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Investments in Productions and Investments in Acquired Content Rights | 6 Months Ended
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Jul. 02, 2023
Other Industries [Abstract] |
Investment in Productions and Investments in Acquired Content Rights | Investments in Productions and Investments in Acquired Content RightsInvestments in productions and investments in acquired content rights are predominantly monetized on a title-by-title basis and are recorded within other assets in the Company's consolidated balance sheets, to the extent they are considered recoverable against future revenues. These amounts are being amortized to program cost amortization using a model that reflects the consumption of the asset as it is released through various channels including broadcast licenses, theatrical release and home entertainment. Amounts capitalized are reviewed periodically on an individual title basis and any portion of the unamortized amount that appears not to be recoverable from future net revenues is expensed as part of program cost amortization during the period the loss becomes evident. The Company's unamortized investments in productions and investments in acquired content rights consisted of the following at July 2, 2023, June 26, 2022, and December 25, 2022:
|  | July 2, 2023 |  | June 26, 2022 |  | December 25, 2022 |  |  |
Investment in Films and Television Programs: |  |  |  |  |  |  |  |  |
Individual Monetization |  |  |  |  |  |  |  |  |
Released, net of amortization | * | $ | 552.3 |  |  | $ | 437.6 |  |  | $ | 584.5 |  |  |  |
Completed and not released |  | 53.6 |  |  | 6.3 |  |  | 23.3 |  |  |  |
In production |  | 135.3 |  |  | 140.6 |  |  | 199.4 |  |  |  |
Pre-production |  | 130.9 |  |  | 160.5 |  |  | 41.3 |  |  |  |
|  | 872.1 |  |  | 745.0 |  |  | 848.5 |  |  |  |
Film/TV Group Monetization |  |  |  |  |  |  |  |  |
Released, net of amortization |  | 17.5 |  |  | 35.6 |  |  | 25.8 |  |  |  |
In production |  | 24.9 |  |  | 21.1 |  |  | 22.2 |  |  |  |
|  | 42.4 |  |  | 56.7 |  |  | 48.0 |  |  |  |
Investment in Other Programming |  |  |  |  |  |  |  |  |
Released, net of amortization |  | 22.1 |  |  | 8.9 |  |  | 9.8 |  |  |  |
Completed and not released |  | — |  |  | 0.4 |  |  | — |  |  |  |
In production |  | 8.7 |  |  | 11.8 |  |  | 11.8 |  |  |  |
Pre-production |  | 3.8 |  |  | 1.9 |  |  | 3.3 |  |  |  |
|  | 34.6 |  |  | 23.0 |  |  | 24.9 |  |  |  |
Total Program Investments |  | $ | 949.1 |  |  | $ | 824.7 |  |  | $ | 921.4 |  |  |  |
The Company recorded $256.9 million of program cost amortization related to released programming in the six months ended July 2, 2023, consisting of the following:
|  | Investment in Production |  | Investment in Content |  |  |  | Total
Program cost amortization |  | $ | 234.2 |  |  | $ | 22.7 |  |  |  |  | $ | 256.9 |
*During the second quarter of 2023, the Company recorded film production cost impairment charges of $25.0 million associated with Dungeons & Dragons: Honor Among Thieves, within Program Cost Amortization in the Consolidated Statement of Operations, within the Entertainment Segment. The film impairment charges reflected the excess of the unamortized costs of the impaired film over its estimated fair value using estimated discounted future cash flows.

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