of debt outstanding | 124,279 | 131,788 | ' | ' | ||
5.25% Senior Notes [Member] | Senior Secured Second-Priority Notes [Member] | ' | ' | ' | ' | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ||
Year Ended March 31, 2015 | 0 | ' | ' | ' | ||
Year Ended March 31, 2016 | 0 | ' | ' | ' | ||
Year Ended March 31, 2017 | 0 | ' | ' | ' | ||
Year Ended March 31, 2018 | 0 | ' | ' | ' | ||
Year Ended March 31, 2019 | 225,000 | ' | ' | ' | ||
Thereafter | 0 | ' | ' | ' | ||
Total | 225,000 | ' | ' | ' | ||
Carrying value of debt outstanding | 225,000 | 225,000 | ' | ' | ||
Coupon rate | 5.25% | ' | 5.25% | 5.25% | ||
Term Loan [Member] | Term Loan [Member] | ' | ' | ' | ' | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ||
Year Ended March 31, 2015 | 0 | ' | ' | ' | ||
Year Ended March 31, 2016 | 0 | ' | ' | ' | ||
Year Ended March 31, 2017 | 0 | ' | ' | ' | ||
Year Ended March 31, 2018 | 0 | ' | ' | ' | ||
Year Ended March 31, 2019 | 0 | ' | ' | ' | ||
Thereafter | 225,000 | ' | ' | ' | ||
Total | 225,000 | ' | ' | ' | ||
Less aggregate unamortized discount | -2,068 | -2,247 | ' | -2,500 | ||
Carrying value of debt outstanding | 222,932 | 222,753 | ' | 222,500 | ||
April 2009 Notes [Member] | Convertible Senior Subordinated Notes [Member] | ' | ' | ' | ' | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ||
Year Ended March 31, 2015 | 28,969 | [1] | ' | ' | ' | |
Year Ended March 31, 2016 | 0 | [1] | ' | ' | ' | |
Year Ended March 31, 2017 | 0 | [1] | ' | ' | ' | |
Year Ended March 31, 2018 | 0 | [1] | ' | ' | ' | |
Year Ended March 31, 2019 | 0 | [1] | ' | ' | ' | |
Thereafter | 0 | [1] | ' | ' | ' | |
Total | 28,969 | [2] | 40,220 | [2] | ' | ' |
Less aggregate unamortized discount | -1,676 | [2] | -4,605 | [2] | ' | ' |
Carrying value of debt outstanding | 27,293 | [2] | 35,615 | [2] | ' | ' |
Conversion price per share | $8.19 | ' | ' | ' | ||
Coupon rate | 3.63% | ' | ' | ' | ||
January 2012 Notes [Member] | Convertible Senior Subordinated Notes [Member] | ' | ' | ' | ' | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ||
Year Ended March 31, 2015 | 0 | [1] | ' | ' | ' | |
Year Ended March 31, 2016 | 0 | [1] | ' | ' | ' | |
Year Ended March 31, 2017 | 41,850 | [1] | ' | ' | ' | |
Year Ended March 31, 2018 | 0 | [1] | ' | ' | ' | |
Year Ended March 31, 2019 | 0 | [1] | ' | ' | ' | |
Thereafter | 0 | [1] | ' | ' | ' | |
Total | 41,850 | [2] | 41,850 | [2] | ' | ' |
Less aggregate unamortized discount | -4,864 | [2] | -5,792 | [2] | ' | ' |
Carrying value of debt outstanding | 36,986 | [2] | 36,058 | [2] | ' | ' |
Conversion price per share | $10.42 | ' | ' | ' | ||
Coupon rate | 4.00% | ' | ' | ' | ||
April 2013 Notes [Member] | Convertible Senior Subordinated Notes [Member] | ' | ' | ' | ' | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ||
Year Ended March 31, 2015 | 0 | [1] | ' | ' | ' | |
Year Ended March 31, 2016 | 0 | [1] | ' | ' | ' | |
Year Ended March 31, 2017 | 0 | [1] | ' | ' | ' | |
Year Ended March 31, 2018 | 0 | [1] | ' | ' | ' | |
Year Ended March 31, 2019 | 60,000 | [1] | ' | ' | ' | |
Thereafter | 0 | [1] | ' | ' | ' | |
Total | 60,000 | [3] | 60,000 | [3] | ' | ' |
Less aggregate unamortized discount | 0 | [3] | 0 | [3] | ' | ' |
Carrying value of debt outstanding | $60,000 | [3] | $60,000 | [3] | ' | ' |
Conversion price per share | $29.78 | ' | ' | ' | ||
Coupon rate | 1.25% | ' | ' | ' | ||
[1] | The future repayment dates of the convertible senior subordinated notes represent the next redemption date by holders for each series of notes respectively, as described below. | |||||
[2] | The convertible senior subordinated notes provide, with the exception of the 1.25% Convertible Senior Subordinated Notes issued in April 2013 (the "April 2013 1.25% Notes"), at the Company's option, that the conversion of the notes may be settled in cash rather than in the Company's common shares, or a combination of cash and the Company's common shares. Accounting rules require that convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) are recorded by separately accounting for the liability and equity component (i.e., conversion feature), thereby reducing the principal amount with a debt discount that is amortized as interest expense over the expected life of the note using the effective interest method. The effective interest rate on the liability component of the 3.625% Convertible Senior Subordinated Notes issued in April 2009 (the "April 2009 3.625% Notes") is 17.26%, and the effective interest rate on the liability component of the 4.00% Convertible Senior Subordinated Notes issued in January 2012 (the "January 2012 4.00% Notes") is 9.56%. | |||||
[3] | The April 2013 1.25% Notes are convertible only into the Company's common shares, and do not carry an option to be settled in cash upon conversion. Accordingly, the April 2013 1.25% Notes have been recorded at their principal amount and are not reduced by a debt discount for the equity component. |
Corporate_Debt_Convertible_Sen
Corporate Debt (Convertible Senior Subordinated Notes Outstanding) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | ||
In Thousands, except Per Share data, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
Principal amount of debt outstanding | $720,319 | ' | ||
Unamortized Discount | -8,608 | ' | ||
Net carrying amount | 711,711 | 677,160 | ||
Convertible Senior Subordinated Notes [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal amount of debt outstanding | 130,819 | 142,185 | ||
Unamortized Discount | -6,540 | -10,397 | ||
Net carrying amount | 124,279 | 131,788 | ||
October 2004 Notes [Member] | Convertible Senior Subordinated Notes [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal amount of debt outstanding | 0 | [1] | 115 | [1] |
Unamortized Discount | 0 | [1] | 0 | [1] |
Net carrying amount | 0 | [1] | 115 | [1] |
Coupon rate | 2.94% | ' | ||
April 2009 Notes [Member] | Convertible Senior Subordinated Notes [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal amount of debt outstanding | 28,969 | [1] | 40,220 | [1] |
Unamortized Discount | -1,676 | [1] | -4,605 | [1] |
Net carrying amount | 27,293 | [1] | 35,615 | [1] |
Coupon rate | 3.63% | ' | ||
Conversion price per share | $8.19 | ' | ||
January 2012 Notes [Member] | Convertible Senior Subordinated Notes [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal amount of debt outstanding | 41,850 | [1] | 41,850 | [1] |
Unamortized Discount | -4,864 | [1] | -5,792 | [1] |
Net carrying amount | 36,986 | [1] | 36,058 | [1] |
Coupon rate | 4.00% | ' | ||
Conversion price per share | $10.42 | ' | ||
April 2013 Notes [Member] | Convertible Senior Subordinated Notes [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Principal amount of debt outstanding | 60,000 | [2] | 60,000 | [2] |
Unamortized Discount | 0 | [2] | 0 | [2] |
Net carrying amount | $60,000 | [2] | $60,000 | [2] |
Coupon rate | 1.25% | ' | ||
Conversion price per share | $29.78 | ' | ||
[1] | The convertible senior subordinated notes provide, with the exception of the 1.25% Convertible Senior Subordinated Notes issued in April 2013 (the "April 2013 1.25% Notes"), at the Company's option, that the conversion of the notes may be settled in cash rather than in the Company's common shares, or a combination of cash and the Company's common shares. Accounting rules require that convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) are recorded by separately accounting for the liability and equity component (i.e., conversion feature), thereby reducing the principal amount with a debt discount that is amortized as interest expense over the expected life of the note using the effective interest method. The effective interest rate on the liability component of the 3.625% Convertible Senior Subordinated Notes issued in April 2009 (the "April 2009 3.625% Notes") is 17.26%, and the effective interest rate on the liability component of the 4.00% Convertible Senior Subordinated Notes issued in January 2012 (the "January 2012 4.00% Notes") is 9.56%. | |||
