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, 2025		March 31, 2024
	(Amounts in millions)
Investment in Films and Television Programs:
Released, net of accumulated amortization	$	987.3	$	992.2
Completed and not released	135.1		225.4
In progress	783.0		644.4
In development	87.2		67.0
Investment in films and television programs, net	$	1,992.6	$	1,929.0

(1)At March 31, 2025, the unamortized balance related to completed and not released and in progress theatrical films was $680.9 million.

(2)Production tax credits reduced total investment in films and television programs by $243.6 million and $112.2 million during the years ended March 31, 2025 and 2024, respectively, which resulted in a reduction of direct operating expense related to the amortization of investment in films and television programs cost of approximately $112.0 million and $70.6 million for the years ended March 31, 2025 and 2024, respectively.

At March 31, 2025, acquired film and television libraries have remaining unamortized costs of $235.7 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 13.3 years (March 31, 2024 - unamortized costs of $223.1 million).

Amortization of investment in film and television programs was $1,642.1 million, $1,347.8 million and $1,649.3 million for the years ended March 31, 2025, 2024 and 2023, respectively, and was included in direct operating expense in the consolidated statements of operations.

The table below summarizes estimated future amortization expense for the Company’s investment in film and television programs as of March 31, 2025:


	Year Ending
	March 31,
	2026		2027		2028
	(Amounts in millions)
Estimated future amortization expense:
Released investment in films and television programs	$	333.5	$	182.1	$	146.9
Completed and not released investment in films and television programs	$	90.4	n/a		n/a

Impairments. Investment in films and television programs includes write-downs to fair value, which are included in direct operating expense on the consolidated statements of operations, and represented the following amounts by segment for the years ended March 31, 2025, 2024 and 2023:


	Year Ended
	March 31,
	2025		2024		2023
	(Amounts in millions)
Impairments by segment:
Included in direct operating expense(1):
Motion Picture	$	19.7	$	34.6	$	6.2
Television Production	6.7		8.4		4.6
Impairments not included in segment operating results(2):
Included in restructuring and other	7.2		12.8		—
	$	33.6	$	55.8	$	10.8

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

(2)Amounts in fiscal 2025 primarily represent content impairments related to the Motion Picture and Television Production segments associated with exiting local production in certain international territories. Amounts in fiscal 2024 represent development costs written off in connection with changes in strategy in the Television Production segment as a result of the acquisition of eOne. See Note 16.