Investment in Films and Television Programs

6 Months Ended

Sep. 30, 2024

Investment in Films And Television Programs [Abstract]

Investment in Films and Television Programs

4. Investment in Films and Television Programs

The predominant monetization strategy for all of the Company’s investments in films and television programs is on an individual film basis. Total investment in films and television programs is as follows:

	September 30, 2024		March 31, 2024
	(Amounts in millions)
Investment in Films and Television Programs:
Released, net of accumulated amortization	$	1,051.8	$	992.2
Completed and not released	115.8		225.4
In progress	1,097.9		644.4
In development	79.1		67.0
Investment in films and television programs, net	$	2,344.6	$	1,929.0

At September 30, 2024, acquired film and television libraries have remaining unamortized costs of $258.3 million, which are monetized individually and are being amortized on a straight-line basis or the individual-film-forecast method over a weighted average remaining period of approximately 13.6 years (March 31, 2024 - unamortized costs of $223.1 million).

Amortization of investment in film and television programs was $487.4 million and $717.9 million for the three and six months ended September 30, 2024, respectively, and was included in direct operating expense in the unaudited condensed consolidated statements of operations (three and six months ended September 30, 2023 - $382.6 million and $636.7 million, respectively).

Impairments. Investment in films and television programs includes write-downs to fair value, which are included in direct operating expense on the unaudited condensed consolidated statements of operations, and represented the following amounts by segment for the three and six months ended September 30, 2024 and 2023:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(Amounts in millions)
Impairments by segment:
Included in direct operating expense(1):
Motion Picture	$	18.3	$	26.8	$	18.5	$	27.0
Television Production	—		5.4		—		5.4
Impairments not included in segment operating results
Included in restructuring and other	(0.5)		—		(0.5)		—
	$	17.8	$	32.2	$	18.0	$	32.4

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(1)Impairments included in direct operating expense are included in the amortization expense amounts disclosed above.