[2] | The April 2013 1.25% Notes are convertible only into the Company's common shares, and do not carry an option to be settled in cash upon conversion. Accordingly, the April 2013 1.25% Notes have been recorded at their principal amount and are not reduced by a debt discount for the equity component. |
Corporate_Debt_Interest_Expens
Corporate Debt (Interest Expense) (Details) (Convertible Senior Subordinated Notes [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Convertible Senior Subordinated Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Contractual interest coupon | $956 | $1,194 | $1,929 | $2,390 |
Amortization of discount on liability component and debt issuance costs | 1,642 | 2,141 | 3,261 | 4,237 |
Interest expense, total | $2,598 | $3,335 | $5,190 | $6,627 |
Participations_and_Residuals_D
Participations and Residuals (Details) | 6 Months Ended |
Sep. 30, 2014 | |
Participations And Residuals [abstract] | ' |
Percentage of accrued participations and residuals payable within one year | 57.00% |
Film_Obligations_and_Productio2
Film Obligations and Production Loans (Narrative) (Details) (Production Loans [Member]) | 6 Months Ended |
Sep. 30, 2014 | |
Production Loans [Member] | ' |
Interest rate range, minimum | 3.24% |
Interest rate range, maximum | 3.49% |
Film_Obligations_and_Productio3
Film Obligations and Production Loans (Film Obligations And Production Loans) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Film obligations | $41,970 | $80,904 |
Production loans | 739,154 | 418,883 |
Total film obligations and production loans | $781,124 | $499,787 |
Film_Obligations_and_Productio4
Film Obligations and Production Loans (Future Annual Repayment of Film Obligations And Production Loans) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Future Annual Repayment Of Film Obligations And Production Loans | ' | ' |
Six Months Ended March 31, 2015 | $97,723 | ' |
Year Ended March 31, 2016 | 556,654 | ' |
Year Ended March 31, 2017 | 124,410 | ' |
Year Ended March 31, 2018 | 2,000 | ' |
Year Ended March 31, 2019 | 1,000 | ' |
Thereafter | 0 | ' |
Total | 781,787 | ' |
Less imputed interest on film obligations | -663 | ' |
Total film obligations and production loans | 781,124 | 499,787 |
Film Obligations [Member] | ' | ' |
Future Annual Repayment Of Film Obligations And Production Loans | ' | ' |
Six Months Ended March 31, 2015 | 19,989 | ' |
Year Ended March 31, 2016 | 16,680 | ' |
Year Ended March 31, 2017 | 2,964 | ' |
Year Ended March 31, 2018 | 2,000 | ' |
Year Ended March 31, 2019 | 1,000 | ' |
Thereafter | 0 | ' |
Total | 42,633 | ' |
Production Loans [Member] | ' | ' |
Future Annual Repayment Of Film Obligations And Production Loans | ' | ' |
Six Months Ended March 31, 2015 | 77,734 | ' |
Year Ended March 31, 2016 | 539,974 | ' |
Year Ended March 31, 2017 | 121,446 | ' |
Year Ended March 31, 2018 | 0 | ' |
Year Ended March 31, 2019 | 0 | ' |
Thereafter | 0 | ' |
Total | $739,154 | ' |
Fair_Value_Measurements_Carryi
Fair Value Measurements (Carrying Values And Fair Values Of Investment in Mandatorily Redeemable Preferred Stock and Outstanding Debt) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | $711,711 | $677,160 | ' | ' | ||
Production loans | 739,154 | 418,883 | ' | ' | ||
Convertible Senior Subordinated Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 124,279 | 131,788 | ' | ' | ||
Convertible Senior Subordinated Notes [Member] | October 2004 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 0 | [1] | 115 | [1] | ' | ' |
Coupon rate | 2.94% | ' | ' | ' | ||
Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 27,293 | [1] | 35,615 | [1] | ' | ' |
Coupon rate | 3.63% | ' | ' | ' | ||
Convertible Senior Subordinated Notes [Member] | January 2012 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 36,986 | [1] | 36,058 | [1] | ' | ' |
Coupon rate | 4.00% | ' | ' | ' | ||
Convertible Senior Subordinated Notes [Member] | April 2013 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 60,000 | [2] | 60,000 | [2] | ' | ' |
Coupon rate | 1.25% | ' | ' | ' | ||
Senior Secured Second-Priority Notes [Member] | 5.25% Senior Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 225,000 | 225,000 | ' | ' | ||
Coupon rate | 5.25% | ' | 5.25% | 5.25% | ||
Term Loan [Member] | Term Loan [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 222,932 | 222,753 | ' | 222,500 | ||
Carrying Value [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Investment in TVGN's Mandatorily Redeemable Preferred Stock Units | 93,249 | 86,298 | ' | ' | ||
Corporate debt and production loans | 1,311,365 | 998,424 | ' | ' | ||
Carrying Value [Member] | Convertible Senior Subordinated Notes [Member] | October 2004 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 0 | 115 | ' | ' | ||
Carrying Value [Member] | Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 27,293 | 35,615 | ' | ' | ||
Carrying Value [Member] | Convertible Senior Subordinated Notes [Member] | January 2012 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 36,986 | 36,058 | ' | ' | ||
Carrying Value [Member] | Convertible Senior Subordinated Notes [Member] | April 2013 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 60,000 | 60,000 | ' | ' | ||
Carrying Value [Member] | Film Obligations and Production Loans [Member] | Production Loans [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Production loans | 739,154 | 418,883 | ' | ' | ||
Carrying Value [Member] | Senior Secured Second-Priority Notes [Member] | 5.25% Senior Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 225,000 | 225,000 | ' | ' | ||
Carrying Value [Member] | Term Loan [Member] | Term Loan [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 222,932 | 222,753 | ' | ' | ||
Fair Value (Level 3) [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Investment in TVGN's Mandatorily Redeemable Preferred Stock Units | 116,938 | 99,907 | ' | ' | ||
Fair Value (Level 2) [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt and production loans | 1,317,385 | 1,001,103 | ' | ' | ||
Fair Value (Level 2) [Member] | Convertible Senior Subordinated Notes [Member] | October 2004 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 0 | 111 | ' | ' | ||
Fair Value (Level 2) [Member] | Convertible Senior Subordinated Notes [Member] | April 2009 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 28,842 | 40,140 | ' | ' | ||
Fair Value (Level 2) [Member] | Convertible Senior Subordinated Notes [Member] | January 2012 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 40,816 | 41,401 | ' | ' | ||
Fair Value (Level 2) [Member] | Convertible Senior Subordinated Notes [Member] | April 2013 Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 51,260 | 51,411 | ' | ' | ||
Fair Value (Level 2) [Member] | Film Obligations and Production Loans [Member] | Production Loans [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Production loans | 739,154 | 418,883 | ' | ' | ||
Fair Value (Level 2) [Member] | Senior Secured Second-Priority Notes [Member] | 5.25% Senior Notes [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | 231,750 | 223,313 | ' | ' | ||
Fair Value (Level 2) [Member] | Term Loan [Member] | Term Loan [Member] | ' | ' | ' | ' | ||
Fair Value [Line Items] | ' | ' | ' | ' | ||
Corporate debt | $225,563 | $225,844 | ' | ' | ||
