Leases (Tables)

9 Months Ended

12 Months Ended

Oct. 01, 2023

Mar. 31, 2024

Dec. 25, 2022

Lessee Operating Leases [Line Items]

Summary Of Components Of Lease Cost

The components of lease cost were as follows:

	Year Ended March 31,
	2024		2023		2022
	(Amounts in millions)
Operating lease cost(1)	$	48.7	$	35.3	$	42.1
Short-term lease cost(2)		96.2		145.0		233.1
Variable lease cost(3)		3.0		2.8		1.3
Total lease cost	$	147.9	$	183.1	$	276.5

(1)	Operating lease cost amounts primarily represent the amortization of right-of-use assets and are included in the “other amortization” line of the combined statements of cash flows. Amounts include costs capitalized during the period for leased assets used in the production of film and television programs.
(2)	Short-term lease cost primarily consists of leases of facilities and equipment associated with film and television productions and are capitalized when incurred.
(3)	Variable lease cost primarily consists of insurance, taxes, maintenance and other operating costs.

Summary Of Supplemental Balance Sheet Information Related To Leases

Supplemental balance sheet information related to leases was as follows:

Category	Balance Sheet Location	March 31, 2024		March 31, 2023
		(Amounts in millions)
Operating Leases
Right-of-use assets	Other assets -non-current	$	344.3	$	116.8
Lease liabilities (current)	Other accrued liabilities	$	44.4	$	37.7
Lease liabilities (non-current)	Other liabilities -non-current		329.7		96.4
			$ 374.1		$ 134.1

Summary Of Weighted Average In Operating Leases

	March 31, 2024			March 31, 2023
Weighted average remaining lease term (in years):
Operating leases		9.4			4.3
Weighted average discount rate:
Operating leases		5.37	%		3.65	%

Summary Of Expected Future Payments Relating To The Company's Lease Liabilities

The following is a reconciliation of future undiscounted cash flows to the operating liabilities, and the related right of use assets, included in our Condensed Combined Balance Sheets as of October 1, 2023:

(In thousands)	October 1, 2023
2023 (excluding the nine-month period ended October 1, 2023)	$	2,007
2024		7,677
2025		7,745
2026		5,530
2027		5,208
2028 and thereafter		5,966
Total future lease payments		34,133
Less imputed interest		1,455
Present value of future operating lease payments		32,678
Less current portion of operating lease liabilities (1)		7,035
Non-current operating lease liability (2)		25,643
Operating lease right-of-use assets, net (3)	$	29,233

(1)  Included in Accrued liabilities on the Condensed Combined Balance Sheets

(2)  Included in Other liabilities on the Condensed Combined Balance Sheets

(3)  Included in Operating lease right-of-use assets on the Condensed Combined Balance Sheets

The expected future payments relating to the Company’s lease liabilities at March 31, 2024 are as follows:

	Operating Leases
	(Amounts in millions)
Year ending March 31,
2025	$	62.9
2026		56.1
2027		49.3
2028		49.2
2029		45.4
Thereafter		220.8
Total lease payments		483.7
Less imputed interest		(109.6	)
Total	$	374.1

LIONS GATE ENTERTAINMENT CORP [Member]

Lessee Operating Leases [Line Items]

Summary Of Components Of Lease Cost

The components of lease cost were as follows:

	Year Ended March 31,
	2024		2023		2022
	(Amounts in millions)
Operating lease cost(1)	$	61.4	$	48.4	$	54.9
Short-term lease cost(2)		96.2		145.0		233.1
Variable lease cost(3)		3.4		3.1		1.4
Total lease cost	$	161.0	$	196.5	$	289.4

(1) Operating lease cost amounts primarily represent the amortization of right-of-use assets and are included in the “other amortization” line of the consolidated statements of cash flows. Amounts include costs capitalized during the period for leased assets used in the production of film and television programs.

(2) Short-term lease cost primarily consists of leases of facilities and equipment associated with film and television productions and are capitalized when incurred.

(3) Variable lease cost primarily consists of insurance, taxes, maintenance and other operating costs.

	March 31, 2024			March 31, 2023
Weighted average remaining lease term (in years):
Operating leases		9.0			5.6
Weighted average discount rate:
Operating leases		5.24	%		3.81	%

Summary Of Supplemental Balance Sheet Information Related To Leases

Supplemental balance sheet information related to leases was as follows:

Category	Balance Sheet Location		March 31, 2024		March 31, 2023
Operating Leases				(Amounts in millions)
Right-of-use assets		Other assets - non-current	$	388.8		169.0
Lease liabilities (current)		Other accrued liabilities	$	53.4		47.4
Lease liabilities (non-current)		Other liabilities - non-current		385.1		159.2
			$	438.5		206.6

Entertainment One Film And Television Business [Member]

Lessee Operating Leases [Line Items]

Summary Of Components Of Lease Cost

Information related to the Company’s leases for the nine months ended October 1, 2023 and September 25, 2022 is as follows:

(In thousands)	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,043		$	7,697
Right-of-use assets obtained in exchange for lease:
Operating leases net of lease modifications		29,233			40,409
Weighted Average Remaining Lease Term:
Operating leases		4.9 years			5.6 years
Weighted Average Discount Rate:
Operating leases		1.8	%		1.7	%

Information related to the Company’s leases for the years ended December 25, 2022 and December 26, 2021 is as follows:

(In thousands)	2022			2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,100		$	10,479
Right-of-use assets obtained in exchange for lease:
Operating leases net of lease modifications		38,233			48,531
Weighted Average Remaining Lease Term:
Operating leases		5.4 years			6.1 years
Weighted Average Discount Rate:
Operating leases		1.7	%		1.7	%

Summary Of Expected Future Payments Relating To The Company's Lease Liabilities

The following is a reconciliation of future undiscounted cash flows to the operating liabilities, and the related right of use assets, included in our Combined Balance Sheets as of December 25, 2022:

(In thousands)	Year Ended December 25, 2022
2023	$	8,991
2024		7,671
2025		7,739
2026		5,524
2027		5,203

(In thousands)	Year Ended December 25, 2022
2028 and thereafter		5,963
Total future lease payments		41,091
Less imputed interest		1,924
Present value of future operating lease payments		39,167
Less current portion of operating lease liabilities (1)		8,155
Non-current operating lease liability (2)		31,012
Operating lease right-of-use assets, net (3)	$	38,233

(1) Included in Accrued liabilities on the Combined Balance Sheets

(2) Included in Other liabilities on the Combined Balance Sheets

(3) Included in Operating lease right-of-use assets on the Combined Balance Sheets