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Fair Value Measurements
 3 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair Value

Accounting guidance and standards about fair value define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair Value Hierarchy

The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value:
•Level 1 — Quoted prices in active markets for identical assets or liabilities.
•Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or model-derived valuations in which all significant inputs and value drivers are observable in active markets.
•Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

Assets and liabilities required to be carried at fair value on a recurring basis as of June 30, 2026 and March 31, 2026 were as follows:
June 30,
2026
March 31,
2026
Level 1
Level 2
Total
Level 1
Level 2
Total
(Amounts in millions)
Assets:
Forward exchange contracts (see Note 17)
$
— 
$
0.3 
$
0.3 
$
— 
$
— 
$
— 
Liabilities:
Forward exchange contracts (see Note 17)
— 
2.8 
2.8 
— 
2.7 
2.7 
Interest rate swaps (see Note 17)
— 
0.2 
0.2 
— 
1.6 
1.6 

June 30,
2026
March 31,
2026
(Amounts in millions)
Carrying Value
Fair Value
Carrying Value
Fair Value
(Level 2)
(Level 2)
Revolving Credit Facility
$
— 
$
— 
$
— 
$
— 
Senior Notes
383.5 
370.4 
383.1 
359.6 
eOne IP Credit Facility
357.8 
362.0 
366.7 
371.3 
LG IP Credit Facility
1,142.3 
1,156.3 
1,172.5 
1,187.5 
3 Arts Credit Facility
30.2 
30.7 
30.1 
30.7 
Production Loans
1,361.1 
1,364.7 
1,280.5 
1,283.9 
Production Tax Credit Facility
364.6 
367.4 
364.8 
368.0 
Backlog Facility and Other
310.8 
313.2 
304.6 
307.2 
The Company measures the fair value of its outstanding debt and interest rate swaps using discounted cash flow techniques that utilize observable market inputs, such as SOFR-based yield curves, swap rates and credit ratings (Level 2 measurements).

In addition to the financial instruments listed in the tables above, the Company holds other short-term financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, content related payables, and other accrued liabilities. The carrying values of these financial instruments approximated their fair values as of June 30, 2026 and March 31, 2026 given their short-term nature.
Financial and nonfinancial assets and liabilities measured on a non-recurring basis that are adjusted to fair value when a significant event occurs include the Company’s goodwill, equity method investments and film and television costs.