[1] | The convertible senior subordinated notes provide, with the exception of the 1.25% Convertible Senior Subordinated Notes issued in April 2013 (the "April 2013 1.25% Notes"), at the Company's option, that the conversion of the notes may be settled in cash rather than in the Company's common shares, or a combination of cash and the Company's common shares. Accounting rules require that convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) are recorded by separately accounting for the liability and equity component (i.e., conversion feature), thereby reducing the principal amount with a debt discount that is amortized as interest expense over the expected life of the note using the effective interest method. The effective interest rate on the liability component of the 3.625% Convertible Senior Subordinated Notes issued in April 2009 (the "April 2009 3.625% Notes") is 17.26%, and the effective interest rate on the liability component of the 4.00% Convertible Senior Subordinated Notes issued in January 2012 (the "January 2012 4.00% Notes") is 9.56%. | |||||
[2] | The April 2013 1.25% Notes are convertible only into the Company's common shares, and do not carry an option to be settled in cash upon conversion. Accordingly, the April 2013 1.25% Notes have been recorded at their principal amount and are not reduced by a debt discount for the equity component. |
Direct_Operating_Expenses_Dire
Direct Operating Expenses (Direct Operating Expenses) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Direct Operating Costs [Abstract] | ' | ' | ' | ' |
Amortization of films and television programs | $200,284 | $157,136 | $359,092 | $376,500 |
Participations and residual expense | 101,670 | 105,300 | 184,541 | 191,126 |
Other direct operating expenses | 4,437 | -638 | 1,631 | 617 |
Total direct operating expenses | $306,391 | $261,798 | $545,264 | $568,243 |
Net_Income_Per_Share_Basic_Det
Net Income Per Share (Basic) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | $20,781 | $505 | $64,042 | $14,122 |
Denominator: | ' | ' | ' | ' |
Weighted average common shares outstanding | 137,380 | 137,147 | 137,942 | 136,671 |
Basic net income per common share | $0.15 | $0 | $0.46 | $0.10 |
Net_Income_Per_Share_Diluted_D
Net Income Per Share (Diluted) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income | $20,781 | $505 | $64,042 | $14,122 |
Interest on convertible notes, net of tax | 691 | 0 | 3,292 | 0 |
Numerator for Diluted Net Income Per Common Share | $21,472 | $505 | $67,334 | $14,122 |
Denominator: | ' | ' | ' | ' |
Weighted average common shares outstanding | 137,380 | 137,147 | 137,942 | 136,671 |
Conversion of notes | 6,020 | 0 | 10,816 | 0 |
Share purchase options | 2,818 | 2,854 | 2,592 | 2,530 |
Restricted share units | 449 | 680 | 438 | 669 |
Adjusted weighted average common shares outstanding | 146,667 | 140,681 | 151,788 | 139,870 |
Diluted net income per common share | $0.15 | $0 | $0.44 | $0.10 |
Net_Income_Per_Share_Antidilut
Net Income Per Share (Anti-dilutive Shares Issuable) (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Anti-dilutive shares issuable [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares issuable | 9,195 | 16,553 | 5,664 | 16,309 |
Conversion of Notes [Member] | ' | ' | ' | ' |
Anti-dilutive shares issuable [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares issuable | 3,537 | 13,891 | 0 | 13,856 |
Share Purchase Options [Member] | ' | ' | ' | ' |
Anti-dilutive shares issuable [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares issuable | 5,327 | 2,206 | 5,217 | 1,990 |
Restricted Share Units (RSUs) [Member] | ' | ' | ' | ' |
Anti-dilutive shares issuable [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares issuable | 47 | 12 | 168 | 20 |
Contingently Issuable Shares [Member] | ' | ' | ' | ' |
Anti-dilutive shares issuable [Line Items] | ' | ' | ' | ' |
Anti-dilutive shares issuable | 284 | 444 | 279 | 443 |
Capital_Stock_Narrative_Detail
Capital Stock (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | Sep. 05, 2014 | Jun. 13, 2014 | Dec. 17, 2013 | Dec. 16, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Stock Options [Member] | Stock Options [Member] | Restricted Share Units (RSUs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Performance Incentive Plan of 2012 [Member] | Common Shares [Member] | Common Shares [Member] | Share Repurchase Plan 2013 [Member] | Share Repurchase Plan 2013 [Member] | |||||||||||
Common Shares [Member] | Common Shares [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized common shares | ' | ' | ' | ' | ' | 500,000,000 | ' | 500,000,000 | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares available for grant under the share-based compensation arrangement plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,600,000 | ' | ' | ' | ' |
Cash-settled SARs exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | 150,000 | ' | ' | ' | ' | ' |
Cash paid for the exercise of cash-settled SARs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,700,000 | $4,000,000 | ' | ' | ' | ' | ' |
Stock appreciation rights converted to options | ' | ' | ' | ' | ' | ' | ' | ' | 733,334 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of cash-settled stock appreciation rights converted to stock options | ' | ' | ' | ' | ' | ' | ' | ' | 17,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128,695 | 1,125,491 | ' | ' | ' | ' | 128,695 | ' | ' | ' |
Exercised, total intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 27,100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefits on equity-based compensation awards | ' | ' | ' | ' | ' | ' | ' | 1,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,150,000 | 0 | ' | ' |
Total unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,300,000 | ' | 29,800,000 | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost, weighted average period for recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 2 months 12 days | ' | '1 year 8 months 12 days | ' | ' | ' | ' | ' | ' | ' |
Share repurchase plan, authorized amount | 300,000,000 | ' | ' | 300,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares repurchased during period, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,418,357 | ' | 4,418,357 | 4,700,000 |
Common shares repurchased during period, value | ' | ' | ' | ' | ' | ' | ' | 118,065,000 | ' | ' | ' | ' | ' | ' | ' | ' | 118,065,000 | ' | 118,065,000 | 126,400,000 |
Weighted average repurchase price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26.72 | $26.70 |
Share repurchase plan, remaining capacity | 108,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared per common share | ' | $0.07 | $0.05 | ' | ' | $0.07 | $0 | $0.12 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends payable | ' | ' | ' | ' | ' | $9,590,000 | $0 | $9,590,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_Stock_Common_Shares_Re
Capital Stock (Common Shares Reserved for Future Issuance) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 |
In Thousands, except Per Share data, unless otherwise specified | ||
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Shares reserved for future issuance | 32,092 | 27,415 |
Stock Options [Member] | ' | ' |
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Shares reserved for future issuance | 11,613 | 10,894 |
Stock options outstanding, average exercise price | 21.41 | 20.83 |
Restricted Share Units (RSUs) - Unvested [Member] | ' | ' |
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Shares reserved for future issuance | 1,771 | 2,139 |
Share Purchase Options and Restricted Share Units [Member] | ' | ' |
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Shares reserved for future issuance | 9,140 | 3,471 |
October 2004 Notes [Member] | ' | ' |
