Investment in Films and Television Programs (Tables)

9 Months Ended

12 Months Ended

Dec. 31, 2024

Mar. 31, 2024

Summary of Company's Investments 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:

	March 31, 2024		March 31, 2023
	(Amounts in millions)
Investment in Films and Television Programs (1)(2):
Released, net of accumulated amortization	$	992.2	$	779.9
Completed and not released		225.4		289.8
In progress		644.4		649.1
In development		67.0		67.9
Investment in films and television programs, net	$	1,929.0	$	1,786.7

(1) At March 31, 2024, the unamortized balance related to completed and not released and in progress theatrical films was $532.5 million.

(2) Production tax credits reduced total investment in films and television programs by $112.2 million and $181.2 million during the years ended March 31, 2024 and 2023, respectively, which resulted in a reduction of direct operating expense related to the amortization of investment in films and television programs cost of approximately $70.6 million and $84.3 million for the years ended March 31, 2024 and 2023, respectively.

Schedule of Estimated Future Amortization Expense of the Company in Film and Television Programs

The table below summarizes estimated future amortization expense for the Company’s investment in film and television programs as of March 31, 2024:

	Year Ending March 31,
	2025		2026		2027
	(Amounts in millions)
Estimated future amortization expense:
Released investment in films and television programs	$	391.2	$	189.5	$	147.5
Completed and not released investment in films and television programs	$	139.6		n/a		n/a

Schedule of Total Investment in Films and Television Programs

Total investment in films and television programs is as follows:

	December 31, 2024		March 31, 2024
	(Amounts in millions)
Investment in Films and Television Programs:
Released, net of accumulated amortization	$	1,011.6	$	992.2
Completed and not released		201.3		225.4
In progress		1,129.2		644.4
In development		115.3		67.0
Investment in films and television programs, net	$	2,457.4	$	1,929.0

Schedule of Impairments by Segment

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 nine months ended December 31, 2024 and 2023:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2024		2023		2024		2023
	(Amounts in millions)
Impairments by segment:
Included in direct operating expense(1):
Motion Picture	$	0.2	$	0.5	$	18.8	$	27.5
Television Production		0.4		1.2		0.4		6.6
Impairments not included in segment operating results(2)
Included in restructuring and other		7.3		—		6.8		—
	$	7.9	$	1.7	$	26.0	$	34.1

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

(2) Amounts in the three and nine months ended December 31, 2024 primarily represent content impairments related to the Motion Picture and Television Production segments associated with exiting local production in certain international territories. See Note 15.