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Shares reserved for future issuance | 0 | 10 |
Conversion price per share | ' | 11.46 |
April 2009 Notes [Member] | ' | ' |
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Shares reserved for future issuance | 3,537 | 4,893 |
Conversion price per share | 8.19 | 8.22 |
January 2012 Notes [Member] | ' | ' |
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Shares reserved for future issuance | 4,016 | 4,001 |
Conversion price per share | 10.42 | 10.46 |
April 2013 Notes [Member] | ' | ' |
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Shares reserved for future issuance | 2,015 | 2,007 |
Conversion price per share | 29.78 | 29.89 |
October 2004 Notes [Member] | Convertible Senior Subordinated Notes [Member] | ' | ' |
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Coupon rate | 2.94% | ' |
April 2009 Notes [Member] | Convertible Senior Subordinated Notes [Member] | ' | ' |
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Conversion price per share | 8.19 | ' |
Coupon rate | 3.63% | ' |
January 2012 Notes [Member] | Convertible Senior Subordinated Notes [Member] | ' | ' |
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Conversion price per share | 10.42 | ' |
Coupon rate | 4.00% | ' |
April 2013 Notes [Member] | Convertible Senior Subordinated Notes [Member] | ' | ' |
Common Shares Reserved For Future Issuance [Line Items] | ' | ' |
Conversion price per share | 29.78 | ' |
Coupon rate | 1.25% | ' |
Capital_Stock_ShareBased_Compe
Capital Stock (Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Share-Based Compensation Expense [Line Items] | ' | ' | ' | ' | ||||
Share-based compensation expense | $17,322 | $22,388 | $33,743 | $40,135 | ||||
Impact of accelerated vesting on stock options and restricted share units | 0 | [1] | 0 | [1] | 1,194 | [1] | 0 | [1] |
Total share-based compensation expense | 17,322 | 22,388 | 34,937 | 40,135 | ||||
Tax impact | -6,350 | [2] | -8,284 | [2] | -12,808 | [2] | -14,850 | [2] |
Reduction in net income | 10,972 | 14,104 | 22,129 | 25,285 | ||||
Stock Options [Member] | ' | ' | ' | ' | ||||
Share-Based Compensation Expense [Line Items] | ' | ' | ' | ' | ||||
Share-based compensation expense | 9,366 | 5,971 | 18,009 | 9,738 | ||||
Restricted Share Units and Other Share-based Compensation [Member] | ' | ' | ' | ' | ||||
Share-Based Compensation Expense [Line Items] | ' | ' | ' | ' | ||||
Share-based compensation expense | 6,989 | 8,032 | 13,038 | 15,435 | ||||
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' | ||||
Share-Based Compensation Expense [Line Items] | ' | ' | ' | ' | ||||
Share-based compensation expense | $967 | $8,385 | $2,696 | $14,962 | ||||
[1] | Represents the impact of the acceleration of certain vesting schedules for stock options and restricted share units pursuant to the severance arrangements related to the integration of the marketing operations of the Company's Lionsgate and Summit film labels. | |||||||
[2] | Represents the income tax benefit recognized in the statements of income for share-based compensation arrangements. |
Capital_Stock_Equity_Awards_Gr
Capital Stock (Equity Awards Granted) (Details) (USD $) | 6 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock options granted | 861,563 | 2,595,213 |
Stock options granted, weighted average grant date fair value, per share | $9.71 | $12.57 |
Restricted Share Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted share units granted | 574,569 | 891,270 |
Granted, weighted average grant date fair value, per share | $27.95 | $27.07 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Net discrete and other charges (benefits) included in tax provision (benefit) | $0.80 | ($12) | ($12) |
Segment_Information_Segment_In
Segment Information (Segment Information By Business Unit) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of reportable business segments | ' | ' | 2 | ' |
Segment revenues | $552,876 | $498,729 | $1,002,259 | $1,068,457 |
Direct operating expenses | 306,391 | 261,798 | 545,264 | 568,243 |
Distribution and marketing | 152,877 | 145,502 | 250,198 | 316,962 |
Gross segment contribution | 93,608 | 91,429 | 206,797 | 183,252 |
Segment general and administration | 21,725 | 19,536 | 42,499 | 38,976 |
Segment profit | 71,883 | 71,893 | 164,298 | 144,276 |
Motion Pictures [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment revenues | 398,026 | 434,397 | 729,941 | 873,042 |
Direct operating expenses | 176,662 | 209,893 | 323,887 | 413,173 |
Distribution and marketing | 145,183 | 139,698 | 233,787 | 304,799 |
Gross segment contribution | 76,181 | 84,806 | 172,267 | 155,070 |
Segment general and administration | 18,228 | 15,993 | 35,590 | 32,425 |
Segment profit | 57,953 | 68,813 | 136,677 | 122,645 |
Television Production [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment revenues | 154,850 | 64,332 | 272,318 | 195,415 |
Direct operating expenses | 129,729 | 51,905 | 221,377 | 155,070 |
Distribution and marketing | 7,694 | 5,804 | 16,411 | 12,163 |
Gross segment contribution | 17,427 | 6,623 | 34,530 | 28,182 |
Segment general and administration | 3,497 | 3,543 | 6,909 | 6,551 |
Segment profit | $13,930 | $3,080 | $27,621 | $21,631 |
Segment_Information_Reconcilia
Segment Information (Reconciliation Of Total Segment Profit To The Company's Income Before Income Taxes) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ||||
Company’s total segment profit | $71,883 | $71,893 | $164,298 | $144,276 | ||||
Shared services and corporate expenses: | ' | ' | ' | ' | ||||
Share-based compensation expense | -17,322 | -22,388 | -33,743 | -40,135 | ||||
Restructuring charges | -1,354 | [1] | 0 | [1] | -6,242 | [1] | 0 | [1] |
Other shared services and corporate expenses | -21,088 | -21,849 | -43,084 | -41,432 | ||||
Total shared services and corporate expenses | -39,764 | -44,237 | -83,069 | -81,567 | ||||
Depreciation and amortization | -1,631 | -1,611 | -2,977 | -3,236 | ||||
Operating income | 30,488 | 26,045 | 78,252 | 59,473 | ||||
Interest expense | -13,071 | -16,172 | -26,043 | -36,986 | ||||
Interest and other income | 547 | 1,483 | 1,565 | 2,979 | ||||
Loss on extinguishment of debt | -586 | -36,187 | -586 | -36,653 | ||||
Equity interests income | 8,245 | 6,502 | 26,455 | 14,479 | ||||
Income (loss) before income taxes | 25,623 | -18,329 | 79,643 | 3,292 | ||||
Non-cash charges resulting from the acceleration of vesting of stock awards | $0 | [2] | $0 | [2] | $1,194 | [2] | $0 | [2] |
[1] | Restructuring charges in the six months ended September 30, 2014 primarily consist of severance costs associated with the integration of the marketing operations of the Company's Lionsgate and Summit film labels and costs related to the move of our international sales and distribution organization to the United Kingdom. Approximately $1.2 million of the costs are non-cash charges resulting from the acceleration of vesting of stock awards (see Note 11). | |||||||
[2] | Represents the impact of the acceleration of certain vesting schedules for stock options and restricted share units pursuant to the severance arrangements related to the integration of the marketing operations of the Company's Lionsgate and Summit film labels. |
Segment_Information_Significan
Segment Information (Significant Assets Broken Down By Segment And Other Unallocated Assets) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 |
Significant assets by segment | ' | ' | ' | ' | ' |
Accounts receivable | $800,756 | ' | $800,756 | ' | $885,571 |
Investment in films and television programs, net | 1,553,042 | ' | 1,553,042 | ' | 1,274,573 |
Goodwill | 323,328 | ' | 323,328 | ' | 323,328 |
Total allocated assets by segment | 2,677,126 | ' | 2,677,126 | ' | 2,483,472 |
Other unallocated assets (primarily cash, other assets, and equity method investments) | 376,464 | ' | 376,464 | ' | 368,160 |
Total assets | 3,053,590 | ' | 3,053,590 | ' | 2,851,632 |
Purchases of property and equipment | 3,100 | 2,000 | 4,495 | 3,395 | ' |
Motion Pictures [Member] | ' | ' | ' | ' | ' |
Significant assets by segment | ' | ' | ' | ' | ' |
Accounts receivable | 459,856 | ' | 459,856 | ' | 580,906 |
Investment in films and television programs, net | 1,199,221 | ' | 1,199,221 | ' | 979,576 |
Goodwill | 294,367 | ' | 294,367 | ' | 294,367 |
Total allocated assets by segment | 1,953,444 | ' | 1,953,444 | ' | 1,854,849 |
Television Production [Member] | ' | ' | ' | ' | ' |
Significant assets by segment | ' | ' | ' | ' | ' |
Accounts receivable | 340,900 | ' | 340,900 | ' | 304,665 |
Investment in films and television programs, net | 353,821 | ' | 353,821 | ' | 294,997 |
Goodwill | 28,961 | ' | 28,961 | ' | 28,961 |
Total allocated assets by segment | $723,682 | ' | $723,682 | ' | $628,623 |
Segment_Information_Acquisitio
Segment Information (Acquisition of Investment in Films and Television Programs by Segment) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Acquisition of investment in films and television programs | $375,168 | $177,363 | $639,019 | $338,296 |
Motion Pictures [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Acquisition of investment in films and television programs | 275,923 | 97,371 | 428,344 | 219,610 |
Television Production [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Acquisition of investment in films and television programs | $99,245 | $79,992 | $210,675 | $118,686 |
Consolidating_Financial_Inform2
Consolidating Financial Information - Convertible Senior Subordinated Notes (Narrative) (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | April 2009 Notes [Member] | January 2012 Notes [Member] | April 2013 Notes [Member] | 5.25% Senior Notes [Member] | 5.25% Senior Notes [Member] | 5.25% Senior Notes [Member] | 10.25% Senior Notes [Member] | 10.25% Senior Notes [Member] | 10.25% Senior Notes [Member] | Lions Gate Entertainment Corp. [Member] | Lions Gate Entertainment Inc. [Member] |
Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Convertible Senior Subordinated Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Senior Secured Second-Priority Notes [Member] | Convertible Senior Subordinated Notes [Member] | ||
Consolidating Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coupon rate | 3.63% | 4.00% | 1.25% | 5.25% | 5.25% | 5.25% | 10.25% | 10.25% | 10.25% | ' | ' |
Percentage ownership of LGEI, the issuer, by parent company guarantor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,694 | ' |
Consolidating_Financial_Inform3
Consolidating Financial Information - Convertible Senior Subordinated Notes (Balance Sheet) (Details) (USD $) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $26,269 | $25,692 | $67,212 | $62,363 |
Restricted cash | 7,535 | 8,925 | ' | ' |
Accounts receivable, net | 800,756 | 885,571 | ' | ' |
Investment in films and television programs, net | 1,553,042 | 1,274,573 | ' | ' |
Property and equipment, net | 16,965 | 14,552 | ' | ' |
Equity method investments | 198,680 | 181,941 | ' | ' |
Goodwill | 323,328 | 323,328 | ' | ' |
Other assets | 70,610 | 71,067 | ' | ' |
Deferred tax assets | 56,405 | 65,983 | ' | ' |
Total assets | 3,053,590 | 2,851,632 | ' | ' |
Liabilities and Shareholders' Equity (Deficiency) | ' | ' | ' | ' |
Senior revolving credit facility | 139,500 | 97,619 | ' | ' |
5.25% Senior Notes | 225,000 | 225,000 | ' | ' |
Term Loan | 222,932 | 222,753 | ' | ' |
Accounts payable and accrued liabilities | 242,097 | 332,457 | ' | ' |
Participations and residuals | 491,892 | 469,390 | ' | ' |
Film obligations and production loans | 781,124 | 499,787 | ' | ' |
Deferred revenue | 272,604 | 288,300 | ' | ' |
Shareholders' equity (deficiency) | 554,162 | 584,538 | ' | ' |
Total liabilities and shareholders’ equity | 3,053,590 | 2,851,632 | ' | ' |
Convertible Senior Subordinated Notes [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 26,269 | 25,692 | 67,212 | 62,363 |
Restricted cash | 7,535 | 8,925 | ' | ' |
Accounts receivable, net | 800,756 | 885,571 | ' | ' |
Investment in films and television programs, net | 1,553,042 | 1,274,573 | ' | ' |
Property and equipment, net | 16,965 | 14,552 | ' | ' |
Equity method investments | 198,680 | 181,941 | ' | ' |
Goodwill | 323,328 | 323,328 | ' | ' |
Other assets | 70,610 | 71,067 | ' | ' |
Deferred tax assets | 56,405 | 65,983 | ' | ' |
Subsidiary investments and advances | 0 | 0 | ' | ' |
Total assets | 3,053,590 | 2,851,632 | ' | ' |
Liabilities and Shareholders' Equity (Deficiency) | ' | ' | ' | ' |
Senior revolving credit facility | 139,500 | 97,619 | ' | ' |
5.25% Senior Notes | 225,000 | 225,000 | ' | ' |
Term Loan | 222,932 | 222,753 | ' | ' |
Accounts payable and accrued liabilities | 242,097 | 332,457 | ' | ' |
Participations and residuals | 491,892 | 469,390 | ' | ' |
Film obligations and production loans | 781,124 | 499,787 | ' | ' |
Convertible senior subordinated notes | 124,279 | 131,788 | ' | ' |
Deferred revenue | 272,604 | 288,300 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Shareholders' equity (deficiency) | 554,162 | 584,538 | ' | ' |
Total liabilities and shareholders’ equity | 3,053,590 | 2,851,632 | ' | ' |
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Corp. [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 968 | 8,128 | 1,775 | 592 |
Restricted cash | 0 | 0 | ' | ' |
Accounts receivable, net | 740 | 688 | ' | ' |
Investment in films and television programs, net | 0 | -18 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Equity method investments | 0 | 0 | ' | ' |
Goodwill | 10,172 | 10,172 | ' | ' |
Other assets | 3,787 | 4,113 | ' | ' |
Deferred tax assets | 7,787 | 8,417 | ' | ' |
Subsidiary investments and advances | 1,132,741 | 1,118,356 | ' | ' |
Total assets | 1,156,195 | 1,149,856 | ' | ' |
Liabilities and Shareholders' Equity (Deficiency) | ' | ' | ' | ' |
Senior revolving credit facility | 139,500 | 97,619 | ' | ' |
5.25% Senior Notes | 225,000 | 225,000 | ' | ' |
Term Loan | 222,932 | 222,753 | ' | ' |
Accounts payable and accrued liabilities | 14,601 | 19,946 | ' | ' |
Participations and residuals | 0 | 0 | ' | ' |
Film obligations and production loans | 0 | 0 | ' | ' |
Convertible senior subordinated notes | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Shareholders' equity (deficiency) | 554,162 | 584,538 | ' | ' |
Total liabilities and shareholders’ equity | 1,156,195 | 1,149,856 | ' | ' |
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Inc. [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 17,714 | 5,999 | 35,331 | 36,834 |
Restricted cash | 7,535 | 8,925 | ' | ' |
Accounts receivable, net | 2,343 | 2,514 | ' | ' |
Investment in films and television programs, net | 6,394 | 6,394 | ' | ' |
Property and equipment, net | 16,425 | 14,185 | ' | ' |
Equity method investments | 5,926 | 3,668 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other assets | 67,419 | 67,612 | ' | ' |
Deferred tax assets | 39,337 | 48,125 | ' | ' |
Subsidiary investments and advances | 1,111,337 | 1,065,274 | ' | ' |
Total assets | 1,274,430 | 1,222,696 | ' | ' |
Liabilities and Shareholders' Equity (Deficiency) | ' | ' | ' | ' |
Senior revolving credit facility | 0 | 0 | ' | ' |
5.25% Senior Notes | 0 | 0 | ' | ' |
Term Loan | 0 | 0 | ' | ' |
Accounts payable and accrued liabilities | 61,626 | 73,045 | ' | ' |
Participations and residuals | 3,417 | 3,417 | ' | ' |
Film obligations and production loans | 0 | 0 | ' | ' |
Convertible senior subordinated notes | 124,279 | 131,788 | ' | ' |
Deferred revenue | 9,350 | 11,689 | ' | ' |
Intercompany payable | 1,306,316 | 1,232,310 | ' | ' |
Shareholders' equity (deficiency) | -230,558 | -229,553 | ' | ' |
Total liabilities and shareholders’ equity | 1,274,430 | 1,222,696 | ' | ' |
Convertible Senior Subordinated Notes [Member] | Non-guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 7,587 | 11,565 | 30,106 | 24,937 |
Restricted cash | 0 | 0 | ' | ' |
Accounts receivable, net | 797,673 | 882,369 | ' | ' |
Investment in films and television programs, net | 1,545,068 | 1,266,703 | ' | ' |
Property and equipment, net | 540 | 367 | ' | ' |
Equity method investments | 192,754 | 178,273 | ' | ' |
Goodwill | 313,156 | 313,156 | ' | ' |
Other assets | 5,521 | 5,682 | ' | ' |
Deferred tax assets | 9,281 | 9,441 | ' | ' |
Subsidiary investments and advances | 2,045,839 | 1,532,070 | ' | ' |
Total assets | 4,917,419 | 4,199,626 | ' | ' |
Liabilities and Shareholders' Equity (Deficiency) | ' | ' | ' | ' |
Senior revolving credit facility | 0 | 0 | ' | ' |
5.25% Senior Notes | 0 | 0 | ' | ' |
Term Loan | 0 | 0 | ' | ' |
Accounts payable and accrued liabilities | 165,870 | 239,466 | ' | ' |
Participations and residuals | 488,475 | 465,973 | ' | ' |
Film obligations and production loans | 781,124 | 499,787 | ' | ' |
Convertible senior subordinated notes | 0 | 0 | ' | ' |
Deferred revenue | 263,254 | 276,611 | ' | ' |
Intercompany payable | 1,996,723 | 1,480,273 | ' | ' |
Shareholders' equity (deficiency) | 1,221,973 | 1,237,516 | ' | ' |
Total liabilities and shareholders’ equity | 4,917,419 | 4,199,626 | ' | ' |
Convertible Senior Subordinated Notes [Member] | Consolidating Adjustments [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Investment in films and television programs, net | 1,580 | 1,494 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Equity method investments | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other assets | -6,117 | -6,340 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Subsidiary investments and advances | -4,289,917 | -3,715,700 | ' | ' |
Total assets | -4,294,454 | -3,720,546 | ' | ' |
Liabilities and Shareholders' Equity (Deficiency) | ' | ' | ' | ' |
Senior revolving credit facility | 0 | 0 | ' | ' |
5.25% Senior Notes | 0 | 0 | ' | ' |
Term Loan | 0 | 0 | ' | ' |
Accounts payable and accrued liabilities | 0 | 0 | ' | ' |
Participations and residuals | 0 | 0 | ' | ' |
Film obligations and production loans | 0 | 0 | ' | ' |
Convertible senior subordinated notes | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Intercompany payable | -3,303,039 | -2,712,583 | ' | ' |
Shareholders' equity (deficiency) | -991,415 | -1,007,963 | ' | ' |
Total liabilities and shareholders’ equity | ($4,294,454) | ($3,720,546) | ' | ' |
Consolidating_Financial_Inform4
Consolidating Financial Information - Convertible Senior Subordinated Notes (Statement of Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | $552,876 | $498,729 | $1,002,259 | $1,068,457 |
Expenses: | ' | ' | ' | ' |
Direct operating | 306,391 | 261,798 | 545,264 | 568,243 |
Distribution and marketing | 152,877 | 145,502 | 250,198 | 316,962 |
General and administration | 61,489 | 63,773 | 125,568 | 120,543 |
Depreciation and amortization | 1,631 | 1,611 | 2,977 | 3,236 |
Total expenses | 522,388 | 472,684 | 924,007 | 1,008,984 |
Operating income | 30,488 | 26,045 | 78,252 | 59,473 |
Other expenses (income): | ' | ' | ' | ' |
Interest expense | 13,071 | 16,172 | 26,043 | 36,986 |
Interest and other income | -547 | -1,483 | -1,565 | -2,979 |
Loss on extinguishment of debt | 586 | 36,187 | 586 | 36,653 |
Total other expenses (income) | 13,110 | 50,876 | 25,064 | 70,660 |
Income (loss) before equity interests and income taxes | 17,378 | -24,831 | 53,188 | -11,187 |
Equity interests income | 8,245 | 6,502 | 26,455 | 14,479 |
Income (loss) before income taxes | 25,623 | -18,329 | 79,643 | 3,292 |
Income tax provision (benefit) | 4,842 | -18,834 | 15,601 | -10,830 |
Foreign currency translation adjustments | -3,275 | 3,038 | -1,793 | 3,587 |
Net unrealized gain (loss) on foreign exchange contracts, net of tax | 1,227 | -320 | 416 | -656 |
Comprehensive income | 18,733 | 3,223 | 62,665 | 17,053 |
Convertible Senior Subordinated Notes [Member] | ' | ' | ' | ' |
Revenues | ' | ' | 1,002,259 | 1,068,457 |
Expenses: | ' | ' | ' | ' |
Direct operating | ' | ' | 545,264 | 568,243 |
Distribution and marketing | ' | ' | 250,198 | 316,962 |
General and administration | ' | ' | 125,568 | 120,543 |
Depreciation and amortization | ' | ' | 2,977 | 3,236 |
Total expenses | ' | ' | 924,007 | 1,008,984 |
Operating income | ' | ' | 78,252 | 59,473 |
Other expenses (income): | ' | ' | ' | ' |
Interest expense | ' | ' | 26,043 | 36,986 |
Interest and other income | ' | ' | -1,565 | -2,979 |
Loss on extinguishment of debt | ' | ' | 586 | 36,653 |
Total other expenses (income) | ' | ' | 25,064 | 70,660 |
Income (loss) before equity interests and income taxes | ' | ' | 53,188 | -11,187 |
Equity interests income | ' | ' | 26,455 | 14,479 |
Income (loss) before income taxes | ' | ' | 79,643 | 3,292 |
Income tax provision (benefit) | ' | ' | 15,601 | -10,830 |
Net income | ' | ' | 64,042 | 14,122 |
Foreign currency translation adjustments | ' | ' | -1,793 | 3,587 |
Net unrealized gain (loss) on foreign exchange contracts, net of tax | ' | ' | 416 | -656 |
Comprehensive income | ' | ' | 62,665 | 17,053 |
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Corp. [Member] | ' | ' | ' | ' |
Revenues | ' | ' | 0 | 6,748 |
Expenses: | ' | ' | ' | ' |
Direct operating | ' | ' | 2 | -255 |
Distribution and marketing | ' | ' | 0 | 0 |
General and administration | ' | ' | 1,254 | 805 |
Depreciation and amortization | ' | ' | 0 | 0 |
Total expenses | ' | ' | 1,256 | 550 |
Operating income | ' | ' | -1,256 | 6,198 |
Other expenses (income): | ' | ' | ' | ' |
Interest expense | ' | ' | 15,265 | 5,340 |
Interest and other income | ' | ' | -81,936 | -7,614 |
Loss on extinguishment of debt | ' | ' | 0 | 2,600 |
Total other expenses (income) | ' | ' | -66,671 | 326 |
Income (loss) before equity interests and income taxes | ' | ' | 65,415 | 5,872 |
Equity interests income | ' | ' | -790 | -4,672 |
Income (loss) before income taxes | ' | ' | 64,625 | 1,200 |
Income tax provision (benefit) | ' | ' | 583 | -12,922 |
Net income | ' | ' | 64,042 | 14,122 |
Foreign currency translation adjustments | ' | ' | -1,377 | 2,931 |
Net unrealized gain (loss) on foreign exchange contracts, net of tax | ' | ' | 0 | 0 |
Comprehensive income | ' | ' | 62,665 | 17,053 |
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Inc. [Member] | ' | ' | ' | ' |
Revenues | ' | ' | 16,829 | 15,078 |
Expenses: | ' | ' | ' | ' |
Direct operating | ' | ' | 1,118 | -1,524 |
Distribution and marketing | ' | ' | 1,119 | 1,936 |
General and administration | ' | ' | 78,365 | 79,986 |
Depreciation and amortization | ' | ' | 1,651 | 1,072 |
Total expenses | ' | ' | 82,253 | 81,470 |
Operating income | ' | ' | -65,424 | -66,392 |
Other expenses (income): | ' | ' | ' | ' |
Interest expense | ' | ' | 90,079 | 37,191 |
Interest and other income | ' | ' | -86 | -2,161 |
Loss on extinguishment of debt | ' | ' | 586 | 34,053 |
Total other expenses (income) | ' | ' | 90,579 | 69,083 |
Income (loss) before equity interests and income taxes | ' | ' | -156,003 | -135,475 |
Equity interests income | ' | ' | 155,021 | 128,059 |
Income (loss) before income taxes | ' | ' | -982 | -7,416 |
Income tax provision (benefit) | ' | ' | -192 | -2,744 |
Net income | ' | ' | -790 | -4,672 |
Foreign currency translation adjustments | ' | ' | -2,491 | 18,247 |
Net unrealized gain (loss) on foreign exchange contracts, net of tax | ' | ' | 0 | 0 |
Comprehensive income | ' | ' | -3,281 | 13,575 |
Convertible Senior Subordinated Notes [Member] | Non-guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenues | ' | ' | 985,668 | 1,055,142 |
Expenses: | ' | ' | ' | ' |
Direct operating | ' | ' | 544,095 | 570,022 |
Distribution and marketing | ' | ' | 249,079 | 315,026 |
General and administration | ' | ' | 46,212 | 40,057 |
Depreciation and amortization | ' | ' | 1,326 | 2,164 |
Total expenses | ' | ' | 840,712 | 927,269 |
Operating income | ' | ' | 144,956 | 127,873 |
Other expenses (income): | ' | ' | ' | ' |
Interest expense | ' | ' | 64,496 | 2,454 |
Interest and other income | ' | ' | -63,106 | -1,203 |
Loss on extinguishment of debt | ' | ' | 0 | 0 |
Total other expenses (income) | ' | ' | 1,390 | 1,251 |
Income (loss) before equity interests and income taxes | ' | ' | 143,566 | 126,622 |
Equity interests income | ' | ' | 26,346 | 18,008 |
Income (loss) before income taxes | ' | ' | 169,912 | 144,630 |
Income tax provision (benefit) | ' | ' | 32,349 | 53,049 |
Net income | ' | ' | 137,563 | 91,581 |
Foreign currency translation adjustments | ' | ' | 241 | 11,974 |
Net unrealized gain (loss) on foreign exchange contracts, net of tax | ' | ' | 416 | -656 |
Comprehensive income | ' | ' | 138,220 | 102,899 |
Convertible Senior Subordinated Notes [Member] | Consolidating Adjustments [Member] | ' | ' | ' | ' |
Revenues | ' | ' | -238 | -8,511 |
Expenses: | ' | ' | ' | ' |
Direct operating | ' | ' | 49 | 0 |
Distribution and marketing | ' | ' | 0 | 0 |
General and administration | ' | ' | -263 | -305 |
Depreciation and amortization | ' | ' | 0 | 0 |
Total expenses | ' | ' | -214 | -305 |
Operating income | ' | ' | -24 | -8,206 |
Other expenses (income): | ' | ' | ' | ' |
Interest expense | ' | ' | -143,797 | -7,999 |
Interest and other income | ' | ' | 143,563 | 7,999 |
Loss on extinguishment of debt | ' | ' | 0 | 0 |
Total other expenses (income) | ' | ' | -234 | 0 |
Income (loss) before equity interests and income taxes | ' | ' | 210 | -8,206 |
Equity interests income | ' | ' | -154,122 | -126,916 |
Income (loss) before income taxes | ' | ' | -153,912 | -135,122 |
Income tax provision (benefit) | ' | ' | -17,139 | -48,213 |
Net income | ' | ' | -136,773 | -86,909 |
Foreign currency translation adjustments | ' | ' | 1,834 | -29,565 |
Net unrealized gain (loss) on foreign exchange contracts, net of tax | ' | ' | 0 | 0 |
Comprehensive income | ' | ' | ($134,939) | ($116,474) |
Consolidating_Financial_Inform5
Consolidating Financial Information - Convertible Senior Subordinated Notes (Statement of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Consolidating Financial Information [Line Items] | ' | ' |
Net Cash Flows Provided By (Used In) Operating Activities | ($207,937) | $110,571 |
Investing Activities: | ' | ' |
Proceeds from the sale of equity method investees | 14,575 | 9,000 |
Investment in equity method investees | -12,650 | -3,750 |
Distributions from equity method investee in excess of earnings | 0 | 4,169 |
Other investments | -2,000 | 0 |
Repayment of loans receivable | 0 | 3,000 |
Purchases of property and equipment | -4,495 | -3,395 |
Net Cash Flows Provided By (Used In) Investing Activities | -4,570 | 9,024 |
Financing Activities: | ' | ' |
Senior revolving credit facility - borrowings | 367,500 | 428,100 |
Senior revolving credit facility - repayments | -325,619 | -481,100 |
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $4,694 in 2013 | 0 | 442,806 |
10.25% Senior Notes - repurchases and redemptions | 0 | -470,584 |
Convertible senior subordinated notes - borrowings | 0 | 60,000 |
Convertible senior subordinated notes - repurchases | -16 | 0 |
Production loans - borrowings | 385,706 | 169,427 |
Production loans - repayments | -65,435 | -196,098 |
Pennsylvania Regional Center credit facility - repayments | 0 | -65,000 |
Repurchase of common shares | -126,404 | 0 |
Dividends paid | -13,946 | 0 |
Excess tax benefits on equity-based compensation awards | 1,150 | 0 |
Exercise of stock options | 1,663 | 9,120 |
Tax withholding required on equity awards | -12,136 | -11,257 |
Net Cash Flows Provided By (Used In) Financing Activities | 212,463 | -114,586 |
Net Change In Cash And Cash Equivalents | -44 | 5,009 |
Foreign Exchange Effects on Cash | 621 | -160 |
Cash and Cash Equivalents - Beginning Of Period | 25,692 | 62,363 |
Cash and Cash Equivalents - End Of Period | 26,269 | 67,212 |
Convertible Senior Subordinated Notes [Member] | ' | ' |
Consolidating Financial Information [Line Items] | ' | ' |
Net Cash Flows Provided By (Used In) Operating Activities | -207,937 | 110,571 |
Investing Activities: | ' | ' |
Proceeds from the sale of equity method investees | 14,575 | 9,000 |
Investment in equity method investees | -12,650 | -3,750 |
Distributions from equity method investee in excess of earnings | ' | 4,169 |
Other investments | -2,000 | ' |
Repayment of loans receivable | ' | 3,000 |
Purchases of property and equipment | -4,495 | -3,395 |
Net Cash Flows Provided By (Used In) Investing Activities | -4,570 | 9,024 |
Financing Activities: | ' | ' |
Senior revolving credit facility - borrowings | 367,500 | 428,100 |
Senior revolving credit facility - repayments | -325,619 | -481,100 |
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $4,694 in 2013 | ' | 442,806 |
10.25% Senior Notes - repurchases and redemptions | ' | -470,584 |
Convertible senior subordinated notes - borrowings | ' | 60,000 |
Convertible senior subordinated notes - repurchases | -16 | ' |
Production loans - borrowings | 385,706 | 169,427 |
Production loans - repayments | -65,435 | -196,098 |
Pennsylvania Regional Center credit facility - repayments | ' | -65,000 |
Repurchase of common shares | -126,404 | ' |
Dividends paid | -13,946 | ' |
Excess tax benefits on equity-based compensation awards | 1,150 | ' |
Exercise of stock options | 1,663 | 9,120 |
Tax withholding required on equity awards | -12,136 | -11,257 |
Net Cash Flows Provided By (Used In) Financing Activities | 212,463 | -114,586 |
Net Change In Cash And Cash Equivalents | -44 | 5,009 |
Foreign Exchange Effects on Cash | 621 | -160 |
Cash and Cash Equivalents - Beginning Of Period | 25,692 | 62,363 |
Cash and Cash Equivalents - End Of Period | 26,269 | 67,212 |
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Corp. [Member] | ' | ' |
Consolidating Financial Information [Line Items] | ' | ' |
Net Cash Flows Provided By (Used In) Operating Activities | 101,782 | -439,477 |
Investing Activities: | ' | ' |
Proceeds from the sale of equity method investees | 0 | 0 |
Investment in equity method investees | 0 | 0 |
Distributions from equity method investee in excess of earnings | ' | 0 |
Other investments | 0 | ' |
Repayment of loans receivable | ' | 0 |
Purchases of property and equipment | 0 | 0 |
Net Cash Flows Provided By (Used In) Investing Activities | 0 | 0 |
Financing Activities: | ' | ' |
Senior revolving credit facility - borrowings | 367,500 | 0 |
Senior revolving credit facility - repayments | -325,619 | 0 |
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $4,694 in 2013 | ' | 442,806 |
10.25% Senior Notes - repurchases and redemptions | ' | 0 |
Convertible senior subordinated notes - borrowings | ' | 0 |
Convertible senior subordinated notes - repurchases | 0 | ' |
Production loans - borrowings | 0 | 0 |
Production loans - repayments | 0 | 0 |
Pennsylvania Regional Center credit facility - repayments | ' | 0 |
Repurchase of common shares | -126,404 | ' |
Dividends paid | -13,946 | ' |
Excess tax benefits on equity-based compensation awards | 0 | ' |
Exercise of stock options | 1,663 | 9,120 |
Tax withholding required on equity awards | -12,136 | -11,257 |
Net Cash Flows Provided By (Used In) Financing Activities | -108,942 | 440,669 |
Net Change In Cash And Cash Equivalents | -7,160 | 1,192 |
Foreign Exchange Effects on Cash | 0 | -9 |
Cash and Cash Equivalents - Beginning Of Period | 8,128 | 592 |
Cash and Cash Equivalents - End Of Period | 968 | 1,775 |
Convertible Senior Subordinated Notes [Member] | Lions Gate Entertainment Inc. [Member] | ' | ' |
Consolidating Financial Information [Line Items] | ' | ' |
Net Cash Flows Provided By (Used In) Operating Activities | 18,602 | 466,030 |
Investing Activities: | ' | ' |
Proceeds from the sale of equity method investees | 0 | 0 |
Investment in equity method investees | -2,150 | -750 |
Distributions from equity method investee in excess of earnings | ' | 0 |
Other investments | -2,000 | ' |
Repayment of loans receivable | ' | 0 |
Purchases of property and equipment | -3,871 | -3,199 |
Net Cash Flows Provided By (Used In) Investing Activities | -8,021 | -3,949 |
Financing Activities: | ' | ' |
Senior revolving credit facility - borrowings | 0 | 428,100 |
Senior revolving credit facility - repayments | 0 | -481,100 |
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $4,694 in 2013 | ' | 0 |
10.25% Senior Notes - repurchases and redemptions | ' | -470,584 |
Convertible senior subordinated notes - borrowings | ' | 60,000 |
Convertible senior subordinated notes - repurchases | -16 | ' |
Production loans - borrowings | 0 | 0 |
Production loans - repayments | 0 | 0 |
Pennsylvania Regional Center credit facility - repayments | ' | 0 |
Repurchase of common shares | 0 | ' |
Dividends paid | 0 | ' |
Excess tax benefits on equity-based compensation awards | 1,150 | ' |
Exercise of stock options | 0 | 0 |
Tax withholding required on equity awards | 0 | 0 |
Net Cash Flows Provided By (Used In) Financing Activities | 1,134 | -463,584 |
Net Change In Cash And Cash Equivalents | 11,715 | -1,503 |
Foreign Exchange Effects on Cash | 0 | 0 |
Cash and Cash Equivalents - Beginning Of Period | 5,999 | 36,834 |
Cash and Cash Equivalents - End Of Period | 17,714 | 35,331 |
Convertible Senior Subordinated Notes [Member] | Non-guarantor Subsidiaries [Member] | ' | ' |
Consolidating Financial Information [Line Items] | ' | ' |
Net Cash Flows Provided By (Used In) Operating Activities | -328,321 | 84,018 |
Investing Activities: | ' | ' |
Proceeds from the sale of equity method investees | 14,575 | 9,000 |
Investment in equity method investees | -10,500 | -3,000 |
Distributions from equity method investee in excess of earnings | ' | 4,169 |
Other investments | 0 | ' |
Repayment of loans receivable | ' | 3,000 |
Purchases of property and equipment | -624 | -196 |
Net Cash Flows Provided By (Used In) Investing Activities | 3,451 | 12,973 |
Financing Activities: | ' | ' |
Senior revolving credit facility - borrowings | 0 | 0 |
Senior revolving credit facility - repayments | 0 | 0 |
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $4,694 in 2013 | ' | 0 |
10.25% Senior Notes - repurchases and redemptions | ' | 0 |
Convertible senior subordinated notes - borrowings | ' | 0 |
Convertible senior subordinated notes - repurchases | 0 | ' |
Production loans - borrowings | 385,706 | 169,427 |
Production loans - repayments | -65,435 | -196,098 |
Pennsylvania Regional Center credit facility - repayments | ' | -65,000 |
Repurchase of common shares | 0 | ' |
Dividends paid | 0 | ' |
Excess tax benefits on equity-based compensation awards | 0 | ' |
Exercise of stock options | 0 | 0 |
Tax withholding required on equity awards | 0 | 0 |
Net Cash Flows Provided By (Used In) Financing Activities | 320,271 | -91,671 |
Net Change In Cash And Cash Equivalents | -4,599 | 5,320 |
Foreign Exchange Effects on Cash | 621 | -151 |
Cash and Cash Equivalents - Beginning Of Period | 11,565 | 24,937 |
Cash and Cash Equivalents - End Of Period | 7,587 | 30,106 |
Convertible Senior Subordinated Notes [Member] | Consolidating Adjustments [Member] | ' | ' |
Consolidating Financial Information [Line Items] | ' | ' |
Net Cash Flows Provided By (Used In) Operating Activities | 0 | 0 |
Investing Activities: | ' | ' |
Proceeds from the sale of equity method investees | 0 | 0 |
Investment in equity method investees | 0 | 0 |
Distributions from equity method investee in excess of earnings | ' | 0 |
Other investments | 0 | ' |
Repayment of loans receivable | ' | 0 |
Purchases of property and equipment | 0 | 0 |
Net Cash Flows Provided By (Used In) Investing Activities | 0 | 0 |
Financing Activities: | ' | ' |
Senior revolving credit facility - borrowings | 0 | 0 |
Senior revolving credit facility - repayments | 0 | 0 |
5.25% Senior Notes and Term Loan - borrowings, net of deferred financing costs of $4,694 in 2013 | ' | 0 |
10.25% Senior Notes - repurchases and redemptions | ' | 0 |
Convertible senior subordinated notes - borrowings | ' | 0 |
Convertible senior subordinated notes - repurchases | 0 | ' |
Production loans - borrowings | 0 | 0 |
Production loans - repayments | 0 | 0 |
Pennsylvania Regional Center credit facility - repayments | ' | 0 |
Repurchase of common shares | 0 | ' |
Dividends paid | 0 | ' |
Excess tax benefits on equity-based compensation awards | 0 | ' |
Exercise of stock options | 0 | 0 |
Tax withholding required on equity awards | 0 | 0 |
Net Cash Flows Provided By (Used In) Financing Activities | 0 | 0 |
Net Change In Cash And Cash Equivalents | 0 | 0 |
Foreign Exchange Effects on Cash | 0 | 0 |
Cash and Cash Equivalents - Beginning Of Period | 0 | 0 |
Cash and Cash Equivalents - End Of Period | $0 | $0 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | |
Other Assets [Member] | Other Assets [Member] | Accounts Payable and Accrued Liabilities [Member] | |||||
Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | Foreign Exchange Forward [Member] | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Remaining maturity of forward foreign exchange contracts, maximum | ' | ' | '26 months | ' | ' | ' | ' |
Net unrealized fair value gain (loss) on foreign exchange contracts, effective portion | $1,227,000 | ($320,000) | $416,000 | ($656,000) | ' | ' | ' |
Net unrealized fair value gain on foreign exchange contracts that did not qualify as effective hedge contracts | 400,000 | 0 | 400,000 | 0 | ' | ' | ' |
Derivative asset | ' | ' | ' | ' | 3,700,000 | ' | ' |
Derivative liability | ' | ' | ' | ' | ' | ' | 800,000 |
Derivative assets (liabilities) at fair value, net | ' | ' | ' | ' | ' | $1,800,000 | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Outstanding Forward Foreign Exchange Contracts) (Details) (Foreign Exchange Forward [Member]) | 6 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
British Pounds Sterling | British Pounds Sterling | Australia, Dollars | Australia, Dollars | Canada, Dollars | Canada, Dollars | |
USD ($) | GBP (£) | USD ($) | AUD | USD ($) | CAD | |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative, foreign currency bought | 'British Pound Sterling | 'British Pound Sterling | 'Australian Dollar | 'Australian Dollar | 'Canadian Dollar | 'Canadian Dollar |
Foreign currency amount of foreign currency derivatives | ' | £ 1.3 | ' | -23.2 | ' | 0.6 |
US Dollar Amount | $2.40 | ' | ($21.30) | ' | $0.60 | ' |
Weighted average exchange rate per $1 USD | 0.55 | 0.55 | 1.09 | 1.09 | 1.09 | 1.09 |
Supplementary_Cash_Flow_Statem2
Supplementary Cash Flow Statement Information (Non-Cash Investing and Financing Activities) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Non-cash financing activities | ' | ' |
Accrued dividends (see Note 11) | $9,590 | $0 |
Conversions of convertible senior subordinated notes (see Note 5) | 11,350 | 3,150 |
Total non-cash financing activities | $20,940 | $3,150 |